NZX Past Earnings Performance

Past criteria checks 2/6

NZX has been growing earnings at an average annual rate of 8%, while the Capital Markets industry saw earnings growing at 5.8% annually. Revenues have been growing at an average rate of 10.1% per year. NZX's return on equity is 17.6%, and it has net margins of 16.7%.

Key information

8.00%

Earnings growth rate

3.73%

EPS growth rate

Capital Markets Industry Growth	10.26%
Revenue growth rate	10.10%
Return on equity	17.58%
Net Margin	16.65%
Last Earnings Update	31 Dec 2025

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How NZX makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

OTCPK:NZST.F Revenue, expenses and earnings (NZD Millions)
Date	Revenue	Earnings	G+A Expenses
31 Dec 25	129	21	1
30 Sep 25	126	20	1
30 Jun 25	124	18	1
31 Mar 25	122	22	1
31 Dec 24	120	25	2
30 Sep 24	116	24	2
30 Jun 24	113	22	2
31 Mar 24	111	18	2
31 Dec 23	108	14	2
30 Sep 23	106	14	2
30 Jun 23	104	14	2
31 Mar 23	100	14	2
31 Dec 22	96	14	1
30 Sep 22	94	14	1
30 Jun 22	92	15	1
31 Mar 22	90	15	1
31 Dec 21	88	15	1
30 Sep 21	85	16	1
30 Jun 21	83	16	1
31 Mar 21	80	17	1
31 Dec 20	78	18	1
30 Sep 20	77	17	1
30 Jun 20	75	17	1
31 Mar 20	72	16	1
31 Dec 19	70	15	1
30 Jun 19	67	13	1
31 Mar 19	67	13	1
31 Dec 18	67	14	1
30 Jun 18	68	13	2
31 Mar 18	67	14	2
31 Dec 17	67	14	2
30 Sep 17	70	14	14
30 Jun 17	72	13	27
31 Mar 17	75	11	37
31 Dec 16	78	9	48
30 Sep 16	77	9	47
30 Jun 16	77	9	45
31 Mar 16	75	17	43
31 Dec 15	73	24	42
30 Sep 15	71	24	40
30 Jun 15	68	24	39
31 Mar 15	67	19	37

Quality Earnings: NZST.F has high quality earnings.

Growing Profit Margin: NZST.F's current net profit margins (16.7%) are lower than last year (20.8%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: NZST.F's earnings have grown by 8% per year over the past 5 years.

Accelerating Growth: NZST.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NZST.F had negative earnings growth (-14.2%) over the past year, making it difficult to compare to the Capital Markets industry average (14.5%).

Return on Equity

High ROE: NZST.F's Return on Equity (17.6%) 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	2026/03/13 16:34
End of Day Share Price	2026/03/11 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	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

NZX Limited is covered by 5 analysts. 3 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
Christopher Byrne	Deutsche Bank
Benjamin Crozier	Forsyth Barr Group Ltd.
Adrian Allbon	Jarden Limited