# Coles Group (COL.AU)

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

Analysis as of: 2026-10-16T07:34:39.163Z. Financial observations: FY2018–FY2026.

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 24.27 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.04×

- FY2026: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 11.4%

- ROIC, second-lowest year: 10.9%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 22.4%

- Recent gross margin (lower of latest and 3-year median): 23.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: -1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 27.8%

- FY2019: 33.9%

- FY2020: 11.3%

- FY2021: 11.6%

- FY2022: 11.2%

- FY2023: 11.4%

- FY2024: 10.9%

- FY2025: 10.4%

- FY2026: 11.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.35×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -1.9B

- Net income, five-year total: AUD 5.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

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

- FY2022: -0.50×

- FY2023: -0.42×

- FY2024: -0.51×

- FY2025: -0.23×

- FY2026: -0.11×

### management: pass

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.8% vs 10.9%

- Per-share earnings: 0.81 to 0.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: AUD 15B

- Cumulative retained earnings: AUD 420M

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.1%

- Per-share value change: AUD 0.00

- Per-share value, starting three-year median: AUD 0.81

- Per-share value, ending three-year median: AUD 0.81

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 27.8%

- ROIC, last three-year median: 10.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: AUD 1.18

- FY2019: AUD 0.81

- FY2020: AUD 0.73

- FY2021: AUD 0.75

- FY2022: AUD 0.78

- FY2023: AUD 0.82

- FY2024: AUD 0.83

- FY2025: AUD 0.80

- FY2026: AUD 0.81

### accounting: pass

- Sloan accruals: -9.9%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.5%

- FY2019: -12.2%

- FY2020: -7.6%

- FY2021: -8.9%

- FY2022: -7.2%

- FY2023: -8.3%

- FY2024: -8.4%

- FY2025: -9.2%

- FY2026: -9.9%

## Holders

## Price story

Up 59% since Oct 2023 · sales +3.1%

Story as of 2026-10-16T10:00:01.740Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: AUD 39B 

- FY2019: AUD 38B 

- FY2020: AUD 38B 

- FY2021: AUD 39B 

- FY2022: AUD 38B 

- FY2023: AUD 41B 

- FY2024: AUD 44B 

- FY2025: AUD 44B 

- FY2026: AUD 46B 

### Gross margin · FY2026

gross margin 23.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 21.4% 

- FY2019: 23.9% 

- FY2020: 21.8% 

- FY2021: 22.3% 

- FY2022: 22.3% 

- FY2023: 22.4% 

- FY2024: 26.1% 

- FY2025: 26.4% 

- FY2026: 23.5% 

## Owner memo

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

### How it makes money

Operates in grocery stores; annual sales are AUD 45.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2026: revenue 45722000000; grossProfit 10729000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COL.AU: Coles Group Limited operates as a grocery retailer in Australia. It operates through the Supermarkets and Liquor segments. The company offers grocery, fresh produce, meat, and non-food products through its full-service supermarkets and digital platforms; home delivery, including same-day and overnight drop, go services, or pick up through coles.com.au; and wines, spirits, and beers through Coles Liquor and Liquorland stores. It also provides loyalty programs under the flybuys brand; financial services, such as insurance, credit cards, and personal loans; and Coles 360 retail media services. The company was formerly known as Coles Myer Ltd. and changed its name to Coles Group Limited in November 2006. Coles Group Limited was founded in 1914 and is based in Hawthorn East, Australia.

### Why customers stay

Margins ranged from 23.5% to 26.4% during 2024–26; it earns 11.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2024: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2025: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2026: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); 9-year return on capital observations [[2018,0.27833050274265747],[2019,0.3393657418141536],[2020,0.112890769472954],[2021,0.11629206378139582],[2022,0.11207031343636455],[2023,0.11435907461414732],[2024,0.10906687410918925],[2025,0.10408081210461295],[2026,0.1142201514080333]]; median 0.1142201514080333. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); Gross margin observations: [[2021,0.2225388268514953],[2022,0.22325969588690958],[2023,0.2240890837870464]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back AUD 45 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2018: growth capex 0; upkeep 714700000; owner earnings 1513700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2019: growth capex 0; upkeep 1104000000; owner earnings 613600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); Dividend observations: [[2018,1106000000],[2019,320400000],[2020,873000000],[2021,807000000],[2022,798000000],[2023,844000000],[2024,853000000],[2025,889000000],[2026,938000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); FY2026: cash repurchases 45000000 AUD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COL.AU SharesStats.PercentInsiders = 0.5760000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.163Z); Closing price 24.27 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 34.04762199082303; price multiple 0.7128251132058965. FY2026 cash earnings/share -0.09040246073413054. Closing-price date 2026-10-15.

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

- 2018-11: AUD 11.71 per share

- 2018-12: AUD 11.74 per share

- 2019-01: AUD 12.51 per share

- 2019-02: AUD 11.33 per share

- 2019-03: AUD 11.85 per share

- 2019-04: AUD 12.61 per share

- 2019-05: AUD 12.45 per share

- 2019-06: AUD 13.35 per share

- 2019-07: AUD 14.20 per share

- 2019-08: AUD 13.84 per share

- 2019-09: AUD 15.40 per share

- 2019-10: AUD 14.99 per share

- 2019-11: AUD 16.26 per share

- 2019-12: AUD 14.84 per share

- 2020-01: AUD 16.55 per share

- 2020-02: AUD 14.21 per share

- 2020-03: AUD 15.16 per share

- 2020-04: AUD 15.51 per share

- 2020-05: AUD 15.36 per share

- 2020-06: AUD 17.17 per share

- 2020-07: AUD 18.17 per share

- 2020-08: AUD 17.73 per share

- 2020-09: AUD 17.00 per share

- 2020-10: AUD 17.75 per share

- 2020-11: AUD 17.86 per share

- 2020-12: AUD 18.14 per share

- 2021-01: AUD 18.21 per share

- 2021-02: AUD 15.33 per share

- 2021-03: AUD 16.01 per share

- 2021-04: AUD 16.32 per share

- 2021-05: AUD 16.57 per share

- 2021-06: AUD 17.09 per share

- 2021-07: AUD 17.49 per share

- 2021-08: AUD 18.08 per share

- 2021-09: AUD 16.99 per share

- 2021-10: AUD 17.14 per share

- 2021-11: AUD 18.02 per share

- 2021-12: AUD 17.94 per share

- 2022-01: AUD 16.20 per share

- 2022-02: AUD 17.38 per share

- 2022-03: AUD 17.91 per share

- 2022-04: AUD 18.70 per share

- 2022-05: AUD 17.53 per share

- 2022-06: AUD 17.81 per share

- 2022-07: AUD 18.75 per share

- 2022-08: AUD 17.56 per share

- 2022-09: AUD 16.43 per share

- 2022-10: AUD 16.33 per share

- 2022-11: AUD 16.95 per share

- 2022-12: AUD 16.72 per share

- 2023-01: AUD 17.76 per share

- 2023-02: AUD 18.18 per share

- 2023-03: AUD 18.02 per share

- 2023-04: AUD 18.20 per share

- 2023-05: AUD 17.98 per share

- 2023-06: AUD 18.42 per share

- 2023-07: AUD 18.19 per share

- 2023-08: AUD 16.27 per share

- 2023-09: AUD 15.56 per share

- 2023-10: AUD 15.27 per share

- 2023-11: AUD 15.33 per share

- 2023-12: AUD 16.11 per share

- 2024-01: AUD 15.91 per share

- 2024-02: AUD 16.90 per share

- 2024-03: AUD 16.94 per share

- 2024-04: AUD 16.22 per share

- 2024-05: AUD 16.42 per share

- 2024-06: AUD 17.03 per share

- 2024-07: AUD 18.10 per share

- 2024-08: AUD 18.79 per share

- 2024-09: AUD 18.06 per share

- 2024-10: AUD 17.59 per share

- 2024-11: AUD 18.59 per share

- 2024-12: AUD 18.89 per share

- 2025-01: AUD 19.50 per share

- 2025-02: AUD 19.98 per share

- 2025-03: AUD 19.53 per share

- 2025-04: AUD 21.22 per share

- 2025-05: AUD 21.60 per share

- 2025-06: AUD 20.84 per share

- 2025-07: AUD 20.74 per share

- 2025-08: AUD 23.88 per share

- 2025-09: AUD 23.29 per share

- 2025-10: AUD 22.05 per share

- 2025-11: AUD 22.32 per share

- 2025-12: AUD 21.44 per share

- 2026-01: AUD 21.28 per share

- 2026-02: AUD 20.56 per share

- 2026-03: AUD 21.96 per share

- 2026-04: AUD 22.11 per share

- 2026-05: AUD 21.72 per share

- 2026-06: AUD 24.37 per share

- 2026-07: AUD 24.09 per share

- 2026-08: AUD 24.04 per share

- 2026-09: AUD 23.36 per share

- 2026-10: AUD 23.70 per share

## Annual estimated value (AUD 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

## 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