Market cap
$157.8m
End-of-day close multiplied by current shares on issue.
MHJ · NZX
Michael Hill International is an NZX-listed consumer / jewellery retail company with HY23 - HY26 of published result briefings.
Snapshot
HY26, released 2 March 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $371m | ↑ +3.0% |
| NPAT | $22.3m | ↑ +32.0% |
| Operating cash flow | $94.8m | ↑ +64.3% |
| Net debt | -$20.7m | ↓ -310.2% |
| ROE % | 11.7% | ↑ +2.6pp |
| DPS | 0.0c | — |
| PBT | $31m | ↑ +30.3% |
| FCF pre-lease | $86.4m | ↑ +64.9% |
| Debtor days | 0Outside range low debtor days. 0d; 3-period range 7d to 10d. Debtor days: 0.0 days, below normal range; 3-period mean 8.0 days, range 7.2 days-9.6 days. | ↓ -100.0% |
| Inventory days | 99Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 days. | ↓ -8.0% |
Source: latest published briefing (HY26, released 2 March 2026). Change compares against the prior equivalent period: HY25, 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
$157.8m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
21.04x
Recent market cap compared with trailing earnings.
EPS
0.02
Recent filing-derived earnings per share.
PEG
0.66x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
1.97x
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
0.0%
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 Michael Hill International'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 MONTHS2 March 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS24 February 2025 | FY2412 MONTHS2 September 2024 | HY246 MONTHS26 February 2024 | FY2312 MONTHS25 August 2023 | HY236 MONTHS27 February 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $371m | $643.7m | $360.2m | $644.9m | $362.7m | $629.6m | $363.4m | Chart |
| Revenue growth % | 3.0% | 2.5% | -0.7%Outside range low revenue growth. -0.7%; 3-period range -0.2% to 11.1%. Revenue growth: -0.7%, below normal range; 3-period mean 4.6%, range -0.2%-11.1%. | 2.4% | -0.2% | 0.0% | 11.1%Outside range high revenue growth. 11.1%; 3-period range -0.7% to 3%. Revenue growth: 11.1%, above normal range; 3-period mean 0.7%, range -0.7%-3.0%. | Chart
|
| EBITDA | — | — | $32.5m | — | $60.8m | — | $87.3m | Chart |
| EBITDA margin % | — | — | 9.0% | — | 16.8% | — | 24.0% | Chart |
| PBT | $31m | $2.2m | $23.8m | -$0.4m | $21.9m | $49.7m | $54.3m | Chart |
| PBT growth % | 30.3%Outside range high pbt growth. 30.3%; 3-period range -59.7% to 8.7%. PBT growth: 30.3%, above normal range; 3-period mean -15.6%, range -59.7%-8.7%. | -90.8% | 8.7% | — | -59.7%Outside range low pbt growth. -59.7%; 3-period range 4.2% to 30.3%. PBT growth: -59.7%, below normal range; 3-period mean 14.4%, range 4.2%-30.3%. | 0.0% | 4.2% | Chart
|
| NPAT | $22.3m | $2.1m | $16.9m | -$0.5m | $15.4m | $35.2m | $37.6m | Chart |
| NPAT growth % | 32.0%Outside range high npat growth. 32%; 3-period range -59% to 9.7%. NPAT growth: 32.0%, above normal range; 3-period mean -16.0%, range -59.0%-9.7%. | -86.6% | 9.7% | — | -59.0%Outside range low npat growth. -59%; 3-period range 1.3% to 32%. NPAT growth: -59.0%, below normal range; 3-period mean 14.3%, range 1.3%-32.0%. | 0.0% | 1.3% | Chart
|
| Operating cash flow | $94.8m | $55.1m | $57.7m | $37.8m | $22m | $80.1m | $47.6m | Chart |
| OCF / EBITDA % | — | — | 177.7% | — | 36.2% | — | 54.5% | Chart |
| FCF pre-lease | $86.4m | $46.3m | $52.4m | $16.7m | $9.1m | $53.6m | $33.2m | Chart |
| DPS | 0.0c | — | — | — | — | 3.5c | 4.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | — | 81.5% | 40.9% | Chart |
| Annual payout ratio vs EPS % | — | — | — | — | — | 81.5% | — | — |
| ROE % | 11.7% | 1.2% | 9.1% | -0.3% | 7.9%Outside range low roe. 7.9%; 3-period range 9.1% to 18.9%. ROE: 7.9%, below normal range; 3-period mean 13.3%, range 9.1%-18.9%. | 18.6% | 18.9%Outside range high roe. 18.9%; 3-period range 7.9% to 11.7%. ROE: 18.9%, above normal range; 3-period mean 9.6%, range 7.9%-11.7%. | Chart
|
| Net debt | -$20.7m | $41.9m | $9.8m | $38.7m | $11.6m | -$8.4m | — | Chart |
| Net debt / EBITDA | — | — | 0.3x | — | 0.19x | — | — | Chart |
| Debtor days | 0Outside range low debtor days. 0d; 3-period range 7d to 10d. Debtor days: 0.0 days, below normal range; 3-period mean 8.0 days, range 7.2 days-9.6 days. | 2 | 7 | 2 | 10Outside range high debtor days. 10d; 3-period range 0d to 7d. Debtor days: 9.6 days, above normal range; 3-period mean 4.8 days, range 0.0 days-7.2 days. | 0 | 7 | Chart
|
| Inventory days | 99Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 days. | 113 | 108 | 111 | 110Outside range high inventory days. 110d; 3-period range 99d to 108d. Inventory days: 110.4 days, above normal range; 3-period mean 102.0 days, range 99.1 days-107.7 days. | 118 | 99 | Chart
|
| Total assets | $564m | $518.4m | $557.6m | $545.2m | $576.8m | $546.5m | $550.8m | Chart |
Reference: annolyse.ai/companies/mhj
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 PBT collapsed 90.8% as H2 NPAT loss erased H1 profit
No quantitative FY25 targets were carried in. The release notes "targeted cost reduction initiatives" delivered in H2 and a same-store sales recovery, but neither flowed through to H2 earnings or H2 cash. Management commentary on gross margin is qualitative — promotional pressure and gold input costs were "largely offset" by higher-margin product mix — and the document does not quantify the FY25 gross margin against the prior 60.6%.
The release also does not provide forward guidance, FY26 trading commentary, or a stated dividend policy reset. So the read is constrained to what FY25 itself shows: a top-line that recovered modestly while H2 profitability and the balance sheet deteriorated.
Open questions
This briefing cannot assess segment-level FY25 profitability, FY26 trading conditions, or the durability of the H2 same-store sales recovery, because the supplied disclosures do not include current-period segment results or forward commentary.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 2 March 2026
The HY26 result sits well above the recent baseline, but FY25's loss-making second half makes H2 durability the central open question.
FY25 · Released 25 August 2025
Implied H2 NPAT loss of $14.8m wiped out the H1 result and net debt swung from a $2.3m surplus to $41.9m.
HY25 · Released 24 February 2025
Reported NZ$16.9m profit landed on a -0.7% revenue print and a 6.6% PBT margin, with the board declining the interim dividend that paid 1.75c last
FY24 · Released 2 September 2024
Operating cash halved and the group flipped from net cash to NZD 38.7m net debt, with no final dividend declared for FY24.
HY24 · Released 26 February 2024
Margin compression and an inventory build above the historical range left pre-lease FCF at NZ$9.1m, well below the NZ$57.3m baseline.
FY23 · Released 25 August 2023
Cash conversion stayed strong but management commentary points to a marked H2 trading slowdown from +6.0% to -0.8%.
HY23 · Released 27 February 2023
Cash conversion dropped from 86.9% to 54.5% as Australia carried group earnings while Canada and New Zealand segment results fell.
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