SKY Network Television Limited

SKT.AX

Entertainment · Communication Services

Price

A$2.85

+0.11 (+4.01%)

Market Cap

A$392.4M

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−21.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 174.6M (2021) → 137.7M (2025)

Winston Score History

The full picture

SKY Network Television Limited is a pay-television company based in New Zealand. It provides subscribers with live sports, movies, news, and entertainment channels delivered via satellite and broadband streaming. SKY holds exclusive broadcasting rights to major sports competitions in New Zealand, including rugby and cricket, which makes it the dominant pay-TV provider in the country.

The company earns most of its revenue from monthly subscriber fees paid by households and businesses across New Zealand. It also generates income from advertising and wholesale agreements with other broadcasters. SKY has been investing in its streaming platform to compete with global services like Netflix and Disney+, but subscriber numbers have faced pressure as more viewers cut traditional pay-TV packages. Its biggest risk is continued subscriber decline if it cannot retain sports rights or convince enough customers to shift to its digital streaming offering.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+14.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

NZ$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

12.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

NZ$32M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

SKY Network Television Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

16.1%

Thin — 16.1% gross margin

Profit after running costs

Operating Margin

4.4%

Thin — 4.4% operating margin

Return on the money invested

ROCE

8.8%

Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.0%

Nearly flat sales (+2.0% YoY)

Profit growth

EPS YoY

+329.3%

Earnings growing fast (+329.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

210%

Turns 210% of profit into real cash

Spare cash per sale

FCF Margin

15.6%

Converts sales into free cash efficiently (15.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

8.26x

Comfortably covers interest (8.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.3x

Attractive valuation — P/E 5.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-3.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.01%

Healthy income — 5.01% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-14.0%

Dividend cut (-14.0% YoY) — warning sign

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