profit from every A$100 of sales.
A$0A$100
The a2 Milk
A$7.26-0.95% today
-24.3% in 1 year
1-year low A$5.191-year high A$9.96
Trading in the middle of its range for the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
You pay A$32.05 for every A$1 of profit it makes in a year.
CheapExpensive
It holds more cash than debt.
No debt5 years
Money in, money out
What The a2 Milk sold, what it kept, and what it did with the cash.
Sales went from NZ$1.44 billion in 2022 to NZ$1.90 billion in 2025, with NZ$203 million of profit last year.
SalesProfit
The a2 Milk handed back 31% of the cash it generated last year.
NZ$62M
Free cash flow 2025NZ$198M
Bought back its own shares–
Paid as dividendsNZ$62M
Cash vs. debtNZ$1.1B vs. NZ$101M
The a2 Milk vs. similar companies
The a2 Milk grows the fastest of these 5 and is the most expensive for its profits.
| Company | Profit from A$100 of sales | Sales growth a year | Price per A$1 of profit |
|---|---|---|---|
| The a2 Milk | 32.0× · Expensive | ||
 Nestlé | 24.5× · Fair price | ||
 Danone | 24.0× · Fair price | ||
 JBS | 20.2× · Fair price | ||
 Foshan Haitian Flavouring and Food | 28.7× · Fair price |
AI analysis
An AI analyst reads The a2 Milk's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of NZD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 1,444 | 1,591 | 1,673 | 1,899 | |
| 664 | 739 | 767 | 875 | |
| 156 | 181 | 168 | 219 | |
| 202 | 246 | 273 | 318 | |
| 123 | 156 | 168 | 203 | |
| 0.16 | 0.21 | 0.23 | 0.28 | |
| 46.0% | 46.5% | 45.8% | 46.1% | |
| 10.8% | 11.4% | 10.0% | 11.5% | |
| 8.5% | 9.8% | 10.0% | 10.7% |
Balance sheet
| In millions of NZD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 1,716 | 1,612 | 1,735 | 1,942 |
| Cash | 887 | 802 | 969 | 1,100 |
| Total debt | 124 | 102 | 66 | 101 |
| Total liabilities | 522 | 462 | 478 | 511 |
| 1,180 | 1,146 | 1,266 | 1,451 | |
| 744 | 737 | 727 | 728 | |
| 9.8% | 12.8% | 12.7% | 13.2% | |
| 10.4% | 13.6% | 13.2% | 14.0% |
Cash flow
| In millions of NZD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| – | – | – | – | |
| 5 | 10 | 21 | 4 | |
| 199 | 101 | 235 | 198 | |
| Dividends paid | – | – | – | 62 |
| 13 | 149 | – | – | |
| – | – | – | – |
Valuation
- 32.0×
- –
- 1.68
- 6.0×
- 3.4×
- 32.9×
- 17.3×
- 3.0%
- 3.1%
- 0.9%
Profitability
- 46.1%
- 11.5%
- 10.7%
- –
- 18.9%
- 14.4%
- –
- –
- –
- –
Growth
- +9.6%
- +19.1%
- –
- –
- −0.3%
Financial health
- -2.4×
- 0.02
- –
- 1,854.6×
- 1.61
- –
- –
How it ranks in Consumer Staples
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Top 15%of 670
Top 45%of 674
Bottom 19%of 624
Top 27%of 673
Bottom 32%of 668
0.9%of the share price, paid each year
On $1,000 invested$9a year at today's yield, before tax
–per share
Raised–not every year
How safe it looks
30.3% of its profit
Room to growStretchedMore than it earns: 31.2%
News
A2 Milk profit tumbles 44% after China formula shortageSeeking Alpha · Aug 16, 2026The newest story we have is from Aug 16, 2026.
Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
2/7Passes 2 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
52No pass
Benjamin Graham
46No pass
Philip Fisher
61Pass
Peter Lynch
62Pass
Joel Greenblatt
36No pass
Charlie Munger
53No pass
Terry Smith
40No pass
Questions about The a2 Milk
Is The a2 Milk a good stock to buy?
A solid business, but the price is high. 2 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the The a2 Milk AI analysis
What does The a2 Milk do?
The a2 Milk Company Limited, together with its subsidiaries, sells A2-type protein type branded milk and related products in Australia, New Zealand, China, rest of Asia, and the United States. It is in Packaged Foods, based in Auckland, New Zealand, with 511 employees.
Does The a2 Milk pay a dividend?
Yes. At today's price the dividend is 0.9% a year, about 30% of its yearly profit. In 2025 it paid out A$61.5 million in dividends.
Is The a2 Milk stock halal?
Yes. The a2 Milk passes our halal screen: its business is permitted and its debt is 2% of its market value, under the 30% limit. How we check
How has The a2 Milk stock done over the past year?
Down 24.3% over the past twelve months, to A$7.26. It traded between A$5.19 and A$9.96 and is 27.1% below its high.
Who are The a2 Milk's competitors?
The largest listed companies in the same industry are Nestlé, Danone, JBS and Foshan Haitian Flavouring and Food. The peers table on this page compares their profit, growth and price with The a2 Milk's.
Prices: daily closes to Nov 11, 2026. Fundamentals: company reports via invest-like data.