Sky Network Television (NZSE:SKT) Trailing Net Margin Jump Fuels Debate On Earnings Quality

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SKY Network Television (NZSE:SKT) has put up a mixed set of numbers for H1 2026, with total revenue of NZ$359.6 million and basic EPS of NZ$0.16, alongside trailing 12 month revenue of NZ$782.8 ...

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Over the last few half year periods, the company has seen revenue move from NZ$373.9 million in H2 2024 to NZ$391.1 million in H1 2025 and then to NZ$359.6 million in H2 2025. Basic EPS shifted from NZ$0.14 to a small...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"SKT.NZ":"Sky Network Television Limited Ordinary Shares","SKT":"Tanger Factory Outlet Centers In"},"translate_title":"天空网络电视（NZSE：SKT）净利润大幅增长引发了有关盈利质量的争论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SKT.NZ":1.5,"SKT":1.5},"content_text":"SKY Network Television (NZSE:SKT) has put up a mixed set of numbers for H1 2026, with total revenue of NZ$359.6 million and basic EPS of NZ$0.16, alongside trailing 12 month revenue of NZ$782.8 million and basic EPS of NZ$0.54 that reflect the recent uplift in profitability. Over the last few half year periods, the company has seen revenue move from NZ$373.9 million in H2 2024 to NZ$391.1 million in H1 2025 and then to NZ$359.6 million in H2 2025. Basic EPS shifted from NZ$0.14 to a small loss of NZ$0.01 and then back to NZ$0.16, setting up a results season where investors are likely to focus closely on how sustainable the current margin profile really is. See our full analysis for SKY Network Television. With the headline figures on the table, the next step is to set these results against the most common narratives around SKY Network Television, to see which views the latest margins support and which ones the new numbers start to challenge. See what the community is saying about SKY Network Television NZSE:SKT Revenue & Expenses Breakdown as at Feb 2026 AdvertisementNet margin jumps to 9.5% on trailing basis  On the trailing 12 months, SKY Network Television reported net income of NZ$74.4 million on NZ$782.8 million of revenue, which works out to a 9.5% net margin compared with 2.4% a year earlier. Supporters of the bullish narrative point to this higher margin as proof that the business model is improving. However, it sits alongside a NZ$38.8 million one off gain and guidance that profit margins in bullish forecasts rise from 2.7% to 6.0% over three years, which is still below the current 9.5% trailing margin.  That creates a gap between the recent trailing profitability and the 6.0% margin bulls are working with, suggesting part of the recent strength may not repeat if one off gains are excluded. Bulls also lean on growth in areas like streaming and broadband, but the historical half year figures, with net income moving between NZ$20.1 million, a NZ$2.0 million loss and then NZ$22.2 million, show earnings have been quite variable.   Curious why some investors think these higher margins can stick while others are cautious about one offs and variable profits? 🐂 SKY Network Television Bull Case Earnings swing contrasts with bearish caution  Across the last three reported half years, net income moved from NZ$20.1 million in H2 2024 to a NZ$2.0 million loss in H1 2025, then to NZ$22.2 million in H2 2025, while trailing earnings growth over the last year was very large relative to the prior period. Skeptics highlight that consensus forecasts expect earnings to decline about 15.9% per year over the next three years. Yet both bullish and bearish narratives still assume earnings rise from about NZ$20.2 million today to between NZ$40.9 million and NZ$53.3 million, which is a wide range compared with the recent half year swings.  The bearish case in particular assumes earnings reach NZ$40.9 million with margins of 5.4%, even though recent half year results included one period of net loss, so it is building in a degree of recovery from that weaker phase. Both camps therefore rely on future stability that is not obvious in the recent pattern of profits, where earnings have moved sharply between periods.   Bears argue this volatility justifies caution around those future profit targets and supports a lower justified valuation multiple. 🐻 SKY Network Television Bear Case Low P/E of 6.2x versus DCF fair value  Based on the trailing results, SKY Network Television trades on a P/E of 6.2x, compared with a peer average of 14.1x and Global Media at 16.2x, while the provided DCF fair value of NZ$6.65 sits well above the current share price of NZ$3.36. What stands out is the tension between this apparent discount and the risk section, which flags forecasts for earnings to decline about 15.9% per year and revenue to edge down 0.3% per year, alongside an unstable dividend record and sizeable one off items. All of these factors help explain why the market may be reluctant to price the stock closer to DCF fair value or the 3.33 analyst target.  If earnings were to track the declining path in the consensus forecasts, today’s low P/E might reflect those lower future profits rather than a simple mispricing against peers. At the same time, the very large trailing earnings growth and 9.5% net margin show why some investors may still focus on the potential upside if a greater share of profits comes from recurring, non one off sources.   Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for SKY Network Television on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Reading all of this, you can see there is both optimism and concern in the story, so it makes sense to look at the full picture and decide quickly what it means for you. To help with that, take a closer look at the balance between the company’s potential upsides and the issues investors are watching through 2 key rewards and 3 important warning signs. See What Else Is Out There SKY Network Television’s recent results highlight volatile earnings, one off gains and cautious forecasts, which together raise questions about how reliable its current profit run rate is. If that earnings and dividend uncertainty makes you hesitant to rely on a single stock, check out 327 resilient stocks with low risk scores for ideas that prioritise more stable profiles and potentially smoother portfolio swings.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}