# Skellerup Holdings (SKLUY.US)

Canonical: https://gigainvestors.com/s/SKLUY

Analysis as of: 2026-10-16T07:33:44.676Z. Financial observations: FY2020–FY2026.

Listing currency: USD. Reporting currency: NZD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $86.03 per share; close as of 2026-10-14.

Estimated value: low $43.83 per share, central $49.77 per share, high $57.69 per share. Buy at or below the central value $49.77 per share. Valuation as of 2026-10-16T07:33:44.676Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NZ 10-year bond 5.0% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2020: 0.17×

- FY2021: 0.20×

- FY2022: 0.21×

- FY2023: 0.21×

- FY2024: 0.17×

- FY2025: 0.17×

- FY2026: 0.22×

### moat: pass

- ROIC, median of available years: 23.9%

- ROIC, second-lowest year: 18.6%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 41.7%

- Recent gross margin (lower of latest and 3-year median): 43.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 19.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 17.1%

- FY2021: 24.3%

- FY2022: 23.9%

- FY2023: 24.0%

- FY2024: 18.6%

- FY2025: 20.5%

- FY2026: 29.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 298M

- Net income, five-year total: NZD 269M

- Return on incremental invested capital: 277.5%

- Working capital / revenue, annual change: 0.0 pp

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

- FY2022: 1.07×

- FY2023: 1.14×

- FY2024: 1.14×

- FY2025: 1.14×

- FY2026: 1.06×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.9% vs 20.5%

- Per-share earnings: 4.08 to 5.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- Per-share value growth: 8.0%

- Per-share value change: NZD 1.46

- Per-share value, starting three-year median: NZD 4.08

- Per-share value, ending three-year median: NZD 5.54

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 23.9%

- ROIC, last three-year median: 20.5%

Chart: Earnings per share; fiscal year observations.

- FY2020: NZD 2.96

- FY2021: NZD 4.08

- FY2022: NZD 4.87

- FY2023: NZD 5.16

- FY2024: NZD 4.76

- FY2025: NZD 5.54

- FY2026: NZD 6.95

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -6.7%

- FY2021: -6.5%

- FY2022: 1.3%

- FY2023: -0.9%

- FY2024: -7.1%

- FY2025: -3.4%

- FY2026: -4.3%

## Holders

## Price story

Price needs cash profits to grow 7.8% a year for ten years · sales +12.1%

Story as of 2026-10-16T09:59:56.185Z; price observation 2026-10-14.

Price needs cash profits to grow 7.8% a year for ten years

### Sales · FY2025–2026

sales +12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: NZD 251M 

- FY2021: NZD 280M 

- FY2022: NZD 317M 

- FY2023: NZD 334M 

- FY2024: NZD 331M 

- FY2025: NZD 353M 

- FY2026: NZD 396M 

### Gross margin · FY2026

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

- FY2020: 38.3% 

- FY2021: 40.7% 

- FY2022: 39.9% 

- FY2023: 41.7% 

- FY2024: 43.3% 

- FY2025: 43.4% 

- FY2026: 44.4% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are NZD 396.4 million.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2026-06-30 (filed 2026-10-16T07:33:44.676Z); FY2026: revenue 396369014; grossProfit 175801681; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKLUY.US: Skellerup Holdings Limited designs, manufactures, and distributes engineered products for various specialist industrial and agricultural applications. It operates through the Agri and Industrial segments. The company offers dairy rubber ware, including milking liners, tubing products, accessories, filters and feeding teats, and other related agricultural products; rubber footwear for application in farm, as well as fire, electrical, and forestry; vacuum pumps; and dairy hygiene and livestock health management products, as well as mastitis prevention and mastitis detection equipment. It also provides products for potable and wastewater applications; rubber and plastic products and components, such as pipe seals, diaphragms, washers, gaskets, customized rubber moldings, check valves, O-rings, and other components for use in automotive, industrial, infrastructural pipe, valve, and medical industries; high precision technical products for the flow control or water management, appliance, automotive, and other industrial industries; and fabric reinforced diaphragms, and rubber metal seat valves and injector components, as well as waterproofing and sealing products for roofing, plumbing, and civil/underground applications. In addition, the company offers rubber and plastic products for dairy, civil, roofing, plumbing, HVAC electrical, construction and other industrial applications; injection-moulded and thermoformed engineered plastic products; EVA, PE, and various blended foams for marine, sports, leisure, orthotic/prosthetic, and construction applications; and Flexiflo, a live wall system for installation in new and existing chutes, as well as silicone products. It operates primarily in North America, New Zealand, Australia, Europe, Asia, the United Kingdom, Ireland, and internationally. Skellerup Holdings Limited was founded in 1910 and is based in Auckland, New Zealand.

### Why customers stay

Margins ranged from 43.3% to 44.4% during 2024–26; it earns 23.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2024-06-30 (filed 2026-10-16T07:33:44.676Z); FY2024: grossProfit / revenue = 43.3%.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2025-06-30 (filed 2026-10-16T07:33:44.676Z); FY2025: grossProfit / revenue = 43.4%.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2026-06-30 (filed 2026-10-16T07:33:44.676Z); FY2026: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.676Z); 7-year return on capital observations [[2020,0.17147249215655833],[2021,0.24334265834310947],[2022,0.2388040281533815],[2023,0.239954435678925],[2024,0.18587948926259684],[2025,0.20473559481089104],[2026,0.29414318637587195]]; median 0.2388040281533815. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 40% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.676Z); Gross margin observations: [[2021,0.4065077008389532],[2022,0.39904175438485745],[2023,0.4171291340990655]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2020-06-30 (filed 2026-10-16T07:33:44.676Z); FY2020: growth capex 0; upkeep 4383000; owner earnings 37448000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2021-06-30 (filed 2026-10-16T07:33:44.676Z); FY2021: growth capex 0; upkeep 7478000; owner earnings 45070000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2022-06-30 (filed 2026-10-16T07:33:44.676Z); FY2022: growth capex 0; upkeep 10186000; cash acquisitions 10216000; owner earnings 51390000. Growth capex plus acquisitions / owner earnings = 0.1987935395991438.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2023-06-30 (filed 2026-10-16T07:33:44.676Z); FY2023: growth capex 0; upkeep 8247000; cash acquisitions 862000; owner earnings 57927000. Growth capex plus acquisitions / owner earnings = 0.014880798246068328.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2024-06-30 (filed 2026-10-16T07:33:44.676Z); FY2024: growth capex 0; upkeep 9444000; owner earnings 53281000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2025-06-30 (filed 2026-10-16T07:33:44.676Z); FY2025: growth capex 0; upkeep 9201000; owner earnings 62255000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SKLUY.US.json#2026-06-30 (filed 2026-10-16T07:33:44.676Z); FY2026: growth capex 0; upkeep 14685798; owner earnings 72756238. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.676Z); Dividend observations: [[2020,25318000],[2021,27299000],[2022,35150000],[2023,41072000],[2024,44116000],[2025,48038000],[2026,52799543]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKLUY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.676Z); Ten-year compound average after fade. Initial solved rate 0.0995548359534505. Price 86.03; FX 0.56204; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

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

- 2016-10: $20.53 per share

- 2016-11: $20.53 per share

- 2016-12: $20.53 per share

- 2017-01: $20.53 per share

- 2017-02: $20.53 per share

- 2017-03: $20.53 per share

- 2017-04: $20.53 per share

- 2017-05: $20.53 per share

- 2017-06: $20.53 per share

- 2017-07: $20.53 per share

- 2017-08: $20.53 per share

- 2017-09: $20.53 per share

- 2017-10: $20.53 per share

- 2017-11: $20.53 per share

- 2017-12: $20.53 per share

- 2018-01: $20.53 per share

- 2018-02: $20.53 per share

- 2018-03: $20.53 per share

- 2018-04: $20.53 per share

- 2018-05: $20.53 per share

- 2018-06: $20.53 per share

- 2018-07: $20.53 per share

- 2018-08: $20.53 per share

- 2018-09: $20.53 per share

- 2018-10: $20.53 per share

- 2018-11: $20.53 per share

- 2018-12: $20.53 per share

- 2019-01: $20.53 per share

- 2019-02: $20.53 per share

- 2019-03: $20.53 per share

- 2019-04: $20.53 per share

- 2019-05: $20.53 per share

- 2019-06: $20.53 per share

- 2019-07: $20.53 per share

- 2019-08: $20.53 per share

- 2019-09: $29.70 per share

- 2019-10: $29.70 per share

- 2019-11: $29.70 per share

- 2019-12: $29.70 per share

- 2020-01: $29.70 per share

- 2020-02: $29.70 per share

- 2020-03: $29.70 per share

- 2020-04: $29.70 per share

- 2020-05: $29.70 per share

- 2020-06: $29.70 per share

- 2020-07: $29.70 per share

- 2020-08: $29.70 per share

- 2020-09: $29.70 per share

- 2020-10: $29.70 per share

- 2020-11: $29.70 per share

- 2020-12: $29.70 per share

- 2021-01: $29.70 per share

- 2021-02: $29.70 per share

- 2021-03: $29.70 per share

- 2021-04: $29.70 per share

- 2021-05: $29.70 per share

- 2021-06: $29.70 per share

- 2021-07: $29.70 per share

- 2021-08: $29.70 per share

- 2021-09: $29.70 per share

- 2021-10: $29.70 per share

- 2021-11: $29.70 per share

- 2021-12: $29.70 per share

- 2022-01: $29.70 per share

- 2022-02: $29.70 per share

- 2022-03: $29.70 per share

- 2022-04: $29.70 per share

- 2022-05: $29.70 per share

- 2022-06: $29.70 per share

- 2022-07: $29.70 per share

- 2022-08: $29.70 per share

- 2022-09: $29.70 per share

- 2022-10: $29.70 per share

- 2022-11: $29.70 per share

- 2022-12: $29.70 per share

- 2023-01: $29.70 per share

- 2023-02: $29.70 per share

- 2023-03: $29.70 per share

- 2023-04: $29.70 per share

- 2023-05: $29.70 per share

- 2023-06: $29.70 per share

- 2023-07: $29.70 per share

- 2023-08: $29.70 per share

- 2023-09: $29.70 per share

- 2023-10: $29.70 per share

- 2023-11: $29.70 per share

- 2023-12: $29.70 per share

- 2024-01: $29.70 per share

- 2024-02: $29.70 per share

- 2024-03: $29.70 per share

- 2024-04: $29.70 per share

- 2024-05: $29.70 per share

- 2024-06: $29.70 per share

- 2024-07: $29.70 per share

- 2024-08: $29.70 per share

- 2024-09: $29.70 per share

- 2024-10: $29.70 per share

- 2024-11: $29.70 per share

- 2024-12: $29.70 per share

- 2025-01: $29.70 per share

- 2025-02: $29.70 per share

- 2025-03: $29.70 per share

- 2025-04: $29.70 per share

- 2025-05: $29.70 per share

- 2025-06: $29.70 per share

- 2025-07: $29.70 per share

- 2025-08: $29.70 per share

- 2025-09: $29.70 per share

- 2025-10: $29.70 per share

- 2025-11: $29.70 per share

- 2025-12: $29.70 per share

- 2026-01: $29.70 per share

- 2026-02: $29.70 per share

- 2026-03: $29.70 per share

- 2026-04: $29.70 per share

- 2026-05: $29.70 per share

- 2026-06: $29.70 per share

- 2026-07: $29.70 per share

- 2026-08: $84.00 per share

- 2026-09: $87.00 per share

- 2026-10: $86.03 per share

## Annual estimated value (USD per share)

- FY2024: low $33.84 per share, central $38.43 per share, high $44.53 per share

- FY2025: low $36.28 per share, central $41.22 per share, high $47.79 per share

- FY2026: low $43.44 per share, central $49.33 per share, high $57.18 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.