Mainfreight Limited (MFGHF) fair value: what the stock is really worth
As of Oct 15, 2026: fair value (intrinsic value) of Mainfreight Limited stock $29.66, price $36.00, that is 17.6% below the price, quality 60 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $8.01 – $56.00 · fair‑value band $22.24 – $37.07 · the $36.00 price screens above the $29.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Mainfreight Limited provides supply chain logistics services in New Zealand, Australia, the Americas, Europe, and Asia. It offers domestic transportation, international air and ocean freight forwarding, warehousing, and supply chain management services.
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The company was formerly known as Mainfreight Transport Limited and changed its name to Mainfreight Limited in April 1996. Mainfreight Limited was incorporated in 1978 and is based in Auckland, New Zealand.
Stock analysis
Mainfreight Limited (MFGHF) currently trades at $36.00, while our model-based Fair Value estimate is $29.66, 18% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $45.83 per share, and 13 of the 26 models we run sit above the $36.00 price.
Bear case: the Asset-Based group reads lowest at $6.86, and 13 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $22.24 (bear) to $37.07 (bull), the price of $36.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Mainfreight Limited reported revenue of 5.4B NZD in FY2026 versus 5.2B NZD in FY2022, a compound +1.0%/yr. Reported net income was 254M NZD in FY2026, compounding −8.1%/yr from FY2022.
Key figures
Market cap $4.0B Mid · P/E ratio 24.7 · P/S ratio 0.67 · EPS (TTM) $1.46 · Dividend yield 2.7% · Net margin 4.7% · Return on equity 12.1% · Return on assets (EBIT) 13.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −18%, MFGHF screens cheaper than that median.
Fair Value models
Bear$22.24Fair Value $29.66Bull$37.07
Price $36.00 · Downside -17.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.3076 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
Start year 2021 (pandemic). Over 10 years: +9.1% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)2.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.1% vs 11.1%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 8%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in NZD, New Zealand: IMF forecast 2.3% a year to 2030, 3.0% from 2016 to 2025) that is about +1.1% a year for the price and +2.4% for the forecasts.
AI conclusion: Mainfreight's ongoing freight and warehousing network expansion offers growth scope, yet sharply varying regional results and minimal public signals leave any durable edge unclear.
Main risk: Continued losses in the Americas offsetting gains in New Zealand and Australia and weighing on group-wide efficiency from new capacity.
Mainfreight continues expanding its freight and warehousing network with substantial capital spending even after last year's profit decline. Performance varies sharply by region, with gains in New Zealand and Australia offset by losses in the Americas. Will the new capacity deliver lasting efficiency gains across the group, or will weaker markets continue to drag on results?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Integrated Freight & Logistics · 210 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Mainfreight Limited Fair Value". https://www.fairvalue-calculator.com/stock/MFGHF
Frequently asked questions
Is Mainfreight Limited (MFGHF) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $29.66 versus the last price from Oct 15, 2026 of $36.00, about 18% lower (overvalued).
What is the fair value of MFGHF?
Our model-based fair value for Mainfreight Limited is $29.66 (as of Nov 3, 2026), built from audited fundamentals. Last price (from Oct 15, 2026): $36.00.
What is the quality score of MFGHF?
Mainfreight Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mainfreight Limited (MFGHF)?
Our model-based price target is the fair value of $29.66 (as of Nov 3, 2026) from 26 valuation models. Cautious scenario $22.24, optimistic scenario $37.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Mainfreight Limited stock forecast for 2026?
Our models put fair value at $29.66, about 18% lower versus the last price from Oct 15, 2026 of $36.00 (overvalued). Cautious scenario $22.24, optimistic scenario $37.07. The calculation is refreshed regularly with new filings.
What is the revenue of Mainfreight Limited (MFGHF)?
Mainfreight Limited reported trailing-twelve-month revenue of about 5.4B NZD (latest available figure, as of Nov 3, 2026).
Does Mainfreight Limited pay a dividend?
Mainfreight Limited currently shows a dividend yield of 2.65% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Mainfreight Limited (MFGHF) and when is the ex-dividend date?
Mainfreight Limited pays a dividend of $0.954 per share a year, a dividend yield of 2.7%. The last ex-dividend date was Jul 8, 2026. A dividend has been paid every year since at least 2010. The payout ratio is 68.3% of earnings. Free cash flow covers the dividend 2.41 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Mainfreight Limited (MFGHF)?
For today's price to be fair in a discounted-cash-flow model, Mainfreight Limited would have to grow free cash flow by +3.5 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.9 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of MFGHF use?
Our models discount Mainfreight Limited at 9.1 %: a base by market capitalisation (mid), damped by beta 0.74, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mainfreight Limited that is +3.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Mainfreight Limited (MFGHF) delivered so far?
Over the past 5 years revenue at Mainfreight Limited grew +8.9 % a year. The price currently implies free-cash-flow growth of +3.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mainfreight Limited (MFGHF) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Mainfreight Limited (+3.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mainfreight Limited (MFGHF)?
The free-cash-flow yield on the price is 6.38 %: that much free cash flow Mainfreight Limited produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mainfreight Limited (MFGHF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mainfreight Limited it is $29.66 per share (as of Nov 3, 2026), against a price of $36.00. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Mainfreight Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, MFGHF trades above its calculated fair value: price $36.00, fair value $29.66, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MFGHF?
No. The price is what the market pays today ($36.00); the fair value is what the company's own numbers justify ($29.66). For Mainfreight Limited the two are $6.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mainfreight Limited worth?
The market values Mainfreight Limited at about $4.0B (market capitalisation, as of Nov 3, 2026). Per share that is $36.00; our models calculate a fair value of $29.66 per share.
What do the bullish and bearish scenarios say about MFGHF?
Our models span a range for Mainfreight Limited: cautious scenario $22.24, base $29.66, optimistic $37.07 per share (as of Nov 3, 2026, price $36.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MFGHF?
Mainfreight Limited trades at a price-to-earnings ratio of 24.7 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $29.66 is built from several models across several years. Other multiples: PEG 1.1, P/B 3.3, P/S 1.3, EV/EBITDA 7.7.
What is the PEG ratio of MFGHF?
The PEG ratio of Mainfreight Limited is 1.09 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mainfreight Limited (MFGHF)?
Balance-sheet figures for Mainfreight Limited (as of Nov 3, 2026): return on equity 12.1%, debt of 0.06 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is MFGHF from its 52-week high?
Mainfreight Limited trades at $36.00, about 12% below its 52-week high of $40.99 and 5% above the low of $34.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $29.66 is for.
Which stocks are comparable to Mainfreight Limited?
From the same area (Industrials) we also value United Parcel Service, Inc, FedEx Corporation, Deutsche Post AG, DSV A/S, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mainfreight Limited stock attractive at the current price?
The data as of Nov 3, 2026: price $36.00, calculated fair value $29.66 (−18%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MFGHF calculated?
We run Mainfreight Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $29.66 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Mainfreight Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mainfreight Limited (MFGHF)?
The latest price we hold is from Oct 15, 2026 and stands at $36.00. Our model-based fair value is $29.66, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mainfreight Limited right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Mainfreight Limited (MFGHF) come from?
Earnings per share at Mainfreight Limited grew +11.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share +9.7 %, EBIT margin +3.2 %, tax rate −0.8 %, residual (interest, one-offs) −0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Mainfreight Limited
How large is the market capitalisation of Mainfreight Limited (MFGHF)?
The market capitalisation of Mainfreight Limited is $4.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mainfreight Limited (MFGHF)?
The price-to-sales ratio of Mainfreight Limited is 0.67 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mainfreight Limited (MFGHF)?
Earnings per share at Mainfreight Limited are $1.46 (price ÷ EPS = P/E 24.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mainfreight Limited (MFGHF)?
The dividend yield of Mainfreight Limited is 2.7% (payout 65.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mainfreight Limited (MFGHF)?
The net margin of Mainfreight Limited is 4.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mainfreight Limited (MFGHF)?
The return on equity (ROE) of Mainfreight Limited is 12.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mainfreight Limited (MFGHF)?
On an EBIT basis the return on assets of Mainfreight Limited is 13.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mainfreight Limited (MFGHF)?
The operating margin of Mainfreight Limited is 16.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mainfreight Limited (MFGHF)?
Revenue at Mainfreight Limited is growing +3.5% versus a year earlier (3y avg −1.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mainfreight Limited (MFGHF)?
Earnings per share at Mainfreight Limited are growing −1.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mainfreight Limited (MFGHF) carry?
The net debt of Mainfreight Limited is 1.3B NZD (fiscal year 2026, ≈ 3.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026