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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
NZXNZSTF 52 Debt-to-EBITDA is 1.38 as of Dec. 2025, which is 2% below its 10-year median of 1.41. GuruFocus rates NZSTF with a GF Score™ of 52/100 and a GF Value™ of $0.86 (Fairly Valued). The stock has 6 warning signs investors should review. Among 423 Capital Markets companies, NZX ranks better than 50.35% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for NZX's Debt-to-EBITDA or its related term are showing as below:
NZSTF'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.52 Med: 1.41 Max: 2
Current: 1.54
During the past 13 years, the highest Debt-to-EBITDA Ratio of NZX was 2.00. The lowest was 0.52. And the median was 1.41.
NZSTF's Debt-to-EBITDA is ranked better than 50.35% of 423
companies
in the Capital Markets industry
Industry Median: 1.56
vs NZSTF: 1.54
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
NZX Debt-to-EBITDA Related Terms
NZX Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for NZX's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NZSTF vs SPGI, CME, MCO: Debt-to-EBITDA Comparison
For the Financial Data & Stock Exchanges subindustry, NZX's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NZX Debt-to-EBITDA vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, NZX's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where NZX's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is two times the quarterly (Dec. 2025) EBITDA data.
NZX (NZSTF) has a Debt-to-EBITDA of 1.38 as of Dec. 2025. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on NZX. This is near median its historical median of 1.41. Over the past decade, NZX's Debt-to-EBITDA has ranged from 0.52 to 2.00. According to the industry distribution chart, NZX ranks #210 out of 423 companies in the Capital Markets industry, placing it in the top 49.6%.
Is NZX's Debt-to-EBITDA too high?
NZX's current Debt-to-EBITDA of 1.38 is near median its 10-year median of 1.41. Over the past 10 years, this metric has ranged from a low of 0.52 to a high of 2.00. The Capital Markets industry median Debt-to-EBITDA is 1.56. NZX's value of 1.38 is 11.5% below this industry median. Based on the distribution chart, NZX ranks #210 out of 423 companies in the Capital Markets industry, which is above the industry midpoint. Overall, NZX has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NZX's Debt-to-EBITDA compare to SPGI and CME?
According to the Capital Markets industry distribution chart, NZX ranks #210 out of 423 companies for Debt-to-EBITDA. This puts NZX in the upper half of its industry. The industry median Debt-to-EBITDA is 1.56. NZX's value of 1.38 is 11.5% below this benchmark. Historically, NZX's own Debt-to-EBITDA has ranged from 0.52 to 2.00 over the past decade. While the company's 10-year median is 1.41 vs. the industry median of 1.56, NZX has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Capital Markets company?
The median Debt-to-EBITDA among Capital Markets companies is 1.56, based on 423 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NZX's current Debt-to-EBITDA of 1.38 is 11.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on NZX. For the Capital Markets industry, the median Debt-to-EBITDA is 1.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NZX's current Debt-to-EBITDA is 1.38, which is near median its own 10-year median of 1.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NZX stock overvalued right now?
Based on GuruFocus' analysis, NZX (NZSTF) is currently considered Fairly Valued. The stock's GF Value™ is $0.86, compared to a current price of $0.87 — trading 1.3% above its estimated fair value. The current Debt-to-EBITDA is 1.38, which is near median its 10-year median of 1.41 and 11.5% below the Capital Markets industry median of 1.56. NZX's overall GF Score™ is 52/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For NZX (NZSTF), the current Debt-to-EBITDA is 1.38 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NZX (NZSTF) Overvalued in 2026?
Based on GuruFocus' analysis, NZX stock appears to be overvalued.
The current stock price of $0.87 is trading 1.3% above its estimated GF Value™ of $0.86.
GuruFocus considers NZX to be Fairly Valued.
Key valuation signals for NZSTF:
Debt-to-EBITDA: 1.38 (near median its 10-year median of 1.41)
GF Value™: $0.86 vs. price of $0.87 (1.3% above fair value)
Industry Position: 11.5% below the Capital Markets median (#210 of 423)
No single metric tells the full story. See the NZSTF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NZX Ltd operates New Zealand's equity, debt, funds, derivatives and energy markets. To support the growth of its markets, it provides trading, clearing, settlement, depository, and information services for its customers. The company also owns Smart, New Zealand issuer of listed Exchange Traded Funds (ETFs); KiwiSaver, investment, superannuation and insurance provider SuperLife; and diversified fund manager QuayStreet Asset Management. Its segments include Markets, Funds Management (Smart), Wealth Technologies, and Corporate. It derives majority of the revenue from Markets segment which includes Capital Markets Origination, Secondary Markets, and Information Services.
52GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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