Market cap
$216.3m
End-of-day close multiplied by current shares on issue.
SEK · NZX
Seeka (SEK)
Primary Industries / HorticultureCovered: FY22 - FY255 published briefings
Seeka is an NZX-listed primary industries / horticulture company with FY22 - FY25 of published result briefings.
Sections
Snapshot
Latest metrics
FY25, released 27 February 2026
← Swipe to view more
| Metric | Value | Change |
|---|---|---|
| Revenue | $439.6m | ↑ +6.9% |
| EBITDA | $95.9m | ↑ +25.9% |
| NPAT | $32m | ↑ +263.6% |
| Operating cash flow | $79m | ↑ +19.6% |
| OCF / EBITDA % | 82.4% | ↓ -4.4pp |
| Net debt | $100.3m | ↓ -27.0% |
| Net debt / EBITDA | 1.05xOutside range low net debt / ebitda. 1.05x; 3-period range 1.8x to 6.63x. Net debt / EBITDA: 1.05x, below normal range; 3-period mean 3.88x, range 1.80x-6.63x. | ↓ -41.7% |
| ROE % | 10.7% | ↑ +7.4pp |
| DPS | 25.0c | ↑ +400.0% |
| Payout ratio vs NPAT % | 32.9% | ↑ +9.1pp |
Source: latest published briefing (FY25, released 27 February 2026). Change compares against the prior equivalent period: FY24, released 27 February 2025.
Valuation
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
Prices as at close, 30 July 2026
Price and market cap
The latest close and share count context for the market price.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
6.76x
Recent market cap compared with trailing earnings.
EPS
0.72
Recent filing-derived earnings per share.
PEG
0.03x
P/E compared with recent earnings growth.
EV/EBITDA
3.3x
Enterprise value compared with recent EBITDA.
P/FCF
3.74x
Market cap compared with recent free cash flow.
P/B
0.73x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
5.2%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Price history
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Share price
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Loading chart...
P/E over time
Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.
Loading chart...
Chat
Ask about SEK
Ask follow-up questions about Seeka's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about SEK
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
Performance over time
The latest period is shown first.
← Swipe to view more
| Metric | FY2512 MONTHS27 February 2026 | FY2412 MONTHS27 February 2025 | FY2312 MONTHS28 February 2024 | HY236 MONTHS23 August 2023 | FY2212 MONTHS23 February 2023 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $439.6m | $411.4m | $300.9m | $212.7m | $348.4m | Chart |
| Revenue growth % | 6.9%Outside range low revenue growth. 6.9%; 3-period range 12.5% to 41.5%. Revenue growth: 6.9%, below normal range; 3-period mean 30.2%, range 12.5%-41.5%. | 36.7% | 41.5%Outside range high revenue growth. 41.5%; 3-period range 6.9% to 36.7%. Revenue growth: 41.5%, above normal range; 3-period mean 18.7%, range 6.9%-36.7%. | -14.0% | 12.5% | Chart
|
| EBITDA | $95.9m | $76.1m | $26m | $36.4m | $46.1m | Chart |
| EBITDA margin % | 21.8%Outside range high ebitda margin. 21.8%; 3-period range 8.6% to 18.5%. EBITDA margin: 21.8%, above normal range; 3-period mean 13.5%, range 8.6%-18.5%. | 18.5% | 8.6%Outside range low ebitda margin. 8.6%; 3-period range 13.2% to 21.8%. EBITDA margin: 8.6%, below normal range; 3-period mean 17.8%, range 13.2%-21.8%. | 17.1% | 13.2% | Chart
|
| PBT | $47.5m | $29.7m | -$21m | $13.6m | $7.6m | Chart |
| PBT growth % | 59.9% | — | — | -54.8% | -67.7% | Chart |
| NPAT | $32m | $8.8m | -$14.5m | $10.5m | $6.5m | Chart |
| NPAT growth % | 263.6% | — | — | -51.2% | -56.4% | Chart |
| Operating cash flow | $79m | $66m | $2.7m | $4.5m | $12.1m | Chart |
| OCF / EBITDA % | 82.4% | 86.8%Outside range high ocf / ebitda cash conversion. 86.8%; 3-period range 10.3% to 82.4%. OCF / EBITDA cash conversion: 86.8%, above normal range; 3-period mean 39.7%, range 10.3%-82.4%. | 10.3%Outside range low ocf / ebitda cash conversion. 10.3%; 3-period range 26.3% to 86.8%. OCF / EBITDA cash conversion: 10.3%, below normal range; 3-period mean 65.2%, range 26.3%-86.8%. | 12.3% | 26.3% | Chart
|
| FCF pre-lease | $57.9m | $47.7m | -$20.1m | -$9.4m | -$17.6m | Chart |
| DPS | 25.0c | 5.0c | — | — | 0.0c | Chart |
| Payout ratio vs NPAT % | 32.9% | 23.8% | — | — | — | Chart |
| Annual payout ratio vs EPS % | 32.9% | 23.8% | — | — | — | Chart |
| ROE % | 10.7% | 3.3% | -5.6% | 3.8% | 2.4% | Chart |
| Net debt | $100.3m | $137.3m | $172.4m | $177m | $147.4m | Chart |
| Net debt / EBITDA | 1.05xOutside range low net debt / ebitda. 1.05x; 3-period range 1.8x to 6.63x. Net debt / EBITDA: 1.05x, below normal range; 3-period mean 3.88x, range 1.80x-6.63x. | 1.8x | 6.63xOutside range high net debt / ebitda. 6.63x; 3-period range 1.05x to 3.2x. Net debt / EBITDA: 6.63x, above normal range; 3-period mean 2.02x, range 1.05x-3.20x. | 4.86x | 3.2x | Chart
|
| Debtor days | 11 | 16 | 27Outside range high debtor days. 27d; 3-period range 0d to 16d. Debtor days: 27.1 days, above normal range; 3-period mean 8.9 days, range 0.0 days-15.6 days. | 37 | n/m | Chart
|
| Inventory days | 9 | 9 | 13 | 13 | 13 | Chart |
| Total assets | $605.4m | $549.9m | $548.8m | $582.7m | $547.9m | Chart |
Reference: annolyse.ai/companies/sek
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
Filing-only history charts
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Revenue
Reported revenue across covered periods.
Loading chart...
Revenue growth
Like-period revenue growth where comparable.
Loading chart...
- FY23 SEK FY: Outside range high revenue growth. 41.5%; 3-period range 6.9% to 36.7%. Revenue growth: 41.5%, above normal range; 3-period mean 18.7%, range 6.9%-36.7%.
- FY25 SEK FY: Outside range low revenue growth. 6.9%; 3-period range 12.5% to 41.5%. Revenue growth: 6.9%, below normal range; 3-period mean 30.2%, range 12.5%-41.5%.
EBITDA-equivalent
Company-specific earnings measure where disclosed.
Loading chart...
EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
Loading chart...
- FY23 SEK FY: Outside range low ebitda margin. 8.6%; 3-period range 13.2% to 21.8%. EBITDA margin: 8.6%, below normal range; 3-period mean 17.8%, range 13.2%-21.8%.
- FY25 SEK FY: Outside range high ebitda margin. 21.8%; 3-period range 8.6% to 18.5%. EBITDA margin: 21.8%, above normal range; 3-period mean 13.5%, range 8.6%-18.5%.
NPAT
Statutory profit after tax.
Loading chart...
Operating cash flow
Cash generated from operations.
Loading chart...
Full chartable metric set
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
OCF / EBITDA
Cash conversion against earnings.
Loading chart...
- FY23 SEK FY: Outside range low ocf / ebitda cash conversion. 10.3%; 3-period range 26.3% to 86.8%. OCF / EBITDA cash conversion: 10.3%, below normal range; 3-period mean 65.2%, range 26.3%-86.8%.
- FY24 SEK FY: Outside range high ocf / ebitda cash conversion. 86.8%; 3-period range 10.3% to 82.4%. OCF / EBITDA cash conversion: 86.8%, above normal range; 3-period mean 39.7%, range 10.3%-82.4%.
FCF pre-lease
Operating cash flow less capex before leases.
Loading chart...
ROE
Return on equity.
Loading chart...
Net debt
Borrowings less cash; negative values indicate net cash.
Loading chart...
Net debt / EBITDA
Leverage ratio, suppressed where earnings are not meaningful.
Loading chart...
- FY23 SEK FY: Outside range high net debt / ebitda. 6.63x; 3-period range 1.05x to 3.2x. Net debt / EBITDA: 6.63x, above normal range; 3-period mean 2.02x, range 1.05x-3.20x.
- FY25 SEK FY: Outside range low net debt / ebitda. 1.05x; 3-period range 1.8x to 6.63x. Net debt / EBITDA: 1.05x, below normal range; 3-period mean 3.88x, range 1.80x-6.63x.
DPS
Dividend per share declared for the period.
Loading chart...
Payout ratio
Dividend payout against statutory NPAT.
Loading chart...
Debtor days
Receivables days where the working-capital inputs are source-backed.
Loading chart...
- FY23 SEK FY: Outside range high debtor days. 27d; 3-period range 0d to 16d. Debtor days: 27.1 days, above normal range; 3-period mean 8.9 days, range 0.0 days-15.6 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
Loading chart...
Operating working-capital movement
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
Loading chart...
The setup & the reality
FY24 → FY25 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What FY24 said to watch
Previous analysisFY24Result releasedAnnolyse analysis published
From Seeka EBITDA surged 192.9% but tax distortion masked a PBT-to-NPAT gap
Seeka confirmed its PBT result of NZ$29.7m fell within the guidance range of NZ$27.5m–NZ$31.5m. No forward earnings guidance is provided for FY25, and the company has offered limited explicit forward-work visibility in the release.
Second-half earnings shape is worth noting: the H1 FY24 NPAT of NZ$10.5m implies a H2 NPAT loss of approximately NZ$1.7m, which reflects the seasonal nature of the kiwifruit business but also suggests underlying second-half earnings remain modest. The FY24 recovery is substantially a volume-recovery event; the question for FY25 is whether industry volumes hold and whether margins at current EBITDA levels of 18.5% — at the upper edge of Seeka's historical range but below the historical maximum of 21.8% — are sustainable without a further step-up.
Open questions
Open questions from FY24
- What is the specific composition of the -70.5% effective tax rate credit — deferred tax asset recognition, prior-year loss carry-forwards, or another mechanism — and how much is expected to recur?
- Will FY25 kiwifruit volumes and pricing support an EBITDA margin at or above 18.5%, or does the FY24 result reflect a cyclical peak in the volume recovery?
- How does management frame dividend policy going forward — is the 15 cents per share paid in FY24 (10 cents January, 5 cents April) a one-time catch-up or an indication of a sustainable annual payout level?
- Does the H2 FY24 NPAT loss of approximately NZ$1.7m reflect normal seasonality or incremental cost pressure that persisted into the second half?
- Is there further meaningful debt reduction targeted from FY25 free cash flow, or will capital allocation shift toward growth investment now that leverage is at 1.8x?
This briefing cannot assess the sustainability of the kiwifruit volume recovery, future industry supply dynamics, or the likelihood of the tax benefit recurring.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY25 · Released 27 February 2026
PBT up 59.9% on margin expansion; NPAT growth of 264% flattered by tax
Post-harvest segment gross margin lifted from 26.6% to 37.9% drove the real operating gain, while a normalising tax rate amplifies the headline NPAT
Read briefing
FY24 · Released 27 February 2025
Seeka EBITDA surged 192.9% but tax distortion masked a PBT-to-NPAT gap
Revenue jumped 36.7% on a kiwifruit volume recovery, lifting PBT to NZ$29.7m from a NZ$21.0m loss, while a -70.5% effective tax rate widened the gap
Read briefing
FY23 · Released 28 February 2024
$14.5m loss and 6.63x leverage trigger dividend suspension
A NZ$24.5m working-capital release lifted operating cash, but FCF pre-lease was still NZ$-20.1m and banking support was needed.
Read briefing
HY23 · Released 23 August 2023
PBT fell 54.8% and leverage rose to 4.9x EBITDA
Cash conversion collapsed from 38.8% to 12.3% in Seeka's seasonally strong half, with orchard and Australian operations swinging to losses.
Read briefing
FY22 · Released 23 February 2023
Dividend cut to zero as cash conversion fell to 26.3% and FCF turned negative
Revenue grew 12.5% but a loss-making second half, NZ$17.6m of pre-lease cash burn and leverage at 3.2x EBITDA dominate the read.
Read briefing
Get notified when SEK publishes
Get the next Seeka result briefing and five-year history updates by email.