The Figured Benchmark Report is an exclusive report for Figured Insights users, helping you compare dairy farm performance against the FY24 actuals from across Figured farms.
What’s Included?
New Zealand Dairy farms across 5 ownership types: Farm Owner, Farm Owner with Share Milker, Farm Owner with Contract Milker, Share Milker, Contract Milker.
Benchmark Groups are also grouped by region, region groups and supplier.
Identifies the average of several metrics, expense categories; and average of the Top 25% of each of these based on farms with the highest Operating Surplus per kgMS.
Data covers Profit & Loss income & expense categories, on an accrual or cash basis.
Reliable data from farms meeting strict criteria (active in Figured, 60%+ milk income, 9+ months of data).
This is currently in pilot with data to 30 May 2024, however a 2025 season update is coming soon, and more dynamic rolling months on the roadmap.
This report helps you benchmark client farms against the industry, identify performance gaps, and provide data-driven financial advice.
Benchmarking Report - Supporting Information
This article outlines the process and data used in benchmarking, providing a structured comparison of farm performance. It includes:
The available benchmark groups.
How data was cleaned and prepared.
What is included or excluded in each financial category.
By following a standardised approach, this report ensures consistency and reliability, allowing you to compare key financial metrics across different farm operations.
Benchmark Groups
The benchmarking report categorises farms into various groups based on region, ownership structure, and supplier. The Top 25% group represents the most financially efficient farms, ranked by Operating Surplus per kgMS.
Important Notes on Benchmark Groups:
Some financial categories have been excluded from certain benchmark groups. This happens when there are too few farms in that category to generate a reliable average.
The Top 25% is calculated consistently across all metrics within the benchmark group - it always includes the same farms within the benchmark group, regardless of which financial category is analysed.
Table of Benchmark Groups
Table of Benchmark Groups
Benchmark Group | Total Farms | Top 25% Available |
Dairy - Farm Owner - Bay Of Plenty - All Suppliers 2024 | 85 | Yes |
Dairy - Farm Owner - Bay Of Plenty - Fonterra 2024 | 76 | No |
Dairy - Farm Owner - Canterbury - All Suppliers 2024 | 139 | Yes |
Dairy - Farm Owner - Canterbury - Fonterra 2024 | 103 | Yes |
Dairy - Farm Owner - Canterbury - Synlait 2024 | 21 | No |
Dairy - Farm Owner - Manawatu Whanganui - All Suppliers 2024 | 68 | No |
Dairy - Farm Owner - Manawatu Whanganui - Fonterra 2024 | 52 | No |
Dairy - Farm Owner - Marlborough, Tasman, Nelson & West Coast - All Suppliers 2024 | 39 | No |
Dairy - Farm Owner - Marlborough, Tasman, Nelson & West Coast - Westland 2024 | 22 | No |
Dairy - Farm Owner - National - All Suppliers 2024 | 1339 | Yes |
Dairy - Farm Owner - National - Fonterra 2024 | 1083 | Yes |
Dairy - Farm Owner - National - Open Country 2024 | 137 | Yes |
Dairy - Farm Owner - National - Synlait 2024 | 29 | No |
Dairy - Farm Owner - National - Westland 2024 | 28 | No |
Dairy - Farm Owner - North Island - All Suppliers 2024 | 912 | Yes |
Dairy - Farm Owner - North Island - Fonterra 2024 | 778 | Yes |
Dairy - Farm Owner - North Island - Open Country 2024 | 93 | Yes |
Dairy - Farm Owner - Northland - All Suppliers 2024 | 35 | No |
Dairy - Farm Owner - Northland - Fonterra 2024 | 35 | No |
Dairy - Farm Owner - Otago - All Suppliers 2024 | 62 | No |
Dairy - Farm Owner - Otago - Fonterra 2024 | 54 | No |
Dairy - Farm Owner - Otago & Southland - All Suppliers 2024 | 220 | Yes |
Dairy - Farm Owner - Otago & Southland - Fonterra 2024 | 160 | Yes |
Dairy - Farm Owner - Otago & Southland - Open Country 2024 | 42 | No |
Dairy - Farm Owner - South Island - All Suppliers 2024 | 398 | Yes |
Dairy - Farm Owner - South Island - Fonterra 2024 | 280 | Yes |
Dairy - Farm Owner - South Island - Open Country 2024 | 42 | No |
Dairy - Farm Owner - South Island - Synlait 2024 | 22 | No |
Dairy - Farm Owner - South Island - Westland 2024 | 28 | No |
Dairy - Farm Owner - Southland - All Suppliers 2024 | 158 | Yes |
Dairy - Farm Owner - Southland - Fonterra 2024 | 106 | Yes |
Dairy - Farm Owner - Southland - Open Country 2024 | 40 | No |
Dairy - Farm Owner - Taranaki - All Suppliers 2024 | 308 | Yes |
Dairy - Farm Owner - Taranaki - Fonterra 2024 | 281 | Yes |
Dairy - Farm Owner - Taranaki - Open Country 2024 | 22 | No |
Dairy - Farm Owner - Waikato - All Suppliers 2024 | 374 | Yes |
Dairy - Farm Owner - Waikato - Fonterra 2024 | 296 | Yes |
Dairy - Farm Owner - Waikato - Open Country 2024 | 48 | No |
Dairy - Farm Owner - Wairarapa, Wellington & Manawatu Whanganui - All Suppliers 2024 | 90 | Yes |
Dairy - Farm Owner - Wairarapa, Wellington & Manawatu Whanganui - Fonterra 2024 | 72 | No |
Dairy - Farm Owner - West Coast - All Suppliers 2024 | 23 | No |
Dairy - Farm Owner - West Coast - Westland 2024 | 22 | No |
Dairy - Farm Owner With Contract Milker - Canterbury - All Suppliers 2024 | 33 | No |
Dairy - Farm Owner With Contract Milker - National - All Suppliers 2024 | 293 | Yes |
Dairy - Farm Owner With Contract Milker - National - Fonterra 2024 | 233 | Yes |
Dairy - Farm Owner With Contract Milker - National - Open Country 2024 | 30 | No |
Dairy - Farm Owner With Contract Milker - North Island - All Suppliers 2024 | 203 | Yes |
Dairy - Farm Owner With Contract Milker - North Island - Fonterra 2024 | 171 | Yes |
Dairy - Farm Owner With Contract Milker - Otago & Southland - All Suppliers 2024 | 48 | No |
Dairy - Farm Owner With Contract Milker - Otago & Southland - Fonterra 2024 | 36 | No |
Dairy - Farm Owner With Contract Milker - South Island - All Suppliers 2024 | 84 | Yes |
Dairy - Farm Owner With Contract Milker - South Island - Fonterra 2024 | 57 | No |
Dairy - Farm Owner With Contract Milker - Southland - All Suppliers 2024 | 38 | No |
Dairy - Farm Owner With Contract Milker - Southland - Fonterra 2024 | 26 | No |
Dairy - Farm Owner With Contract Milker - Taranaki - All Suppliers 2024 | 76 | No |
Dairy - Farm Owner With Contract Milker - Taranaki - Fonterra 2024 | 68 | No |
Dairy - Farm Owner With Contract Milker - Waikato - All Suppliers 2024 | 93 | Yes |
Dairy - Farm Owner With Contract Milker - Waikato - Fonterra 2024 | 74 | No |
Dairy - Farm Owner With Share Milker - National - All Suppliers 2024 | 163 | Yes |
Dairy - Farm Owner With Share Milker - National - Fonterra 2024 | 137 | Yes |
Dairy - Farm Owner With Share Milker - North Island - All Suppliers 2024 | 127 | Yes |
Dairy - Farm Owner With Share Milker - North Island - Fonterra 2024 | 112 | Yes |
Dairy - Farm Owner With Share Milker - Otago & Southland - All Suppliers 2024 | 23 | No |
Dairy - Farm Owner With Share Milker - South Island - All Suppliers 2024 | 29 | No |
Dairy - Farm Owner With Share Milker - Southland - All Suppliers 2024 | 22 | No |
Dairy - Farm Owner With Share Milker - Taranaki - All Suppliers 2024 | 44 | No |
Dairy - Farm Owner With Share Milker - Taranaki - Fonterra 2024 | 42 | No |
Dairy - Farm Owner With Share Milker - Waikato - All Suppliers 2024 | 57 | No |
Dairy - Farm Owner With Share Milker - Waikato - Fonterra 2024 | 46 | No |
Dairy - Contract Milker - Canterbury - All Suppliers 2024 | 41 | No |
Dairy - Contract Milker - Canterbury - Fonterra 2024 | 35 | No |
Dairy - Contract Milker - National - All Suppliers 2024 | 204 | Yes |
Dairy - Contract Milker - National - Fonterra 2024 | 173 | Yes |
Dairy - Contract Milker - North Island - All Suppliers 2024 | 123 | Yes |
Dairy - Contract Milker - North Island - Fonterra 2024 | 104 | Yes |
Dairy - Contract Milker - Otago & Southland - All Suppliers 2024 | 38 | No |
Dairy - Contract Milker - Otago & Southland - Fonterra 2024 | 33 | No |
Dairy - Contract Milker - South Island - All Suppliers 2024 | 80 | Yes |
Dairy - Contract Milker - South Island - Fonterra 2024 | 68 | No |
Dairy - Contract Milker - Southland - All Suppliers 2024 | 29 | No |
Dairy - Contract Milker - Southland - Fonterra 2024 | 24 | No |
Dairy - Contract Milker - Taranaki - All Suppliers 2024 | 34 | No |
Dairy - Contract Milker - Taranaki - Fonterra 2024 | 31 | No |
Dairy - Contract Milker - Waikato - All Suppliers 2024 | 68 | No |
Dairy - Contract Milker - Waikato - Fonterra 2024 | 54 | No |
Dairy - Share Milker - Bay Of Plenty - All Suppliers 2024 | 25 | No |
Dairy - Share Milker - Bay Of Plenty - Fonterra 2024 | 24 | No |
Dairy - Share Milker - Canterbury - All Suppliers 2024 | 47 | No |
Dairy - Share Milker - Canterbury - Fonterra 2024 | 37 | No |
Dairy - Share Milker - National - All Suppliers 2024 | 403 | Yes |
Dairy - Share Milker - National - Fonterra 2024 | 344 | Yes |
Dairy - Share Milker - National - Open Country 2024 | 33 | No |
Dairy - Share Milker - North Island - All Suppliers 2024 | 276 | Yes |
Dairy - Share Milker - North Island - Fonterra 2024 | 246 | Yes |
Dairy - Share Milker - North Island - Open Country 2024 | 23 | No |
Dairy - Share Milker - Otago & Southland - All Suppliers 2024 | 70 | No |
Dairy - Share Milker - Otago & Southland - Fonterra 2024 | 58 | No |
Dairy - Share Milker - South Island - All Suppliers 2024 | 126 | Yes |
Dairy - Share Milker - South Island - Fonterra 2024 | 98 | Yes |
Dairy - Share Milker - Southland - All Suppliers 2024 | 55 | No |
Dairy - Share Milker - Southland - Fonterra 2024 | 46 | No |
Dairy - Share Milker - Taranaki - All Suppliers 2024 | 95 | Yes |
Dairy - Share Milker - Taranaki - Fonterra 2024 | 90 | Yes |
Dairy - Share Milker - Waikato - All Suppliers 2024 | 125 | Yes |
Dairy - Share Milker - Waikato - Fonterra 2024 | 106 | Yes |
Category Definitions
To make data easier to compare, we have used a custom category structure. This differs slightly from Figured’s standard reporting, as some rarer categories used by a minority of farms are excluded due to small sample sizes. The goal is to make these benchmarks as meaningful and comparable as possible.
Table of Category Definitions
Table of Category Definitions
Benchmark Report "Categories" | Customer Facing Notes |
Milk Gross Profit | Milk Income from all milk trackers (net of dairy levies and Sharemilker/Contract Milker deductions). |
Net Livestock Sales | Livestock sales less livestock purchases |
Other Gross Profit | All other production (tracker) income excl Milk Income & Livestock Income |
Animal Expenses | Group of Categories: Animal Health, Breeding, Calf Rearing, Other Animal, Welfare, Kid Rearing |
Feed Expenses | Group of Categories: Cropping (Feed), Grazing, Supplements & Concentrates, Other Feed, Grazing - Long Term, Grazing - Short Term |
Pasture Expenses | Group of Categories: Fertiliser, Irrigation, Weed & Pest, Pasture Renewal, Other Pasture, Cropping |
Effluent | Category |
Electricity | Category |
Farm Working | Category |
Repairs & Maintenance | Category |
Shed Expenses | Category |
Staff Costs | Category |
Vehicle Expenses | Category |
Overhead Expenses | Group of Categories: Levies, Administration, Insurance, Rates, Other Overheads, Advisory, Health & Safety, Environmental |
Other Operating Expenses | Group of Categories: Forestry, Freight, Horse Expenses, Horticulture Expenses, Other Operations, Shearing Expenses, Viticulture Expenses, Winter Grazing, Contracting + any operating expense not already included |
Non Operating Income | Group of Categories: Investment Income, Off Farm Income, Other Non Operating Income |
Interest | Category |
Depreciation | Category |
Tax | Category |
Profit Distributions | Category |
Other Non Operating Expenses | Group of Categories: Lease, Other Non Operating + any non operating expense not already included |
Data Cleansing & Preparation
To ensure accuracy, farms included in the benchmarking process must meet strict data quality controls:
Located in New Zealand.
Have at least 9 months of kgMS data.
Generate at least 60% of revenue from milk income.
Are actively managed in Figured and Xero (e.g., recent logins, tax returns, or data syncs).
Show realistic milk income per kgMS based on ownership structure.
Have operating costs within a reasonable range relative to income.
Goat and sheep dairy operations have been excluded to keep the focus on cow dairy farms.
Timeframe Covered:
The 2024 benchmarking report includes actuals to May 2024, as at 31 October 2024.
Account Categorisation:
Figured’s auto-categorisation feature achieves a 80-85% accuracy when an accounting system is first connected to a Figured file. If the file is maintained/managed, the accuracy of categories is likely to be higher.
Other production data:
Sub region groupings (based on address), milking platform size and peak cow data was too sparse to be used unfortunately. We are actively engaging in ways to get more customers entering this data, such as requiring some basic farm data completion before accessing any benchmark report. This will ensure that we can bring in more production data points leading to more in depth analysis and comparisons in future.
Other FAQ
How are the top 5 expenses in the bar graph determined?
The top 5 bar graph is based on the farm's top 5 expenses, not the benchmark's. This means the graph highlights the five largest expense categories specific to your farm, providing a clearer picture of where your costs are concentrated.
Why is the benchmark report not available for my farm?
The Figured Benchmark Report is not available for enterprise-sized multi-farms and non-cow (sheep and goat) dairy farms. If you believe your farm should have access, please contact us via the green chat bubble in the app or email us at support@figured.com.
Feedback
We would love to hear from you - what you like about the benchmarking report or what you would like improved. Please use the green chat bubble in the app or email info@figured.com with the subject line: Benchmarking Feedback.