The A2 Milk Company logo
A2M

The A2 Milk Company

Food, Beverage & Tobacco

The A2 Milk Company specializes in the sale of dairy products that contain only the A2 beta-casein protein, which is marketed as being easier to digest than regular milk. The company has a strong market presence in Australia, New Zealand, China, and the USA, leveraging its unique product differentiation to capture a niche market segment. Its business model focuses on premium pricing and health-conscious consumers.

Short position

short percentage7.17%
reported shorts52.2M
shares on issue728.056M

The A2 Milk Company (ASX:A2M) has 7.17% of its shares on issue reported as short positions as of 5 Oct 2026, or about 52,189,500 shares. Over the past 30 days that figure has fallen 0.25 percentage points, and over 90 days it has been broadly flat. Its highest recorded short interest was 9.31% in July 2017. A2M is classified in the Food, Beverage & Tobacco industry. All figures come from official ASIC short position reports, published with a four trading-day (T+4) delay.

Price & short interest

Toggle series, zoom, and compare · ASIC daily, T+4

The A2 Milk Company (A2M) financials

Results, ratios and statements

Latest result

Year to 30 Jun 2026 (FY26) vs FY25, figures in NZD, the reporting currency

Revenue
1.97Bvs 1.90B (FY25)
Yahoo Finance, as at 29 Sep 2026
NPAT
113.6Mvs 202.9M (FY25)
Yahoo Finance, as at 29 Sep 2026
EPS (diluted)
0.16vs 0.28 (FY25)
Yahoo Finance, as at 29 Sep 2026
Rev YoY
+3.8%FY
EPS YoY
−44.2%FY

Key ratios

Year to 30 Jun 2026 (FY); balance sheet at 30 Jun 2026; prices to 9 Oct 2026

Gross margin
47.7%
Operating margin
12.5%
Net margin
5.8%
FCF margin
3.0%
ROE
9.0%
ROA
5.8%
FCF conversion
0.53×
Net cash (excl. leases)
NZD 784.5M
Net debt / EBITDA
−2.5×
Current ratio
1.6×
Interest cover
>100×
Cash dividends paid / net profit
146.9%
Market cap
$4.88B
P/E
n/a (reports in NZD)
P/B
n/a (reports in NZD)

Ratios use the reporting currency (NZD); market cap is in AUD. Source: Yahoo Finance, as at 29 Sep 2026.

Financial statements

Figures in NZD, the reporting currency; Yahoo Finance unless marked

A2M income, newest period first, figures in NZD
Line itemFY26FY25FY24FY23
Revenue1.97B1.90B1.67B1.59B
Gross profit940.4M875.2M766.6M739.2M
Operating income246.5M219.0M167.9M181.2M
EBITDA315.2M318.1M273.3M245.5M
EBIT296.7M291.7M241.1M227.3M
Interest expense160.0K2.5M3.0M4.5M
Pretax income296.6M289.3M238.1M222.9M
Tax89.1M97.2M84.3M78.0M
NPAT113.6M202.9M167.6M155.6M
Net interest income29.0M41.2M35.9M21.6M
EPS basic0.160.280.230.21
EPS diluted0.160.280.230.21
Shares725.4M724.0M722.9M722.0M