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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Spark New Zealand's Sloan Ratio for the quarter that ended in Dec. 2025 was -14.59%.
As of Dec. 2025, Spark New Zealand has a Sloan Ratio of -14.59%, indicating there is a warning stage of accrual build up.
Spark New Zealand (ASX:SPK) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2025, Spark New Zealand has a Sloan Ratio of -14.59%, indicating there is a warning stage of accrual build up.
Spark New Zealand Sloan Ratio % Related Terms
Spark New Zealand Sloan Ratio % Historical Data
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The historical data trend for Spark New Zealand's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Telecom Services subindustry, Spark New Zealand's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Spark New Zealand Sloan Ratio % vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Spark New Zealand's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Spark New Zealand's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Spark New Zealand's Sloan Ratio for the fiscal year that ended in Jun. 2025 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Spark New Zealand's Net Income for the trailing twelve months (TTM) ended in Dec. 2025 was 208.57 (Jun. 2025 ) + 55.741 (Dec. 2025 ) = A$264 Mil.
Spark New Zealand's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was 375.425 (Jun. 2025 ) + 525.182 (Dec. 2025 ) = A$901 Mil.
Spark New Zealand's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2025 was 108.456 (Jun. 2025 ) + -188.125 (Dec. 2025 ) = A$-80 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Spark New Zealand (ASX:SPK) has a Sloan Ratio % of -14.59% as of Dec. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Spark New Zealand and its competitors.
Is Spark New Zealand's Sloan Ratio % too high?
Spark New Zealand's current Sloan Ratio % is -14.59%. Overall, Spark New Zealand has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Spark New Zealand's Sloan Ratio % compare to TMUS and VZ?
Spark New Zealand's Sloan Ratio % of -14.59% can be compared against companies in the Telecommunication Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Telecommunication Services company?
A good Sloan Ratio % depends on the Telecommunication Services industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Spark New Zealand and its competitors. Spark New Zealand's current Sloan Ratio % is -14.59%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spark New Zealand stock overvalued right now?
Based on GuruFocus' analysis, Spark New Zealand (ASX:SPK) is currently considered Significantly Undervalued. The stock's GF Value™ is A$2.70, compared to a current price of A$1.55 — trading 42.8% below its estimated fair value. The current Sloan Ratio % is -14.59%. Spark New Zealand's overall GF Score™ is 68/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Spark New Zealand (ASX:SPK), the current Sloan Ratio % is -14.59% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Spark New Zealand (ASX:SPK) Overvalued in 2026?
Based on GuruFocus' analysis, Spark New Zealand stock appears to be undervalued.
The current stock price of A$1.55 is trading 42.8% below its estimated GF Value™ of A$2.70.
GuruFocus considers Spark New Zealand to be Significantly Undervalued.
Key valuation signals for ASX:SPK:
Sloan Ratio %: -14.59%
GF Value™: A$2.70 vs. price of A$1.55 (42.8% below fair value)
No single metric tells the full story. See the ASX:SPK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spark is one of only three integrated telecommunications companies in New Zealand. It is the leading mobile network operator with low- to mid-40% subscriber and revenue share, and the dominant provider of fixed-line broadband services with a mid-30% subscriber share. It has a big position in the New Zealand corporate and wholesale telecommunications services provision space. Spark supplements its core telecommunications operations and related infrastructure with IT products and services across cloud, managed data and networks, procurement, data centers, and Internet of Things. Its operations are all based in New Zealand, except for its 41% interest in Southern Cross Submarine Cables, which has zero book value and to which Spark has no funding obligations.
68GF Score
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Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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