Tourism Holdings Limited

THL.NZ

Auto - Recreational Vehicles · Consumer Cyclical

Price

NZ$2.92

+0.01 (+0.34%)

Market Cap

NZ$646.8M

Exchange

New Zealand Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Dec 31, 2025

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)

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.

Winston Score History

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

+1.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$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 Runway

~9 months

$50M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Tourism Holdings Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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Quality

Gross Margin

53.1%

Healthy — 53.1% gross margin

Operating Margin

40.8%

Excellent — 40.8% operating margin

ROCE

14.2%

Good — 14.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+2.7%

Nearly flat sales (+2.7% YoY)

EPS YoY

-184.5%

Earnings shrinking (-184.5% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

N/A

Data not available

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

Debt / Equity

1.19

Elevated debt (1.19)

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

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.60%

Moderate income — 2.60% yield

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

Dividend Growth

-72.3%

Dividend cut (-72.3% YoY) — warning sign

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