The a2 Milk Company Ltd vs Bega Cheese Ltd
Revenue, profitability, valuation and dividends side by side, latest full year FY25. Every figure comes from the two companies' own annual reports.
Consumer Defensive · Packaged Foods
A$6.95
at 24 Jul 2026 · reports in NZD
A2M reports its accounts in NZD, so absolute figures are shown in each company's reporting currency. Growth rates and ratios compare cleanly.
| Metric | A2M | BGA |
|---|---|---|
| Share price | A$6.95 | A$6.03 |
| Market cap | A$5.1B | A$1.8B |
| Trailing P/E | 24.8x | -216.1x |
| Price vs fair value Gap between the share price and the median of our model estimates. | 91.5% above | 110.1% above |
| Revenue (latest FY) | NZ$1.9B | A$3.6B |
| Revenue growth (5y p.a.) | 1.9% | 18.9% |
| Net profit (latest FY) | NZ$202.9M | A$-8.5M |
| Net margin | 10.7% | -0.2% |
| Return on equity | 14.0% | -0.9% |
| Debt to equity Includes lease liabilities. | 0.07 | 0.45 |
| EPS (diluted) | NZ$0.28 | A$-0.03 |
| EPS growth (5y p.a.) | -11.6% | – |
| Dividend per share | NZ$0.08 | A$0.09 |
| Dividend yield Yield is omitted when a company reports in a different currency to its AUD share price. | – | 1.5% |
Revenue growth, indexed
Both companies start at 100 in FY15; the lines show how revenue has compounded since, independent of size and reporting currency.
Dig deeper: The a2 Milk Company Ltd and Bega Cheese Ltd each have 20 years of statements, charts and model valuations. Or scan the whole market on the screener.