Duxton Farms Limited (DBF) AI Stock Analysis

• Market Cap: AU$78.20M
• Dividend Yield: 29.49%
• Average Volume (3M): 95.79K
• Price to Earnings (P/E): ―
• Beta (1Y): >-0.01
• 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): -0.15
• 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$0.67 ▼(-17.53% Downside)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

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

Serviceable balance sheet / moderate leverage

Moderate leverage gives the company structural financial flexibility versus highly leveraged peers. With debt-to-equity in a mid-range, Duxton Farms has more capacity to manage cyclical stress, access financing if needed, and avoid immediate solvency pressures while it works to restore profitability.

Proven ability to generate strong profitability in select years

The firm has demonstrated it can achieve robust margins in the right conditions, indicating underlying operational leverage and execution capability. This suggests that margins can recover with better crop cycles, pricing or cost control, making profitability upside achievable over a multi‑quarter horizon.

Low market sensitivity (low beta)

A very low (near-zero) beta indicates limited correlation with broader market swings, which can reduce financing and refinancing volatility risks. For a capital‑intensive agricultural firm, lower market-driven volatility supports steadier access to capital and less pressure from market selloffs during cyclical stress.

Negative Factors

Sharp revenue decline and large FY2025 loss

A steep top-line decline and very large net loss materially erode retained earnings and resilience. Persistent revenue weakness reduces scale economics, limits reinvestment capacity, increases the likelihood of asset disposals or capital raises, and undermines the firm's competitive position over several quarters.

Chronic negative cash generation

Sustained operating and free cash flow deficits indicate the business cannot internally fund operations or investments. This structural cash burn forces reliance on external financing or asset sales, heightens refinancing and liquidity risk, and constrains long‑term strategic flexibility if losses persist.

Severe margin compression and volatility

A dramatic collapse in gross margin points to either cost shocks or pricing failure and shows earnings are highly sensitive to input costs or market prices. If margin pressure persists, the business will struggle to recover profitability even with revenue stabilization, making performance unpredictable over the medium term.

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

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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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	17.27M	20.05M	24.08M	7.30M	16.64M	17.84M
Gross Profit	906.00K	2.33M	10.98M	-5.86M	4.08M	8.57M
EBITDA	-14.06M	0.00	0.00	-12.47M	-2.30M	3.48M
Net Income	-25.21M	-12.51M	5.19M	-10.09M	-3.17M	1.41M
Balance Sheet
Total Assets	266.14M	169.37M	189.01M	183.58M	160.44M	125.90M
Cash, Cash Equivalents and Short-Term Investments	765.00K	23.28M	28.62M	13.00K	12.00K	3.59M
Total Debt	120.49M	42.48M	43.15M	58.17M	34.89M	26.82M
Total Liabilities	123.41M	70.99M	69.15M	75.27M	52.85M	38.65M
Stockholders Equity	142.73M	98.38M	119.86M	108.31M	107.59M	87.25M
Cash Flow
Free Cash Flow	-41.19M	-25.04M	-23.27M	-19.18M	-8.79M	-12.47M
Operating Cash Flow	-22.68M	-6.60M	-5.26M	-12.45M	-6.40M	3.60M
Investing Cash Flow	4.49M	11.67M	49.22M	-7.96M	-3.99M	7.71M
Financing Cash Flow	10.37M	-11.73M	-3.87M	14.24M	1.49M	-7.74M

Duxton Farms Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 above the 20-day moving average (MA) of 0.74, above the 50-day MA of 0.79, and below the 200-day MA of 0.91, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 45.80 is Neutral, neither overbought nor oversold. The STOCH value of 43.01 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
FRM	74 Outperform	AU$53.08M	1.39	28.29%	―	2.63%	―
AAP	70 Neutral	AU$18.06M	-5.78	4.51%	―	18.35%	55.88%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DBF	45 Neutral	AU$78.20M	-1.37	-20.91%	29.49%	-16.73%	-343.82%
MCA	45 Neutral	AU$47.08M	-7.71	-0.43%	―	4.34%	―
WNR	37 Underperform	AU$1.23M	-0.83	-229.02%	―	17.85%	52.81%

Duxton Farms Limited Corporate Events

Duxton Farms Director Edouard Peter Increases Direct Shareholding via On-Market Purchase

Duxton Farms has disclosed a change in director Edouard Peter’s interest following an on-market purchase of 8,855 fully paid ordinary shares at $0.75 per share. The transaction increases his direct holding to 393,788 shares, while his extensive indirect interests through family trusts and associated investment and agricultural entities remain unchanged.

The filing reinforces the significant equity exposure of Peter across Duxton-linked vehicles, highlighting continued insider commitment to the stock rather than any disposal of shares. For shareholders, the on-market acquisition may be read as a signal of confidence in the company’s prospects, while also maintaining the existing concentrated ownership structure within the Duxton group of entities.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

Duxton Farms Swings to Deep Half-Year Loss as It Consolidates Agricultural Assets

Duxton Farms reported a sharp deterioration in its half-year results to 31 December 2025, with revenue from ordinary activities down 24% to $8.7 million and a net loss after tax of $15.8 million, compared with a $3.1 million loss a year earlier. Despite the larger loss, the group’s net asset value rose to $142.7 million; however, net assets per share more than halved to $1.33, reflecting capital changes and asset revaluation dynamics.

The company completed the acquisition of all remaining shares in four Australian agricultural businesses, including Duxton Bees, Orchards, Dairies (Cobram) and Dried Fruits, bringing them fully under its control and consolidating their losses. Duxton also paid a 24 cent per share dividend in August 2025, offered with a discounted dividend reinvestment plan, indicating an ongoing capital management strategy even as newly consolidated subsidiaries contributed materially to the group’s loss profile.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

Duxton Farms to Release 17.3 Million Shares From Voluntary Escrow

Duxton Farms Limited will see 17,330,997 ordinary fully paid shares released from voluntary escrow on 27 February 2026. These shares were originally issued as part of a strategic merger completed in 2025, and their release will increase the freely tradable portion of the company’s stock, potentially impacting liquidity and ownership dynamics for existing shareholders.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

‘Duxton Farms Sells Cowaribin Property for $6m to Rebalance Portfolio’

Duxton Farms Ltd has agreed to sell its ‘Cowaribin’ property, comprising 939.83 hectares and 32 megalitres of stock and domestic water entitlements, to a private buyer for AU$6.0 million on a vacant possession basis, with settlement due within 42 days. The board views the divestment as a strong outcome for shareholders and a further step in its strategy to rotate capital out of broadacre farms into other post-merger opportunities that are expected to deliver higher returns on capital, underscoring an ongoing repositioning of the company’s agricultural asset portfolio.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

Duxton Farms Underscores Scale and Diversification in Q2 FY2026 Update

Duxton Farms Limited reported on its Q2 FY2026 activities, highlighting its broad national footprint of approximately 183,000 hectares of owned and leased land and 584 government apiary sites across six Australian states and territories. The company continues to position itself as a significant landowner and producer of key agricultural commodities, aiming to deliver investor returns through operational yields and long-term capital appreciation by scaling best-in-class farm management across its diversified pillars of cropping and livestock, horticulture, viticulture and apiculture, underpinned by extensive water rights and a growing presence in high-value nut production.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

Duxton Farms to Sell Forbes Cropping Portfolio as It Accelerates Strategic Shift

Duxton Farms has appointed CBRE Group to sell three irrigated and dryland cropping properties near Forbes, New South Wales—‘Walla Wallah’, ‘Yarranlea’ and ‘West Plains’—along with an 8.6 gigalitre Lachlan River water portfolio, constituting a 7,061-hectare institutional-grade asset and completing the company’s exit from irrigated and dryland cropping in the state. The company expects expressions of interest by the end of March and is aiming to settle the transaction before the close of the 2026 financial year, with sale proceeds earmarked for reinvestment into its development assets in horticulture, viticulture, apiculture and its Northern Australian expansion, underscoring a strategic shift toward a broader, more diversified agricultural portfolio.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 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 Daily On‑Market Share Buy‑Back Activity

Duxton Farms Limited, listed on the ASX under the code DBF, has an on-market share buy-back program in place for its ordinary fully paid shares.

The company has updated the market with a daily buy-back notification dated 27 January 2026, reporting that it repurchased 3,856 shares on the previous trading day, bringing the total number of shares bought back under the program to 11,877. This continued execution of the buy-back may signal management’s confidence in the company’s valuation and is expected to incrementally reduce the number of shares on issue, potentially enhancing earnings per share and capital management outcomes for existing shareholders.

The most recent analyst rating on (AU:DBF) stock is a Sell with a A$0.72 price target. To see the full list of analyst forecasts on Duxton Farms Limited stock, see the AU:DBF Stock Forecast page.

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.