# Endeavour Group (EDV.AU)

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

Analysis as of: 2026-10-16T07:38:19.197Z. 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 3.11 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.01×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.02×

- FY2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 1.8%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 34.4%

- Recent gross margin (lower of latest and 3-year median): 34.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: -0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 0.4%

- FY2021: 8.8%

- FY2022: 8.9%

- FY2023: 8.7%

- FY2024: 8.9%

- FY2025: 1.8%

- FY2026: 3.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.40×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -797M

- Net income, five-year total: AUD 2.0B

- Working capital / revenue, annual change: -1.0 pp

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

- FY2022: -0.06×

- FY2023: -0.16×

- FY2024: -0.16×

- FY2025: -0.14×

- FY2026: -10.50×

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: 0.25 to 0.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: -0.7%

- Per-share value change: AUD -0.01

- Per-share value, starting three-year median: AUD 0.25

- Per-share value, ending three-year median: AUD 0.24

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2018: AUD 0.26

- FY2019: AUD 0.25

- FY2020: AUD -0.04

- FY2021: AUD 0.25

- FY2022: AUD 0.28

- FY2023: AUD 0.30

- FY2024: AUD 0.29

- FY2025: AUD 0.24

- FY2026: AUD 0.03

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 17.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.16×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -5.8%

- FY2021: -6.2%

- FY2022: -4.2%

- FY2023: -2.1%

- FY2024: -5.9%

- FY2025: -6.2%

- FY2026: -7.2%

## Holders

## Price story

Down 61% since Jul 2022 · sales +1.3%

Story as of 2026-10-16T10:00:09.879Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +1.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: AUD 9.8B 

- FY2019: AUD 10B 

- FY2020: AUD 4.1B 

- FY2021: AUD 12B 

- FY2022: AUD 12B 

- FY2023: AUD 12B 

- FY2024: AUD 12B 

- FY2025: AUD 12B 

- FY2026: AUD 12B 

### Gross margin · FY2026

gross margin 34.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 26.8% 

- FY2021: 31.6% 

- FY2022: 31.3% 

- FY2023: 33.8% 

- FY2024: 34.6% 

- FY2025: 35.0% 

- FY2026: 34.4% 

## Owner memo

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

### How it makes money

Operates in beverages wineries & distilleries; annual sales are AUD 12.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2026: revenue 12212000000; grossProfit 4199000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDV.AU: Endeavour Group Limited engages in the liquor retail and hospitality businesses in Australia and New Zealand. It operates in Retail and Hotels segments. The Retail segment procures, manufactures, and sells drinks. The Hotels segment provides hotels-related goods and services, such as food and drinks, accommodation, entertainment, and gaming. The company operates under the Dan Murphy's, BWS, ALH Hotels, Pinnacle Drinks, LANGTONS, MixIn, and FULFILLED brands. Endeavour Group Limited was incorporated in 2012 and is headquartered in Barangaroo, Australia.

### Why customers stay

Margins ranged from 34.4% to 35% during 2024–26; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2024: grossProfit / revenue = 34.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2025: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2026: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); 9-year return on capital observations [[2020,0.004075553336661674],[2021,0.0876161106149702],[2022,0.08880713135999035],[2023,0.08656013183977322],[2024,0.08897673678423657],[2025,0.017835335030887026],[2026,0.03770912034538586]]; median 0.08656013183977322. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back AUD 13 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2018: growth capex 0; upkeep 309000000; owner earnings 588000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2019: growth capex 0; upkeep 276000000; owner earnings 657000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2020: growth capex 0; upkeep 115000000; owner earnings 19000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); Dividend observations: [[2018,157000000],[2019,157000000],[2020,157000000],[2021,52000000],[2022,349000000],[2023,394000000],[2024,390000000],[2025,358000000],[2026,290000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); FY2026: cash repurchases 13000000 AUD.

### Are managers owners

Insiders own 15.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDV.AU SharesStats.PercentInsiders = 15.855 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:19.197Z); Closing price 3.11 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 6.814732142857143; price multiple 0.45636423190304615. FY2026 cash earnings/share -0.30479910714285713. Closing-price date 2026-10-15.

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

- 2021-06: AUD 6.29 per share

- 2021-07: AUD 6.63 per share

- 2021-08: AUD 7.30 per share

- 2021-09: AUD 6.98 per share

- 2021-10: AUD 6.80 per share

- 2021-11: AUD 6.85 per share

- 2021-12: AUD 6.74 per share

- 2022-01: AUD 6.28 per share

- 2022-02: AUD 7.16 per share

- 2022-03: AUD 7.29 per share

- 2022-04: AUD 7.80 per share

- 2022-05: AUD 7.26 per share

- 2022-06: AUD 7.57 per share

- 2022-07: AUD 7.92 per share

- 2022-08: AUD 7.27 per share

- 2022-09: AUD 7.00 per share

- 2022-10: AUD 7.15 per share

- 2022-11: AUD 6.97 per share

- 2022-12: AUD 6.42 per share

- 2023-01: AUD 6.63 per share

- 2023-02: AUD 6.83 per share

- 2023-03: AUD 6.77 per share

- 2023-04: AUD 6.79 per share

- 2023-05: AUD 6.17 per share

- 2023-06: AUD 6.31 per share

- 2023-07: AUD 6.08 per share

- 2023-08: AUD 5.50 per share

- 2023-09: AUD 5.27 per share

- 2023-10: AUD 4.94 per share

- 2023-11: AUD 4.93 per share

- 2023-12: AUD 5.21 per share

- 2024-01: AUD 5.62 per share

- 2024-02: AUD 5.50 per share

- 2024-03: AUD 5.51 per share

- 2024-04: AUD 5.36 per share

- 2024-05: AUD 4.96 per share

- 2024-06: AUD 5.05 per share

- 2024-07: AUD 5.49 per share

- 2024-08: AUD 5.34 per share

- 2024-09: AUD 5.02 per share

- 2024-10: AUD 4.69 per share

- 2024-11: AUD 4.37 per share

- 2024-12: AUD 4.20 per share

- 2025-01: AUD 4.23 per share

- 2025-02: AUD 4.17 per share

- 2025-03: AUD 3.84 per share

- 2025-04: AUD 3.99 per share

- 2025-05: AUD 4.07 per share

- 2025-06: AUD 4.01 per share

- 2025-07: AUD 4.09 per share

- 2025-08: AUD 3.82 per share

- 2025-09: AUD 3.63 per share

- 2025-10: AUD 3.66 per share

- 2025-11: AUD 3.70 per share

- 2025-12: AUD 3.66 per share

- 2026-01: AUD 3.70 per share

- 2026-02: AUD 3.91 per share

- 2026-03: AUD 3.26 per share

- 2026-04: AUD 3.35 per share

- 2026-05: AUD 2.88 per share

- 2026-06: AUD 3.25 per share

- 2026-07: AUD 3.48 per share

- 2026-08: AUD 3.14 per share

- 2026-09: AUD 3.01 per share

- 2026-10: AUD 3.05 per share

## Annual estimated value (AUD per share)

- FY2022: low AUD 0.36 per share, central AUD 0.40 per share, high AUD 0.46 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