a2 Milk Valuation Multiples

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

Employees

166

Website

thea2milkcompany.com

Sectors

Food & BeveragesNutraceuticals & CosmeceuticalsBioTech

Financials (LTM)

Revenue: $1B

EBITDA: $184M

EV

$4B

Valuation Multiples

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a2 Milk Financials

a2 Milk reported last 12-month revenue of $1B and EBITDA of $184M.

In the same LTM period, a2 Milk generated $559M in gross profit, $184M in EBITDA, and $130M in net income.

a2 Milk P&L

In the most recent fiscal year, a2 Milk reported revenue of $1B and EBITDA of $186M.

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

a2 Milk Stock Performance

a2 Milk has current market cap of $5B, and enterprise value of $4B.

a2 Milk's stock price is $6.53.

a2 Milk Valuation Multiples

a2 Milk trades at 3.6x EV/Revenue multiple, and 23.0x EV/EBITDA.

a2 Milk Financial Valuation Multiples

As of April 12, 2026, a2 Milk has market cap of $5B and EV of $4B.

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 36.3x.

a2 Milk Margins & Growth Rates

a2 Milk's revenue in the last 12 month grew by 9%.

a2 Milk's revenue per employee in the last FY averaged $6.8M, while opex per employee averaged $2.3M for the same period.

a2 Milk's rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

a2 Milk's rule of X is 38% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

a2 Milk Public Comps

See public comps and valuation multiples for other Food & Beverages and Nutraceuticals & Cosmeceuticals comps.

a2 Milk M&A Activity

a2 Milk acquired XXX companies to date.

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

a2 Milk Investment Activity

a2 Milk invested in XXX companies to date.

a2 Milk made its latest investment on XXXXXXXX, XXXXX. a2 Milk invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).