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
▼(-4.37% Downside)
Action:ReiteratedDate: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
Consistent, high free cash flow and a debt-free balance sheet provide durable financial flexibility. This cash buffer funds dividends, buybacks, inventory rebuilding and strategic investment without adding leverage, lowering solvency risk and supporting operational continuity over the next several quarters.
Negative Factors
Mighty Ape revenue decline from inventory reset
A deliberate 25% sales decline materially reduces near-term diversification and group top-line resilience. Recovery depends on inventory rebuild and demand in NZ; if sales do not rebound as planned, the structural contribution of this channel to group growth will remain impaired for multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & debt-free balance sheet
Consistent, high free cash flow and a debt-free balance sheet provide durable financial flexibility. This cash buffer funds dividends, buybacks, inventory rebuilding and strategic investment without adding leverage, lowering solvency risk and supporting operational continuity over the next several quarters.
Read all positive factors
Kogan.com (KGN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$352.54M
Dividend Yield4%
Average Volume (3M)433.04K
Price to Earnings (P/E)11.1
Beta (1Y)1.39
Revenue Growth6.24%
EPS Growth-23341.18%
CountryAU
EmployeesN/A
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.08
Shares Outstanding96,321,240
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$5.89Price Target Upside60.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.17
Revenue Forecast (FY)AU$521.73M
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 via its online retail platforms, earning gross profit on merchandise sold. This includes both products sourced and sold directly by Kogan (where it controls inventory, pricing, and fulfill...
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
3.66
Price Trends
3.61
Positive
3.44
Positive
3.53
Positive
Market Momentum
<0.01
Positive
50.08
Neutral
49.44
Neutral
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 3.66 is below the 20-day moving average (MA) of 3.79, above the 50-day MA of 3.61, and above the 200-day MA of 3.53, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.08 is Neutral, neither overbought nor oversold. The STOCH value of 49.44 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | AU$169.01M | 3.96 | 16.49% | 6.98% | -0.35% | -1.96% | |
65 Neutral | AU$49.81M | 1.19 | 13.53% | 9.03% | 8.39% | 3.21% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$352.54M | 11.07 | -69.14% | 4.00% | 6.24% | -23341.18% | |
61 Neutral | AU$243.84M | 6.10 | 8.37% | 5.85% | 3.99% | -18.35% | |
59 Neutral | AU$34.76M | 157.84 | 0.80% | ― | 1.58% | -65.09% | |
54 Neutral | AU$210.55M | 46.89 | 6.48% | ― | 4.72% | 465.60% |
* Consumer Cyclical Sector Average
AU:KGN
Kogan.com
3.66
-0.90
-19.74%
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Kogan.com Corporate Events
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...
Kogan.com Director David Shafer Lifts Stake With On-Market Share Purchase
Feb 25, 2026
Kogan.com director David Shafer has increased his indirect shareholding in the company through an on-market trade, according to a change of director’s interest notice lodged with the ASX. Shafer, who holds his interest via Shafer Corporation...
Kogan.com Director Francine Ereira Lifts Indirect Shareholding
Feb 25, 2026
Kogan.com non-executive director Francine Ereira has increased her indirect shareholding in the company via the Ereira Super Trust. The trust, with Bond Street Custodians Limited as custodian, now holds 7,478 Kogan.com ordinary shares on her behal...
Kogan.com Director Greg Ridder Increases Indirect Shareholding
Feb 25, 2026
Kogan.com has disclosed a change in the interests of director Greg Ridder, who holds his stake indirectly through Ridder Superannuation Pty Ltd as trustee for the Ridder Superfund. The filing reports that Ridder acquired 5,000 additional ordinary ...
Kogan.com Issues New Shares Under Equity Incentive Plan and Confirms Regulatory Compliance
Feb 23, 2026
Kogan.com has issued 80,084 fully paid ordinary shares following the vesting of performance rights granted under its Equity Incentive Plan, and has applied for their quotation on the ASX. The company confirms the shares were issued without a prosp...
Kogan.com Seeks ASX Quotation for 80,084 New Ordinary Shares
Feb 23, 2026
Kogan.com has applied for quotation on the ASX of 80,084 new fully paid ordinary shares under its code KGN. The securities were issued on 23 February 2026 following the exercise or conversion of existing options or other convertible securities, mo...
Kogan.com Declares Interim Dividend of 8 Cents per Share
Feb 22, 2026
Kogan.com has declared an ordinary dividend of A$0.08 per fully paid share for the six months to 31 December 2025, with an ex-dividend date of 12 March 2026 and a record date of 13 March 2026. The dividend is scheduled to be paid on 30 April 2026,...
Kogan.com Issues Unaudited Overview of First-Half FY26 Results
Feb 22, 2026
Kogan.com has released an unaudited presentation of its first-half FY26 results, summarising its recent performance and operations. The company emphasises that all financial figures are preliminary, expressed in Australian dollars, and should be r...
Kogan.com lifts margins and dividend as core business surges, Mighty Ape resets
Feb 22, 2026
Kogan.com reported strong first-half FY26 results, with group gross sales up 16% to $572.4 million and revenue up 5% to $287.6 million, driven largely by a 28% increase in Kogan.com active customers to 3 million. The company maintained a cash bala...
Kogan.com lifts revenue, boosts cash and dividend as core business outperforms
Feb 22, 2026
Kogan.com delivered a solid first-half FY26 result, with group revenue supported by 16.9% growth at its core Kogan.com business to $232.4 million, partially offset by a 25.3% revenue decline at Mighty Ape as it undertook an inventory clearance and...
Kogan.com Sets Date for 1H FY26 Results and Investor Briefing
Feb 9, 2026
Kogan.com, a diversified Australian online retail and services group spanning marketplaces, telecommunications, internet, insurance, finance, energy and travel, continues to build on its positioning as a price-leading digital consumer brand. Its p...
Kogan.com Reports Lapse of 66,856 Performance Rights
Jan 20, 2026
Kogan.com has notified the ASX that 66,856 performance rights (security code KGNAA) have lapsed as the conditions attached to these rights were not satisfied or have become incapable of being satisfied, effective 20 January 2026. The lapse of thes...
Kogan.com Issues New Tranche of Unquoted Performance Rights Under Incentive Plan
Jan 20, 2026
Kogan.com Ltd has notified the market that it will issue 51,521 unquoted performance rights under its employee incentive scheme, effective 20 January 2026. The new performance rights, which will not be quoted on the ASX, form part of the company&#...
Kogan.com Cancels 929,131 Shares Under On‑Market Buy-Back
Jan 13, 2026
Kogan.com has cancelled 929,131 ordinary fully paid shares as part of an on‑market buy-back, effective 12 January 2026, according to a notification of cessation of securities lodged with the ASX. The reduction in issued capital via this buy-...
Kogan.com Continues On-Market Share Buy-Back, Topping 11.1 Million Shares Repurchased
Jan 11, 2026
Kogan.com has provided an updated notification to the ASX on its ongoing on-market share buy-back, covering its ordinary fully paid shares under code KGN. As of 12 January 2026, the company reports having repurchased a total of 11,128,373 shares p...
Kogan.com Continues On-Market Share Buy-Back With Daily Purchases
Jan 8, 2026
Kogan.com has continued its on-market share buy-back program, reporting that it had repurchased a total of 10,917,202 ordinary fully paid shares prior to the latest trading day and a further 211,171 shares on the previous day. The ongoing daily bu...
Kogan.com Updates Market on Progress of On-Market Share Buy-Back
Jan 7, 2026
Kogan.com has provided an updated daily notification to the ASX on its ongoing on-market share buy-back, confirming that a total of 10,879,073 ordinary fully paid shares have been repurchased to date, with 38,129 shares bought back on the previous...
Kogan.com Continues On-Market Share Buy-Back, Lifts Total Repurchases Past 10.7 Million Shares
Jan 6, 2026
Kogan.com has provided an updated notification to the ASX on the progress of its on-market share buy-back program, originally announced in April 2023. As of 7 January 2026, the company has repurchased a total of 10,722,719 ordinary fully paid shar...
Kogan.com Continues On‑Market Share Buy‑Back Program
Jan 5, 2026
Kogan.com has provided an updated notice to the ASX confirming the ongoing execution of its on‑market share buy‑back program for its ordinary fully paid shares. As of 6 January 2026, the company reported that it has repurchased a total...
Kogan.com Continues On-Market Share Buy-Back, Lifts Total Repurchased Stock
Jan 4, 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 (ASX: KGN). As of 5 January 2026, the company reported that it has bought back a total of 10,634,23...
Kogan.com Continues On-Market Share Buy-Back Program
Jan 1, 2026
Kogan.com has continued its on-market share buy-back program for its ordinary fully paid shares, with a daily update lodged to the ASX on 2 January 2026. The company reported that it has bought back a total of 10,607,581 shares prior to the previo...
Kogan.com Updates Market on Progress of On‑Market Share Buy-Back
Dec 30, 2025
Kogan.com has provided an updated notification to the ASX on its ongoing on‑market share buy-back program for its ordinary fully paid shares, confirming that a total of 10,551,916 shares had been repurchased prior to the latest reporting dat...
Kogan.com Continues On‑Market Share Buy‑Back Program
Dec 29, 2025
Kogan.com Ltd, the Australian online retailer listed on the ASX under ticker KGN, continues to operate a share buy-back program involving its ordinary fully paid shares. In its latest daily update, the company reported that it had repurchased a to...
Kogan.com Updates Market on Progress of On-Market Share Buy-Back
Dec 28, 2025
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 (code KGN). As of 29 December 2025, the company reports having repurchased a total of 10,437,502 sh...
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.