Market cap
$447.4m
End-of-day close multiplied by current shares on issue.
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 with HY22 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 26 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $414.4m | ↑ +7.7% |
| EBITDA | $78.2m | ↑ +28.8% |
| NPAT | $52.2m | n/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 |
| DPS | 15.0c | ↑ +76.5% |
| Payout ratio vs NPAT % | 39.6% | — |
| PBT | $57.7m | n/m |
| FCF pre-lease | $87.1m | n/m |
Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 21 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.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
6.02x
Recent market cap compared with trailing earnings.
EPS
0.54
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
4.29x
Market cap compared with recent free cash flow.
P/B
0.93x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
8.8%
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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Ask about SKT
Ask follow-up questions about Sky Network Television's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about SKT
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 MONTHS26 February 2026 | FY2512 MONTHS22 August 2025 | HY256 MONTHS21 February 2025 | FY2412 MONTHS21 August 2024 | HY246 MONTHS22 February 2024 | HY236 MONTHS23 February 2023 | FY2212 MONTHS25 August 2022 | HY226 MONTHS24 February 2022 | Trend |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $414.4m | $750.7m | $384.8m | $766.7m | $392.7m | $378.6m | $736.1m | $371.7m | Chart |
| 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% | Chart
|
| EBITDA | $78.2m | $148.5m | $60.7m | $153m | $81.7m | $73.7m | $169m | $42.1m | Chart |
| 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% | Chart
|
| PBT | $57.7m | $28.9m | -$2.4m | $68.7m | $40.4m | $37.1m | $80.8m | $39.8m | Chart |
| PBT growth % | — | -57.9% | — | -3.1% | 9.0% | -6.8% | 18.9% | -29.6% | Chart |
| NPAT | $52.2m | $20.2m | -$2m | $49m | $28.8m | $26.1m | $62.1m | $28.3m | Chart |
| NPAT growth % | — | -58.7% | — | -3.5% | 10.6% | -7.8% | 31.7% | -28.5% | Chart |
| Operating cash flow | $99m | $120.2m | $62.7m | $139.1m | $62.9m | $56.1m | $119.6m | $74.9m | Chart |
| 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% | Chart
|
| FCF pre-lease | $87.1m | $24.8m | $7.5m | $23.7m | $21.5m | $16m | $75m | $56.4m | Chart |
| FCF post-lease | $87.1m | $24.8m | $7.5m | $23.7m | $6.8m | — | $75m | — | Chart |
| DPS | 15.0c | 13.5c | 8.5c | 12.0c | 7.0c | 6.0c | 7.3c | 0.0c | Chart |
| Payout ratio vs NPAT % | 39.6% | 149.8% | — | 55.2% | 34.9% | 38.7% | 20.5% | — | Chart |
| Annual payout ratio vs EPS % | — | 149.8% | — | 55.2% | — | — | 20.5% | — | Chart |
| 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% | Chart
|
| Net debt | — | — | $257.2m | — | — | — | -$137.1m | — | Chart |
| Net debt / EBITDA | — | — | 4.24x | — | — | — | n/m | — | Chart |
| Debtor days | 10 | 18 | 5 | 18 | 0 | 1 | 17 | 26 | Chart |
| Inventory days | 71 | 34 | 32Outside 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. | 60 | 56 | 64Outside 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. | 60 | 47 | Chart
|
| Total assets | $748.7m | $672.9m | $625.9m | $681.4m | $667.4m | $679.3m | $776.9m | $692.7m | Chart |
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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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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- 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.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
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
FY22 · Released 25 August 2022
Sky FY22: revenue up 3.5%, EBITDA $169m, dividends resume on $75m FCF
Core revenue returned to growth and pre-lease free cash flow reached the top of the historical range, supporting a 7.3c final dividend.
Read briefing
HY22 · Released 24 February 2022
PBT fell 29.6% as costs outpaced 4.1% revenue growth
Strong cash generation funded near-total debt repayment even as operating profit fell 31.2% against a high HY21 base.
Read briefing
Get notified when SKT publishes
Get the next Sky Network Television result briefing and five-year history updates by email.