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SEK · NZX

Seeka (SEK)

Primary Industries / HorticultureCovered: FY22 - HY266 published briefings

Seeka is an NZX-listed primary industries / horticulture company. Its latest covered result is HY26, with FY22 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 20 August 2026

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SEK latest metrics
MetricValueChange
Revenue$305.5m↑ +43.6%
EBITDA$86.3m↑ +136.9%
NPAT$45.4m↑ +332.4%
Operating cash flow$57.1mn/m
OCF / EBITDA %66.1%↑ +53.8pp
Net debt$119.8m↓ -32.3%
Net debt / EBITDA1.39x↓ -71.4%
ROE %13.4%↑ +9.6pp
DPS20.0c—
Payout ratio vs NPAT %18.7%—

Source: latest published briefing (HY26, released 20 August 2026). Change compares against the prior equivalent period: HY23, released 23 August 2023.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$236m

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

Not available

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Not available for this company right now.

EPS

Not available

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Not available for this company right now.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

Not available

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Not available for this company right now.

P/B

0.7x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

8.5%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

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.

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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.

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Ask about SEK

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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SEK metric history
MetricHY266 MONTHS20 August 2026FY2512 MONTHS27 February 2026FY2412 MONTHS27 February 2025FY2312 MONTHS28 February 2024HY236 MONTHS23 August 2023FY2212 MONTHS23 February 2023Trend
Revenue$305.5m$439.6m$411.4m$300.9m$212.7m$348.4m
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Revenue growth %-0.8%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%
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  • FY23 Revenue growth %: 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 Revenue growth %: 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$86.3m$95.9m$76.1m$26m$36.4m$46.1m
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EBITDA margin %28.3%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%
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  • FY23 EBITDA margin %: 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 EBITDA margin %: 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%.
PBT$62.6m$47.5m$29.7m-$21m$13.6m$7.6m
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PBT growth %5.4%59.9%——-54.8%-67.7%
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NPAT$45.4m$32m$8.8m-$14.5m$10.5m$6.5m
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NPAT growth %20.1%263.6%——-51.2%-56.4%
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Operating cash flow$57.1m$79m$66m$2.7m$4.5m$12.1m
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OCF / EBITDA %66.1%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%
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  • FY23 OCF / EBITDA %: 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 OCF / EBITDA %: 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$42.1m$57.9m$47.7m-$20.1m-$9.4m-$17.6m
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DPS20.0c25.0c5.0c——0.0c
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Payout ratio vs NPAT %18.7%32.9%23.8%———
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Annual payout ratio vs EPS %—32.9%23.8%———
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ROE %13.4%10.7%3.3%-5.6%3.8%2.4%
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Net debt$119.8m$100.3m$137.3m$172.4m$177m$147.4m
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Net debt / EBITDA1.39x1.05xOutside 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.1.8x6.63xOutside 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.4.86x3.2x
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  • FY23 Net debt / EBITDA: 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 Net debt / EBITDA: 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.
Debtor days34111627Outside 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.37n/m
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  • FY23 Debtor days: 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 days1999131313
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Total assets$684.8m$605.4m$549.9m$548.8m$582.7m$547.9m
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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.

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Revenue growth

Like-period revenue growth where comparable.

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  • 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.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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  • 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.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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  • 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.

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ROE

Return on equity.

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Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • 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.

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Payout ratio

Dividend payout against statutory NPAT.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • 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.

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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.

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The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

From PBT up 59.9% on margin expansion; NPAT growth of 264% flattered by tax

The release contains no explicit FY26 earnings guidance or revenue target, so the result cannot be benchmarked against stated ambition. Operational disclosures (47m NZ kiwifruit trays packed, up 10%; Australian volumes up 25%) provide volume context but no quantified forward-work indicator. HY25 contributed 48.4% of full-year revenue but only 38.0% of EBITDA and 32.8% of NPAT, confirming a heavily second-half-weighted earnings shape consistent with the harvest cycle. The central uncertainty is whether the step-up in post-harvest gross margin to 37.9% holds in a year that may not benefit from the same volume and mix conditions.

Open questions

Open questions from FY25

  • What specifically drove post-harvest gross margin from 26.6% to 37.9%, and how much is structural automation versus volume-leverage on a strong harvest?
  • Why was the FY24 effective tax rate near 70%, and is there any residual one-off element still affecting comparability?
  • Why have debtor days fallen to 11.2 from 15.6, below the historical range, and is this a permanent step-down or a timing benefit?
  • How should the lifted payout ratio of 32.9% be read against the strengthened balance sheet — is this a new dividend policy level?
  • What forward-work or volume signals exist for FY26 kiwifruit harvest that would support the elevated earnings base?

This briefing cannot assess whether the post-harvest margin expansion reflects durable structural gains or favourable harvest-year economics that will not repeat.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

NZX Financial Results Announcement - 30 June 2026

HY26 / results announcement

Seeka Analyst Briefing Pack - 30 June 2026

HY26 / results presentation

Seeka Announcement - 30 June 2026

HY26 / results release

Seeka Interim Report - 30 June 2026

HY26 / financial report

Prior comparable period

NZX Results Announcement - 30 June 2025

HY25 / results announcement

Seeka Analyst Briefing Pack - 30 June 2025

HY25 / results presentation

Seeka Announcement - 30 June 2025

HY25 / results release

Seeka Interim Report - 30 June 2025

HY25 / financial report

Full-year context

NZX Results Announcement - 31 December 2025

FY25 / results announcement

Seeka Analyst Briefing Pack - 31 December 2025

FY25 / results presentation

Seeka Announcement - 31 December 2025

FY25 / results release

Seeka Annual Report - 31 December 2025

FY25 / financial report

Release context

Seeka Increases Forecast Full Year Earnings Guidance

HY25 / commentary

Peer context

Horticulture comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

TGG · FY25

T&G Global Limited and subsidiary companies

10 published result briefings

Compare SEK, TGG →Primary Industries result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 20 August 2026

Cash conversion fell to 66.1% as a lower tax rate lifted NPAT 20.1%

Profit before tax rose only 5.4% while a falling tax rate pushed NPAT growth to 20.1%, masking weaker cash generation and segment margin pressure.

Read briefing

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
Open all 6 result briefings

Related insights

Compare this company

The latest SEK metrics also appear in these cross-company comparisons.

Insight

Cash conversion quality

This result converted 66.1% of EBITDA to operating cash flow, -9.3pp versus the prior comparable period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 14.7pp, with a distortion flag in the result.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 18.7%.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 1.39x, -0.18x versus the prior comparable period.

Open insight

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