Bega Cheese - Public Comps and Valuation Multiples

Bega Cheese Overview

About Bega Cheese

Bega Group is an Australia-based dairy processor and food manufacturer of well-known brands including Bega Cheese and Vegemite. Bega operates two segments: The branded segment produces consumer packaged goods primarily sold through the supermarket and foodservice channels, while the bulk segment produces commodity dairy ingredients primarily sold through the business-to-business channel.

Founded

2008

HQ

Employees

3.9K+

Website

begacheese.com.au

Sectors

Food & Beverages

Financials

LTM Revenue $2.3B

LTM EBITDA $135M

EV

$1.3B

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Bega Cheese Financials

As of September 2025, Bega Cheese reported last 12-month revenue of $2.3B and EBITDA of $135M.

In the same period, Bega Cheese generated $370M in LTM gross profit and $36.1M in net income.

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Bega Cheese P&L

In the most recent fiscal year, Bega Cheese reported revenue of $2.3B and EBITDA of $70.1M.

Bega Cheese expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.3B	XXX	$2.3B	XXX	XXX	XXX
Gross Profit	$370M	XXX	$482M	XXX	XXX	XXX
Gross Margin	16%	XXX	21%	XXX	XXX	XXX
EBITDA	$135M	XXX	$70.1M	XXX	XXX	XXX
EBITDA Margin	6%	XXX	3%	XXX	XXX	XXX
EBIT	$75.3M	XXX	-$14.1M	XXX	XXX	XXX
EBIT Margin	3%	XXX	-1%	XXX	XXX	XXX
Net Profit	$36.1M	XXX	-$5.5M	XXX	XXX	XXX
Net Margin	2%	XXX	0%	XXX	XXX	XXX
Net Debt	XXX	XXX	$81.3M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Bega Cheese including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.3B. EBITDA for the last twelve months was $135M. In the most recent fiscal year, Bega Cheese achieved $2.3B in revenue and $70.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.3B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$370M	Analyst estimates available to subscribers	$482M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	15.9% gross margin	Analyst estimates available to subscribers	20.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$135M	Analyst estimates available to subscribers	$70.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.8% EBITDA margin	Analyst estimates available to subscribers	3.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$75.3M	Analyst estimates available to subscribers	-$14.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.2% EBIT margin	Analyst estimates available to subscribers	-0.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$36.1M	Analyst estimates available to subscribers	-$5.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.6% net profit margin	Analyst estimates available to subscribers	-0.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$81.3M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Bega Cheese

This financial data table provides comprehensive performance metrics for Bega Cheese, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Bega Cheese generated $2.3B in revenue over the last twelve months.
The company achieved $135M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $370M.
Net income over the last twelve months reached $36.1M.

Fiscal Year Performance

In the most recent fiscal year, Bega Cheese reported $2.3B in total revenue.
Fiscal year EBITDA was $70.1M.
The company maintained a gross profit margin of 20.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 3.0%.
Net profit margin reached -0.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Bega Cheese. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Bega Cheese Stock Performance

Bega Cheese has current market cap of AUD 1.6B (or $1.1B), and EV of AUD 2.0B (or $1.3B).

Market Cap Evolution

Bega Cheese Stock Data

As of October 24, 2025, Bega Cheese's stock price is AUD 5 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.3B	$1.1B	XXX	XXX	XXX	XXX	$0.12

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Bega Cheese Valuation Multiples

Bega Cheese's trades at 0.6x EV/Revenue multiple, and 15.1x EV/EBITDA.

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Bega Cheese Financial Valuation Multiples

As of October 24, 2025, Bega Cheese has market cap of $1.1B and EV of $1.3B.

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

Bega Cheese has a P/E ratio of 29.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EV (current)	$1.3B	XXX	$1.3B	XXX	XXX	XXX
EV/Revenue	0.5x	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	9.4x	XXX	15.1x	XXX	XXX	XXX
EV/EBIT	16.9x	XXX	-67.5x	XXX	XXX	XXX
EV/Gross Profit	3.4x	XXX	n/a	XXX	XXX	XXX
P/E	29.5x	XXX	148.8x	XXX	XXX	XXX
EV/FCF	26.6x	XXX	30.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Bega Cheese Margins & Growth Rates

Bega Cheese's last 12 month revenue growth is 3%

Bega Cheese's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.1M for the same period.

Bega Cheese's rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bega Cheese's rule of X is 15% (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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Bega Cheese Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	4%	XXX	XXX	XXX
EBITDA Growth	9%	XXX	33%	XXX	XXX	XXX
Rule of 40	7%	XXX	7%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	15%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	12%	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	21%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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