Market cap
$5.9b
End-of-day close multiplied by current shares on issue.
ATM · NZX
The a2 Milk Company (ATM)
Consumer / Dairy nutritionCovered: FY24 - FY265 published briefings
The a2 Milk Company is an NZX-listed consumer / dairy nutrition company. Its latest covered result is FY26, with FY24 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 17 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $2b | ↑ +3.8% |
| EBITDA | $284.4m | ↑ +3.7% |
| NPAT | $113.6m | ↓ -44.0% |
| Operating cash flow | $133.1m | ↓ -33.9% |
| OCF / EBITDA % | 46.8% | ↓ -26.6pp |
| Net debt | -$784.5m | — |
| Net debt / EBITDA | n/m | — |
| ROE % | 10.6% | ↓ -3.6pp |
| DPS | 9.5c | ↓ -17.4% |
| Payout ratio vs NPAT % | 73.4% | ↑ +2.0pp |
Source: latest published briefing (FY26, released 17 August 2026). Change compares against the prior equivalent period: FY25, released 18 August 2025.
Valuation
Valuation
Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.
Prices as at close, 18 September 2026
Price and market cap
The latest close and share count context for the market price.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
51.59x
Recent market cap compared with trailing earnings.
EPS
0.16
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
17.85x
Enterprise value compared with recent EBITDA.
P/FCF
98.23x
Market cap compared with recent free cash flow.
P/B
5.46x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
7.7%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Price history
Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.
Share price
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
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P/E over time
Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.
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Chat
Ask about ATM
Ask follow-up questions about The a2 Milk Company's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about ATM
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS17 August 2026 | HY266 MONTHS16 February 2026 | FY2512 MONTHS18 August 2025 | HY256 MONTHS17 February 2025 | FY2412 MONTHS19 August 2024 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $2b | $992.6m | $1.9b | $893.8m | $1.7b | Chart |
| Revenue growth % | 4.0% | 11.2% | 13.5% | 10.1% | 5.2% | Chart |
| EBITDA | $284.4m | $155m | $274.3m | $118.9m | $234.3m | Chart |
| EBITDA margin % | 14.4% | 15.6% | 14.4% | 13.3% | 14.0% | Chart |
| PBT | $296.6m | $162.5m | $289.3m | $127.3m | $238.1m | Chart |
| PBT growth % | 2.5% | 27.7% | 21.5% | 5.3% | 6.8% | Chart |
| NPAT | $113.6m | $10.9m | $202.9m | $91.7m | $167.6m | Chart |
| NPAT growth % | -44.0% | -88.1% | 21.1% | 7.5% | 7.7% | Chart |
| Operating cash flow | $133.1m | $95.2m | $201.5m | $78.8m | $255.7m | Chart |
| OCF / EBITDA % | 46.8% | 61.4% | 73.4% | 66.3% | 109.1% | Chart |
| FCF pre-lease | $59.7m | $80.1m | $197.8m | $76.4m | $238.7m | Chart |
| DPS | 9.5c | 11.5c | 11.5c | 8.5c | — | Chart |
| Payout ratio vs NPAT % | 73.4% | 74.3% | 71.3% | 67.0% | — | Chart |
| Annual payout ratio vs EPS % | 73.4% | — | 71.4% | — | n/m | Chart |
| ROE % | 10.6% | 0.8% | 14.2% | 6.8% | 13.3% | Chart |
| Net debt | -$784.5m | -$896.9m | — | — | -$931.1m | Chart |
| Net debt / EBITDA | n/m | n/m | — | — | n/m | Chart |
| Debtor days | 11 | 17 | 12 | 19 | 11 | Chart |
| Inventory days | 54 | 32 | 27 | 39 | 39 | Chart |
| Total assets | $2b | $1.8b | $1.9b | $1.9b | $1.7b | Chart |
Reference: annolyse.ai/companies/atm
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
Filing-only history charts
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Revenue
Reported revenue across covered periods.
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Revenue growth
Like-period revenue growth where comparable.
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EBITDA-equivalent
Company-specific earnings measure where disclosed.
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EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
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NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
OCF / EBITDA
Cash conversion against earnings.
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FCF pre-lease
Operating cash flow less capex before leases.
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ROE
Return on equity.
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Net debt
Borrowings less cash; negative values indicate net cash.
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DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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Inventory days
Inventory days where the working-capital inputs are source-backed.
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Operating working-capital movement
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
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The setup & the reality
HY26 → FY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY26 said to watch
Previous analysisHY26Result releasedAnnolyse analysis published
From Continuing-ops PBT up 27.7% but NPAT fell 88.1% on MVM exit
The release excerpts state the company "upgraded FY26 full year guidance" on the back of strong segment performance and 13.6% IMF revenue growth, but specific guidance figures are not in the extraction. Against the FY25 pattern, the first half ran at 46.9% of full-year revenue, 43.3% of EBITDA and 45.2% of NPAT, so the business is second-half weighted. Annualised current revenue is $2b, broadly tracking FY25's $1.9b base with the MVM revenue contribution now removed.
What this release supports is a stronger continuing-operations trajectory and a smaller, simpler revenue base; what it does not pin down is the quantum of the FY26 upgrade or the shape of the second half post-MVM exit.
Open questions
Open questions from HY26
- What are the final cash and tax outflows associated with the MVM disposal, and is the $103.7m after-tax loss the full P&L impact?
- Why did OCF/EBITDA fall to 61.4% from 66.3% despite a working-capital tailwind, and is the gap repeatable?
- Is the $15.1m capex run-rate the new baseline post-MVM, or does it include one-off transformation spend?
- What are the specific revenue, EBITDA and margin parameters of the upgraded FY26 guidance referenced in the release?
- How should investors think about the dividend payout ratio going forward — against continuing-operations profit or against group NPAT?
This briefing cannot assess the financial terms of the MVM exit, the magnitude of the FY26 guidance upgrade, or the strategic fit of any current-period acquisition because those details are not present in the supplied extraction.
Latest result sources
Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.
Current period
FY26 Annual Report
FY26 / financial reportFY26 Results media release
FY26 / media releaseFY26 Results presentation
FY26 / results presentationNZX Results Announcement
FY26 / results announcementPrior comparable period
FY25 Annual Report
FY25 / financial reportFY25 Results & Supply Chain Transformation update media release
FY25 / media releaseFY25 Results & Supply Chain Transformation update presentation
FY25 / results presentationNZX Results Announcement
FY25 / results announcementInterim context
Interim Report
HY26 / financial reportMedia Release
HY26 / media releaseNZX Results Announcement
HY26 / results announcementPresentation
HY26 / results presentationRelease context
FY25 Results Announcement Date and Webcast Notification
FY25 / commentaryFY26 Results Announcement Date and Webcast Notification
FY26 / commentaryTrading, Supply Chain and Outlook Update
FY26 / commentaryAnnual Meeting Presentation
HY26 / commentaryThe a2 Milk Company upgrades FY26 revenue guidance
HY26 / commentaryPeer context
Other covered Consumer companies
These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 17 August 2026
Cash conversion slid to 46.8% as inventory days nearly doubled to 53.7
Revenue and PBT grew but a $148.5m working-capital build and a discontinued-operation loss pulled NPAT down 44.0%.
Read briefing
HY26 · Released 16 February 2026
Continuing-ops PBT up 27.7% but NPAT fell 88.1% on MVM exit
A $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.
Read briefing
FY25 · Released 18 August 2025
ATM FY25: Revenue +13.5% and NPAT +21.1% but cash conversion fell to 73.4%
Strong operating earnings growth was not matched by cash generation, with OCF falling 21.2% even as reported profit rose sharply.
Read briefing
HY25 · Released 17 February 2025
Revenue up 10.1%, FY25 guidance upgraded, maiden dividend declared
Cash conversion lifted to 66.3% of EBITDA, but the 67.0% NPAT payout rests partly on capex falling 81% to 0.3% of revenue.
Read briefing
FY24 · Released 19 August 2024
OCF doubled to NZ$255.7m as cash conversion surged from 50.7% to 109.1%
Working-capital release lifted reported cash quality well above earnings, but ANZ segment profit fell 32.6% and headline NPAT grew only 7.7%.
Read briefing
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