How They Make Money
Interactive financial flow diagrams for NZX companies
Understanding the Numbers: These interactive Sankey diagrams trace the complete financial journey from revenue generation through operating costs, EBITDAF (Earnings Before Interest, Tax, Depreciation, Amortization, and Fair Value movements), depreciation, EBIT, and finally to net profit. Hover over flows to see exact amounts and understand how each company creates value.
CENContact Energy
Utilities • FY2025 • $3,439M Revenue
MCYMercury Energy
Utilities • FY2025 • $2,950M Revenue
Coming Soon
We're continuously adding more company financial breakdowns. Next up:
Frequently Asked Questions
What is a Sankey diagram and how do I read it?
A Sankey diagram is a flow diagram where the width of arrows is proportional to the flow quantity. In our financial diagrams, flows represent money moving through the company - starting with revenue streams on the left, flowing through various cost categories, and ending with net profit on the right. Wider flows represent larger dollar amounts. Hover over any flow to see exact figures and percentages.
What is EBITDAF and why does it matter?
EBITDAF stands for Earnings Before Interest, Tax, Depreciation, Amortization, and Fair Value movements. It's a key profitability metric for utilities companies (and others) that shows operating performance before accounting for capital structure, asset depreciation, and fair value changes. EBITDAF margin (EBITDAF as % of revenue) helps compare operational efficiency across companies. For example, Mercury Energy's 28.7% EBITDAF margin means it keeps $0.287 of every revenue dollar as operating profit before depreciation.
Why do Contact Energy and Mercury Energy have different margins?
Companies in the same sector can have different profitability margins due to business model differences, generation mix, operational efficiency, and market positioning. Mercury Energy shows a higher EBITDAF margin (28.7% vs Contact's 25.4%) indicating more efficient operations, while Contact generates higher absolute revenue ($3.4B vs $3.0B). These differences reflect Mercury's focus on renewable hydro/geothermal generation versus Contact's more diversified mix including thermal generation.
How can I use these diagrams for investment research?
These financial flow diagrams help investors understand: (1) Revenue composition - what products/services drive income, (2) Cost structure - where money is spent (opex, fuel, transmission), (3) Profitability at each stage - EBITDAF, EBIT, and net margins, (4) Capital intensity - depreciation levels indicate asset investment requirements, (5) Comparative efficiency - compare margins across competitors. Use these alongside governance data, shareholder information, and director profiles on company pages for comprehensive research.
Will you add more companies and sectors?
Yes! We're continuously expanding our financial visualization coverage. Currently showing utilities companies (Contact Energy, Mercury Energy), with more utilities companies coming soon (Genesis Energy, Meridian Energy). We'll then expand to other high-interest sectors like airports (Auckland Airport), airlines (Air New Zealand), telecommunications, and financials. Follow our insights page for updates as we add new company breakdowns.