Want to see AU:KGN full AI Analyst Report?
Top Page
Kogan.com
(Sydney:KGN)
Select Model
Select Model
Rating:61Neutral
Price Target:
AU$4.50
▲(11.66% Upside)
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
Cash generation & debt-free balance sheet
Consistent, large operating and free cash flow combined with a debt‑free position provide durable financial flexibility. This funds working capital, investment in platform initiatives, dividends and buybacks without reliance on external financing, lowering long‑term funding risk and supporting execution.
Negative Factors
Weak profitability and negative ROE
Despite top‑line and cash improvements, persistent negative EBIT/net margins and negative ROE signal the company still needs to convert revenue into sustained shareholder returns. Structural profitability shortfalls risk limiting reinvestment capacity and long‑term return on capital without margin recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & debt-free balance sheet
Consistent, large operating and free cash flow combined with a debt‑free position provide durable financial flexibility. This funds working capital, investment in platform initiatives, dividends and buybacks without reliance on external financing, lowering long‑term funding risk and supporting execution.
Read all positive factors
Kogan.com (KGN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$426.58M
Dividend Yield3.19%
Average Volume (3M)433.04K
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue Growth4.41%
EPS Growth-2505.17%
CountryAU
Employees350
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.41
Shares Outstanding94,794,650
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)0.25
Revenue Forecast (FY)AU$559.33M
Kogan.com Business Overview & Revenue Model
Company Description
Kogan.com Ltd is a prominent Australian e-commerce company, established in Melbourne in 2006. The business primarily functions as an online retailer, offering a diverse selection of goods across categories like electronics, appliances, homewares, ...
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
4.32
Positive
4.06
Positive
3.75
Positive
Market Momentum
0.10
Negative
54.38
Neutral
51.00
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 4.03 is below the 20-day moving average (MA) of 4.40, below the 50-day MA of 4.32, and above the 200-day MA of 3.75, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 54.38 is Neutral, neither overbought nor oversold. The STOCH value of 51.00 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | AU$7.83B | 16.03 | 29.31% | 5.46% | 4.82% | 5.95% | |
65 Neutral | AU$2.80B | 14.24 | 15.13% | 7.83% | 4.75% | -13.42% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$426.58M | -11.07 | -69.14% | 3.65% | 4.41% | -2505.17% | |
61 Neutral | AU$252.74M | 12.95 | 8.37% | 5.85% | 5.66% | -42.42% | |
60 Neutral | AU$383.00M | 13.48 | 15.11% | 2.86% | 1.86% | -5.28% | |
55 Neutral | AU$599.05M | 74.59 | 5.66% | ― | 18.85% | 20.89% |
* Consumer Cyclical Sector Average
AU:KGN
Kogan.com
4.61
0.73
18.91%
AU:TPW
Temple & Webster Group Ltd
5.05
-18.73
-78.76%
AU:ADH
Adairs Ltd.
1.43
-0.66
-31.49%
AU:JBH
JB Hi-Fi Limited
72.10
-41.63
-36.60%
AU:SUL
Super Retail Group Limited
12.52
-2.90
-18.79%
AU:BLX
Beacon Lighting Group Ltd
1.67
-1.69
-50.31%
Kogan.com Corporate Events
Kogan.com Cancels Shares Under On‑Market Buy‑Back
Jul 3, 2026
Kogan.com has cancelled 69,906 ordinary fully paid shares as part of an on-market share buy-back, formally notifying the ASX of the cessation of these securities. The move slightly reduces the company’s issued capital base, which can be supp...
Kogan.com Options Expire, Trimming Outstanding Securities
Jul 3, 2026
Kogan.com has notified the market that 1,359 options with an exercise price of $3.68, expiring on 30 June 2026, have lapsed unexercised as of 1 July 2026. The expiry slightly reduces the company’s pool of outstanding options, simplifying its...
Kogan.com Reports Daily Progress on Ongoing On-Market Share Buy-Back
Jul 1, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares, disclosing that it repurchased a total of 756,878 securities before the previous day and a further 69,906 securities on the previo...
Kogan.com Cancels Shares Following On-Market Buy-Back
Jun 30, 2026
Kogan.com has cancelled 403,150 ordinary fully paid shares following an on-market buy-back completed on June 30, 2026. The reduction in issued capital reflects the company’s use of excess funds to repurchase equity, which may enhance earning...
Kogan.com Reports Ongoing On-Market Share Buy-Back Activity
Jun 29, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program, confirming that it repurchased 70,208 ordinary fully paid shares on the previous trading day. This takes the total number of shares bought back under the current pro...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 28, 2026
Kogan.com has disclosed an update on its on-market share buy-back program for its ordinary fully paid shares traded under the ASX code KGN. The company reported that it had bought back a cumulative total of 610,564 shares prior to the most recent ...
Kogan.com Updates Market on Progress of On-Market Share Buy-Back
Jun 25, 2026
Kogan.com has continued its on-market share buy-back program, targeting its ordinary fully paid shares listed on the ASX under code KGN. The company first notified the market of this buy-back in April 2026 and is providing an updated daily disclos...
Kogan.com Ramps Up On-Market Share Buy-Back With Daily Updates
Jun 24, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program, confirming that a total of 448,290 ordinary fully paid shares had been repurchased before the previous trading day, with a further 87,230 shares bought back on the p...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Jun 23, 2026
Kogan.com has provided an update on its on-market share buy-back, confirming that it repurchased 74,766 ordinary fully paid shares on the previous trading day, bringing the cumulative total bought back to 373,524 shares since the program’s c...
Kogan.com Cancels Shares Under On-Market Buy-Back
Jun 23, 2026
Kogan.com Ltd has cancelled 353,728 ordinary fully paid shares as part of an on-market buy-back, effective June 22, 2026. The reduction in issued capital may enhance earnings per share and signals ongoing capital management, which can influence in...
Kogan.com Issues New Performance Rights Under Employee Incentive Scheme
Jun 23, 2026
Kogan.com has issued 6,641 unquoted performance rights under its employee incentive scheme, with the new securities recorded on June 23, 2026. The move reflects the company’s ongoing use of equity-based compensation to align staff incentives...
Kogan.com Continues On-Market Share Buy-Back with Daily Update
Jun 22, 2026
Kogan.com has provided an updated notification on its on-market share buy-back program, confirming that it continues to repurchase ordinary fully paid shares under its existing mandate. The company reported that a total of 353,728 shares had been ...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Jun 21, 2026
Kogan.com Ltd 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 331,128 shares had been bought back prior to the previous...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 17, 2026
Kogan.com has continued its on-market share buy-back program, confirming that it repurchased 3,000 ordinary fully paid shares in the latest trading session, bringing total shares bought back so far to 288,768. The ongoing daily buy-back notificati...
Kogan.com Updates Market on Progress of Ongoing On-Market Share Buy-Back
Jun 16, 2026
Kogan.com Ltd, the Australian online retail company trading under the 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 is gradually reducing it...
Kogan.com Updates Market on Progress of Ongoing Share Buy-Back
Jun 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 latest filing reports that a total of 260,268 shares had been repurchased before the previous ...
Kogan.com Updates Market on Ongoing On-Market Share Buyback
Jun 9, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buyback of ordinary fully paid shares under code KGN. The latest filing, dated 10 June 2026, reports that the company repurchased 40,000 shares in the ...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 8, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program, disclosing that it repurchased 27,000 ordinary fully paid shares on the previous trading day. The update brings the total number of shares bought back under the prog...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 4, 2026
Kogan.com Ltd has updated the market on its ongoing on-market share buy-back program involving its ordinary fully paid shares traded under the ASX code KGN. The company reported that, as of the latest notification dated 5 June 2026, it has repurch...
Kogan.com Issues Daily Update on On-Market Share Buy-Back
Jun 3, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its fully paid ordinary shares. The company reported that it had bought back a cumulative total of 69,991 shares prior to the most...
Kogan.com Updates Market on Daily Progress of On‑Market Share Buy‑Back
Jun 2, 2026
Kogan.com Ltd has reported an update to its on-market share buy-back, covering activity disclosed in an Appendix 3C lodged with the ASX. The company is repurchasing its ordinary fully paid shares on market as part of an ongoing buy-back program fi...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Jun 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. The latest filing reports that a cumulative 15,668 shares had been repurchased before the previous...
Kogan.com Reports Daily Progress on On‑Market Share Buy‑Back
Jun 1, 2026
Kogan.com has reported an update to its on‑market share buy‑back program, confirming that 15,668 ordinary fully paid shares were repurchased on the previous trading day. The company’s latest filing indicates that no shares had be...
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...
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.