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The a2 Milk Company (ACOPY) Fair Value & Analysis

Consumer Defensive · US · Market cap $2.8B

TA The a2 Milk Company logo The a2 Milk Company ACOPY · US
Price$3.85
Fair Value$3.60
Upside-6.5%
Quality94/100
Evidence: High Range $2.94 – $4.51

Fair value as of: Jun 24, 2026

From 26 valuation models · updated 6 days ago

Fair value updated Jun 24, 2026 — revised from $5.71 to $3.60 (−37.0%) since Jun 23, 2026. Share price +33.1% over the past month.

Price vs Fair Value (12 months)

$5.11 $2.87 Fair Value $3.60 Jun 2025 Jun 2026

12‑month range $2.87 – $5.11 · fair‑value band $2.94 – $4.51 · the $3.85 price screens above the $3.60 fair value. As of Jun 24, 2026.

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Analysis

The a2 Milk Company (ACOPY) currently trades at $3.85, while our model-based Fair Value estimate is $3.60 — implying the stock looks roughly 6.5% overvalued today. We read business quality at 94/100 (high quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).

Over the trailing twelve months, The a2 Milk Company generated revenue of $2.1B at a net margin of 5.9%. Revenue grew 18.8% year over year. It earns a return on equity of 14.7%. The balance sheet holds a net cash position of $999M. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) $2.1B
Revenue growth (YoY) +18.8%
Net margin 5.9%
Return on equity 14.7%
Free cash flow $198M FY2025
P/E ratio 21.4
More key figures
Operating margin 14.7%
EPS (TTM) $0.1800
Dividend yield 3.2%
EPS growth (YoY) -88.1%
Net cash $999M FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

The a2 Milk Company Limited, together with its subsidiaries, sells A2-type protein type branded milk and related products in Australia, New Zealand, China, rest of Asia, and the United States. The company offers infant milk formula; other nutritional products and milk; manufactures and sells nutritional and ingredients products, as well as provides rent, royalty, and licensing services. It offers its products under the a2 Milk and a2 Platinum brands. The company was formerly known as A2 Corporation Limited and changed its name to The a2 Milk Company Limited in April 2014. The a2 Milk Company Limited was incorporated in 2000 and is based in Auckland, New Zealand.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

The a2 Milk Company reported revenue of $1.9B in FY2025 versus $1.2B in FY2021, a compound +12.0%/yr. Reported net income was $203M in FY2025, compounding +25.9%/yr from FY2021.

Revenue +12.0%/yr
FY21 $1.2B
FY22 $1.4B
FY23 $1.6B
FY24 $1.7B
FY25 $1.9B
Net income +25.9%/yr
FY21 $80.7M
FY22 $123M
FY23 $156M
FY24 $168M
FY25 $203M

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Frequently asked questions

Is The a2 Milk Company (ACOPY) undervalued?
As of Jun 24, 2026, our model estimates a fair value of $3.60 versus a price of $3.85 — about −6% (overvalued). Model-based estimate, not financial advice.
What is the fair value of ACOPY?
Our 21-model fair value for The a2 Milk Company is $3.60 (as of Jun 24, 2026), built from audited fundamentals. The current price is $3.85.
What is the quality score of ACOPY?
The a2 Milk Company has a Quality Score of 94/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of The a2 Milk Company (ACOPY)?
The a2 Milk Company reported trailing-twelve-month revenue of about $2.1B (latest available figure, as of Jun 24, 2026).
What is the net profit margin of ACOPY?
The net profit margin of The a2 Milk Company is about 5.9%, meaning it keeps roughly 5.9% of revenue as net income. Based on the latest reported figures.
Does The a2 Milk Company pay a dividend?
The a2 Milk Company currently shows a dividend yield of about 3.15% relative to its recent price (as of Jun 24, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.