SPK · NZX

Spark New Zealand (SPK)

Telecommunications & Media / TelecommunicationsCovered: FY21 - HY2610 published briefings

Spark New Zealand is an NZX-listed telecommunications & media / telecommunications company with FY21 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 18 February 2026

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SPK latest metrics
Metric	Value	Change
Revenue	$1.9m	↓ -2.4%
EBITDAI	$0.45m	↑ +6.9%
NPAT	$0.1m	—
Operating cash flow	$0.6m	↑ +119.3%
OCF / EBITDAI %	134.6%Unprecedented high ocf / ebitda cash conversion. 134.6%; 4-period range 35.4% to 85.1%. OCF / EBITDA cash conversion: 134.6%, unprecedented high; 4-period mean 61.0%, range 35.4%-85.1%.	↑ +69.0pp
Net debt	$1.4b	↓ -22.2%
Net debt / EBITDAI	3,116.07x	↓ -27.3%
ROE %	4.7%	↑ +2.3pp
DPS	8.0c	↓ -36.0%
Payout ratio vs NPAT %	235.3%Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%.	—

Source: latest published briefing (HY26, released 18 February 2026). Change compares against the prior equivalent period: HY25, released 21 February 2025.

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, 16 June 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$3.6b

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

13.88x

Recent market cap compared with trailing earnings.

EPS

0.14

Recent filing-derived earnings per share.

PEG

Not available

Not available for this company right now.

EV/EBITDA

4.75x

Enterprise value compared with recent EBITDA.

P/FCF

10.94x

Market cap compared with recent free cash flow.

P/B

2.67x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

10.7%

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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Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

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Chat

Ask about SPK

Ask follow-up questions about Spark New Zealand's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about SPK

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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SPK metric history
Metric	HY266 MONTHS18 February 2026	FY2512 MONTHS20 August 2025	HY256 MONTHS21 February 2025	FY2412 MONTHS23 August 2024	HY246 MONTHS28 February 2024	FY2312 MONTHS18 August 2023	HY236 MONTHS22 February 2023	FY2212 MONTHS24 August 2022	HY226 MONTHS23 February 2022	FY2112 MONTHS18 August 2021	Trend
Revenue	$1.9m	$3.7b	$1.9m	$3.9m	$2b	$4.5m	$2.5b	$3.7b	$1.9m	$3.6b	Chart
Revenue growth %	-2.4%	-3.5%	-1.9%	-99.9%	-22.0%Unprecedented low revenue growth. -22%; 4-period range -2.4% to 34.1%. Revenue growth: -22.0%, unprecedented low; 4-period mean 8.8%, range -2.4%-34.1%.	20.7%Outside range high revenue growth. 20.7%; 4-period range -99.9% to 3.5%. Revenue growth: 20.7%, above normal range; 4-period mean -25.2%, range -99.9%-3.5%.	34.1%Unprecedented high revenue growth. 34.1%; 4-period range -22% to 5.2%. Revenue growth: 34.1%, unprecedented high; 4-period mean -5.3%, range -22.0%-5.2%.	3.5%	5.2%	-0.8%	Chart HY24 Revenue growth %: Unprecedented low revenue growth. -22%; 4-period range -2.4% to 34.1%. Revenue growth: -22.0%, unprecedented low; 4-period mean 8.8%, range -2.4%-34.1%.
EBITDAI	$0.45m	$1.1b	$0.42m	$1.2m	$530m	$1.7m	$1b	$1.2b	$0.54m	$1.1b	Chart
EBITDAI margin %	23.7%	28.3%Outside range low ebitda margin. 28.3%; 4-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 4-period mean 32.7%, range 30.1%-38.3%.	21.6%Outside range low ebitda margin. 21.6%; 4-period range 23.7% to 41.1%. EBITDA margin: 21.6%, below normal range; 4-period mean 30.0%, range 23.7%-41.1%.	30.1%	26.8%	38.3%Unprecedented high ebitda margin. 38.3%; 4-period range 28.3% to 31.3%. EBITDA margin: 38.3%, unprecedented high; 4-period mean 30.2%, range 28.3%-31.3%.	41.1%Unprecedented high ebitda margin. 41.1%; 4-period range 21.6% to 28.5%. EBITDA margin: 41.1%, unprecedented high; 4-period mean 25.1%, range 21.6%-28.5%.	30.9%	28.5%	31.3%	Chart HY25 EBITDAI margin %: Outside range low ebitda margin. 21.6%; 4-period range 23.7% to 41.1%. EBITDA margin: 21.6%, below normal range; 4-period mean 30.0%, range 23.7%-41.1%. FY25 EBITDAI margin %: Outside range low ebitda margin. 28.3%; 4-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 4-period mean 32.7%, range 30.1%-38.3%.
PBT	$0.1m	$347m	$0.1m	$0.5m	$227m	$1.2m	$766m	$581m	$0.3m	$553m	Chart
PBT growth %	0.0%	n/m	-100.0%	-100.0%	-70.4%	-99.8%	198.1%	5.1%	50.0%	-4.2%	Chart
NPAT	$0.1m	$260m	$0m	$0.3m	$157m	$1.1m	$837m	$410m	$0.2m	$384m	Chart
NPAT growth %	—	n/m	—	-100.0%	-81.2%	-99.7%	367.6%	6.8%	100.0%	-10.1%	Chart
Operating cash flow	$0.6m	$680m	$0.28m	$0.76m	$307m	$0.8m	$369m	$841m	$0.46m	$858m	Chart
OCF / EBITDAI %	134.6%Unprecedented high ocf / ebitda cash conversion. 134.6%; 4-period range 35.4% to 85.1%. OCF / EBITDA cash conversion: 134.6%, unprecedented high; 4-period mean 61.0%, range 35.4%-85.1%.	64.6%	65.6%	65.7%	57.9%	46.5%Unprecedented low ocf / ebitda cash conversion. 46.5%; 4-period range 64.6% to 76.3%. OCF / EBITDA cash conversion: 46.5%, unprecedented low; 4-period mean 69.9%, range 64.6%-76.3%.	35.4%Outside range low ocf / ebitda cash conversion. 35.4%; 4-period range 57.9% to 134.6%. OCF / EBITDA cash conversion: 35.4%, below normal range; 4-period mean 85.8%, range 57.9%-134.6%.	73.1%	85.1%	76.3%Outside range high ocf / ebitda cash conversion. 76.3%; 4-period range 46.5% to 73.1%. OCF / EBITDA cash conversion: 76.3%, above normal range; 4-period mean 62.5%, range 46.5%-73.1%.	Chart HY26 OCF / EBITDAI %: Unprecedented high ocf / ebitda cash conversion. 134.6%; 4-period range 35.4% to 85.1%. OCF / EBITDA cash conversion: 134.6%, unprecedented high; 4-period mean 61.0%, range 35.4%-85.1%.
FCF pre-lease	$0.11m	$330m	$0.08m	$0.33m	$46m	$489m	$115m	$296m	$0.18m	$504m	Chart
FCF post-lease	$0.11m	$330m	$77m	$330m	$46m	$0.49m	$115m	$296m	$0.18m	$433m	Chart
DPS	8.0c	12.5c	12.5c	27.5c	13.5c	13.5c	13.5c	12.5c	12.5c	12.5c	Chart
Payout ratio vs NPAT %	235.3%Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%.	178.6%Outside range high payout ratio versus npat. 178.6%; 4-period range 44.5% to 159%. Payout ratio versus NPAT: 178.6%, above normal range; 4-period mean 109.6%, range 44.5%-159.0%.	—	159.0%	157.0%	44.5%Unprecedented low payout ratio versus npat. 44.5%; 4-period range 114.2% to 178.6%. Payout ratio versus NPAT: 44.5%, unprecedented low; 4-period mean 143.1%, range 114.2%-178.6%.	30.2%Outside range low payout ratio versus npat. 30.2%; 3-period range 130.2% to 235.3%. Payout ratio versus NPAT: 30.2%, below normal range; 3-period mean 174.2%, range 130.2%-235.3%.	114.2%	130.2%	120.8%	Chart FY23 Payout ratio vs NPAT %: Unprecedented low payout ratio versus npat. 44.5%; 4-period range 114.2% to 178.6%. Payout ratio versus NPAT: 44.5%, unprecedented low; 4-period mean 143.1%, range 114.2%-178.6%. FY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 178.6%; 4-period range 44.5% to 159%. Payout ratio versus NPAT: 178.6%, above normal range; 4-period mean 109.6%, range 44.5%-159.0%. HY26 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%.
Annual payout ratio vs EPS %	—	178.6%	—	159.0%	—	44.5%	—	114.2%	—	120.8%	Chart
ROE %	4.7%	17.1%Outside range low roe. 17.1%; 4-period range 19.9% to 58.5%. ROE: 17.1%, below normal range; 4-period mean 32.9%, range 19.9%-58.5%.	2.4%Outside range low roe. 2.4%; 3-period range 4.7% to 40.6%. ROE: 2.4%, below normal range; 3-period mean 19.1%, range 4.7%-40.6%.	19.9%	9.4%	58.5%Unprecedented high roe. 58.5%; 4-period range 17.1% to 27.8%. ROE: 58.5%, unprecedented high; 4-period mean 22.6%, range 17.1%-27.8%.	40.6%Outside range high roe. 40.6%; 3-period range 2.4% to 12.1%. ROE: 40.6%, above normal range; 3-period mean 6.4%, range 2.4%-12.1%.	27.8%	12.1%	25.5%	Chart HY25 ROE %: Outside range low roe. 2.4%; 3-period range 4.7% to 40.6%. ROE: 2.4%, below normal range; 3-period mean 19.1%, range 4.7%-40.6%. FY25 ROE %: Outside range low roe. 17.1%; 4-period range 19.9% to 58.5%. ROE: 17.1%, below normal range; 4-period mean 32.9%, range 19.9%-58.5%.
Net debt	$1.4b	$1.4b	$1.8b	$1.6b	$1.5b	$952m	$714m	$1.5b	$1.4b	$1.3b	Chart
Net debt / EBITDAI	3,116.07x	1.38xOutside range high net debt / ebitda. 1.38x; 4-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 4-period mean 1.08x, range 0.55x-1.34x.	4,284.01x	1,341.36x	2.81x	552.85x	0.69xUnprecedented low net debt / ebitda. 0.7x; 4-period range 2.55x to 4.28x. Net debt / EBITDA: 0.70x, unprecedented low; 4-period mean 3.18x, range 2.55x-4.28x.	1.27x	2,548.33x	1.18x	Chart HY25 Net debt / EBITDAI: Unprecedented high net debt / ebitda. 4.28x; 4-period range 0.7x to 3.1x. Net debt / EBITDA: 4.28x, unprecedented high; 4-period mean 2.29x, range 0.70x-3.10x. FY25 Net debt / EBITDAI: Outside range high net debt / ebitda. 1.38x; 4-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 4-period mean 1.08x, range 0.55x-1.34x.
Debtor days	—	41Outside range high debtor days. 41d; 4-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 4-period mean 35.6 days, range 31.9 days-40.8 days.	—	41	—	33	—	36	—	32Outside range low debtor days. 32d; 4-period range 33d to 41d. Debtor days: 31.9 days, below normal range; 4-period mean 38.0 days, range 33.3 days-41.4 days.	Chart FY21 Debtor days: Outside range low debtor days. 32d; 4-period range 33d to 41d. Debtor days: 31.9 days, below normal range; 4-period mean 38.0 days, range 33.3 days-41.4 days. FY25 Debtor days: Outside range high debtor days. 41d; 4-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 4-period mean 35.6 days, range 31.9 days-40.8 days.
Inventory days	12	8	21	8	20	6Outside range low inventory days. 6d; 3-period range 8d to 10d. Inventory days: 6.4 days, below normal range; 3-period mean 9.0 days, range 8.1 days-10.5 days.	16	10Outside range high inventory days. 11d; 3-period range 6d to 8d. Inventory days: 10.5 days, above normal range; 3-period mean 7.7 days, range 6.4 days-8.4 days.	18	7	Chart
Total assets	$4.4m	$4.5b	$4.9m	$4.6m	$4.7b	$4.5b	$4.6b	$4.2b	$4.2m	$4.1b	Chart

Reference: annolyse.ai/companies/spk

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

From EBITDAI fell 7.7% as margin dropped below historical range

The recessionary environment cited at H1 persisted through the full year. Without a stated FY26 earnings target, this result does not confirm a recovery path; it confirms only that FY25 landed within a reduced guidance band.

Open questions

Open questions from FY25

What is driving the NZ$504.5m working-capital build, specifically whether the elevated debtor days of 41.4 days reflect genuine collection pressure or timing effects from the reclassification of the discontinuing operation?
How does management intend to manage leverage at 1.38x net debt/EBITDAI — above the historical range — given the payout ratio of 178.6% versus NPAT and the current earnings trajectory?
Is the lower capex of NZ$429m (11.5% of revenue) a sustainable efficiency or a deferral that will resurface in FY26 capex commitments?
Whether the remaining 25% retained interest in the data centre business and the capital partner structure will generate sufficient income or capital return to support the dividend policy over the medium term.

This briefing cannot assess the normalised FY26 revenue base that will result from the discontinuing operation's removal from reported results, nor the impact on EBITDAI margin comparability in the next period.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 18 February 2026

TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus

The NZ$453m initial cash proceeds and NZ$98m deferred cash proceeds from the TenPeaks transaction with Pacific Equity Partners (PEP) is relevant to debt headroom, while borrowings and gearing remain the direct evidence.

Read briefing

FY25 · Released 20 August 2025

EBITDAI fell 7.7% as margin dropped below historical range

A below-normal EBITDAI margin of 28.3% and an unprecedented working-capital build of NZ$504.5m are the dominant reads from FY25.

Read briefing

HY25 · Released 21 February 2025

Connexa sale sharpens Spark New Zealand's cash-flow test

The NZ$314m disclosed value from the Connexa sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.

Read briefing

FY24 · Released 23 August 2024

Adjusted EBITDAI fell 32.5% as cost base lagged demand softness

Mobile passed $1bn but IT services weakness and intensified competition outpaced cost-out, with most savings now slated for FY25.

Read briefing

HY24 · Released 28 February 2024

Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distribution

Reported declines cycle the FY23 TowerCo gain; underneath, capex intensity rose to 14.5% of revenue and gross borrowings climbed NZ$587m.

Read briefing

FY23 · Released 18 August 2023

SPK FY23: Reported revenue up 20.7% but cash conversion collapsed to 46.5%

A large asset disposal inflated reported earnings, while underlying operating cash conversion fell well below Spark's historical range of 65.7%–76.3%.

Read briefing

HY23 · Released 22 February 2023

TowerCo gain lifted reported NPAT to NZ$837m as adjusted earnings fell

Cash conversion dropped to 35.4% from 85.1% because the disposal gain flowed through earnings but not operating cash flow.

Read briefing

FY22 · Released 24 August 2022

FCF fell 31.6% as capex and working capital diluted a 6.8% NPAT lift

Earnings ticked up but free cash flow dropped to $296m, leaving FY23 guidance of $460-$500m needing roughly 55% growth and dividends no longer

Read briefing

HY22 · Released 23 February 2022

Cash conversion jumped to 85.1% as mobile drove NPAT up 20.9%

Operating cash flow grew 25.8% and leverage strengthened to 2.55x, yet the 12.5cps interim still sits above period free cash flow.

Read briefing

FY21 · Released 18 August 2021

FY21 dividend at 120.8% of NPAT as cash conversion fell to 76.3%

EBITDAI rose 1.0% on cost discipline but a higher 30.6% tax rate and weaker cash conversion left the 25cps payout above reported earnings.

Read briefing

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Spark New Zealand (SPK)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

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Ask about SPK

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus

EBITDAI fell 7.7% as margin dropped below historical range

Connexa sale sharpens Spark New Zealand's cash-flow test

Adjusted EBITDAI fell 32.5% as cost base lagged demand softness

Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distribution

SPK FY23: Reported revenue up 20.7% but cash conversion collapsed to 46.5%

TowerCo gain lifted reported NPAT to NZ$837m as adjusted earnings fell

FCF fell 31.6% as capex and working capital diluted a 6.8% NPAT lift

Cash conversion jumped to 85.1% as mobile drove NPAT up 20.9%

FY21 dividend at 120.8% of NPAT as cash conversion fell to 76.3%

Compare this company

Get notified when SPK publishes

Spark New Zealand (SPK)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

Ask about SPK

Ask about SPK

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement