The a2 Milk Company Ltd (A2M) — Defensive Interval Ratio

Latest as of June 2026: 118 days

The a2 Milk Company Ltd (A2M) has a Defensive Interval Ratio of 118 days as of June 2026. Defensive assets of AU$272.01 Million (cash AU$-, short-term investments AU$99.92 Million, receivables AU$172.09 Million) cover 118 days of daily cash needs of AU$2.30 Million/day.

Defensive Interval Ratio

118 days

Days of operational coverage

Defensive Assets

AU$272.01 Million

Cash + ST Investments + Receivables

Daily Cash Need

AU$2.30 Million

Current Liabilities ÷ 365

Current Liabilities

AU$839.17 Million

AUD

The a2 Milk Company Ltd Defensive Interval Ratio (2004–2026)

This chart shows how The a2 Milk Company Ltd's Defensive Interval Ratio has evolved across 21 annual periods from 2004 to 2026. As of June 2026, the ratio stands at 118 days, meaning defensive assets of AU$272.01 Million can fund 118 days of operations without new revenue. For the complete balance sheet picture, see The a2 Milk Company Ltd assets under control.

Annual Defensive Interval Ratio for The a2 Milk Company Ltd (2004–2026)

The table below presents the year-by-year Defensive Interval Ratio for The a2 Milk Company Ltd from 2004 to 2026, covering 21 annual filings. Each row shows defensive assets, daily cash need, the DIR in days, and the change in days compared to the prior year. See The a2 Milk Company Ltd short-term liquidity ratio to evaluate short-term liquidity relative to the company's equity base.

Year	DIR (days)	Defensive Assets (AUD)	Daily Cash Need	Cash	ST Investments	Change (days)
2026	118 days	AU$272.01 Million	AU$2.30 Million/day	AU$-	AU$99.92 Million	▲ +44 days
2025	75 days	AU$92.25 Million	AU$1.23 Million/day	AU$-	AU$-	▼ -21 days
2024	95 days	AU$108.92 Million	AU$1.14 Million/day	AU$-	AU$30.84 Million	▼ -393 days
2023	489 days	AU$507.69 Million	AU$1.04 Million/day	AU$-	AU$450.00 Million	▲ +60 days
2022	429 days	AU$517.29 Million	AU$1.21 Million/day	AU$-	AU$450.00 Million	▲ +388 days
2021	41 days	AU$31.12 Million	AU$752.58K/day	AU$-	AU$-16.61 Million	▼ -562 days
2020	603 days	AU$504.64 Million	AU$836.79K/day	AU$-	AU$441.15 Million	▲ +54 days
2019	549 days	AU$329.33 Million	AU$599.70K/day	AU$-	AU$271.33 Million	▲ +5 days
2018	544 days	AU$239.14 Million	AU$439.42K/day	AU$-	AU$185.71 Million	▲ +192 days
2017	352 days	AU$98.72 Million	AU$280.41K/day	AU$-	AU$30.00 Million	▲ +83 days
2016	269 days	AU$56.52 Million	AU$210.43K/day	AU$-	AU$11.00 Million	▼ -187 days
2015	456 days	AU$36.14 Million	AU$79.32K/day	AU$-	AU$-	▼ -50 days
2014	506 days	AU$24.77 Million	AU$48.97K/day	AU$-	AU$-	▼ -212 days
2013	718 days	AU$24.38 Million	AU$33.96K/day	AU$-	AU$-	▲ +207 days
2012	511 days	AU$17.19 Million	AU$33.67K/day	AU$-	AU$-	▼ -59 days
2011	570 days	AU$11.69 Million	AU$20.52K/day	AU$-	AU$-	▲ +468 days
2010	101 days	AU$279.14K	AU$2.75K/day	AU$-	AU$-	▲ +93 days
2008	8 days	AU$188.60K	AU$23.10K/day	AU$-	AU$-	▼ -158 days
2007	166 days	AU$2.29 Million	AU$13.75K/day	AU$-	AU$-	▲ +41 days
2005	126 days	AU$158.14K	AU$1.26K/day	AU$-	AU$-	▲ +99 days
2004	27 days	AU$106.32K	AU$3.91K/day	AU$-	AU$-	—

DIR = (Cash + Short-term Investments + Net Receivables) / (Daily Cash Expenses)