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

$9.47

20 Mar
2026

0.010

OPEN

$9.46

0.11%

HIGH

$9.62

2,680,936

LOW

$9.39

TARGET
$9.92 4.8% 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) 27.7 xxx
DPS (cps) 20.2 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: 2.83%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.76

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 49.710.115.519.421.525.6
DPS All 0.00.00.00.00.018.2
Sales/Revenue 1,641.8 M1,121.5 M1,353.2 M1,455.8 M1,547.9 M1,732.4 M
Book Value Per Share 143.3135.8144.0146.5160.1185.8
Net Operating Cash Flow 405.4 M83.2 M191.0 M101.8 M236.6 M183.8 M
Net Profit Margin 22.43 %6.69 %8.49 %9.78 %10.01 %10.68 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed 40.59 %7.26 %11.07 %13.42 %14.03 %14.81 %
Return on Invested Capital 40.31 %7.17 %10.64 %12.54 %13.24 %14.20 %
Return on Assets 31.87 %5.69 %8.12 %9.38 %10.11 %10.94 %
Return on Equity 40.59 %7.26 %11.07 %13.42 %14.03 %14.81 %
Return on Total Capital 66.04 %19.30 %24.18 %16.33 %16.33 %17.38 %
Free Cash Flow ex dividends 399.9 M77.9 M186.4 M92.6 M220.8 M124.3 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 3 M3 M40 M18 M5 M41 M
Long Term Debt 13 M12 M73 M76 M55 M52 M
Total Debt 16 M15 M112 M93 M60 M93 M
Goodwill - Gross 8 M8 M93 M94 M93 M95 M
Cash & Equivalents - Generic 799 M815 M802 M738 M884 M1,019 M
Price To Book Value 13.174.413.103.364.054.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex 6.9 M6.8 M4.8 M9.5 M19.0 M3.6 M
Capex % of Sales 0.42 %0.61 %0.36 %0.65 %1.23 %0.21 %
Cost of Goods Sold 723 M647 M731 M779 M839 M934 M
Selling, General & Admin. Exp & Other 314 M272 M354 M485 M517 M570 M
Research & Development 4 M2 M4 M6 M4 M4 M
Investments - Total 236 M162 M136 M83 M40 M108 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

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

17/02/2026

3

Hold

$9.55

0.84%

Bell Potter points to a 1H26 net profit after tax beat for a2 Milk Co above the broker's forecast of NZ$112.1m, with revenue up 11% y/y and earnings (EBITDA) rising 30% y/y, above expectations.

Infant milk formula revenue grew 14% and English label rose 21% y/y, while lease adj operating cash flow rose to NZ$92.3m from NZ$75.9m a year earlier.

The analyst raises EPS forecasts by 8% for FY26 and 5% for FY27 with a slightly lower target of $9.55 from $9.70 previously and an unchanged Hold rating. The stock is likely to benefit from a "flight to safety" in the short term, Bell Potter states.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 20.93 cents and EPS of 28.14 cents.
Bell Potter forecasts a full year FY27 dividend of 22.71 cents and EPS of 30.99 cents.

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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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 22.26 cents and EPS of 28.67 cents.
Jarden forecasts a full year FY27 dividend of 63.49 cents and EPS of 32.68 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Rudi’s View: Top Picks & Conviction Buys

Mar 19 2026 - Rudi's View
2
Australian Broker Call *Extra* Edition – Feb 19, 2026

Feb 19 2026 - Daily Market Reports
3
FNArena Corporate Results Monitor – 17-02-2026

Feb 17 2026 - Australia
4
Australian Broker Call *Extra* Edition – Jan 28, 2026

Jan 28 2026 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 28-11-25

Dec 01 2025 - Weekly Reports

Latest Dairy News

1
a2 Milk Confidently Targets More Gains In China

10:30 AM - Australia
2
Bega Cheese Preparing For Accelerated Growth

Sep 22 2025 - Small Caps
3
Growing Confidence in Bega Cheese

Jun 17 2025 - Small Caps
4
A2 Milks It

Feb 18 2025 - Australia
5
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
6
Buy Call For a2 Milk

Mar 21 2024 - Technicals
7
A2 Milking It

Feb 21 2024 - Australia
8
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest
9
a2 Milk Pumps Up Growth Expectations

Oct 29 2021 - Australia
10
Bega Cheese: Melting Up?

Jun 01 2021 - Technicals