Scales Past Earnings Performance
Past criteria checks 5/6
Scales has been growing earnings at an average annual rate of 29.1%, while the Food industry saw earnings growing at 9.7% annually. Revenues have been growing at an average rate of 8.4% per year. Scales's return on equity is 25.8%, and it has net margins of 11.2%.
Key information
29.14%
Earnings growth rate
28.71%
EPS growth rate
| Food Industry Growth | -2.91% |
| Revenue growth rate | 8.43% |
| Return on equity | 25.78% |
| Net Margin | 11.22% |
| Last Earnings Update | 31 Dec 2025 |
Recent past performance updates
Recent updates
Narrative Update • May 26
SCL: Consistent Assumptions Will Support A Positive Repricing Outlook
Analysts have kept their NZ$ price target for Scales unchanged. This reflects consistent views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.Narrative Update • May 10
SCL: Stable Earnings Outlook Will Balance Modestly Higher Perceived Risk
Analysts have kept Scales' fair value view broadly steady, with a modest tweak to the discount rate and future P/E assumptions leading to a small adjustment in their NZ$ price target. This reflects slightly higher perceived risk rather than a change in the core earnings outlook.Narrative Update • Apr 25
SCL: Stable Sector Assumptions Will Support Future Upside Repricing
Analysts have kept their NZ$ price target for Scales broadly unchanged. This reflects consistent assumptions around fair value, discount rate, revenue growth, profit margins and future P/E, with only minor technical adjustments to the underlying model inputs.Narrative Update • Apr 10
SCL: Stable Sector Framework Will Support Future Upside Case
Analysts have kept their NZ$6.90 price target on Scales unchanged, pointing to largely stable assumptions around fair value, discount rate, growth and margins, while recent sector research helps support the case for maintaining the current valuation framework. Analyst Commentary Recent sector research around chemicals and related industrial names gives some context for how analysts are thinking about valuation frameworks and risk, even when direct references to Scales are limited.Narrative Update • Mar 27
SCL: Sector Re Rating And Stable Assumptions Will Support Future Return Profile
Analysts maintained their fair value and key assumptions for Scales broadly unchanged, keeping the price target around NZ$6.90. They are relying on recent sector research that highlights a more constructive stance on chemical names as earnings approach.Narrative Update • Mar 12
SCL: Higher Future P/E Multiple Will Shape Prospective Return Profile
Analysts have lifted their price target on Scales by NZ$0.05 to NZ$6.90, citing updated assumptions on fair value, revenue growth, profit margins, and a higher future P/E multiple as key drivers of the change. Analyst Commentary Bullish Takeaways Bullish analysts point to the revised fair value work as support for the higher NZ$6.90 target, suggesting that updated assumptions around earnings power and margin profile justify a richer P/E multiple over time.Narrative Update • Feb 25
SCL: Margin Resilience And 2026 Distribution Will Shape Future Return Profile
Analysts have nudged their Scales price target up to NZ$6.85 from NZ$6.68, citing updated assumptions that pair more moderate revenue growth expectations with slightly firmer profit margins and a lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts appear comfortable that the revised NZ$6.85 price target already reflects more tempered revenue assumptions, which they see as reducing the risk of disappointment if growth tracks closer to the mid range of expectations.Narrative Update • Feb 10
SCL: Sector Repricing And 2026 Distribution Will Shape Future Return Profile
Analysts have maintained their fair value estimate for Scales at $6.68, while making minor adjustments to assumptions such as the discount rate and forward P/E to reflect recent, more constructive sector commentary on chemical names ahead of earnings. Analyst Commentary Bullish analysts are using the recent sector commentary on chemical names to refine their views on Scales, with the unchanged fair value estimate of $6.68 serving as a key reference point.Narrative Update • Jan 27
SCL: Stable Outlook And 2026 Distribution Will Support Bullish Fair Value
Narrative Update on Scales Analysts have kept their price target for Scales steady at US$6.68, citing consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E in recent research updates on chemicals coverage. Analyst Commentary Bullish Takeaways Bullish analysts view the reaffirmed US$6.68 fair value as consistent with their existing assumptions on discount rate, growth and margins, which they see as reasonable for current execution expectations.Narrative Update • Jan 12
SCL: Stable Outlook And Upcoming Distribution Will Support Bullish Fair Value
Analysts have kept their fair value and key assumptions for Scales unchanged, maintaining the existing price target and citing a lack of new information or conviction to justify a revision at this stage. What's in the News Scales Corporation Limited declared a gross distribution of $0.14930556 per share for the half year of 2025, with a total cash distribution of $0.12500000 per share (Key Developments).Narrative Update • Dec 14
SCL: Index Inclusion And Stable Outlook Will Support Fair Value Assessment
Analysts have raised their price target on Scales from 6.33 to 6.68, citing a modestly higher long term fair value and a slightly richer future earnings multiple, despite only marginal adjustments to growth and margin assumptions. What's in the News Announced a gross distribution of $0.14930556 per share for the first half of 2025, with a total cash distribution of $0.12500000 per share.Analysis Article • Dec 12
Scales' (NZSE:SCL) Shareholders Will Receive A Bigger Dividend Than Last Year
The board of Scales Corporation Limited ( NZSE:SCL ) has announced that it will be paying its dividend of NZ$0.15 on...Narrative Update • Nov 29
SCL: Growth Prospects And Index Addition Will Sustain Fair Value Assessment
Analysts have maintained their price target for Scales at $6.33, citing continued confidence in the company’s growth trajectory and profitability outlook. What's in the News Scales Corporation Limited (NZSE:SCL) has been added to the S&P Global BMI Index as part of key developments.Narrative Update • Nov 15
SCL: Fair Value Will Be Maintained As Discount Rate Edges Up
Analysts have revised their price target for Scales, maintaining the fair value estimate at $6.33. They balanced updated assumptions of a higher discount rate with slight changes in projected profits and valuation multiples.Narrative Update • Nov 01
SCL: Future Performance Will Reflect Stable Metrics And Index Inclusion
Analysts have maintained their price target for Scales at $6.33. They cite stable forecasts for key financial metrics and no significant change in underlying assumptions.Narrative Update • Oct 17
Premium Horticulture And Global Proteins Will Open New Markets
Analysts have slightly increased their price target for Scales from $6.20 to $6.33. They cite modest improvements in projected revenue growth and profit margins as the reason for this adjustment.Narrative Update • Oct 03
Premium Horticulture And Global Proteins Will Open New Markets
Analysts have raised the fair value price target for Scales from $5.45 to $6.20 per share. This change is due to a significant upward revision in projected revenue growth, even though there is a moderation in expected profit margins.Analysis Article • Oct 01
Analysts' Revenue Estimates For Scales Corporation Limited (NZSE:SCL) Are Surging Higher
Celebrations may be in order for Scales Corporation Limited ( NZSE:SCL ) shareholders, with the analysts delivering a...Analysis Article • Oct 01
Is Now The Time To Put Scales (NZSE:SCL) On Your Watchlist?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Mar 07
We Think That There Are Issues Underlying Scales' (NZSE:SCL) Earnings
Scales Corporation Limited's ( NZSE:SCL ) robust earnings report didn't manage to move the market for its stock. We did...
New Narrative • Feb 09
Expansion In Premium Apples And Logistics Will Strengthen Future Prospects
Expansion into premium apple varieties and new orchards aims to boost Horticulture revenues, margins, and future earnings significantly.Analysis Article • Sep 04
Scales' (NZSE:SCL) Solid Earnings May Rest On Weak Foundations
Scales Corporation Limited's ( NZSE:SCL ) robust recent earnings didn't do much to move the stock. We think this is due...Analysis Article • Oct 30
Scales (NZSE:SCL) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Jun 22
Scales' (NZSE:SCL) Dividend Will Be NZ$0.1118
The board of Scales Corporation Limited ( NZSE:SCL ) has announced that it will pay a dividend on the 7th of July, with...Analysis Article • Jun 08
Scales (NZSE:SCL) Is Due To Pay A Dividend Of NZ$0.1118
Scales Corporation Limited ( NZSE:SCL ) has announced that it will pay a dividend of NZ$0.1118 per share on the 7th of...Analysis Article • May 17
Scales (NZSE:SCL) Is Due To Pay A Dividend Of NZ$0.1118
Scales Corporation Limited ( NZSE:SCL ) has announced that it will pay a dividend of NZ$0.1118 per share on the 7th of...Analysis Article • Dec 14
Is Scales (NZSE:SCL) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Scales makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 900 | 101 | 81 | 0 |
| 30 Sep 25 | 769 | 76 | 75 | 0 |
| 30 Jun 25 | 638 | 51 | 69 | 0 |
| 31 Mar 25 | 612 | 41 | 67 | 0 |
| 31 Dec 24 | 585 | 30 | 64 | 0 |
| 30 Sep 24 | 579 | 30 | 63 | 0 |
| 30 Jun 24 | 574 | 29 | 62 | 0 |
| 31 Mar 24 | 570 | 17 | 63 | 0 |
| 31 Dec 23 | 565 | 5 | 64 | 0 |
| 30 Sep 23 | 592 | 1 | 62 | 0 |
| 30 Jun 23 | 619 | -3 | 59 | 0 |
| 31 Mar 23 | 619 | 8 | 56 | 0 |
| 31 Dec 22 | 619 | 19 | 53 | 0 |
| 30 Sep 22 | 595 | 22 | 51 | 0 |
| 30 Jun 22 | 570 | 25 | 50 | 0 |
| 31 Mar 22 | 542 | 26 | 48 | 0 |
| 31 Dec 21 | 515 | 27 | 47 | 0 |
| 30 Sep 21 | 493 | 25 | 47 | 0 |
| 30 Jun 21 | 471 | 24 | 46 | 0 |
| 31 Mar 21 | 471 | 23 | 45 | 0 |
| 31 Dec 20 | 471 | 21 | 44 | 0 |
| 30 Sep 20 | 465 | 22 | 44 | 0 |
| 30 Jun 20 | 460 | 23 | 44 | 0 |
| 31 Mar 20 | 472 | 34 | 44 | 0 |
| 31 Dec 19 | 485 | 45 | 44 | 0 |
| 30 Jun 19 | 460 | 47 | 42 | 0 |
| 31 Mar 19 | 431 | 38 | 41 | 0 |
| 31 Dec 18 | 403 | 29 | 41 | 0 |
| 30 Jun 18 | 380 | 29 | 35 | 0 |
| 31 Mar 18 | 358 | 27 | 35 | 0 |
| 31 Dec 17 | 336 | 24 | 34 | 0 |
| 30 Sep 17 | 338 | 26 | 37 | 0 |
| 30 Jun 17 | 340 | 28 | 40 | 0 |
| 31 Mar 17 | 357 | 33 | 45 | 0 |
| 31 Dec 16 | 374 | 38 | 50 | 0 |
| 30 Sep 16 | 362 | 37 | 52 | 0 |
| 30 Jun 16 | 350 | 37 | 55 | 0 |
| 31 Mar 16 | 326 | 36 | 52 | 0 |
| 31 Dec 15 | 301 | 36 | 48 | 0 |
| 30 Sep 15 | 288 | 33 | 47 | 0 |
| 30 Jun 15 | 274 | 31 | 45 | 0 |
Quality Earnings: SCL has a large one-off gain of NZ$43.5M impacting its last 12 months of financial results to 31st December, 2025.
Growing Profit Margin: SCL's current net profit margins (11.2%) are higher than last year (5.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SCL's earnings have grown significantly by 29.1% per year over the past 5 years.
Accelerating Growth: SCL's earnings growth over the past year (232.9%) exceeds its 5-year average (29.1% per year).
Earnings vs Industry: SCL earnings growth over the past year (232.9%) exceeded the Food industry 70.4%.
Return on Equity
High ROE: SCL's Return on Equity (25.8%) is considered high.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/08 06:38 |
| End of Day Share Price | 2026/06/08 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Scales Corporation Limited is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Adrian Allbon | Deutsche Bank |
| Matt Montgomerie | Forsyth Barr Group Ltd. |
| Paul Koraua | Forsyth Barr Group Ltd. |