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Woolworths Holdings (WHL) ZAR

Woolworths Holdings operates retail stores in South Africa, Australia, and New Zealand, selling food, clothing, homeware, and beauty products. It also provides financial services such as store cards, credit cards, and personal loans.

Sector: Retail

ZA_WHL

Price chart

36.15 ZARDay -1.71%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
36.15 ZAR · -1.71%
Market cap
32.3 bn ZAR

Growth

Δ revenue y/y
3.1%
Δ EBITDA y/y
3.6%

Multiples

P/E (LTM)
13.9x
P/B (FY)
3.2x
P/E (ann.)
19.2x
EV/EBITDA (LTM)
3.4x
EV/EBITDA (ann.)
2.8x

Cash return

Dividend yield
5.5%
FCF yield (LTM)
26.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-2.4%
↓ details

Liquidity

Daily turnover (listing)
83.6 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-06-30FY 2026 (12M)OK82.8
y/y 4.2%
5.1
y/y 3.3%
3.6
y/y 2.8%
8.6
y/y 3.1%
2.3
y/y -5.1%
5.3-2.639.4
y/y -3.5%
10.2
y/y -3.8%
22.5%-3.1Report (PDF)
2025-12-28H1 2026 (6M)OK41.6
y/y 5.2%
2.7
y/y 0.1%
0.6
y/y 13.8%
3.3
y/y 2.3%
1.5
y/y -32.8%
3.8-1.442.0
y/y -1.7%
10.4
y/y -12.1%
28.1%4.8Link
2025-06-30FY 2025 (12M)OK79.5
y/y 3.9%
4.9
y/y -14.4%
3.5
y/y 8.1%
8.4
y/y -6.3%
2.4
y/y -5.8%
2.8-3.140.8
y/y 5.5%
10.6
y/y -2.1%
21.8%-4.3Report (PDF)
2024-12-29H1 2025 (6M)OK39.6
y/y 5.4%
2.7
y/y -13.3%
0.5
y/y -6.0%
3.3
y/y -12.2%
2.2
y/y 20.7%
2.2-1.642.8
y/y 7.1%
11.8
y/y 1.4%
38.8%2.4Link
2024-06-30FY 2024 (12M)OK76.5
y/y 5.9%
5.7
y/y -12.7%
3.2
y/y -12.3%
9.0
y/y -12.6%
2.6
y/y -48.9%
3.4-3.438.7
y/y -1.3%
10.9
y/y -9.4%
23.1%5.5Link
2023-12-24H1 2024 (6M)OK37.5
y/y —
3.1
y/y —
0.6
y/y —
3.7
y/y —
1.8
y/y —
3.1-1.639.9
y/y —
11.6
y/y —
30.8%2.5Link
2023-06-30FY 2023 (12M)OK72.3
y/y —
6.6
y/y —
3.7
y/y —
10.2
y/y —
5.1
y/y —
5.1-2.539.2
y/y —
12.0
y/y —
—2.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents3 099
Net debt-3 099

Net debt / LTM EBITDA: -0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

010 00020 00030 00040 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-20%-10%0%10%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (ZAR mln)

-2 00002 0004 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (ZAR mln)

-6 000-4 000-2 00002 0004 0006 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.32x of reported net profit; after capex, 0.53x.
year20222023202420252026
cash flow / profit1.80x1.01x1.32x1.16x2.28x
accruals, % of assets-5.3%-0.2%-2.2%-1.0%-7.5%
Last twelve months (to 2026-06-30): 2.28x of profit came back as operating cash flow.
net debt / EBITDA 0.7x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -2.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (5 316 − 5 132) × 1.63
75
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (32 344 + -3 099) ÷ 8 649
3.4x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (3.4 + 8) ÷ 2
5.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 192 + 0 + 0 − 0
-1 192
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (75 × 5.7 + -1 192) ÷ 32 344
-2.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +4% vs +4% the year before — a +0.2 pp move. 3-year CAGR +5%.
revenue growth by year: 2024 +6% · 2025 +4% · 2026 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Retail. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Fix PriceRussia0.51.1x1.5x
Magazine LuizaBrazil1.13.0x2.2x
MagnitRussia1.62.0x2.6x
VseInstrumentiRussia0.52.7x3.5x
X5 Retail GroupRussia6.82.7x3.5x
LentaRussia2.92.7x3.6x
BelugaRussia0.33.0x3.9x
The Foschini GroupSouth Africa0.94.9x4.9x
Walmart de México y Centroamérica, S.A.B. de C.V.Mexico43.77.4x5.3x
Abrau DursoRussia0.24.8x6.3x
Shoprite HoldingsSouth Africa10.16.4x6.4x
OKEYRussia0.25.3x7.0x
Group median3.0x3.7x
Group average3.8x4.2x
This companySouth Africa1.93.4x3.4x

Group median 3.0x as traded, 3.7x adjusted; this company 3.4x — a 9% discount.

Group average 3.8x as traded, 4.2x adjusted; against the average this company is at a 20% discount.

At the adjusted group median the market cap would be +9% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-2281 ZAREx-dividend: 81 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-25118 ZAREx-dividend: 118 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-2381 ZAREx-dividend: 81 ZAR per sharePaidYahoo Finance (ex-div)
2025-03-26107 ZAREx-dividend: 107 ZAR per sharePaidYahoo Finance (ex-div)
2024-09-25117.5 ZAREx-dividend: 117.5 ZAR per sharePaidYahoo Finance (ex-div)
2024-03-14148 ZAREx-dividend: 148 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-20154.5 ZAREx-dividend: 154.5 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-15158.5 ZAREx-dividend: 158.5 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-14149 ZAREx-dividend: 149 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-2380.5 ZAREx-dividend: 80.5 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.woolworthsholdings.co.za/investor/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Woolworths Holdings (WHL) — from primary filings.

Frequently asked questions

What is Woolworths Holdings (WHL)'s P/E ratio?
Woolworths Holdings (WHL) trades at a P/E of 13.9x (price to trailing 12-month earnings).
What is Woolworths Holdings (WHL)'s EV/EBITDA?
Woolworths Holdings (WHL) trades at 3.4x EV/EBITDA.
What is Woolworths Holdings (WHL)'s P/B ratio?
Woolworths Holdings (WHL) trades at a P/B of 3.2x.
What is Woolworths Holdings (WHL)'s dividend yield?
Woolworths Holdings (WHL)'s trailing 12-month dividend yield is 5.5%.
What is Woolworths Holdings (WHL)'s return on equity (ROE)?
Woolworths Holdings (WHL)'s ROE is 16.5%.
What is Woolworths Holdings (WHL)'s market capitalization?
Woolworths Holdings (WHL)'s market cap is 32.3 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map