Market cap
$3.2b
End-of-day close multiplied by current shares on issue.
GNZ · NZX
Goodman Property Trust is an NZX-listed property / property trust company with HY24 - HY26 of published result briefings.
Snapshot
HY26, released 20 November 2025
| Metric | Value | Change |
|---|---|---|
| Revenue | $148.8m | ↑ +10.4% |
| Operating profit | $83.2m | ↑ +10.5% |
| NPAT | $61.8m | ↑ +35.8% |
| Operating cash flow | $75.9m | ↑ +8.6% |
| OCF / Operating profit % | 91.2% | ↓ -1.6pp |
| Net debt | $167m | ↓ -88.6% |
| Net debt / Operating profit | 2.01x | ↓ -89.7% |
| ROE % | 2.0% | ↑ +0.5pp |
| DPS | 1.7c | ↑ +5.0% |
| Payout ratio vs NPAT % | 42.4% | ↓ -12.5pp |
Source: latest published briefing (HY26, released 20 November 2025). Change compares against the prior equivalent period: HY25, released 13 November 2024.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$3.2b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
25.41x
Recent market cap compared with trailing earnings.
EPS
0.08
Recent filing-derived earnings per share.
PEG
0.71x
P/E compared with recent earnings growth.
EV/EBITDA
20.75x
Enterprise value compared with recent EBITDA.
P/FCF
27.74x
Market cap compared with recent free cash flow.
P/B
1.02x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.3%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Goodman Property Trust's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS20 November 2025 | FY2512 MONTHS29 May 2025 | HY256 MONTHS13 November 2024 | FY2412 MONTHS28 May 2024 | HY246 MONTHS23 November 2023 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $148.8m | $277.9m | $134.8m | $244.1m | $100.1m | Chart |
| Revenue growth % | 10.4% | 13.8% | 34.7% | 14.2% | -4.3% | Chart |
| Operating profit | $83.2m | $154.3m | $75.3m | — | — | Chart |
| Operating profit margin % | 55.9% | 55.5% | 55.9% | — | — | Chart |
| PBT | $62.2m | $130.9m | $53.1m | -$626.5m | -$156.4m | Chart |
| PBT growth % | 17.1% | — | — | — | — | — |
| NPAT | $61.8m | $109.6m | $45.5m | -$564.9m | -$163.2m | Chart |
| NPAT growth % | 35.8% | — | — | — | — | — |
| Operating cash flow | $75.9m | $161.3m | $69.9m | $112.1m | $50.1m | Chart |
| OCF / Operating profit % | 91.2% | 104.5% | 92.8% | — | — | Chart |
| FCF pre-lease | $47.9m | $81.2m | $13.8m | -$78.9m | -$49.1m | Chart |
| DPS | 1.7c | 1.6c | 1.6c | 1.6c | 3.1c | Chart |
| Payout ratio vs NPAT % | 42.4% | 45.6% | 54.9% | — | — | Chart |
| Annual payout ratio vs EPS % | — | 45.6% | — | — | — | — |
| ROE % | 2.0% | 3.5% | 1.5% | -18.2% | -5.0% | Chart |
| Net debt | $167m | $1.4b | $1.5b | $1.4b | $1.4b | Chart |
| Net debt / Operating profit | 2.01x | 9.39x | 19.48x | — | — | Chart |
| Total assets | $4.1b | $4.8b | $4.7b | $4.7b | $4.8b | Chart |
Reference: annolyse.ai/companies/gnz
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From GMT swings from $564.9m loss to $109.6m profit on valuation reversal
No FY26 quantitative targets are provided in this release. The interim disclosure reaffirmed full-year cash earnings guidance of 7.5 cents per unit, and the result was second-half weighted: HY25 delivered $45.5m of NPAT versus $64.1m implied for 2H25, and 48.5% of full-year revenue versus 51.5%. That shape is consistent with progressive completion of development-led rent contribution.
What this release does not support is a forward read on rent reversion trajectory, occupancy by sub-market, or weighted average lease term — the kind of property-specific shape signals that determine whether FY25's rental momentum carries into FY26.
Open questions
This briefing cannot assess the underlying cap-rate assumptions or development-yield expectations that determine whether the valuation reversal seen this year is the start of a multi-period uplift or a single-period stabilisation.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 20 November 2025
Cash rose to $531.8m and total assets fell $663.1m, signalling a material balance sheet reshape that complicates the like-for-like read.
FY25 · Released 29 May 2025
Underlying property income rose 13.8% and operating cash flow lifted 43.9%, but NTA per unit barely moved as the revaluation cycle turned.
HY25 · Released 13 November 2024
Underlying rental growth of 7.3% and new completions drove revenue 34.7% higher, but NTA per unit fell 12.7% and borrowings rose $108.6m, tightening
FY24 · Released 28 May 2024
Cash earnings and a 22.9% lift in operating cash flow sit underneath a statutory result dominated by property devaluations and rising gearing.
HY24 · Released 23 November 2023
Underlying rental performance strengthened, but a 15.5% borrowings increase and 11.6% equity decline reset the leverage picture.
Get the next Goodman Property Trust result briefing and five-year history updates by email.