# Ebos Group (EBO.AU)

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

Analysis as of: 2026-10-16T07:40:10.068Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## 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 16.44 per share; close as of 2026-10-15.

Estimated value: low AUD 9.07 per share, central AUD 10.31 per share, high AUD 11.98 per share. Buy at or below the central value AUD 10.31 per share. Valuation as of 2026-10-16T07:40:10.068Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.03×

- FY2026: 0.03×

### moat: fail

- Recent gross margin fell 4.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 20.5%

- ROIC, second-lowest year: 15.6%

- Typical minus recent gross margin: 4.4 pp

- Typical gross margin (annual median): 11.5%

- Recent gross margin (lower of latest and 3-year median): 7.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.7%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 55.2%

- FY2018: 26.1%

- FY2019: 24.4%

- FY2020: 20.4%

- FY2021: 22.4%

- FY2022: 19.4%

- FY2023: 20.6%

- FY2024: 19.0%

- FY2025: 15.6%

- FY2026: 12.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 932M

- Net income, five-year total: NZD 1.2B

- Return on incremental invested capital: -22.4%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.1 pp

- Working capital / revenue, final three-year average: 5.3%

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

- FY2022: 0.71×

- FY2023: 0.81×

- FY2024: 0.83×

- FY2025: 0.94×

- FY2026: 0.73×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 26.1% vs 15.6%

- Per-share earnings: 0.87 to 1.04 (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: 3.2%

- Ordinary dilution, 5-year annual growth: 4.6%

- Market cap gain: NZD 1.2B

- Cumulative retained earnings: NZD 238M

- Diluted shares, 10-year annual growth: 3.2%

- Diluted shares, 5-year annual growth: 4.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 2.2%

- Per-share value change: NZD 0.17

- Per-share value, starting three-year median: NZD 0.87

- Per-share value, ending three-year median: NZD 1.04

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 2.0B

- Cumulative net income, 10 years: NZD 1.9B

- ROIC, first three-year median: 26.1%

- ROIC, last three-year median: 15.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.87

- FY2018: NZD 0.90

- FY2019: NZD 0.85

- FY2020: NZD 1.00

- FY2021: NZD 1.12

- FY2022: NZD 1.07

- FY2023: NZD 1.32

- FY2024: NZD 1.39

- FY2025: NZD 1.04

- FY2026: NZD 1.03

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.3%

- FY2018: -0.8%

- FY2019: 0.6%

- FY2020: -2.2%

- FY2021: -3.4%

- FY2022: -1.1%

- FY2023: -2.7%

- FY2024: -1.1%

- FY2025: -2.8%

- FY2026: -1.5%

## Holders

## Price story

Down 62% since Mar 2023 · sales +5.1%

Story as of 2026-10-16T10:00:11.259Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2025–2026

sales +5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 7.6B 

- FY2018: NZD 7.0B 

- FY2019: NZD 6.9B 

- FY2020: NZD 8.8B 

- FY2021: NZD 9.2B 

- FY2022: NZD 11B 

- FY2023: NZD 12B 

- FY2024: NZD 13B 

- FY2025: NZD 12B 

- FY2026: NZD 13B 

### Gross margin · FY2026

gross margin 7.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 9.9% 

- FY2018: 11.3% 

- FY2019: 11.7% 

- FY2020: 10.5% 

- FY2021: 10.8% 

- FY2022: 11.6% 

- FY2023: 12.8% 

- FY2024: 12.4% 

- FY2025: 13.3% 

- FY2026: 7.1% 

## Owner memo

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

### How it makes money

Operates in medical distribution; annual sales are NZD 12.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2026: revenue 12817325521; grossProfit 909025036; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EBO.AU: EBOS Group Limited engages in the marketing, wholesale, and distribution of healthcare, medical, pharmaceutical, and animal care products in Australia, Southeast Asia, and New Zealand. It operates through the Healthcare and Animal Care segments. The company provides healthcare logistics; medication management solutions; pharmacy management software; pharmacy data, consumer loyalty, and analytics services; and health communications, programs, and consultancy services. It also offers community-based health care services and programs; vitamins, minerals and supplements, herbal and fruit teas, and natural toothpastes, as well as functional foods, including molasses and manuka honey; Pharmacy Choice, a five-step integrated retail program for independent pharmacies; and healthSAVE, a community pharmacy banner that helps members drive their retail businesses. In addition, the company offers healthcare distribution, warehousing, clinical trial management, and product registration services; clinical trial logistics; aesthetic healthcare devices, medical-grade cosmeceuticals, and injectables; dog and cat food, and treats; and surgical devices and medical consumables. Further, it provides pet nutrition, treats, clean-up, and grooming products and accessories; supplies pet medicines and other products to veterinary clinics and specialty retailers; manufactures and supplies dog rolls; and wholesales veterinary products. The company was formerly known as Early Bros Dental & Surgical Supplies Ltd. and changed its name to EBOS Group Limited in 1986. EBOS Group Limited was incorporated in 1922 and is headquartered in Docklands, Australia.

### Why customers stay

Margins ranged from 7.1% to 13.3% during 2024–26; it earns 20.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2024: grossProfit / revenue = 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2026: grossProfit / revenue = 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); 10-year return on capital observations [[2017,0.552048966498298],[2018,0.26071304353736363],[2019,0.244488735941499],[2020,0.20389700085976858],[2021,0.2240305622689322],[2022,0.19446115702219596],[2023,0.20644396477590052],[2024,0.19001178465035576],[2025,0.1563214047999864],[2026,0.12711554098574204]]; median 0.20517048281783457. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 12% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); Gross margin observations: [[2021,0.10784006356867677],[2022,0.11600999281683874],[2023,0.12757063172267155]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2017: growth capex 11760000; upkeep 25834000; owner earnings 132846000. Growth capex / owner earnings = 0.08852355358836547.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2018: growth capex 0; upkeep 58271940; owner earnings 111022843. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2019: growth capex 0; upkeep 34203265; owner earnings 136240185. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2020: growth capex 0; upkeep 31340040.67; owner earnings 153266290.768. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2021: growth capex 13495030.167572632; upkeep 74890056.32242736; owner earnings 131696760.50557263. Growth capex / owner earnings = 0.10247047927197574.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2022: growth capex 20430138.67; upkeep 78953385; owner earnings 143422800.016. Growth capex / owner earnings = 0.14244693777921538.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2023: growth capex 0; upkeep 107032321.25; owner earnings 205876275.704. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2024: growth capex 0; upkeep 84225634; owner earnings 224751287.99199998. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2025: growth capex 0; upkeep 50093659; owner earnings 201088042.874. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); FY2026: growth capex 0; upkeep 124843315; owner earnings 156847462.66199997. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); Dividend observations: [[2017,94945000],[2018,92614704],[2019,99938620],[2020,119698169.75],[2021,134292468.03],[2022,170872602.28],[2023,191239525.52],[2024,155624745],[2025,136250579],[2026,121793580]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 10.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EBO.AU SharesStats.PercentInsiders = 10.223 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual decline was 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.068Z); Ten-year compound average after fade. Initial solved rate 0.08371722499202361. Price 16.44; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.9275448390545196 → FY2026 0.7558338336743514. Closing-price date 2026-10-15.

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

- 2016-10: AUD 16.00 per share

- 2016-11: AUD 15.42 per share

- 2016-12: AUD 15.91 per share

- 2017-01: AUD 17.59 per share

- 2017-02: AUD 17.33 per share

- 2017-03: AUD 16.70 per share

- 2017-04: AUD 16.95 per share

- 2017-05: AUD 16.64 per share

- 2017-06: AUD 16.80 per share

- 2017-07: AUD 17.03 per share

- 2017-08: AUD 15.50 per share

- 2017-09: AUD 15.87 per share

- 2017-10: AUD 15.85 per share

- 2017-11: AUD 16.00 per share

- 2017-12: AUD 16.76 per share

- 2018-01: AUD 16.70 per share

- 2018-02: AUD 16.51 per share

- 2018-03: AUD 17.30 per share

- 2018-04: AUD 17.00 per share

- 2018-05: AUD 16.65 per share

- 2018-06: AUD 16.86 per share

- 2018-07: AUD 18.60 per share

- 2018-08: AUD 19.15 per share

- 2018-09: AUD 20.58 per share

- 2018-10: AUD 19.41 per share

- 2018-11: AUD 19.50 per share

- 2018-12: AUD 19.59 per share

- 2019-01: AUD 20.84 per share

- 2019-02: AUD 20.46 per share

- 2019-03: AUD 20.97 per share

- 2019-04: AUD 20.10 per share

- 2019-05: AUD 21.06 per share

- 2019-06: AUD 22.50 per share

- 2019-07: AUD 23.78 per share

- 2019-08: AUD 22.20 per share

- 2019-09: AUD 22.98 per share

- 2019-10: AUD 23.09 per share

- 2019-11: AUD 21.75 per share

- 2019-12: AUD 23.00 per share

- 2020-01: AUD 22.99 per share

- 2020-02: AUD 22.20 per share

- 2020-03: AUD 21.60 per share

- 2020-04: AUD 20.77 per share

- 2020-05: AUD 20.85 per share

- 2020-06: AUD 20.28 per share

- 2020-07: AUD 20.34 per share

- 2020-08: AUD 21.00 per share

- 2020-09: AUD 22.67 per share

- 2020-10: AUD 24.25 per share

- 2020-11: AUD 23.60 per share

- 2020-12: AUD 26.76 per share

- 2021-01: AUD 26.67 per share

- 2021-02: AUD 25.84 per share

- 2021-03: AUD 26.99 per share

- 2021-04: AUD 28.00 per share

- 2021-05: AUD 31.01 per share

- 2021-06: AUD 30.00 per share

- 2021-07: AUD 29.12 per share

- 2021-08: AUD 34.62 per share

- 2021-09: AUD 33.78 per share

- 2021-10: AUD 34.50 per share

- 2021-11: AUD 35.00 per share

- 2021-12: AUD 38.30 per share

- 2022-01: AUD 36.30 per share

- 2022-02: AUD 36.78 per share

- 2022-03: AUD 38.01 per share

- 2022-04: AUD 38.72 per share

- 2022-05: AUD 36.43 per share

- 2022-06: AUD 34.72 per share

- 2022-07: AUD 35.32 per share

- 2022-08: AUD 34.44 per share

- 2022-09: AUD 33.12 per share

- 2022-10: AUD 34.18 per share

- 2022-11: AUD 37.86 per share

- 2022-12: AUD 40.92 per share

- 2023-01: AUD 39.88 per share

- 2023-02: AUD 40.80 per share

- 2023-03: AUD 43.56 per share

- 2023-04: AUD 41.25 per share

- 2023-05: AUD 38.72 per share

- 2023-06: AUD 33.77 per share

- 2023-07: AUD 35.66 per share

- 2023-08: AUD 34.75 per share

- 2023-09: AUD 32.06 per share

- 2023-10: AUD 32.27 per share

- 2023-11: AUD 34.69 per share

- 2023-12: AUD 32.87 per share

- 2024-01: AUD 34.77 per share

- 2024-02: AUD 35.00 per share

- 2024-03: AUD 31.69 per share

- 2024-04: AUD 31.72 per share

- 2024-05: AUD 31.14 per share

- 2024-06: AUD 29.91 per share

- 2024-07: AUD 32.75 per share

- 2024-08: AUD 32.50 per share

- 2024-09: AUD 33.11 per share

- 2024-10: AUD 33.20 per share

- 2024-11: AUD 34.65 per share

- 2024-12: AUD 33.99 per share

- 2025-01: AUD 36.18 per share

- 2025-02: AUD 35.15 per share

- 2025-03: AUD 34.60 per share

- 2025-04: AUD 34.20 per share

- 2025-05: AUD 34.40 per share

- 2025-06: AUD 35.59 per share

- 2025-07: AUD 37.25 per share

- 2025-08: AUD 29.30 per share

- 2025-09: AUD 25.78 per share

- 2025-10: AUD 25.25 per share

- 2025-11: AUD 24.79 per share

- 2025-12: AUD 23.64 per share

- 2026-01: AUD 22.10 per share

- 2026-02: AUD 20.02 per share

- 2026-03: AUD 18.54 per share

- 2026-04: AUD 17.30 per share

- 2026-05: AUD 16.29 per share

- 2026-06: AUD 17.07 per share

- 2026-07: AUD 18.61 per share

- 2026-08: AUD 17.41 per share

- 2026-09: AUD 15.75 per share

- 2026-10: AUD 15.89 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 9.71 per share, central AUD 13.85 per share, high AUD 16.26 per share

- FY2018: low AUD 8.27 per share, central AUD 11.00 per share, high AUD 12.88 per share

- FY2019: low AUD 7.24 per share, central AUD 8.22 per share, high AUD 9.53 per share

- FY2020: low AUD 10.22 per share, central AUD 13.76 per share, high AUD 16.06 per share

- FY2021: low AUD 9.66 per share, central AUD 12.44 per share, high AUD 14.54 per share

- FY2022: low AUD 10.42 per share, central AUD 13.25 per share, high AUD 15.28 per share

- FY2023: low AUD 11.86 per share, central AUD 16.94 per share, high AUD 19.89 per share

- FY2024: low AUD 11.12 per share, central AUD 13.99 per share, high AUD 16.34 per share

- FY2025: low AUD 9.13 per share, central AUD 10.96 per share, high AUD 12.76 per share

- FY2026: low AUD 9.04 per share, central AUD 10.29 per share, high AUD 11.95 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 2026-10-15T06:45:59.528Z 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.