Duxton Farms Limited (DBF) AI Stock Analysis

• Market Cap: AU$89.99M
• Dividend Yield: 29.49%
• Average Volume (3M): 95.79K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.30
• Revenue Growth: -16.73%
• EPS Growth: -343.82%
• Country: AU
• Employees: N/A
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): -0.23
• Shares Outstanding: 107,129,585
• 10 Day Avg. Volume: 62,717
• 30 Day Avg. Volume: 95,789
• PEG Ratio: 0.01
• Price to Book (P/B): 0.55
• Price to Sales (P/S): 2.70
• P/FCF Ratio: -2.16
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: AU$0.75 ▼(-7.28% Downside)

The score is held down primarily by weak financial performance—sharp FY2025 profitability deterioration and ongoing negative operating/free cash flow—despite a serviceable balance sheet. Technicals also indicate a weak trend with only early signs of oversold conditions. Valuation is partially supported by the very high dividend yield, but losses (negative P/E) cap the upside.

Positive Factors

Moderate leverage / serviceable balance sheet

Duxton Farms maintains moderate leverage for its asset base, giving the company structural financing flexibility and a buffer versus highly leveraged peers. This balance-sheet profile supports resilience through agricultural cycles and provides capacity to fund operations or strategic moves without immediate distress.

Demonstrated ability to generate strong profits

The firm has shown it can deliver high profitability in favorable years, indicating an underlying operational model and asset base capable of attractive margins. That track record suggests upside if crop yields, pricing or cost control normalize, making recovery feasible without structural business changes.

High dividend yield supporting shareholder returns

A very high dividend yield signals an established payout policy that can attract income-focused investors and supports total-return expectations over time. If cash generation stabilizes, the yield underpins long-term shareholder returns and reflects management willingness to return capital.

Negative Factors

Sharp revenue decline and margin compression

A steep sales drop and dramatic gross margin contraction reflect either demand, pricing or cost issues that undermine core earnings power. Such severe profitability deterioration is structural risk: if sustained, it erodes competitive positioning, limits reinvestment capacity, and impairs long-term viability.

Persistent negative operating and free cash flow

Chronic operating and free cash flow deficits indicate the company burns cash to run and invest the business. Over months to years this forces reliance on asset sales, debt or equity raising, increasing financing risk, restricting strategic options and threatening dividend sustainability if cash generation doesn't recover.

Erosion of equity and shareholder returns

Declining equity and negative shareholder returns reveal capital erosion from losses, shrinking the balance-sheet buffer that absorbs shocks. This weakens credit standing and may raise funding costs or dilute shareholders if recapitalization is needed, constraining long-term strategic investments.

Duxton Farms Limited Business Overview & Revenue Model

Company Description

Duxton Farms Limited primarily engages in the sowing and harvesting of dryland and irrigated crops in Australia. The company is also involved in the infrastructure maintenance and upgrade; trading and breeding of livestock; and sale of grains, pulses, and lucerne. Its products include hay, cotton, chickpea, wheat, barley, canola, and field peas, as well as cattle, sheep, and wool. The company was formerly known as Duxton Broadacre Farms Limited and changed its name to Duxton Farms Limited in December 2021. Duxton Farms Limited was incorporated in 2008 and is based in Stirling, Australia.

How the Company Makes Money

Duxton Farms Limited generates revenue primarily through the cultivation and sale of agricultural products, including crops and livestock. The company capitalizes on its extensive farmland holdings to produce a variety of commodities that are sold in domestic and international markets. Key revenue streams include the sale of produce to wholesalers, retailers, and food processing companies. Additionally, Duxton Farms may engage in strategic partnerships with agribusiness firms to enhance its production capabilities and market reach. The company also benefits from government agricultural subsidies and incentives that support sustainable farming practices.

Duxton Farms Limited Financial Statement Overview

Summary

Financials are pressured: FY2025 revenue fell 22.8% and the company swung to a large net loss (net margin ~-62%) with sharply lower gross margin (~11.6%). Cash generation is a key weakness with negative operating cash flow in five of six years and consistently negative free cash flow (FY2025 ~-$25.0M). The balance sheet is more stable with moderate leverage (FY2025 debt-to-equity ~0.43), but equity erosion from losses raises risk if weakness persists.

Income Statement

Profitability and consistency have weakened meaningfully. Revenue fell 22.8% in FY2025 after modest growth in FY2024, and margins compressed sharply (gross margin down to ~11.6% in FY2025 from ~45.6% in FY2024). The company swung from a net profit in FY2024 to a large net loss in FY2025 (net margin ~-62%), with negative EBIT margins in most years except FY2021. Strengths include the ability to generate strong profitability in certain years (FY2024), but results appear highly volatile and currently pressured.

Balance Sheet

Leverage looks moderate for the asset base, with debt-to-equity in the ~0.29–0.54 range over the period and FY2025 at ~0.43. However, equity has declined from FY2024 to FY2025, and returns to shareholders have turned negative in FY2025 after being positive in FY2024—signaling that capital is not being consistently converted into profits. Overall, the balance sheet appears serviceable, but profitability-driven erosion in equity is a key risk if losses persist.

Cash Flow

Cash generation is a major concern. Operating cash flow is negative in five of the last six years (including FY2025 at about -$6.6M), and free cash flow is negative every year shown, with a very large outflow in FY2025 (~-$25.0M). While free cash flow improved versus FY2024 (positive growth rate), it remains deeply negative, indicating ongoing cash burn and likely reliance on asset sales, debt, or equity funding to cover investment and operating needs.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	25.95M	20.05M	24.08M	7.30M	16.64M	17.84M
Gross Profit	4.69M	2.33M	10.98M	-5.86M	4.08M	8.57M
EBITDA	-6.66M	0.00	0.00	-12.47M	-2.30M	3.48M
Net Income	733.00K	-12.51M	5.19M	-10.09M	-3.17M	1.41M
Balance Sheet
Total Assets	169.36M	169.37M	189.01M	183.58M	160.44M	125.90M
Cash, Cash Equivalents and Short-Term Investments	2.58M	23.28M	28.62M	13.00K	12.00K	3.59M
Total Debt	32.78M	42.48M	43.15M	58.17M	34.89M	26.82M
Total Liabilities	53.10M	70.99M	69.15M	75.27M	52.85M	38.65M
Stockholders Equity	116.27M	98.38M	119.86M	108.31M	107.59M	87.25M
Cash Flow
Free Cash Flow	-13.33M	-25.04M	-23.27M	-19.18M	-8.79M	-12.47M
Operating Cash Flow	-6.19M	-6.60M	-5.26M	-12.45M	-6.40M	3.60M
Investing Cash Flow	56.13M	11.67M	49.22M	-7.96M	-3.99M	7.71M
Financing Cash Flow	-41.95M	-11.73M	-3.87M	14.24M	1.49M	-7.74M

Duxton Farms Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.81
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DBF, the sentiment is Negative. The current price of 0.81 is below the 20-day moving average (MA) of 0.86, below the 50-day MA of 0.83, and below the 200-day MA of 0.96, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 49.50 is Neutral, neither overbought nor oversold. The STOCH value of 31.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:DBF.

Duxton Farms Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AAP	70 Neutral	AU$19.54M	10.00	14.00%	―	18.35%	55.88%
FRM	66 Neutral	AU$55.39M	7.95	29.12%	―	2.63%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MCA	48 Neutral	AU$94.15M	9.39	8.91%	―	4.34%	―
DBF	45 Neutral	AU$89.99M	-2.76	-11.46%	29.49%	-16.73%	-343.82%
WNR	37 Underperform	AU$1.23M	-1.19	-130.24%	―	17.85%	52.81%

Duxton Farms Limited Corporate Events

Duxton Farms Completes $5.1m Sale of ‘Merriment’ Property to Reposition Portfolio

Duxton Farms Ltd has completed the sale of its ‘Merriment’ property to a private buyer for AU$5.1 million, including 534.7 hectares of land and 828 megalitres of water entitlements, on a vacant possession basis. The company plans to reinvest the proceeds into its post-merger portfolio and continue rotating capital out of broadacre farming properties into other portfolio opportunities that its directors believe will generate higher returns on capital, signalling an ongoing shift in asset mix and a focus on enhancing portfolio performance.

The most recent analyst rating on (AU:DBF) stock is a Hold with a A$0.78 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

Duxton Farms Updates Market on Ongoing On‑Market Share Buy-Back

Duxton Farms Limited has provided an updated notification to the ASX confirming ongoing on‑market buy-backs of its ordinary fully paid shares as part of a previously announced program. As of 19 December 2025, the company reported that it had repurchased a cumulative total of 5,733 shares prior to the previous trading day and a further 6,144 shares on the previous day, signalling continued execution of its capital management strategy and a potential effort to enhance shareholder value through reducing the number of shares on issue.

Duxton Farms Initiates Share Buy-Back Program

Duxton Farms Limited has announced an update regarding its ongoing on-market buy-back program. The company reported that it bought back 5,733 ordinary fully paid securities on the previous day, marking its first buy-back activity since the initial notification on December 11, 2025. This move is part of Duxton Farms’ strategy to manage its capital structure and potentially enhance shareholder value.

Duxton Farms Adjusts Buy-Back Program

Duxton Farms Limited has announced an update to its on-market buy-back program, specifically changing the maximum number of securities proposed to be bought back. This announcement serves as a correction to a previous notification made on the same day, indicating a strategic adjustment in their buy-back plan. The update may impact the company’s stock liquidity and shareholder value, reflecting Duxton Farms’ ongoing efforts to manage its capital structure effectively.

Duxton Farms Initiates On-Market Buy-Back

Duxton Farms Limited has announced an on-market buy-back of its ordinary fully paid securities, as per the notification released on December 11, 2025. This strategic move is likely aimed at optimizing the company’s capital structure and potentially enhancing shareholder value, reflecting a proactive approach in managing its financial resources.

Duxton Farms Initiates On-Market Share Buyback Program

Duxton Farms Limited has announced the initiation of an on-market share buyback program, a strategy it has employed throughout its history as a listed company. This move aims to enhance shareholder value and improve market liquidity, as the current share price is perceived to be undervalued relative to the company’s long-term economic prospects. The buyback allows the company to repurchase up to 10% of its issued capital within a 12-month period without requiring shareholder approval, although there is no guarantee that the full amount will be purchased. Shaw and Partners Limited has been appointed as the broker for this initiative.

Duxton Farms Announces Director’s Interest Change

Duxton Farms Limited announced a change in the director’s interest, with Stephen Duerden’s indirect interest in the company increasing through Duxton Capital Investments Pty Ltd. This change, involving the acquisition of 30,000 fully paid ordinary shares, reflects a strategic move that could impact the company’s governance and shareholder dynamics.

Duxton Farms Sells ‘Merriment’ Property for Strategic Capital Rotation

Duxton Farms Ltd has announced the sale of its ‘Merriment’ property for AU$5.1 million to a private buyer, which includes significant water entitlements. This sale aligns with the company’s strategy to rotate capital from broadacre farms to higher-return opportunities, demonstrating a proactive approach to enhancing shareholder value.

Duxton Farms AGM: Key Resolutions and Shareholder Decisions

Duxton Farms Limited held its 2025 Annual General Meeting where shareholders voted on several key resolutions. The resolutions included the adoption of the remuneration report, re-election of a director, approval of previous share issues, increase in non-executive directors’ remuneration, and approval of equity securities issuance. Notably, the adoption of the remuneration report faced significant opposition, marking a first strike under the Corporations Act 2001, while the re-election of the director and approval of previous share issues were carried with strong support.

Duxton Farms to Quote Over One Million New Securities on ASX

Duxton Farms Limited has announced the issuance of 1,064,818 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) under the code DBF. This move is part of previously announced transactions, potentially enhancing the company’s liquidity and market presence, thereby impacting its operational strategy and stakeholder interests.

Duxton Farms Completes Successful Share Purchase Plan

Duxton Farms Limited has successfully completed its Share Purchase Plan (SPP), raising approximately A$889k through the issuance of 1,064,818 new fully paid ordinary shares. The funds, along with existing resources, will be used to advance strategic initiatives, including the expansion of a pistachio orchard, development of agricultural precincts, and acquisition of water entitlements. This move is expected to strengthen the company’s operational capabilities and market positioning.

Duxton Farms to Host AGM Online

Duxton Farms Limited has announced that its upcoming Annual General Meeting will be available via an online webcast on November 28th. The webcast will not support voting, questions, or comments, but stakeholders can submit inquiries in advance via email. This move to an online format reflects the company’s adaptation to digital engagement, potentially broadening participation and accessibility for stakeholders who cannot attend in person.

Duxton Farms Launches Share Purchase Plan to Mitigate Dilution

Duxton Farms Limited has initiated the dispatch of its Share Purchase Plan (SPP) booklet, offering eligible shareholders the chance to acquire equity at a discounted rate compared to the recent placement price. This move aims to mitigate dilution effects from a strategic merger and placement, allowing shareholders to partake in the company’s growth. The SPP could result in the issuance of up to 30% of the existing fully paid ordinary shares, with the offer open to shareholders in specified regions, excluding the United States.

Duxton Farms Limited Announces Director’s Increased Shareholding

Duxton Farms Limited announced a change in the director’s interest, with Edouard Peter acquiring additional shares both directly and indirectly through various entities. This move, involving on-market trades and merger shares, reflects strategic positioning within the company, potentially impacting its market standing and shareholder value.

Duxton Farms Announces Director’s Interest Change Following Merger

Duxton Farms Limited has announced a change in the director’s interest notice, specifically concerning Stephen Duerden. The change involves the acquisition of 3,827,442 fully paid ordinary shares by Duxton Capital Investments Pty Ltd, where Mr. Duerden is a director, as part of a merger. This acquisition increases the total indirect holdings of Duxton Capital Investments Pty Ltd to 4,227,530 shares, reflecting a significant shift in the director’s interest and potentially impacting the company’s shareholder structure.

Duxton Farms Completes Strategic Merger and Placement

Duxton Farms Limited has announced the successful completion of a strategic merger with four private companies and a fully underwritten conditional placement raising approximately A$4,548,000. The merger involves Duxton Bees Pty Ltd, Duxton Dried Fruits Pty Ltd, Duxton Dairies (Cobram) Pty Ltd, and Duxton Orchards Pty Ltd, and aims to consolidate Duxton Farms’ position in the agricultural sector. The company issued 3,638,400 new shares to institutional investors and 56,997,458 shares as scrip consideration for the merger, alongside 13,606 shares as employee bonuses. This move is expected to enhance operational synergies and expand Duxton Farms’ market presence.

Duxton Farms Expands Market Presence with New ASX Quotation

Duxton Farms Limited announced the quotation of 3,638,400 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code DBF, effective October 31, 2025. This move is part of previously announced transactions and is expected to enhance the company’s market presence and liquidity, potentially benefiting stakeholders by increasing the company’s capital base and visibility in the market.

Duxton Farms Announces Securities Issue to Boost Capital

Duxton Farms Limited has announced a proposed issue of securities under a securities purchase plan, intending to issue up to 13,624,592 fully paid ordinary shares. This move is part of the company’s strategy to raise capital, potentially impacting its financial position and market operations by providing additional resources for growth and development.

Duxton Farms Completes A$4.5M Placement and Announces Share Purchase Plan

Duxton Farms Limited has successfully settled a fully underwritten placement, raising A$4,548,000 through the issuance of 3,638,400 new shares. The funds will support strategic objectives including a merger and development projects. Additionally, the company will offer a Share Purchase Plan (SPP) to eligible shareholders in select countries, allowing them to purchase new shares at a discounted rate. The SPP is not underwritten, and the company retains the right to adjust its size or scale-back applications.

Duxton Farms to Quote New Securities on ASX

Duxton Farms Limited has announced the application for quotation of 56,997,458 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code DBF. This move is part of a previously announced transaction, potentially impacting the company’s market presence and offering new opportunities for stakeholders.

Duxton Farms Completes Strategic Merger to Enhance Agricultural Portfolio

Duxton Farms Limited has successfully completed a strategic merger with four Australian private companies, enhancing its portfolio in walnuts, dried fruits, orchards, and bees. This merger positions Duxton Farms to capitalize on new opportunities and strengthens its strategic objectives. The company is also considering selling certain assets acquired through the merger, which could further impact its operations and market positioning.

Duxton Farms Announces Change in Substantial Holding Status

Duxton Farms Limited has announced a change in its substantial holding status, as Regal Funds Management Pty Ltd and its associates have ceased to be substantial holders. This change involves a series of transactions in voting securities, reflecting a significant shift in the company’s shareholder structure, which may impact its market position and stakeholder interests.

Duxton Farms Limited Schedules 2025 Annual General Meeting

Duxton Farms Limited has announced its Annual General Meeting (AGM) scheduled for 28 November 2025 at the Adelaide Convention Centre. Shareholders can participate in the meeting either in person or by proxy, with detailed instructions provided for voting online or through manual proxy forms. The meeting will address resolutions connected to the remuneration of key management personnel, and the chair intends to vote in favor of each item unless exceptional circumstances arise.

Duxton Farms Updates Share Issuance Details

Duxton Farms Limited announced a correction to a previous statement regarding the number of shares to be issued and those subject to escrow. This update reflects the company’s commitment to transparency and accurate reporting, which is crucial for maintaining investor trust and ensuring compliance with ASX regulations.