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Evaluate the sustainability of reported earnings using accruals ratios, cash conversion, working capital efficiency, and earnings persistence. Companies with cash-backed earnings tend to sustain dividends and deliver more reliable valuations.
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.
Methodology
Accruals Ratio (25pts): Total accruals (net income minus operating cash flow) divided by average total assets. Lower ratios indicate more cash-backed earnings. Negative accruals = cash earnings exceed reported profits.
Cash Conversion (25pts): Operating cash flow divided by net income. Above 1.0x indicates strong cash generation. Sector-adjusted thresholds (REITs/banks have different norms).
Working Capital (20pts): Receivables and inventory growth relative to revenue growth. Faster WC growth signals cash being tied up rather than collected.
Earnings Persistence (20pts): Profitability consistency across 3-5 years plus earnings volatility. Stable, consistent profits score higher.
Capital Intensity (10pts): Capex relative to depreciation. Adequate reinvestment (0.8-1.5x depreciation) indicates sustainable operations.
These are automated analytical scores, not investment advice. Different sectors have structurally different accrual patterns. Verify independently before making investment decisions.
NZ Governance Power Index — top directors, board interlocks, auditor concentration, and multi-board analysis.
Interactive force-directed visualization of board interlocks across NZX, charities, iwi, and public sector.
Auditor market concentration, tenure analysis, and director-auditor independence.
| LIC |
| Livestock Improvement Corporation Limited |
| Financials |
| 96 |
| Excellent |
| -6.9% |
| 1.84x |
| strong |
| 25/25/20/16/10 |
| high |
| DGL | Delegat Group Limited | Consumer Staples | 93 | Excellent | -4.9% | 2.07x | strong | 25/25/20/18/5 | high |
| NPH | Napier Port Holdings Limited | Industrials | 93 | Excellent | -5.6% | 2.06x | strong | 25/25/20/18/5 | high |
| ALF | Allied Farmers Limited | Financials | 91 | Excellent | -8.5% | 2.37x | strong | 25/25/20/18/3 | high |
| CEN | Contact Energy Limited | Utilities | 91 | Excellent | -3.3% | 1.64x | strong | 25/25/20/16/5 | high |
| GEN | General Capital Limited | Financials | 91 | Excellent | -21693.7% | 14748.81x | strong | 25/25/20/16/5 | high |
| OCA | Oceania Healthcare Limited | Healthcare | 91 | Excellent | -2.0% | 2.10x | strong | 25/25/20/16/5 | high |
| RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 91 | Excellent | -3.4% | 5.15x | strong | 25/25/20/16/5 | high |
| SCL | Scales Corporation Limited | Industrials | 91 | Excellent | -7.8% | 1.95x | strong | 25/25/20/16/5 | high |
| BGP | Briscoe Group Limited | Consumer Discretionary | 90 | Excellent | -7.1% | 1.85x | strong | 25/25/15/18/7 | high |
| SPK | Spark New Zealand Limited | Communication Services | 90 | Excellent | -9.2% | 2.62x | strong | 25/25/15/18/7 | high |
| FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 89 | Excellent | -7.1% | 1.45x | strong | 25/23/20/16/5 | high |
| SUM | Summerset Group Holdings Limited | Healthcare | 89 | Excellent | -1.3% | 1.30x | strong | 25/23/20/16/5 | high |
| HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 88 | Excellent | -21.8% | 2.24x | strong | 25/25/8/20/10 | high |
| NZX | NZX Limited | Financials | 88 | Excellent | -6.4% | 1.84x | strong | 25/25/15/18/5 | high |
| SKL | Skellerup Holdings Limited | Industrials | 88 | Excellent | -3.5% | 1.22x | strong | 25/23/15/20/5 | high |
| SKT | Sky Network Television Limited | Communication Services | 88 | Excellent | -14.8% | 5.94x | strong | 25/25/15/16/7 | high |
| VCT | Vector Limited | Utilities | 88 | Excellent | -5.1% | 3.33x | strong | 25/25/15/18/5 | high |
| VSL | Vulcan Steel Limited | Materials | 88 | Excellent | -10.4% | 6.67x | strong | 25/25/15/13/10 | high |
| TAH | Third Age Health Services Limited | Consumer Discretionary | 87 | Excellent | -10.7% | 1.49x | strong | 25/23/20/16/3 | high |
| CMO | The Colonial Motor Company Limited | Consumer Discretionary | 86 | Excellent | -4.3% | 2.32x | strong | 25/25/15/16/5 | high |
| FRW | Freightways Group Limited | Industrials | 86 | Excellent | -6.7% | 2.17x | strong | 25/25/15/18/3 | high |
| MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 86 | Excellent | -0.1% | 1.04x | strong | 25/20/20/16/5 | high |
| SCT | Scott Technology Limited | Industrials | 86 | Excellent | -3.1% | 1.57x | strong | 25/25/15/16/5 | high |
| SAN | Sanford Limited | Consumer Staples | 85 | Excellent | -7.0% | 2.12x | strong | 25/25/15/13/7 | high |
| NZM | NZME Limited | Communication Services | 84 | Excellent | -15.1% | 3.85x | strong | 25/25/20/9/5 | high |
| SEK | Seeka Limited | Consumer Staples | 84 | Excellent | -10.4% | 7.55x | strong | 25/25/20/9/5 | high |
| AFI | Australian Foundation Investment Company Limited | Financials | 83 | Excellent | 0.1% | 0.98x | adequate | 23/15/20/20/5 | high |
| EBO | EBOS Group Limited | Healthcare | 83 | Excellent | -2.9% | 1.94x | strong | 25/25/8/20/5 | high |
| TRA | Turners Automotive Group | Consumer Discretionary | 83 | Excellent | 0.4% | 0.89x | adequate | 23/15/20/20/5 | high |
| NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 82 | Excellent | -10.2% | 2.88x | strong | 25/25/20/7/5 | high |
| SPG | Stride Property Limited | Real Estate | 82 | Excellent | -1.2% | 1.82x | strong | 25/25/20/7/5 | high |
| ATM | The a2 Milk Company Limited | Consumer Staples | 81 | Excellent | 0.1% | 0.99x | adequate | 23/15/20/18/5 | high |
| SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 81 | Excellent | -0.6% | 1.54x | strong | 25/25/20/4/7 | high |
| DOW | Downer EDI Limited | Industrials | 79 | Good | -6.3% | 3.77x | strong | 25/25/15/9/5 | high |
| KPG | Kiwi Property | Real Estate | 79 | Good | -0.9% | 1.62x | strong | 25/25/20/4/5 | high |
| PGW | PGG Wrightson Limited | Industrials | 79 | Good | -0.3% | 1.16x | strong | 25/20/15/16/3 | high |
| SDL | Solution Dynamics Limited | Consumer Discretionary | 79 | Good | -9.6% | 1.64x | strong | 25/25/8/18/3 | high |
| TWR | Tower Limited | Financials | 79 | Good | -9.6% | 1.72x | strong | 25/25/15/9/5 | high |
| MFT | Mainfreight Limited | Industrials | 78 | Good | — | 2.15x | strong | 12/25/20/16/5 | high |
| TGG | T&G Global Limited | Consumer Staples | 78 | Good | -4.0% | 3.79x | strong | 25/25/20/3/5 | high |
| BLT | BLIS Technologies Limited | Consumer Staples | 77 | Good | -7.0% | 2.14x | strong | 25/25/15/7/5 | high |
| GNZ | Goodman NZ | Real Estate | 77 | Good | -1.1% | 1.47x | strong | 25/23/20/4/5 | high |
| SPN | South Port New Zealand Limited | Industrials | 76 | Good | -9.7% | 1.78x | strong | 25/25/3/18/5 | high |
| WIN | Winton Land Limited | Real Estate | 76 | Good | 0.2% | 0.90x | adequate | 23/15/20/13/5 | high |
| MFB | My Food Bag Group Limited | Financials | 75 | Good | — | 2.08x | strong | 12/25/20/13/5 | high |
| BFG | Burger Fuel Group Limited | Consumer Discretionary | 74 | Good | 0.9% | 0.84x | adequate | 23/15/15/16/5 | high |
| PCT | Precinct Properties New Zealand Limited | Real Estate | 74 | Good | -2.1% | 7.89x | strong | 25/25/15/4/5 | high |
| VGL | Vista Group International Limited | Information Technology | 73 | Good | -10.8% | 10.69x | strong | 25/25/15/3/5 | high |
| CVT | Comvita Limited | Industrials | 72 | Good | -44.1% | 0.00x | weak | 25/15/20/7/5 | high |
| HFL | Henderson Far East Income Limited | Financials | 72 | Good | 0.7% | 0.94x | adequate | 23/15/20/9/5 | high |
| MCY | Mercury NZ Limited | Utilities | 71 | Good | -4.9% | 483.00x | strong | 25/25/3/13/5 | high |
| AFT | AFT Pharmaceuticals Limited | Healthcare | 70 | Good | — | 0.93x | adequate | 12/15/20/18/5 | high |
| AIR | Air New Zealand | Industrials | 70 | Good | -9.4% | 7.46x | strong | 25/25/8/7/5 | high |
| BIT | The Bankers Investment Trust PLC | Financials | 69 | Good | -15.7% | -0.30x | weak | 25/15/15/9/5 | high |
| GTK | Gentrack Group Limited | Information Technology | 69 | Good | -0.4% | 1.05x | strong | 25/20/3/16/5 | high |
| MHJ | Michael Hill International Limited | Consumer Discretionary | 69 | Good | -7.0% | -78.86x | weak | 25/15/20/4/5 | high |
| RYM | Ryman Healthcare Limited | Healthcare | 69 | Good | -4.2% | -1.95x | weak | 25/15/20/4/5 | high |
| IKE | ikeGPS Group Limited | Materials | 68 | Good | -298.3% | -4.97x | weak | 25/15/20/3/5 | high |
| MOV | MOVE Logistics Group Limited | Industrials | 68 | Good | -15.6% | -1.69x | weak | 25/15/20/3/5 | high |
| SML | Synlait Milk Limited | Consumer Staples | 68 | Good | -13.4% | -4.16x | weak | 25/15/20/3/5 | high |
| ANZ | ANZ Group Holdings Limited | Financials | 67 | Good | 0.5% | 0.00x | weak | 23/4/15/20/5 | high |
| CHI | Channel Infrastructure NZ Limited | Energy | 67 | Good | — | — | 12/12/20/18/5 | high |
| CNU | Chorus Limited | Communication Services | 67 | Good | -9.2% | 139.75x | strong | 25/25/3/9/5 | high |
| HGH | Heartland Group Holdings Limited | Financials | 67 | Good | — | — | 12/12/20/18/5 | high |
| MEL | Meridian Energy Limited | Utilities | 67 | Good | -5.4% | -0.70x | weak | 25/15/15/9/3 | high |
| MLN | Marlin Global Limited | Financials | 67 | Good | -3.1% | 21.64x | strong | 25/25/3/9/5 | high |
| AIA | Auckland International Airport Limited | Industrials | 66 | Good | -0.4% | 1.13x | strong | 25/20/3/13/5 | high |
| FSF | Fonterra Shareholders' Fund | Consumer Staples | 66 | Good | -11.4% | — | 25/12/20/4/5 | high |
| RAD | Radius Residential Care Limited | Healthcare | 66 | Good | — | 2.64x | strong | 12/25/20/4/5 | high |
| THL | Tourism Holdings Limited | Consumer Discretionary | 65 | Good | -3.5% | -1.11x | weak | 25/15/20/0/5 | high |
| POT | Port of Tauranga Limited | Industrials | 64 | Good | 0.1% | 0.99x | adequate | 23/15/3/18/5 | high |
| WBC | Westpac Banking Corporation | Financials | 64 | Good | — | — | 12/12/15/20/5 | high |
| WHS | The Warehouse Group Limited | Consumer Discretionary | 64 | Good | -4.7% | -29.80x | weak | 25/15/15/4/5 | high |
| VHP | Vital Healthcare Property Trust | Real Estate | 63 | Good | -3.6% | -1.34x | weak | 25/15/15/3/5 | high |
| VNT | Ventia Services Group Limited | Industrials | 63 | Good | — | — | 12/12/20/16/3 | high |
| GNE | Genesis Energy Limited | Utilities | 62 | Good | — | — | 12/12/15/18/5 | high |
| IPL | Investore Property Limited | Real Estate | 62 | Good | 1.1% | 0.70x | adequate | 23/15/15/4/5 | high |
| RAK | Rakon Limited | Information Technology | 62 | Good | -7.0% | -1.54x | weak | 25/15/8/9/5 | high |
| PYS | PaySauce Limited | Information Technology | 61 | Good | — | 11.70x | strong | 12/25/15/4/5 | high |
| NZL | New Zealand Rural Land Company Limited | Real Estate | 60 | Good | — | — | 12/12/15/16/5 | high |
| BPG | Black Pearl Group Limited | Information Technology | 59 | Fair | — | — | 12/12/20/10/5 | medium |
| CDI | CDL Investments New Zealand Limited | Real Estate | 58 | Fair | 6.1% | -0.81x | weak | 19/0/20/16/3 | high |
| SKO | Serko Limited | Industrials | 58 | Fair | -20.9% | -0.22x | weak | 25/15/10/3/5 | high |
| FBU | Fletcher Building | Materials | 57 | Fair | -11.6% | -1.20x | weak | 25/15/8/4/5 | high |
| FWL | Foley Wines Limited | Consumer Staples | 57 | Fair | -7.6% | -8.70x | weak | 25/15/10/4/3 | high |
| STU | Steel & Tube Holdings Limited | Materials | 57 | Fair | -9.2% | -0.43x | weak | 25/15/3/9/5 | high |
| PFI | Property for Industry Limited | Real Estate | 56 | Fair | 2.1% | 0.57x | weak | 23/8/20/0/5 | high |
| BRW | Bremworth Limited | Consumer Discretionary | 55 | Fair | 3.3% | 0.82x | adequate | 19/15/3/13/5 | high |
| MEX | Minerals Exploration Limited | Materials | 55 | Fair | -5.4% | 0.82x | adequate | 25/5/10/10/5 | medium |
| MKR | Manuka Resources Limited | Materials | 55 | Fair | -19.4% | 0.31x | weak | 25/5/10/10/5 | medium |
| SVR | Savor Limited | Consumer Staples | 55 | Fair | — | -5.86x | weak | 12/15/20/3/5 | high |
| PHL | Promisia Healthcare Limited | Healthcare | 54 | Fair | — | 0.50x | weak | 12/4/20/13/5 | high |
| IPR | Iperion Limited | Real Estate | 53 | Fair | -3.4% | 0.95x | adequate | 25/5/10/3/10 | high |
| RGI | Rua Gold Inc | Materials | 53 | Fair | -24.2% | 0.86x | adequate | 25/5/10/10/3 | low |
| RUA | Rua Bioscience Limited | Healthcare | 53 | Fair | -9.6% | 0.80x | adequate | 25/5/15/3/5 | high |
| MPG | Metro Performance Glass | Real Estate | 52 | Fair | — | — | 12/12/20/3/5 | high |
| ARB | ArborGen Holdings Limited | Industrials | 51 | Fair | -13.0% | -0.13x | weak | 25/15/3/3/5 | high |
| CCC | Cooks Coffee Company Limited | Consumer Staples | 51 | Fair | 1.8% | -0.87x | weak | 23/0/20/3/5 | high |
| KFL | Kingfish Limited | Financials | 50 | Fair | 0.4% | 0.96x | adequate | 23/15/3/4/5 | high |
| WCO | WasteCo Group Limited | Industrials | 49 | Fair | -22.1% | -0.32x | weak | 25/15/3/3/3 | high |
| 2CC | 2 Cheap Cars Group Limited | Financials | 48 | Fair | — | — | 12/12/3/16/5 | high |
| AFC | AFC Group Holdings Limited | Financials | 48 | Fair | 13.4% | — | 8/12/20/3/5 | high |
| KMD | KMD Brands Limited | Consumer Discretionary | 48 | Fair | — | — | 12/12/15/4/5 | high |
| AGL | Accordant Group Limited | Utilities | 47 | Fair | — | — | 12/12/15/3/5 | high |
| AOF | AoFrio Limited | Financials | 47 | Fair | — | -3.06x | weak | 12/15/15/0/5 | high |
| ERD | EROAD | Industrials | 47 | Fair | — | — | 12/12/15/3/5 | high |
| ARG | Argosy Property Limited | Real Estate | 46 | Fair | 3.2% | 0.47x | weak | 23/4/10/4/5 | high |
| PEB | Pacific Edge Limited | Healthcare | 46 | Fair | -10.1% | 0.83x | adequate | 25/5/8/3/5 | high |
| SMI | Santana Minerals Ltd | Materials | 46 | Fair | 1.1% | 1.59x | strong | 23/5/10/3/5 | high |
| TRU | TRUSCREEN GROUP LIMITED | Industrials | 46 | Fair | 1.2% | 1.02x | strong | 23/5/10/3/5 | high |
| ENS | Enprise Group Limited | Information Technology | 45 | Fair | — | — | 12/12/15/3/3 | high |
| IFT | Infratil Limited | Utilities | 44 | Fair | 2.1% | 0.34x | weak | 23/4/3/9/5 | high |
| APL | Asset Plus | Real Estate | 41 | Fair | -3.6% | 0.02x | weak | 25/5/3/3/5 | high |
| FCT | F&C INVESTMENT TRUST PLC | Financials | 41 | Fair | 15.0% | 0.06x | weak | 8/4/15/9/5 | high |
| MEE | Me Today Limited | Consumer Staples | 41 | Fair | -27.7% | 0.16x | weak | 25/5/3/3/5 | high |
| LOC | Locate Technologies Limited | Information Technology | 37 | Weak | 7.9% | 317.21x | strong | 14/5/3/10/5 | low |
| BIF | Booster Innovation Fund | Financials | 36 | Weak | — | 1.53x | strong | 12/5/10/4/5 | high |
| BRM | Barramundi Limited | Financials | 36 | Weak | 3.7% | -0.06x | weak | 19/0/3/9/5 | high |
| CRP | Chatham Rock Phosphate Limited | Industrials | 36 | Weak | 16.5% | 1785.55x | strong | 3/5/20/3/5 | high |
| RTO | RTO Limited | Information Technology | 36 | Weak | 58.9% | 6296.49x | strong | 3/5/20/3/5 | high |
| TEM | Templeton Emerging Markets Investment Trust PLC | Financials | 36 | Weak | 30.5% | 0.05x | weak | 3/4/15/9/5 | high |
| TWL | TradeWindow Holdings Limited | Industrials | 36 | Weak | 26.6% | 586.35x | strong | 3/5/20/3/5 | high |
| PLP | Private Land and Property Fund | Real Estate | 33 | Weak | 42.2% | 53.62x | strong | 3/5/10/10/5 | low |
| BAI | Being AI | Healthcare | 22 | Weak | 6.5% | -0.12x | weak | 14/0/3/0/5 | high |
| NTL | New Talisman Gold Mines Ltd | Industrials | 21 | Weak | 42.6% | -0.38x | weak | 3/0/10/3/5 | high |