Filing Flows › Companies › Skydance › Analysis traps
Skydance (PSKY): analysis traps
Where its figures could mislead a reader, and what to check before taking them at face value · Data: Q2 2026, to Jun 30, 2026, filed Aug 4, 2026; rules v1.1
Skydance (PSKY): 0 rules of 10 triggered on the filings to Jun 30, 2026. 1 to review; 5 with insufficient data; 2 not applicable. Each is a question to verify, with the normal explanation that would produce the same figures.
Check these first
Adjusted profit = economic profit To review · confidence low
Adjusted EPS was 10% or more above GAAP in 2 of the last 3 quarters: read the reconciliation before taking the adjusted figure.
Every rule
A01 FCF growth = the business improved Insufficient data
fewer than two fiscal years with operating cash flow and capital expenditure on file
A07 Stock compensation added back = no economic cost Insufficient data
fewer than two fiscal years of stock compensation and share counts on file
B02 Receivables growing = future cash is certain Insufficient data
fewer than five quarters with receivables and revenue on file (a year-over-year comparison needs five)
B08 Adjusted profit = economic profit To review confidence low
Adjusted EPS was 10% or more above GAAP in 2 of the last 3 quarters: read the reconciliation before taking the adjusted figure.
The figures and how they are read
| Quarter / adjusted EPS / GAAP EPS / gap | 2025-09-30 / -0.12 / -0.01 / -0.917; 2026-03-31 / 0.23 / 0.15 / 0.348; 2026-06-30 / 0.18 / 0.04 / 0.778 |
| Quarters with adjusted ≥ 10% above GAAP | 2 |
| Quarters compared | 3 |
| Latest gap | +77.8% |
the analysts' 'actual' (usually the company's adjusted EPS) against GAAP net income ÷ diluted shares for the matching quarter; a gap of 10% or more counts (the stand-in until three releases' reconciliation tables are on file)
Source: 2025-09-30 (adjusted -0.12 vs GAAP -0.01) · 2026-03-31 (adjusted 0.23 vs GAAP 0.15) · 2026-06-30 (adjusted 0.18 vs GAAP 0.04)
What would show the trap does not apply
- The reconciliation shows the excluded items ending (a restructuring with its final charge, a settlement paid) and the gap to GAAP closes in the next quarters
- The excluded items are only amortisation of acquired intangibles and the cash paid for the deals is in the investing cash flow
Look again: next filing.
C02 Low net debt = no refinancing risk Not triggered confidence medium
Nothing comes due within a year; net debt is $11.8B.
The figures and how they are read
| Cash and investments | $2.7B |
| Debt | $14.5B |
| Net debt | $11.8B |
| Due within a year | 0 |
| Read from | the current portion of debt on the balance sheet |
| Free cash flow, twelve months | — |
| Cash plus free cash flow | $2.7B |
| Coverage of what is due | — |
| Due in the second year | — |
| Balance sheet date | 2024-12-31 |
due within a year from the maturity table (else the current portion of debt), against cash and investments plus free cash flow over the last twelve months (zero if negative); no credit lines assumed
Source: 2024-12-31 (debt maturities, cash and investments)
D03 EPS growth = profit growth Not triggered confidence high
EPS fell 56% and net income fell 28% in Q2 2026; the share count rose 64.7%: EPS growth follows profit growth.
The figures and how they are read
| Quarter | Q2 2026 |
| Quarter before | Q2 2025 |
| EPS, year before | $0.08 |
| EPS | $0.04 |
| Net income, year before | $57M |
| Net income | $41M |
| Diluted shares, year before | 680.0M shares |
| Diluted shares | 1,120.0M shares |
| EPS growth | -56.0% |
| Net income growth | -28.1% |
| Diluted shares: change | +64.7% |
| eps from profit | -$0.02 |
| eps from share count | -$0.02 |
EPS and net income against the same quarter a year earlier; the EPS bridge attributes the change to profit first, then to the share count (the order is fixed and disclosed)
Source: Q2 2026 (net income, diluted shares, EPS) · Q2 2025 (the same quarter a year earlier)
E02 Low P/E at a cyclical peak = undervalued Insufficient data
2 fiscal years of net income on file; a cycle needs five
E07 A precise DCF value = the true value Insufficient data
no DCF in the valuation research for this company
J06 A bank's low P/E and high profit = safe Not applicable
not a bank
J08 A REIT's low net income = the dividend is unsafe Not applicable
not a REIT
What the statuses mean
Triggered: the filings show the pattern; read the normal explanations and the missing evidence before concluding anything. To review: one quarter or a weak signal; a reader's judgement, not a pattern. Not triggered: the pattern is absent on these figures. Insufficient data: the filings read so far do not hold what the rule needs; this is not a clean bill. Not applicable: the rule is not meant for this kind of company (a bank's working capital, a loss-making quarter's EPS growth). Out of date: the latest filing is more than fifteen months old.
Severity is what the pattern could mean for cash, value or solvency; confidence is how reliable the inputs and the reading are. The two are kept apart.
Record a view
A reader's judgement, grounds, what would change it and the next review; kept in the browser (needs JavaScript).
Every rule and the companies it triggers on → Skydance: cash flow →
Each rule reads the company's own filings by a fixed formula and says what would explain the same figures innocently. A triggered rule is a question to verify, not a finding of manipulation, and not a view on the stock. Missing data is shown as missing, never as clear. Not investment advice.