Market cap
$579.1m
End-of-day close multiplied by current shares on issue.
SKC · NZX
SkyCity Entertainment Group is an NZX-listed consumer / gaming and tourism company with FY23 - HY26 of published result briefings.
Snapshot
HY26, released 19 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $406.5m | ↓ -3.4% |
| EBITDA | $72.1m | ↓ -36.3% |
| NPAT | $12.1m | ↑ +98.4% |
| Operating cash flow | $56.1m | ↑ +2781.8% |
| OCF / EBITDA % | 77.8% | ↑ +76.1pp |
| Net debt | $490.4m | ↓ -16.8% |
| Net debt / EBITDA | 6.8x | ↑ +30.5% |
| ROE % | 0.8% | ↑ +0.3pp |
| PBT | $15.9m | ↓ -43.4% |
| FCF pre-lease | -$13.5m | ↑ +81.8% |
Source: latest published briefing (HY26, released 19 February 2026). Change compares against the prior equivalent period: HY25, released 20 February 2025.
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.
The latest close and share count context for the market price.
Market cap
$579.1m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
16.45x
Recent market cap compared with trailing earnings.
EPS
0.03
Recent filing-derived earnings per share.
PEG
0.17x
P/E compared with recent earnings growth.
EV/EBITDA
6.11x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.37x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
0.0%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about SkyCity Entertainment Group's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS19 February 2026 | FY2512 MONTHS21 August 2025 | HY256 MONTHS20 February 2025 | FY2412 MONTHS22 August 2024 | HY246 MONTHS22 February 2024 | FY2312 MONTHS23 August 2023 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $406.5m | $821.3m | $420.8m | $861m | $440.4m | $855.8m | Chart |
| Revenue growth % | -3.4% | -4.6% | -4.5% | 0.6% | 0.8% | 54.6% | Chart |
| EBITDA | $72.1m | $216.1m | $113.1m | $138.2m | $101m | $165.9m | Chart |
| EBITDA margin % | 17.7% | 26.3% | 26.9% | 16.0% | 22.9% | 19.4% | Chart |
| PBT | $15.9m | $68.2m | $28.1m | $30.1m | $48m | $51.7m | Chart |
| PBT growth % | -43.4% | 126.6% | -41.5% | -41.8% | 6.7% | — | Chart |
| NPAT | $12.1m | $29.2m | $6.1m | -$143.3m | $22.5m | $8m | Chart |
| NPAT growth % | 98.4% | — | -72.9% | — | -1.3% | — | Chart |
| Operating cash flow | $56.1m | $45.2m | $1.9m | $203.6m | $87.5m | $280.1m | Chart |
| OCF / EBITDA % | 77.8% | 20.9% | 1.7% | 147.3% | 86.6% | 168.8% | Chart |
| FCF pre-lease | -$13.5m | -$116.4m | -$74.2m | -$100.1m | $10.1m | $25.4m | Chart |
| DPS | — | — | — | 6.0c | 5.3c | 6.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | 175.0% | — | — |
| ROE % | 0.8% | 2.2% | 0.5% | -11.0% | 1.5% | 0.5% | Chart |
| Net debt | $490.4m | $615m | $589.5m | $549m | $378.8m | $326.5m | Chart |
| Net debt / EBITDA | 6.8x | 2.85x | 5.21x | 3.97x | 3.75x | 1.97x | Chart |
| Debtor days | — | 2 | — | 3 | — | 3 | Chart |
| Inventory days | 8 | 4 | 4 | 4 | 4 | 4 | Chart |
| Total assets | $2.6b | $2.8b | $2.8b | $2.8b | $2.8b | $2.9b | Chart |
Reference: annolyse.ai/companies/skc
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From SkyCity operating cash flow fell 77.8% as conversion dropped to 20.9%
No formal FY26 EBITDA or revenue targets are supplied in the release excerpts, so the result has to be judged against shape rather than guidance. HY25 produced only $1.9m of operating cash flow and $6.1m of NPAT, meaning the second half delivered roughly $43.2m of OCF and $23.2m of NPAT — a meaningful sequential improvement, but off a very weak first half rather than a sustained run-rate.
The release excerpts indicate dividends remain suspended at least through the current period and that capital initiatives are being launched to bolster resilience. That is consistent with a company that does not yet expect operating cash to fund both capex and distributions, and the gap between underlying EBITDA decline and reported EBITDA growth is what matters here.
Open questions
This briefing cannot assess regulatory and licensing risk, the timing of New Zealand International Convention Centre (NZICC) earnings contribution, or the terms of the announced balance sheet initiatives.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 19 February 2026
Tax normalisation flattered headline NPAT while EBITDA fell 36.3% and Adelaide's segment result swung from a $2.8m profit to a $16.1m loss.
FY25 · Released 21 August 2025
Reported EBITDA rose 56.4% off a depressed prior period, but underlying EBITDA fell 15.9% and free cash flow stayed deeply negative.
HY25 · Released 20 February 2025
EBITDA rose 12.0% to $113.1m but cash conversion fell to 1.7%, net debt climbed to $589.5m, and the interim dividend was suspended.
FY24 · Released 22 August 2024
Operating cost pressure and asset impairments drove a statutory loss, while capex intensity rose to 35.3% of revenue and net debt more than doubled.
HY24 · Released 22 February 2024
Headline PBT growth of 6.7% masks a 45% fall in operating cash, leverage climbing to 3.75x EBITDA, and a dividend set at 175% of NPAT.
FY23 · Released 23 August 2023
EBITDA rose 71% on Auckland's rebound, but the Adelaide casino licence impairment kept NPAT at $8.0m and lifted the effective tax rate to 84.6%.
Get the next SkyCity Entertainment Group result briefing and five-year history updates by email.