Market cap
$60.6m
End-of-day close multiplied by current shares on issue.
STU · NZX
Steel & Tube Holdings is an NZX-listed construction & materials / steel distribution company with FY23 - HY26 of published result briefings.
Snapshot
HY26, released 25 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $211.9m | ↑ +8.1% |
| EBITDA | $1.2m | ↑ +113.9% |
| NPAT | -$12.4m | ↓ -19.2% |
| Operating cash flow | $5.6m | ↓ -75.9% |
| OCF / EBITDA % | 464.8% | ↓ -3661.4pp |
| Net debt | $43m | ↑ +345.7% |
| Net debt / EBITDA | 35.86x | ↑ +214.9% |
| ROE % | -7.3% | ↓ -1.7pp |
| PBT | -$17.1m | ↓ -19.6% |
| FCF pre-lease | $1.8m | ↓ -90.6% |
Source: latest published briefing (HY26, released 25 February 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
$60.6m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.14
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful when recent EBITDA is negative.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.36x
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 Steel & Tube Holdings'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 MONTHS25 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS24 February 2025 | FY2412 MONTHS26 August 2024 | HY246 MONTHS20 February 2024 | FY2312 MONTHS21 August 2023 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $211.9m | $385.4m | $196m | $479.1m | $261.8m | $589.1m | Chart |
| Revenue growth % | 8.1% | -19.6% | -25.1% | -18.7% | -17.0% | -1.7% | Chart |
| EBITDA | $1.2m | -$2.5m | $0.56m | $31.4m | $21.2m | $51.9m | Chart |
| EBITDA margin % | 0.6% | -0.6% | 0.3% | 6.6% | 8.1% | 8.8% | Chart |
| PBT | -$17.1m | -$33.1m | -$14.3m | $3.8m | $7.5m | $23.8m | Chart |
| PBT growth % | — | — | — | -84.0% | -54.5% | -43.2% | Chart |
| NPAT | -$12.4m | -$24.4m | -$10.4m | $2.6m | $5.3m | $17m | Chart |
| NPAT growth % | — | — | — | -84.7% | -55.1% | -43.7% | Chart |
| Operating cash flow | $5.6m | $10.4m | $23.1m | $42.2m | $38.7m | $98.3m | Chart |
| OCF / EBITDA % | 464.8% | -417.7% | n/m | 134.4% | 182.9% | 189.5% | Chart |
| FCF pre-lease | $1.8m | $3.6m | $19.3m | $32.7m | $34.3m | $92m | Chart |
| DPS | — | — | — | 2.0c | 4.0c | 4.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | 375.0% | 125.0% | 77.7% | Chart |
| Annual payout ratio vs EPS % | — | — | — | 375.0% | — | 77.7% | Chart |
| ROE % | -7.3% | -12.8% | -5.6% | 1.3% | 2.6% | 8.2% | Chart |
| Net debt | $43m | $36.3m | -$17.5m | -$8.7m | -$26.3m | -$6.5m | Chart |
| Net debt / EBITDA | 35.86x | -14.53x | -31.22x | -0.28x | -1.24x | -0.12x | Chart |
| Debtor days | 47 | 52 | 39 | 42 | 38 | 43 | Chart |
| Inventory days | 100 | 108 | 102 | 92 | 90 | 86 | Chart |
| Total assets | $393.2m | $402.6m | $334.3m | $353.8m | $350.2m | $364.1m | Chart |
Reference: annolyse.ai/companies/stu
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 Revenue fell 19.6% and EBITDA swung to a $2.5m loss as net debt hit $36.3m
No quantitative targets were supplied. Management points to "some activity lift in 2H25" and expects improvement through FY26, supported by a ~$7m annualised cost-out programme and the Perry integration tracking ahead of plan.
The release does not support a clean recovery read. 2H25 EBITDA (-$3.1m implied) and 2H25 NPAT (-$14.0m implied) were both worse than 1H25, and 2H operating cash was negative. So any FY26 improvement starts from a deeper exit run-rate than the headline full-year numbers suggest. The market commentary in the release also describes conditions as "highly competitive", which limits pricing recovery as a lever.
Open questions
This briefing cannot assess Perry Metal Protection's standalone contribution, organic versus acquired revenue split, or order-book/forward-work position because none were disclosed in the supplied materials.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 25 February 2026
Operating cash flow fell 75.9% to $5.6m and base-business margins squeezed even as the Perry galvanizing acquisition lifted reported revenue 8.1%.
FY25 · Released 25 August 2025
A new $50.0m facility funded acquisitions at the cycle bottom even as 2H operating cash flow turned negative and the final dividend was suspended.
HY25 · Released 24 February 2025
Revenue fell 25.1% and the dividend was pulled, while $23.1m of operating cash flow leaned on a $28.4m working-capital release.
FY24 · Released 26 August 2024
A $36.3m working-capital release flattered operating cash while the 6c full-year dividend ran at 375% of NPAT and ROE fell to 1.3%.
HY24 · Released 20 February 2024
Revenue declined 17.0% and NPAT 55.1%, but a $46.4m inventory release funded zero gross borrowings and $26.3m of cash.
FY23 · Released 21 August 2023
Operating cash flow swung to $98.3m on working-capital normalisation, but EBITDA fell 22.1% pointing to a reset earnings base.
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