Kogan.com Ltd. (AU:KGN)
ASX:KGN
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Kogan.com
(Sydney:KGN)
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Rating:61Neutral
Price Target:
AU$3.50
▼(-13.15% Downside)
Action:Reiterated
Date:02/26/26
The score is driven primarily by mixed underlying financial performance (profitability and ROE remain weak despite strong cash flow) and a positive but not fully confirmed technical setup (price trend strong, MACD still slightly negative). The latest earnings call is a meaningful positive due to clear margin guidance, strong cash generation, and a debt-free position, while valuation is constrained by a negative P/E despite an attractive dividend yield.
Positive Factors
Strong cash generation & debt-free balance sheet
Sustained operating and free cash flow with a debt-free balance sheet provides durable financial flexibility. This supports reinvestment, inventory rebuilds, dividends and buybacks without relying on external financing, reducing leverage risk and enabling strategic optionality over coming quarters.
Negative Factors
Mighty Ape revenue reset and EBITDA loss
The deliberate inventory reset materially cut Mighty Ape sales and drove an adjusted EBITDA loss, creating a persistent drag until stock levels and supplier exclusives are restored. Recovery timing is uncertain and could suppress group EBITDA and require sustained management focus for several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & debt-free balance sheet
Sustained operating and free cash flow with a debt-free balance sheet provides durable financial flexibility. This supports reinvestment, inventory rebuilds, dividends and buybacks without relying on external financing, reducing leverage risk and enabling strategic optionality over coming quarters.
Read all positive factors
Kogan.com (KGN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$397.79M
Dividend Yield4%
Average Volume (3M)433.04K
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue Growth4.41%
EPS Growth-2505.17%
CountryAU
EmployeesN/A
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.41
Shares Outstanding95,621,430
10 Day Avg. Volume347,585
30 Day Avg. Volume433,043
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)6.29
Price to Sales (P/S)0.78
P/FCF Ratio10.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$5.85Price Target Upside45.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.19
Revenue Forecast (FY)AU$512.97M
Kogan.com Business Overview & Revenue Model
Company Description
Kogan.com Ltd operates as an online retailer in Australia. The company offers various brands across a range of categories, including electronics, appliances, homewares, hardware, toys, and others; and owns and operates 20 private label brands. It ...
How the Company Makes Money
Kogan.com makes money primarily through (1) product sales, (2) marketplace and logistics-related fees, and (3) subscription and service revenue. (1) Product sales: The company generates revenue by selling goods directly to customers, including Kog...
Kogan.com Earnings Call Summary
Earnings Call Date:Feb 22, 2026
(Q2-2026)
| Next Earnings Date:Aug 24, 2026
Earnings Call Sentiment Positive
The call highlighted strong, broad‑based performance at Kogan.com: double‑digit sales growth, expanding margins, record marketplace and subscription traction, robust cash generation and a healthy balance sheet. These positives were offset by a deliberate but steep reset at Mighty Ape (revenue down 25%, adjusted EBITDA loss of $3.2M) that depressed group EBITDA slightly and requires working capital to rebuild inventory. Management presented a clear remediation plan (One Group strategy) and month‑by‑month margin improvement in New Zealand, signalling recovery potential. On balance the operational and financial strengths of Kogan.com, strong cash flows, and a defined plan to fix Mighty Ape outweigh the short‑term drag and execution risk.Positive Updates
Kogan.com Revenue and Sales Growth
Kogan.com drove gross sales past $0.5 billion (up 21% YoY) and revenue grew ~17% YoY, demonstrating the platform is the primary growth engine for the group.
Negative Updates
Mighty Ape Revenue Decline
Mighty Ape revenue declined 25% YoY as management deliberately reset inventory and tightened procurement, reflecting a strategic but material short‑term revenue hit.
Read all updates
Q2-2026 Updates
Positive
Negative
Kogan.com Revenue and Sales Growth
Kogan.com drove gross sales past $0.5 billion (up 21% YoY) and revenue grew ~17% YoY, demonstrating the platform is the primary growth engine for the group.
Read all positive updates
Company Guidance
Guidance from the call was that the group expects full‑year FY26 adjusted earnings margins of 6–9% and that Mighty Ape should return to positive adjusted EBITDA in H2 FY26 as its inventory (already reduced 32%) is rebuilt with a focus on exclusives; platform‑based sales (H1 $68.9m, platform margins ~52%, marketplace $19.5m up 31.6%) are the primary lever to drive margin expansion, having helped lift group adjusted margin from 7.5% in FY25 to 8.5% in H1 and targeting a medium‑term range of ~8–12% and a long‑term aspiration of >20% as product sales move toward breakeven. The company cited strong cash generation (H1 operating cash flow $46.9m, free cash flow $45.1m, total cash $71.8m, $7.1m working‑capital release), a debt‑free balance sheet, ongoing capital returns (interim dividend $0.080 fully franked, DRP 2.5% discount, $5.8m dividends net and $4.8m buyback) and supportive trading (January gross sales +10% to $88.1m, revenue +8%) as underpinning that outlook.Kogan.com Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 502.89M | 488.11M | 459.70M | 488.38M | 717.60M | 779.39M |
| Gross Profit | 198.06M | 189.91M | 168.44M | 135.44M | 183.52M | 202.36M |
| EBITDA | 30.77M | 31.68M | 38.09M | -19.12M | -21.43M | 23.15M |
| Net Income | -41.55M | -39.47M | 83.00K | -25.85M | -35.46M | 3.54M |
Balance Sheet | ||||||
| Total Assets | 231.38M | 190.15M | 243.43M | 274.06M | 360.31M | 455.29M |
| Cash, Cash Equivalents and Short-Term Investments | 71.75M | 42.27M | 41.34M | 65.44M | 66.23M | 91.69M |
| Total Debt | 34.55M | 16.66M | 23.04M | 15.73M | 57.53M | 94.53M |
| Total Liabilities | 171.73M | 129.62M | 119.83M | 106.34M | 187.67M | 274.56M |
| Stockholders Equity | 59.65M | 60.53M | 123.60M | 167.72M | 172.64M | 180.73M |
Cash Flow | ||||||
| Free Cash Flow | 36.95M | 36.96M | 23.17M | 66.70M | 56.28M | -67.76M |
| Operating Cash Flow | 37.05M | 37.29M | 28.19M | 70.86M | 61.84M | -63.03M |
| Investing Cash Flow | -3.53M | -4.90M | -15.96M | -18.05M | -32.78M | -55.69M |
| Financing Cash Flow | -28.85M | -31.57M | -36.39M | -53.79M | -54.24M | 63.76M |
Kogan.com Technical Analysis
Positive
4.03
Price Trends
3.79
Positive
3.70
Positive
3.54
Positive
Market Momentum
0.13
Negative
64.33
Neutral
87.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:KGN, the sentiment is Positive. The current price of 4.03 is above the 20-day moving average (MA) of 3.77, above the 50-day MA of 3.79, and above the 200-day MA of 3.54, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 64.33 is Neutral, neither overbought nor oversold. The STOCH value of 87.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:KGN.
Kogan.com Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | AU$7.53B | 16.14 | 29.31% | 2.54% | 8.60% | 4.98% | |
65 Neutral | AU$2.55B | 12.91 | 15.13% | 7.20% | 4.75% | -13.42% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$397.79M | -10.01 | -69.14% | 4.00% | 4.41% | -2505.17% | |
61 Neutral | AU$230.41M | 11.93 | 8.37% | 5.85% | 5.66% | -42.42% | |
60 Neutral | AU$347.45M | 12.14 | 15.11% | 2.86% | 1.86% | -5.28% | |
55 Neutral | AU$578.52M | 70.32 | 5.66% | ― | 18.85% | 20.89% |
* Consumer Cyclical Sector Average
AU:KGN
Kogan.com
4.13
0.24
6.25%
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Kogan.com Corporate Events
Kogan.com lifts margins and profits as Mighty Ape turnaround gains traction
May 26, 2026
Kogan.com reported strong trading for the 10 months to 30 April 2026, with its core Kogan.com business delivering gross sales growth of 18.2%, revenue up 18.1% and gross profit up 19.5%, underpinned by higher active customers, deeper engagement an...
Kogan.com Completes A$62.5m On-Market Share Buy-Back
May 12, 2026
Kogan.com has completed its on-market share buy-back program for its ordinary fully paid shares, which was initially notified in April 2023. The company repurchased a total of 13,735,475 shares for approximately A$62.5 million, marking the final n...
Kogan.com Issues New Shares Under Dividend Plan
Apr 30, 2026
Kogan.com has applied for quotation on the ASX of 139,189 new fully paid ordinary shares under its dividend or distribution plan, with an issue date of 30 April 2026. The additional stock modestly increases the company’s free float and refle...
Kogan.com Cancels 319,347 Shares Under On-Market Buy-Back
Apr 29, 2026
Kogan.com has cancelled 319,347 fully paid ordinary shares as part of an on-market share buy-back completed on 24 April 2026. The reduction in issued capital reflects the company’s ongoing capital management initiatives, which can incrementa...
Kogan.com Launches On-Market Share Buy-Back Program
Apr 23, 2026
Kogan.com has announced a new on-market share buy-back of its ordinary fully paid shares listed on the ASX under the code KGN. The program signals management’s intention to return capital to shareholders and may support the company’s s...
Kogan.com Cancels Shares Following On-Market Buy-Back
Apr 17, 2026
Kogan.com has cancelled 519,658 ordinary fully paid shares as part of an on-market buy-back, effective 13 April 2026. The reduction in issued capital is expected to slightly increase the ownership percentage of remaining shareholders and may signa...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Apr 16, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 13,632,385 shares had been repurchased before the previous tr...
Kogan.com Updates Market on Ongoing On‑Market Share Buy‑Back
Apr 15, 2026
Kogan.com Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update, dated 16 April 2026, reports that the company repurchased 71,639 shares on the previous trading...
Kogan.com Continues On‑Market Share Buy‑Back Program
Apr 14, 2026
Kogan.com Ltd, a leading Australian online retailer of consumer goods, continues to operate its capital management strategy alongside its core e-commerce activities. The company’s shares trade on the ASX under the code KGN as ordinary fully ...
Kogan.com Continues On-Market Share Buy-Back With Daily Update
Apr 13, 2026
Kogan.com Ltd, the Australian online retailer trading under ASX code KGN, continues to operate an on-market share buy-back of its ordinary fully paid shares as part of its capital management strategy. The company has been actively repurchasing sto...
Kogan.com Continues On‑Market Share Buy‑Back Program
Apr 12, 2026
Kogan.com has continued its on‑market share buy‑back program, updating the market with a daily notification covering ordinary fully paid shares under code KGN. The latest update notes that a total of 13,391,291 shares had been repurcha...
Kogan.com Issues 38,404 Unquoted Performance Rights Under Employee Scheme
Apr 10, 2026
Kogan.com has notified the market of the issue of 38,404 unquoted performance rights under its employee incentive scheme, with the securities not intended to be quoted on the ASX. The grant, effective 9 April 2026, forms part of the company’...
Kogan.com Issues 2,030 New Shares Following Conversion of Unquoted Securities
Apr 10, 2026
Kogan.com has notified the market of the issue of 2,030 ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The additional shares, issued on 9 April 2026, marginally increase the company’s capit...
Kogan.com Performance Rights Lapse After Incentive Conditions Not Met
Apr 10, 2026
Kogan.com has reported the cessation of 22,794 performance rights under its KGNAA security code after the conditions attached to those rights were not, or could no longer be, satisfied as of 9 April 2026. The lapse of these conditional rights slig...
Kogan.com Continues On-Market Share Buy-Back With Daily Update
Apr 9, 2026
Kogan.com Ltd, the Australian online retailer trading under ASX code KGN, is continuing its on-market buy-back of ordinary fully paid shares as part of an ongoing capital management program first notified in April 2023. The company reported that a...
Kogan.com Continues On‑Market Share Buy‑Back Program
Apr 7, 2026
Kogan.com has continued its on-market share buy-back program, targeting its ordinary fully paid shares listed under the ASX code KGN. The company first notified the market of this capital management initiative in April 2023 and has since provided ...
Kogan.com Updates Market on Progress of Ongoing Share Buy-Back
Apr 1, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares under code KGN. The company reported that it has repurchased a cumulative 13,379,044 shares prior t...
Kogan.com Continues On-Market Buy-Back With Latest Daily Share Purchase
Mar 30, 2026
Kogan.com has continued its on-market share buy-back program, purchasing 104,669 ordinary fully paid shares in the latest daily transaction. This takes the cumulative number of shares bought back under the current program, which commenced in April...
Kogan.com Continues On-Market Share Buy-Back Program
Mar 29, 2026
Kogan.com has continued its on-market share buy-back program, targeting its ordinary fully paid shares traded under the ASX code KGN. The company has been using this mechanism to actively manage its capital structure and potentially enhance shareh...
Kogan.com Updates Market on Ongoing On-Market Share Buy-Back
Mar 26, 2026
Kogan.com has provided an updated daily notification to the ASX regarding its on-market share buy-back program for its ordinary fully paid shares. The company reported that it repurchased 76,599 shares on the previous trading day, bringing the tot...
Kogan.com Continues On-Market Share Buy-Back Program
Mar 25, 2026
Kogan.com Ltd, the ASX-listed online retailer trading under ticker KGN, operates a digital platform offering a wide assortment of consumer products to value-focused customers. The company has been actively managing its capital structure through an...
Kogan.com Cancels 1.6 Million Shares Following On-Market Buy-Back
Mar 25, 2026
Kogan.com has cancelled 1,614,786 ordinary fully paid shares following the execution of an on-market share buy-back completed on March 23, 2026. The reduction in issued capital may enhance earnings per share and signals management’s ongoing ...
Kogan.com Continues On-Market Share Buy-Back Program
Mar 24, 2026
Kogan.com has been conducting an on-market share buy-back of its ordinary fully paid shares on the ASX, as part of a capital management initiative first notified in April 2023. The latest update, dated 25 March 2026, confirms that the company has ...
Kogan.com Updates Market on Ongoing On‑Market Share Buy‑Back
Mar 23, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program involving its ordinary fully paid shares. The company reported that a total of 12,896,470 shares had been repurchased before the previ...
Kogan.com Continues On-Market Share Buy-Back Program
Mar 22, 2026
Kogan.com has continued its on-market share buy-back program, purchasing 90,000 ordinary fully paid shares on the previous trading day. This brings the total number of shares repurchased under the program to 12,806,470 since the buy-back was first...
Kogan.com Trims Potential Dilution as Rights Lapse and Options Expire
Mar 20, 2026
Kogan.com has updated the market on changes to its capital structure following the cessation of certain employee and incentive securities. The company reported that 7,440 performance rights lapsed after their conditions were not met or became inca...
Kogan.com Expands On-Market Share Buy-Back With Fresh Daily Purchases
Mar 19, 2026
Kogan.com has continued its on-market share buy-back program, repurchasing 75,000 ordinary fully paid shares in the latest daily transaction. The company has now bought back a cumulative total of 12,731,470 shares since the program began, reflecti...
Kogan.com Updates Market on Progress of Ongoing Share Buy-Back
Mar 17, 2026
Kogan.com has continued its on-market share buy-back program, confirming that a total of 12,554,028 ordinary fully paid shares had been repurchased prior to the latest reporting date. The company reported that a further 100,142 shares were bought ...
Kogan.com Director Francine Ereira Increases Indirect Shareholding
Mar 17, 2026
Kogan.com has disclosed a change in director Francine Ereira’s indirect shareholding, reflecting additional purchases through her superannuation fund. Ereira, whose interest is held via Bond Street Custodians Limited for the Ereira Super Tru...
Kogan.com Updates Market on Ongoing On-Market Share Buy-Back
Mar 16, 2026
Kogan.com has continued its on-market share buy-back, reporting that a total of 12,467,860 ordinary fully paid shares had been repurchased before the most recent trading day. The company disclosed that a further 86,168 shares were bought back on t...
Kogan.com Continues On-Market Share Buy-Back Program
Mar 15, 2026
Kogan.com has continued its on-market share buy-back program, repurchasing ordinary fully paid shares under its existing mandate first announced in April 2023. The latest update, dated 16 March 2026, reports that the company has bought back a cumu...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Mar 12, 2026
Kogan.com Ltd, the Australian online retailer listed on the ASX under ticker KGN, continues to focus on its core e-commerce operations, targeting consumers seeking competitively priced electronics and household goods. The company leverages its dig...
Kogan.com Issues Daily Update on Ongoing On‑Market Share Buy‑Back
Mar 10, 2026
Kogan.com has updated the market on its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The company reported that, as of 11 March 2026, a total of 11,948,334 shares had been repurchased before the previous ...
Kogan.com Issues New Unquoted Performance Rights Under Employee Incentive Plan
Mar 10, 2026
Kogan.com Ltd has notified the market of the issue of 4,060 unquoted performance rights under its employee incentive scheme. These securities, not intended to be quoted on the ASX, were issued on 10 March 2026 and reflect the company’s conti...
Kogan.com Updates Market on Progress of Ongoing Share Buy-Back
Mar 8, 2026
Kogan.com has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company disclosed that a total of 11,710,180 shares had been repurchased prior to the previous trading day, with an additional...
Kogan.com Updates Market on Progress of Ongoing Share Buy-Back
Mar 4, 2026
Kogan.com has provided an update on its ongoing on-market share buy-back program involving its ordinary fully paid shares listed under the ASX code KGN. The company reported that, as of the latest daily notification dated 5 March 2026, it has boug...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Mar 3, 2026
Kogan.com 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 11,324,240 shares had been repurchased prior to the latest trading day, with an additional 10...
Kogan.com Director Gary Levin Increases Indirect Shareholding via On-Market Trades
Mar 3, 2026
Kogan.com has disclosed a change in director Gary Levin’s indirect shareholding, with his superannuation fund acquiring an additional 10,000 ordinary shares via on-market trades. The purchases, executed through KISO Holdings Pty Ltd at price...
Kogan.com Issues Daily Update on Ongoing Share Buy-Back Program
Mar 2, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program of ordinary fully paid shares. The company reported that a total of 11,281,684 shares had been repurchased prior to the previous tradi...
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.