\[\frac{z^{2} - 16}{z^{2} + 4z} \cdot \left( \frac{z}{z - 4} \right)^{2} =\]
\[= \frac{(z - 4)(z + 4)}{z(z + 4)} \cdot \frac{z^{2}}{(z - 4)^{2}} =\]
\[= \frac{z}{z - 4}.\]