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Undervalued
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 0.09 Fair value 0.15 One-star price 0.25
Morningstar Quantitative Rating as of 23 OCT 2026.
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (0.09) to the one-star price (0.25).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 0.09 |
| Price - 12 month high | 0.17 |
| Price - 12 month low | 0.08 |
| Pricing date | 23 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.13 |
| Market capitalization | 78.77 |
| 12 Month High price date | 31 OCT 2025 |
| 12 Month Low price date | 3 JUL 2026 |
| Volume - avg. trading volume for the last 3 months | 1.88 |
| Price - 1 Day % Change | -3.30% |
| Price - 13 week price percent change | 11.39% |
| Price - 26 week price percent change | -16.19% |
| Price - 5 Day % Change | -8.33% |
| Price - 52 week price percent change | -43.23% |
| Price - YTD price percent change | -36.00% |
| Price % Change Month To Date | -16.19% |
| EPS excluding extraordinary items - most recent fiscal year | -0.005 |
| EPS excluding extraordinary items - trailing 12 month | -0.005 |
| EPS Normalized - most recent fiscal year | -0.005 |
| Revenue/share - most recent fiscal year | 0.125 |
| Revenue/share - trailing 12 month | 0.125 |
| Book value per share - most recent fiscal year | 0.044 |
| Book value per share - most recent half-year | 0.044 |
| Book value (tangible) per share - most recent fiscal year | 0.042 |
| Book value (tangible) per share - most recent half-year | 0.042 |
| Cash per share - most recent fiscal year | 0.011 |
| Cash per share - most recent half-year | 0.011 |
| Cash Flow per share - most recent fiscal year | -0.017 |
| Cash Flow per share - trailing 12 month | -0.017 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | -0.003 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.005 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.005 |
| EPS including extraordinary items - most recent fiscal year | -0.005 |
| EPS including extraordinary items - trailing 12 month | -0.005 |
| Free Cash Flow per share - trailing 12 month | -0.018 |
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 0.70 |
| Price to Tangible Book - most fiscal year | 2.12 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 2.02 |
| P/E excluding extraordinary items high, trailing 12 months | 29.76 |
| P/E excluding extraordinary items low, trailing 12 months | 18.33 |
| Net Debt, LFI | -3.57 |
| Net Debt, LFY | 6.51 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | -16.35 |
| LT debt/equity - most recent fiscal year | 12.66% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 40.80% |
| LT debt/equity - most recent half-year | 12.24% |
| Total debt/total equity - most recent half-year | 14.25% |
| Free Cash Flow - trailing 12 month | -16.35 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 111.86 |
| Revenue - trailing 12 month | 111.86 |
| EBITD - most recent fiscal year | -2.93 |
| EBITD - trailing 12 month | -2.93 |
| Earnings before taxes - most recent fiscal year | -4.62 |
| Earnings before taxes - trailing 12 month | -4.62 |
| Net Income available to common - most recent fiscal year | -4.62 |
| Net Income available to common - trailing 12 months | -4.62 |
| Earnings before taxes Normalized - most recent fiscal year | -4.62 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.01 |
| Net Profit Margin % - 1st historical fiscal year | -4.13% |
| Net Profit Margin % - trailing 12 month | -4.13% |
| Operating margin - 1st historical fiscal year | -3.88% |
| Operating margin - trailing 12 month | -3.88% |
| Pretax margin - trailing 12 month | -4.13% |
| Pretax margin - 1st historical fiscal year | -4.13% |
| Operating Margin - 5 year average | -32.36% |
| Pretax Margin - 5 year average | -43.18% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -26.18% |
| Free Operating Cash Flow/Revenue, TTM | -14.62% |
| Net Profit Margin - 5 year average | -43.61% |
| Return on average assets - most recent fiscal year | -6.99% |
| Return on average assets - trailing 12 month | -6.99% |
| Return on average equity - most recent fiscal year | -11.01% |
| Return on average equity - trailing 12 month | -11.01% |
| Return on average assets - 5 year average | -27.84% |
| Return on average equity - 5 year average | -39.14% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 23.26% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 14.33% |
| Growth rate% - Revenue, 3 year | 23.00% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -20.76% |
| Capital Spending growth rate, 5 year | 14.70% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
BUB -11.27%: weaker China sales weighed on Bubs shares today, just a week after the stock rallied on the potential upside in China sales. Gross revenue in the quarter was down 28% on last year, weighed by a 66% slump in China sales, though international revenue climbed thanks to the emergency supply agreement signed with the US in the middle...
If you had read the headlines about this infant formula business it would be easy to anticipate the stock trading higher after it gained US FDA approval in late 2021 plus revenue from China already appears to have turned but the stocks halved over the last few months i.e. a lack of guidance from the company back in August following their result clearly hasn’t helped.
BUB -4.96%: a record year for Bubs after receiving a boost in sales on gaining US FDA approval late in the year. Revenue came in at $104m and underlying EBITDA of$4.8m were both ahead of guidance provided in July when the company raised $63m to scale up operations. Revenue from China bounced back, more than doubling vs FY21, as export...
BUB had been enjoying strong growth in the Chinese baby formula market in similar fashion to A2M before Covid but over the last 2-years BUB has turned its attention more towards the US which is panning out strongly, although the company still enjoys 26% of its revenue from China sales. In July the company delivered a solid update and more financial data will be out this morning when they report FY22 results which should be helped tremendously by the US Governments emergency action to acquire much needed baby formula.
BUB +40.21%: the infant formula company received FDA approval to sell tins into the US market today. America has been battling a shortage in infant formula after several brands were forced to recall products that had led to bacterial infections in a number of kids while supply chain issues have compounded the problem. As a result, the FDA fast-tracked the process to have seven of Bubs’ products available for sale...
MM is neutral BUB
MM is neutral BUB ~30c
MM is neutral BUB ~60c
MM is neutral to positive BUB ~60c
MM likes BUB into weakness.
BUBS Australia Ltd offers a range of infant formula products, toddler milk powder and nutritional products, adult milk powder products, and fresh dairy products, including goat milk-based offerings. Its products consist of Easy-digest GoatMilk Infant Formula, Organic Grass Fed Milk Infant Formula, Goat Milk-based Formula, Grass Fed Cow Milk-based Formula, Essential Cow Milk-based Formula, Easy-digest Goat Milk Infant Formula, and Supreme. It operates in a single operating segment being the sale of nutritional food and adult powder. Geographically it operates in Australia, China, USA and Rest of the World with the majority of revenue deriving from USA.
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