# Breville Group (BRG.AU)

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

Analysis as of: 2026-10-16T07:39:08.601Z. Financial observations: FY1998–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

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

Share price: AUD 30.78 per share; close as of 2026-10-15.

Estimated value: low AUD 11.21 per share, central AUD 14.49 per share, high AUD 16.78 per share. Buy at or below the central value AUD 14.49 per share. Valuation as of 2026-10-16T07:39:08.601Z; 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.12×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.12×

- FY2026: 0.11×

### moat: pass

- ROIC, median of available years: 24.9%

- ROIC, second-lowest year: 21.8%

- Typical minus recent gross margin: 3.8 pp

- Typical gross margin (annual median): 23.0%

- Recent gross margin (lower of latest and 3-year median): 19.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 15.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 29.1%

- FY2018: 32.0%

- FY2019: 25.6%

- FY2020: 36.9%

- FY2021: 41.4%

- FY2022: 23.1%

- FY2023: 19.5%

- FY2024: 24.2%

- FY2025: 23.2%

- FY2026: 21.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 547M

- Net income, five-year total: AUD 608M

- Return on incremental invested capital: 28.4%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 22.7%

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

- FY2022: 0.86×

- FY2023: 0.82×

- FY2024: 0.88×

- FY2025: 0.75×

- FY2026: 1.15×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 29.1% vs 23.2%

- Per-share earnings: 0.41 to 0.93 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: AUD 3.4B

- Cumulative retained earnings: AUD 460M

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.6%

- Per-share value change: AUD 0.51

- Per-share value, starting three-year median: AUD 0.41

- Per-share value, ending three-year median: AUD 0.93

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 694M

- Cumulative net income, 10 years: AUD 945M

- ROIC, first three-year median: 29.1%

- ROIC, last three-year median: 23.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.41

- FY2018: AUD 0.45

- FY2019: AUD 0.52

- FY2020: AUD 0.48

- FY2021: AUD 0.65

- FY2022: AUD 0.75

- FY2023: AUD 0.76

- FY2024: AUD 0.81

- FY2025: AUD 0.93

- FY2026: AUD 0.93

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.43×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.1%

- FY2018: -6.8%

- FY2019: 7.3%

- FY2020: -9.4%

- FY2021: -4.3%

- FY2022: 12.5%

- FY2023: 1.5%

- FY2024: -13.7%

- FY2025: -2.4%

- FY2026: -4.8%

## Holders

## Price story

Price needs cash profits to grow 14.7% a year for ten years · sales +6.7%

Story as of 2026-10-16T10:00:10.520Z; price observation 2026-10-15.

Price needs cash profits to grow 14.7% a year for ten years

### Sales · FY2025–2026

sales +6.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 606M 

- FY2018: AUD 647M 

- FY2019: AUD 760M 

- FY2020: AUD 952M 

- FY2021: AUD 1.2B 

- FY2022: AUD 1.4B 

- FY2023: AUD 1.5B 

- FY2024: AUD 1.5B 

- FY2025: AUD 1.7B 

- FY2026: AUD 1.8B 

### Gross margin · FY2026

gross margin 19.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 32.4% 

- FY2018: 23.3% 

- FY2019: 35.7% 

- FY2020: 21.9% 

- FY2021: 22.6% 

- FY2022: 20.9% 

- FY2023: 19.5% 

- FY2024: 36.4% 

- FY2025: 36.6% 

- FY2026: 19.2% 

## Owner memo

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

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are AUD 1.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2026: revenue 1810896000; grossProfit 347447000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRG.AU: Breville Group Limited engages in the design, development, marketing, and distribution of small electrical kitchen appliances in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It offers appliances for the kitchen, such as slow cookers, kettles, and fry pans, as well as living room, laundry and bedroom, including irons, vacuums, heaters, electric blankets, and fans. The company also provides coffee machines, espresso, filter coffee, cooking, accessories, and design products; and toasters, coffee grinders, and home espresso equipment. In addition, it operates beanz.com, a digital marketplace for connecting consumers with specialty coffee from roasters; ChefSteps, a platform for home cooks; and Breville+, a companion application. Further, the company distributes coffee machines. It sells its products under the Breville, Sage, Oracle, the Craft Collection, Eye Q, Joule, Baratza, LELIT, beanz, ChefSteps, Kambrook, Aquaport, Cli-mate, the Luxe Precision Brewer, and Nespresso brand names. The company was formerly known as Housewares International Limited and changed its name to Breville Group Limited in November 2008. It was founded in 1957 and is headquartered in Alexandria, Australia.

### Why customers stay

Margins ranged from 19.2% to 36.6% during 2024–26; it earns 24.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2024: grossProfit / revenue = 36.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2025: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2026: grossProfit / revenue = 19.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); 10-year return on capital observations [[2017,0.29088613241899713],[2018,0.32035846350663305],[2019,0.25590710654905924],[2020,0.36887788038966424],[2021,0.41417177039253816],[2022,0.23133226696563536],[2023,0.19537267751267545],[2024,0.24168535376136696],[2025,0.23245596047114883],[2026,0.2176034055551784]]; median 0.2487962301552131. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2017: growth capex 0; upkeep 1917000; owner earnings 62686000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2018: growth capex 0; upkeep 4295000; owner earnings 67526000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2019: growth capex 0; upkeep 5473000; owner earnings 78528000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2020: growth capex 3993292.4425081834; upkeep 34382707.55749182; owner earnings 49287092.44250818. Growth capex / owner earnings = 0.08102105936085054.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2021: growth capex 4247000; upkeep 26868000; owner earnings 83224800. Growth capex / owner earnings = 0.051030462073804926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2022: growth capex 7426463.8994464725; upkeep 35265536.10055353; owner earnings 90952463.89944647. Growth capex / owner earnings = 0.08165214641856085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2023: growth capex 2729224.083746828; upkeep 50513775.91625317; owner earnings 90826424.08374682. Growth capex / owner earnings = 0.03004878933943648.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2024: growth capex 2334000; upkeep 59785000; owner earnings 104143600. Growth capex / owner earnings = 0.02241136277217227.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2025: growth capex 11652583.713251054; upkeep 88751416.28674895; owner earnings 102194383.71325105. Growth capex / owner earnings = 0.11402371920894631.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); FY2026: growth capex 0; upkeep 43857000; owner earnings 158475200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); Dividend observations: [[2017,38378000],[2018,40980000],[2019,45533000],[2020,50849000],[2021,45630000],[2022,39717000],[2023,42834000],[2024,45180000],[2025,50379000],[2026,55038000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRG.AU SharesStats.PercentInsiders = 30.18 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.7% yearly over ten years; actual growth was 9.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.601Z); Ten-year compound average after fade. Initial solved rate 0.19960321580565066. Price 30.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.44556736499354915 → FY2026 1.0677641091567185. Closing-price date 2026-10-15.

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

- 2016-10: AUD 9.26 per share

- 2016-11: AUD 8.81 per share

- 2016-12: AUD 8.66 per share

- 2017-01: AUD 8.36 per share

- 2017-02: AUD 9.76 per share

- 2017-03: AUD 10.33 per share

- 2017-04: AUD 10.70 per share

- 2017-05: AUD 10.29 per share

- 2017-06: AUD 10.45 per share

- 2017-07: AUD 10.05 per share

- 2017-08: AUD 11.06 per share

- 2017-09: AUD 11.32 per share

- 2017-10: AUD 11.65 per share

- 2017-11: AUD 13.20 per share

- 2017-12: AUD 12.60 per share

- 2018-01: AUD 12.28 per share

- 2018-02: AUD 12.79 per share

- 2018-03: AUD 11.63 per share

- 2018-04: AUD 11.39 per share

- 2018-05: AUD 11.62 per share

- 2018-06: AUD 11.62 per share

- 2018-07: AUD 10.74 per share

- 2018-08: AUD 13.57 per share

- 2018-09: AUD 13.08 per share

- 2018-10: AUD 12.29 per share

- 2018-11: AUD 10.97 per share

- 2018-12: AUD 10.66 per share

- 2019-01: AUD 10.98 per share

- 2019-02: AUD 15.75 per share

- 2019-03: AUD 16.28 per share

- 2019-04: AUD 19.24 per share

- 2019-05: AUD 16.88 per share

- 2019-06: AUD 16.36 per share

- 2019-07: AUD 19.23 per share

- 2019-08: AUD 16.26 per share

- 2019-09: AUD 16.10 per share

- 2019-10: AUD 15.34 per share

- 2019-11: AUD 17.17 per share

- 2019-12: AUD 17.46 per share

- 2020-01: AUD 18.67 per share

- 2020-02: AUD 19.45 per share

- 2020-03: AUD 16.88 per share

- 2020-04: AUD 17.56 per share

- 2020-05: AUD 22.36 per share

- 2020-06: AUD 22.76 per share

- 2020-07: AUD 25.93 per share

- 2020-08: AUD 27.13 per share

- 2020-09: AUD 25.17 per share

- 2020-10: AUD 26.07 per share

- 2020-11: AUD 24.08 per share

- 2020-12: AUD 25.57 per share

- 2021-01: AUD 29.01 per share

- 2021-02: AUD 27.92 per share

- 2021-03: AUD 27.00 per share

- 2021-04: AUD 26.07 per share

- 2021-05: AUD 27.46 per share

- 2021-06: AUD 29.91 per share

- 2021-07: AUD 32.25 per share

- 2021-08: AUD 32.24 per share

- 2021-09: AUD 29.09 per share

- 2021-10: AUD 29.31 per share

- 2021-11: AUD 30.07 per share

- 2021-12: AUD 31.70 per share

- 2022-01: AUD 28.50 per share

- 2022-02: AUD 26.92 per share

- 2022-03: AUD 27.44 per share

- 2022-04: AUD 24.10 per share

- 2022-05: AUD 21.32 per share

- 2022-06: AUD 17.99 per share

- 2022-07: AUD 20.97 per share

- 2022-08: AUD 22.24 per share

- 2022-09: AUD 18.16 per share

- 2022-10: AUD 19.85 per share

- 2022-11: AUD 20.26 per share

- 2022-12: AUD 18.35 per share

- 2023-01: AUD 22.60 per share

- 2023-02: AUD 21.14 per share

- 2023-03: AUD 19.10 per share

- 2023-04: AUD 20.55 per share

- 2023-05: AUD 19.62 per share

- 2023-06: AUD 19.94 per share

- 2023-07: AUD 22.57 per share

- 2023-08: AUD 24.61 per share

- 2023-09: AUD 22.00 per share

- 2023-10: AUD 21.20 per share

- 2023-11: AUD 23.76 per share

- 2023-12: AUD 27.23 per share

- 2024-01: AUD 27.34 per share

- 2024-02: AUD 27.33 per share

- 2024-03: AUD 27.49 per share

- 2024-04: AUD 25.85 per share

- 2024-05: AUD 26.65 per share

- 2024-06: AUD 27.14 per share

- 2024-07: AUD 29.32 per share

- 2024-08: AUD 33.58 per share

- 2024-09: AUD 34.14 per share

- 2024-10: AUD 31.80 per share

- 2024-11: AUD 33.58 per share

- 2024-12: AUD 35.38 per share

- 2025-01: AUD 38.34 per share

- 2025-02: AUD 35.18 per share

- 2025-03: AUD 31.30 per share

- 2025-04: AUD 28.54 per share

- 2025-05: AUD 29.21 per share

- 2025-06: AUD 29.49 per share

- 2025-07: AUD 32.87 per share

- 2025-08: AUD 33.73 per share

- 2025-09: AUD 29.98 per share

- 2025-10: AUD 29.69 per share

- 2025-11: AUD 30.94 per share

- 2025-12: AUD 29.47 per share

- 2026-01: AUD 32.20 per share

- 2026-02: AUD 31.91 per share

- 2026-03: AUD 26.34 per share

- 2026-04: AUD 29.94 per share

- 2026-05: AUD 28.94 per share

- 2026-06: AUD 32.26 per share

- 2026-07: AUD 32.86 per share

- 2026-08: AUD 32.42 per share

- 2026-09: AUD 30.18 per share

- 2026-10: AUD 31.25 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 7.29 per share, central AUD 10.41 per share, high AUD 12.15 per share

- FY2018: low AUD 6.77 per share, central AUD 8.41 per share, high AUD 9.70 per share

- FY2019: low AUD 9.07 per share, central AUD 13.08 per share, high AUD 15.32 per share

- FY2020: low AUD 9.55 per share, central AUD 12.03 per share, high AUD 13.93 per share

- FY2021: low AUD 11.34 per share, central AUD 14.16 per share, high AUD 16.41 per share

- FY2022: low AUD 9.94 per share, central AUD 12.98 per share, high AUD 15.04 per share

- FY2023: low AUD 8.38 per share, central AUD 10.57 per share, high AUD 12.29 per share

- FY2024: low AUD 8.83 per share, central AUD 10.92 per share, high AUD 12.63 per share

- FY2025: low AUD 9.65 per share, central AUD 12.32 per share, high AUD 14.32 per share

- FY2026: low AUD 10.94 per share, central AUD 14.14 per share, high AUD 16.38 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 2026-10-15T06:44:47.993Z 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.