Market cap
$683.9m
End-of-day close multiplied by current shares on issue.
SKC · NZX
SkyCity Entertainment Group (SKC)
Consumer / Gaming and tourismCovered: FY23 - HY266 published briefings
SkyCity Entertainment Group is an NZX-listed consumer / gaming and tourism company with FY23 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 19 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $406.5m | ↓ -3.4% |
| EBITDA | $72.1m | ↓ -36.3% |
| NPAT | $12.1m | ↑ +98.4% |
| Operating cash flow | $56.1m | n/m |
| 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
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, 31 July 2026
Price and market cap
The latest close and share count context for the market price.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
19.43x
Recent market cap compared with trailing earnings.
EPS
0.03
Recent filing-derived earnings per share.
PEG
0.2x
P/E compared with recent earnings growth.
EV/EBITDA
6.71x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.43x
Market value compared with latest reported equity.
Income and fund shape
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.
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.
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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. 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.
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Chat
Ask about SKC
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.
Ask about SKC
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
Performance over time
The latest period is shown first.
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| 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% | -99.8% | -41.5% | n/m | 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 | — | 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.
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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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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NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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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.
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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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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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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 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
Open questions from FY25
- What specifically drove the $158m fall in operating cash flow when EBITDA rose, and how much was tax, interest, or other below-EBITDA items?
- What are the new balance sheet initiatives, and do they involve equity, hybrid, or asset-level funding?
- Why did the Adelaide segment result fall to $28.5m from $39.6m at a 13.4% margin, and what is the recovery path?
- When does the board expect dividends to resume, and against what leverage or cash-flow test?
- Is the $17.6m B3 programme cost a one-off or recurring through FY26, and what quantified savings does it target?
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
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
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
FY23 · Released 23 August 2023
Auckland's $177m segment recovery masked by Adelaide's $94m loss
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%.
Read briefing
Get notified when SKC publishes
Get the next SkyCity Entertainment Group result briefing and five-year history updates by email.