Noumi Limited (NOU) AI Stock Analysis

• Market Cap: AU$31.87M
• Dividend Yield: N/A
• Average Volume (3M): 58.99K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.58
• Revenue Growth: 1.03%
• EPS Growth: -52.56%
• Country: AU
• Employees: 500
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): -0.09
• Shares Outstanding: 277,109,300
• 10 Day Avg. Volume: 37,033
• 30 Day Avg. Volume: 58,993
• PEG Ratio: >-0.01
• Price to Book (P/B): -0.07
• Price to Sales (P/S): 0.05
• P/FCF Ratio: 1.15
• 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: AU$0.18
• Price Target Upside: 38.46% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.11
• Revenue Forecast (FY): AU$609.10M

• Rating: 40 Underperform
• Price Target: AU$0.11 ▼(-16.15% Downside)
• Action: Downgraded Date: 11/01/25
• Date: Action: Downgraded 11/01/25

Noumi Limited's overall stock score is primarily impacted by its weak financial performance and valuation. The company's high leverage and negative equity pose significant risks, while the negative P/E ratio reflects ongoing profitability challenges. Technical indicators suggest a bearish trend, further weighing on the stock's outlook.

Positive Factors

Business model diversification

Noumi operates two durable revenue routes: branded consumer products and contract/private‑label manufacturing. That dual model provides revenue diversification, steadier manufacturing-run utilization and recurring contracted income, reducing reliance on any single channel over months.

Improving gross margin

A sustained rise in gross margin to 27.14% signals improved input cost control or pricing power at the COGS level. Higher gross margins provide structural capacity to absorb SG&A and improve operating leverage, supporting margin sustainability if cost discipline persists over the medium term.

Improving cash flow metrics

Operating cash flow improvement and a reduction in negative free cash flow enhance liquidity and operational resilience. Better cash conversion increases ability to fund working capital, service debt or invest in efficiency initiatives, reducing refinancing risk over the coming months.

Negative Factors

Negative equity and high leverage

Negative shareholders' equity and high leverage are structural balance‑sheet weaknesses. They limit financial flexibility, increase refinancing and covenant risk, and constrain the company's ability to invest or absorb shocks, creating persistent solvency concerns until remedied.

Persistent losses and weak profitability

A large negative net margin and falling EBITDA margin indicate the business still fails to cover operating and overhead costs. Continued losses erode capital, force reliance on external funding, and impede reinvestment, posing a material drag on durable recovery prospects.

Inconsistent revenue growth

Historic volatility in top‑line growth complicates forecasting and utilization planning for manufacturing capacity. Inconsistent sales make cost absorption and margin improvement less durable and increase execution risk for multi‑month initiatives to stabilize earnings.

Noumi Limited Business Overview & Revenue Model

Company Description

noumi Limited engages in sourcing, manufacture, selling, marketing, and distribution of plant-based beverages, and dairy and nutritional ingredient products to wholesale and consumer markets. It operates in Dairy and Nutritional, and Plant Based Beverages segments. The company offers a range of ultra-heat treatment technology (UHT) shelf stable dairy milk beverage, nutritional products, and performance and adult nutritional powders. It also provides various UHT shelf stable food and beverage products, including almond, oat, soy, rice, coconut, hazelnut, and other nut-based beverages and liquid stocks. The company provides its products under the Milklab, Australia's Own, Crankt, Vital Strength, Noumi Nutritionals, Uproteinn, So Natural, and Vitalife brands. It operates in Australia, New Zealand, South Africa, China, South East Asia, and the Middle East. noumi Limited was formerly known as Freedom Foods Group Limited. The company was incorporated in 1984 and is headquartered in Ingleburn, Australia. noumi Limited is a subsidiary of Arrovest Pty Limited.

How the Company Makes Money

Noumi Limited generates revenue through the sale of its core products, which include dietary supplements and functional foods. The company's revenue model primarily relies on direct sales to consumers via e-commerce platforms and retail partnerships. Key revenue streams include product sales, subscriptions for regular deliveries of health products, and collaborations with health professionals and fitness centers. Significant partnerships with retailers and online marketplaces enhance its distribution capabilities, driving customer acquisition and increasing sales volume. Additionally, Noumi Limited's focus on brand loyalty and customer retention through high-quality products and customer engagement strategies contributes to its earnings.

Noumi Limited Financial Statement Overview

Summary

Noumi Limited faces significant financial challenges, with a negative net profit margin and declining EBITDA margin. The balance sheet shows high leverage and negative equity, indicating financial instability. While there are some positive trends in cash flow management, overall financial health is concerning.

Income Statement

Noumi Limited has shown some improvement in its gross profit margin over the years, reaching 27.14% in 2025, indicating better cost management. However, the company continues to face challenges with profitability, as evidenced by a negative net profit margin of -25.18% and a declining EBITDA margin. Revenue growth has been inconsistent, with a notable increase in 2025, but past fluctuations suggest volatility in sales performance.

Balance Sheet

The balance sheet reveals significant financial instability, with a negative stockholders' equity indicating potential solvency issues. The debt-to-equity ratio is negative, reflecting high leverage and financial risk. Although there is a slight improvement in return on equity, the overall financial health remains concerning due to persistent negative equity.

Cash Flow

Cash flow analysis shows some positive trends, such as a reduction in negative free cash flow and an improvement in operating cash flow. However, the operating cash flow to net income ratio remains low, indicating challenges in converting income into cash. The free cash flow to net income ratio is relatively high, suggesting some efficiency in cash management despite overall financial struggles.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	629.25M	595.84M	589.79M	551.56M	522.34M	547.29M
Gross Profit	177.34M	161.72M	145.75M	134.77M	98.42M	93.53M
EBITDA	49.50M	-132.09M	-61.24M	-6.37M	-122.53M	28.01M
Net Income	-92.14M	-150.00M	-98.33M	-46.91M	-160.74M	-53.18M
Balance Sheet
Total Assets	256.32M	265.17M	316.20M	377.95M	420.13M	538.67M
Cash, Cash Equivalents and Short-Term Investments	19.30M	23.18M	21.57M	18.56M	16.21M	31.67M
Total Debt	744.57M	614.75M	533.76M	491.00M	455.01M	462.39M
Total Liabilities	735.71M	717.51M	621.14M	581.49M	569.14M	537.18M
Stockholders Equity	-479.39M	-452.34M	-304.94M	-203.54M	-149.01M	1.49M
Cash Flow
Free Cash Flow	16.15M	27.66M	11.02M	-49.00K	-46.87M	-56.67M
Operating Cash Flow	21.32M	32.52M	15.83M	4.31M	-40.86M	-54.01M
Investing Cash Flow	1.86M	2.09M	1.84M	2.22M	-3.93M	13.50M
Financing Cash Flow	-37.14M	-33.01M	-21.64M	-4.18M	29.33M	53.80M

Noumi Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.13
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NOU, the sentiment is Negative. The current price of 0.13 is above the 20-day moving average (MA) of 0.12, above the 50-day MA of 0.12, and below the 200-day MA of 0.13, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.90 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NOU.

Noumi Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
WNX	42 Neutral	AU$7.00M	-0.92	-184.71%	―	39.53%	49.99%
NUC	41 Neutral	AU$19.60M	-2.06	-29.43%	―	102.21%	69.47%
HCT	41 Neutral	AU$25.75M	-33.08	―	―	6.76%	―
NOU	40 Underperform	AU$31.87M	-0.37	―	―	1.03%	-52.56%
AHF	40 Underperform	AU$27.75M	-5.27	-20.54%	―	13.92%	36.28%

Noumi Limited Corporate Events

Noumi Flags Limits of H1 FY26 Results Presentation and Investor Reliance

Noumi Limited has released a summary presentation of its H1 FY26 results, stressing that the material is general in nature, incomplete, and should not be solely relied upon by investors or other stakeholders. The company emphasises that key financial metrics such as Operating Profit, Statutory EBIT and Statutory EBITDA are presented as unaudited, non-IFRS measures, and it disclaims responsibility for errors, omissions or any loss arising from reliance on the information.

The release underscores that various external factors, including demand, pricing, climate, geopolitical developments and inflation, can significantly affect the group’s operational and financial outcomes. It also makes clear that the document does not constitute an offer or solicitation to buy or sell securities, reinforcing that stakeholders must conduct their own independent assessments when evaluating Noumi’s performance and outlook.

The most recent analyst rating on (AU:NOU) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Noumi Limited stock, see the AU:NOU Stock Forecast page.

Noumi lifts revenue and EBITDA as Milklab and dairy turnaround underpin H1 FY26

Noumi Limited reported an 11.2% rise in group revenue to $332.7 million and a 23.3% increase in adjusted operating EBITDA to $33.9 million for the first half of FY26, driven by record sales in Plant-based Milks and a strong turnaround in Dairy & Nutritionals. Despite a statutory net loss after tax of $24.2 million, largely due to non-cash fair value adjustments on Convertible Notes, underlying earnings were positive and management highlighted sufficient liquidity and continued exploration of options ahead of the notes’ 2027 maturity.

The Milklab-led Plant-based Milks segment delivered robust margins while absorbing higher brand and marketing spend, as retail sales surged and exports and HORECA sales grew, reinforcing Milklab’s push toward becoming an international brand. Dairy & Nutritionals more than doubled adjusted operating EBITDA on the back of higher export demand and improved bulk cream pricing, enabling Noumi to lift sales and marketing investment by 50% and signalling greater confidence in the company’s growth agenda and operational recovery.

The most recent analyst rating on (AU:NOU) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Noumi Limited stock, see the AU:NOU Stock Forecast page.

Noumi narrows half-year loss on revenue growth but faces going-concern risk

Noumi Limited has reported its half-year results to 31 December 2025, posting an 11.2% rise in revenue to $332.7 million and a 23.3% increase in adjusted operating EBITDA to $33.9 million. Despite this operational improvement, the company remained loss-making, with the net loss narrowing sharply to $24.2 million from $82.1 million a year earlier, driven in part by significant fair value expenses on convertible notes.

No dividends were declared for the period, and net tangible assets per share remained negative at 175.18 cents. The auditor’s review was unmodified but flagged a material uncertainty over Noumi’s ability to continue as a going concern, citing the availability of funds to fully repay convertible notes as a key risk for shareholders and creditors.

The most recent analyst rating on (AU:NOU) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Noumi Limited stock, see the AU:NOU Stock Forecast page.

Noumi Sets Date for FY26 Half-Year Results Webcast

Noumi Limited has scheduled the release of its FY26 half-year results for Tuesday, 24 February 2026, to be delivered via a webcast briefing by Chief Executive Officer Michael Perich and Chief Financial Officer Peter Myers. The online presentation, which will include a Q&A session, signals the company’s intent to actively engage investors and other stakeholders on its mid-year performance and outlook as it continues to compete in the fast-moving consumer goods and health-focused beverage markets.

The most recent analyst rating on (AU:NOU) stock is a Buy with a A$0.18 price target. To see the full list of analyst forecasts on Noumi Limited stock, see the AU:NOU Stock Forecast page.

Noumi Boosts Revenue on Export-Led Dairy Growth Despite Q2 Cash Outflow

Noumi Limited reported a strong second quarter of FY26, with consolidated revenue rising 13.4% year-on-year to $170.3 million, driven by particularly robust growth in the Dairy and Nutritionals division, where revenue climbed 17.7% to $123.0 million. The plant-based milks segment also grew modestly to $47.2 million, underpinned by Milklab plant-based sales, strong Milklab Oat and Almond performance, and a surge in Milklab domestic retail sales since the brand’s 2024 retail launch, although contract manufacturing revenues declined. Dairy long-life export volumes expanded sharply, with exports nearly doubling and now representing almost half of long-life dairy volumes, while domestic dairy sales fell due to reduced contracted retail volumes, partly offset by growth in Milklab Lactose Free. Nutritional Ingredients saw significant growth outside lactoferrin, and bulk cream revenue rose strongly, reflecting improved pricing and a more balanced milk portfolio. Despite positive revenue momentum and an expected improvement in adjusted operating EBITDA for the half year, the company recorded a Q2 operating cash outflow of $4.5 million and a $9.3 million reduction in its cash balance, largely due to timing of collections on higher export volumes, increased production and marketing spend, and legal costs, leaving it with $12.5 million in unrestricted cash and $10.0 million in undrawn facilities, while it continues to manage lease repayments and obligations related to its sizable 2027 Convertible Notes.

The most recent analyst rating on (AU:NOU) stock is a Buy with a A$0.19 price target. To see the full list of analyst forecasts on Noumi Limited stock, see the AU:NOU Stock Forecast page.

Noumi Names Former Lark Distilling Executive as New CFO Amid Ongoing Turnaround

Noumi Limited has announced that Chief Financial Officer Peter Myers will retire on 1 April 2026 and will be succeeded by Iain Short, former CFO of Lark Distilling Co, following a comprehensive search process. Myers, credited by the board with playing a key role in Noumi’s financial and operational turnaround since 2022, will remain in an advisory capacity to support the transition, while Short brings extensive senior finance experience in the global consumer beverage sector, underscoring Noumi’s focus on maintaining financial resilience and continuity in its ongoing transformation.

The most recent analyst rating on (AU:NOU) stock is a Buy with a A$0.19 price target. To see the full list of analyst forecasts on Noumi Limited stock, see the AU:NOU Stock Forecast page.