# Amp (AMP.AU)

Canonical: https://gigainvestors.com/s/AMP.AU

Analysis as of: 2026-10-16T07:38:11.273Z. Financial observations: FY1996–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 2.40 per share; close as of 2026-10-15.

Estimated value: low AUD 0.97 per share, central AUD 1.10 per share, high AUD 1.28 per share. Buy at or below the central value AUD 1.10 per share. Valuation as of 2026-10-16T07:38:11.273Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 1.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.16×

- FY2021: -0.03×

- FY2022: 0.47×

- FY2023: -0.03×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 90.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 1.2%

- ROIC, second-lowest year: -0.1%

- Typical minus recent gross margin: 90.0 pp

- Typical gross margin (annual median): 98.2%

- Recent gross margin (lower of latest and 3-year median): 8.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.3%

- FY2017: 6.4%

- FY2018: 2.6%

- FY2019: 0.8%

- FY2020: 1.5%

- FY2021: -0.1%

- FY2022: 2.6%

- FY2023: -0.2%

- FY2024: 0.7%

- FY2025: 0.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 3.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 2.2B

- Net income, five-year total: AUD 683M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 8.9 pp

- Working capital / revenue, change between three-year averages: 50.3 pp

- Working capital / revenue, final three-year average: -15.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -6.28×

- FY2022: 0.87×

- FY2023: 0.74×

- FY2024: 0.47×

- FY2025: 0.31×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.3% vs 0.6%

- Per-share earnings: 0.29 to 0.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -5.7%

- Market cap gain: AUD -10B

- Cumulative retained earnings: AUD -1.3B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -5.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -18.1%

- Per-share value change: AUD -0.23

- Per-share value, starting three-year median: AUD 0.29

- Per-share value, ending three-year median: AUD 0.06

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 4.8%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 99M

- Cumulative net income, 10 years: AUD -1.1B

- ROIC, first three-year median: 5.3%

- ROIC, last three-year median: 0.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD -0.12

- FY2017: AUD 0.29

- FY2018: AUD 0.01

- FY2019: AUD -0.72

- FY2020: AUD 0.05

- FY2021: AUD -0.08

- FY2022: AUD 0.12

- FY2023: AUD 0.09

- FY2024: AUD 0.06

- FY2025: AUD 0.05

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 4.4%

- Receivables to sales index (DSRI): 1.81×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -10.34×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: 1.5%

- FY2018: 2.8%

- FY2019: 3.6%

- FY2020: 9.1%

- FY2021: -6.0%

- FY2022: -1.6%

- FY2023: 1.1%

- FY2024: -0.2%

- FY2025: 4.4%

## Holders

## Price story

Price needs cash profits to grow 10.7% a year for ten years · sales -2%

Story as of 2026-10-16T10:00:09.788Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

### Sales · FY2024–2025

sales -2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 14B 

- FY2017: AUD 18B 

- FY2018: AUD 8.3B 

- FY2019: AUD 2.8B 

- FY2020: AUD 2.5B 

- FY2021: AUD 1.6B 

- FY2022: AUD 2.2B 

- FY2023: AUD 2.6B 

- FY2024: AUD 2.9B 

- FY2025: AUD 2.8B 

### Gross margin · FY2025

gross margin 8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 94.7% 

- FY2020: 96.5% 

- FY2022: 38.6% 

- FY2024: 29.8% 

- FY2025: 8.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial conglomerates; annual sales are AUD 2.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2025: revenue 2811000000; grossProfit 232000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMP.AU: AMP Limited provides banking, super, and retirement services in Australia and New Zealand. The company operates through Platforms, Superannuation & Investments, AMP Bank, New Zealand Wealth Management (NZWM), and Group segments. It provides superannuation, retirement, and investment solutions; pension solutions; and AMP Super, a retail master trust. The company also offers residential mortgages, business financing, deposits and transactional banking services; and wealth management solutions, such as KiwiSaver, corporate superannuation, retail investments, and general insurance. AMP Limited was founded in 1849 and is based in Sydney, Australia.

### Why customers stay

It earns 1.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2023: grossProfit / revenue = 105.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2024: grossProfit / revenue = 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2025: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); 10-year return on capital observations [[2016,0.052718062127134334],[2017,0.06391225429431556],[2018,0.026034211825977642],[2019,0.008210863986313087],[2020,0.014883616830796777],[2021,-0.0014830492877388008],[2022,0.026320090520492834],[2023,-0.0023669396110542478],[2024,0.007171600462169808],[2025,0.005638228150661166]]; median 0.011547240408554933. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back AUD 12 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2016: growth capex 0; upkeep 11000000; owner earnings 600000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2021: growth capex 0; upkeep 49000000; owner earnings 1582244000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2022: growth capex 0; upkeep 30000000; owner earnings 336200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2023: growth capex 0; upkeep 32000000; owner earnings 195800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2024: growth capex 0; upkeep 47000000; owner earnings 70400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2025: growth capex 0; upkeep 74000000; owner earnings 41200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); Dividend observations: [[2016,821000000],[2017,828000000],[2018,708000000],[2019,138000000],[2020,360000000],[2021,0],[2022,240000000],[2023,145000000],[2024,106000000],[2025,76000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); FY2025: cash repurchases 12000000 AUD.

### Are managers owners

Insiders own 6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMP.AU SharesStats.PercentInsiders = 6.05 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual decline was 26.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.273Z); Ten-year compound average after fade. Initial solved rate 0.14106798259215075. Price 2.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.36531987217878675 → FY2025 0.01606857130198407. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 4.57 per share

- 2016-11: AUD 4.70 per share

- 2016-12: AUD 5.04 per share

- 2017-01: AUD 5.00 per share

- 2017-02: AUD 4.88 per share

- 2017-03: AUD 5.18 per share

- 2017-04: AUD 5.36 per share

- 2017-05: AUD 5.05 per share

- 2017-06: AUD 5.19 per share

- 2017-07: AUD 5.39 per share

- 2017-08: AUD 5.10 per share

- 2017-09: AUD 4.83 per share

- 2017-10: AUD 4.97 per share

- 2017-11: AUD 5.11 per share

- 2017-12: AUD 5.19 per share

- 2018-01: AUD 5.25 per share

- 2018-02: AUD 5.29 per share

- 2018-03: AUD 4.99 per share

- 2018-04: AUD 4.04 per share

- 2018-05: AUD 3.90 per share

- 2018-06: AUD 3.56 per share

- 2018-07: AUD 3.40 per share

- 2018-08: AUD 3.34 per share

- 2018-09: AUD 3.19 per share

- 2018-10: AUD 2.47 per share

- 2018-11: AUD 2.43 per share

- 2018-12: AUD 2.45 per share

- 2019-01: AUD 2.26 per share

- 2019-02: AUD 2.36 per share

- 2019-03: AUD 2.10 per share

- 2019-04: AUD 2.27 per share

- 2019-05: AUD 2.17 per share

- 2019-06: AUD 2.12 per share

- 2019-07: AUD 1.79 per share

- 2019-08: AUD 1.70 per share

- 2019-09: AUD 1.83 per share

- 2019-10: AUD 1.84 per share

- 2019-11: AUD 1.96 per share

- 2019-12: AUD 1.92 per share

- 2020-01: AUD 1.83 per share

- 2020-02: AUD 1.68 per share

- 2020-03: AUD 1.34 per share

- 2020-04: AUD 1.43 per share

- 2020-05: AUD 1.63 per share

- 2020-06: AUD 1.86 per share

- 2020-07: AUD 1.47 per share

- 2020-08: AUD 1.53 per share

- 2020-09: AUD 1.31 per share

- 2020-10: AUD 1.53 per share

- 2020-11: AUD 1.71 per share

- 2020-12: AUD 1.56 per share

- 2021-01: AUD 1.49 per share

- 2021-02: AUD 1.50 per share

- 2021-03: AUD 1.27 per share

- 2021-04: AUD 1.12 per share

- 2021-05: AUD 1.13 per share

- 2021-06: AUD 1.13 per share

- 2021-07: AUD 1.04 per share

- 2021-08: AUD 1.10 per share

- 2021-09: AUD 0.99 per share

- 2021-10: AUD 1.08 per share

- 2021-11: AUD 1.04 per share

- 2021-12: AUD 1.01 per share

- 2022-01: AUD 0.88 per share

- 2022-02: AUD 0.95 per share

- 2022-03: AUD 0.97 per share

- 2022-04: AUD 1.16 per share

- 2022-05: AUD 1.10 per share

- 2022-06: AUD 0.96 per share

- 2022-07: AUD 1.09 per share

- 2022-08: AUD 1.17 per share

- 2022-09: AUD 1.10 per share

- 2022-10: AUD 1.26 per share

- 2022-11: AUD 1.36 per share

- 2022-12: AUD 1.32 per share

- 2023-01: AUD 1.34 per share

- 2023-02: AUD 1.04 per share

- 2023-03: AUD 1.05 per share

- 2023-04: AUD 1.14 per share

- 2023-05: AUD 1.10 per share

- 2023-06: AUD 1.13 per share

- 2023-07: AUD 1.13 per share

- 2023-08: AUD 1.27 per share

- 2023-09: AUD 1.26 per share

- 2023-10: AUD 1.05 per share

- 2023-11: AUD 0.94 per share

- 2023-12: AUD 0.93 per share

- 2024-01: AUD 0.94 per share

- 2024-02: AUD 1.12 per share

- 2024-03: AUD 1.17 per share

- 2024-04: AUD 1.10 per share

- 2024-05: AUD 1.07 per share

- 2024-06: AUD 1.10 per share

- 2024-07: AUD 1.19 per share

- 2024-08: AUD 1.28 per share

- 2024-09: AUD 1.33 per share

- 2024-10: AUD 1.43 per share

- 2024-11: AUD 1.56 per share

- 2024-12: AUD 1.59 per share

- 2025-01: AUD 1.79 per share

- 2025-02: AUD 1.36 per share

- 2025-03: AUD 1.24 per share

- 2025-04: AUD 1.30 per share

- 2025-05: AUD 1.25 per share

- 2025-06: AUD 1.26 per share

- 2025-07: AUD 1.60 per share

- 2025-08: AUD 1.71 per share

- 2025-09: AUD 1.66 per share

- 2025-10: AUD 1.79 per share

- 2025-11: AUD 1.74 per share

- 2025-12: AUD 1.82 per share

- 2026-01: AUD 1.70 per share

- 2026-02: AUD 1.30 per share

- 2026-03: AUD 1.31 per share

- 2026-04: AUD 1.46 per share

- 2026-05: AUD 1.60 per share

- 2026-06: AUD 1.61 per share

- 2026-07: AUD 2.15 per share

- 2026-08: AUD 2.38 per share

- 2026-09: AUD 2.60 per share

- 2026-10: AUD 2.46 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 2.52 per share, central AUD 2.87 per share, high AUD 3.33 per share

- FY2017: low AUD 3.83 per share, central AUD 4.36 per share, high AUD 5.06 per share

- FY2018: low AUD 1.72 per share, central AUD 1.95 per share, high AUD 2.27 per share

- FY2023: low AUD 0.76 per share, central AUD 0.87 per share, high AUD 1.01 per share

- FY2024: low AUD 0.94 per share, central AUD 1.07 per share, high AUD 1.24 per share

- FY2025: low AUD 0.91 per share, central AUD 1.04 per share, high AUD 1.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:53.706Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations