Market cap
$1.2b
End-of-day close multiplied by current shares on issue.
HGH · NZX
Heartland Group Holdings is an NZX-listed financials / banking and finance company with HY22 - HY26 of published result briefings.
Snapshot
HY26, released 26 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $172.3m | ↑ +10.9% |
| Operating profit | $77.9m | ↑ +36.1% |
| NPAT | $48.8m | ↑ +1255.6% |
| Operating cash flow | $299.5m | ↑ +26.6% |
| OCF / Operating profit % | 384.7% | ↓ -28.8pp |
| Net debt | -$387.9m | ↓ -138.6% |
| Net debt / Operating profit | -4.98x | ↓ -128.3% |
| ROE % | 7.8% | ↑ +7.5pp |
| DPS | 3.5c | ↑ +75.0% |
| Payout ratio vs NPAT % | 67.3%Outside range low payout ratio versus npat. 67.3%; 4-period range 68.1% to 500%. Payout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%. | ↓ -432.7pp |
Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 27 February 2025.
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
$1.2b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
13.84x
Recent market cap compared with trailing earnings.
EPS
0.09
Recent filing-derived earnings per share.
PEG
0.01x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not useful for this reporting shape.
P/FCF
1.59x
Market cap compared with recent free cash flow.
P/B
0.9x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
4.5%
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 Heartland Group Holdings'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 MONTHS26 February 2026 | FY2512 MONTHS21 August 2025 | HY256 MONTHS27 February 2025 | FY2412 MONTHS29 August 2024 | HY246 MONTHS27 February 2024 | FY2312 MONTHS29 August 2023 | HY236 MONTHS28 February 2023 | FY2212 MONTHS23 August 2022 | HY226 MONTHS22 February 2022 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $172.3m | $322.9m | $155.3m | $290.4m | $141.2m | $289.8m | $144.2m | $280.6m | $130.8m | Chart |
| Revenue growth % | 11.1%Outside range high revenue growth. 11.1%; 4-period range -2% to 10.2%. Revenue growth: 11.1%, above normal range; 4-period mean 6.8%, range -2.0%-10.2%. | 11.1% | 9.9% | 0.2%Outside range low revenue growth. 0.2%; 3-period range 3.3% to 11.7%. Revenue growth: 0.2%, below normal range; 3-period mean 8.7%, range 3.3%-11.7%. | -2.0%Unprecedented low revenue growth. -2%; 4-period range 8.9% to 11.1%. Revenue growth: -2.0%, unprecedented low; 4-period mean 10.0%, range 8.9%-11.1%. | 3.3% | 10.2% | 11.7%Outside range high revenue growth. 11.7%; 3-period range 0.2% to 11.1%. Revenue growth: 11.7%, above normal range; 3-period mean 4.9%, range 0.2%-11.1%. | 8.9% | Chart
|
| Operating profit | $77.9m | — | $57.2m | $151.3m | — | $161.7m | $80.7m | $163.9m | $73.5m | Chart |
| Operating profit margin % | 45.2% | — | 36.8% | 52.1% | — | 55.8% | 56.0% | 58.4% | 56.2% | Chart |
| PBT | $68.1m | $57.2m | $5.3m | $104.5m | $52.6m | $134m | $69m | $137m | $64.9m | Chart |
| PBT growth % | n/m | -45.3%Outside range low pbt growth. -45.3%; 3-period range -22% to 15.5%. PBT growth: -45.3%, below normal range; 3-period mean -2.9%, range -22.0%-15.5%. | -89.9% | -22.0% | -23.8% | -2.2% | 6.3% | 15.5%Outside range high pbt growth. 15.5%; 3-period range -45.3% to -2.2%. PBT growth: 15.5%, above normal range; 3-period mean -23.2%, range -45.3%--2.2%. | 8.9% | Chart
|
| NPAT | $48.8m | $38.8m | $3.6m | $74.5m | $37.6m | $95.9m | $48.7m | $95.1m | $47.5m | Chart |
| NPAT growth % | n/m | -47.9%Outside range low npat growth. -47.9%; 3-period range -22.3% to 9.3%. NPAT growth: -47.9%, below normal range; 3-period mean -4.1%, range -22.3%-9.3%. | -90.4% | -22.3% | -22.8% | 0.8% | 2.5% | 9.3%Outside range high npat growth. 9.3%; 3-period range -47.9% to 0.8%. NPAT growth: 9.3%, above normal range; 3-period mean -23.1%, range -47.9%-0.8%. | 7.7% | Chart
|
| Operating cash flow | $299.5m | $673.2m | $236.6m | $928.4m | -$8.8m | $42.7m | $262.2m | -$262.3m | -$142.3m | Chart |
| OCF / Operating profit % | 384.7% | — | 413.5% | 613.7% | — | 26.4% | 324.8% | -160.1% | -193.6% | Chart |
| FCF pre-lease | $297.2m | $668.8m | $234.8m | $900.3m | -$25.5m | $18m | $254.4m | -$272.1m | -$150.9m | Chart |
| DPS | 3.5c | 2.0c | 2.0c | 3.0c | 4.0c | 6.0c | 5.5c | 5.5c | 5.5c | Chart |
| Payout ratio vs NPAT % | 67.3%Outside range low payout ratio versus npat. 67.3%; 4-period range 68.1% to 500%. Payout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%. | 96.6%Outside range high payout ratio versus npat. 96.6%; 3-period range 68.2% to 82.4%. Payout ratio versus NPAT: 96.6%, above normal range; 3-period mean 73.9%, range 68.2%-82.4%. | 500.0%Unprecedented high payout ratio versus npat. 500%; 4-period range 67.3% to 75.5%. Payout ratio versus NPAT: 500.0%, unprecedented high; 4-period mean 71.6%, range 67.3%-75.5%. | 71.1% | 75.5% | 82.4% | 75.3% | 68.2%Outside range low payout ratio versus npat. 68.2%; 3-period range 71.1% to 96.6%. Payout ratio versus NPAT: 68.2%, below normal range; 3-period mean 83.4%, range 71.1%-96.6%. | 68.1% | Chart
|
| Annual payout ratio vs EPS % | — | 96.6% | — | 71.1% | — | 82.4% | — | 68.2% | — | Chart |
| ROE % | 7.8% | 3.2%Outside range low roe. 3.2%; 3-period range 6% to 11.8%. ROE: 3.2%, below normal range; 3-period mean 9.0%, range 6.0%-11.8%. | 0.3%Unprecedented low roe. 0.3%; 4-period range 3.7% to 9.6%. ROE: 0.3%, unprecedented low; 4-period mean 6.8%, range 3.7%-9.6%. | 6.0% | 3.7% | 9.3% | 9.6%Outside range high roe. 9.6%; 4-period range 0.3% to 7.8%. ROE: 9.6%, above normal range; 4-period mean 4.5%, range 0.3%-7.8%. | 11.8%Outside range high roe. 11.8%; 3-period range 3.2% to 9.3%. ROE: 11.8%, above normal range; 3-period mean 6.2%, range 3.2%-9.3%. | 6.1% | Chart
|
| Net debt | -$387.9m | $469.2m | $1b | $7.4b | $6.5b | $6.3b | — | $2.3b | — | Chart |
| Net debt / Operating profit | -4.98x | — | 17.57x | 48.65x | — | 39.05x | — | 13.84x | — | Chart |
| Debtor days | — | — | — | 0 | — | 1 | — | 0 | — | Chart |
| Total assets | $8.8b | $8.6b | $8.8b | $9.3b | $7.9b | $7.7b | $7.4b | $7.1b | $6b | Chart |
Reference: annolyse.ai/companies/hgh
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.
Receivables days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From PBT collapsed 45.3% as one-offs and provisions swamped 11.1% revenue growth
No formal ongoing targets were in force beyond the $45m underlying NPAT floor for FY2026, which management has stated guidance on an underlying basis. The result met that floor at $46.9m underlying NPAT. The strongly second-half-weighted statutory earnings profile — with $35.2m of NPAT implied in 2H2025 against just $3.6m in 1H2025 — suggests the business normalised materially following the portfolio reset, which is modestly supportive of the FY2026 guidance basis.
Whether the second-half run-rate is a reliable base depends on whether NZ credit quality has genuinely stabilised and whether the Australian banking segment can continue contributing at or above its FY2025 level. The absence of stated targets beyond the underlying NPAT floor limits the ability to assess how quickly ROE can recover toward a level that justifies the capital raised for the Australian acquisition.
Open questions
This briefing cannot assess the credit quality trajectory of the NZ portfolio, the sustainability of the Australian segment contribution, or the pace of ROE recovery, as segment-level prior comparatives and arrears data were not available in the supplied materials.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 26 February 2026
The 1255.6% headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.
FY25 · Released 21 August 2025
Revenue grew solidly but a surge in impairments, acquisition-related costs, and a portfolio reset crushed statutory earnings, leaving underlying NPAT
HY25 · Released 27 February 2025
Reported NPAT of NZ$3.6m versus underlying NZ$10.7m and a 500% NPAT payout ratio leave the dividend reliant on retained earnings, not current profit.
FY24 · Released 29 August 2024
Revenue growth of just 0.2% left no buffer when provisions surged, driving a 22.0% PBT decline and compressing ROE to 6.0% from 9.3%.
HY24 · Released 27 February 2024
Net operating income contracted despite 4.2% receivables growth, pointing to material net interest margin compression ahead of Challenger integration.
FY23 · Released 29 August 2023
Flat headline NPAT reflects a lower effective tax rate, masking underlying margin pressure and weaker returns on the expanded equity base.
HY23 · Released 28 February 2023
PBT grew 6.3% on stronger margins, but a 29.5% effective tax rate and 30.5% equity expansion drove ROE down to 9.6% from 12.2%.
FY22 · Released 23 August 2022
Net operating income grew 11.7% and PBT expansion outpaced it, while the effective tax rate rose to 30.6% from 26.6%, narrowing the NPAT result.
HY22 · Released 22 February 2022
Underlying earnings progress is modest and clean, but a NZ$449m step-up in borrowings and deeply negative operating cash define the period.
Get the next Heartland Group Holdings result briefing and five-year history updates by email.