Market cap
$5.2b
End-of-day close multiplied by current shares on issue.
ATM · NZX
The a2 Milk Company is an NZX-listed consumer / dairy nutrition company with FY24 - HY26 of published result briefings.
Snapshot
HY26, released 16 February 2026
| 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 | ↑ +8.0% |
| Net debt / EBITDA | -5.79x | ↑ +29.4% |
| 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
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.
The latest close and share count context for the market price.
Market cap
$5.2b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
42.78x
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
13.94x
Enterprise value compared with recent EBITDA.
P/FCF
25.92x
Market cap compared with recent free cash flow.
P/B
3.77x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.2%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
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.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| 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 | -$1b | -$975.3m | -$931.1m | Chart |
| Net debt / EBITDA | -5.79x | -3.73x | -8.2x | -3.97x | 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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
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
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
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 16 February 2026
A $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.
FY25 · Released 18 August 2025
Strong operating earnings growth was not matched by cash generation, with OCF falling 21.2% even as reported profit rose sharply.
HY25 · Released 17 February 2025
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.
FY24 · Released 19 August 2024
Working-capital release lifted reported cash quality well above earnings, but ANZ segment profit fell 32.6% and headline NPAT grew only 7.7%.
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