The a2 Milk Company Ltd (A2M) — Working Capital to Net Assets Ratio
The a2 Milk Company Ltd (A2M) has a Working Capital to Net Assets ratio of 61.1% as of December 2025. Working capital of AU$847.41 Million (current assets of AU$1.28 Billion minus current liabilities of AU$432.40 Million) is measured against net assets of AU$1.39 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See A2M net asset quality index to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
The a2 Milk Company Ltd Working Capital to Net Assets (2004–2025)
This chart shows how The a2 Milk Company Ltd's Working Capital to Net Assets ratio has evolved across 20 annual periods from 2004 to 2025. As of December 2025, the ratio stands at 61.1%, reflecting working capital of AU$847.41 Million against net assets of AU$1.39 Billion AUD. Check The a2 Milk Company Ltd tangible book value ratio to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for The a2 Milk Company Ltd (2004–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for The a2 Milk Company Ltd from 2004 to 2025, covering 20 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see market cap of The a2 Milk Company Ltd.
| Year | WC/NA Ratio | Working Capital (AUD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 70.0% | AU$1.00 Billion | AU$1.43 Billion | AU$1.45 Billion | AU$450.08 Million | ▲ +0.6 pp |
| 2024 | 69.3% | AU$871.17 Million | AU$1.26 Billion | AU$1.29 Billion | AU$416.77 Million | ▲ +4.7 pp |
| 2023 | 64.6% | AU$742.90 Million | AU$1.15 Billion | AU$1.12 Billion | AU$379.21 Million | ▲ +3.4 pp |
| 2022 | 61.2% | AU$731.07 Million | AU$1.19 Billion | AU$1.17 Billion | AU$440.17 Million | ▼ -14.6 pp |
| 2021 | 75.9% | AU$822.20 Million | AU$1.08 Billion | AU$1.10 Billion | AU$274.69 Million | ▲ +3.3 pp |
| 2020 | 72.6% | AU$823.12 Million | AU$1.13 Billion | AU$1.13 Billion | AU$305.43 Million | ▲ +12.9 pp |
| 2019 | 59.7% | AU$470.31 Million | AU$787.85 Million | AU$689.20 Million | AU$218.89 Million | ▼ -1.4 pp |
| 2018 | 61.1% | AU$339.31 Million | AU$555.71 Million | AU$499.70 Million | AU$160.39 Million | ▼ -3.5 pp |
| 2017 | 64.5% | AU$155.94 Million | AU$241.58 Million | AU$258.29 Million | AU$102.35 Million | ▼ -14.8 pp |
| 2016 | 79.4% | AU$105.61 Million | AU$133.08 Million | AU$182.42 Million | AU$76.81 Million | ▲ +25.5 pp |
| 2015 | 53.9% | AU$31.58 Million | AU$58.63 Million | AU$60.53 Million | AU$28.95 Million | ▼ -2.9 pp |
| 2014 | 56.7% | AU$33.26 Million | AU$58.64 Million | AU$51.14 Million | AU$17.88 Million | ▼ -2.2 pp |
| 2013 | 58.9% | AU$35.31 Million | AU$59.93 Million | AU$47.70 Million | AU$12.39 Million | ▲ +25.1 pp |
| 2012 | 33.8% | AU$12.63 Million | AU$37.35 Million | AU$24.91 Million | AU$12.29 Million | ▼ -16.0 pp |
| 2011 | 49.8% | AU$12.54 Million | AU$25.18 Million | AU$20.03 Million | AU$7.49 Million | ▼ -12.4 pp |
| 2010 | 62.2% | AU$4.52 Million | AU$7.27 Million | AU$5.53 Million | AU$1.01 Million | ▼ -43.8 pp |
| 2008 | 106.0% | AU$-8.08 Million | AU$-7.62 Million | AU$347.49K | AU$8.43 Million | ▼ -51.8 pp |
| 2007 | 157.9% | AU$-2.17 Million | AU$-1.38 Million | AU$2.85 Million | AU$5.02 Million | ▲ +32.4 pp |
| 2005 | 125.5% | AU$-280.73K | AU$-223.76K | AU$178.35K | AU$459.07K | ▲ +149.3 pp |
| 2004 | -23.9% | AU$-1.30 Million | AU$5.43 Million | AU$129.16K | AU$1.43 Million | — |