Chorus Limited (CHRYY) Stock Analysis

Why this analysis is different

• A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

Chorus Limited (CHRYY) Media & Communications Profile

Chorus Limited is New Zealand's primary fixed-line telecommunications infrastructure provider, owning and operating extensive copper and fiber optic networks. The company delivers wholesale voice and high-speed internet access, including VDSL broadband, to retail service providers, underpinning the nation's digital connectivity.

What Is the Investment Thesis for CHRYY?

Chorus Limited presents an investment profile centered on its essential infrastructure status and stable wholesale business model within New Zealand's telecommunications sector. The company's extensive fixed-line network, encompassing both copper and fiber optic cables, positions it as a critical enabler of national connectivity. A key value driver is its attractive dividend yield of 5.92%, appealing to income-focused investors. Growth catalysts include the ongoing national fiber optic network rollout, which promises increased subscriber penetration and potential for higher average revenue per user (ARPU) as demand for high-speed broadband intensifies. The company's colocation services also offer a complementary growth avenue. However, the investment thesis is tempered by a high P/E ratio of 178.4, suggesting significant growth expectations or specific accounting factors, and a relatively low profit margin of 2.4%. Regulatory changes in the New Zealand telecommunications sector represent an ongoing risk, potentially impacting pricing models or investment requirements. With a Beta of 0.42, CHRYY demonstrates lower volatility compared to the broader market, indicating a potentially more defensive characteristic.

Based on FMP financials and quantitative analysis

CHRYY Key Highlights

Market Capitalization of $2.44B, reflecting its significant scale as a national infrastructure provider.

• Dividend Yield of 5.92%, offering a substantial return to shareholders from its stable cash flows.
• Gross Margin of 35.1%, indicating solid profitability from its core network services before operating expenses.
• Profit Margin of 2.4%, demonstrating overall net profitability after all operational and financial costs.
• Beta of 0.42, suggesting lower price volatility relative to the overall market, indicative of a defensive asset.

Who Are CHRYY's Competitors?

CHRYY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are CHRYY's Key Strengths?

Established position as New Zealand's primary fixed-line telecommunications infrastructure provider.

• Extensive and critical national network of both copper and fiber optic cables.
• Stable revenue streams derived from a wholesale business model.
• Attractive dividend yield of 5.92% for income-focused investors.

What Are CHRYY's Weaknesses?

Reliance on the regulatory environment and potential for adverse policy changes.

• Relatively low profit margin of 2.4%, indicating limited profitability after all expenses.
• High P/E ratio of 178.4, suggesting high growth expectations or specific accounting factors.
• Ongoing capital expenditure requirements for network upgrades and fiber rollout.

What Could Drive CHRYY Stock Higher?

Continued fiber optic network rollout and increasing subscriber connections, driving higher wholesale revenue.

• Sustained growth in demand for high-speed broadband services across New Zealand, bolstering network utilization.
• Potential for favorable regulatory reviews or policy stability within the New Zealand telecommunications sector, providing operational clarity.
• Expansion of colocation services to meet growing enterprise demand for secure and connected data center infrastructure.

What Are the Key Risks for CHRYY?

Financial-distress signal — its Altman Z-Score of 0.93 sits in the distress zone (elevated bankruptcy risk).

• Rich valuation — a P/E of 178.4 runs well above the Communication Services sector’s ~18x, leaving little room for a miss.
• Regulatory changes in the New Zealand telecommunications sector, potentially impacting wholesale pricing or investment obligations.
• Increased competition from alternative technologies such as wireless broadband, 5G, and satellite services, affecting market share.
• Technological obsolescence of legacy copper infrastructure, requiring continuous investment in fiber upgrades.
• Economic downturns in New Zealand impacting consumer and business spending on telecommunication services.
• High P/E ratio of 178.4, making the stock sensitive to any slowdown in expected growth or operational performance.

What Are the Growth Opportunities for CHRYY?

• Growth opportunity 1: **Fiber Optic Network Expansion and Adoption** - Chorus Limited is actively engaged in the nationwide rollout of its fiber optic network, replacing older copper infrastructure. This ongoing investment is crucial as demand for ultra-fast broadband continues to surge due to increased data consumption, remote work trends, and the proliferation of streaming services. Expanding fiber penetration allows Chorus to capture higher-value subscribers and generate increased wholesale revenue per connection, securing its long-term position as the primary high-speed internet backbone for New Zealand homes and businesses. This strategic initiative targets a market increasingly reliant on robust, future-proof connectivity.
• Growth opportunity 2: **Increasing Demand for High-Speed Broadband** - The global trend of rising data consumption and reliance on digital services directly benefits Chorus Limited. As more applications, entertainment, and business operations migrate online, the need for faster, more reliable internet access intensifies across New Zealand. Chorus, as the owner of the essential fixed-line network, is uniquely positioned to capitalize on this secular growth. The company's wholesale model allows it to serve a growing base of retail service providers, who in turn cater to the end-user demand for high-speed connectivity, ensuring consistent revenue streams from network access fees.
• Growth opportunity 3: **Leveraging Existing Copper Infrastructure with VDSL** - While fiber expansion is a primary focus, Chorus Limited also utilizes cutting-edge VDSL (Very-high-bit-rate Digital Subscriber Line) broadband technology to enhance speeds over its existing copper network. This strategy allows the company to offer improved broadband services in areas where fiber deployment is not yet complete or economically feasible, providing an interim upgrade path for customers. By maximizing the utility and performance of its extensive copper assets, Chorus can maintain service quality and attract subscribers in diverse geographic regions, extending its market reach and revenue generation capabilities during the fiber transition period.
• Growth opportunity 4: **Expansion of Colocation Services** - Chorus Limited's offering of colocation services represents a distinct growth opportunity. As businesses increasingly rely on cloud computing, data analytics, and robust IT infrastructure, the demand for secure, reliable, and well-connected data center space continues to grow. By providing colocation facilities, Chorus leverages its existing network infrastructure and expertise to offer value-added services to enterprises. This segment allows the company to diversify its revenue streams beyond core connectivity, catering to the specialized needs of businesses requiring high-availability network access and physical security for their critical IT equipment.
• Growth opportunity 5: **Wholesale Model Scalability and Market Penetration** - Chorus Limited's wholesale business model provides inherent scalability. By focusing on infrastructure provision rather than direct retail sales, the company can serve multiple retail service providers across New Zealand. This allows for broad market penetration without the significant marketing and customer service overheads associated with direct-to-consumer operations. As new retail providers emerge or existing ones expand their subscriber bases, Chorus benefits directly through increased network access fees. This model ensures that Chorus remains central to the competitive landscape of New Zealand's telecommunications market, regardless of which retail brands gain market share.

What Are CHRYY's Competitive Advantages?

• Extensive existing infrastructure, including the largest fixed-line network in New Zealand, represents a significant barrier to entry.
• High capital expenditure required to build a competing national telecommunications network.
• Positioned as an essential service provider, making its infrastructure critical for national connectivity.
• Benefits from a regulatory framework that supports its wholesale model, ensuring fair access and pricing.

What Does CHRYY Do?

Chorus Limited, established in 2008 and headquartered in Wellington, New Zealand, serves as the foundational fixed-line telecommunications infrastructure provider for the entire country. The company's core business revolves around managing and operating an extensive network comprising both traditional copper lines and advanced fiber optic cables. This critical infrastructure enables the delivery of essential voice services and high-speed internet access to a broad base of homes and businesses across New Zealand. Chorus operates primarily on a wholesale model, providing network access and services to various retail telecommunications service providers, rather than directly to end-users. Its product offerings include high-speed broadband through its fiber network, as well as leveraging existing copper infrastructure with cutting-edge VDSL broadband technology to maximize speed and efficiency. Beyond connectivity, Chorus also provides colocation services, offering secure and reliable space for other businesses to house their network equipment. The company's strategic importance is underscored by its role as a major infrastructure provider, maintaining the largest fixed-line network in New Zealand, which is vital for the nation's digital economy and everyday connectivity. With 849 employees, Chorus Limited is central to the ongoing evolution of New Zealand's telecommunications landscape, continuously investing in network upgrades and expansion to meet growing demand for data and faster internet speeds.

What Products and Services Does CHRYY Offer?

• Own and operate New Zealand's essential fixed-line telecommunications infrastructure.
• Provide wholesale voice services to retail telecommunications providers.
• Deliver high-speed internet access to homes and businesses across the country.
• Manage and maintain an extensive network of traditional copper cables.
• Deploy and operate advanced fiber optic cable networks for ultra-fast broadband.
• Offer cutting-edge VDSL broadband technology over existing copper lines.
• Provide colocation services for businesses to house their network equipment.

How Does CHRYY Make Money?

• Operates a wholesale model, charging retail service providers for access to its fixed-line network.
• Generates revenue from monthly access fees for both copper and fiber optic lines.
• Earns income from data transmission and high-speed broadband services provided to wholesale customers.
• Receives fees for colocation services, offering secure data center space to businesses.

What Industry Does CHRYY Operate In?

Chorus Limited operates within the Communication Services sector, specifically the Telecommunications Services industry, as New Zealand's dominant fixed-line infrastructure provider. The industry is characterized by a fundamental shift from legacy copper networks to high-speed fiber optic infrastructure, driven by escalating demand for data and reliable internet connectivity for remote work, streaming, and cloud services. Chorus holds a unique position, acting as a wholesale provider that underpins the services offered by numerous retail telecommunication companies. This model insulates it from direct retail customer acquisition costs but exposes it to regulatory oversight and pricing decisions. The competitive landscape involves alternative infrastructure providers, including wireless network operators, and the ongoing challenge of technological evolution. Chorus's extensive network and established market presence provide a significant competitive advantage in this capital-intensive industry, positioning it to capitalize on the sustained growth in broadband consumption.

Who Are CHRYY's Key Customers?

• Retail telecommunications service providers (e.g., internet service providers, phone companies) in New Zealand.
• Businesses requiring secure and connected physical space for their IT infrastructure (colocation clients).
• Indirectly serves residential consumers and businesses across New Zealand through its wholesale partners.

Chorus Limited Financial Trajectory

Chorus Limited (CHRYY) reported $512.4M in revenue for Q4 2025, a decline of 0.1% compared to the prior quarter. The company recorded net income of $15.2M, with diluted EPS of $0.15. Quarter-over-quarter revenue has been mixed, typical for a mid-cap company operating in Communication Services. Across the four most recent quarters, CHRYY averaged $0.01 in diluted EPS.

Company Profile

Chorus Limited operates in the Telecommunications Services industry within the Communication Services sector. It is headquartered in Wellington, NZ. The company is led by CEO Mark Aue. CHRYY has traded publicly since 2011.

How Chorus Limited Is Valued

Chorus Limited carries a market capitalization of $2.44B, placing it in the mid-cap category. Relative to its peer group, CHRYY's quantitative score of 43/100 is below the peer average of 57/100.

Return on equity for Chorus Limited stands at 4.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.4%, showing how much profit it generates from its asset base. CHRYY trades at a trailing price-to-earnings ratio of 178.44, above the Communication Services sector average of ~18x. Its free cash flow yield is 3.8%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.92 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.6%, the inverse of the P/E and a quick read on earnings relative to price.

Chorus Limited's Piotroski F-Score is 8/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 0.93 places it in the distress zone, a signal of elevated financial risk.

Wall Street analysts project Chorus Limited revenue of about $1.03B for fiscal 2026, with EPS near $0.00. The estimate reflects 7 contributing analysts.

CHRYY Financials

CHRYY Latest News

No recent news available for CHRYY.

CHRYY Analyst Consensus

CHRYY MoonshotScore

What Investors Ask About Chorus Limited (CHRYY) — Communication Services

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Official Resources