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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.
2012
166
LTM Revenue $1.0B
LTM EBITDA $151M
$3.1B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
a2 Milk has a last 12-month revenue (LTM) of $1.0B and a last 12-month EBITDA of $151M.
In the most recent fiscal year, a2 Milk achieved revenue of $1.1B and an EBITDA of $176M.
a2 Milk expects next 12-month revenue of XXX and NTM EBITDA of XXX
See a2 Milk valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $1.0B | XXX | $1.1B | XXX | XXX | XXX |
| Gross Profit | $472M | XXX | $492M | XXX | XXX | XXX |
| Gross Margin | 46% | XXX | 46% | XXX | XXX | XXX |
| EBITDA | $151M | XXX | $176M | XXX | XXX | XXX |
| EBITDA Margin | 15% | XXX | 16% | XXX | XXX | XXX |
| EBIT | $134M | XXX | $108M | XXX | XXX | XXX |
| EBIT Margin | 13% | XXX | 10% | XXX | XXX | XXX |
| Net Profit | $111M | XXX | $108M | XXX | XXX | XXX |
| Net Margin | 11% | XXX | 10% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of June 3, 2025, a2 Milk's stock price is AUD 8 (or $5).
a2 Milk has current market cap of AUD 5.7B (or $3.7B), and EV of AUD 4.9B (or $3.1B).
See a2 Milk trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3.1B | $3.7B | XXX | XXX | XXX | XXX | $0.16 |
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Start Free TrialAs of June 3, 2025, a2 Milk has market cap of $3.7B and EV of $3.1B.
a2 Milk's trades at 2.8x EV/Revenue multiple, and 18.4x 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 30.7x.
See valuation multiples for a2 Milk and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3.7B | XXX | $3.7B | XXX | XXX | XXX |
| EV (current) | $3.1B | XXX | $3.1B | XXX | XXX | XXX |
| EV/Revenue | 2.8x | XXX | 2.8x | XXX | XXX | XXX |
| EV/EBITDA | 19.2x | XXX | 18.4x | XXX | XXX | XXX |
| EV/EBIT | 21.6x | XXX | 24.5x | XXX | XXX | XXX |
| EV/Gross Profit | 6.1x | XXX | n/a | XXX | XXX | XXX |
| P/E | 30.7x | XXX | 32.1x | XXX | XXX | XXX |
| EV/FCF | 31.1x | XXX | 25.1x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free Triala2 Milk's last 12 month revenue growth is 10%
a2 Milk's revenue per employee in the last FY averaged $6.5M, while opex per employee averaged $2.3M for the same period.
a2 Milk's rule of 40 is 26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
a2 Milk's rule of X is 39% (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).
See operational valuation multiples for a2 Milk and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 15% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Growth | 16% | XXX | 3% | XXX | XXX | XXX |
| Rule of 40 | 26% | XXX | 25% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 39% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $6.5M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $2.3M | 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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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| 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 |
Valuation data powered by FactSet, Inc.
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 ).
See M&A valuation multiples| 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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Start Free Trial| 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 $3.7B |
| 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 10%. |
| What is the current EV/Revenue multiple of a2 Milk? | Current revenue multiple of a2 Milk is 2.8x. |
| 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 $151M. |
| What is a2 Milk's EBITDA margin? | a2 Milk's last 12 months EBITDA margin is 15%. |
| What is the current EV/EBITDA multiple of a2 Milk? | Current EBITDA multiple of a2 Milk is 19.2x. |
| What is the current FCF of a2 Milk? | a2 Milk's last 12 months FCF is $93.1M. |
| 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 31.1x. |
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