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Tabcorp Holdings Limited
(Sydney:TAH)
Tabcorp Holdings Limited (TAH) vs. iShares MSCI Australia ETF (EWA)
Tabcorp Holdings Limited Business Overview & Revenue Model
Tabcorp Holdings Limited Earnings Call Summary
Tabcorp Holdings Limited Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.16B | 2.61B | 2.34B | 2.10B | 2.01B | 2.15B |
| Gross Profit | 418.60M | 2.61B | 2.34B | 342.60M | 236.50M | 297.80M |
| EBITDA | 378.60M | 368.80M | -1.35B | 362.80M | 276.00M | 344.10M |
| Net Income | 33.00M | 36.60M | -1.36B | 66.50M | 6.78B | 269.00M |
Balance Sheet | ||||||
| Total Assets | 3.14B | 3.14B | 3.39B | 4.05B | 4.05B | 11.87B |
| Cash, Cash Equivalents and Short-Term Investments | 218.30M | 236.50M | 313.70M | 290.70M | 199.40M | 553.30M |
| Total Debt | 949.00M | 862.60M | 1.14B | 572.40M | 317.00M | 2.78B |
| Total Liabilities | 1.87B | 1.89B | 2.14B | 1.39B | 1.34B | 5.17B |
| Stockholders Equity | 1.27B | 1.25B | 1.25B | 2.66B | 2.71B | 6.70B |
Cash Flow | ||||||
| Free Cash Flow | 207.30M | 288.70M | 84.80M | -77.60M | 534.50M | 537.70M |
| Operating Cash Flow | 329.80M | 406.50M | 245.20M | 119.30M | 737.00M | 719.50M |
| Investing Cash Flow | -121.70M | -117.00M | -739.70M | -130.00M | -455.70M | -37.60M |
| Financing Cash Flow | -250.10M | -366.70M | 517.50M | 102.00M | -506.30M | -607.20M |
Tabcorp Holdings Limited Technical Analysis
Tabcorp Holdings Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$549.06M | 11.68 | 34.17% | 4.84% | -8.81% | -6.84% | |
64 Neutral | AU$2.36B | 26.11 | 2.89% | 2.01% | 8.62% | ― | |
62 Neutral | AU$12.13B | 16.56 | 106.73% | 3.16% | -6.28% | -11.67% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
49 Neutral | AU$250.24M | -1.63 | -14.71% | ― | 126.29% | 95.17% | |
43 Neutral | AU$304.14M | -3.53 | -142.61% | ― | 6.47% | 60.03% | |
40 Underperform | AU$796.23M | -1.45 | -65.81% | ― | -31.07% | 74.57% |
Tabcorp Holdings Limited Corporate Events
Tabcorp Holdings Limited has released a presentation detailing its half-year results for the six months ended 31 December 2025, with the materials made available via a webcast on its investor website. The document is intended to be read alongside the company’s formal half-year financial results and most recent annual report, underscoring its role as an accompanying investor briefing rather than a standalone disclosure.
The announcement, authorised by the Tabcorp Board, signals the company’s continued focus on transparent communication with the market and provides investors with additional context and explanation around the performance of its wagering and gaming operations. By directing stakeholders to a live webcast and detailed presentation, Tabcorp is aiming to deepen engagement with analysts and shareholders as it reports on its first-half FY26 trading period.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited reported half-year 2026 group revenue of $1.34 billion, up 1% on the prior corresponding period, with EBITDA rising 14.3% to $217.4 million as cost reductions and operating leverage lifted the EBITDA margin to 16.2%. The wagering and media division delivered a 15.8% EBITDA increase to $181.4 million, while integrity services EBITDA grew 7.5% to $36 million, supported by modest domestic wagering revenue growth despite below-average yields.
The company highlighted strategic progress including a new retail commercial model, an in-play product offering and advancement of a National Tote, alongside a stronger balance sheet with leverage reduced to 1.5 times and net debt of $631.2 million. Group NPAT before significant items rose 61.5% to $35.7 million and the interim dividend was lifted 50% to 1.5 cents per share, signalling improving profitability and confidence in the execution of its transformation strategy for shareholders and racing industry partners.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited has declared an interim dividend of A$0.015 per ordinary fully paid share, relating to the six-month period ended 31 December 2025. The payment will be made on 24 March 2026, with the stock trading ex-dividend on 2 March and the record date set for 3 March.
The dividend timetable also includes a dividend reinvestment plan election deadline of 4 March 2026, giving shareholders limited time to opt into share reinvestment rather than cash. The announcement provides income visibility for investors and signals Tabcorp’s ongoing practice of returning capital to shareholders from its wagering and gaming operations.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited has disclosed that Macquarie Group Limited and its controlled entities have ceased to be a substantial shareholder in the company as of 5 February 2026. The change in Macquarie’s position comes against a backdrop of strict shareholding and voting power restrictions imposed by Tabcorp’s constitution and applicable wagering legislation, which limit any single investor’s voting power to 10% and allow the company to block or unwind share transfers that breach these regulatory thresholds.
This development may slightly alter Tabcorp’s shareholder mix but occurs within a tightly controlled ownership regime designed to ensure compliance with regulatory requirements. For investors and other stakeholders, the notice underscores the ongoing importance of regulatory caps and governance rules in shaping who can hold significant stakes in Australia’s wagering and gambling sector.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Macquarie Group Limited and its controlled entities have filed a notice stating they have ceased to be substantial holders in Tabcorp Holdings Limited. The filing, lodged under Australian corporations law, confirms that Macquarie and associated entities no longer hold a reportable major stake in Tabcorp’s voting securities.
The change in substantial holding status may alter Tabcorp’s institutional investor mix and potentially affect trading liquidity and governance dynamics, as one of its large professional shareholders steps back. However, the notice is procedural and does not itself disclose any change to Tabcorp’s operations or strategic direction.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited has disclosed that Macquarie Group Limited and its controlled entities have become a substantial shareholder in the company. Macquarie now holds a relevant interest in 116,112,236 Tabcorp ordinary shares, representing 5.07% of the company’s voting power.
The company highlighted that its constitution and applicable wagering legislation restrict any person from holding more than 10% voting power. Tabcorp noted it can refuse to register share transfers or require divestment if these regulatory and constitutional shareholding limits are breached, underscoring the importance of compliance for significant investors.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited has disclosed that a group of related Yarra entities, including Yarra Capital Management Limited and Yarra Funds Management Limited, has become a substantial shareholder in the company, acquiring a relevant interest in 114,935,610 ordinary shares, equivalent to 5.02% of Tabcorp’s voting power as of 14 January 2026. The development underscores growing institutional interest in Tabcorp within the constraints of its regulatory framework, which caps individual voting power at 10% and allows the company to block or require divestment of share transfers that would breach these limits, helping maintain compliance with wagering legislation and ownership restrictions.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Yarra Capital Management and related entities have emerged as substantial shareholders in Tabcorp Holdings Limited, disclosing a 5.02% voting power in the company. The group, through various controlled entities and managed investment schemes, holds 114,935,610 ordinary fully paid Tabcorp shares, largely via portfolios and funds for which Yarra Funds Management acts as responsible entity or investment manager, following share acquisitions over the four months to 14 January 2026. The move consolidates institutional ownership in Tabcorp and underscores continuing fund-manager interest in the gambling group’s shares, with Citigroup, Northern Trust and State Street acting as key custodians for the holdings.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings has disclosed that Macquarie Group Limited has ceased to be a substantial shareholder in the company as of 12 January 2026, following Macquarie’s notification to the market. The change in Macquarie’s holding occurs within a framework of strict legislative and constitutional limits on individual voting power in Tabcorp, which cap ownership influence and allow the company to block or unwind share transfers that would breach those thresholds.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be a substantial holder in Tabcorp Holdings Limited, signalling that their relevant interest in Tabcorp’s voting securities has fallen below the substantial holding threshold. The change, formalised in a Corporations Act Form 605 dated 15 January 2026, may alter Tabcorp’s institutional shareholder mix and could marginally impact perceptions of its capital markets support, though no details of the underlying transactions or strategic rationale were disclosed beyond references to associated legal agreements and the list of controlled entities involved.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited has disclosed that Macquarie Group Limited has become a substantial shareholder in the company, acquiring a relevant interest in 114,746,289 ordinary shares, equivalent to 5.01% of Tabcorp’s voting power. The new stake brings a major institutional investor further onto Tabcorp’s register, within the company’s and wagering legislation’s 10% voting power cap, highlighting ongoing strategic interest in the gambling operator while reinforcing existing ownership and regulatory limits that can affect future share accumulations and corporate control dynamics.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp has disclosed that Macquarie Group Limited ceased to be a substantial shareholder in the company as of 22 December 2025, following Macquarie’s notification to the market. The announcement underscores Tabcorp’s stringent shareholding and voting power restrictions, including a 10% cap on individual voting power without written consent from the relevant NSW Government Minister and associated legislative changes, highlighting the tight regulatory controls that govern ownership in the company and its NSW wagering licence holder.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be a substantial holder in Tabcorp Holdings Limited, in accordance with Australian Corporations Act disclosure requirements. The change in Macquarie’s relevant interest in Tabcorp voting securities, including associated entities and legal arrangements, signals an adjustment in the company’s institutional shareholder base, which could modestly affect Tabcorp’s ownership structure and may be of interest to investors monitoring shifts in major holdings and governance influence.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp has disclosed that Macquarie Group Limited has become a substantial shareholder, acquiring a 5.01% stake in the company, equivalent to 114,646,686 fully paid ordinary shares. The company highlighted that its constitution, together with applicable NSW legislation, restricts any single shareholder from having voting power or share ownership above 10% without ministerial consent and legislative changes, and it retains the right to refuse or require divestment of share transfers that would breach these limits, underscoring the tightly controlled ownership structure that shapes governance and strategic influence in the business.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings has disclosed that Australian Retirement Trust has become a substantial shareholder in the company, acquiring a 5.031% stake amounting to 115,164,720 ordinary shares as of 18 December 2025. The company reiterated that its share register is subject to strict ownership and voting limits under its constitution and New South Wales legislation, including a cap preventing any investor from holding or controlling more than 10% of its voting power or share capital without ministerial consent, and reserved the right to block or require divestment of any share transfers that breach these regulatory thresholds, underscoring the highly regulated nature of ownership in the wagering and gaming sector.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp has disclosed that Macquarie Group Limited has ceased to be a substantial shareholder in the company as of 15 December 2025, following Macquarie’s announcement to the market. The company reminded investors that its constitution and relevant New South Wales legislation impose strict limits on individual shareholdings and voting power, generally capping these at 10% unless specific government approval and legislative changes are obtained, and it retains the right to refuse or require divestment of share transfers that would breach these restrictions.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Macquarie Group Limited (and its associated entities) has ceased being a substantial holder in Tabcorp Holdings Limited, an organization operating in the gambling and entertainment industry. This change reflects adjustments in Macquarie’s voting interests and investment positioning and has implications for governance and shareholding structure within Tabcorp.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited announced that Macquarie Group Limited has become a substantial shareholder, acquiring a 5.06% interest in the company. This development is significant due to the strict regulatory restrictions on shareholding and voting power in Tabcorp, which limit any single entity from holding more than 10% without government approval. This move by Macquarie Group could influence Tabcorp’s market dynamics and stakeholder interests, given the regulatory landscape.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.
Tabcorp Holdings Limited has announced that Aware Super Pty Ltd has become a substantial shareholder, acquiring a 5.16% stake in the company. This development highlights the regulatory framework governing shareholding in Tabcorp, which includes restrictions on voting power exceeding 10% without governmental consent. This acquisition could impact Tabcorp’s shareholder dynamics and necessitates adherence to specific legislative requirements.
The most recent analyst rating on (AU:TAH) stock is a Buy with a A$1.12 price target. To see the full list of analyst forecasts on Tabcorp Holdings Limited stock, see the AU:TAH Stock Forecast page.