Aristocrat Leisure Limited (AU:ALL)
ASX:ALL
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Aristocrat Leisure
(Sydney:ALL)
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Rating:75Outperform
Price Target:
AU$58.00
▲(18.17% Upside)
Action:Upgraded
Date:05/14/26
Overall score is driven primarily by strong financial quality (profitability, cash generation, and improving leverage) and a constructive earnings-call outlook with reiterated growth guidance and significant shareholder returns. Technicals are positive in the near term but still below the 200-day average, and valuation appears reasonable rather than deeply discounted.
Positive Factors
Strong Profitability
Sustained high gross margins and improving net margins indicate durable product economics and pricing power from proprietary game IP and hardware. This margin profile supports reinvestment in R&D, funds shareholder returns and provides a buffer against cyclical revenue swings over the medium term.
Negative Factors
Weak Top-line Trend
Recent negative revenue growth signals potential top-line momentum issues that could limit the durability of margin improvements. If new releases or geographic rollouts underperform, margin gains and cash generation could be harder to sustain over the next several quarters until revenue stabilizes or returns to growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Sustained high gross margins and improving net margins indicate durable product economics and pricing power from proprietary game IP and hardware. This margin profile supports reinvestment in R&D, funds shareholder returns and provides a buffer against cyclical revenue swings over the medium term.
Read all positive factors
Aristocrat Leisure (ALL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$30.12B
Dividend Yield1.6%
Average Volume (3M)1.62M
Price to Earnings (P/E)20.8
Beta (1Y)0.83
Revenue Growth-1.22%
EPS Growth10.79%
CountryAU
Employees8,500
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.39
Shares Outstanding603,066,650
10 Day Avg. Volume1,680,203
30 Day Avg. Volume1,617,166
Financial Highlights & Ratios
PEG Ratio2.61
Price to Book (P/B)6.66
Price to Sales (P/S)6.94
P/FCF Ratio27.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$65.10Price Target Upside32.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)2.58
Revenue Forecast (FY)AU$6.10B
Aristocrat Leisure Business Overview & Revenue Model
Company Description
Aristocrat Leisure Limited, together with its subsidiaries, provides gaming content and technology related mobile games in Australia. The company offers aristocrat gaming and pixel united, a gaming product, as well as casino management systems. It...
How the Company Makes Money
Aristocrat makes money primarily by creating gaming content and monetizing it across land-based and digital channels. In land-based gaming, it earns revenue from (1) the sale of electronic gaming machines and related hardware to licensed venues, (...
Aristocrat Leisure Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call communicated strong operational performance across core businesses, with double-digit constant-currency earnings and margin expansion, robust gaming unit and share gains, effective capital returns (substantial buybacks and dividend) and measurable early AI productivity wins. Short-term challenges were acknowledged in Interactive (slower progress toward the USD 1 billion target, margin headwinds from investments and the strategic white-label exit), some product-mix margin effects in North America, FX headwinds and ongoing investment-driven costs. Management outlined clear remediation actions (leadership hires, targeted investments, an investor briefing on Interactive, and a USD 100 million cost-savings program) and reiterated full-year NPATA growth on a constant currency basis, so the positives materially outweigh the manageable near-term negatives.Positive Updates
Strong profitability and earnings growth
NPATA of ~USD 800 million, up 8% reported and 16% in constant currency; EPSA increased ~11% reported and 19% in constant currency reflecting operational execution and buyback accretion.
Negative Updates
Interactive behind original timeline to USD 1 billion target
Company acknowledged Interactive progress has been slower than planned; management says execution, slower market openings and some regulatory timing contributed to the shortfall versus the USD 1 billion FY '29 interactive revenue ambition.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong profitability and earnings growth
NPATA of ~USD 800 million, up 8% reported and 16% in constant currency; EPSA increased ~11% reported and 19% in constant currency reflecting operational execution and buyback accretion.
Read all positive updates
Company Guidance
Aristocrat reiterated it expects NPATA growth for the full year to 30 Sept 2026 on a constant‑currency basis and remains committed to its FY29 USD 1.0bn Interactive revenue target, with more detail to be provided at the 1 July investor briefing; operational guidance includes gaming net unit growth at the upper end of the 4,000–5,000 full‑year target (gaming operations added >2,000 units in H1), fee‑per‑day broadly stable with sequential improvement expected in H2, and ~100m USD of annualised cost savings targeted in FY27. On capital allocation, the group executed almost 680m USD of on‑market buybacks in H1, returned 981m USD to shareholders in the half (≈5.1bn USD over five years), increased the buyback authorization by 1.0bn to 2.5bn USD (≈1.3bn executed to date) with the program extended to 12 May 2027, and declared a franked interim dividend of $0.50/share (38.8% payout ratio). Other key numeric context included H1 D&D of 407m USD (up 7% cc; full‑year mid single‑digit D&D growth guidance), an effective tax rate ~27%, H1 NPATA ≈800m USD (+16% cc / +8% reported), EPSA +19% cc, and a group EBITDA margin uplift of ~220bps.Aristocrat Leisure Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.29B | 6.30B | 6.60B | 6.30B | 5.57B | 4.74B |
| Gross Profit | 3.67B | 3.70B | 3.87B | 3.44B | 2.95B | 2.33B |
| EBITDA | 2.58B | 2.45B | 2.28B | 2.21B | 1.85B | 1.45B |
| Net Income | 1.47B | 1.43B | 1.30B | 1.45B | 948.50M | 820.00M |
Balance Sheet | ||||||
| Total Assets | 9.64B | 10.39B | 10.30B | 10.92B | 10.12B | 8.67B |
| Cash, Cash Equivalents and Short-Term Investments | 641.10M | 1.29B | 959.10M | 3.19B | 3.03B | 2.44B |
| Total Debt | 1.89B | 2.03B | 2.41B | 2.68B | 2.79B | 3.52B |
| Total Liabilities | 3.47B | 3.84B | 4.02B | 4.20B | 4.10B | 4.79B |
| Stockholders Equity | 6.17B | 6.56B | 6.28B | 6.73B | 6.02B | 3.88B |
Cash Flow | ||||||
| Free Cash Flow | 1.64B | 1.58B | 1.35B | 1.35B | 977.20M | 1.10B |
| Operating Cash Flow | 1.98B | 1.93B | 1.77B | 1.80B | 1.25B | 1.33B |
| Investing Cash Flow | -567.20M | 441.30M | -2.01B | -629.70M | -334.40M | -310.40M |
| Financing Cash Flow | -2.11B | -2.07B | -1.87B | -1.03B | -605.30M | -257.30M |
Aristocrat Leisure Technical Analysis
Positive
49.08
Price Trends
47.55
Positive
49.12
Positive
56.16
Negative
Market Momentum
0.76
Positive
55.97
Neutral
43.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ALL, the sentiment is Positive. The current price of 49.08 is above the 20-day moving average (MA) of 49.08, above the 50-day MA of 47.55, and below the 200-day MA of 56.16, indicating a neutral trend. The MACD of 0.76 indicates Positive momentum. The RSI at 55.97 is Neutral, neither overbought nor oversold. The STOCH value of 43.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ALL.
Aristocrat Leisure Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$30.12B | 20.85 | 23.15% | 1.60% | -1.22% | 10.79% | |
69 Neutral | AU$1.77B | 53.41 | 2.62% | 2.01% | 5.46% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | AU$168.33M | 15.56 | 48.57% | 5.00% | 4.81% | 6.37% | |
54 Neutral | AU$471.51M | -24.50 | -5.62% | 18.81% | 10.12% | -163.44% | |
43 Neutral | AU$347.59M | -14.90 | 653.24% | ― | 5.56% | 8.45% | |
40 Underperform | AU$663.52M | -1.27 | -57.00% | ― | -26.19% | 89.24% |
* Consumer Cyclical Sector Average
AU:ALL
Aristocrat Leisure
50.10
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-17.73%
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Aristocrat Leisure Corporate Events
Aristocrat Leisure Extends and Expands On-Market Share Buy-Back
May 12, 2026
Aristocrat Leisure Limited has updated the market on changes to its on-market share buy-back program for its fully paid ordinary shares. The company confirmed that it is extending the duration of the existing buy-back and increasing the scale of t...
Aristocrat Leisure Releases Half-Year 2026 Investor Presentation
May 12, 2026
Aristocrat Leisure has released its Half Year 2026 Results Investor Presentation, providing the market with updated financial and operational information for the period. The disclosure underscores the company’s ongoing communication with inv...
Aristocrat lifts earnings, market share and buy-back in strong first half
May 12, 2026
Aristocrat Leisure reported a robust first-half result to 31 March 2026, with constant-currency revenue up 6%, normalised NPATA up 16% and EPSA rising 19%, driven by market share gains in North American and Australian gaming and strong social casi...
Aristocrat Leisure to Release 2026 Half-Year Profit Results
May 12, 2026
Aristocrat Leisure has announced the release of its 2026 half-year profit results, prepared in line with ASX requirements and intended to be read alongside the company’s 2025 annual report. The update signals the company’s ongoing fina...
Aristocrat Leisure Cancels Over 432,000 Lapsed Performance Share Rights
Apr 15, 2026
Aristocrat Leisure has disclosed the lapse of 432,449 performance share rights, which ceased on 31 March 2026 after the underlying conditions were not met or became incapable of being satisfied. The cancellation of these conditional rights reduces...
Aristocrat Leisure Issues 80,693 New Shares on Option Conversion
Apr 15, 2026
Aristocrat Leisure Limited has notified the market of the issue of 80,693 ordinary fully paid shares following the exercise or conversion of previously unquoted equity securities. The new shares, which were issued on 31 March 2026, reflect the con...
Aristocrat Issues New Performance Rights Under Employee Incentive Scheme
Apr 15, 2026
Aristocrat Leisure Limited has notified the market of the issue of 263,295 unquoted performance share rights under its employee incentive scheme, effective 31 March 2026. These securities, which are not intended to be quoted on the ASX, reflect th...
Aristocrat Issues New Performance Share Rights Under Employee Incentive Plan
Apr 15, 2026
Aristocrat Leisure Limited has notified the market of the issue of 14,977 unquoted performance share rights under its employee incentive scheme. The new securities, which are not intended to be quoted on the ASX, were issued on 31 March 2026 and r...
Aristocrat Leisure Issues 922,248 Performance Share Rights Under Incentive Scheme
Apr 15, 2026
Aristocrat Leisure has notified the market of the issue of 922,248 unquoted performance share rights under its employee incentive scheme. The new rights, which are not intended to be quoted on the ASX and were issued effective 31 March 2026, repre...
Aristocrat Leisure Cancels 3.6 Million Shares in Ongoing Buy-Back
Apr 14, 2026
Aristocrat Leisure Limited has cancelled 3,586,342 ordinary fully paid shares as part of an on-market buy-back completed on 2 April 2026. The reduction in issued capital through this buy-back is likely to incrementally enhance earnings per share a...
Aristocrat Updates ASX Filing to Clarify KMP Equity Grant
Apr 7, 2026
Aristocrat Leisure has updated its notification to the ASX regarding the issue of unquoted equity securities under Appendix 3G. The revised filing clarifies that a previously disclosed grant of performance share rights was made to a key management...
Aristocrat Issues New Performance Share Rights Under Employee Incentive Scheme
Apr 2, 2026
Aristocrat Leisure Limited has notified the market of the issue of 132,650 unquoted performance share rights under its employee incentive scheme. The securities, recorded under the ASX code ALLAA, were issued on 26 March 2026 and are not intended ...
Aristocrat Leisure Issues New Unquoted Performance Rights Under Staff Incentive Plan
Apr 2, 2026
Aristocrat Leisure Limited has notified the market of the issue of 86,246 unquoted performance share rights under its employee incentive scheme, with an issue date of 26 March 2026. The new performance rights, which are not intended to be quoted o...
Aristocrat Leisure boosts CEO’s long-term incentive stake with new PSR grant
Apr 2, 2026
Aristocrat Leisure has disclosed a change in managing director Trevor Croker’s interests, reflecting an increase in his equity-based remuneration. Croker received an issue of 86,246 long-term incentive performance share rights, which were gr...
Aristocrat Continues On-Market Buy-Back With Daily Share Purchases
Apr 1, 2026
Aristocrat Leisure Limited has provided an update on its on-market share buy-back program, confirming that it is repurchasing ordinary fully paid shares traded under the ASX code ALL. The company disclosed that a total of 22,343,858 shares had bee...
Aristocrat Leisure Updates Market on Ongoing Share Buy-Back Activity
Mar 30, 2026
Aristocrat Leisure Limited has provided a daily update on its on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 22,181,120 shares had been repurchased before the previous trading day, with an...
Aristocrat Leisure Updates Daily On‑Market Share Buy‑Back Progress
Mar 29, 2026
Aristocrat Leisure Limited has provided an updated notification of its on-market share buy-back program for its ordinary fully paid shares traded under the ASX code ALL. The update, dated 30 March 2026, confirms the company is continuing its previ...
Aristocrat Leisure Continues Daily On‑Market Share Buy‑Back
Mar 26, 2026
Aristocrat Leisure Limited has continued its on‑market share buy‑back program, repurchasing ordinary fully paid shares under its existing mandate first announced in February 2025. The company is providing a daily update to the Australi...
Aristocrat Leisure Updates Daily Progress of On-Market Share Buy-Back
Mar 25, 2026
Aristocrat Leisure Limited has provided an updated notification on its ongoing on-market share buy-back program for its ordinary fully paid shares listed under the ASX code ALL. The filing confirms that the company is continuing its previously ann...
Aristocrat Leisure Updates Daily Progress of On-Market Share Buy-Back
Mar 22, 2026
Aristocrat Leisure Limited has provided an update on its ongoing on-market share buy-back program, covering ordinary fully paid shares traded under the ASX code ALL. The company reported that a total of 20,275,149 shares had been repurchased prior...
Aristocrat Leisure Cancels Over 6 Million Shares After On‑Market Buy‑Back
Mar 20, 2026
Aristocrat Leisure has cancelled 6,074,256 ordinary fully paid shares following completion of an on‑market buy‑back, effective 17 March 2026. The reduction in issued capital is expected to improve capital efficiency and may enhance ear...
Aristocrat Leisure Advances On-Market Share Buy-Back Program
Mar 19, 2026
Aristocrat Leisure Limited has continued its on-market share buy-back program, targeting its ordinary fully paid shares trading under the ASX code ALL as part of its ongoing capital management strategy. The company has been systematically repurcha...
Aristocrat Leisure Updates Market on Ongoing On‑Market Share Buy‑Back
Mar 18, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX detailing progress under its on-market share buy-back program, covering ordinary fully paid shares under ticker code ALL. The update confirms the company has repurchased a ...
Aristocrat Leisure Updates Market on Progress of On‑Market Share Buy‑Back
Mar 17, 2026
Aristocrat Leisure Limited has provided an updated notification regarding its ongoing on-market share buy-back program for its ordinary fully paid shares listed on the ASX. The update confirms that, as of 18 March 2026, the company continues to ex...
Aristocrat Leisure Updates Market on Ongoing On-Market Share Buy-Back
Mar 16, 2026
Aristocrat Leisure Limited has reported a further on-market share buy-back under its existing capital management program, confirming that it repurchased 294,935 ordinary fully paid shares on the previous trading day. This brings the total number o...
Aristocrat Director Neil Chatfield Increases Shareholding in On‑Market Trade
Mar 15, 2026
Aristocrat Leisure has disclosed a change in director Neil Gregory Chatfield’s holding in the company, following an on‑market purchase of additional shares. Chatfield acquired 1,500 fully paid ordinary shares on 11 March 2026 for a tot...
Aristocrat Updates Market on Progress of On-Market Share Buy-Back
Mar 15, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under its existing program. The update, dated 16 March 2026, confirms that the company continue...
Aristocrat Leisure Updates Market on Progress of On‑Market Share Buy‑Back
Mar 12, 2026
Aristocrat Leisure has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program for ordinary fully paid shares. The filing confirms the company is continuing to repurchase stock on market as p...
Aristocrat Leisure Continues On-Market Share Buy-Back Programme
Mar 11, 2026
Aristocrat Leisure Limited has updated the market on the progress of its on-market share buy-back program for its ordinary fully paid shares listed under the ASX code ALL. The company reported that a total of 17,975,238 shares had been repurchased...
Aristocrat Leisure Director Natasha Chand Increases Shareholding
Mar 9, 2026
Aristocrat Leisure has disclosed a change in the shareholding of director Natasha Chand, in line with ASX requirements for director interest notices. The filing provides transparency on director ownership levels and reinforces the company’s ...
Aristocrat Updates Market on Progress of On‑Market Share Buy‑Back
Mar 9, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on progress under its on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 17,140,505 shares had been repurchased prior...
Aristocrat Leisure Updates Investors on Ongoing On-Market Share Buy-Back
Mar 8, 2026
Aristocrat Leisure Limited has provided an updated notification on its ongoing on-market share buy-back program for its ordinary fully paid shares traded under the ASX code ALL. The company reported that a cumulative 16,874,278 shares had been rep...
Aristocrat Leisure Updates Market on Ongoing On‑Market Share Buy-Back
Mar 5, 2026
Aristocrat Leisure Limited has updated the market on its ongoing on‑market share buy-back program for its ordinary fully paid shares. The company reported that a total of 16,559,445 shares had been repurchased prior to the latest trading day...
Aristocrat Leisure Continues On‑Market Share Buy-Back Program
Mar 4, 2026
Aristocrat Leisure Limited has provided an updated notification of its on-market share buy-back program for its ordinary fully paid shares, coded ALL on the ASX. The latest filing, dated 5 March 2026, confirms it repurchased 277,489 shares on the ...
Aristocrat Continues On‑Market Buy‑Back With Daily Share Repurchases
Mar 3, 2026
Aristocrat Leisure Limited has continued its on‑market share buy‑back program for its ordinary fully paid shares listed on the ASX under the code ALL. The company reported that, as of 4 March 2026, it had repurchased a cumulative 15,90...
Aristocrat Leisure Updates Market on Progress of On-Market Share Buy-Back
Mar 2, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares under the code ALL. The update specifies that the company is continuing to execute...
Aristocrat Leisure Updates Market on Progress of On-Market Share Buy-Back
Mar 1, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its on-market share buy-back of ordinary fully paid shares under code ALL. The company reported that, as of the latest daily update dated 2 March 2026, it has rep...
Aristocrat Continues On‑Market Share Buy‑Back With Daily ASX Update
Feb 26, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX confirming the ongoing execution of its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that, as of 27 February 2026, ...
Aristocrat Leisure Reports Ongoing Daily On‑Market Share Buy‑Back
Feb 25, 2026
Aristocrat Leisure Limited has provided an updated notification of its ongoing on‑market share buy‑back, covering ordinary fully paid shares under its ASX code ALL. The company reported that a cumulative 14,430,717 shares had been repu...
Aristocrat Leisure Updates Market on Ongoing Share Buy-Back
Feb 25, 2026
Aristocrat Leisure Limited has issued an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of 25 February 2026, it had repurchased a total of 14,031,689 shares before the previ...
Aristocrat Leisure Updates Market on Progress of On‑Market Share Buy‑Back
Feb 23, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The latest daily report shows that the company had repurchased a cumulative ...
Aristocrat Updates Market on Progress of On-Market Share Buy-Back
Feb 22, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company is continuing a program first notified in February 2025, signalling active capital...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.