Market cap
$575.1m
End-of-day close multiplied by current shares on issue.
THL · NZX
Tourism Holdings is an NZX-listed consumer / tourism and vehicle rentals company with FY24 - HY26 of published result briefings.
Snapshot
HY26, released 23 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $477.3m | ↑ +4.1% |
| EBITDA | $125.8m | ↑ +11.0% |
| NPAT | $29.6m | ↑ +17.0% |
| Operating cash flow | $40.5m | ↑ +66.9% |
| OCF / EBITDA % | 32.2% | ↑ +10.8pp |
| Net debt | $492.6m | ↑ +3.2% |
| Net debt / EBITDA | 3.92x | ↓ -6.9% |
| ROE % | 4.7% | ↓ -3.2pp |
| DPS | 3.0c | ↑ +20.0% |
| Payout ratio vs NPAT % | 22.4% | ↑ +0.7pp |
Source: latest published briefing (HY26, released 23 February 2026). Change compares against the prior equivalent period: HY25, released 25 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
$575.1m
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
-0.10
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
6.4x
Enterprise value compared with recent EBITDA.
P/FCF
31.9x
Market cap compared with recent free cash flow.
P/B
0.92x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
2.7%
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 Tourism 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 MONTHS23 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS25 February 2025 | HY246 MONTHS20 February 2024 | FY2412 MONTHS11 January 2024 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $477.3m | $937.2m | $458.4m | $449.2m | $921.7m | Chart |
| Revenue growth % | 4.1% | -7.0% | 2.0% | 72.1% | 38.8% | Chart |
| EBITDA | $125.8m | $154.2m | $113.3m | $119.7m | $194.4m | Chart |
| EBITDA margin % | 26.4% | 16.5% | 24.7% | 26.6% | 21.1% | Chart |
| PBT | $40.7m | -$4.9m | $35.2m | $56m | $58.4m | Chart |
| PBT growth % | 15.6% | — | -37.1% | 53.8% | -12.8% | Chart |
| NPAT | $29.6m | -$25.8m | $25.3m | $39.7m | $39.4m | Chart |
| NPAT growth % | 17.0% | — | -36.3% | 57.5% | -21.0% | Chart |
| Operating cash flow | $40.5m | $28.6m | $24.3m | -$78.8m | -$95.6m | Chart |
| OCF / EBITDA % | 32.2% | 18.5% | 21.4% | -65.9% | -49.2% | Chart |
| FCF pre-lease | $34.8m | -$9.8m | $6.9m | -$83m | -$458.6m | Chart |
| DPS | 3.0c | 4.0c | 2.5c | 4.5c | 5.0c | Chart |
| Payout ratio vs NPAT % | 22.4% | — | 21.7% | 24.5% | 52.2% | Chart |
| Annual payout ratio vs EPS % | — | — | — | — | 52.2% | — |
| ROE % | 4.7% | -4.6% | 8.0% | 6.4% | 6.4% | Chart |
| Net debt | $492.6m | $491.4m | $477.3m | $403.3m | $445.9m | Chart |
| Net debt / EBITDA | 3.92x | 3.19x | 4.21x | 3.37x | 2.29x | Chart |
| Debtor days | 18 | 8 | 20 | 26 | 11 | Chart |
| Inventory days | 61 | 65 | 94 | 81 | 88 | Chart |
| Total assets | $1.6b | $1.6b | $1.6b | $1.4b | $1.5b | Chart |
Reference: annolyse.ai/companies/thl
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 Underlying NPAT fell 45% and $54.5M of one-offs drove a $25.8M statutory loss
No forward target or guidance is supplied with the release, so the result has to be judged against the H1 shape and management's "bottom-of-the-cycle" framing. The half-year split is unusually skewed: HY25 carried 73.5% of full-year EBITDA and posted a NZD 25.3m statutory profit, while the implied second half delivered only NZD 40.9m of EBITDA and a NZD 51.0m statutory loss. That second-half deterioration is the read management needs to reverse.
Because management explicitly frames FY25 as a trough, the absence of a quantified FY26 anchor matters more than usual. The release does not commit to a specific recovery shape, so investors are taking the cycle call largely on faith.
Open questions
This briefing cannot assess forward earnings power because no FY26 guidance, forward bookings or quantified recovery target was disclosed in the supplied materials.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 23 February 2026
Operating cash flow rose 67% as capex fell to 1.2% of revenue and inventory shed $78m, with management flagging ANZ fleet spend will normalise in H2.
FY25 · Released 25 August 2025
North America posted a $34.3M segment loss, operating cash flow fell 83.4% and the dividend was cut from 7c to 4c.
HY25 · Released 25 February 2025
Vehicle-sales weakness compressed margins and lifted inventory by $37m, prompting a 44% dividend cut while net debt rose to $477.3m.
HY24 · Released 20 February 2024
Reported earnings growth was funded by a $64m working-capital build and $146m more borrowings, leaving net debt near 3.4x EBITDA.
FY24 · Released 11 January 2024
Revenue grew 38.8% to $921.7M but operating earnings declined and net debt rose to $445.9M against EBITDA of $194.4M.
Get the next Tourism Holdings result briefing and five-year history updates by email.