Market cap
$203.1m
End-of-day close multiplied by current shares on issue.
SKO · NZX
Serko (SKO)
Technology / Travel softwareCovered: FY21 - FY269 published briefings
Serko is an NZX-listed technology / travel software company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 20 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $119.4m | ↑ +188.0% |
| NPAT | -$17.7m | ↓ -247.1% |
| Operating cash flow | $7m | ↑ +50.1% |
| ROE % | -20.0% | ↓ -15.5pp |
| PBT | -$17m | ↓ -269.6% |
| FCF pre-lease | -$4.4m | ↓ -438.5% |
| FCF post-lease | -$4.4m | ↓ -438.5% |
| Debtor days | 19 | ↓ -32.8% |
| Total assets | $116m | ↓ -8.4% |
Source: latest published briefing (FY26, released 20 May 2026). Change compares against the prior equivalent period: FY25, released 29 October 2024.
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, 4 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.14
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
2.29x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
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 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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Ask about SKO
Ask follow-up questions about Serko's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about SKO
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS20 May 2026 | HY266 MONTHS2025-11-18T08:37:34+13:00 | FY2512 MONTHS29 October 2024 | FY2412 MONTHS28 May 2024 | HY246 MONTHS15 November 2023 | HY236 MONTHS23 November 2022 | FY2212 MONTHS18 May 2022 | HY226 MONTHS28 October 2021 | FY2112 MONTHS19 May 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $119.4m | $61.1m | $41.5m | $68.8m | $35.8m | $18.8m | $17.9m | $9.2m | $12.4m | Chart |
| Revenue growth % | 34.9% | 47.4%Outside range low revenue growth. 47.4%; 3-period range 80.8% to 105.3%. Revenue growth: 47.4%, below normal range; 3-period mean 92.2%, range 80.8%-105.3%. | -39.7% | 285.1%Outside range high revenue growth. 285.1%; 3-period range -52% to 43.8%. Revenue growth: 285.1%, above normal range; 3-period mean 8.9%, range -52.0%-43.8%. | 90.4% | 105.3%Outside range high revenue growth. 105.3%; 3-period range 47.4% to 90.4%. Revenue growth: 105.3%, above normal range; 3-period mean 72.9%, range 47.4%-90.4%. | 43.8% | 80.8% | -52.0%Outside range low revenue growth. -52%; 3-period range 34.9% to 285.1%. Revenue growth: -52.0%, below normal range; 3-period mean 121.3%, range 34.9%-285.1%. | Chart
|
| EBITDA | — | — | -$7.9m | -$18.6m | -$9m | -$22.9m | -$0.04m | -$11.8m | -$22.3m | Chart |
| EBITDA margin % | — | — | -19.1% | -27.0% | -25.2% | -121.8% | -0.2% | -128.5% | -179.8% | Chart |
| PBT | -$17m | -$8.5m | -$4.6m | -$15.7m | -$6.8m | -$19.6m | -$35.6m | -$15.2m | -$29m | Chart |
| NPAT | -$17.7m | -$9.5m | -$5.1m | -$15.9m | -$7.2m | -$19.7m | -$36m | -$15.2m | -$29.4m | Chart |
| Operating cash flow | $7m | $8.6m | $4.7m | $5.9m | $2.2m | -$17m | -$18.5m | -$9.8m | -$18m | Chart |
| OCF / EBITDA % | — | — | -59.2% | -31.8% | -24.8% | 74.1% | n/m | 83.5% | 80.8% | Chart |
| FCF pre-lease | -$4.4m | — | $1.3m | -$5.5m | -$2.9m | -$22m | -$18.5m | -$16.8m | -$18m | Chart |
| FCF post-lease | -$4.4m | $3m | $1.3m | — | — | — | — | — | — | Chart |
| ROE % | -20.0% | -10.3% | -4.5%Unprecedented high roe. -4.5%; 4-period range -28.2% to -13.7%. ROE: -4.5%, unprecedented high; 4-period mean -21.4%, range -28.2%--13.7%. | -13.7%Outside range high roe. -13.7%; 3-period range -28.2% to -20%. ROE: -13.7%, above normal range; 3-period mean -24.0%, range -28.2%--20.0%. | -5.6% | -14.7% | -23.8% | -17.1% | -28.2%Outside range low roe. -28.2%; 3-period range -23.8% to -13.7%. ROE: -28.2%, below normal range; 3-period mean -19.2%, range -23.8%--13.7%. | Chart
|
| Net debt | — | — | — | — | — | — | -$124.5m | -$62.3m | -$34.9m | Chart |
| Net debt / EBITDA | — | — | — | — | — | — | n/m | 5.3x | 1.56x | Chart |
| Debtor days | 19 | 48Outside range high debtor days. 48d; 3-period range 14d to 38d. Debtor days: 47.5 days, above normal range; 3-period mean 28.3 days, range 14.1 days-38.3 days. | 29 | 19Outside range low debtor days. 19d; 3-period range 19d to 91d. Debtor days: 18.9 days, below normal range; 3-period mean 51.6 days, range 19.3 days-91.3 days. | 14Outside range low debtor days. 14d; 3-period range 33d to 48d. Debtor days: 14.1 days, below normal range; 3-period mean 39.4 days, range 32.5 days-47.5 days. | 33 | 44 | 38 | 91Outside range high debtor days. 91d; 3-period range 19d to 44d. Debtor days: 91.3 days, above normal range; 3-period mean 27.5 days, range 18.9 days-44.2 days. | Chart
|
| Total assets | $116m | $123.4m | $126.7m | $130.1m | $137.4m | $153m | $167.2m | $98.6m | $111.3m | Chart |
Reference: annolyse.ai/companies/sko
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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- FY21 SKO FY: Outside range low revenue growth. -52%; 3-period range 34.9% to 285.1%. Revenue growth: -52.0%, below normal range; 3-period mean 121.3%, range 34.9%-285.1%.
- FY24 SKO FY: Outside range high revenue growth. 285.1%; 3-period range -52% to 43.8%. Revenue growth: 285.1%, above normal range; 3-period mean 8.9%, range -52.0%-43.8%.
- HY23 SKO HY: Outside range high revenue growth. 105.3%; 3-period range 47.4% to 90.4%. Revenue growth: 105.3%, above normal range; 3-period mean 72.9%, range 47.4%-90.4%.
- HY26 SKO HY: Outside range low revenue growth. 47.4%; 3-period range 80.8% to 105.3%. Revenue growth: 47.4%, below normal range; 3-period mean 92.2%, range 80.8%-105.3%.
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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More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
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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- FY21 SKO FY: Outside range low roe. -28.2%; 3-period range -23.8% to -13.7%. ROE: -28.2%, below normal range; 3-period mean -19.2%, range -23.8%--13.7%.
- FY24 SKO FY: Outside range high roe. -13.7%; 3-period range -28.2% to -20%. ROE: -13.7%, above normal range; 3-period mean -24.0%, range -28.2%--20.0%.
- FY25 SKO FY: Unprecedented high roe. -4.5%; 4-period range -28.2% to -13.7%. ROE: -4.5%, unprecedented high; 4-period mean -21.4%, range -28.2%--13.7%.
Net debt
Borrowings less cash; negative values indicate net cash.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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- FY21 SKO FY: Outside range high debtor days. 91d; 3-period range 19d to 44d. Debtor days: 91.3 days, above normal range; 3-period mean 27.5 days, range 18.9 days-44.2 days.
- FY24 SKO FY: Outside range low debtor days. 19d; 3-period range 19d to 91d. Debtor days: 18.9 days, below normal range; 3-period mean 51.6 days, range 19.3 days-91.3 days.
- HY24 SKO HY: Outside range low debtor days. 14d; 3-period range 33d to 48d. Debtor days: 14.1 days, below normal range; 3-period mean 39.4 days, range 32.5 days-47.5 days.
- HY26 SKO HY: Outside range high debtor days. 48d; 3-period range 14d to 38d. Debtor days: 47.5 days, above normal range; 3-period mean 28.3 days, range 14.1 days-38.3 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.
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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 Serko's PBT loss widened 84.4% despite 47.4% revenue growth
No stated financial targets are disclosed in this release, so the result cannot be measured against a company-set benchmark. Management's own commentary emphasises "cost discipline" and non-GAAP EBITDAFI growth to $6.1m alongside total income growth of 45% to $61.8m, but the statutory PBT and NPAT figures moved in the opposite direction to that narrative, which matters because the non-GAAP framing does not reconcile cleanly with the reported loss widening. HY26 revenue represents 67.8% of the implied FY26 total, so this is a period of accelerated first-half spend without a disclosed second-half shape to test consistency against.
Open questions
Open questions from HY26
- What specific costs — GetThere integration, R&D, or sales investment — are driving the 84.4% PBT decline?
- Why did trade debtors grow 144.1% against 47.4% revenue growth, and is this a collection or billing-timing issue?
- Will the ~1% ARR churn on key GetThere accounts hold as the acquisition anniversaries?
- How does the "cost discipline" narrative reconcile with a statutory loss that widened 86.2%?
- Is the increase in total liabilities tied to acquisition consideration, leases, or deferred revenue?
This briefing cannot assess forward-period guidance or targets, because none were disclosed in the supplied materials.
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 2026
FY26 / financial reportInvestor Presentation
FY26 / results presentationMarket Release - FY26 Results
FY26 / results announcementMarket Release - FY26 Results
FY26 / results releasePrior comparable period
Annual Report
FY25 / financial reportInvestor presentation
FY25 / results presentationMarket Release - FY25 results
FY25 / results announcementMarket Release - FY25 results
FY25 / results releaseInterim context
Interim Financial Statements
HY26 / financial reportInvestor presentation - H1 FY26 results
HY26 / results presentationMarket Release - FY26 Interim Results
HY26 / results releaseNZX Appendix 2
HY26 / results announcementRelease context
Investor Day - Additional Information
FY25 / commentarySerko Investor Day Presentation
FY25 / commentaryInvestor Day Presentation & FY26 Trading Update - market release
FY26 / commentarySerko Investor Day - 10 March 2026
FY26 / commentaryPeer context
Other covered Technology companies
These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 20 May 2026
EBITDAFI lifted 137% but free cash flow worsened to -NZ$4.4m
GetThere's first full year creates a basis discontinuity in the headline comparison while capex rose 59.7% and a working-capital release flatters
Read briefing
HY26 · Released 2025-11-18T08:37:34+13:00
Serko's PBT loss widened 84.4% despite 47.4% revenue growth
Revenue accelerated on the GetThere acquisition but losses deepened and working capital expanded even as cash generation improved.
Read briefing
FY25 · Released 29 October 2024
Period mismatch overshadows HY25 turn to positive EBITDAF and FCF
The supplied -39.7% revenue change compares half-year results to a full year, masking a positive EBITDAF turn and NZ$1.3m of free cash flow.
Read briefing
FY24 · Released 28 May 2024
PBT loss narrowed 56% on 285% revenue growth, cash fell 59%
Operating cash turned positive at NZ$5.9m but still trailed NZ$11.4m capex, halving the cash balance to NZ$14.1m.
Read briefing
HY24 · Released 15 November 2023
Revenue up 90.4% and EBITDAF loss cut 96%, but cash quality lags
Operating cash turned positive at $2.2m, yet an $11.1m working-capital build and $5.1m of capitalised development left free cash flow negative.
Read briefing
HY23 · Released 23 November 2022
Revenue rose 105.3% but operating cash outflow worsened 72.6% to $17.0m
SaaS growth outpaced its historical range while operating cash outflow nearly doubled, pressuring the path to cashflow positive.
Read briefing
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