Vector Past Earnings Performance
Past criteria checks 1/6
Vector's earnings have been declining at an average annual rate of -1.9%, while the Integrated Utilities industry saw earnings growing at 6.6% annually. Revenues have been declining at an average rate of 3.2% per year. Vector's return on equity is 4.1%, and it has net margins of 13.1%.
Key information
-1.87%
Earnings growth rate
-1.87%
EPS growth rate
| Integrated Utilities Industry Growth | 8.06% |
| Revenue growth rate | -3.18% |
| Return on equity | 4.15% |
| Net Margin | 13.15% |
| Last Earnings Update | 31 Dec 2025 |
Recent past performance updates
Recent updates
Narrative Update • May 01
VCT: Future Fair Value View Will Rely On Stable Distribution Volumes
Analysts have kept their NZ$4.98 price target for Vector steady, reflecting unchanged assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Vector reported unaudited operating results for the nine months ended 31 March 2026, including 637,247 electricity customers compared with 630,004 a year earlier and 9,670 new electricity connections compared with 9,480 a year earlier (Key Developments).Narrative Update • Apr 13
VCT: Future Fair Value View Will Rely On Stable Distribution Volumes
Analysts have maintained their NZ$4.98 price target on Vector, citing unchanged assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E as the basis for keeping their outlook steady. What's in the News Vector plans to change its external auditor, with PwC appointed for the 2027 financial year starting July 1, 2026, following an Audit Committee led tender process, while KPMG will complete the 2026 audit (Key Developments).Narrative Update • Mar 27
VCT: Future Fair Value View Will Rely On Stable Distribution Volumes
Analysts have kept their NZ$4.98 price target for Vector unchanged. This reflects steady assumptions around fair value, discount rate, revenue growth, profit margin and future P/E.Narrative Update • Mar 12
VCT: Future Fair Value View Will Reflect Stable Network Volumes
Analysts have kept their NZ$ fair value estimate for Vector unchanged, reflecting consistent assumptions for discount rate, revenue growth, profit margin and future P/E that support a steady price target outlook. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing investors with updated data on its electricity and gas distribution activities (company announcement).Narrative Update • Feb 26
VCT: Fair Value View Will Reflect Shifts In Network Volumes
Analysts have lifted their fair value estimate for Vector from NZ$4.77 to NZ$4.98, reflecting updated views on revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing a fresh look at recent activity across its networks (company announcement).Analysis Article • Jan 19
Vector Limited (NZSE:VCT) Not Flying Under The Radar
Vector Limited's ( NZSE:VCT ) price-to-earnings (or "P/E") ratio of 31x might make it look like a strong sell right now...Analysis Article • Nov 04
Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate
Key Insights Vector's estimated fair value is NZ$6.57 based on 2 Stage Free Cash Flow to Equity Current share price of...Analysis Article • Oct 09
Here's Why Vector (NZSE:VCT) Has A Meaningful Debt Burden
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Narrative Update • Aug 27
Bluecurrent's Smart Meter Rollout And DPP4 Will Create Future Opportunities
The notable rise in Vector's analyst price target reflects upgraded revenue growth expectations and a higher future P/E multiple, lifting the fair value estimate from NZ$4.50 to NZ$4.77. What's in the News Electricity customer base grew to 632,106 from 624,330 year-over-year.Analysis Article • Jun 30
Is There An Opportunity With Vector Limited's (NZSE:VCT) 30% Undervaluation?
Key Insights The projected fair value for Vector is NZ$6.25 based on 2 Stage Free Cash Flow to Equity Vector is...Analysis Article • May 05
Some Shareholders Feeling Restless Over Vector Limited's (NZSE:VCT) P/E Ratio
When close to half the companies in New Zealand have price-to-earnings ratios (or "P/E's") below 18x, you may consider...Analysis Article • Mar 21
Is Vector (NZSE:VCT) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
New Narrative • Feb 09
Investments In Digital Solutions And Alliances With Amazon Web Services And X Will Improve Future Network Capabilities
Strategic alliances and technological investments are set to enhance network capabilities, leading to increased revenue and improved future earnings.Analysis Article • Jan 17
Vector Limited (NZSE:VCT) Not Flying Under The Radar
Vector Limited's ( NZSE:VCT ) price-to-earnings (or "P/E") ratio of 53.4x might make it look like a strong sell right...Analysis Article • Dec 10
Is Vector (NZSE:VCT) A Risky Investment?
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 • Aug 29
Vector (NZSE:VCT) Is Increasing Its Dividend To NZ$0.1475
Vector Limited's ( NZSE:VCT ) dividend will be increasing from last year's payment of the same period to NZ$0.1475 on...Analysis Article • Aug 28
Time To Worry? Analysts Just Downgraded Their Vector Limited (NZSE:VCT) Outlook
One thing we could say about the analysts on Vector Limited ( NZSE:VCT ) - they aren't optimistic, having just made a...Analysis Article • Aug 16
With Vector Limited (NZSE:VCT) It Looks Like You'll Get What You Pay For
When close to half the companies in New Zealand have price-to-earnings ratios (or "P/E's") below 18x, you may consider...Analysis Article • Jun 28
Vector (NZSE:VCT) Is Reinvesting At Lower Rates Of Return
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Analysis Article • May 07
Is Vector (NZSE:VCT) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Apr 12
Estimating The Intrinsic Value Of Vector Limited (NZSE:VCT)
Key Insights Vector's estimated fair value is NZ$3.92 based on Dividend Discount Model Current share price of NZ$3.75...Analysis Article • Feb 29
Vector (NZSE:VCT) Is Paying Out A Dividend Of NZ$0.0925
Vector Limited's ( NZSE:VCT ) investors are due to receive a payment of NZ$0.0925 per share on 9th of April. Based on...Analysis Article • Feb 12
Market Participants Recognise Vector Limited's (NZSE:VCT) Earnings
Vector Limited's ( NZSE:VCT ) price-to-earnings (or "P/E") ratio of 34.7x might make it look like a strong sell right...Analysis Article • Dec 20
Vector Limited's (NZSE:VCT) Intrinsic Value Is Potentially 22% Below Its Share Price
Key Insights Using the Dividend Discount Model, Vector fair value estimate is NZ$2.96 Vector is estimated to be 28...Analysis Article • Oct 26
These 4 Measures Indicate That Vector (NZSE:VCT) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Analysis Article • Jul 07
Are Investors Undervaluing Vector Limited (NZSE:VCT) By 41%?
Key Insights Using the 2 Stage Free Cash Flow to Equity, Vector fair value estimate is NZ$6.90 Current share price of...Analysis Article • Apr 10
The Returns At Vector (NZSE:VCT) Aren't Growing
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Feb 09
A Look At The Intrinsic Value Of Vector Limited (NZSE:VCT)
Today we will run through one way of estimating the intrinsic value of Vector Limited ( NZSE:VCT ) by estimating the...Analysis Article • Dec 16
Here's Why Vector (NZSE:VCT) Has A Meaningful Debt Burden
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Nov 05
Calculating The Intrinsic Value Of Vector Limited (NZSE:VCT)
Today we will run through one way of estimating the intrinsic value of Vector Limited ( NZSE:VCT ) by taking the...Analysis Article • Oct 18
The Returns At Vector (NZSE:VCT) Aren't Growing
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Aug 29
Vector (NZSE:VCT) Will Pay A Dividend Of NZ$0.0895
The board of Vector Limited ( NZSE:VCT ) has announced that it will pay a dividend on the 19th of September, with...Analysis Article • Jul 19
Vector (NZSE:VCT) Has Some Way To Go To Become A Multi-Bagger
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Analysis Article • Apr 14
Slowing Rates Of Return At Vector (NZSE:VCT) Leave Little Room For Excitement
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...Analysis Article • Feb 28
Vector (NZSE:VCT) Is Due To Pay A Dividend Of NZ$0.087
The board of Vector Limited ( NZSE:VCT ) has announced that it will pay a dividend of NZ$0.087 per share on the 8th of...Analysis Article • Feb 13
Is There An Opportunity With Vector Limited's (NZSE:VCT) 41% Undervaluation?
In this article we are going to estimate the intrinsic value of Vector Limited ( NZSE:VCT ) by taking the expected...Analysis Article • Nov 27
Returns At Vector (NZSE:VCT) Appear To Be Weighed Down
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Nov 04
These 4 Measures Indicate That Vector (NZSE:VCT) Is Using Debt Extensively
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 • Sep 30
Vector Limited (NZSE:VCT) Shares Could Be 37% Below Their Intrinsic Value Estimate
How far off is Vector Limited ( NZSE:VCT ) from its intrinsic value? Using the most recent financial data, we'll take a...Analysis Article • Aug 26
Vector (NZSE:VCT) Is Increasing Its Dividend To NZ$0.09
The board of Vector Limited ( NZSE:VCT ) has announced that it will be increasing its dividend by 3.0% on the 16th of...Analysis Article • May 10
Slowing Rates Of Return At Vector (NZSE:VCT) Leave Little Room For Excitement
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...Analysis Article • Apr 06
These 4 Measures Indicate That Vector (NZSE:VCT) Is Using Debt Extensively
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Mar 19
Does Vector Limited (NZSE:VCT) Have A Place In Your Dividend Stock Portfolio?
Dividend paying stocks like Vector Limited ( NZSE:VCT ) tend to be popular with investors, and for good reason - some...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Vector 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 | 1,138 | 150 | 0 | 0 |
| 30 Sep 25 | 1,121 | 152 | 0 | 0 |
| 30 Jun 25 | 1,104 | 155 | 0 | 0 |
| 31 Mar 25 | 1,087 | 165 | 0 | 0 |
| 31 Dec 24 | 1,071 | 175 | 0 | 0 |
| 30 Sep 24 | 1,042 | 125 | 0 | 0 |
| 30 Jun 24 | 1,013 | 76 | 0 | 0 |
| 31 Mar 24 | 1,020 | 66 | 0 | 0 |
| 31 Dec 23 | 1,026 | 57 | 0 | 0 |
| 30 Sep 23 | 1,054 | 79 | 0 | 0 |
| 30 Jun 23 | 1,083 | 101 | 0 | 0 |
| 31 Mar 23 | 1,089 | 89 | 0 | 0 |
| 31 Dec 22 | 1,095 | 78 | 0 | 0 |
| 30 Sep 22 | 1,099 | 89 | 0 | 0 |
| 30 Jun 22 | 1,103 | 101 | 0 | 0 |
| 31 Mar 22 | 1,152 | 139 | 0 | 0 |
| 31 Dec 21 | 1,200 | 177 | 0 | 0 |
| 30 Sep 21 | 1,240 | 185 | 0 | 0 |
| 30 Jun 21 | 1,279 | 193 | 0 | 0 |
| 31 Mar 21 | 1,261 | 155 | 0 | 0 |
| 31 Dec 20 | 1,242 | 117 | 0 | 0 |
| 30 Sep 20 | 1,268 | 106 | 0 | 0 |
| 30 Jun 20 | 1,294 | 95 | 0 | 0 |
| 31 Mar 20 | 1,312 | 88 | 81 | 0 |
| 31 Dec 19 | 1,330 | 80 | 163 | 0 |
| 30 Sep 19 | 1,324 | 81 | 163 | 0 |
| 30 Jun 19 | 1,319 | 83 | 163 | 0 |
| 31 Mar 19 | 1,330 | 118 | 158 | 0 |
| 31 Dec 18 | 1,341 | 153 | 154 | 0 |
| 30 Sep 18 | 1,335 | 150 | 154 | 0 |
| 30 Jun 18 | 1,328 | 148 | 154 | 0 |
| 31 Mar 18 | 1,303 | 144 | 149 | 0 |
| 31 Dec 17 | 1,277 | 140 | 144 | 0 |
| 30 Sep 17 | 1,252 | 153 | 144 | 0 |
| 30 Jun 17 | 1,227 | 166 | 144 | 0 |
| 31 Mar 17 | 1,203 | 131 | 137 | 0 |
| 31 Dec 16 | 1,180 | 97 | 130 | 0 |
| 30 Sep 16 | 1,162 | 76 | 130 | 0 |
| 30 Jun 16 | 1,145 | 56 | 130 | 0 |
| 31 Mar 16 | 1,135 | 74 | 131 | 0 |
| 31 Dec 15 | 1,125 | 91 | 133 | 0 |
| 30 Sep 15 | 1,139 | 88 | 133 | 0 |
| 30 Jun 15 | 1,153 | 85 | 133 | 0 |
Quality Earnings: VCT has high quality earnings.
Growing Profit Margin: VCT's current net profit margins (13.1%) are lower than last year (16.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: VCT's earnings have declined by 1.9% per year over the past 5 years.
Accelerating Growth: VCT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: VCT had negative earnings growth (-14.4%) over the past year, making it difficult to compare to the Integrated Utilities industry average (1.8%).
Return on Equity
High ROE: VCT's Return on Equity (4.1%) is considered low.
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 | 2026/05/25 14:46 |
| End of Day Share Price | 2026/05/25 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/06/30 |
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 |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| 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
Vector Limited is covered by 7 analysts. 4 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 |
|---|---|
| Grant Swanepoel | Deutsche Bank |
| Andrew Harvey-Green | Forsyth Barr Group Ltd. |
| Matthew Henry | Goldman Sachs |