Tourism Holdings Limited

THL.NZ

Auto - Recreational Vehicles · Consumer Cyclical

Price

NZ$2.82

+0.02 (+0.71%)

Market Cap

NZ$624.6M

Exchange

New Zealand Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Mixed

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Share count rising — dilution

+47.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 149.5M (2021) → 219.8M (2025)

Winston Score History

The full picture

Tourism Holdings Limited (THL) rents and sells campervans and motorhomes to travelers. Its main brands include Maui, Britz, and Mighty, and it serves tourists looking for road-trip style holidays across New Zealand, Australia, the United States, Canada, and the United Kingdom. THL is one of the largest campervan rental operators in the world by fleet size.

The company makes money primarily through rental fees paid by tourists, and also earns revenue by selling used vehicles from its fleet. THL operates a large, global fleet and benefits from strong brand recognition and scale advantages that are hard for smaller competitors to match. The business is sensitive to international tourism trends, exchange rates, and travel demand — meaning economic downturns or disruptions like those seen during the COVID-19 pandemic can sharply reduce bookings. A key growth driver is the continued recovery and growth of international leisure travel, particularly in its core Southern Hemisphere markets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+8.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

NZ$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

23.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

NZ$23M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Tourism Holdings Limited is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

53.1%

Healthy — 53.1% gross margin

Profit after running costs

Operating Margin

40.8%

Excellent — 40.8% operating margin

Return on the money invested

ROCE

25.9%

Exceptional — 25.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.7%

Nearly flat sales (+2.7% YoY)

Profit growth

EPS YoY

-184.5%

Earnings shrinking (-184.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.9%

Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.19

Elevated debt (1.19)

Covers its interest

Interest Cover

7.39x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.60%

Moderate income — 2.60% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-72.3%

Dividend cut (-72.3% YoY) — warning sign

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