
The A2 Milk Company
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
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+4The 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
| Line item | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | 1.97B | 1.90B | 1.67B | 1.59B |
| Gross profit | 940.4M | 875.2M | 766.6M | 739.2M |
| Operating income | 246.5M | 219.0M | 167.9M | 181.2M |
| EBITDA | 315.2M | 318.1M | 273.3M | 245.5M |
| EBIT | 296.7M | 291.7M | 241.1M | 227.3M |
| Interest expense | 160.0K | 2.5M | 3.0M | 4.5M |
| Pretax income | 296.6M | 289.3M | 238.1M | 222.9M |
| Tax | 89.1M | 97.2M | 84.3M | 78.0M |
| NPAT | 113.6M | 202.9M | 167.6M | 155.6M |
| Net interest income | 29.0M | 41.2M | 35.9M | 21.6M |
| EPS basic | 0.16 | 0.28 | 0.23 | 0.21 |
| EPS diluted | 0.16 | 0.28 | 0.23 | 0.21 |
| Shares | 725.4M | 724.0M | 722.9M | 722.0M |
Financial reports
The company's own filings, newest first
- FY26 Annual reportAnnual Report17 Aug 2026via asx_announcements
- Appendix 4EAnnual Results17 Aug 2026via asx_announcements
- Appendix 4D and 1H26 Interim ReportHalf Year Results16 Feb 2026via asx_announcements
- FY25 Annual ReportAnnual Report18 Aug 2025via asx_announcements
- Appendix 4EAnnual Results18 Aug 2025via asx_announcements
- Appendix 4D and 1H25 Interim ReportHalf Year Results17 Feb 2025via asx_announcements
- FY24 Annual ReportAnnual Report19 Aug 2024via asx_announcements
- Appendix 4EAnnual Results19 Aug 2024via asx_announcements
- Appendix 4DHalf Year Results19 Feb 2024via asx_announcements
- Appendix 4D and 1H24 Interim ReportHalf Year Results19 Feb 2024via asx_announcements
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