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

Enter the company code or Name for stock analysis:

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

$8.53

22 Jan
2026

0.440

OPEN

$8.12

5.44%

HIGH

$8.59

2,677,993

LOW

$8.12

TARGET
$9.767 14.5% 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) 26.2 xxx
DPS (cps) 18.6 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 31.2 xxx
Dividend Yield 2.3% xxx
Div Pay Ratio(%) 70.9% 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: 2.58%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.11

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

UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Morgans

01/12/2025

3

Hold

$9.40

10.20%

Morgans notes a2 Milk Co delivered a stronger-than-expected start to FY26, leading to upgraded sales and profit guidance. FY26 revenue growth of low double-digit is now expected compared to prior guidance of high-single-digit growth. 

Year-to-date trading is ahead of plan, supported by improved performance across infant formula, other nutritionals and liquid milk, with new products gaining traction and Double-11 results solid, highlights the analyst.

The acquisition of A2 Pokeno and the sale of Mataura Valley Milk underpin long-term growth, suggests the broker, with new China-label products due in 1H27.

Morgans raises its target to $9.40 from $8.00 and retains a Hold rating.

FORECAST
Morgans forecasts a full year FY26 dividend of 20.00 cents and EPS of 26.66 cents.
Morgans forecasts a full year FY27 dividend of 60.43 cents and EPS of 31.34 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

20/11/2025

4

Underweight

-

-

Management at a2 Milk Co has raised FY26 revenue growth guidance to low double-digits from prior high single-digits, driven by stronger core trading and some FX benefit, explains Jarden.

Management expects 1H26 to outperform 2H26, with English-label IMF growth well ahead of China-label. Operating margin guidance remains 15-16%, while FX impacts net of hedging should be immaterial.

Regulatory approvals for Pokeno China Label (produced at the Pokeno manufacturing site in New Zealand) registrations remain the final step before a NZ$300m special dividend.

Jarden upgrades its EPS forecasts by circa 7%. The target rises to NZ$8.60 from NZ$7.85. Underweight maintained.

FORECAST
Jarden forecasts a full year FY26 dividend of 21.62 cents and EPS of 27.65 cents.
Jarden forecasts a full year FY27 dividend of 63.32 cents and EPS of 31.79 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Weekly Ratings, Targets, Forecast Changes – 28-11-25

Dec 01 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Nov 24, 2025

Nov 24 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 31-10-25

Nov 03 2025 - Weekly Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 24-10-25

Oct 24 2025 - Weekly Reports
5
Rudi’s View: ALS, Bega, Coles, Elders, Light & Wonder, Lovisa, Telix & More

Oct 23 2025 - Rudi's View

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