Endeavour Group Limited EDV
ASXSpecialty retailFinancials to Oct 4, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| A$B | Jun '25 | Jun '26 |
|---|---|---|
| Cash | 0.3 | 0.3 |
| Securities | 0.0 | 0.0 |
| Debt | 2.0 | 2.2 |
| Net cash | -1.7 | -1.9 |
| Equity | 3.8 | 3.6 |
- Debt / EBITDA
- 1.97×
- Debt / equity
- 0.61×
- Leases (6/28/26)
- A$3.7B
- Diluted shares
- 1,792M
- Book value / share
- A$2.00
- Price / book
- 1.8×
- Net cash / share
- −A$1.04
- Market cap
- A$6.5B
- Enterprise value
- A$8.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 1.7% | +5.3 pts | |
| Operating margin | -0.8% | -6.9 pts | |
| FCF margin | -6.0% | -4.5 pts | |
| Capex / revenue | 4.1% | +0.5 pts | |
| Retail stores | 1,739 | +1% | |
| Online orders collected in store | ~61.0% | -2.2 pts | |
| Banner online sales | ~A$1.1B | +35% | |
| Retail underlying EBIT | A$464M | -18% | |
| Hotels underlying EBIT | A$462M | +4% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About EDV
Endeavour runs Dan Murphy's and BWS liquor stores, Pinnacle owned drinks brands and ALH pubs in Australia. Retail contributed 82% of FY2026 sales and has a dense store network for pickup and delivery.
- Physical Network Density
Endeavour's 1,739-store national footprint doubles as a pickup and last-mile fulfilment network.
- Permits Rights Of Way
ALH controls a large portfolio of regulated gaming entitlements.
- Oct 30, 2026
Endeavour reported Q1 FY2027 sales of A$3.178bn, up 2.8% over the same fourteen weeks. Retail grew 3.0% through transactions and Hotels 1.9%, but gaming was flat and online promotion remained intense.
- Oct 30, 2026
Rod van Onselen and Joe Pollard retired from the board at the AGM. The board reset accompanies Jayne Hrdlicka’s Retail, hotel and technology transformation.
- Oct 6, 2026
Dan Murphy’s won Canstar Blue’s 2026 liquor-retailer satisfaction award from a survey of 1,721 shoppers. The result supports customer appeal for price and range but does not prove pricing power.
- Sep 22, 2026
Endeavour and Quantium launched Distilled Data, giving drinks suppliers access to store-level shopper analysis from October. Better local ranging may improve shelf productivity; no measured earnings benefit has been disclosed.
- Sep 17, 2026
ALH reopened Brighton’s Esplanade Hotel after an A$11.5m transformation with a 26-room accommodation offer. The venue can earn from more guest occasions after a long renovation closure.
Ownership
Go deeper on EDV
- Compare stock research toolsFundamentals, valuation and screening platforms for EDV.19 tools
- See EDV's price chartNo price chart here yet. See price history and indicators.17 tools
- Read EDV's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | Change 2021–26 |
|---|---|---|---|---|---|---|---|---|
| Per share (A$) | ||||||||
| Revenue | 6.47 | 6.48 | 6.64 | 6.87 | 6.73 | 6.81 | +1.0%/yr | |
| Cash flow | 0.62 | 0.53 | 0.43 | 0.68 | 0.64 | 0.50 | -4.4%/yr | |
| Earnings | 0.25 | 0.28 | 0.30 | 0.29 | 0.24 | 0.03 | -34.9%/yr | |
| Free cash flow | 0.47 | 0.37 | 0.20 | 0.44 | 0.46 | 0.22 | -13.8%/yr | |
| Capex | 0.16 | 0.16 | 0.23 | 0.23 | 0.19 | 0.28 | +12.1%/yr | |
| Dividends | 0.03 | 0.19 | 0.22 | 0.22 | 0.20 | 0.16 | +41.0%/yr | |
| Book value | 1.88 | 1.99 | 2.05 | 2.11 | 2.14 | 2.00 | +1.2%/yr | |
| Diluted shares (M) | 1,791 | 1,791 | 1,791 | 1,791 | 1,791 | 1,792 | +0.0%/yr | |
| Totals (A$B) | ||||||||
| Revenue | 11.6 | 11.6 | 11.9 | 12.3 | 12.1 | 12.2 | +1.0%/yr | |
| Operating income | 0.9 | 0.9 | 1.0 | 1.1 | 0.9 | 0.5 | -12.1%/yr | |
| Net income | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 0.1 | -34.9%/yr | |
| Free cash flow | 0.8 | 0.7 | 0.4 | 0.8 | 0.8 | 0.4 | -13.8%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Dividends | 0.1 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 | +41.0%/yr | |
| Net cash | -1.3 | -1.2 | -1.9 | -1.9 | -1.7 | -1.9 | −A$0.6B | |
| Margins & returns (%) | ||||||||
| Gross margin | 30.0 | 31.3 | 33.8 | 34.6 | 35.0 | 34.4 | +4.4 pts | |
| Operating margin | 7.8 | 8.0 | 8.6 | 8.6 | 7.7 | 3.9 | -3.9 pts | |
| Net margin | 3.8 | 4.3 | 4.5 | 4.2 | 3.5 | 0.4 | -3.4 pts | |
| FCF margin | 7.2 | 5.7 | 3.0 | 6.4 | 6.8 | 3.3 | -4.0 pts | |
| ROIC | 13.3 | 13.4 | 12.6 | 12.9 | 11.6 | 6.0 | -7.4 pts | |
| Return on equity | 13.2 | 13.9 | 14.4 | 13.6 | 11.1 | 1.4 | -11.7 pts | |
| Stock pay % of revenue | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | -0.1 pts | |
| Capex % of revenue | 2.4 | 2.5 | 3.4 | 3.4 | 2.8 | 4.0 | +1.6 pts | |
Change uses 2021 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2021 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- stable
- Pricing power
- weak
- Retail82.0%1 claim
- Hotels18.0%1 claim
Moat claims
- Applies to
- Retail
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
Endeavour's 1,739-store national footprint doubles as a pickup and last-mile fulfilment network. The density supports broader coverage and faster service than a sparse entrant can offer, but it is a moderate rather than dominant barrier because other national chains and delivery aggregators can compete in dense local markets.
Retail ended FY2026 with 1,739 stores versus 1,726 a year earlier, and banner online sales grew 34.8%; about 61% of online orders used in-store pickup. Reach remains hard to replicate, but Retail underlying EBIT fell 17.6% as price investment reduced the return from that network.
- Retail stores1,739+1%
- Online orders collected in store~61.0%-2.2 pts
- Banner online sales~A$1.1B+35%
- Retail underlying EBITA$464M-18%
- E-commerce marketplaces/aggregators reduce retailer differentiation
- Store network becomes a fixed-cost burden if volumes weaken
- ERP migration, fuel and freight inflation, or lost warehouse capacity can raise cost and reduce in-stock reliability
- SourceEndeavour Group F26 Half-Year Profit and Dividend Announcement - Retail networkMar 4, 2026
- SourceEndeavour Group 2025 Annual Report - Footprint / convenience metricsAug 25, 2025
- SourceEndeavour Group 2025 Annual Report - Footprint / convenience metrics (delivery)Aug 25, 2025
- SourceEndeavour Group 2026 Investor Day - Unmatched omnichannel reachMay 27, 2026
- Applies to
- Hotels
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
ALH controls a large portfolio of regulated gaming entitlements. Where entitlement supply is capped or otherwise permissioned, those rights constrain like-for-like gaming entry; ordinary liquor licences are excluded because they are broadly available compliance requirements.
ALH still operates a portfolio of about 13,000 gaming entitlements, while FY2026 gaming revenue grew 4.4%. Permissioned entry remains a barrier, but harm-reduction rules and compliance failures can reduce the earnings those rights protect.
- Gaming entitlements~13,000
- Hotels underlying EBITA$462M+4%
- Gaming revenue growth+4%
- Hotel venues351-1%
- pub+ loyalty scan rate38.0%
- Regulatory changes reduce gaming economics or operating hours
- Mandatory player identification, pre-commitment controls and shorter gaming hours can reduce revenue and raise compliance costs
- Policy changes that expand entitlement supply in some regions
- SourceVictorian Gambling and Casino Control Commission - Poker machine entitlementsJul 16, 2025
- SourceEndeavour Group 2026 Investor Day - ALH Hotels networkMay 27, 2026
Profile change log
- Nov 11, 2026 · analyst revision
The gaming-growth bull argument is weakening after flat Q1 gaming revenue. Entry rights and the store network retain their existing moat ratings; no margin improvement is inferred from a sales-only update.
- Nov 11, 2026 · business change
Rod van Onselen and Joe Pollard retired from the board at the AGM. The board reset accompanies Jayne Hrdlicka’s Retail, hotel and technology transformation.
- Nov 11, 2026 · business change
Endeavour reported Q1 FY2027 sales of A$3.178bn, up 2.8% over the same fourteen weeks. Retail grew 3.0% through transactions and Hotels 1.9%, but gaming was flat and online promotion remained intense.
- Oct 7, 2026 · business change
Dan Murphy’s won Canstar Blue’s 2026 liquor-retailer satisfaction award from a survey of 1,721 shoppers. The result supports customer appeal for price and range but does not prove pricing power.
- Oct 7, 2026 · business change
Endeavour and Quantium launched Distilled Data, giving drinks suppliers access to store-level shopper analysis from October. Better local ranging may improve shelf productivity; no measured earnings benefit has been disclosed.
- Oct 7, 2026 · business change
ALH reopened Brighton’s Esplanade Hotel after an A$11.5m transformation with a 26-room accommodation offer. The venue can earn from more guest occasions after a long renovation closure.
- Oct 7, 2026 · business change
Endeavour appointed Michael Casamento as incoming CFO from November 2026. Kate Beattie will lead business services and the ERP transition until her planned departure in late 2027, preserving continuity through the technology change.
- Oct 7, 2026 · business change
Endeavour announced a strategy targeting about A$300m additional cost savings by FY2029, with about A$100m in FY2027. Price competitiveness, technology separation and capital recycling remain the main execution tests.
- Oct 7, 2026 · business change
Jayne Hrdlicka became CEO and Managing Director, taking responsibility for the Retail recovery and group operating reset.
- Oct 7, 2026 · business change
A Victorian court fined ALH A$38,000 and ordered A$40,000 costs for breaches involving minors at three venues. The ruling shows that valuable gaming rights carry enforceable compliance duties.
- Oct 7, 2026 · analyst revision
Linked Retail and Hotels to Australian end-market profiles with competition, household spending, fuel costs and licence risk. Online pickup figures now use the revised banner definition that excludes ultra-convenience orders.
- Oct 7, 2026 · analyst revision
The investment debate now tests price-led Retail recovery, gaming regulation, domestic spending and cash demands. Jayne Hrdlicka leads the company from January 2026; ordinary shares have one vote each.
- Oct 7, 2026 · analyst revision
Segment operating-profit shares were removed because the Retail and Hotels subtotal excludes A$81m central costs and group Significant Items. FY2026 sales mix remains 82% Retail and 18% Hotels.
- Oct 7, 2026 · analyst revision
Retail’s current network is 1,739 stores, correcting the 1,737-store description. Both segments retain their existing moderate moat claims; FY2026 operating evidence now supports explicit stable trajectories.
- Oct 7, 2026 · analyst revision
The owner changed the industry to Specialty retail because Retail supplies 82% of sales. The store network and retail competition define its main business more closely than the Beer, wine and spirits producer category.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
Australian packaged liquor retail
Specialist Australian retailers selling packaged beer, wine and spirits for consumption away from the premises, through stores and their online channels. Excludes on-premise pubs and restaurants, wholesale sales and manufacturers’ own production; supermarket alcohol and direct cellar-door sales are substitutes outside the specialist-industry size measure.
- Endeavour Group
- Coles Liquor
- Metcash-supplied independent banners
- ALDI
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| EDV | 51 | 34.4% | 3.9% | |
| Industry median | 14 | 68 | 48.6% | 6.5% |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Household disposable income and mortgage payments affect basket size and premium purchases; lower rates can help budgets but do not remove price competition.
- Convenient store pickup, fast delivery and an in-stock range shift sales toward retailers with reliable local coverage.
- Celebrations, holiday timing and warmer weather concentrate volumes in Christmas and event periods, making short comparisons noisy.
- New ready-to-drink and lower-alcohol products create assortment opportunities as customers change what they drink.
- AUD movements change imported drink costs; supplier agreements, hedges and local sourcing delay their effect on shelf prices.
- Persistent price promotions can lift sales while reducing profit, as Endeavour’s FY2026 Retail result illustrates.
- Lower alcohol consumption and health-led moderation can reduce volume even when excise and product mix raise sales value.
- Wages, fuel, freight and electricity costs raise the expense of a large store and delivery network.
- Supply-system migrations or warehouse closures can damage availability and impose additional capital and operating costs.
- Competition reviews, supplier-conduct rules and alcohol harm controls can limit acquisitions, promotions or trading formats.
Bulls & bears
Can Endeavour turn store reach and gaming rights into higher cash earnings while keeping prices attractive and funding the technology and venue reset?
Arguments
What to watch
- 1Retail comparable sales and underlying EBIT after One Endeavour costs
- 2Gaming revenue, hotel renewal closures and Hotels underlying EBIT
- 3Reported operating cash flow, cash capex and gross borrowings
Next check: Read the next FY2027 trading or half-year financial statements for Retail margins, gaming demand and cash costs after the October 30 sales update; cost-savings targets remain unproven until reported.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 51/100 by <a href="https://www.findmymoat.com/stocks/XASX:EDV">Find My Moat</a> (as of September 2026)Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.