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RAK · NZX
Rakon is an NZX-listed technology / electronics company with FY22 - HY26 of published result briefings.
Snapshot
HY26, released 28 November 2025
| Metric | Value | Change |
|---|---|---|
| Revenue | $54.2m | ↑ +30.2% |
| EBITDA | $3.6m | ↑ +122.8% |
| NPAT | -$3m | ↑ +71.2% |
| Operating cash flow | $6.4m | ↓ -23.7% |
| OCF / EBITDA % | 176.7% | ↑ +229.5pp |
| Net debt | -$0.85m | ↑ +91.7% |
| Net debt / EBITDA | -0.23x | ↓ -135.4% |
| ROE % | -1.9% | ↑ +5.1pp |
| PBT | -$4m | ↑ +73.5% |
| FCF pre-lease | -$1.5m | ↓ -207.1% |
Source: latest published briefing (HY26, released 28 November 2025). Change compares against the prior equivalent period: HY25, released 27 November 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
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How the market price compares with recent earnings and cash-flow inputs.
P/E
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EPS
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PEG
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EV/EBITDA
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P/FCF
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P/B
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Yield and fund-style valuation where the company shape supports it.
Dividend yield
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Total return
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Available once dividend and adjustment data are verified.
Chat
Ask follow-up questions about Rakon'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 MONTHS28 November 2025 | HY256 MONTHS27 November 2024 | FY2412 MONTHS29 May 2024 | HY246 MONTHS23 November 2023 | FY2312 MONTHS24 May 2023 | HY236 MONTHS24 November 2022 | FY2212 MONTHS26 May 2022 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $54.2m | $41.7m | $128m | $61.3m | $180.3m | $87.2m | $172m | Chart |
| Revenue growth % | 30.2%Outside range high revenue growth. 30.2%; 3-period range -32% to 2%. Revenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%. | -32.0%Outside range low revenue growth. -32%; 3-period range -29.7% to 30.2%. Revenue growth: -32.0%, below normal range; 3-period mean 0.8%, range -29.7%-30.2%. | -29.0% | -29.7% | 4.9% | 2.0% | 34.1% | Chart
|
| EBITDA | $3.6m | -$15.8m | $13.5m | $5.3m | $42.2m | $22.9m | $41.4m | Chart |
| EBITDA margin % | 6.6% | -37.9% | 10.5% | 8.6% | 23.4% | 26.2% | 24.1% | Chart |
| PBT | -$4m | -$15.1m | $0.3m | $0.2m | $31.4m | $22.4m | $41.9m | Chart |
| PBT growth % | — | — | -99.0% | -99.1% | -25.1% | 14.9% | 274.1% | Chart |
| NPAT | -$3m | -$10.4m | $4.5m | $0.5m | $23.2m | $16m | $33.1m | Chart |
| NPAT growth % | — | — | -80.6% | -96.9% | -29.9% | -15.3% | 244.8% | Chart |
| Operating cash flow | $6.4m | $8.3m | $17.8m | $7.3m | $11.1m | $0.02m | $30.2m | Chart |
| OCF / EBITDA % | 176.7% | -52.8% | 132.1% | 139.1% | 26.3% | 0.1% | 73.0% | Chart |
| FCF pre-lease | -$1.5m | $1.4m | $0.8m | $1.2m | -$7.6m | -$9.4m | $20.1m | Chart |
| FCF post-lease | -$1.5m | — | — | — | — | — | — | — |
| DPS | — | — | — | — | 1.5c | — | 0.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | 14.7% | — | — | — |
| Annual payout ratio vs EPS % | — | — | — | — | 14.7% | — | — | — |
| ROE % | -1.9% | -7.0%Outside range low roe. -7%; 3-period range -1.9% to 12.3%. ROE: -7.0%, below normal range; 3-period mean 3.6%, range -1.9%-12.3%. | 2.8% | 0.3% | 14.8% | 12.3%Outside range high roe. 12.3%; 3-period range -7% to 0.3%. ROE: 12.3%, above normal range; 3-period mean -2.9%, range -7.0%-0.3%. | 24.5% | Chart
|
| Net debt | -$0.85m | -$10.2m | -$11.2m | -$13.4m | -$16.5m | -$18.4m | -$23.2m | Chart |
| Net debt / EBITDA | -0.23x | 0.65x | -0.83x | -2.55x | -0.39x | -0.8x | -0.56x | Chart |
| Debtor days | 183 | 155 | 97 | 136 | 85 | — | 70 | Chart |
| Inventory days | 190 | 225 | 157 | 178 | 127 | 302 | 122 | Chart |
| Total assets | $230.9m | $193.9m | $207.1m | $197.5m | $207.3m | $218.4m | $199.9m | Chart |
Reference: annolyse.ai/companies/rak
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.
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 Revenue fell 32% pushing Rakon to a $15.1m PBT loss
No quantified guidance, revenue target, or forward-work figure is supplied. Management commentary points to "robust demand in Space and AI & Cloud Infrastructure" underpinning future growth, but does not quantify the second-half path. Historically the business is second-half-weighted: HY24 was 47.9% of FY24 revenue and only 11.1% of FY24 NPAT.
Annualising the current half implies an $83.3m revenue run-rate against FY24's $128.0m, so even a normal second-half skew leaves a wide gap to last year. The release does not contain enough forward information to judge whether HY25 is the trough or the new base.
Open questions
This briefing cannot assess segment profitability or gross-margin trajectory because the disclosure does not break out result by segment or provide a like-for-like gross-margin reconciliation.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 28 November 2025
Strong demand recovery lifted Underlying EBITDA 149% and narrowed the PBT loss by 73.6%, but a NZ$18.8m receivables build means cash is not yet
HY25 · Released 27 November 2024
Operating cash flow rose 14% but only via $18.7m of working-capital release; inventory days still climbed 47 days.
FY24 · Released 29 May 2024
Operating cash flow rose 60.5% but on working-capital release, while a tax benefit lifted NPAT to $4.5m well above near-zero PBT.
HY24 · Released 23 November 2023
Cash flow swung positive on an inventory unwind, but PBT was effectively wiped out and ROE fell from 11.5% to 0.3%.
FY23 · Released 24 May 2023
Capex more than doubled and working capital absorbed $15.0m, turning a $21.8m FCF inflow into a $7.6m outflow while NPAT fell 29.9%.
HY23 · Released 24 November 2022
PBT grew 14.9% on 2.0% revenue growth, but a $28.5m inventory build cut operating cash flow from $4.5m to $0.0m and turned free cash flow negative.
FY22 · Released 26 May 2022
Record earnings were undercut by a $19.6m inventory build and capex more than doubling, cutting FCF/NPAT conversion from 164.5% to 60.6%.
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