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The a2 Milk CoACOPF 88 Owner Earnings per Share (TTM) is 0.19 as of Jun. 2025, which is 99% below its 10-year median of 37.86. GuruFocus rates ACOPF with a GF Score™ of 88/100 and a GF Value™ of $4.46 (Fairly Valued). The stock has 3 warning signs investors should review. Among 993 Consumer Packaged Goods companies, The a2 Milk Co ranks worse than 69.28% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
The a2 Milk Co's Owner Earnings per Share (TTM) ended in Jun. 2025 was $0.19. It's Price-to-Owner-Earnings ratio for today is 24.74.
The historical rank and industry rank for The a2 Milk Co's Owner Earnings per Share (TTM) or its related term are showing as below:
ACOPF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 11.31 Med: 37.86 Max: 107.97
Current: 24.45
ACOPF's Price-to-Owner-Earnings is ranked worse than 69.28% of 993
companies
in the Consumer Packaged Goods industry
Industry Median: 14.66
vs ACOPF: 24.45
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
The a2 Milk Co Owner Earnings per Share (TTM) Related Terms
The a2 Milk Co Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for The a2 Milk Co's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
The a2 Milk Co Owner Earnings per Share (TTM) Chart
ACOPF vs KHC, GIS: Owner Earnings per Share (TTM) Comparison
For the Packaged Foods subindustry, The a2 Milk Co's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The a2 Milk Co Price-to-Owner-Earnings vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, The a2 Milk Co's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where The a2 Milk Co's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
The a2 Milk Co's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2025 was $0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $4 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
The a2 Milk Co's 5-Year Average Maintenance Capital Expenditure = $4 Mil
5. "Change In Working Capital" is from cashflow statement. The a2 Milk Co's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2025 was $0 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 0.19 mean?
The a2 Milk Co (ACOPF) has a Owner Earnings per Share (TTM) of 0.19 as of Jun. 2025. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on The a2 Milk Co. This is 99% below median its historical median of 37.86. Over the past decade, The a2 Milk Co's Owner Earnings per Share (TTM) has ranged from 11.31 to 107.97. According to the industry distribution chart, The a2 Milk Co ranks #688 out of 993 companies in the Consumer Packaged Goods industry, placing it in the top 69.3%.
Is The a2 Milk Co's Owner Earnings per Share (TTM) too high?
The a2 Milk Co's current Owner Earnings per Share (TTM) of 0.19 is 99% below median its 10-year median of 37.86. Over the past 10 years, this metric has ranged from a low of 11.31 to a high of 107.97. The Consumer Packaged Goods industry median Owner Earnings per Share (TTM) is 14.66. The a2 Milk Co's value of 0.19 is 98.7% below this industry median. Based on the distribution chart, The a2 Milk Co ranks #688 out of 993 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, The a2 Milk Co has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does The a2 Milk Co's Owner Earnings per Share (TTM) compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, The a2 Milk Co ranks #688 out of 993 companies for Owner Earnings per Share (TTM). This places The a2 Milk Co in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.66. The a2 Milk Co's value of 0.19 is 98.7% below this benchmark. Historically, The a2 Milk Co's own Owner Earnings per Share (TTM) has ranged from 11.31 to 107.97 over the past decade. While the company's 10-year median is 37.86 vs. the industry median of 14.66, The a2 Milk Co has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a Consumer Packaged Goods company?
The median Owner Earnings per Share (TTM) among Consumer Packaged Goods companies is 14.66, based on 993 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. The a2 Milk Co's current Owner Earnings per Share (TTM) of 0.19 is 98.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on The a2 Milk Co. For the Consumer Packaged Goods industry, the median Owner Earnings per Share (TTM) is 14.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The a2 Milk Co's current Owner Earnings per Share (TTM) is 0.19, which is 99% below median its own 10-year median of 37.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The a2 Milk Co stock overvalued right now?
Based on GuruFocus' analysis, The a2 Milk Co (ACOPF) is currently considered Fairly Valued. The stock's GF Value™ is $4.46, compared to a current price of $4.70 — trading 5.4% above its estimated fair value. The current Owner Earnings per Share (TTM) is 0.19, which is 99% below median its 10-year median of 37.86 and 98.7% below the Consumer Packaged Goods industry median of 14.66. The a2 Milk Co's overall GF Score™ is 88/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For The a2 Milk Co (ACOPF), the current Owner Earnings per Share (TTM) is 0.19 as of Jun. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is The a2 Milk Co (ACOPF) Overvalued in 2026?
Based on GuruFocus' analysis, The a2 Milk Co stock appears to be overvalued.
The current stock price of $4.70 is trading 5.4% above its estimated GF Value™ of $4.46.
GuruFocus considers The a2 Milk Co to be Fairly Valued.
Key valuation signals for ACOPF:
Owner Earnings per Share (TTM): 0.19 (99% below median its 10-year median of 37.86)
GF Value™: $4.46 vs. price of $4.70 (5.4% above fair value)
Industry Position: 98.7% below the Consumer Packaged Goods median (#688 of 993)
No single metric tells the full story. See the ACOPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
A2 Milk is a New Zealand licensor and marketer of fresh milk, infant formula, and other dairy products that lack the A1 beta-casein protein. The firm was founded in 2000 by Corran McLachlan, who developed a genetic test to determine which proteins a cow produces in its milk, and business partner Howard Paterson. The company has been through a tumultuous history of receivership, legal battles, and strategic shifts, but emerged in its current structure in 2006 and listed publicly in March 2013.
88GF Score
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