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Global wine company owning Penfolds, Wolf Blass and other brands, selling across Australia, the US, Asia and Europe.
Global wine company owning Penfolds, Wolf Blass and other brands, selling across Australia, the US, Asia and Europe.
Penfolds, sold at high prices through Asia and direct to collectors, carries the company, since the mainstream brands compete in crowded supermarkets at much lower margins. Chinese import duties on Australian wine, in force from 2021 to 2024, showed how dependent it is on that market.
In one line: Australia's Constellation Brands of wine.
Moat: narrow (brand). Penfolds is a globally recognized luxury wine brand with strong pricing power versus commodity wine peers.
Headquarters: Melbourne, Australia · Founded: 1860 · Employees: 2,700
Size Treasury Wine Estates (TWE.AX) is an Australia Consumer Staples company (Beverages: Alcoholic) with a market value of $3.56B, the 88th largest of 316 Australia companies the cockpit tracks. Shares closed at A$6.35 on 6 Nov 2026.
Performance Over six months the shares gained 51.9%, against -2.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 12.2% over the last twelve months (peer median -1.8%); the operating margin is 16.7% (peer median 14.3%).
Valuation It trades at 18.4× forward earnings against a peer median of 21.0× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (7.3% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.63B | A$2.63B | A$2.99B | A$2.81B | A$2.49B |
| Revenue growth | — | -12% | +6% | +13% | — |
| Gross profit | A$1.04B | A$1.04B | A$1.42B | A$1.23B | A$1.07B |
| EBITDA | A$605M | A$605M | A$962M | A$763M | A$729M |
| Net income | -A$1.08B | -A$1.08B | A$437M | A$98.9M | A$254M |
| Free cash flow | A$79.7M | A$79.7M | A$397M | A$256M | A$28.4M |
| Capital expenditure | A$113M | A$113M | A$137M | A$190M | A$249M |
| Total debt | n/a | A$2.00B | A$2.20B | A$2.16B | A$1.94B |
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 |
|---|---|---|---|---|---|---|
| Treasury Wine Estates TWE.AX | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% |
| Pernod Ricard RI.PA | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
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 | TWE.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.4% | +5.9% | 7th highest of 21 |
| 6-month return | +51.9% | -2.3% | 2nd highest of 21 |
| Distance from 52-week high | -1.6% | -20.8% | highest of 21 |
| Revenue growth (TTM) | -12.2% | -1.8% | 5th lowest of 20 |
| Operating margin | 16.7% | 14.3% | 7th highest of 20 |
| Forward P/E | 18.4× | 21.0× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | 3.1% | 5th most demanding of 15 |
| Growth delivered (Del g) | -0.4% | +6.5% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +9.8 pp | -7.0 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -1.3 pp | +0.3 pp | 9th lowest of 20 |
| EV / EBITDA | 11.4× | 20.2× | 5th cheapest of 12 |
| Net debt / EBITDA | 2.9× | 1.6× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |
| Guangzhou Zhujiang Brewery 002461.SZ | China | $2.91B | -15% | +2% | 15% | 19.8× | -5.8% | +6.9% |
| Chongqing Brewery 600132.SS | China | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% | +6.2% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| Allied Blenders and Distillers ABDL.NS | India | $2.10B | +24% | -20% | 11% | 63.5× | n/a | n/a |
| Sichuan Swellfun 600779.SS | China | $2.06B | -13% | -30% | 20% | 46.3× | 16.6% | +0.1% |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Jiugui Liquor 000799.SZ | China | $1.70B | -18% | +19% | -3% | 271.1× | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |