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Aristocrat Leisure
(Sydney:ALL)
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Rating:76Outperform
Price Target:
AU$67.00
▲(9.46% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial fundamentals (high profitability, strong cash flow, and improving leverage) and supportive technical momentum with the stock trading above key moving averages. The main offsets are a relatively high P/E with a modest dividend yield, plus execution and margin headwinds in the Interactive segment noted on the latest earnings call despite reiterated growth guidance.
Positive Factors
Strong profitability and cash generation
High profitability and cash conversion give Aristocrat internal funding for product development, technology investment and shareholder distributions. The combination of a 22.7% net margin, growing free cash flow and operating cash flow above earnings supports durable financial flexibility.
Negative Factors
Recent revenue contraction
Recent top-line contraction indicates that Aristocrat is not expanding evenly across its businesses, despite strong profitability and constant-currency growth in the latest call. If sustained, weaker revenue growth could limit operating leverage and reduce the pool available for reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash generation
High profitability and cash conversion give Aristocrat internal funding for product development, technology investment and shareholder distributions. The combination of a 22.7% net margin, growing free cash flow and operating cash flow above earnings supports durable financial flexibility.
Read all positive factors
Aristocrat Leisure (ALL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$37.63B
Dividend Yield1.55%
Average Volume (3M)1.28M
Price to Earnings (P/E)26.6
Beta (1Y)0.77
Revenue Growth-1.22%
EPS Growth10.79%
CountryAU
Employees7,300
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.39
Shares Outstanding592,348,600
10 Day Avg. Volume1,276,825
30 Day Avg. Volume1,282,334
Financial Highlights & Ratios
PEG Ratio2.61
Price to Book (P/B)6.66
Price to Sales (P/S)6.94
P/FCF Ratio27.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$66.33Price Target Upside8.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)2.89
Revenue Forecast (FY)AU$6.48B
Aristocrat Leisure Business Overview & Revenue Model
Company Description
Aristocrat Leisure Limited, along with its subsidiary entities, supplies gaming content, technology, and mobile game applications, primarily within Australia. Its offerings encompass prominent lines such as Aristocrat Gaming and the Pixel United g...
How the Company Makes Money
Aristocrat makes money primarily by commercialising gaming content and technology across land-based casinos and digital/mobile channels. Key revenue streams typically include: (1) Land-based gaming machine sales: revenue from selling electronic ga...
Aristocrat Leisure Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call communicated strong operational performance across core businesses, with double-digit constant-currency earnings and margin expansion, robust gaming unit and share gains, effective capital returns (substantial buybacks and dividend) and measurable early AI productivity wins. Short-term challenges were acknowledged in Interactive (slower progress toward the USD 1 billion target, margin headwinds from investments and the strategic white-label exit), some product-mix margin effects in North America, FX headwinds and ongoing investment-driven costs. Management outlined clear remediation actions (leadership hires, targeted investments, an investor briefing on Interactive, and a USD 100 million cost-savings program) and reiterated full-year NPATA growth on a constant currency basis, so the positives materially outweigh the manageable near-term negatives.Positive Updates
Strong profitability and earnings growth
NPATA of ~USD 800 million, up 8% reported and 16% in constant currency; EPSA increased ~11% reported and 19% in constant currency reflecting operational execution and buyback accretion.
Negative Updates
Interactive behind original timeline to USD 1 billion target
Company acknowledged Interactive progress has been slower than planned; management says execution, slower market openings and some regulatory timing contributed to the shortfall versus the USD 1 billion FY '29 interactive revenue ambition.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong profitability and earnings growth
NPATA of ~USD 800 million, up 8% reported and 16% in constant currency; EPSA increased ~11% reported and 19% in constant currency reflecting operational execution and buyback accretion.
Read all positive updates
Company Guidance
Aristocrat reiterated it expects NPATA growth for the full year to 30 Sept 2026 on a constant‑currency basis and remains committed to its FY29 USD 1.0bn Interactive revenue target, with more detail to be provided at the 1 July investor briefing; operational guidance includes gaming net unit growth at the upper end of the 4,000–5,000 full‑year target (gaming operations added >2,000 units in H1), fee‑per‑day broadly stable with sequential improvement expected in H2, and ~100m USD of annualised cost savings targeted in FY27. On capital allocation, the group executed almost 680m USD of on‑market buybacks in H1, returned 981m USD to shareholders in the half (≈5.1bn USD over five years), increased the buyback authorization by 1.0bn to 2.5bn USD (≈1.3bn executed to date) with the program extended to 12 May 2027, and declared a franked interim dividend of $0.50/share (38.8% payout ratio). Other key numeric context included H1 D&D of 407m USD (up 7% cc; full‑year mid single‑digit D&D growth guidance), an effective tax rate ~27%, H1 NPATA ≈800m USD (+16% cc / +8% reported), EPSA +19% cc, and a group EBITDA margin uplift of ~220bps.Aristocrat Leisure Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.29B | 6.30B | 6.60B | 6.30B | 5.57B | 4.74B |
| Gross Profit | 3.67B | 3.70B | 3.87B | 3.44B | 2.95B | 2.33B |
| EBITDA | 2.58B | 2.45B | 2.36B | 2.21B | 1.85B | 1.45B |
| Net Income | 1.47B | 1.43B | 1.30B | 1.45B | 948.50M | 820.00M |
Balance Sheet | ||||||
| Total Assets | 9.64B | 10.39B | 10.30B | 10.92B | 10.12B | 8.67B |
| Cash, Cash Equivalents and Short-Term Investments | 641.10M | 1.29B | 959.10M | 3.19B | 3.03B | 2.44B |
| Total Debt | 1.89B | 2.03B | 2.41B | 2.68B | 2.79B | 3.52B |
| Total Liabilities | 3.47B | 3.84B | 4.02B | 4.20B | 4.10B | 4.79B |
| Stockholders Equity | 6.17B | 6.56B | 6.28B | 6.73B | 6.02B | 3.88B |
Cash Flow | ||||||
| Free Cash Flow | 1.64B | 1.58B | 1.35B | 1.35B | 977.20M | 1.10B |
| Operating Cash Flow | 1.98B | 1.93B | 1.77B | 1.80B | 1.25B | 1.33B |
| Investing Cash Flow | -567.20M | 441.30M | -2.01B | -629.70M | -334.40M | -310.40M |
| Financing Cash Flow | -2.11B | -2.07B | -1.87B | -1.03B | -605.30M | -257.30M |
Aristocrat Leisure Technical Analysis
Positive
61.21
Price Trends
61.03
Positive
60.90
Positive
54.87
Positive
Market Momentum
0.85
Negative
61.68
Neutral
77.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ALL, the sentiment is Positive. The current price of 61.21 is below the 20-day moving average (MA) of 61.40, above the 50-day MA of 61.03, and above the 200-day MA of 54.87, indicating a bullish trend. The MACD of 0.85 indicates Negative momentum. The RSI at 61.68 is Neutral, neither overbought nor oversold. The STOCH value of 77.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ALL.
Aristocrat Leisure Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$37.63B | 26.62 | 23.15% | 1.55% | -1.22% | 10.79% | |
64 Neutral | AU$231.57M | 25.40 | 48.57% | 4.67% | 3.43% | 18.43% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | AU$1.93B | 42.70 | 3.66% | 3.57% | 0.13% | 26.25% | |
50 Neutral | AU$400.78M | -19.23 | -5.86% | 15.59% | -13.43% | -208.54% | |
41 Neutral | AU$862.58M | -2.14 | -64.40% | 5.00% | -9.32% | 59.25% | |
41 Neutral | AU$278.07M | -8.00 | 231.91% | 272.55% | 5.56% | 8.45% |
* Consumer Cyclical Sector Average
AU:ALL
Aristocrat Leisure
63.72
-1.35
-2.08%
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0.84
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-17.49%
Aristocrat Leisure Corporate Events
Aristocrat Leisure Cancels Nearly 1.9 Million Shares After On-Market Buy-Back
Oct 1, 2026
Aristocrat Leisure has cancelled 1,896,619 ordinary fully paid shares following completion of an on-market share buy-back, as disclosed in a new ASX filing dated 1 October 2026. The reduction in issued capital via buy-back and cancellation may enh...
Aristocrat Leisure Extends Daily On‑Market Share Buyback
Sep 28, 2026
Aristocrat Leisure Limited has continued its on-market share buyback program, purchasing ordinary fully paid shares under its previously announced capital management initiative. The company, trading under ASX code ALL, is progressively reducing it...
Aristocrat Leisure Extends On-Market Share Buy-Back Program
Sep 24, 2026
Aristocrat Leisure Limited, a leading gaming and entertainment technology provider listed on the ASX under ticker ALL, develops gaming machines and digital gaming solutions for casinos and regulated venues worldwide. Its operations span land-based...
Aristocrat Leisure Updates Market on Ongoing On-Market Share Buy-Back
Sep 23, 2026
Aristocrat Leisure Limited has updated the market on progress under its on-market share buy-back program, confirming that a total of 32,682,558 ordinary fully paid shares had been repurchased before the latest trading day. The company reported tha...
Aristocrat Leisure Updates ASX on Progress of Ongoing Share Buy-Back
Sep 22, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program in its ordinary fully paid shares. The update, dated 23 September 2026, confirms the continued execution of the buy-b...
Aristocrat Leisure Updates Daily On‑Market Share Buy‑Back Activity
Sep 21, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX confirming the ongoing execution of its on‑market share buy‑back program for ordinary fully paid shares. The latest daily disclosure reports a cumulative total ...
Aristocrat Updates Market on Progress of Ongoing Share Buy-Back
Sep 20, 2026
Aristocrat Leisure Limited has issued an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update is part of its regular daily buy-back disclosures and follows an initial program that...
Aristocrat Leisure Updates Daily On-Market Share Buy-Back Activity
Sep 17, 2026
Aristocrat Leisure Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares listed on the ASX. The latest notification, dated 18 September 2026, confirms the company is continuing daily repu...
Aristocrat Leisure Updates Daily On-Market Share Buy-Back
Sep 16, 2026
Aristocrat Leisure Limited has provided an updated notification on its ongoing on-market share buy-back program for its ordinary fully paid shares listed on the ASX under code ALL. The latest filing records cumulative repurchases of 31,597,835 sha...
Aristocrat Leisure Cancels 2.8 Million Shares in On-Market Buy-Back
Sep 16, 2026
Aristocrat Leisure Limited has notified the market that 2,790,373 ordinary fully paid shares have ceased following cancellation under an on-market share buy-back completed on September 14, 2026. The reduction in issued capital signals continued ca...
Aristocrat Leisure Continues On-Market Share Buy-Back Programme
Sep 15, 2026
Aristocrat Leisure Limited has provided an updated notification regarding its ongoing on-market share buy-back program for its ordinary fully paid shares trading under the ASX code ALL. The latest filing confirms that the buy-back, first notified ...
Aristocrat Leisure Updates ASX on Progress of Ongoing Share Buy-Back
Sep 13, 2026
Aristocrat Leisure Limited has issued an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares, ticker ALL. The latest daily notification shows that a total of 31,242,086 shares h...
Aristocrat Leisure Reports Ongoing Daily On‑Market Share Buy‑Back
Sep 10, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on its ongoing on‑market share buy‑back program, covering ordinary fully paid shares under code ALL. The latest daily filing reports a cumulative 30,839,445 sha...
Aristocrat Leisure Updates Market on Ongoing Share Buy‑Back Activity
Sep 8, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on its ongoing on‑market share buy‑back program, covering ordinary fully paid shares under code ALL. The company reported that a total of 30,730,635 shares had ...
Aristocrat Leisure Updates Daily On-Market Share Buy-Back Activity
Sep 2, 2026
Aristocrat Leisure Limited is a global gaming and leisure company listed on the Australian Securities Exchange under the code ALL. The group provides gaming machines and associated technologies to casinos and other gaming venues, giving investors ...
Aristocrat Leisure Updates Investors on Ongoing On-Market Share Buy-Back
Sep 1, 2026
Aristocrat Leisure Limited has provided an updated daily notification on its ongoing on-market share buy-back program for ordinary fully paid shares traded under the ASX code ALL. The update, dated 2 September 2026, confirms that the company repur...
Aristocrat Leisure Updates Daily On‑Market Share Buy‑Back
Aug 30, 2026
Aristocrat Leisure Limited has issued an update on its ongoing on‑market share buy‑back program, confirming a daily buy‑back notification for its ordinary fully paid shares. The company reported that a cumulative total of 29,730,...
Aristocrat Leisure Updates Investors on Ongoing Share Buy-Back
Aug 27, 2026
Aristocrat Leisure Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares listed under the ASX code ALL. The latest notification, dated 28 August 2026, reports that the company has repurch...
Aristocrat Leisure Continues On-Market Share Buy-Back Program
Aug 25, 2026
Aristocrat Leisure Limited, a leading ASX-listed gaming technology and machine manufacturer, serves casino and regulated gaming markets with its portfolio of electronic gaming solutions. The company has a significant presence in global gaming, whe...
Aristocrat Leisure Updates Market on Progress of On-Market Share Buy-Back
Aug 24, 2026
Aristocrat Leisure Limited has issued an updated notification to the ASX regarding its ongoing on-market share buy-back program involving its ordinary fully paid shares. The update confirms the program remains active, with a cumulative total of 29...
Aristocrat Leisure Updates Daily On-Market Share Buy-Back
Aug 18, 2026
Aristocrat Leisure Limited has provided an update on its ongoing on-market share buy-back program involving its ordinary fully paid shares traded under the ASX code ALL. The company continues to repurchase stock as part of capital management, whic...
Aristocrat Leisure Cancels 2.4 Million Shares in On‑Market Buy‑Back
Aug 18, 2026
Aristocrat Leisure has cancelled 2,418,679 ordinary fully paid shares following completion of an on‑market buy‑back, as disclosed in a new Appendix 3H filing with the ASX. The reduction in issued capital reflects the company’s on...
Aristocrat Leisure Issues Daily Update on Ongoing Share Buy-Back
Aug 17, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program covering its ordinary fully paid shares. The company continues to actively repurchase stock, reinforcing capital man...
Aristocrat Continues On‑Market Share Buy‑Back With Daily ASX Update
Aug 13, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that, as of 14 August 2026, it had repurchased a cumulative total of 28,3...
Aristocrat Leisure Continues On-Market Share Buy-Back Program
Aug 10, 2026
Aristocrat Leisure Limited has continued its on-market share buy-back program, repurchasing ordinary fully paid shares under an initiative first notified in February 2025. The company is providing a daily update to the ASX, confirming the cumulati...
Aristocrat Leisure Continues On-Market Share Buy-Back Program
Aug 5, 2026
Aristocrat Leisure Limited has continued its on-market share buy-back program, reporting a cumulative total of 27,775,931 ordinary shares repurchased prior to the latest trading day. The company bought back a further 206,852 shares on the previous...
Aristocrat Leisure Expands On-Market Share Buy-Back Program
Aug 4, 2026
Aristocrat Leisure Limited has continued its on-market share buy-back program, reporting a cumulative total of 27,544,277 ordinary fully paid shares repurchased prior to the latest trading day. The company disclosed that an additional 231,654 shar...
Aristocrat Leisure Updates Market on Progress of On‑Market Share Buy‑Back
Jul 30, 2026
Aristocrat Leisure Limited has provided an update on its on‑market share buy‑back, confirming it is repurchasing ordinary fully paid shares under the existing program first notified in February 2025. The latest daily notification shows...
Aristocrat Leisure Reports Ongoing On‑Market Share Buy‑Back Activity
Jul 28, 2026
Aristocrat Leisure Limited has reported progress on its on‑market share buy‑back program, which targets its ordinary fully paid shares trading under the ASX code ALL. The company disclosed that, prior to the latest trading day, it had ...
Aristocrat Steps Up On‑Market Buy‑Back With Fresh Daily Purchases
Jul 23, 2026
Aristocrat Leisure Limited has continued its on‑market share buy‑back program, repurchasing a total of 26,927,920 ordinary fully paid shares as of 24 July 2026. The latest daily notification shows 192,641 shares were bought back on the...
Aristocrat Leisure Continues On-Market Share Buy-Back Program
Jul 21, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for ordinary fully paid shares. The latest daily filing, dated 22 July 2026, confirms that the company is continuing ...
Aristocrat Leisure Updates ASX on Ongoing On-Market Share Buy-Back
Jul 21, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares. The program, originally notified in February 2025, continues to run, with the company reporting cumul...
Aristocrat Leisure Reports Lapse of 87,067 Performance Share Rights
Jul 10, 2026
Aristocrat Leisure Limited is a global gaming company listed on the ASX, known for developing and supplying gaming machines and related technologies to casinos and other regulated gaming markets. The company focuses on wagering entertainment and e...
Aristocrat Leisure Issues New Shares Following Conversion of Unquoted Securities
Jul 10, 2026
Aristocrat Leisure Limited has notified the market of the conversion of unquoted securities into 15,393 ordinary fully paid shares. The issuance follows the exercise of unquoted options or other convertible instruments, modestly increasing the com...
Aristocrat Leisure Issues New Performance Share Rights Under Employee Scheme
Jul 10, 2026
Aristocrat Leisure Limited has notified the market of the issue of 25,495 unquoted performance share rights under its employee incentive scheme. These securities, designated as performance share rights, were issued on June 30, 2026 and are not int...
Aristocrat Issues New Performance Share Rights Under Employee Incentive Plan
Jul 10, 2026
Aristocrat Leisure Limited has notified the market of the issue of 6,711 unquoted performance share rights under its employee incentive scheme, effective June 30, 2026. These securities, classified as performance share rights (ASX code ALLAA), wil...
Aristocrat Leisure Continues On-Market Share Buy-Back Program
Jul 8, 2026
Aristocrat Leisure Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for ordinary fully paid shares. The company reported that a total of 25,782,242 shares had been bought back prior to the lat...
Aristocrat Leisure Extends On-Market Share Buy-Back Program
Jul 7, 2026
Aristocrat Leisure Limited has continued its on-market share buy-back program, updating investors with a daily notification covering purchases of its ordinary fully paid shares on 8 July 2026. The buy-back relates to the capital management initiat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.