Market cap
$357.6m
End-of-day close multiplied by current shares on issue.
MCK · NZX
Millennium & Copthorne Hotels New Zealand is an NZX-listed consumer / hotels and tourism company with FY20 - FY25 of published result briefings.
Snapshot
FY25, released 24 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $186.7m | ↑ +6.0% |
| Operating profit | $30.6m | ↓ -40.1% |
| NPAT | $20.2m | ↑ +621.4% |
| Operating cash flow | $25.7m | ↑ +88.2% |
| OCF / Operating profit % | 84.0% | ↑ +57.2pp |
| Net debt | -$0.36m | ↑ +99.0% |
| Net debt / Operating profit | -0.01x | ↑ +98.6% |
| ROE % | 3.0% | ↑ +2.6pp |
| DPS | 3.0c | ↓ -99.1% |
| Payout ratio vs NPAT % | 23.5% | — |
Source: latest published briefing (FY25, released 24 February 2026). Change compares against the prior equivalent period: FY24, released 24 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
$357.6m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
17.7x
Recent market cap compared with trailing earnings.
EPS
0.19
Recent filing-derived earnings per share.
PEG
0.03x
P/E compared with recent earnings growth.
EV/EBITDA
11.66x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.52x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
0.9%
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 Millennium & Copthorne Hotels New Zealand'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 | FY2512 MONTHS24 February 2026 | HY256 MONTHS12 August 2025 | FY2412 MONTHS24 February 2025 | HY246 MONTHS7 August 2024 | HY236 MONTHS8 August 2023 | HY226 MONTHS10 August 2022 | FY2112 MONTHS18 February 2022 | HY216 MONTHS2 August 2021 | FY2012 MONTHS17 February 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $186.7m | $79.3m | $176.2m | $85.3m | $60m | $83.7m | $164.8m | $98.4m | $172m | Chart |
| Revenue growth % | 6.0% | -7.1% | 6.9%Outside range high revenue growth. 6.9%; 3-period range -25.1% to 6%. Revenue growth: 6.9%, above normal range; 3-period mean -7.8%, range -25.1%-6.0%. | 42.1%Unprecedented high revenue growth. 42.1%; 4-period range -28.2% to 16.1%. Revenue growth: 42.1%, unprecedented high; 4-period mean -8.5%, range -28.2%-16.1%. | -28.2%Outside range low revenue growth. -28.2%; 4-period range -15% to 42.1%. Revenue growth: -28.2%, below normal range; 4-period mean 9.0%, range -14.9%-42.1%. | -14.9% | -4.2% | 16.1% | -25.1%Outside range low revenue growth. -25.1%; 3-period range -4.2% to 6.9%. Revenue growth: -25.1%, below normal range; 3-period mean 2.9%, range -4.2%-6.9%. | Chart
|
| Operating profit | $30.6m | $17m | $51.1m | $24.1m | $13.1m | $32.2m | $72.8m | $41.2m | $60.4m | Chart |
| Operating profit margin % | 16.4% | 21.4% | 29.0% | 28.3% | 21.8% | 38.5% | 44.2% | 41.9% | 35.1% | Chart |
| PBT | $33m | $11.3m | $47.1m | $21.5m | $11.5m | $32.1m | $64.6m | $41.4m | $50.9m | Chart |
| PBT growth % | -29.9% | -47.4% | -27.1% | 87.0%Unprecedented high pbt growth. 87%; 4-period range -64.2% to 57.4%. PBT growth: 87.0%, unprecedented high; 4-period mean -19.2%, range -64.2%-57.4%. | -64.2%Outside range low pbt growth. -64.2%; 4-period range -47.4% to 87%. PBT growth: -64.2%, below normal range; 4-period mean 18.6%, range -47.4%-87.0%. | -22.5% | 26.9%Outside range high pbt growth. 26.9%; 3-period range -40.4% to -27.1%. PBT growth: 26.9%, above normal range; 3-period mean -32.5%, range -40.4%--27.1%. | 57.4% | -40.4%Outside range low pbt growth. -40.4%; 3-period range -29.9% to 26.9%. PBT growth: -40.4%, below normal range; 3-period mean -10.0%, range -29.9%-26.9%. | Chart
|
| NPAT | $20.2m | $6.7m | $2.8m | -$11.7m | $6.2m | $15.4m | $40m | $25.3m | $46m | Chart |
| NPAT growth % | 621.4% | — | -93.0% | — | -59.7% | -39.1% | -13.0% | -25.8% | -7.4% | Chart |
| Operating cash flow | $25.7m | $4.3m | $13.7m | $15.3m | $4.2m | $24.4m | $29m | $55.1m | $86.1m | Chart |
| OCF / Operating profit % | 84.0% | 25.6% | 26.8% | 63.3% | 32.5% | 75.8% | 39.9% | 133.6% | 142.5% | Chart |
| FCF pre-lease | -$26.5m | -$39.6m | -$14.8m | $7.6m | -$1.1m | $20.8m | $25m | $53.9m | $80.1m | Chart |
| DPS | 3.0c | — | 346.0c | — | — | 300.0c | 3.5c | 400.0c | 0.0c | Chart |
| Payout ratio vs NPAT % | 23.5% | — | — | — | — | — | 13.8% | — | — | Chart |
| Annual payout ratio vs EPS % | 23.5% | — | — | — | — | — | — | — | — | — |
| ROE % | 3.0% | 1.0% | 0.4%Outside range low roe. 0.4%; 3-period range 3% to 6.5%. ROE: 0.4%, below normal range; 3-period mean 5.0%, range 3.0%-6.5%. | -1.8%Unprecedented low roe. -1.8%; 4-period range 1% to 3%. ROE: -1.8%, unprecedented low; 4-period mean 1.8%, range 1.0%-3.0%. | 1.0% | 2.4% | 6.5%Outside range high roe. 6.5%; 3-period range 0.4% to 5.5%. ROE: 6.5%, above normal range; 3-period mean 2.9%, range 0.4%-5.5%. | 3.0%Outside range high roe. 3%; 4-period range -1.8% to 2.4%. ROE: 3.0%, above normal range; 4-period mean 0.6%, range -1.8%-2.4%. | 5.5% | Chart
|
| Net debt | -$0.36m | $13.9m | -$36.7m | -$35.4m | — | -$23m | -$57.1m | -$91.4m | $17.2m | Chart |
| Net debt / Operating profit | -0.01x | 0.82x | -0.72x | -1.47x | — | -0.71x | -0.79x | -2.22x | 0.29x | Chart |
| Debtor days | 20Outside range high debtor days. 20d; 3-period range 15d to 20d. Debtor days: 20.0 days, above normal range; 3-period mean 17.1 days, range 15.4 days-19.9 days. | 29 | 20 | 33 | 68Unprecedented high debtor days. 68d; 4-period range 0d to 33d. Debtor days: 68.2 days, unprecedented high; 4-period mean 15.5 days, range 0.0 days-32.9 days. | 0Outside range low debtor days. 0d; 4-period range 0d to 68d. Debtor days: 0.0 days, below normal range; 4-period mean 32.5 days, range 0.0 days-68.2 days. | 16 | 0 | 15Outside range low debtor days. 15d; 3-period range 16d to 20d. Debtor days: 15.4 days, below normal range; 3-period mean 18.6 days, range 16.1 days-20.0 days. | Chart
|
| Inventory days | 2Outside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days. | 4 | 4Outside range high inventory days. 4d; 3-period range 2d to 3d. Inventory days: 3.7 days, above normal range; 3-period mean 2.6 days, range 2.0 days-2.9 days. | 4 | 4Outside range high inventory days. 4d; 4-period range 2d to 4d. Inventory days: 4.2 days, above normal range; 4-period mean 3.0 days, range 2.2 days-3.7 days. | 3 | 3 | 2Unprecedented low inventory days. 2d; 4-period range 3d to 4d. Inventory days: 2.2 days, unprecedented low; 4-period mean 3.5 days, range 2.7 days-4.2 days. | 3 | Chart
|
| Total assets | $800.5m | $787.3m | $762.3m | $738.5m | $713.1m | $700m | $680.8m | $984.3m | $987.9m | Chart |
Reference: annolyse.ai/companies/mck
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 Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m
No forward targets or guidance were disclosed in the release. The supplied second-half shape context is distorted: HY24 NPAT was a NZ$11.7m loss against an FY24 result of NZ$2.8m, implying NZ$14.5m of H2 NPAT, but that pattern reflected the unusual deferred tax adjustment rather than a clean seasonal shape.
Management commentary points to "further gains" when domestic and corporate travel recover and continued cooldown in property sales, but does not quantify either. With capex still in flight and property revenue at NZ$1.4m versus NZ$12.8m, a second-half rebuild depends on Hotels carrying the group while refurbishment activity continues to absorb cash.
Open questions
This briefing cannot assess the expected return on the refurbishment capex or management's internal hurdle rates, as no project-level economics or stabilised yield targets were disclosed.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY25 · Released 24 February 2026
Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.
HY25 · Released 12 August 2025
Hotels revenue grew 15% but a property cooldown and a near-sixfold capex jump pushed MCK from net cash to NZ$13.9m net debt.
FY24 · Released 24 February 2025
Hotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.
HY24 · Released 7 August 2024
A 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.
HY23 · Released 8 August 2023
Hotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.
HY22 · Released 10 August 2022
Revenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.
FY21 · Released 18 February 2022
A one-off land sale gain lifted hotel PBT and the dividend resumed, but cash conversion fell from 142.5% to 39.9% of EBITDA.
HY21 · Released 2 August 2021
Pre-lease FCF hit an unprecedented $53.9m and net debt swung to net cash, but hotel operations remain near zero and reported NPAT fell 25.8%.
FY20 · Released 17 February 2021
Revenue fell 25.1% and PBT fell 40.4%, but reported NPAT looks resilient because non-hotel segments and an unusually low tax rate carried the result.
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