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My Food Bag Share Price: A 9.6% Yield at $0.285, But Is the Growth Real?

My Food Bag Share Price Today

The My Food Bag share price sits at about $0.285 NZD (NZX: MFB) in mid-June 2026, up around 3.6% on the day and roughly 30% over the past 12 months. That recovery has come off a brutally low base. The meal-kit company that listed at $1.85 in 2021 is still a fraction of its IPO price, and at a market cap near $71.6 million it is now a NZX micro-cap rather than the consumer darling it was floated as.

What has changed recently is that the numbers have started moving in the right direction. The question for investors is whether the turnaround is durable or just a bounce.

Recent Performance and the FY2026 Result

For the year ended March 2026, My Food Bag posted:

  • •Revenue of $170.2 million, up about 5% on the prior year
  • •Net profit after tax of $6.7 million, up roughly 5%
  • •EBITDA of $16.4 million (earnings before interest, tax, depreciation and amortisation), up slightly from $16.1 million
  • •Gross margin of 49%, holding above its five-year average despite cost inflation
  • •57,100 active customers

The market liked it. The stock jumped on results day, and the recovery over the past year reflects a business that has stabilised after several years of shrinking. Management also paid down debt and lifted the dividend, two signals that the balance sheet is on firmer footing.

Key Metrics

  • •Share price: ~$0.285 NZD
  • •Market cap: ~$71.6 million NZD
  • •52-week move: about +30%
  • •P/E ratio (trailing): ~10.6x
  • •EPS: ~$0.027
  • •Gross dividend yield: ~9.6%
  • •Net tangible assets: negative $0.056 per share

Two of these stand out. The gross dividend yield near 9.6% is among the highest on the NZX, which always demands a second look: a yield that high usually means the market doubts it is sustainable. And the negative net tangible assets is a reminder that much of the company's balance sheet value sits in intangibles like brand and goodwill rather than hard assets. At ~10.6x earnings, the stock is not expensive, but micro-caps trade cheaply for reasons.

The Big Picture: A Smaller, Tighter Business

My Food Bag delivers recipe kits and prepared meals to New Zealand households under the My Food Bag, Bargain Box, and Made brands. The meal-kit model boomed during the pandemic and then deflated hard as households cut discretionary subscriptions and returned to supermarkets. That same discretionary-spending squeeze has hit other NZ consumer names like [The Warehouse Group](/stocks/warehouse-group) and [Briscoe Group](/stocks/briscoe-group).

The current story is not growth at any cost. It is a leaner operator defending a stable gross margin, growing average order value, and converting modest revenue gains into profit and dividends. Holding 49% gross margin through an inflationary period is a genuine operational achievement and suggests pricing discipline rather than discounting its way to volume.

What to Watch

  • •Customer numbers: 57,100 active customers is the lifeblood of a subscription business. Revenue grew on volume and order value this year, but if customer churn outpaces additions, the topline reverses quickly.
  • •Dividend sustainability: A near 9.6% gross yield is only attractive if it holds. Watch the payout ratio against free cash flow. With NPAT of $6.7 million, there is not a huge buffer.
  • •Consumer confidence: Meal kits are discretionary. A stronger NZ consumer through 2026 helps; a weaker one hurts first.
  • •Competition: Supermarkets' own ready-meal and online-delivery offerings remain the structural threat to the entire category.

The Bottom Line

My Food Bag has done the hard part of a turnaround: it has stabilised revenue, protected margins, cut debt, and restarted dividends, and the share price has responded with a roughly 30% gain over the year. The bull case is a cheap, cash-generative consumer business paying a fat yield. The bear case is a structurally challenged micro-cap with negative tangible assets and a yield the market clearly distrusts. This is a stock for income-oriented investors who believe the meal-kit model has found its sustainable size, not for anyone expecting a return to its IPO-era growth.

For how we weigh yield, valuation, and balance-sheet quality, 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.*