General Capital Share Price: Record Revenue and a 6% Yield From a Small NZ Lender
General Capital Share Price Today
The General Capital share price sits at about $0.275 NZD (NZX: GEN) in mid-June 2026, down roughly 14% over the past year. With a market cap near $25 million, General Capital is a small-cap New Zealand financial-services group whose core is lending through its General Finance subsidiary.
Unlike many small-caps in this series, General Capital is solidly profitable, pays a meaningful dividend, and trades close to its net tangible asset value, a more conventional, lower-drama profile.
What General Capital Does
General Capital operates primarily as a non-bank lender. Its main engine is General Finance Limited, which takes deposits and lends, mainly into property and business finance, earning a margin on the spread. The group also has an investment-research arm. As a deposit-taking lender it sits in the same broad space as larger financial names like [Heartland Group](/stocks/heartland-group), again at a far smaller scale.
A key feature, and risk, of this model is regulation. Non-bank deposit takers in New Zealand are moving under the new Deposit Takers Act regime, which raises compliance and capital requirements across the sector. How smaller lenders adapt to that framework matters for their cost base and growth.
Recent Performance
For the year to 31 March 2026, General Capital reported:
- •Record consolidated revenue up 18% to about $26.8 million
- •Net profit after tax broadly flat at about $2.7 million, as strong asset growth was offset by higher costs, credit-loss provisioning, and a goodwill impairment in the research subsidiary
- •General Finance growing net revenue 15% and profit 10%, helped by a full-year contribution from Bridges Financial Services
- •A higher dividend, lifting total payouts to about 40% of earnings
Record revenue with flat profit tells you the lender is growing its loan book but absorbing higher costs and prudent provisioning, sensible in an uncertain economy.
Key Metrics
- •Share price: ~$0.275 NZD
- •Market cap: ~$25 million NZD
- •52-week move: about -14%
- •P/E ratio (trailing): ~9.3x
- •EPS: ~$0.030
- •Net tangible assets: ~$0.293 per share (trades near NTA)
- •Gross dividend yield: ~6%
This is a more grounded valuation than most micro-caps: a single-digit P/E, shares near asset value, and a real 6% gross yield backed by actual profits.
What to Watch
- •Credit quality: As a lender, loan losses are the main risk. Watch arrears and provisioning, especially if the economy stays soft.
- •The Deposit Takers Act: New regulation raises compliance and capital demands. How General Capital manages this is a key swing factor.
- •Loan-book growth and margins: Profitable growth in General Finance is the core driver. Watch net interest margin and book size.
- •Dividend sustainability: A 40% payout from real earnings looks reasonable; confirm it holds as provisioning evolves.
The Bottom Line
General Capital is a small but genuinely profitable NZ lender with record revenue, a growing loan book, and a 6% gross yield, trading near its asset value. The bull case is a well-capitalised, dividend-paying lender compounding its book at a modest valuation. The bear case is the inherent credit risk of lending, rising regulatory costs under the Deposit Takers Act, and the limited liquidity of a $25 million stock. This suits income-oriented investors comfortable with small-cap financial risk.
For how we evaluate lenders and dividend sustainability, see our [methodology](/methodology).
*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*