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16 NZX-listed issuers have paid at least 5 consecutive fiscal years of annual dividends without a year-over-year decline, according to available data.
NZX-listed issuers ranked by consecutive years of uncut annual dividends, with a backtest of the equal-weight portfolio against the NZ 50 index since 2010.
Updated hourly. Based on our disclosed methodology and available data. Not investment advice.
Past dividend consistency does not guarantee future payments or returns.
This page describes a data pattern — issuers that have maintained or grown annual DPS over the last several years. It is general information only, not advice to buy, sell, or hold any security. A long dividend streak can end at any time: cyclical downturns, regulatory change, or shifts in capital allocation policy can all reduce or suspend dividends. Consider advice from a licensed financial adviser (FMA Financial Advice Provider) before acting on anything here.
A qualifying streak for this page is an NZX-listed issuer with 5 or more consecutive fiscal years of annual dividend payments where annual dividend-per-share (excluding special dividends) did not decline year-over-year, based on the data recorded in our dividend history.
We use a 5-year threshold because it covers the 2020 COVID-era cut wave and the 2023-24 NZ slowdown — issuers that held their DPS through both windows demonstrate a policy commitment a shorter window would not filter for. Our structured annual-DPS history currently extends back to roughly 2017-2019 across the NZX, so a longer threshold (10+ years) would empty the list rather than tighten it. This is a pragmatic window calibrated to the NZX's smaller universe and the depth of markets.
Data source: earnings_results.dividends_per_share_cents filtered to period_type='annual', which records the full-year dividend as one row per fiscal year. Streaks are computed by walking backwards from the latest observed year and breaking on the first year where annual DPS declined by >1% or where no annual record exists.
Annualised dividend-per-share growth over each issuer's uncut streak — deepest amber = strongest compounders
Sorted by consecutive-year streak, then by trailing yield
| # | Company | Sector | Streak | DPS Trend | DPS Growth | Latest DPS | Yield |
|---|---|---|---|---|---|---|---|
| 1 |  F&C INVESTMENT TRUST PLC FCT | Financials | 8y | +6.1% | 0.2¢ | 2.09% | |
| 2 |  Precinct Properties New Zealand Limited PCT | Real Estate | 7y | +27.4% | 0.1¢ | 6.43% | |
| 3 |  Delegat Group Limited DGL | Consumer Staples | 7y | +2.7% | 0.2¢ | 4.98% | |
| 4 |  CDL Investments New Zealand Limited CDI | Real Estate | 7y | +0.0% | 0.0¢ | 4.93% | |
| 5 |  Mainfreight Limited MFT | Industrials | 7y | +20.6% | 1.7¢ | 2.81% | |
| 6 |  Mercury NZ Limited MCY | Utilities | 7y | +7.6% | 0.1¢ | 2.06% | |
| 7 |  Fisher & Paykel Healthcare Corporation Limited FPH | Healthcare | 7y | +21.1% | 0.4¢ | 1.11% | |
| 8 |  Australian Foundation Investment Company Limited AFI | Financials | 6y | +5.6% | 0.3¢ | 4.07% | |
| 9 |  Henderson Far East Income Limited HFL | Financials | 6y | +1.6% | 0.2¢ | 3.89% | |
| 10 |  Meridian Energy Limited MEL | Utilities | 6y | +4.4% | 0.2¢ | 3.48% | |
| 11 |  Turners Automotive Group TRA | Consumer Discretionary | 6y | +15.7% | 0.3¢ | 3.38% | |
| 12 |  Summerset Group Holdings Limited SUM | Healthcare | 6y | +13.5% | 0.2¢ | 2.87% | |
| 13 |  Infratil Limited IFT | Utilities | 6y | +13.3% | 0.2¢ | 1.36% | |
| 14 |  Contact Energy Limited CEN | Utilities | 5y | +2.7% | 0.4¢ | 4.02% | |
| 15 |  Scott Technology Limited SCT | Industrials | 5y | +18.9% | 0.1¢ | 3.05% | |
| 16 |  Goodman NZ GNZ | Real Estate | 5y | +48.7% | 0.1¢ | 3.02% |
Equal-weight portfolio of these issuers, monthly rebalance, adjusted-close total return. 16 issuers excluded for insufficient pre-2015 price history.
| Metric | Streak Leaders (EW) | NZX 50 (FNZ ETF proxy) | Spread |
|---|---|---|---|
| CAGR | 0.0% | 8.0% | -8.0% |
| Annualised Volatility | 0.0% | 11.5% | -11.5% |
| Max Drawdown | 0.0% | -20.3% | 20.3% |
| Sharpe Ratio (rf=4%) | 0.00x | 0.38x | -0.38x |
| Final Multiple | 1.00x | 2.42x | -1.42x |
Backtest window: 2015-01 to 2026-06. Known limitations: survivorship bias (list defined today), equal-weight mechanics ignore transaction costs and liquidity, no reinvested dividend adjustment beyond what is captured in adjusted_close.
Where consecutive-dividend streaks cluster across the NZX
| Sector | Streak Leaders | Median Streak (yrs) |
|---|---|---|
| Utilities | 4 | 6.0 |
| Financials | 3 | 6.0 |
| Real Estate | 3 | 7.0 |
| Industrials | 2 | 6.0 |
| Healthcare | 2 | 6.5 |
| Consumer Staples | 1 | 7.0 |
| Consumer Discretionary | 1 | 6.0 |
Long dividend streaks correlate with mature, cash-generative businesses — utilities, infrastructure, insurance, and established consumer brands. The streak-leader list describes this clustering; it does not imply that dividend consistency causes shareholder returns. A backtest outperformance figure can be fully explained by sector composition, market-cap tilt, or the survivorship bias noted above.
This content is general information only and not a recommendation to buy, sell, or hold any security. It does not take account of your objectives, financial situation, or needs. Past performance does not indicate future results. Consider obtaining advice from a licensed financial adviser (FMA Financial Advice Provider) before acting on any information presented here.
For this analysis, a qualifying streak is an NZX-listed issuer with at least 5 consecutive fiscal years of annual dividend payments where dividend-per-share did not decline year-over-year, based on the data we have recorded. The 5-year threshold spans the 2020 COVID cut wave and the 2023-24 slowdown — periods where many issuers reduced or suspended dividends. Our structured annual-dividend history extends back to roughly 2017-2019 across the NZX, so a longer threshold would produce an empty list rather than a stricter one.
The backtest builds an equal-weight portfolio of these issuers and rebalances monthly, starting from the first month where at least five members have adjusted-close price history available. Returns use adjusted close prices from our stock_prices table (which adjust for splits and dividend reinvestment). The benchmark is the Smartshares NZ Top 50 ETF (FNZ) used as a NZX 50 proxy. This is a methodological exercise and has survivorship bias: we only include companies that are still listed and still have an uncut streak today.
The streak-leader list is defined today. Companies that were once on track but later cut dividends or delisted are not included. This inflates historical performance relative to a hypothetical fund that rebalanced in real time. Readers should interpret the backtest as a ceiling on the strategy rather than an achievable return.
No. This is analytical content based on published NZX data and our disclosed methodology. Past dividend consistency does not guarantee future payments or returns, and the backtest has known limitations including survivorship bias and equal-weight mechanics. Consult a licensed financial adviser before making investment decisions.
Streak computation: annual DPS is summed from the dividends table per fiscal_year, excluding special dividends. We walk backwards from the most recent fiscal year; the streak ends at the first year that shows a year-over-year decline or a zero payment. The 5-year threshold is applied after computation.
Backtest construction: Monthly end-of-month adjusted-close prices are indexed per ticker. The portfolio is equal-weighted across all qualifying issuers with price data for the current and prior month, rebalanced monthly. The start date is the first month with at least 5 eligible members AND index data available. The benchmark is an NZX 50 proxy (FNZ Smartshares ETF where available, otherwise NZ50/S50 series).
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Data sourced from publicly available NZX filings and annual reports. Our datasets may not be complete. Automated analysis can produce errors. Scores are calculated using disclosed methodology and are analytical tools, not investment ratings or recommendations. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice. Last updated: 27 June 2026.