# Seek (SEK.AU)

Canonical: https://gigainvestors.com/s/SEK.AU

Analysis as of: 2026-10-16T07:38:58.672Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 13.02 per share; close as of 2026-10-15.

Estimated value: low AUD 4.96 per share, central AUD 5.59 per share, high AUD 6.43 per share. Buy at or below the central value AUD 5.59 per share. Valuation as of 2026-10-16T07:38:58.672Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.32×

- FY2018: 0.25×

- FY2019: 0.24×

- FY2020: 0.24×

- FY2021: 0.30×

- FY2022: 0.33×

- FY2023: 0.31×

- FY2024: 0.27×

- FY2025: 0.24×

- FY2026: 0.24×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 12.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.3%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: 12.4 pp

- Typical gross margin (annual median): 56.9%

- Recent gross margin (lower of latest and 3-year median): 44.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 11.9%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 11.2%

- FY2018: 86.1%

- FY2019: 76.1%

- FY2020: 25.7%

- FY2021: 10.4%

- FY2022: 13.1%

- FY2023: 10.2%

- FY2024: 8.5%

- FY2025: 7.6%

- FY2026: 11.4%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 868M

- Net income, five-year total: AUD 987M

- Return on incremental invested capital: 6.0%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 10.1 pp

- Working capital / revenue, final three-year average: 11.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.77×

- FY2023: 0.90×

- FY2024: 1.76×

- FY2025: 0.95×

- FY2026: 0.68×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 76.1% vs 8.5%

- Per-share earnings: 0.97 to -0.28 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: AUD -1.2B

- Cumulative retained earnings: AUD 547M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD -1.25

- Per-share value, starting three-year median: AUD 0.97

- Per-share value, ending three-year median: AUD -0.28

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 3.0B

- Cumulative net income, 10 years: AUD 2.2B

- ROIC, first three-year median: 76.1%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.97

- FY2018: AUD 0.15

- FY2019: AUD 0.51

- FY2020: AUD -0.32

- FY2021: AUD 2.11

- FY2022: AUD 0.47

- FY2023: AUD 2.92

- FY2024: AUD -0.28

- FY2025: AUD 0.69

- FY2026: AUD -1.04

### accounting: pass

- Sloan accruals: -19.4%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 1.6%

- FY2018: -9.0%

- FY2019: -4.5%

- FY2020: -9.5%

- FY2021: 8.8%

- FY2022: -4.8%

- FY2023: 13.9%

- FY2024: -9.0%

- FY2025: -1.8%

- FY2026: -19.4%

## Holders

## Price story

Down 63% since Nov 2021 · sales +17.1%

Story as of 2026-10-16T10:00:10.368Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

### Sales · FY2025–2026

sales +17.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.0B 

- FY2018: AUD 1.3B 

- FY2019: AUD 1.6B 

- FY2020: AUD 651M 

- FY2021: AUD 760M 

- FY2022: AUD 1.1B 

- FY2023: AUD 1.2B 

- FY2024: AUD 1.1B 

- FY2025: AUD 1.1B 

- FY2026: AUD 1.3B 

### Gross margin · FY2026

gross margin 44.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 93.8% 

- FY2018: 56.4% 

- FY2019: 43.7% 

- FY2020: 63.3% 

- FY2021: 52.2% 

- FY2022: 57.4% 

- FY2023: 99.4% 

- FY2024: 50.0% 

- FY2026: 44.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are AUD 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2026: revenue 1284200000; grossProfit 570800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEK.AU: SEEK Limited, together with its subsidiaries, provides online employment marketplace services in Australia, New Zealand, Southeast Asia, Hong Kong, the United Kingdom, Europe, and internationally. The company's job advertisement solutions include Lite ad, which is a free ad designed for non-urgent; Basic ad, which offers search visibility and candidate recommendations; Advanced ad, which offers increased search visibility and AI candidate targeting for specialized or competitive roles; and Premium ad for business-critical or time-sensitive roles. It also offers sourcing solutions, such as Talent Search, which allows hirers to search candidate database; SEEK Pass that helps candidates stand out by verifying credentials on their application and profile, as well as helping hirers assess candidates; Employer Brand Boost, which allows hirers to amplify their employee value proposition; SEEKGrad that assists employers with early-career and graduate recruitment; JobAdder, which serves as an applicant tracking system and customer management platform for recruiters and talent acquisition teams; Sidekicker that serves as a labour marketplace providing on-demand labour across hospitality, events, retail, customer service, aged care, warehousing, and logistics industries. In addition, the company offers HR software as a service (SaaS) and ad enhancements. SEEK Limited was incorporated in 1997 and is headquartered in Melbourne, Australia.

### Why customers stay

Margins ranged from 44.4% to 100% during 2024–26; it earns 11.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2024: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2026: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); 10-year return on capital observations [[2017,0.11176256518495403],[2018,0.8606281198003328],[2019,0.7609231183391005],[2020,0.25668293718166385],[2021,0.10439626832330529],[2022,0.1311169614258249],[2023,0.10245338338400732],[2024,0.08498996093892601],[2025,0.07573698307415368],[2026,0.11372466811727215]]; median 0.1127436166511131. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2017: growth capex 0; upkeep 14700000; owner earnings 344100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2018: growth capex 0; upkeep 25500000; owner earnings 95300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2019: growth capex 7805443.101688027; upkeep 117294556.89831197; owner earnings 148805443.10168803. Growth capex / owner earnings = 0.0524540160560799.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2021: growth capex 12468672.775963306; upkeep 125431327.2240367; owner earnings 669628672.7759633. Growth capex / owner earnings = 0.018620279093298223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2022: growth capex 43200000; upkeep 89700000; owner earnings 129640000. Growth capex / owner earnings = 0.33323048441838937.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2023: growth capex 19854440.524204463; upkeep 169545559.47579554; owner earnings 936374439.5242045. Growth capex / owner earnings = 0.02120352680098039.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); FY2025: growth capex 0; upkeep 130000000; owner earnings 232720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); Dividend observations: [[2017,146100000],[2018,157700000],[2019,161500000],[2020,47800000],[2021,116400000],[2022,152200000],[2023,159600000],[2024,149600000],[2025,142700000],[2026,175000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 10% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEK.AU SharesStats.PercentInsiders = 10.009 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.672Z); Ten-year compound average after fade. Initial solved rate 0.16110817589014748. Price 13.02; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.0499107918934993 → FY2026 -0.7108317866628319. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 14.64 per share

- 2016-11: AUD 14.81 per share

- 2016-12: AUD 14.88 per share

- 2017-01: AUD 14.44 per share

- 2017-02: AUD 15.69 per share

- 2017-03: AUD 15.92 per share

- 2017-04: AUD 17.04 per share

- 2017-05: AUD 16.89 per share

- 2017-06: AUD 16.91 per share

- 2017-07: AUD 17.10 per share

- 2017-08: AUD 16.75 per share

- 2017-09: AUD 16.61 per share

- 2017-10: AUD 18.37 per share

- 2017-11: AUD 18.48 per share

- 2017-12: AUD 19.01 per share

- 2018-01: AUD 19.55 per share

- 2018-02: AUD 20.21 per share

- 2018-03: AUD 18.60 per share

- 2018-04: AUD 19.43 per share

- 2018-05: AUD 20.20 per share

- 2018-06: AUD 21.81 per share

- 2018-07: AUD 21.37 per share

- 2018-08: AUD 22.40 per share

- 2018-09: AUD 20.76 per share

- 2018-10: AUD 17.86 per share

- 2018-11: AUD 18.48 per share

- 2018-12: AUD 16.92 per share

- 2019-01: AUD 16.99 per share

- 2019-02: AUD 18.42 per share

- 2019-03: AUD 17.54 per share

- 2019-04: AUD 18.21 per share

- 2019-05: AUD 20.90 per share

- 2019-06: AUD 21.16 per share

- 2019-07: AUD 20.91 per share

- 2019-08: AUD 20.33 per share

- 2019-09: AUD 21.47 per share

- 2019-10: AUD 22.68 per share

- 2019-11: AUD 23.19 per share

- 2019-12: AUD 22.55 per share

- 2020-01: AUD 22.69 per share

- 2020-02: AUD 20.68 per share

- 2020-03: AUD 14.83 per share

- 2020-04: AUD 17.41 per share

- 2020-05: AUD 20.13 per share

- 2020-06: AUD 21.89 per share

- 2020-07: AUD 21.67 per share

- 2020-08: AUD 20.67 per share

- 2020-09: AUD 21.29 per share

- 2020-10: AUD 21.51 per share

- 2020-11: AUD 26.05 per share

- 2020-12: AUD 28.53 per share

- 2021-01: AUD 28.05 per share

- 2021-02: AUD 25.70 per share

- 2021-03: AUD 28.51 per share

- 2021-04: AUD 30.97 per share

- 2021-05: AUD 30.56 per share

- 2021-06: AUD 33.14 per share

- 2021-07: AUD 29.27 per share

- 2021-08: AUD 32.54 per share

- 2021-09: AUD 31.12 per share

- 2021-10: AUD 32.70 per share

- 2021-11: AUD 34.80 per share

- 2021-12: AUD 32.78 per share

- 2022-01: AUD 28.99 per share

- 2022-02: AUD 26.67 per share

- 2022-03: AUD 29.82 per share

- 2022-04: AUD 28.38 per share

- 2022-05: AUD 24.25 per share

- 2022-06: AUD 21.00 per share

- 2022-07: AUD 22.94 per share

- 2022-08: AUD 20.86 per share

- 2022-09: AUD 19.17 per share

- 2022-10: AUD 21.59 per share

- 2022-11: AUD 22.08 per share

- 2022-12: AUD 20.95 per share

- 2023-01: AUD 24.21 per share

- 2023-02: AUD 24.18 per share

- 2023-03: AUD 23.92 per share

- 2023-04: AUD 24.42 per share

- 2023-05: AUD 23.53 per share

- 2023-06: AUD 21.72 per share

- 2023-07: AUD 24.90 per share

- 2023-08: AUD 23.11 per share

- 2023-09: AUD 22.07 per share

- 2023-10: AUD 20.61 per share

- 2023-11: AUD 23.88 per share

- 2023-12: AUD 26.73 per share

- 2024-01: AUD 25.45 per share

- 2024-02: AUD 26.23 per share

- 2024-03: AUD 25.05 per share

- 2024-04: AUD 24.27 per share

- 2024-05: AUD 22.44 per share

- 2024-06: AUD 21.36 per share

- 2024-07: AUD 21.97 per share

- 2024-08: AUD 23.05 per share

- 2024-09: AUD 24.85 per share

- 2024-10: AUD 24.94 per share

- 2024-11: AUD 26.12 per share

- 2024-12: AUD 22.57 per share

- 2025-01: AUD 22.96 per share

- 2025-02: AUD 23.98 per share

- 2025-03: AUD 21.40 per share

- 2025-04: AUD 21.31 per share

- 2025-05: AUD 24.31 per share

- 2025-06: AUD 24.05 per share

- 2025-07: AUD 24.24 per share

- 2025-08: AUD 27.76 per share

- 2025-09: AUD 28.51 per share

- 2025-10: AUD 27.10 per share

- 2025-11: AUD 24.48 per share

- 2025-12: AUD 23.12 per share

- 2026-01: AUD 20.97 per share

- 2026-02: AUD 16.56 per share

- 2026-03: AUD 13.95 per share

- 2026-04: AUD 13.84 per share

- 2026-05: AUD 12.41 per share

- 2026-06: AUD 13.45 per share

- 2026-07: AUD 14.69 per share

- 2026-08: AUD 14.69 per share

- 2026-09: AUD 12.02 per share

- 2026-10: AUD 12.92 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 13.55 per share, central AUD 15.14 per share, high AUD 17.25 per share

- FY2018: low AUD 14.53 per share, central AUD 16.70 per share, high AUD 19.26 per share

- FY2019: low AUD 17.32 per share, central AUD 19.52 per share, high AUD 22.44 per share

- FY2020: low AUD 3.70 per share, central AUD 3.96 per share, high AUD 4.31 per share

- FY2021: low AUD 3.57 per share, central AUD 3.88 per share, high AUD 4.29 per share

- FY2022: low AUD 4.12 per share, central AUD 4.57 per share, high AUD 5.17 per share

- FY2023: low AUD 4.98 per share, central AUD 5.58 per share, high AUD 6.38 per share

- FY2024: low AUD 4.34 per share, central AUD 4.87 per share, high AUD 5.57 per share

- FY2025: low AUD 7.48 per share, central AUD 8.46 per share, high AUD 9.77 per share

- FY2026: low AUD 4.96 per share, central AUD 5.59 per share, high AUD 6.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.