Murray Cod Australia Limited (MCA) AI Stock Analysis

• Market Cap: AU$63.80M
• Dividend Yield: N/A
• Average Volume (3M): 28.17K
• Price to Earnings (P/E): 6.2
• Beta (1Y): 0.34
• Revenue Growth: 4.34%
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): 0.07
• Shares Outstanding: 123,882,290
• 10 Day Avg. Volume: 15,007
• 30 Day Avg. Volume: 28,168
• PEG Ratio: -0.01
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 10.62
• P/FCF Ratio: -4.35
• 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: 48 Neutral
• Price Target: AU$0.50 ▼(-52.86% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held back primarily by weak financial performance driven by negative operating/free cash flow and inconsistent revenue, alongside bearish technicals (price below key moving averages, negative MACD, very low RSI). A relatively low P/E provides some valuation support but is not enough to offset the financial and momentum risks.

Positive Factors

Vertically integrated aquaculture

MCA’s vertical model—breeding, hatchery, grow‑out, processing and distribution—creates control over supply, quality and margins. Over a multi‑month horizon this supports consistent product availability, traceability and potential margin capture versus fragmented suppliers.

Improving gross profit margin

A significant improvement in gross margin signals durable operational improvements in feed, stocking or production efficiency. Sustained higher gross margins provide buffer against input cost swings and underpin longer‑term margin recovery if volume and pricing normalize.

Relatively healthy equity ratio

A healthy equity ratio and moderate leverage give MCA financial flexibility to absorb production shocks, fund seasonal working capital needs, and pursue incremental investments without immediate refinancing pressure—important for capital‑intensive aquaculture cycles.

Negative Factors

Negative operating & free cash flow

Persistent negative operating and free cash flows indicate the business is burning cash from core operations. Over months this constrains reinvestment in ponds, hatcheries or marketing and increases reliance on external funding, elevating execution and financing risk.

Inconsistent revenue trends

Revenue inconsistency and recent declines reduce predictability for capacity utilization and cash generation in a seasonally sensitive aquaculture business. This undermines planning for feed, stocking and harvest timing and limits the durability of margin improvements.

Low net profitability & modest margins

Persistently low net margins and only modest underlying EBIT/EBITDA margins limit retained earnings and the firm's ability to self‑fund scale or weather disease, weather or input cost shocks common in aquaculture, constraining long‑term resilience.

Murray Cod Australia Limited Business Overview & Revenue Model

Company Description

Murray Cod Australia Limited, together with its subsidiaries, engages in breeding, growing, and marketing freshwater table fish in Australia. The company is also involved in breeding and selling Murray Cod, Golden Perch, and Silver Perch as fingerlings. In addition, it constructs and sells aquaculture equipment. The company was incorporated in 2001 and is headquartered in Griffith, Australia.

How the Company Makes Money

Murray Cod Australia Limited generates revenue primarily through the sale of fresh and processed Murray Cod products. The company operates its aquaculture farms, where it raises fish from hatchery to market size, ensuring a consistent supply of premium-quality fish. Key revenue streams include direct sales to wholesalers, retailers, and restaurants, as well as export opportunities to international markets. MCA has also established partnerships with various seafood distributors and retailers, enhancing its market reach and enabling it to tap into growing consumer demand for sustainable and locally sourced seafood. Additionally, the company may benefit from government support and grants aimed at promoting sustainable aquaculture practices.

Murray Cod Australia Limited Financial Statement Overview

Summary

Income statement performance is weak due to inconsistent and recently declining revenue and still-low net margins (Income Statement Score: 45). The balance sheet is comparatively steadier with moderate leverage and a healthy equity ratio (Balance Sheet Score: 60). Cash flow is the biggest drag with negative operating and free cash flow and negative FCF growth (Cash Flow Score: 40).

Income Statement

Murray Cod Australia Limited has shown inconsistent revenue growth with a recent decline in revenue. The gross profit margin has improved significantly, indicating better cost management, but the net profit margin remains low. The EBIT and EBITDA margins have improved but are still modest, reflecting ongoing operational challenges.

Balance Sheet

The company's debt-to-equity ratio is moderate, suggesting a balanced approach to leveraging. Return on equity has improved but remains low, indicating limited profitability relative to equity. The equity ratio is healthy, showing a strong equity base relative to total assets.

Cash Flow

The company faces challenges with negative operating and free cash flows, although the free cash flow to net income ratio is positive, indicating some efficiency in converting income to cash. The free cash flow growth rate is negative, highlighting cash flow management issues.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	10.66M	10.21M	10.86M	12.55M	9.10M
Gross Profit	34.28M	-24.51M	8.84M	-12.37M	6.72M
EBITDA	18.62M	-2.63M	-6.63M	-6.82M	-1.76M
Net Income	8.56M	-6.22M	-7.30M	-8.75M	-1.16M
Balance Sheet
Total Assets	163.04M	136.67M	93.81M	92.03M	40.61M
Cash, Cash Equivalents and Short-Term Investments	355.21K	20.75M	11.42M	27.03M	3.47M
Total Debt	37.17M	31.08M	12.78M	8.01M	6.66M
Total Liabilities	62.12M	45.58M	22.78M	15.64M	8.72M
Stockholders Equity	100.91M	91.08M	71.03M	76.39M	31.90M
Cash Flow
Free Cash Flow	-25.99M	-26.97M	-15.52M	-12.54M	-4.43M
Operating Cash Flow	-16.91M	-15.50M	-8.95M	-5.47M	-2.01M
Investing Cash Flow	-9.08M	-11.46M	-6.57M	-7.05M	-2.19M
Financing Cash Flow	5.59M	36.67M	-422.47K	36.06M	1.56M

Murray Cod Australia Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MCA, the sentiment is Negative. The current price of 1.05 is above the 20-day moving average (MA) of 0.62, above the 50-day MA of 0.85, and above the 200-day MA of 1.00, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 25.23 is Positive, neither overbought nor oversold. The STOCH value of 14.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MCA.

Murray Cod Australia Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AAP	70 Neutral	AU$17.32M	8.87	14.00%	―	18.35%	55.88%
FRM	66 Neutral	AU$53.08M	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$63.80M	6.18	8.91%	―	4.34%	―
DBF	45 Neutral	AU$82.49M	-2.58	-11.46%	29.49%	-16.73%	-343.82%

Murray Cod Australia Limited Corporate Events

Murray Cod Australia Director Ross Anderson Steps Down but Retains Significant Indirect Stake

Murray Cod Australia Limited has announced the cessation of Ross Anderson as a director effective 20 February 2026, formalised through a final director’s interest notice to the ASX. The filing discloses that Anderson holds no shares directly, but retains indirect interests totaling 5,477,476 shares via Anderson’s Investment Service P/L ATF ClearPoint Capital Global Markets Fund and Kimbalex Investments Pty Ltd ATF Kimbalex Trust, signalling that while he is stepping down from the board, he remains financially exposed to the company’s performance as a significant shareholder.

This change in board composition may prompt investors to reassess governance dynamics and oversight at the aquaculture group, although Anderson’s continued indirect holdings suggest ongoing alignment of interests with other shareholders. The absence of any disclosed contractual interests further indicates that his relationship with the company will primarily continue through these equity stakes rather than ongoing service or consultancy arrangements.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$0.54 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Tightens Future Equity Pool as Lapsed Options Expire

Murray Cod Australia Limited has reported changes to its issued capital following the lapse of several tranches of employee or performance-related options. The company disclosed that a total of more than 2 million options across four series, with exercise prices ranging from $1.5225 to $3.35 and expiries between 2026 and 2030, have ceased because the conditions attached to them were not, or could no longer be, satisfied.

The cessation of these options modestly reduces the company’s potential future dilution from equity-based incentives, slightly tightening its prospective capital structure. While the announcement does not alter current issued shares or outline any operational changes, it clarifies the status of previously granted contingent securities, offering greater transparency for investors assessing Murray Cod Australia’s equity overhang and capital management.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$0.54 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Names Steven Chaur as New CEO to Drive Next Growth Phase

Murray Cod Australia has appointed current non-executive director Steven Chaur as managing director and chief executive officer, effective 20 April 2026, with executives Mat Ryan and Roger Commins to serve as interim joint CEOs to ensure leadership continuity. Chaur, who brings nearly three decades of senior experience across major Australian food, agribusiness and retail brands, will focus on strengthening domestic channel development, revenue growth and operational efficiencies as the company pursues sustainable long-term expansion.

Chairman Brett Paton said Chaur’s strong commercial background and understanding of both B2C and B2B customers, including supermarket, foodservice and export channels in developed Asia, positions him to lead the next phase of the company’s growth. The move signals a strategic push to capitalise on Murray Cod Australia’s premium positioning and scale its operations while optimising performance for stakeholders.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$0.58 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Announces CEO Transition and Interim Joint Leadership

Murray Cod Australia has announced that co-founder Ross Anderson will step down as Chief Executive Officer and Executive Director on 20 February, with Executive Director of Production and Development Mat Ryan and Non-Executive Director Roger Commins appointed as Interim Joint CEOs to ensure leadership continuity during the transition. The board has begun a search for a new CEO with strong food distribution experience, reflecting the company’s focus on positioning the business for its next growth phase and sustainable long-term expansion, while Anderson supports an orderly handover and stakeholders await further updates on permanent leadership.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$0.69 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Names Peter McCluskey as New Director with Equity Stake

Murray Cod Australia Limited has appointed Peter Damien McCluskey as a director, effective 30 January 2026. According to the initial director’s interest notice lodged with the ASX, McCluskey holds a total of 35,000 ordinary shares in the company, split evenly between his own name and the Characam Pty Ltd ATF the Characam Superannuation Fund, and he has no disclosed interests in any related contracts, signalling a straightforward equity-based alignment with shareholders at the outset of his tenure.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Lifts Sales and Biomass but Faces Short-Term Growing Pains

Murray Cod Australia reported strong operational growth for the December 2025 quarter, with customer receipts up 39% year-on-year to $3.7 million, total sales volumes up 61% to 140.6 tonnes, and biomass rising 12% since June to 2,787 tonnes, although premium 3kg-plus inventory remains constrained as demand outstrips supply. Despite gaining Best Aquaculture Practices 3-star certification and progressing Woolworths and PFD distribution arrangements, quarterly sales fell short of management expectations due to delayed certifications, implementation issues with partners, processing bottlenecks, and weaker-than-expected live fish sales; the shift to free-range ponds is boosting total saleable fish but increasing the proportion of lower-priced “runts,” pressuring average pricing even as the company targets a step-up in scale and retail penetration from Q4 FY26.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Updates Director’s Interest Notice

Murray Cod Australia Limited has announced a change in the director’s interest notice involving Mr. Mathew Ryan. The change involves indirect interests held through M & B Ryan Pty Ltd and his spouse, Mrs. Bonnie Louise Ryan. This update reflects the director’s holdings in fully paid ordinary shares and various unlisted options with different vesting periods and exercise prices.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Announces Director’s Interest Change

Murray Cod Australia Limited announced a change in the director’s interest, specifically involving Ross Anderson, who holds indirect interests through Anderson’s Investment Service and Kimbalex Investments. The change, effective December 2, 2025, involves a substantial number of ordinary shares and unlisted options, potentially impacting the company’s governance and investment structure.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Issues Unlisted Options to Boost Employee Incentives

Murray Cod Australia Limited has announced the issuance of 1,095,237 unlisted options under an employee incentive scheme. This move is part of the company’s strategy to motivate and retain key personnel, potentially enhancing operational performance and aligning employee interests with corporate goals.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.

Murray Cod Australia Limited Announces Cessation of Securities

Murray Cod Australia Limited announced the cessation of 1,300,000 securities due to the lapse of conditional rights, as the conditions were not met or became incapable of being satisfied. This cessation could impact the company’s capital structure and may influence investor perceptions regarding the company’s financial strategies.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Murray Cod Australia Limited stock, see the AU:MCA Stock Forecast page.