Market cap
$1.4b
End-of-day close multiplied by current shares on issue.
SKL · NZX
Skellerup Holdings (SKL)
Industrials / Industrial productsCovered: HY23 - HY266 published briefings
Skellerup Holdings is an NZX-listed industrials / industrial products company with HY23 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 12 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $183.5m | ↑ +11.0% |
| EBITDA | $49.4m | ↑ +14.4% |
| NPAT | $28.9m | ↑ +19.4% |
| Operating cash flow | $38.8m | ↑ +20.2% |
| OCF / EBITDA % | 78.5% | ↑ +3.9pp |
| Net debt | $17.5m | ↓ -14.3% |
| Net debt / EBITDA | 0.35x | ↓ -25.5% |
| ROE % | 12.0% | ↑ +1.4pp |
| DPS | 10.0c | ↑ +11.1% |
| Payout ratio vs NPAT % | 67.8% | ↓ -5.2pp |
Source: latest published briefing (HY26, released 12 February 2026). Change compares against the prior equivalent period: HY25, released 13 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
23.02x
Recent market cap compared with trailing earnings.
EPS
0.30
Recent filing-derived earnings per share.
PEG
1.19x
P/E compared with recent earnings growth.
EV/EBITDA
13.65x
Enterprise value compared with recent EBITDA.
P/FCF
22.62x
Market cap compared with recent free cash flow.
P/B
5.67x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.8%
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.
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Chat
Ask about SKL
Ask follow-up questions about Skellerup Holdings's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about SKL
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 MONTHS12 February 2026 | FY2512 MONTHS21 August 2025 | HY256 MONTHS13 February 2025 | FY2412 MONTHS15 February 2024 | FY2312 MONTHS17 August 2023 | HY236 MONTHS16 February 2023 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $183.5m | $353.5m | $165.3m | $157.7m | $333.5m | $165.5m | Chart |
| Revenue growth % | 11.0% | 6.9% | -0.1% | -52.7% | 5.3% | 10.0% | Chart |
| EBITDA | $49.4m | $94.9m | $43.2m | $39.4m | $86.9m | $41.1m | Chart |
| EBITDA margin % | 26.9% | 26.8% | 26.1% | 25.0% | 26.1% | 24.8% | Chart |
| PBT | $39m | $74.3m | $33.1m | $29.2m | $67m | $31.5m | Chart |
| PBT growth % | 17.8% | 9.7% | 5.1% | -56.4% | 4.2% | 0.3% | Chart |
| NPAT | $28.9m | $54.5m | $24.2m | $21.6m | $50.9m | $23m | Chart |
| NPAT growth % | 19.4% | 16.2% | 5.2% | -57.6% | 6.5% | -0.9% | Chart |
| Operating cash flow | $38.8m | $66.5m | $32.2m | $36.5m | $54.1m | $20.2m | Chart |
| OCF / EBITDA % | 78.5% | 70.1% | 74.6% | 92.6% | 62.3% | 49.1% | Chart |
| FCF pre-lease | $29.9m | $58.2m | $27.9m | $27m | $45.9m | $15.9m | Chart |
| FCF post-lease | — | — | $27.9m | — | — | — | — |
| DPS | 10.0c | 16.5c | 9.0c | 8.5c | 14.0c | 8.0c | Chart |
| Payout ratio vs NPAT % | 67.8% | 91.7% | 73.0% | 199.6% | 84.5% | 68.1% | Chart |
| Annual payout ratio vs EPS % | — | 91.7% | — | 199.6% | 84.6% | — | Chart |
| ROE % | 12.0% | 22.7% | 10.6% | 9.9% | 22.6% | 11.0% | Chart |
| Net debt | $17.5m | $12.4m | $20.4m | $26.4m | $26.8m | $39m | Chart |
| Net debt / EBITDA | 0.35x | 0.13x | 0.47x | 0.67x | 0.31x | 0.95x | Chart |
| Debtor days | 50 | 56 | 56 | 103 | 54 | 54 | Chart |
| Inventory days | 82 | 80 | 94 | 169 | 82 | 89 | Chart |
| Total assets | $360.6m | $349.3m | $346.1m | $330.6m | $343m | $339.6m | Chart |
Reference: annolyse.ai/companies/skl
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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FCF post-lease
Free cash flow after lease payments where available.
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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 Cash conversion fell to 70.1% as working capital absorbed $9.0m
No forward earnings target was supplied with the result, so this release is judged against the H1 shape rather than guidance. HY25 contributed 46.8% of full-year revenue, 45.5% of EBITDA and 44.3% of NPAT, implying a second-half weighted year on every line. Implied H2 EBITDA of roughly $51.7m and H2 NPAT of $30.4m mean the second half carried the result.
Operating cash flow was more evenly split (HY25 took 48.5%), so the H2 EBITDA step-up did not convert proportionately into cash. That matters because the company will lap a stronger H2 base in FY26, and any continued working-capital investment would compound the cash-conversion gap rather than close it.
Open questions
Open questions from FY25
- What drove the effective tax rate down from 30.8% to 26.5%, and is the 26.5% level sustainable into FY26?
- How much of the $6.3m inventory build is locked-in customer demand versus precautionary positioning, and when does it convert to cash?
- Why did the Industrial division's gross margin slip from 20.7% to 20.1% despite revenue growth, and is freight or input-cost pressure expected to continue?
- Can Agri's 31.1% gross margin be sustained, or did FY25 benefit from a one-off mix or volume pulse in dairy rubberware?
- How is management thinking about capital allocation at a 91.7% NPAT payout ratio with net debt already only 0.13x EBITDA?
This briefing cannot assess forward order book, customer-specific demand visibility, or the sustainability of the lower tax rate without management commentary on those items.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 12 February 2026
NPAT +19.4% on Agri-led growth, FY26 NPAT guidance lifted to $57-62m
Operating leverage and a working-capital release drove record cash flow even as capex nearly doubled and Agri carried the mix shift.
Read briefing
FY25 · Released 21 August 2025
Cash conversion fell to 70.1% as working capital absorbed $9.0m
Revenue grew 6.9% and PBT 9.7%, but a lower effective tax rate flattered NPAT to +16.2% while inventory build pulled operating cash flow lower.
Read briefing
HY25 · Released 13 February 2025
Record $24.2m NPAT and 115.4% FCF conversion cut net debt to $20.4m
Earnings expanded on essentially flat revenue, but inventory days rose to 94.5 as working capital absorbed $6.9m of cash.
Read briefing
FY24 · Released 15 February 2024
Skellerup HY24 NPAT down 6%, operating cash flow up 81% to $36.5m
FY23 inventory build unwinds at the half, driving the cash uplift; management still guides FY24 NPAT similar to prior year.
Read briefing
FY23 · Released 17 August 2023
PBT grew 4.2% as cash flow jumped 25% on debtor release
NPAT up 6.5% benefited from a lower effective tax rate, while working-capital release rather than margin expansion drove the cash flow improvement.
Read briefing
HY23 · Released 16 February 2023
Revenue +10% but PBT flat as inventory build pushed net debt to $39.0m
A 32% inventory build absorbed working capital and lifted net debt by $13.4m while the raised dividend now consumes 160.1% of pre-lease free cash flow.
Read briefing
Get notified when SKL publishes
Get the next Skellerup Holdings result briefing and five-year history updates by email.