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a2 Milk Valuation Multiples

Discover revenue and EBITDA valuation multiples for a2 Milk and similar public comparables like Sligro Food Group, JDE Peets, and ForFarmers.

a2 Milk Overview

About a2 Milk

A2 Milk is a New Zealand licensor and marketer of fresh milk, infant formula, and other dairy products that lack the A1 beta-casein protein. The firm was founded in 2000 by Corran McLachlan, who developed a genetic test to determine which proteins a cow produces in its milk, and business partner Howard Paterson. The company has been through a tumultuous history of receivership, legal battles, and strategic shifts, but emerged in its current structure in 2006 and listed publicly in March 2013.


Founded

2012

HQ

Australia
Employees

166

Financials

LTM Revenue $1.0B

LTM EBITDA $150M

EV

$2.9B

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a2 Milk Financials

a2 Milk has a last 12-month revenue (LTM) of $1.0B and a last 12-month EBITDA of $150M.

In the most recent fiscal year, a2 Milk achieved revenue of $1.1B and an EBITDA of $179M.

a2 Milk expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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a2 Milk P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.0B XXX $1.1B XXX XXX XXX
Gross Profit $478M XXX $502M XXX XXX XXX
Gross Margin 46% XXX 46% XXX XXX XXX
EBITDA $150M XXX $179M XXX XXX XXX
EBITDA Margin 14% XXX 16% XXX XXX XXX
EBIT $135M XXX $110M XXX XXX XXX
EBIT Margin 13% XXX 10% XXX XXX XXX
Net Profit $112M XXX $110M XXX XXX XXX
Net Margin 11% XXX 10% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

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a2 Milk Stock Performance

As of July 11, 2025, a2 Milk's stock price is AUD 7 (or $5).

a2 Milk has current market cap of AUD 5.3B (or $3.5B), and EV of AUD 4.4B (or $2.9B).

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a2 Milk Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$2.9B $3.5B XXX XXX XXX XXX $0.17

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a2 Milk Valuation Multiples

As of July 11, 2025, a2 Milk has market cap of $3.5B and EV of $2.9B.

a2 Milk's trades at 2.6x EV/Revenue multiple, and 17.0x EV/EBITDA.

Equity research analysts estimate a2 Milk's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

a2 Milk has a P/E ratio of 28.5x.

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a2 Milk Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $3.5B XXX $3.5B XXX XXX XXX
EV (current) $2.9B XXX $2.9B XXX XXX XXX
EV/Revenue 2.6x XXX 2.6x XXX XXX XXX
EV/EBITDA 17.8x XXX 17.0x XXX XXX XXX
EV/EBIT 19.7x XXX 22.6x XXX XXX XXX
EV/Gross Profit 5.6x XXX n/a XXX XXX XXX
P/E 28.5x XXX 30.0x XXX XXX XXX
EV/FCF 29.4x XXX 22.9x XXX XXX XXX

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a2 Milk Margins & Growth Rates

a2 Milk's last 12 month revenue growth is 8%

a2 Milk's revenue per employee in the last FY averaged $6.6M, while opex per employee averaged $2.4M for the same period.

a2 Milk's rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

a2 Milk's rule of X is 34% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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a2 Milk Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 8% XXX 6% XXX XXX XXX
EBITDA Margin 14% XXX 15% XXX XXX XXX
EBITDA Growth 16% XXX 1% XXX XXX XXX
Rule of 40 24% XXX 23% XXX XXX XXX
Bessemer Rule of X XXX XXX 34% XXX XXX XXX
Revenue per Employee XXX XXX $6.6M XXX XXX XXX
Opex per Employee XXX XXX $2.4M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 20% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 36% XXX XXX XXX

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a2 Milk Public Comps

See public comps and valuation multiples for Food & Beverages comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Agthia Group XXX XXX XXX XXX XXX XXX
Acomo XXX XXX XXX XXX XXX XXX
ForFarmers XXX XXX XXX XXX XXX XXX
JDE Peets XXX XXX XXX XXX XXX XXX
Sligro Food Group XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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a2 Milk M&A and Investment Activity

a2 Milk acquired  XXX companies to date.

Last acquisition by a2 Milk was  XXXXXXXX, XXXXX XXXXX XXXXXX . a2 Milk acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by a2 Milk

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About a2 Milk

When was a2 Milk founded? a2 Milk was founded in 2012.
Where is a2 Milk headquartered? a2 Milk is headquartered in Australia.
How many employees does a2 Milk have? As of today, a2 Milk has 166 employees.
Who is the CEO of a2 Milk? a2 Milk's CEO is Mr. David L. Bortolussi, B.Com,F.C.A.,M.A.I.C.D..
Is a2 Milk publicy listed? Yes, a2 Milk is a public company listed on ASX.
What is the stock symbol of a2 Milk? a2 Milk trades under A2M ticker.
When did a2 Milk go public? a2 Milk went public in 2015.
Who are competitors of a2 Milk? Similar companies to a2 Milk include e.g. Agthia Group, Acomo, ForFarmers, JDE Peets.
What is the current market cap of a2 Milk? a2 Milk's current market cap is $3.5B
What is the current revenue of a2 Milk? a2 Milk's last 12 months revenue is $1.0B.
What is the current revenue growth of a2 Milk? a2 Milk revenue growth (NTM/LTM) is 8%.
What is the current EV/Revenue multiple of a2 Milk? Current revenue multiple of a2 Milk is 2.6x.
Is a2 Milk profitable? Yes, a2 Milk is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of a2 Milk? a2 Milk's last 12 months EBITDA is $150M.
What is a2 Milk's EBITDA margin? a2 Milk's last 12 months EBITDA margin is 14%.
What is the current EV/EBITDA multiple of a2 Milk? Current EBITDA multiple of a2 Milk is 17.8x.
What is the current FCF of a2 Milk? a2 Milk's last 12 months FCF is $90.8M.
What is a2 Milk's FCF margin? a2 Milk's last 12 months FCF margin is 9%.
What is the current EV/FCF multiple of a2 Milk? Current FCF multiple of a2 Milk is 29.4x.

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