The a2 Milk Company Ltd (A2M) — Tangible Net Worth Ratio
The a2 Milk Company Ltd (A2M) has a Tangible Net Worth Ratio of 84.4% as of December 2025. This metric is calculated by deducting intangible assets (AU$216.03 Million) from net assets (AU$1.39 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. See The a2 Milk Company Ltd (A2M) working capital ratio to evaluate short-term liquidity relative to the company's equity base.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
The a2 Milk Company Ltd Tangible Net Worth Ratio (2004–2025)
This chart shows how The a2 Milk Company Ltd's Tangible Net Worth Ratio has changed across 17 annual periods from 2004 to 2025. As of December 2025, the ratio stands at 84.4%, reflecting net assets of AU$1.39 Billion with intangible assets of AU$216.03 Million AUD. See The a2 Milk Company Ltd defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Tangible Net Worth Ratio for The a2 Milk Company Ltd (2004–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for The a2 Milk Company Ltd from 2004 to 2025, covering 17 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. For the full company profile including market capitalisation, see how much is The a2 Milk Company Ltd worth.
| Year | Tangible NW Ratio | Net Assets (AUD) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 99.4% | AU$1.43 Billion | AU$8.64 Million | AU$1.94 Billion | ▲ +0.1 pp |
| 2024 | 99.3% | AU$1.26 Billion | AU$8.71 Million | AU$1.73 Billion | ▼ -0.2 pp |
| 2023 | 99.5% | AU$1.15 Billion | AU$6.07 Million | AU$1.61 Billion | ▲ +0.0 pp |
| 2022 | 99.4% | AU$1.19 Billion | AU$6.85 Million | AU$1.72 Billion | ▲ +0.1 pp |
| 2021 | 99.4% | AU$1.08 Billion | AU$6.96 Million | AU$1.37 Billion | ▼ -0.2 pp |
| 2020 | 99.6% | AU$1.13 Billion | AU$4.56 Million | AU$1.45 Billion | ▲ +0.2 pp |
| 2019 | 99.4% | AU$787.85 Million | AU$4.36 Million | AU$1.01 Billion | ▲ +0.2 pp |
| 2018 | 99.3% | AU$555.71 Million | AU$4.08 Million | AU$716.22 Million | ▲ +0.2 pp |
| 2017 | 99.1% | AU$241.58 Million | AU$2.19 Million | AU$343.93 Million | ▲ +0.9 pp |
| 2016 | 98.2% | AU$133.08 Million | AU$2.44 Million | AU$210.15 Million | ▲ +1.1 pp |
| 2015 | 97.1% | AU$58.63 Million | AU$1.71 Million | AU$88.87 Million | ▲ +4.2 pp |
| 2014 | 92.8% | AU$58.64 Million | AU$4.19 Million | AU$76.64 Million | ▼ -2.1 pp |
| 2013 | 94.9% | AU$59.93 Million | AU$3.04 Million | AU$72.40 Million | ▼ -2.3 pp |
| 2012 | 97.2% | AU$37.35 Million | AU$1.04 Million | AU$49.67 Million | ▼ -1.9 pp |
| 2011 | 99.1% | AU$25.18 Million | AU$223.00K | AU$32.73 Million | ▼ -0.9 pp |
| 2010 | 100.0% | AU$7.27 Million | AU$0.00 | AU$8.27 Million | ▲ +123.2 pp |
| 2004 | -23.2% | AU$5.43 Million | AU$6.69 Million | AU$6.86 Million | — |