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Wholesale distributor supplying independent supermarkets (IGA), hardware (Mitre 10) and liquor retailers across Australia.
Wholesale distributor supplying independent supermarkets (IGA), hardware (Mitre 10) and liquor retailers across Australia.
Earns a wholesale margin on groceries, hardware and liquor sold to independent retailers, and fees for marketing, store branding and property services, so its health depends on those retailers competing with national chains Coles and Woolworths.
In one line: Australia's wholesale grocery/hardware distributor, like a smaller SpartanNash.
Moat: narrow (scale, distribution, brand). Large-scale wholesale distribution network supporting independent retail banners across Australia.
Headquarters: Sydney, Australia · Founded: 1927 · Employees: 14,000
Size Metcash (MTS.AX) is an Australia Consumer Staples company (Food Distributors) with a market value of $2.55B, the 107th largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.34 on 6 Nov 2026.
Performance Over six months the shares gained 12.5%, against -13.1% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 14 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +4.6%); the operating margin is 2.7% (peer median 4.3%).
Valuation It trades at 14.1× forward earnings against a peer median of 14.5× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (7.3% WACC).
Next results Next results expected around 7 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$17.4B | A$17.4B | A$17.3B | A$15.9B | A$15.8B |
| Revenue growth | — | 0% | +9% | +1% | — |
| Gross profit | A$858M | A$858M | A$841M | A$780M | A$760M |
| EBITDA | A$724M | A$724M | A$700M | A$646M | A$636M |
| Net income | A$279M | A$279M | A$283M | A$257M | A$259M |
| Free cash flow | A$383M | A$383M | A$390M | A$347M | A$301M |
| Capital expenditure | A$175M | A$175M | A$148M | A$136M | A$152M |
| Total debt | n/a | A$1.90B | A$1.89B | A$1.41B | A$1.49B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Metcash MTS.AX | $2.55B | +12% | 0% | 3% | 14.1× | 0.9% |
| Woolworths WOW.AX | $35.8B | +29% | +4% | 4% | 28.8× | 8.8% |
| Coles COL.AX | $21.0B | +7% | +3% | 4% | 24.4× | 5.5% |
| Wesfarmers WES.AX | $64.0B | +14% | +3% | 9% | 30.5× | 20.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTS.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.5% | +2.8% | 4th highest of 14 |
| 6-month return | +12.5% | -13.1% | 4th highest of 14 |
| Distance from 52-week high | -16.1% | -19.7% | 5th highest of 14 |
| Revenue growth (TTM) | +0.2% | +4.6% | 5th lowest of 14 |
| Operating margin | 2.7% | 4.3% | 7th lowest of 14 |
| Forward P/E | 14.1× | 14.5× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | 9.0% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +3.9% | +6.3% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -3.0 pp | -5.5 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +1.8 pp | -1.2 pp | 4th highest of 13 |
| Net debt / EBITDA | 2.5× | 2.4× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Metcash MTS.AX | Australia | $2.55B | +12% | 0% | 3% | 14.1× | 0.9% | +3.9% |
| Maple Leaf Foods MFI.TO | Canada | $2.39B | -13% | -17% | 8% | 16.1× | 2.4% | -1.9% |
| United Natural Foods UNFI | United States | $2.73B | -13% | -2% | 1% | 13.6× | 6.5% | +2.9% |
| Premium Brands PBH.TO | Canada | $2.86B | -13% | +20% | 5% | 12.2× | 7.4% | +12.9% |
| Chefs' Warehouse CHEF | United States | $4.51B | +27% | +12% | 4% | 36.3× | 22.6% | +30.1% |
| Kato Sangyo 9869.T | Japan | $1.35B | +10% | +2% | 1% | n/a | -9.5% | +1.9% |
| Dole DOLE | United States | $1.31B | -7% | +8% | 2% | 10.6× | 4.1% | +16.1% |
| Jiangxi Huangshanghuang Group Food 002695.SZ | China | $880M | -14% | +17% | 7% | 39.9× | 14.7% | -7.1% |
| Young & Co.'s Brewery, P.L.C YNGA.L | United Kingdom | $822M | +52% | +5% | 14% | 15.4× | 9.0% | +42.0% |
| Agencia Comercial Spirits AGCC | United States | $804M | -24% | +145% | 13% | n/a | n/a | n/a |
| Busy Ming 1768.HK | Hong Kong | $8.31B | -36% | +68% | 5% | 11.3× | 16.0% | +143.4% |
| Krispy Kreme DNUT | United States | $723M | +16% | -5% | 0% | 50.0× | 23.2% | +6.3% |
| Shanghai Bright Meat 600073.SS | China | $702M | -15% | +3% | -3% | 8.5× | 37.0% | -1.5% |
| COFCO Joycome Foods 1610.HK | Hong Kong | $669M | -18% | -8% | -10% | n/a | n/a | n/a |