Skip to main content
Annolyse
Back to companies

SKC · NZX

SkyCity Entertainment Group (SKC)

Consumer / Gaming and tourismCovered: FY23 - FY267 published briefings

SkyCity Entertainment Group is an NZX-listed consumer / gaming and tourism company. Its latest covered result is FY26, with FY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 20 August 2026

← Swipe to view more
SKC latest metrics
MetricValueChange
Revenue$813.7m↓ -0.9%
EBITDA$120.5m↓ -44.2%
NPAT$18.2m↓ -37.7%
Operating cash flow$121.7m↑ +169.4%
OCF / EBITDA %101.0%↑ +80.1pp
Net debt$590.7m↓ -3.9%
Net debt / EBITDA4.9x↑ +71.9%
ROE %1.2%↓ -1.0pp
PBT-$12.1m↓ -117.7%
FCF pre-lease$26.3m↑ +122.6%

Source: latest published briefing (FY26, released 20 August 2026). Change compares against the prior equivalent period: FY25, released 21 August 2025.

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

$722.5m

i

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

39.7x

i

Recent market cap compared with trailing earnings.

EPS

0.02

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

10.9x

i

Enterprise value compared with recent EBITDA.

P/FCF

27.5x

i

Market cap compared with recent free cash flow.

P/B

0.47x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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.

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. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY23.

Loading chart...

Ask about SKC

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

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.

Checking account...

Financial history

Performance over time

The latest period is shown first.

← Swipe to view more
SKC metric history
MetricFY2612 MONTHS20 August 2026HY266 MONTHS19 February 2026FY2512 MONTHS21 August 2025HY256 MONTHS20 February 2025FY2412 MONTHS22 August 2024HY246 MONTHS22 February 2024FY2312 MONTHS23 August 2023Trend
Revenue$813.7m$406.5m$821.3m$420.8m$861m$440.4m$855.8m
Chart
Revenue growth %-0.9%-3.4%-4.6%Outside range low revenue growth. -4.6%; 3-period range -0.9% to 54.6%. Revenue growth: -4.6%, below normal range; 3-period mean 18.1%, range -0.9%-54.6%.-4.5%0.6%0.8%54.6%Outside range high revenue growth. 54.6%; 3-period range -4.6% to 0.6%. Revenue growth: 54.6%, above normal range; 3-period mean -1.6%, range -4.6%-0.6%.
Chart
  • FY25 Revenue growth %: Outside range low revenue growth. -4.6%; 3-period range -0.9% to 54.6%. Revenue growth: -4.6%, below normal range; 3-period mean 18.1%, range -0.9%-54.6%.
EBITDA$120.5m$72.1m$216.1m$113.1m$138.2m$101m$165.9m
Chart
EBITDA margin %14.8%Outside range low ebitda margin. 14.8%; 3-period range 16% to 26.3%. EBITDA margin: 14.8%, below normal range; 3-period mean 20.6%, range 16.0%-26.3%.17.7%26.3%Outside range high ebitda margin. 26.3%; 3-period range 14.8% to 19.4%. EBITDA margin: 26.3%, above normal range; 3-period mean 16.7%, range 14.8%-19.4%.26.9%16.0%22.9%19.4%
Chart
  • FY25 EBITDA margin %: Outside range high ebitda margin. 26.3%; 3-period range 14.8% to 19.4%. EBITDA margin: 26.3%, above normal range; 3-period mean 16.7%, range 14.8%-19.4%.
  • FY26 EBITDA margin %: Outside range low ebitda margin. 14.8%; 3-period range 16% to 26.3%. EBITDA margin: 14.8%, below normal range; 3-period mean 20.6%, range 16.0%-26.3%.
PBT-$12.1m$15.9m$68.2m$28.1m$30.1m$48m$51.7m
Chart
PBT growth %—-43.4%-99.8%-41.5%-41.7%6.7%—
Chart
NPAT$18.2m$12.1m$29.2m$6.1m-$143.3m$22.5m$8m
Chart
NPAT growth %-37.7%98.4%—-72.9%—-1.3%—
Chart
Operating cash flow$121.7m$56.1m$45.2m$1.9m$203.6m$87.5m$280.1m
Chart
OCF / EBITDA %101.0%77.8%20.9%Outside range low ocf / ebitda cash conversion. 20.9%; 3-period range 101% to 168.9%. OCF / EBITDA cash conversion: 20.9%, below normal range; 3-period mean 139.1%, range 101.0%-168.9%.1.7%147.3%86.6%168.8%Outside range high ocf / ebitda cash conversion. 168.9%; 3-period range 20.9% to 147.3%. OCF / EBITDA cash conversion: 168.9%, above normal range; 3-period mean 89.7%, range 20.9%-147.3%.
Chart
  • FY25 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 20.9%; 3-period range 101% to 168.9%. OCF / EBITDA cash conversion: 20.9%, below normal range; 3-period mean 139.1%, range 101.0%-168.9%.
FCF pre-lease$26.3m-$13.5m-$116.4m-$74.2m-$100.1m$10.1m—
Chart
DPS————6.0c5.3c6.0c
Chart
Payout ratio vs NPAT %—————175.0%—
—
ROE %1.2%0.8%2.2%0.5%-11.0%1.5%0.5%
Chart
Net debt$590.7m$490.4m$615m$589.5m$549m$378.8m$326.5m
Chart
Net debt / EBITDA4.9x6.8x2.85x5.21x3.97xOutside range high net debt / ebitda. 3.97x; 3-period range 1.97x to 3.1x. Net debt / EBITDA: 3.97x, above normal range; 3-period mean 2.62x, range 1.97x-3.10x.3.75x1.97xOutside range low net debt / ebitda. 1.97x; 3-period range 2.8x to 3.97x. Net debt / EBITDA: 1.97x, below normal range; 3-period mean 3.29x, range 2.80x-3.97x.
Chart
  • FY24 Net debt / EBITDA: Outside range high net debt / ebitda. 3.97x; 3-period range 1.97x to 3.1x. Net debt / EBITDA: 3.97x, above normal range; 3-period mean 2.62x, range 1.97x-3.10x.
Debtor days5Outside range high debtor days. 5d; 3-period range 2d to 3d. Debtor days: 4.7 days, above normal range; 3-period mean 3.0 days, range 2.0 days-3.5 days.—2Outside range low debtor days. 2d; 3-period range 3d to 5d. Debtor days: 2.0 days, below normal range; 3-period mean 3.9 days, range 3.4 days-4.7 days.—3—3
Chart
  • FY25 Debtor days: Outside range low debtor days. 2d; 3-period range 3d to 5d. Debtor days: 2.0 days, below normal range; 3-period mean 3.9 days, range 3.4 days-4.7 days.
  • FY26 Debtor days: Outside range high debtor days. 5d; 3-period range 2d to 3d. Debtor days: 4.7 days, above normal range; 3-period mean 3.0 days, range 2.0 days-3.5 days.
Inventory days48444Outside range low inventory days. 4d; 3-period range 4d to 4d. Inventory days: 3.5 days, below normal range; 3-period mean 3.7 days, range 3.6 days-3.7 days.44
Chart
  • FY24 Inventory days: Outside range low inventory days. 4d; 3-period range 4d to 4d. Inventory days: 3.5 days, below normal range; 3-period mean 3.7 days, range 3.6 days-3.7 days.
Total assets$2.6b$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.

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 SKC FY: Outside range high revenue growth. 54.6%; 3-period range -4.6% to 0.6%. Revenue growth: 54.6%, above normal range; 3-period mean -1.6%, range -4.6%-0.6%.
  • FY25 SKC FY: Outside range low revenue growth. -4.6%; 3-period range -0.9% to 54.6%. Revenue growth: -4.6%, below normal range; 3-period mean 18.1%, range -0.9%-54.6%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

Loading chart...

EBITDA margin

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

Loading chart...
  • FY25 SKC FY: Outside range high ebitda margin. 26.3%; 3-period range 14.8% to 19.4%. EBITDA margin: 26.3%, above normal range; 3-period mean 16.7%, range 14.8%-19.4%.
  • FY26 SKC FY: Outside range low ebitda margin. 14.8%; 3-period range 16% to 26.3%. EBITDA margin: 14.8%, below normal range; 3-period mean 20.6%, range 16.0%-26.3%.

NPAT

Statutory profit after tax.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

More financial metrics

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

OCF / EBITDA

Cash conversion against earnings.

Loading chart...
  • FY23 SKC FY: Outside range high ocf / ebitda cash conversion. 168.9%; 3-period range 20.9% to 147.3%. OCF / EBITDA cash conversion: 168.9%, above normal range; 3-period mean 89.7%, range 20.9%-147.3%.
  • FY25 SKC FY: Outside range low ocf / ebitda cash conversion. 20.9%; 3-period range 101% to 168.9%. OCF / EBITDA cash conversion: 20.9%, below normal range; 3-period mean 139.1%, range 101.0%-168.9%.

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 SKC FY: Outside range low net debt / ebitda. 1.97x; 3-period range 2.8x to 3.97x. Net debt / EBITDA: 1.97x, below normal range; 3-period mean 3.29x, range 2.80x-3.97x.
  • FY24 SKC FY: Outside range high net debt / ebitda. 3.97x; 3-period range 1.97x to 3.1x. Net debt / EBITDA: 3.97x, above normal range; 3-period mean 2.62x, range 1.97x-3.10x.

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...
  • FY25 SKC FY: Outside range low debtor days. 2d; 3-period range 3d to 5d. Debtor days: 2.0 days, below normal range; 3-period mean 3.9 days, range 3.4 days-4.7 days.
  • FY26 SKC FY: Outside range high debtor days. 5d; 3-period range 2d to 3d. Debtor days: 4.7 days, above normal range; 3-period mean 3.0 days, range 2.0 days-3.5 days.

Inventory days

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

Loading chart...
  • FY24 SKC FY: Outside range low inventory days. 4d; 3-period range 4d to 4d. Inventory days: 3.5 days, below normal range; 3-period mean 3.7 days, range 3.6 days-3.7 days.

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...
  • FY25 SKC: Outside range low operating working-capital movement. $-4m; 3-period range $-1.8m to $5.2m. Operating working-capital movement: NZ$-4.0m, below normal range; 1/3 prior periods had builds averaging NZ$5.2m, and 2 had releases averaging NZ$-0.9m.
  • FY26 SKC: Outside range high operating working-capital movement. $5.2m; 3-period range $-4m to $-0.1m. Operating working-capital movement: NZ$5.2m, above normal range; 0/3 prior periods had builds, and 3 had releases averaging NZ$-2.0m.

The setup & the reality

HY26 → FY26 Follow-through

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

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From NPAT up 98% masks 43% PBT fall and Adelaide flipping to a $16m loss

No forward targets or guidance are supplied in the release excerpts, so this briefing judges the half against shape context only. HY25 represented 51.2% of full-year revenue but just 20.8% of FY25 NPAT, indicating a structurally second-half-weighted earnings profile that the current half does not yet contradict. Annualising current revenue gives $813.1m, broadly in line with FY25's $821.3m, so the top line is not collapsing.

What the release does not support is any read on whether Adelaide's loss is one-off or run-rate, or whether the Auckland margin compression continues. Both are required to size FY26 EBITDA against the FY25 reported $216.1m base.

Open questions

Open questions from HY26

  • Why did Adelaide swing from a $2.8m profit to a $16.1m segment loss on essentially flat revenue, and is the cost base now structurally higher?
  • What effective tax rate should investors anchor to going forward, given the 78.4% prior charge appears non-recurring?
  • How should the equity injection of roughly $269.7m be interpreted in capital-structure terms, and what is management's target leverage now that net debt to EBITDA has risen to 6.8x?
  • When does management expect Auckland's segment margin to stabilise after compressing from 31.6% to 25.2%?
  • What is the path to profitability for SkyCity Online, where the segment loss widened to $2.4m on $1.6m of revenue?

This briefing cannot assess regulatory, licensing, or AML-related contingencies that may sit behind the Adelaide result, because no such commentary is supplied in the release excerpts.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Annual Report

FY26 / financial report

Investor Presentation

FY26 / results presentation

Market Release

FY26 / results release

Results Announcement

FY26 / results announcement

Prior comparable period

Annual Report

FY25 / financial report

Cover Letter

FY25 / results announcement

Interim context

Financial Statements

HY26 / financial report

Investor Presentation

HY26 / results presentation

Market Release

HY26 / results release

Results Announcement

HY26 / results announcement

Release context

Annual Meeting Presentation

HY26 / commentary

Peer context

Other covered Consumer companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

CMO · FY26

The Colonial Motor Company

11 published result briefings

BGP · HY27

Briscoe Group

10 published result briefings

HLG · HY26

Hallenstein Glasson

10 published result briefings

MCK · HY26

Millennium & Copthorne Hotels New Zealand

10 published result briefings

Compare SKC, CMO, BGP, HLG →Consumer result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 20 August 2026

SkyCity underlying EBITDA meets guidance as reported NPAT falls 37.6%

Underlying EBITDA of NZ$181.6m met May guidance, while reported EBITDA was NZ$120.5m, NPAT fell to NZ$18.2m, and disclosed net debt ended at NZ$590.7m.

Read briefing

HY26 · Released 19 February 2026

NPAT up 98% masks 43% PBT fall and Adelaide flipping to a $16m loss

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.

Read briefing

FY25 · Released 21 August 2025

SkyCity operating cash flow fell 77.8% as conversion dropped to 20.9%

Reported EBITDA rose 56.4% off a depressed prior period, but underlying EBITDA fell 15.9% and free cash flow stayed deeply negative.

Read briefing

HY25 · Released 20 February 2025

Operating cash flow collapsed 97.8% as leverage rose to 5.2x EBITDA

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.

Read briefing

FY24 · Released 22 August 2024

PBT fell 41.8% as EBITDA dropped 16.7% on flat revenue

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.

Read briefing

HY24 · Released 22 February 2024

Operating cash flow halved and Adelaide swung to a $30.5m loss

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.

Read briefing
Open all 7 result briefings

Related insights

Compare this company

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

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 3.10x for this result.

Open insight

Insight

Earnings quality and statutory distortions

This result includes a statutory earnings-quality distortion flag.

Open insight

Insight

Cash conversion quality

This result converted 101.0% of EBITDA to operating cash flow, +80.1pp versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was -0.9% for this reporting period.

Open insight

Get notified when SKC publishes

Get the next SkyCity Entertainment Group result briefing and five-year history updates by email.