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SKT · NZX

Sky Network Television (SKT)

Telecommunications & Media / Pay televisionCovered: HY22 - HY268 published briefings

Sky Network Television is an NZX-listed telecommunications & media / pay television company. Its latest covered result is HY26, with HY22 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 26 February 2026

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SKT latest metrics
MetricValueChange
Revenue$414.4m↑ +7.7%
EBITDA$78.2m↑ +28.8%
NPAT$52.2mn/m
Operating cash flow$99m↑ +57.9%
OCF / EBITDA %126.7%Outside range high ocf / ebitda cash conversion. 126.7%; 3-period range 76.2% to 103.4%. OCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.↑ +23.3pp
ROE %10.9%↑ +11.3pp
DPS15.0c↑ +76.5%
Payout ratio vs NPAT %39.6%—
PBT$57.7mn/m
FCF pre-lease$87.1mn/m

Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 21 February 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

$462.6m

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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

6.22x

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Recent market cap compared with trailing earnings.

EPS

0.54

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Recent filing-derived earnings per share.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

4.43x

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Market cap compared with recent free cash flow.

P/B

0.96x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

9.5%

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Trailing dividends compared with the latest close.

Total return

Not available

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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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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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Ask about SKT

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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.

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Financial history

Performance over time

The latest period is shown first.

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SKT metric history
MetricHY266 MONTHS26 February 2026FY2512 MONTHS22 August 2025HY256 MONTHS21 February 2025FY2412 MONTHS21 August 2024HY246 MONTHS22 February 2024HY236 MONTHS23 February 2023FY2212 MONTHS25 August 2022HY226 MONTHS24 February 2022Trend
Revenue$414.4m$750.7m$384.8m$766.7m$392.7m$378.6m$736.1m$371.7m
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Revenue growth %7.7%Unprecedented high revenue growth. 7.7%; 4-period range -2% to 4.1%. Revenue growth: 7.7%, unprecedented high; 4-period mean 1.9%, range -2.0%-4.1%.-2.1%-2.0%Unprecedented low revenue growth. -2%; 4-period range 1.9% to 7.7%. Revenue growth: -2.0%, unprecedented low; 4-period mean 4.4%, range 1.9%-7.7%.1.7%3.7%1.9%3.5%4.1%
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  • HY25 Revenue growth %: Unprecedented low revenue growth. -2%; 4-period range 1.9% to 7.7%. Revenue growth: -2.0%, unprecedented low; 4-period mean 4.4%, range 1.9%-7.7%.
  • HY26 Revenue growth %: Unprecedented high revenue growth. 7.7%; 4-period range -2% to 4.1%. Revenue growth: 7.7%, unprecedented high; 4-period mean 1.9%, range -2.0%-4.1%.
EBITDA$78.2m$148.5m$60.7m$153m$81.7m$73.7m$169m$42.1m
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EBITDA margin %18.9%19.8%15.8%Outside range low ebitda margin. 15.8%; 3-period range 18.9% to 20.8%. EBITDA margin: 15.8%, below normal range; 3-period mean 19.7%, range 18.9%-20.8%.20.0%20.8%Outside range high ebitda margin. 20.8%; 3-period range 15.8% to 19.5%. EBITDA margin: 20.8%, above normal range; 3-period mean 18.0%, range 15.8%-19.5%.19.5%23.0%11.3%
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  • HY24 EBITDA margin %: Outside range high ebitda margin. 20.8%; 3-period range 15.8% to 19.5%. EBITDA margin: 20.8%, above normal range; 3-period mean 18.0%, range 15.8%-19.5%.
  • HY25 EBITDA margin %: Outside range low ebitda margin. 15.8%; 3-period range 18.9% to 20.8%. EBITDA margin: 15.8%, below normal range; 3-period mean 19.7%, range 18.9%-20.8%.
PBT$57.7m$28.9m-$2.4m$68.7m$40.4m$37.1m$80.8m$39.8m
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PBT growth %—-57.9%—-3.1%9.0%-6.8%18.9%-29.6%
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NPAT$52.2m$20.2m-$2m$49m$28.8m$26.1m$62.1m$28.3m
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NPAT growth %—-58.7%—-3.5%10.6%-7.8%31.7%-28.5%
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Operating cash flow$99m$120.2m$62.7m$139.1m$62.9m$56.1m$119.6m$74.9m
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OCF / EBITDA %126.7%Outside range high ocf / ebitda cash conversion. 126.7%; 3-period range 76.2% to 103.4%. OCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.80.9%103.4%90.9%77.0%76.1%Outside range low ocf / ebitda cash conversion. 76.2%; 3-period range 77% to 126.7%. OCF / EBITDA cash conversion: 76.2%, below normal range; 3-period mean 102.4%, range 77.0%-126.7%.70.8%177.8%
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  • HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 126.7%; 3-period range 76.2% to 103.4%. OCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.
FCF pre-lease$87.1m$24.8m$7.5m$23.7m$21.5m$16m$75m$56.4m
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FCF post-lease$87.1m$24.8m$7.5m$23.7m$6.8m—$75m—
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DPS15.0c13.5c8.5c12.0c7.0c6.0c7.3c0.0c
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Payout ratio vs NPAT %39.6%149.8%—55.2%34.9%38.7%20.5%—
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Annual payout ratio vs EPS %—149.8%—55.2%——20.5%—
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ROE %10.9%4.6%-0.5%Outside range low roe. -0.4%; 3-period range 6.1% to 6.4%. ROE: -0.4%, below normal range; 3-period mean 6.2%, range 6.1%-6.4%.10.9%6.4%Outside range high roe. 6.4%; 3-period range -0.5% to 6.2%. ROE: 6.4%, above normal range; 3-period mean 4.0%, range -0.4%-6.2%.6.1%12.6%6.2%
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  • HY24 ROE %: Outside range high roe. 6.4%; 3-period range -0.5% to 6.2%. ROE: 6.4%, above normal range; 3-period mean 4.0%, range -0.4%-6.2%.
  • HY25 ROE %: Outside range low roe. -0.4%; 3-period range 6.1% to 6.4%. ROE: -0.4%, below normal range; 3-period mean 6.2%, range 6.1%-6.4%.
Net debt——$257.2m———-$137.1m—
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Net debt / EBITDA——4.24x———n/m—
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Debtor days1018518011726
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Inventory days713432Outside range low inventory days. 32d; 3-period range 47d to 64d. Inventory days: 31.6 days, below normal range; 3-period mean 55.3 days, range 46.6 days-63.6 days.605664Outside range high inventory days. 64d; 3-period range 32d to 56d. Inventory days: 63.6 days, above normal range; 3-period mean 44.6 days, range 31.6 days-55.7 days.6047
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  • HY25 Inventory days: Outside range low inventory days. 32d; 3-period range 47d to 64d. Inventory days: 31.6 days, below normal range; 3-period mean 55.3 days, range 46.6 days-63.6 days.
Total assets$748.7m$672.9m$625.9m$681.4m$667.4m$679.3m$776.9m$692.7m
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Reference: annolyse.ai/companies/skt

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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  • HY25 SKT HY: Unprecedented low revenue growth. -2%; 4-period range 1.9% to 7.7%. Revenue growth: -2.0%, unprecedented low; 4-period mean 4.4%, range 1.9%-7.7%.
  • HY26 SKT HY: Unprecedented high revenue growth. 7.7%; 4-period range -2% to 4.1%. Revenue growth: 7.7%, unprecedented high; 4-period mean 1.9%, range -2.0%-4.1%.

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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  • HY24 SKT HY: Outside range high ebitda margin. 20.8%; 3-period range 15.8% to 19.5%. EBITDA margin: 20.8%, above normal range; 3-period mean 18.0%, range 15.8%-19.5%.
  • HY25 SKT HY: Outside range low ebitda margin. 15.8%; 3-period range 18.9% to 20.8%. EBITDA margin: 15.8%, below normal range; 3-period mean 19.7%, range 18.9%-20.8%.

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.

OCF / EBITDA

Cash conversion against earnings.

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  • HY23 SKT HY: Outside range low ocf / ebitda cash conversion. 76.2%; 3-period range 77% to 126.7%. OCF / EBITDA cash conversion: 76.2%, below normal range; 3-period mean 102.4%, range 77.0%-126.7%.
  • HY26 SKT HY: Outside range high ocf / ebitda cash conversion. 126.7%; 3-period range 76.2% to 103.4%. OCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.

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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  • HY24 SKT HY: Outside range high roe. 6.4%; 3-period range -0.5% to 6.2%. ROE: 6.4%, above normal range; 3-period mean 4.0%, range -0.4%-6.2%.
  • HY25 SKT HY: Outside range low roe. -0.4%; 3-period range 6.1% to 6.4%. ROE: -0.4%, below normal range; 3-period mean 6.2%, range 6.1%-6.4%.

Net debt

Borrowings less cash; negative values indicate net cash.

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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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  • HY23 SKT HY: Outside range high inventory days. 64d; 3-period range 32d to 56d. Inventory days: 63.6 days, above normal range; 3-period mean 44.6 days, range 31.6 days-55.7 days.
  • HY25 SKT HY: Outside range low inventory days. 32d; 3-period range 47d to 64d. Inventory days: 31.6 days, below normal range; 3-period mean 55.3 days, range 46.6 days-63.6 days.

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 Sky TV's NPAT fell 58.7% as below-EBITDA costs swamp a mild revenue dip

No numeric earnings target is disclosed for FY26; the only forward commitment is dividend guidance of at least 30 cents per share, up from the 22 cents just paid. Against FY25 free cash flow of $24.8m and an NPAT-basis payout ratio already at 149.8%, that guidance implies either further cash-flow growth, continued balance-sheet support, or reliance on a metric other than NPAT to fund the increase. The result was framed internally as within guidance, but with no stated earnings range or segment target supplied here, the release supports commentary on trend rather than delivery against a specific external benchmark.

Open questions

Open questions from FY25

  • What specifically drove the gap between the 2.6% EBITDA decline and the 58.7% NPAT decline, and was it depreciation, impairment, or a one-off charge?
  • Why did cash conversion fall to 80.9% from 90.9% when EBITDA was broadly flat year on year?
  • Is the guidance of at least 30 cents per share for next year sustainable given FY25 free cash flow of only $24.8m and a 149.8% payout ratio against NPAT?
  • What is the scope, cost, and expected balance-sheet impact of the acquisition flagged in this release?
  • Will the inventory destocking that cut inventory days to 34.5 from 59.8 reverse once the platform migration completes?

This briefing cannot assess the specific composition of the below-EBITDA items driving the PBT-to-EBITDA divergence or the financial terms of the flagged acquisition, since neither is itemised in the supplied source material.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

2026 Interim Report

HY26 / financial report

Interim Results Presentation

HY26 / results presentation

Market Announcement

HY26 / results release

Results Announcement

HY26 / results announcement

Prior comparable period

2025 Interim Report

HY25 / financial report

Investor Presentation

HY25 / results presentation

Market release

HY25 / results release

Results Announcement

HY25 / results announcement

Full-year context

Annual Report

FY25 / financial report

Investor Presentation

FY25 / results presentation

Market Release

FY25 / results release

Results Announcement

FY25 / results announcement

Release context

Sky ASM 2024 - Presentation

HY25 / commentary

Peer context

Other covered Telecommunications & Media companies

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

SPK · FY26

Spark New Zealand

11 published result briefings

CNU · FY26

Chorus

7 published result briefings

NZM · FY25

NZME

4 published result briefings

Compare SKT, SPK, CNU, NZM →Telecommunications & Media result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 26 February 2026

Sky's 7.7% revenue growth reflects an acquisition, not like-for-like trading

Cash conversion reached 126.7% versus an 85.5% historical average, but acquisition and tax effects make headline growth comparisons unreliable.

Read briefing

FY25 · Released 22 August 2025

Sky TV's NPAT fell 58.7% as below-EBITDA costs swamp a mild revenue dip

PBT fell 57.9% and cash conversion slid to 80.9% from 90.9%, even as free cash flow rose to $24.8m and dividend guidance lifted to 30 cents.

Read briefing

HY25 · Released 21 February 2025

PBT collapsed 106.0% to a loss as revenue fell 2.0%

Cash conversion held near 103.3% but an outsized working-capital release masks a swing to a first-half loss.

Read briefing

FY24 · Released 21 August 2024

Capex nearly doubled to 10.8% of revenue as PBT fell 3.1%

EBITDA rose 2.9% and cash conversion improved to 90.9%, but doubled capex and a bigger payout ratio drove cash down 32.6%.

Read briefing

HY24 · Released 22 February 2024

Sky lifts dividend to 7.0c but free cash flow before distributions falls

Revenue rose 3.7% and NPAT grew 10.3%, yet free cash flow of NZ$6.8m trails the historical NZ$41.7m average, straining dividend cover.

Read briefing

HY23 · Released 23 February 2023

OCF fell 25% as capex doubled and cash conversion dropped to 76.2%

Unprecedented working-capital absorption and inventory at 63.6 days erode cash backing for a resumed 6.0 cps dividend and announced buyback.

Read briefing
Open all 8 result briefings

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 293.6pp, with a distortion flag in the result.

Open insight

Insight

Cash conversion quality

This result converted 126.7% of EBITDA to operating cash flow, +23.4pp versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 39.6%.

Open insight

Insight

Revenue growth context

Revenue growth was 7.7% for this reporting period.

Open insight

Get notified when SKT publishes

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