Murray Cod Australia Limited (MCA) AI Stock Analysis

• Market Cap: AU$59.46M
• Dividend Yield: N/A
• Average Volume (3M): 28.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.41
• 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): N/A
• 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$0.47 ▼(-55.71% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is primarily held back by weak financial quality (especially negative operating/free cash flow and inconsistent revenue) and bearish technicals (below major moving averages with negative MACD). A moderate P/E provides some support, but it is not enough to offset the cash flow and trend concerns.

Positive Factors

Improved gross & EBITDA margins

Sustained improvement in gross and EBITDA margins indicates the company has improved cost control and operational efficiency in hatchery and processing. Higher underlying margins create a structural buffer to price volatility in seafood markets and improve the ability to fund reinvestment as volumes scale.

Healthy equity base, moderate leverage

A healthy equity ratio and moderate leverage provide financial flexibility for a capital-intensive aquaculture business. This durable balance-sheet strength lowers refinancing risk, supports investment in ponds and hatcheries, and cushions the company through biological and market cycles.

Return on equity has improved

Improving ROE shows management is beginning to extract better returns from equity investments, suggesting operational changes are translating into profitability. If sustained, rising ROE supports internal funding for growth and signals gradual improvement in capital allocation decisions.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flows undermine the company's ability to fund working capital, maintenance of grow-out facilities, and breeding programs from internal resources. This structural cash shortfall increases dependence on external financing and constrains long-term reinvestment.

Inconsistent revenue growth; recent decline

Irregular sales trends and a recent revenue decline reduce predictability of biomass planning and processing throughput. For a business with significant fixed costs and biological production lags, inconsistent revenues impair margin stability and complicate multi-cycle capacity planning.

Net profit margin remains low

Low net margins limit retained earnings and the firm's ability to self-fund capital expenditures and working capital needs. In an industry requiring continuous investment in stock, biosecurity and facilities, persistently slim profitability can force dilutive financing or curtail growth initiatives.

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 (revenue inconsistency and low net margins) despite improved gross/EBITDA margins. Balance sheet quality is comparatively better with a healthy equity base and moderate leverage, but cash flow remains a key concern due to negative operating and free cash flow and deteriorating free cash flow growth.

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	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	9.62M	10.66M	10.21M	10.86M	12.55M	9.10M
Gross Profit	-27.36M	34.28M	-24.51M	8.84M	-12.37M	6.72M
EBITDA	-5.41M	18.62M	-2.63M	-6.63M	-6.82M	-1.76M
Net Income	-449.32K	8.56M	-6.22M	-7.30M	-8.75M	-1.16M
Balance Sheet
Total Assets	169.00M	163.04M	136.67M	93.81M	92.03M	40.61M
Cash, Cash Equivalents and Short-Term Investments	279.22K	355.21K	20.75M	11.42M	27.03M	3.47M
Total Debt	43.35M	37.17M	31.08M	12.78M	8.01M	6.66M
Total Liabilities	59.09M	62.12M	45.58M	22.78M	15.64M	8.72M
Stockholders Equity	109.91M	100.91M	91.08M	71.03M	76.39M	31.90M
Cash Flow
Free Cash Flow	-18.11M	-25.99M	-26.97M	-15.52M	-12.54M	-4.43M
Operating Cash Flow	-15.12M	-16.91M	-15.50M	-8.95M	-5.47M	-2.01M
Investing Cash Flow	-4.65M	-9.08M	-11.46M	-6.57M	-7.05M	-2.19M
Financing Cash Flow	19.11M	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: Negative
• RSI: Positive
• STOCH: Neutral

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 0.54, above the 50-day MA of 0.78, and above the 200-day MA of 0.98, indicating a bearish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 29.48 is Positive, neither overbought nor oversold. The STOCH value of 44.03 is Neutral, 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
FRM	74 Outperform	AU$55.39M	1.39	29.12%	―	2.63%	―
AAP	70 Neutral	AU$17.32M	-5.78	14.00%	―	18.35%	55.88%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MCA	48 Neutral	AU$59.46M	-7.71	8.91%	―	4.34%	―
DBF	45 Neutral	AU$78.20M	-1.37	-11.46%	29.49%	-16.73%	-343.82%

Murray Cod Australia Limited Corporate Events

Murray Cod Australia Files Interim Half-Year Report With ASX

Murray Cod Australia has released its interim financial report and Appendix 4D for the half year ended 31 December 2025, covering the period from 1 July 2025 to 31 December 2025. The filing, intended to be read alongside the company’s 2025 annual report and prior market announcements, provides the ASX and investors with updated financial and operating information for the latest half-year period.

While the document referenced does not disclose specific financial figures or performance metrics, the lodgement itself signals the company’s ongoing compliance with ASX reporting requirements. For stakeholders, the report forms part of the regular disclosure cycle that informs assessments of Murray Cod Australia’s operational progress and financial position over the half year.

The most recent analyst rating on (AU:MCA) stock is a Hold with a A$0.51 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 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.