Bega Cheese Ltd

Bega Cheese Ltd maintains a capital structure characterized by AUD 439.6 million in long-term debt against AUD 980.2 million in total equity, resulting in a debt-to-equity ratio of 0.45. The company holds AUD 120.9 million in cash and equivalents, leading to a net cash position that is negative after subtracting total debt, which contributes to a medium liquidity risk assessment. The current ratio stands at 1.19, indicating adequate short-term liquidity coverage. Operating cash flow is positive at AUD 165.0 million, but free cash flow is negative at AUD -40.4 million due to capital expenditures of AUD 94.4 million.

Profitability metrics indicate operational challenges, with an operating income of AUD -6.7 million and a net income of AUD -8.5 million on revenues of AUD 3,539.0 million. This results in a return on equity of -0.87% and a return on assets of -0.42%. The gross profit is AUD 730.2 million, representing a gross margin of approximately 20.6%. The negative earnings render the EV/EBITDA ratio negative at -328.97, while the price-to-book ratio is 1.92.

Revenue grew at a 14.3% CAGR over four years, reaching AUD 3.54 billion in FY2025.

Gross profit increased to AUD 730.2 million in FY2025, indicating improved top-line cost management.

Long-term debt decreased to AUD 418.9 million in FY2024, showing a reduction in leverage.

The company generated positive free cash flow of AUD 24.6 million in FY2024.

Dilution risk is assessed as low, suggesting limited pressure on existing shareholder equity.

Operating margin of -0.19% is significantly below the Food Products cohort median of 4.81%.

The company faces high credit risk and medium liquidity risk according to risk assessments.

Revenue A$3.54B, +0,5% YoY; Operating income −116,8% YoY.

• ▍Revenue A$3.54B, +0,5% YoY
• ▍Operating income −116,8% YoY
• ▍Net income −127,9% YoY
• ▍Free cash flow −264,2% YoY
• ▍Net margin -0.2%

Revenue A$3.52B, +4,3% YoY; Operating income +115,5% YoY.

• ▍Revenue A$3.52B, +4,3% YoY
• ▍Operating income +115,5% YoY
• ▍Net income +113,3% YoY
• ▍Free cash flow +111,0% YoY
• ▍Net margin 0.9%

Revenue A$3.38B, +12,2% YoY; Operating income −859,8% YoY.

• ▍Revenue A$3.38B, +12,2% YoY
• ▍Operating income −859,8% YoY
• ▍Net income −1 050,0% YoY
• ▍Free cash flow −913,5% YoY
• ▍Net margin -6.8%

Revenue A$3.01B, +45,2% YoY; Operating income −65,9% YoY.

• ▍Revenue A$3.01B, +45,2% YoY
• ▍Operating income −65,9% YoY
• ▍Net income −69,0% YoY
• ▍Free cash flow −71,2% YoY
• ▍Net margin 0.8%

Revenue A$2.07B; Operating income A$99.2M.

• ▍Revenue A$2.07B
• ▍Operating income A$99.2M
• ▍Net margin 3.8%