Seek Ltd · Financials

Seek's revenue rose from $950.4M in FY2016 to $1,294.5M in FY2018, peaked at $1,557.3M in FY2019, then fell sharply to $650.6M in FY2020 before rebuilding through $760.3M, $1,116.5M and $1,225.3M in FY2021 to FY2023, and settling at $1,084.1M in FY2024 and $1,097.0M in FY2025.

Margins have been uneven across the period. Gross profit ratio ran above 90% in FY2016 and FY2017 (95.9% and 93.8%) before falling into the 43%-63% range between FY2018 and FY2022, then rebounding to 99.4% in FY2023 and 50.0% in FY2024; margin ratios for FY2025 are not disclosed in the company's reported figures. Operating income ratio has been comparatively steadier, running roughly between 23.5% and 33.8% across the ten years, with operating income of $392.0M in FY2025 against revenue of $1,097.0M.

Diluted EPS has been volatile, moving from $1.02 in FY2016 to a low of -$0.32 in FY2020, spiking to $2.93 in FY2023 on net income of $1,045.6M, then swinging to -$0.28 in FY2024 and recovering to $0.684 in FY2025 as net income returned to $245.2M.

Seek Ltd's total assets have expanded from $3.3B in FY2016 to $4.8B in FY2025, alongside a rise in shareholder equity from $1.8B to $2.7B over the same period. Retained earnings have grown from $1.0B to $2.3B, though the path wasn't linear — equity fell to $1.1B in FY2020 as retained earnings dipped to $894.4M, before rebuilding to $2.7B by FY2023 and holding near that level through FY2025.

Total liabilities sat at $2.1B in FY2025, versus $1.5B in FY2016, with long-term loans of $1.1B making up the bulk of that figure — down from a peak of $1.8B in FY2020. Short-term debt and bank overdrafts, which ran as high as $143.4M in FY2020, were reduced to zero in both FY2023 and FY2024 before a modest $5.6M reappeared in FY2025. Debt relative to equity has eased from roughly 179% in FY2020 to about 40% in FY2025.

Cash and cash equivalents have followed a declining trend in recent years, falling every year from $604.8M in FY2020 to $150.2M in FY2025. Total liabilities stood at $2.1B against total equity of $2.7B in FY2025, meaning liabilities equal about 77% of equity, versus FY2020 when liabilities of $3.0B were roughly 2.7 times the $1.1B equity base. With retained earnings at their highest reported level by FY2025, the balance sheet's leverage position looks markedly lighter than in FY2019-FY2020, even as cash reserves have thinned considerably.

Operating cash flow has stayed in a relatively narrow band across the ten years, ranging from $280.4M in FY2017 to $396.6M in FY2022, and standing at $330.0M in FY2025. Capital expenditure rose from a low of $14.7M in FY2017 to a high of $189.4M in FY2023, before easing to $130.0M in FY2025. Free cash flow has trended lower as capex increased, falling from $320.1M in FY2016 to $159.8M in FY2024 and recovering slightly to $200.0M in FY2025.

Dividend payments have remained fairly steady, running between $47.8M in FY2020 (the low point during that year's net loss) and $161.5M in FY2019, with $142.7M paid out in FY2025. Share buybacks appear in only one year of the reported period, at $267.2M in FY2017; no buyback activity is disclosed in any other year shown, indicating dividends have been the primary form of cash returned to shareholders across most of the period.