The a2 Milk Company Ltd (A2M) - Net Assets

Latest as of December 2025: AU$1.39 Billion AUD ≈ $980.64 Million USD

Based on the latest financial reports, The a2 Milk Company Ltd (A2M) has net assets worth AU$1.39 Billion AUD (≈ $980.64 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (AU$1.85 Billion ≈ $1.31 Billion USD) and total liabilities (AU$459.58 Million ≈ $325.18 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric	Value
Current Net Assets	AU$1.39 Billion
% of Total Assets	75.1%
Annual Growth Rate	30.4%
5-Year Change	31.99%
10-Year Change	975.11%
Growth Volatility	75.37

The a2 Milk Company Ltd - Net Assets Trend (2004–2025)

This chart illustrates how The a2 Milk Company Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for The a2 Milk Company Ltd (2004–2025)

The table below shows the annual net assets of The a2 Milk Company Ltd from 2004 to 2025.

Year	Net Assets	Change
2025-06-30	AU$1.43 Billion ≈ $1.01 Billion	+13.84%
2024-06-30	AU$1.26 Billion ≈ $889.25 Million	+9.33%
2023-06-30	AU$1.15 Billion ≈ $813.35 Million	-3.72%
2022-06-30	AU$1.19 Billion ≈ $844.80 Million	+10.15%
2021-06-30	AU$1.08 Billion ≈ $766.97 Million	-4.42%
2020-06-30	AU$1.13 Billion ≈ $802.42 Million	+43.94%
2019-06-30	AU$787.85 Million ≈ $557.46 Million	+41.77%
2018-06-30	AU$555.71 Million ≈ $393.20 Million	+130.03%
2017-06-30	AU$241.58 Million ≈ $170.93 Million	+81.53%
2016-06-30	AU$133.08 Million ≈ $94.16 Million	+126.98%
2015-06-30	AU$58.63 Million ≈ $41.48 Million	-0.03%
2014-06-30	AU$58.64 Million ≈ $41.49 Million	-2.15%
2013-06-30	AU$59.93 Million ≈ $42.40 Million	+60.46%
2012-06-30	AU$37.35 Million ≈ $26.43 Million	+48.31%
2011-06-30	AU$25.18 Million ≈ $17.82 Million	+246.55%
2010-06-30	AU$7.27 Million ≈ $5.14 Million	+195.33%
2008-06-30	AU$-7.62 Million ≈ $-5.39 Million	-453.53%
2007-06-30	AU$-1.38 Million ≈ $-974.45K	-515.49%
2005-06-30	AU$-223.76K ≈ $-158.32K	-104.12%
2004-06-30	AU$5.43 Million ≈ $3.84 Million	--

Equity Component Analysis

This analysis shows how different components contribute to The a2 Milk Company Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 163968553600.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (June 2025)

Component	Amount	Percentage
Retained Earnings	AU$1.63 Billion	112.48%
Common Stock	AU$100.00K	0.01%
Other Comprehensive Income	AU$-181.25 Million	-12.49%
Total Equity	AU$1.45 Billion	100.00%

The a2 Milk Company Ltd Competitors by Market Cap

The table below lists competitors of The a2 Milk Company Ltd ranked by their market capitalization.

Company	Market Cap
Orion Corp KO:271560	$3.80 Billion
Sona BLW Precision Forgings Limited NSE:SONACOMS	$3.80 Billion
Acter Co Ltd TWO:5536	$3.80 Billion
Zeta Global Holdings Corp NYSE:ZETA	$3.80 Billion
Xiamen C&D Inc SHG:600153	$3.80 Billion
China Zhenhua Group Science & Technology Co Ltd SHE:000733	$3.80 Billion
Kingdee International Software Group Company Limited F:KDIC	$3.80 Billion
Vontobel Holding SW:VONN	$3.80 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in The a2 Milk Company Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 1,266,476,000 to 1,450,971,000, a change of 184,495,000 (14.6%).
Net income of 202,889,000 contributed positively to equity growth.
Dividend payments of 61,542,000 reduced retained earnings.
Other comprehensive income increased equity by 34,442,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	AU$202.89 Million	+13.98%
Dividends Paid	AU$61.54 Million	-4.24%
Other Comprehensive Income	AU$34.44 Million	+2.37%
Other Changes	AU$8.71 Million	+0.6%
Total Change	AU$-	14.57%

Book Value vs Market Value Analysis

This analysis compares The a2 Milk Company Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 3.71x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 185.54x to 3.71x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-06-30	AU$0.04	AU$7.40	x
2005-06-30	AU$0.00	AU$7.40	x
2007-06-30	AU$-0.01	AU$7.40	x
2008-06-30	AU$-0.04	AU$7.40	x
2010-06-30	AU$0.02	AU$7.40	x
2011-06-30	AU$0.05	AU$7.40	x
2012-06-30	AU$0.06	AU$7.40	x
2013-06-30	AU$0.10	AU$7.40	x
2014-06-30	AU$0.09	AU$7.40	x
2015-06-30	AU$0.09	AU$7.40	x
2016-06-30	AU$0.19	AU$7.40	x
2017-06-30	AU$0.33	AU$7.40	x
2018-06-30	AU$0.75	AU$7.40	x
2019-06-30	AU$1.06	AU$7.40	x
2020-06-30	AU$1.53	AU$7.40	x
2021-06-30	AU$1.46	AU$7.40	x
2022-06-30	AU$1.59	AU$7.40	x
2023-06-30	AU$1.56	AU$7.40	x
2024-06-30	AU$1.74	AU$7.40	x
2025-06-30	AU$1.99	AU$7.40	x

Capital Efficiency Dashboard

This dashboard shows how efficiently The a2 Milk Company Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 13.98%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 10.68%
• Asset Turnover: 0.98x
• Equity Multiplier: 1.34x
Recent ROE (13.98%) is above the historical average (8.92%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	-39.74%	-521.12%	0.06x	1.26x	AU$-2.70 Million
2005	0.00%	-2183.14%	1.76x	0.00x	AU$-9.00 Million
2007	0.00%	-67.62%	2.06x	0.00x	AU$-4.94 Million
2008	0.00%	-251.22%	3.10x	0.00x	AU$-5.54 Million
2010	-30.19%	-895.51%	0.03x	1.14x	AU$-2.92 Million
2011	8.40%	5.00%	1.29x	1.30x	AU$-402.74K
2012	11.79%	7.05%	1.26x	1.33x	AU$670.20K
2013	6.87%	4.37%	1.30x	1.21x	AU$-1.87 Million
2014	0.02%	0.01%	1.44x	1.31x	AU$-5.85 Million
2015	-3.57%	-1.35%	1.75x	1.52x	AU$-7.95 Million
2016	22.87%	8.63%	1.68x	1.58x	AU$17.13 Million
2017	37.54%	16.50%	1.60x	1.42x	AU$66.50 Million
2018	35.21%	21.21%	1.29x	1.29x	AU$140.11 Million
2019	36.52%	22.12%	1.29x	1.28x	AU$208.96 Million
2020	34.02%	22.29%	1.19x	1.28x	AU$272.43 Million
2021	7.44%	6.69%	0.88x	1.27x	AU$-27.74 Million
2022	10.39%	8.49%	0.84x	1.45x	AU$4.59 Million
2023	13.58%	9.78%	0.99x	1.41x	AU$41.06 Million
2024	13.23%	10.01%	0.96x	1.37x	AU$40.93 Million
2025	13.98%	10.68%	0.98x	1.34x	AU$57.79 Million

Industry Comparison

This section compares The a2 Milk Company Ltd's net assets metrics with peer companies in the Packaged Foods industry.

Industry Context

Industry: Packaged Foods
Average net assets among peers: $85,118,541
Average return on equity (ROE) among peers: -0.20%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
The a2 Milk Company Ltd (A2M)	AU$1.39 Billion	-39.74%	0.33x	$3.80 Billion
Australian Dairy Nutritionals Ltd (AHF)	$26.73 Million	-27.52%	0.14x	$13.49 Million
Beston Global Food Company Ltd (BFC)	$134.14 Million	-5.78%	0.09x	$4.24 Million
Bega Cheese Ltd (BGA)	$177.62 Million	0.00%	1.50x	$1.27 Billion
Biome Australia Ltd (BIO)	$4.68 Million	4.59%	1.56x	$51.19 Million
Bubs Australia Ltd (BUB)	$5.38 Million	-26.64%	0.05x	$66.43 Million
Bioxyne Ltd (BXN)	$11.38 Million	43.08%	0.84x	$104.60 Million
Cobram Estate Olives Ltd (CBO)	$365.50 Million	13.58%	1.22x	$1.22 Billion
The Calmer Co International Ltd (CCO)	$11.27 Million	-3.43%	0.04x	$6.49 Million
Clover Corporation Ltd (CLV)	$29.39 Million	0.34%	0.24x	$122.89 Million

About The a2 Milk Company Ltd

AU:A2M Australia Packaged Foods

Market Cap

$3.80 Billion

AU$5.37 Billion AUD

Market Cap Rank

#4281 Global

#102 in Australia

Share Price

AU$7.40

Change (1 day)

-0.40%

52-Week Range

AU$7.22 - AU$9.96

All Time High

AU$19.94