A2 MILK COMPANY LIMITED (A2M)
Share Price Analysis and Chart

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A2M

A2M - A2 MILK COMPANY LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 0.37
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

The a2 Milk Company is dual listed on both the NZX and ASX. It produces and sells A1 protein-free milk and related products like infant formula. It was first listed in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$9.63

19 Feb
2026

-0.060

OPEN

$9.69

-0.62%

HIGH

$9.73

1,646,065

LOW

$9.43

TARGET
$9.867 2.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
BGA . BUB . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
A2M: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 27.9 xxx
DPS (cps) 20.3 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 33.9 xxx
Dividend Yield 2.1% xxx
Div Pay Ratio(%) 72.8% xxx
This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 2.61%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.79

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 18/09 - ex-div 8.9c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx25.6
DPS All xxxxxxxxxxxxxxx18.2
Sales/Revenue xxxxxxxxxxxxxxx1,732.4 M
Book Value Per Share xxxxxxxxxxxxxxx185.8
Net Operating Cash Flow xxxxxxxxxxxxxxx183.8 M
Net Profit Margin xxxxxxxxxxxxxxx10.68 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx14.81 %
Return on Invested Capital xxxxxxxxxxxxxxx14.20 %
Return on Assets xxxxxxxxxxxxxxx10.94 %
Return on Equity xxxxxxxxxxxxxxx14.81 %
Return on Total Capital xxxxxxxxxxxxxxx17.38 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx124.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx41 M
Long Term Debt xxxxxxxxxxxxxxx52 M
Total Debt xxxxxxxxxxxxxxx93 M
Goodwill - Gross xxxxxxxxxxxxxxx95 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,019 M
Price To Book Value xxxxxxxxxxxxxxx4.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx3.6 M
Capex % of Sales xxxxxxxxxxxxxxx0.21 %
Cost of Goods Sold xxxxxxxxxxxxxxx934 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx570 M
Research & Development xxxxxxxxxxxxxxx4 M
Investments - Total xxxxxxxxxxxxxxx108 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

17/02/2026

3

Neutral

-

-

a2 Milk Co's 1H26 earnings rose 18% year on year on the back of strong sales growth in English-label, Liquid Milk and Other Nutritionals, UBS notes.

Overall 1H26 infant formula sales growth was in line with UBS with slightly stronger English-label countered by weaker Chinese-label. Management expects stronger Chinese-label new customer wins in 2H26, supported by a new marketing campaign and a recovery in the China birth rate.

A more positive view on a2 Milk in the short term centres on greater clarity on potential impacts from product recalls and access to unrestricted product supply, UBS suggests. Target rises to NZ$11.30 from NZ$11.10, Neutral retained.

FORECAST
UBS forecasts a full year FY26 dividend of 20.63 cents and EPS of 28.70 cents.
UBS forecasts a full year FY27 dividend of 24.21 cents and EPS of 34.98 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

19/02/2026

4

Underweight

-

-

a2 Milk Co posted a strong 1H26 performance, Jarden suggests, ahead of expectations. Of the underlying growth, around a third came from the new products pipeline, and margins improved versus the broker's expectation across the board.

a2 Milk has outperformed on execution and has returned to consensus upgrade earnings mode, Jarden notes.

On the flipside, recent disclosure allows its more defined growth prospects to be better understood and, on the broker's assessment, they remain well priced at current levels.

Jarden retains an Underweight rating on valuation grounds. Target rises to NZ$9.40 from NZ$8.60.

FORECAST
Jarden forecasts a full year FY26 dividend of 22.42 cents and EPS of 28.88 cents.
Jarden forecasts a full year FY27 dividend of 63.95 cents and EPS of 32.91 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Australian Broker Call *Extra* Edition – Feb 19, 2026

Feb 19 2026 - Daily Market Reports
2
FNArena Corporate Results Monitor – 17-02-2026

Feb 17 2026 - Australia
3
Australian Broker Call *Extra* Edition – Jan 28, 2026

Jan 28 2026 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 28-11-25

Dec 01 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Nov 24, 2025

Nov 24 2025 - Daily Market Reports

Latest Dairy News

1
Bega Cheese Preparing For Accelerated Growth

Sep 22 2025 - Small Caps
2
Growing Confidence in Bega Cheese

Jun 17 2025 - Small Caps
3
A2 Milks It

Feb 18 2025 - Australia
4
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
5
Buy Call For a2 Milk

Mar 21 2024 - Technicals
6
A2 Milking It

Feb 21 2024 - Australia
7
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest
8
a2 Milk Pumps Up Growth Expectations

Oct 29 2021 - Australia
9
Bega Cheese: Melting Up?

Jun 01 2021 - Technicals
10
Synlait Milk Eyes Recovery, But Risks Remain

May 26 2021 - Australia