MFF Capital Investments Ltd. (MFF) AI Stock Analysis

• Market Cap: AU$2.79B
• Dividend Yield: 3.34%
• Average Volume (3M): 270.36K
• Price to Earnings (P/E): 12.8
• Beta (1Y): 0.64
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.36
• Shares Outstanding: 589,186,040
• 10 Day Avg. Volume: 228,081
• 30 Day Avg. Volume: 270,362
• PEG Ratio: -1.52
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 4.18
• P/FCF Ratio: 7.62
• 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: 79 Outperform
• Price Target: AU$5.50 ▲(11.11% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is supported primarily by a very strong balance sheet and attractive valuation (low P/E with a solid dividend yield). Technicals are also favorable with an established uptrend and positive momentum. The main constraint is the historical volatility in revenue, EBITDA, and cash flows, including the 2025 decline versus 2024.

MFF Capital Investments Ltd. Business Overview & Revenue Model

Company Description

MFF Capital Investments Limited is a closed ended equity mutual fund launched and managed by Magellan Asset Management Limited. The fund invests in public equity markets across the globe. It invests in stocks of companies operating across diversified sectors. The fund invests in value stocks of companies. It seeks to benchmarks the performance of its portfolio against the MSCI World Index. The fund was formerly known as Magellan Flagship Fund Limited. MFF Capital Investments Limited was formed on November 10, 2006 and is domiciled in Australia.

How the Company Makes Money

MFF Capital Investments Ltd. Financial Statement Overview

Summary

Strong overall financial quality driven by an exceptionally conservative balance sheet (debt near-zero in 2025, healthy recent ROE). Offsetting this are volatile results and lower predictability: revenue/EBITDA have been inconsistent (including a negative revenue year in 2022) and both revenue and free cash flow declined in 2025 versus 2024.

Income Statement

Profitability is strong across most years, with very high reported gross and net margins and solid net income in 2023–2025. However, results are volatile: revenue swung sharply (including a negative revenue year in 2022) and declined materially in 2025 versus 2024, which lowers confidence in the durability of earnings. EBITDA is also inconsistent (negative in multiple years), suggesting earnings can be sensitive to market-driven items and reporting effects.

Balance Sheet

The balance sheet is a clear strength. Leverage has been reduced dramatically, with debt-to-equity falling from ~0.21–0.28 (2022–2023) to ~0.08 (2024) and near-zero in 2025, while equity has grown meaningfully. Returns on equity are healthy in the last three annual periods (mid-to-high teens/low 20s), though the 2022 loss highlights that performance can weaken in adverse markets.

Cash Flow

Cash generation is mixed. Operating and free cash flow are positive in 2023–2025, and in 2025 free cash flow is essentially in line with net income. That said, cash flows have been highly volatile over time, with very large negative operating/free cash flow in 2021–2022 followed by sharp reversals, and free cash flow declined in 2025 versus 2024—elevating predictability risk.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2021
Income Statement
Total Revenue	614.48M	659.96M	464.68M	-241.88M	312.93M
Gross Profit	607.83M	678.44M	505.21M	-246.36M	342.88M
EBITDA	615.62M	662.38M	-20.97M	-17.06M	-25.43M
Net Income	431.97M	447.36M	323.57M	-170.78M	217.53M
Balance Sheet
Total Assets	2.95B	2.65B	2.33B	2.01B	2.00B
Cash, Cash Equivalents and Short-Term Investments	200.01M	2.65B	2.33B	2.01B	2.00B
Total Debt	6.84M	163.19M	358.42M	401.39M	134.04M
Total Liabilities	511.40M	575.41M	642.40M	581.59M	404.78M
Stockholders Equity	2.44B	2.07B	1.69B	1.42B	1.59B
Cash Flow
Free Cash Flow	336.60M	313.19M	137.05M	-221.63M	-793.29M
Operating Cash Flow	336.62M	313.19M	137.05M	-221.63M	-793.29M
Investing Cash Flow	13.77M	0.00	0.00	0.00	0.00
Financing Cash Flow	-240.33M	-251.99M	-142.02M	251.82M	116.19M

MFF Capital Investments Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MFF	79 Outperform	AU$2.79B	12.77	19.15%	3.34%	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PNI	61 Neutral	AU$3.36B	14.10	19.56%	3.45%	37.42%	38.37%
ZIP	55 Neutral	AU$2.26B	20.16	14.42%	―	23.69%	116.67%
LFS	52 Neutral	AU$987.75M	11.50	5.01%	6.60%	14.81%	―
MAF	46 Neutral	AU$1.54B	174.79	8.97%	1.85%	35.30%	44.24%

MFF Capital Investments Ltd. Corporate Events

MFF Capital Sets 2026 Reporting and Dividend Timetable, Schedules Investor Webinar

MFF Capital Investments Limited has released its indicative 2026 calendar for financial reporting and dividends, outlining expected dates for half-year and full-year results, interim and final dividend key dates, and its annual general meeting, all of which remain subject to board approval and possible change. The company has also scheduled a shareholder webinar for 18 March 2026, to be led by senior executives, which will update investors on recent business and investment activities and provide a forum for shareholder questions, underscoring MFF’s emphasis on transparency, communication and engagement with its investor base.

The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.

MFF Capital Reports Higher Weekly NTA and Maintains Solid Cash Position

MFF Capital Investments Limited reported an approximate weekly net tangible asset (NTA) value per share of $5.396 pre-tax as at 9 January 2026, up from $5.021 at 30 June 2025, and $4.512 post-tax, indicating growth in the underlying value of its investment portfolio. The company also disclosed that net cash represented about 6.0% of total investment assets at that date, providing insight into its liquidity position and capital deployment stance for shareholders and market observers.

The most recent analyst rating on (AU:MFF) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.

MFF Capital Investments Appoints Gerald Stack to Board with Aligned Equity Interests

MFF Capital Investments Limited has appointed Gerald Stack as a director effective 1 January 2026, expanding its board with an experienced investment professional whose interests are already aligned with shareholders through indirect holdings in the company and related funds. According to the initial director’s interest notice lodged with the ASX, Stack holds indirect interests in fully paid ordinary shares of MFF Capital Investments via the Stack Family Superannuation Fund and the Custodio Trust, as well as units in the Montaka Global Long Only Fund, signaling a meaningful financial alignment with the company’s performance and potentially reinforcing governance and investor confidence ahead of his tenure on the board.

The most recent analyst rating on (AU:MFF) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.

MFF Capital Reports Higher Weekly NTA and Maintains Solid Cash Position

MFF Capital Investments Limited reported an approximate weekly net tangible asset (NTA) per share of $5.256 pre-tax and $4.375 post-tax as at 2 January 2026, up from $4.999 pre-tax at 30 June 2025, indicating growth in the underlying value of its investment portfolio. The company also disclosed that net cash represented approximately 6.2% of investment assets at that date, providing a measure of its liquidity position and balance between cash holdings and invested capital.

The most recent analyst rating on (AU:MFF) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.

MFF Capital Lifts NTA While Heavy Tax Payments Boost Franking Capacity

MFF Capital Investments reported an increase in its net tangible assets per share as at 31 December 2025, with pre-tax NTA rising to $5.264 from $4.999 at 30 June 2025 and post-tax NTA increasing to $4.380 from $4.150 over the same period. The company highlighted significant tax payments since 30 June 2025, which, while weighing on monthly NTA and partly offsetting modest portfolio price gains and a weaker US dollar, have bolstered its already large franking credit balance and underpinned a track record of growing fully franked dividends. Management reiterated its long-term, value-and-quality-focused investment approach amid what it views as speculative excess and politically driven headwinds in global markets, emphasising minimal portfolio turnover in December and confidence that its portfolio companies remain well positioned with sustainable advantages despite heightened risks from leverage, momentum-driven markets and cyclical extrapolation.

MFF Capital Reports Higher NTA and Maintains Moderate Cash Position

MFF Capital Investments Limited reported an unaudited weekly net tangible asset (NTA) per share of $5.294 pre-tax as at 26 December 2025, up from $4.999 at 30 June 2025, and $4.401 post-tax, indicating growth in the underlying value of its investment portfolio over the period. The company also disclosed that net cash represented approximately 6.9% of total investment assets, suggesting it retains a moderate liquidity buffer while remaining largely invested, a stance that may influence its flexibility to respond to market opportunities or volatility.

MFF Capital Reports Higher Weekly NTA and Maintains Modest Cash Position

MFF Capital Investments Limited reported an approximate weekly net tangible asset (NTA) per share of $5.314 pre-tax and $4.416 post-tax as at 19 December 2025, up from $4.999 pre-tax at 30 June 2025, indicating growth in the underlying portfolio value. The company also disclosed that net cash represented about 7.2% of investment assets at the same date, suggesting a relatively modest cash position that may allow flexibility for further investment activity while remaining largely deployed in its core portfolio holdings.

MFF Capital Director Chris Mackay Increases Holdings in Montaka Global ETFs

MFF Capital Investments Limited has disclosed a change in director Chris Mackay’s relevant interests, following on-market purchases of additional units in two Montaka-branded exchange-traded funds between 17 and 19 December 2025. Mackay acquired 500,000 units each in the Montaka Global Fund – Active ETF (MOGL) and the Montaka Global Extension Fund – Complex ETF (MKAX) at prices ranging from approximately $4.21 to $4.90 per unit, increasing his total holdings in these funds while his shareholding in MFF itself remains unchanged; given that MFF owns 100% of Montaka Global Investments, the funds’ investment manager, the transactions further align the director’s exposure with the group’s core investment products.

MFF Capital Reports Weekly NTA and Financial Stability

MFF Capital Investments Limited has reported its weekly net tangible assets (NTA) per share as of December 12, 2025, showing a pre-tax value of $5.309 and a post-tax value of $4.412. The company’s net cash, as a percentage of investment assets, was approximately 7.3%, indicating a stable financial position and potential for future growth.

MFF Capital Appoints Gerald Stack as New CEO to Drive Long-term Growth

MFF Capital Investments Ltd. has announced the promotion of Gerald Stack to Chief Executive Officer and Managing Director, effective January 2026. Stack, with over 30 years of experience in financial services, is expected to enhance MFF’s investment capabilities and support its long-term growth strategy. The company has been strengthening its internal operations, growing its employee base from 1 to 16, and focusing on portfolio quality and liquidity amidst challenging market conditions. This leadership change is part of MFF’s transition to a long-term operating model, aiming to balance continuity and growth while preserving its successful investment approach.

MFF Capital Investments Reports Increase in Weekly Net Tangible Assets

MFF Capital Investments Ltd. announced its weekly net tangible assets (NTA) per share as of December 5, 2025, showing an increase to $5.262 pre-tax from $4.999 at the end of June 2025. The company’s net cash as a percentage of investment assets was approximately 7.4%, reflecting its financial position and investment strategy post the acquisition of Montaka Global.

MFF Capital Reports November NTA and Navigates Complex Market

MFF Capital Investments Limited reported its Net Tangible Assets (NTA) per share for November 2025, showing a pre-tax value of $5.298 and an after-tax value of $4.427. The company has paid significant taxes, which impacts its franking credit balance and the comparison of pre-tax figures with trusts and indices. MFF continues to focus on maintaining high portfolio liquidity and emphasizes quality and value in its investments. The company is navigating a complex market environment characterized by speculative risks, regulatory challenges, and economic cycles, while aiming to deliver consistent returns and increase dividends.

MFF Capital Reports Weekly NTA Increase

MFF Capital Investments Limited has reported its weekly net tangible assets (NTA) per share as of November 21, 2025, with a pre-tax value of $5.213 and a post-tax value of $4.352. The company also noted that its net cash, as a percentage of investment assets, stood at approximately 7.6%. This update reflects a slight increase from the previous figures reported in June 2025, indicating a positive trend in the company’s financial standing.

MFF Capital Reports Increase in Weekly Net Tangible Assets

MFF Capital Investments Ltd. reported an increase in its weekly net tangible assets (NTA) per share, reaching $5.204 pre-tax as of November 14, 2025, up from $4.999 in June 2025. The company’s net cash as a percentage of investment assets was approximately 9.5%, indicating a strong liquidity position that could positively impact its investment strategy and stakeholder confidence.

MFF Capital Reports Rise in Weekly NTA

MFF Capital Investments Ltd. reported an increase in its weekly Net Tangible Assets (NTA) per share to $5.297 pre-tax as of November 7, 2025, up from $4.999 on June 30, 2025. The company’s net cash, as a percentage of investment assets, stood at approximately 7.7%, indicating a stable financial position and potential for further investment opportunities.

MFF Capital Investments Director Increases Shareholding

MFF Capital Investments Ltd. has announced a change in the director’s interest, with Peter Montgomery acquiring an additional 9,684 fully paid ordinary shares through a dividend reinvestment plan. This change increases his total holding to 517,651 shares, reflecting a strategic move to enhance his investment in the company, potentially signaling confidence in the company’s future performance.

MFF Capital Investments Director Increases Stake Through Dividend Reinvestment

MFF Capital Investments Ltd. announced a change in the director’s interest, as Sally Annabelle Chaplain acquired 11,023 fully paid ordinary shares in the company through a dividend reinvestment plan. This change reflects a strategic move to increase her stake in the company, potentially indicating confidence in the company’s future performance and stability, which may positively impact stakeholders’ perception.

MFF Capital Investments Director Increases Shareholding

MFF Capital Investments Ltd. announced a change in the director’s interest, with Chris Mackay acquiring an additional 2,348,823 fully paid ordinary shares in the company. This acquisition increases Mackay’s total holdings to 125,544,491 shares, reflecting a strategic move that may impact the company’s market positioning and shareholder value.

MFF Capital Reports NTA Growth and Dividend Increase Amid Strategic Investments

MFF Capital Investments Ltd. reported an increase in its Net Tangible Assets per share for October 2025, with pre-tax and post-tax values showing growth since June 2025. The company announced a 25% increase in its six-monthly dividend, reflecting its strong retained profits and franking credits. MFF’s strategic portfolio adjustments, including a significant investment in L1 Group, highlight its focus on quality and growth potential. The company remains cautious of market trends and emphasizes the importance of disciplined portfolio management amidst buoyant markets and broader economic risks.

MFF Capital Announces Change of Address and Contact Details

MFF Capital Investments Ltd. has announced a change in its registered and principal administrative office address to Suite 18.02, Level 18, 25 Bligh Street, Sydney, NSW 2000. The company’s contact number has also been updated to +61 2 5024 5400, while all other contact details remain unchanged. This change is effective immediately and reflects the company’s ongoing operational adjustments.

MFF Capital Investments Ltd. Announces Quotation of New Securities

MFF Capital Investments Ltd. announced the quotation of 3,316,456 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of October 31, 2025. This move is part of a dividend or distribution plan, potentially enhancing the company’s market presence and providing additional value to its investors.

MFF Capital Investments Reports Increased Weekly NTA

MFF Capital Investments Ltd. reported an increase in its weekly net tangible assets (NTA) per share to $5.326 pre-tax as of October 24, 2025, up from $4.999 in June 2025. The company’s net cash, as a percentage of investment assets, stood at approximately 10.3%, indicating a strong liquidity position. This financial update reflects MFF’s ongoing efforts to enhance shareholder value through effective asset management.

MFF Capital Reports Increase in Weekly NTA

MFF Capital Investments Ltd. reported its weekly Net Tangible Assets (NTA) per share as of October 17, 2025, showing an increase from $4.999 in June 2025 to $5.233 pre-tax. The post-tax NTA was $4.357. The company also disclosed a net cash position of approximately 10.9% of its investment assets. The figures are unaudited and exclude the consolidation impact of Montaka Global, which MFF fully acquired in February 2025.

MFF Capital Investments Announces AGM Voting Results

MFF Capital Investments Ltd. announced the results of its 2025 Annual General Meeting, where key resolutions were passed. The shareholders approved the adoption of the Remuneration Report and the re-election of Ms. Annabelle Chaplain as a director. These decisions reflect shareholder confidence in the company’s management and governance, potentially impacting its strategic direction and stakeholder relations positively.

MFF Capital Reports Strong FY25 Results, Expands Capabilities

MFF Capital Investments Ltd. reported a strong financial performance for the 2025 fiscal year, with a net profit after tax of $432.0 million, driven by positive mark-to-market movements in its investment portfolio. The company declared a total fully franked dividend of 17 cents per share and plans to increase the six-monthly dividend to 10 cents per share. MFF’s acquisition of Montaka Global Investments and plans to transition administrative operations in-house by February 2026 highlight its focus on expanding capabilities and maintaining a strong financial position. The company remains cautious about high investor expectations due to elevated equity market prices but is committed to adapting its strategies to continue delivering strong results.

MFF Capital Investments Ltd. Hosts 2025 Annual General Meeting

MFF Capital Investments Ltd. is conducting its 2025 Annual General Meeting today, allowing shareholders to participate either in person or via teleconference. The meeting will feature presentations from the Chair and Managing Director, with a subsequent Q&A session, emphasizing the company’s commitment to shareholder engagement and transparency.