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Kogan.com
(Sydney:KGN)
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Rating:63Neutral
Price Target:
AU$4.00
▲(7.82% Upside)
Action:Reiterated
Date:08/25/26
The score is driven primarily by improving financial performance (profitability recovery and strong free cash flow) and a constructive earnings update with reaffirmed margin ambitions and positive early FY27 trading. Offsetting this are weak technicals (price below major moving averages) and a relatively high P/E (~33), which increases reliance on execution—especially the Mighty Ape turnaround and ongoing margin progress.
Positive Factors
Core revenue and earnings growth
Strong growth in the core Kogan.com business indicates improving customer demand and operating leverage. Continued revenue and earnings expansion provides a durable foundation for funding platform investment and offsetting weakness in smaller operations.
Negative Factors
Thin and historically volatile profitability
The latest recovery has not yet demonstrated consistently strong profitability across cycles. A thin net margin leaves limited protection against freight, marketing, returns or demand pressures, while prior losses reduce confidence that improvement is fully durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Core revenue and earnings growth
Strong growth in the core Kogan.com business indicates improving customer demand and operating leverage. Continued revenue and earnings expansion provides a durable foundation for funding platform investment and offsetting weakness in smaller operations.
Read all positive factors
Kogan.com (KGN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$322.30M
Dividend Yield4.32%
Average Volume (3M)398.97K
Price to Earnings (P/E)29.9
Beta (1Y)1.48
Revenue Growth4.64%
EPS GrowthN/A
CountryAU
Employees350
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.11
Shares Outstanding94,794,650
10 Day Avg. Volume664,122
30 Day Avg. Volume398,967
Financial Highlights & Ratios
PEG Ratio-0.31
Price to Book (P/B)12.63
Price to Sales (P/S)0.85
P/FCF Ratio10.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$5.22Price Target Upside40.61% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.22
Revenue Forecast (FY)AU$554.23M
Kogan.com Business Overview & Revenue Model
Company Description
Kogan.com Ltd is a prominent Australian e-commerce company, established in Melbourne in 2006. The business primarily functions as an online retailer, offering a diverse selection of goods across categories like electronics, appliances, homewares, ...
How the Company Makes Money
Kogan.com makes money primarily through multiple digital retail and services revenue streams: (1) Product sales (retail/e-commerce): The company sells products directly to consumers via its websites and apps. Revenue is recognized from the sale of...
Kogan.com Earnings Call Summary
Earnings Call Date:Aug 23, 2026
(Q4-2026)
| Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call presents a broadly positive picture driven by strong performance at Kogan.com (double‑digit revenue and earnings growth, expanding margins and healthy cash generation), meaningful progress on the Mighty Ape reset (inventory reduction, cost cuts, margin recovery and Q4 profitability), and active moves to scale platform and AI capabilities. Key risks remain: Mighty Ape’s FY'26 revenue decline and full‑year loss (though Q4 turned positive), a group adjusted earnings margin below the stated medium‑term target, elevated marketing investment, and an announced but undated senior leadership departure. On balance, the positives — notably Kogan.com strength, cash generation, platform mix and constructive operational improvements at Mighty Ape — outweigh the negatives, though execution on the Mighty Ape turnaround and maintaining margin momentum will be important for delivering the medium‑term targets.Positive Updates
Group Gross Sales Exceed $1 Billion
Group gross sales topped $1.0 billion, representing growth of 12% year-on-year, demonstrating scale expansion across the group.
Negative Updates
Mighty Ape Revenue Decline and FY'26 Loss
Mighty Ape revenue declined 30% to $85.6 million and recorded a $3.3 million adjusted earnings loss for the full year. Although Q4 returned to positive adjusted earnings, the recovery remains at an early stage and the business is operating from a materially lower sales base.
Read all updates
Q4-2026 Updates
Positive
Negative
Group Gross Sales Exceed $1 Billion
Group gross sales topped $1.0 billion, representing growth of 12% year-on-year, demonstrating scale expansion across the group.
Read all positive updates
Company Guidance
The company reaffirmed its medium‑term guidance to progressively grow adjusted earnings margins toward ~12% and signalled it expects Mighty Ape to deliver a full‑year adjusted EBITDA profit in FY27 after Q4 positivity; July trading provided an encouraging start with Kogan.com gross sales up ~13% and revenue up ~18% (David: gross sales +12.8%, revenue +17.9%), group gross sales +9% and group revenue +6%. FY26 metrics underpinning the guidance include Kogan.com revenue $425.2m (+16%), gross profit $184.8m (+18%) and adjusted earnings $45.1m (+22%); group revenue $510.7m (+5%), gross profit $210.9m (+11%) and adjusted earnings $41.8m (+14%) at an 8.2% margin; platform‑based sales now generate 61% of group gross profit (up from 59%) and 73% of gross profit comes from exclusive products/services. The Board emphasised disciplined profitable growth, continued investment in Kogan.com and platform expansion, a strong balance sheet (cash $36.4m, no external debt, free cash flow $38.3m +18.2%), capital returns last year of $34.9m ($14.7m dividends, $20.2m buyback) and a declared final fully franked dividend of $0.080 with a DRP at a 2.5% discount.Kogan.com Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
78
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 510.61M | 488.11M | 459.70M | 488.38M | 717.60M |
| Gross Profit | 210.81M | 189.91M | 168.44M | 135.44M | 183.52M |
| EBITDA | 39.93M | 31.68M | 38.09M | -19.12M | -21.43M |
| Net Income | 11.17M | -39.47M | 83.00K | -25.85M | -35.46M |
Balance Sheet | |||||
| Total Assets | 193.47M | 190.15M | 243.43M | 274.06M | 360.31M |
| Cash, Cash Equivalents and Short-Term Investments | 36.43M | 42.27M | 41.34M | 65.44M | 66.23M |
| Total Debt | 17.36M | 16.66M | 23.04M | 15.73M | 57.53M |
| Total Liabilities | 159.04M | 129.62M | 119.83M | 106.34M | 187.67M |
| Stockholders Equity | 34.43M | 60.53M | 123.60M | 167.72M | 172.64M |
Cash Flow | |||||
| Free Cash Flow | 41.82M | 36.96M | 23.17M | 66.70M | 56.28M |
| Operating Cash Flow | 41.95M | 37.29M | 28.19M | 70.86M | 61.84M |
| Investing Cash Flow | -3.60M | -4.90M | -15.96M | -18.05M | -32.78M |
| Financing Cash Flow | -41.60M | -31.57M | -36.39M | -53.79M | -54.24M |
Kogan.com Technical Analysis
Negative
3.71
Price Trends
4.22
Negative
4.06
Negative
3.81
Negative
Market Momentum
-0.25
Positive
26.60
Positive
1.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:KGN, the sentiment is Negative. The current price of 3.71 is below the 20-day moving average (MA) of 4.10, below the 50-day MA of 4.22, and below the 200-day MA of 3.81, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 26.60 is Positive, neither overbought nor oversold. The STOCH value of 1.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:KGN.
Kogan.com Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | AU$3.03B | 14.75 | 16.02% | 6.99% | 3.19% | -7.17% | |
68 Neutral | AU$7.36B | 15.02 | 29.54% | 5.01% | 4.82% | 5.95% | |
65 Neutral | AU$405.94M | 15.03 | 14.04% | 4.24% | 3.42% | -8.75% | |
63 Neutral | AU$322.30M | 29.90 | 23.74% | 4.32% | 4.64% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | AU$245.60M | -6.32 | -19.53% | 6.68% | 3.83% | -251.57% | |
51 Neutral | AU$564.09M | 135.57 | 3.54% | ― | 10.63% | -62.61% |
* Consumer Cyclical Sector Average
AU:KGN
Kogan.com
3.40
-0.32
-8.68%
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Kogan.com Corporate Events
Kogan.com Releases FY26 Results Presentation with Cautions on Forward-Looking Data
Aug 24, 2026
Kogan.com has released its unaudited FY26 results presentation, providing a general summary of its activities and financial performance compared with FY25. The company stresses that the information is current as of 24 August 2026, may change witho...
Kogan Group tops $1bn in sales as margins and cash returns climb
Aug 24, 2026
Kogan Group reported strong FY26 results, surpassing $1 billion in gross sales as Kogan.com drove double-digit revenue and profit growth, margin expansion and operating leverage. The core business benefited from AI-driven process automation, which...
Kogan.com Announces AUD 0.08 Interim Dividend and DRP Timetable
Aug 24, 2026
Kogan.com has declared a fully franked interim dividend of AUD 0.08 per ordinary share for the six-month period ended 30 June 2026, reflecting the company’s ongoing practice of returning capital to shareholders. The dividend will be paid on ...
Kogan.com Returns to Profit as Platform Strategy and Mighty Ape Reset Boost Earnings
Aug 24, 2026
Kogan.com reported a return to profitable growth in the year to 30 June 2026, with group revenue rising 4.6% to $510.7 million and a swing from a $39.5 million loss to an $11.2 million statutory profit after tax. The turnaround was driven by impro...
Kogan.com Sets Date for FY26 Results Release and Investor Webinar
Aug 17, 2026
Kogan.com has scheduled the release of its FY26 Appendix 4E and Financial Report to the ASX for Monday, 24 August 2026, reinforcing its ongoing disclosure obligations as a listed Australian e-commerce and services group. The company continues to l...
Kogan.com Cancels Shares Under On‑Market Buy‑Back
Jul 3, 2026
Kogan.com has cancelled 69,906 ordinary fully paid shares as part of an on-market share buy-back, formally notifying the ASX of the cessation of these securities. The move slightly reduces the company’s issued capital base, which can be supp...
Kogan.com Options Expire, Trimming Outstanding Securities
Jul 3, 2026
Kogan.com has notified the market that 1,359 options with an exercise price of $3.68, expiring on 30 June 2026, have lapsed unexercised as of 1 July 2026. The expiry slightly reduces the company’s pool of outstanding options, simplifying its...
Kogan.com Reports Daily Progress on Ongoing On-Market Share Buy-Back
Jul 1, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares, disclosing that it repurchased a total of 756,878 securities before the previous day and a further 69,906 securities on the previo...
Kogan.com Cancels Shares Following On-Market Buy-Back
Jun 30, 2026
Kogan.com has cancelled 403,150 ordinary fully paid shares following an on-market buy-back completed on June 30, 2026. The reduction in issued capital reflects the company’s use of excess funds to repurchase equity, which may enhance earning...
Kogan.com Reports Ongoing On-Market Share Buy-Back Activity
Jun 29, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program, confirming that it repurchased 70,208 ordinary fully paid shares on the previous trading day. This takes the total number of shares bought back under the current pro...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 28, 2026
Kogan.com has disclosed an update on its on-market share buy-back program for its ordinary fully paid shares traded under the ASX code KGN. The company reported that it had bought back a cumulative total of 610,564 shares prior to the most recent ...
Kogan.com Updates Market on Progress of On-Market Share Buy-Back
Jun 25, 2026
Kogan.com has continued its on-market share buy-back program, targeting its ordinary fully paid shares listed on the ASX under code KGN. The company first notified the market of this buy-back in April 2026 and is providing an updated daily disclos...
Kogan.com Ramps Up On-Market Share Buy-Back With Daily Updates
Jun 24, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program, confirming that a total of 448,290 ordinary fully paid shares had been repurchased before the previous trading day, with a further 87,230 shares bought back on the p...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Jun 23, 2026
Kogan.com has provided an update on its on-market share buy-back, confirming that it repurchased 74,766 ordinary fully paid shares on the previous trading day, bringing the cumulative total bought back to 373,524 shares since the program’s c...
Kogan.com Cancels Shares Under On-Market Buy-Back
Jun 23, 2026
Kogan.com Ltd has cancelled 353,728 ordinary fully paid shares as part of an on-market buy-back, effective June 22, 2026. The reduction in issued capital may enhance earnings per share and signals ongoing capital management, which can influence in...
Kogan.com Issues New Performance Rights Under Employee Incentive Scheme
Jun 23, 2026
Kogan.com has issued 6,641 unquoted performance rights under its employee incentive scheme, with the new securities recorded on June 23, 2026. The move reflects the company’s ongoing use of equity-based compensation to align staff incentives...
Kogan.com Continues On-Market Share Buy-Back with Daily Update
Jun 22, 2026
Kogan.com has provided an updated notification on its on-market share buy-back program, confirming that it continues to repurchase ordinary fully paid shares under its existing mandate. The company reported that a total of 353,728 shares had been ...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Jun 21, 2026
Kogan.com Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 331,128 shares had been bought back prior to the previous...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 17, 2026
Kogan.com has continued its on-market share buy-back program, confirming that it repurchased 3,000 ordinary fully paid shares in the latest trading session, bringing total shares bought back so far to 288,768. The ongoing daily buy-back notificati...
Kogan.com Updates Market on Progress of Ongoing On-Market Share Buy-Back
Jun 16, 2026
Kogan.com Ltd, the Australian online retail company trading under the ASX code KGN, continues to operate an on-market share buy-back of its ordinary fully paid shares as part of its capital management strategy. The company is gradually reducing it...
Kogan.com Updates Market on Progress of Ongoing Share Buy-Back
Jun 16, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest filing reports that a total of 260,268 shares had been repurchased before the previous ...
Kogan.com Updates Market on Ongoing On-Market Share Buyback
Jun 9, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buyback of ordinary fully paid shares under code KGN. The latest filing, dated 10 June 2026, reports that the company repurchased 40,000 shares in the ...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 8, 2026
Kogan.com has updated the market on its ongoing on-market share buy-back program, disclosing that it repurchased 27,000 ordinary fully paid shares on the previous trading day. The update brings the total number of shares bought back under the prog...
Kogan.com Continues On-Market Share Buy-Back Program
Jun 4, 2026
Kogan.com Ltd has updated the market on its ongoing on-market share buy-back program involving its ordinary fully paid shares traded under the ASX code KGN. The company reported that, as of the latest notification dated 5 June 2026, it has repurch...
Kogan.com Issues Daily Update on On-Market Share Buy-Back
Jun 3, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its fully paid ordinary shares. The company reported that it had bought back a cumulative total of 69,991 shares prior to the most...
Kogan.com Updates Market on Daily Progress of On‑Market Share Buy‑Back
Jun 2, 2026
Kogan.com Ltd has reported an update to its on-market share buy-back, covering activity disclosed in an Appendix 3C lodged with the ASX. The company is repurchasing its ordinary fully paid shares on market as part of an ongoing buy-back program fi...
Kogan.com Updates Market on Progress of On‑Market Share Buy‑Back
Jun 1, 2026
Kogan.com has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest filing reports that a cumulative 15,668 shares had been repurchased before the previous...
Kogan.com Reports Daily Progress on On‑Market Share Buy‑Back
Jun 1, 2026
Kogan.com has reported an update to its on‑market share buy‑back program, confirming that 15,668 ordinary fully paid shares were repurchased on the previous trading day. The company’s latest filing indicates that no shares had be...
Kogan.com lifts margins and profits as Mighty Ape turnaround gains traction
May 26, 2026
Kogan.com reported strong trading for the 10 months to 30 April 2026, with its core Kogan.com business delivering gross sales growth of 18.2%, revenue up 18.1% and gross profit up 19.5%, underpinned by higher active customers, deeper engagement an...
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.