Market cap
$6b
End-of-day close multiplied by current shares on issue.
ATM · NZX
The a2 Milk Company (ATM)
Consumer / Dairy nutritionCovered: FY24 - HY264 published briefings
The a2 Milk Company is an NZX-listed consumer / dairy nutrition company with FY24 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 16 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $992.6m | ↑ +11.0% |
| EBITDA | $155m | ↑ +30.4% |
| NPAT | $10.9m | ↓ -88.1% |
| Operating cash flow | $95.2m | ↑ +20.8% |
| OCF / EBITDA % | 61.4% | ↓ -4.9pp |
| Net debt | -$896.9m | — |
| Net debt / EBITDA | n/m | — |
| ROE % | 0.8% | ↓ -6.0pp |
| DPS | 11.5c | ↑ +35.3% |
| Payout ratio vs NPAT % | 74.3% | ↑ +7.3pp |
Source: latest published briefing (HY26, released 16 February 2026). Change compares against the prior equivalent period: HY25, released 17 February 2025.
Valuation
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
Prices as at close, 31 July 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
49.02x
Recent market cap compared with trailing earnings.
EPS
0.17
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
16.39x
Enterprise value compared with recent EBITDA.
P/FCF
29.7x
Market cap compared with recent free cash flow.
P/B
4.32x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
7.8%
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 readouts against real observations. Expand opens the chart at reading size.
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.
Longitudinal view
Performance over time
The latest period is shown first.
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| Metric | HY266 MONTHS16 February 2026 | FY2512 MONTHS18 August 2025 | HY256 MONTHS17 February 2025 | FY2412 MONTHS19 August 2024 | Trend |
|---|---|---|---|---|---|
| Revenue | $992.6m | $1.9b | $893.8m | $1.7b | Chart |
| Revenue growth % | 11.2% | 13.5% | 10.1% | 5.2% | Chart |
| EBITDA | $155m | $274.3m | $118.9m | $234.3m | Chart |
| EBITDA margin % | 15.6% | 14.4% | 13.3% | 14.0% | Chart |
| PBT | $162.5m | $289.3m | $127.3m | $238.1m | Chart |
| PBT growth % | 27.7% | 21.5% | 5.3% | 6.8% | Chart |
| NPAT | $10.9m | $202.9m | $91.7m | $167.6m | Chart |
| NPAT growth % | -88.1% | 21.1% | 7.5% | 7.7% | Chart |
| Operating cash flow | $95.2m | $201.5m | $78.8m | $255.7m | Chart |
| OCF / EBITDA % | 61.4% | 73.4% | 66.3% | 109.1% | Chart |
| FCF pre-lease | $80.1m | $197.8m | $76.4m | $238.7m | Chart |
| DPS | 11.5c | 11.5c | 8.5c | — | Chart |
| Payout ratio vs NPAT % | 74.3% | 71.3% | 67.0% | — | Chart |
| Annual payout ratio vs EPS % | — | 71.4% | — | — | — |
| ROE % | 0.8% | 14.2% | 6.8% | 13.3% | Chart |
| Net debt | -$896.9m | — | — | -$931.1m | Chart |
| Net debt / EBITDA | n/m | — | — | n/m | Chart |
| Debtor days | 17 | 12 | 19 | 11 | Chart |
| Inventory days | 32 | 27 | 39 | 39 | Chart |
| Total assets | $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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Full chartable metric set
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
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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The setup & the reality
FY25 → HY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What FY25 said to watch
Previous analysisFY25Result releasedAnnolyse analysis published
From ATM FY25: Revenue +13.5% and NPAT +21.1% but cash conversion fell to 73.4%
Mataura Valley Milk, Open Country Dairy Limited and Yashili New Zealand Dairy Co. sales are explicitly linked in the filing to revenue continuity, with NZ$100m capital raised and NZ$130m disclosed value.
No formal FY26 earnings targets were included in the extraction data, so direct variance analysis is not possible. The results release references a supply chain transformation and simultaneously announced strategic transactions, suggesting management views the business as entering a new investment phase. The second-half revenue run-rate of NZD 1b against a first-half NZD 893.8m confirms second-half weighting and a building exit rate into FY26.
Without stated guidance, the key question is whether the 13.5% revenue growth rate is sustainable given China IMF market dynamics and whether the cash conversion shortfall is cyclical or structural. The scale of the supply chain repositioning adds execution risk and capital deployment uncertainty that the income statement alone does not capture.
Open questions
Open questions from FY25
- What explains the NZD 54.3m year-on-year decline in operating cash flow when working capital was a net source and EBITDA grew NZD 40.0m?
- Will the ANZ segment margin compression reverse in FY26, or does it reflect structural pricing or cost pressure?
- How does management intend to fund the announced acquisition while sustaining the 71.3% NPAT payout ratio, and what is the pro forma leverage position post-transaction?
- Is the China and Other Asia revenue growth driven by volume, price, or channel mix, and how exposed is that growth to China IMF regulatory or market-share shifts?
- Does management expect OCF/EBITDA conversion to normalise toward historical levels in FY26, and what specific working-capital or timing factors drove the FY25 shortfall?
This briefing cannot assess the post-transaction financial structure, the revenue continuity of divested operations, or the earnings impact of the supply chain repositioning on FY26 segment reporting.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
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
Get notified when ATM publishes
Get the next The a2 Milk Company result briefing and five-year history updates by email.