Market cap
$170.3m
End-of-day close multiplied by current shares on issue.
LIC · NZX
Livestock Improvement Corporation is an NZX-listed primary industries / dairy genetics company with FY20 - HY26 of published result briefings.
Snapshot
HY26, released 22 January 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $195.2m | ↑ +13.5% |
| NPAT | $33.8m | ↑ +16.6% |
| Operating cash flow | $12.2m | ↑ +262.7% |
| Net debt | -$34.7m | ↑ +9.5% |
| ROE % | 10.7% | ↑ +1.4pp |
| PBT | $46.8m | ↑ +16.1% |
| Debtor days | 83 | ↓ -10.1% |
| Total assets | $432.8m | ↑ +5.4% |
Source: latest published briefing (HY26, released 22 January 2026). Change compares against the prior equivalent period: HY24, released 24 January 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
$170.3m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not available for this company right now.
EPS
Not available
Not available for this company right now.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not available for this company right now.
P/B
0.54x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
10.2%
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 Livestock Improvement Corporation'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 MONTHS22 January 2026 | FY2512 MONTHS18 July 2025 | FY2412 MONTHS19 July 2024 | HY246 MONTHS24 January 2024 | FY2212 MONTHS21 July 2022 | HY226 MONTHS26 January 2022 | FY2012 MONTHS22 July 2021 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $195.2m | $295.1m | $267.3m | $171.9m | $263.2m | $169.4m | $249m | Chart |
| Revenue growth % | 5.2% | 10.4%Outside range high revenue growth. 10.4%; 3-period range -3.3% to 5.7%. Revenue growth: 10.4%, above normal range; 3-period mean 0.1%, range -3.3%-5.7%. | -3.3%Outside range low revenue growth. -3.3%; 3-period range -2% to 10.4%. Revenue growth: -3.3%, below normal range; 3-period mean 4.7%, range -2.0%-10.4%. | -3.0% | 5.7% | -0.2% | -2.0% | Chart
|
| EBITDA | — | — | — | — | — | $61.2m | — | — |
| EBITDA margin % | — | — | — | — | — | 36.1% | — | — |
| PBT | $46.8m | $40.3m | $13.8m | $40.3m | $12.6m | $49.6m | $31m | Chart |
| PBT growth % | -13.5% | 192.0%Outside range high pbt growth. 192%; 3-period range -61.7% to 58.2%. PBT growth: 192.0%, above normal range; 3-period mean -21.0%, range -61.7%-58.2%. | -61.7%Outside range low pbt growth. -61.7%; 3-period range -59.4% to 192%. PBT growth: -61.7%, below normal range; 3-period mean 63.6%, range -59.4%-192.0%. | -13.1% | -59.4% | — | 58.2% | Chart
|
| NPAT | $33.8m | $30.6m | $7.7m | $29m | $26.7m | $50.8m | $22.9m | Chart |
| NPAT growth % | -13.6% | 297.4%Outside range high npat growth. 297.4%; 3-period range -71.9% to 30.9%. NPAT growth: 297.4%, above normal range; 3-period mean -8.1%, range -71.9%-30.9%. | -71.9%Outside range low npat growth. -71.9%; 3-period range 16.6% to 297.4%. NPAT growth: -71.9%, below normal range; 3-period mean 115.0%, range 16.6%-297.4%. | -12.9% | 16.6% | 52.1% | 30.9% | Chart
|
| Operating cash flow | $12.2m | $56.4m | $40.1m | $3.4m | $57.1m | $21.9m | $40.5m | Chart |
| OCF / EBITDA % | — | — | — | — | — | 35.8% | — | — |
| FCF pre-lease | — | $28.6m | $12.4m | -$12.3m | — | $13.7m | $25m | Chart |
| FCF post-lease | — | $28.6m | — | — | — | — | — | — |
| DPS | — | 12.2c | 5.8c | 13.0c | 18.4c | — | 12.5c | Chart |
| Payout ratio vs NPAT % | — | 55.6%Outside range low payout ratio versus npat. 55.6%; 3-period range 78.2% to 116.8%. Payout ratio versus NPAT: 55.6%, below normal range; 3-period mean 97.3%, range 78.2%-116.8%. | 116.8%Outside range high payout ratio versus npat. 116.8%; 3-period range 55.6% to 97%. Payout ratio versus NPAT: 116.8%, above normal range; 3-period mean 76.9%, range 55.6%-97.0%. | 65.0% | 97.0% | — | 78.2% | Chart
|
| Annual payout ratio vs EPS % | — | 55.6% | 116.8% | — | 97.0% | — | 78.2% | Chart |
| ROE % | 10.7% | 10.3% | 2.8% | 9.3% | 9.1% | 15.5% | 7.8% | Chart |
| Net debt | -$34.7m | -$57.1m | -$42.3m | -$38.3m | -$64.1m | — | -$18.8m | Chart |
| Debtor days | 83 | 45 | — | 92 | 67 | 92 | 63 | Chart |
| Inventory days | — | 26 | 27Outside range high inventory days. 27d; 3-period range 15d to 26d. Inventory days: 27.2 days, above normal range; 3-period mean 20.3 days, range 15.3 days-25.7 days. | — | 15Outside range low inventory days. 15d; 3-period range 20d to 27d. Inventory days: 15.3 days, below normal range; 3-period mean 24.3 days, range 19.9 days-27.2 days. | — | 20 | Chart
|
| Total assets | $432.8m | $392m | $358.6m | $410.5m | $385.6m | $428.4m | $382m | Chart |
Reference: annolyse.ai/companies/lic
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.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
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 LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%
No forward targets or guidance are provided in the release. The 62.9% first-half share of revenue and the implied H2 NPAT loss line up with LIC's seasonal pattern around the spring mating season; this result does not, in itself, signal a deteriorating exit run-rate, but it does mean the FY25 outcome was substantially built in by the half-year. The HY25 release was flagged as an amendment, and the FY24 comparable is inferred rather than exact-matched, so growth percentages should be read with that selection caveat.
Open questions
This briefing cannot assess underlying earnings, segment cost allocations, or the durability of the lower tax rate from the supplied release.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 22 January 2026
Broad cost increases across NZ genetics, testing, and farm software compressed margins despite volume-led revenue growth, so the underlying earnings
FY25 · Released 18 July 2025
The operating recovery is real, but every reported segment showed a lower result and working capital built $37.6m against a 10.4% revenue lift.
FY24 · Released 19 July 2024
Operating deterioration plus a sharply higher tax rate left FY24 NPAT at $7.7m, well below the $17–22m underlying earnings guided at the half.
HY24 · Released 24 January 2024
The 13.1% PBT decline understates the result: operating cash flow dropped to $3.4m and the special dividend was funded from asset disposal, not
FY22 · Released 21 July 2022
A 47.3% dividend lift rests on a one-off automation disposal gain and a lower tax rate as continuing operations earnings dropped sharply.
HY22 · Released 26 January 2022
A $15.2m discontinued-operations gain drove the headline jump, while underlying cash generation strengthened independently with OCF up 102.6%.
FY20 · Released 22 July 2021
Continuing-operations revenue grew 3.4% after the farm automation exit, while cash conversion weakened as capex more than doubled to $15.5m.
Get the next Livestock Improvement Corporation result briefing and five-year history updates by email.