Market cap
$1.5b
End-of-day close multiplied by current shares on issue.
KPG · NZX
Kiwi Property Group is an NZX-listed property / property investment company with HY21 - FY26 of published result briefings.
Snapshot
FY26, released 18 May 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $271.4m | ↑ +2.9% |
| NPAT | $50.4m | ↓ -11.6% |
| Operating cash flow | $81.8m | ↑ +1.7% |
| Net debt | $1.2b | ↓ -5.0% |
| ROE % | 2.7% | ↓ -0.3pp |
| DPS | 1.4c | ↑ +3.7% |
| Payout ratio vs NPAT % | 182.4% | ↑ +31.1pp |
| Annual payout ratio vs EPS % | 182.4% | ↑ +31.1pp |
| PBT | $78.4m | ↓ -17.0% |
| FCF pre-lease | $25.5m | ↑ +215.9% |
Source: latest published briefing (FY26, released 18 May 2026). Change compares against the prior equivalent period: FY25, released 26 May 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
$1.5b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
30.46x
Recent market cap compared with trailing earnings.
EPS
0.03
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
60.28x
Market cap compared with recent free cash flow.
P/B
0.83x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
6.0%
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 Kiwi Property Group'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 | FY2612 MONTHS18 May 2026 | HY266 MONTHS24 November 2025 | FY2512 MONTHS26 May 2025 | HY256 MONTHS25 November 2024 | FY2412 MONTHS27 May 2024 | HY246 MONTHS27 November 2023 | FY2312 MONTHS22 May 2023 | HY236 MONTHS28 November 2022 | FY2212 MONTHS23 May 2022 | HY226 MONTHS22 November 2021 | HY216 MONTHS23 November 2020 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $271.4m | $136.7m | $263.7m | $128.4m | $240.5m | $117.7m | $259.1m | $130.2m | $246.8m | $121.4m | $112.2m | Chart |
| Revenue growth % | 2.9% | 6.5% | 9.6%Outside range high revenue growth. 9.6%; 4-period range -6.2% to 6.2%. Revenue growth: 9.6%, above normal range; 4-period mean 2.1%, range -6.2%-6.2%. | 9.0%Outside range high revenue growth. 9%; 5-period range -47.8% to 7.3%. Revenue growth: 9.0%, above normal range; 5-period mean -9.8%, range -47.8%-7.3%. | -6.2%Unprecedented low revenue growth. -6.2%; 4-period range 2.9% to 9.6%. Revenue growth: -6.2%, unprecedented low; 4-period mean 6.1%, range 2.9%-9.6%. | -9.6% | 5.7% | 7.3% | 6.2% | -47.8%Unprecedented low revenue growth. -47.8%; 5-period range -9.6% to 9%. Revenue growth: -47.8%, unprecedented low; 5-period mean 1.6%, range -9.6%-9.0%. | -5.1% | Chart
|
| Operating profit | — | $62.9m | — | $56.4m | $108.2m | $52.4m | $129.6m | — | — | $62.5m | — | Chart |
| Operating profit margin % | — | 46.0% | — | 43.9% | 45.0% | 44.5% | 50.0% | — | — | 51.5% | — | Chart |
| PBT | $78.4m | $23.7m | $94.5m | $54.7m | $24.7m | -$24.9m | -$214.8m | -$135.4m | $260.6m | $161m | $64.2m | Chart |
| PBT growth % | -17.0% | -56.7% | 282.6% | — | — | — | — | — | 17.2% | -27.6% | 35.7% | Chart |
| NPAT | $50.4m | $9.8m | $57m | $43.2m | -$2.1m | -$36.5m | -$227.7m | -$151.1m | $224.3m | $143.2m | $54.2m | Chart |
| NPAT growth % | -11.6% | -77.3% | — | — | — | — | — | — | 14.1% | -27.1% | 47.3% | Chart |
| Operating cash flow | $81.8m | $47.9m | $80.5m | $37m | $99.3m | $47.8m | $113m | $59.2m | $115.6m | $56.2m | $56.7m | Chart |
| OCF / Operating profit % | — | 76.2% | — | 65.7% | 91.8% | 91.3% | 87.2% | — | — | 90.0% | — | Chart |
| FCF pre-lease | $25.5m | $18.9m | -$22m | -$27.3m | -$72.7m | -$40m | -$49.4m | -$21.7m | $34.2m | $23.4m | -$20.6m | Chart |
| DPS | 1.4c | 1.4c | 1.4c | 1.4c | 1.4c | 1.4c | 1.4c | 1.4c | 2.9c | 2.8c | 2.2c | Chart |
| Payout ratio vs NPAT % | 182.4% | — | 151.3% | 49.6% | — | — | — | — | 39.2% | 30.2% | 63.6% | Chart |
| Annual payout ratio vs EPS % | 182.4% | — | 151.3% | — | — | — | — | — | 39.2% | — | — | Chart |
| ROE % | 2.7% | 0.5% | 3.1% | 2.3% | -0.1% | -2.0% | -11.8%Unprecedented low roe. -11.8%; 4-period range -0.1% to 9.9%. ROE: -11.8%, unprecedented low; 4-period mean 3.9%, range -0.1%-9.9%. | -7.4%Unprecedented low roe. -7.4%; 4-period range -2% to 2.7%. ROE: -7.4%, unprecedented low; 4-period mean 0.9%, range -2.0%-2.7%. | 9.9%Outside range high roe. 9.9%; 4-period range -11.8% to 3.1%. ROE: 9.9%, above normal range; 4-period mean -1.5%, range -11.8%-3.1%. | 6.4% | 2.7%Outside range high roe. 2.7%; 4-period range -7.4% to 2.3%. ROE: 2.7%, above normal range; 4-period mean -1.6%, range -7.4%-2.3%. | Chart |
| Net debt | $1.2b | $1.3b | $1.3b | $1.2b | $1.2b | $1.1b | $1.1b | $1.2b | $1.1b | $1.1b | $1b | Chart |
| Net debt / Operating profit | — | 20.27x | — | 22.02x | 10.88x | 20.79x | 8.59x | — | — | 16.92x | — | Chart |
| Debtor days | 11Outside range low debtor days. 11d; 4-period range 12d to 17d. Debtor days: 11.1 days, below normal range; 4-period mean 14.1 days, range 12.1 days-17.5 days. | 13 | 14 | 13 | 12 | 12 | 13 | 11Outside range low debtor days. 11d; 5-period range 12d to 36d. Debtor days: 10.9 days, below normal range; 5-period mean 18.7 days, range 12.1 days-36.0 days. | 17Unprecedented high debtor days. 18d; 4-period range 11d to 14d. Debtor days: 17.5 days, unprecedented high; 4-period mean 12.5 days, range 11.1 days-13.5 days. | 19 | 36Unprecedented high debtor days. 36d; 5-period range 11d to 19d. Debtor days: 36.0 days, unprecedented high; 5-period mean 13.7 days, range 10.9 days-19.2 days. | Chart
|
| Inventory days | 132 | 131 | 123 | 115 | 112 | — | — | — | — | — | — | Chart |
| Total assets | $3.2b | $3.3b | $3.3b | $3.3b | $3.2b | $3.1b | $3.2b | $3.5b | $3.6b | $3.5b | $3.3b | Chart |
Reference: annolyse.ai/companies/kpg
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.
Inventory 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 NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%
No forward distributable-earnings target is supplied in the release excerpts. Management has flagged FY26 priorities including balance-sheet management, and the post-period Sylvia Park Lifestyle sale provides ~$53m of capital; S&P has revised the credit outlook. The full-year dividend per share is 5.6cps versus 5.4cps prior, with management disclosing an 88% payout ratio on an AFFO basis.
Annualising current-half revenue gives $273.3m, modestly above FY25's $263.7m. The prior year was heavily second-half-weighted on NPAT (HY25 contributed 75.8% of FY25 NPAT), so any H2 NPAT recovery this year depends almost entirely on revaluation movements and the tax line normalising — neither of which the current release allows us to test.
Open questions
This briefing cannot assess the underlying property valuation assumptions, occupancy and WALT trajectory, or cap-rate exposure that ultimately drive the NTA direction.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 18 May 2026
Reported earnings declined and the 5.6cps full-year dividend ran at 182.4% of NPAT, with lower capex rather than profit growth funding deleveraging.
HY26 · Released 24 November 2025
Valuation pressure and a 58.6% effective tax rate cut NPAT to $9.8m, while pre-lease free cash flow swung to $18.9m on lower capex.
FY25 · Released 26 May 2025
A lower effective tax rate contributed to the headline earnings recovery while working capital absorbed $17.5m and the full-year dividend fell to 5.4c.
HY25 · Released 25 November 2024
The 218.3% NPAT rebound is a valuation-driven swing from prior-year losses; operating profit, cash conversion, and the dividend all weakened.
FY24 · Released 27 May 2024
Headline NPAT loss narrowed on smaller revaluation hits, but operating profit fell 37.7% and gearing rose with capex at 71.5% of revenue.
HY24 · Released 27 November 2023
Revenue fell 9.6% on portfolio reshaping while capex climbed to 74.6% of revenue, leaving pre-lease cash flow below its historical range.
FY23 · Released 22 May 2023
Operating cash held near flat at NZ$113.0m, but doubled capex pushed pre-lease FCF to -NZ$49.4m and halved the final dividend.
HY23 · Released 28 November 2022
Investment-property revaluation effects drove an unprecedented statutory loss while rental cash earnings grew, but a halved dividend and rising
FY22 · Released 23 May 2022
Statutory earnings are inflated by non-cash investment property revaluations while debtor days rose materially above the historical range.
HY22 · Released 22 November 2021
The headline -27.1% NPAT move reflects a non-comparable prior period, while debtor days hit an unprecedented 19.2 and pre-lease FCF strengthened
HY21 · Released 23 November 2020
Trade receivables tripled to NZ$22.2m against a revenue decline, signalling rent-collection stress that the headline PBT recovery does not resolve.
Get the next Kiwi Property Group result briefing and five-year history updates by email.