Dexus (DXS) AI Stock Analysis

• Market Cap: $7.39B
• Dividend Yield: 5.32%
• Average Volume (3M): 3.80M
• Price to Earnings (P/E): 53.5
• Beta (1Y): 0.98
• Revenue Growth: 4.52%
• EPS Growth: N/A
• Country: AU
• Employees: 972
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.32
• Shares Outstanding: 1,075,565,200
• 10 Day Avg. Volume: 4,226,989
• 30 Day Avg. Volume: 3,800,366
• PEG Ratio: -0.41
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 7.75
• P/FCF Ratio: 8.95
• Enterprise Value/Market Cap: 1.61
• Enterprise Value/Revenue: 10.82
• Enterprise Value/Gross Profit: 24.51
• Enterprise Value/Ebitda: 29.34
• 1Y Price Target: $7.81
• Price Target Upside: 11.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: AU$7.50 ▲(7.45% Upside)

Dexus's overall stock score is primarily influenced by its stable financial performance, despite challenges in revenue growth and return on equity. The technical analysis indicates some short-term weakness, while the high P/E ratio suggests potential overvaluation. However, the attractive dividend yield provides some compensation for the high valuation. The absence of recent earnings call insights or notable corporate events means these factors did not influence the score.

Dexus Business Overview & Revenue Model

Company Description

Dexus is one of Australia's leading real estate groups, proudly managing a high-quality Australian property portfolio valued at $44.3 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group's $11.4 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are Australia's preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk adjusted returns for investors.

How the Company Makes Money

Dexus generates revenue primarily through leasing and rental income from its owned properties. The company leases office and industrial spaces to a range of tenants, including corporations and government entities, which provides a stable cash flow. Additionally, Dexus earns management fees from its investment management services, where it manages assets on behalf of third-party investors. This revenue model is bolstered by long-term lease agreements, which help ensure consistent income. Key partnerships with institutional investors and strategic collaborations with developers further enhance its financial performance, allowing Dexus to expand its portfolio and capitalize on growth opportunities in the real estate sector.

Dexus Financial Statement Overview

Summary

Dexus demonstrates strong gross profit margins and a solid equity base, which are positive indicators of financial health. However, challenges such as declining revenue growth and negative return on equity highlight areas for improvement. The company's cash flow remains stable, but the recent decline in free cash flow growth could pose risks if not addressed. Overall, Dexus is in a stable financial position but needs to focus on enhancing profitability and growth.

Income Statement

Dexus has shown a strong gross profit margin of 76.13% in the latest year, indicating efficient cost management. However, the revenue growth rate has been negative at -9.08%, reflecting a decline in sales. The net profit margin improved significantly to 16.99% from a negative margin in the previous year, showing a turnaround in profitability. Despite these improvements, the EBIT and EBITDA margins have decreased, suggesting potential challenges in operational efficiency.

Balance Sheet

The company's debt-to-equity ratio of 0.49 indicates a moderate level of leverage, which is manageable. The equity ratio stands at 64.30%, reflecting a strong equity base. However, the return on equity has been negative in recent years, indicating challenges in generating returns for shareholders. The balance sheet remains stable with a strong equity position, but profitability needs improvement.

Cash Flow

Dexus has experienced a slight decline in free cash flow growth at -2.93%, which could impact future investments. The operating cash flow to net income ratio is healthy at 0.55, indicating good cash generation relative to net income. The free cash flow to net income ratio is nearly 1, suggesting that most of the net income is being converted into free cash flow. Overall, cash flow generation is stable but shows signs of slowing growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.10B	921.20M	880.90M	877.60M	863.10M	1.02B
Gross Profit	486.80M	701.30M	646.90M	574.70M	494.60M	578.70M
EBITDA	406.73M	355.70M	-6.30M	-582.90M	471.20M	448.80M
Net Income	137.80M	156.50M	-1.58B	-752.70M	1.62B	1.14B
Balance Sheet
Total Assets	15.39B	15.39B	15.82B	18.54B	19.23B	18.14B
Cash, Cash Equivalents and Short-Term Investments	65.30M	65.30M	54.00M	123.90M	75.30M	43.50M
Total Debt	4.83B	4.83B	5.00B	5.35B	4.94B	4.95B
Total Liabilities	5.48B	5.48B	5.66B	6.28B	5.67B	5.63B
Stockholders Equity	9.90B	9.90B	10.16B	12.26B	13.57B	12.51B
Cash Flow
Free Cash Flow	870.80M	798.10M	611.10M	762.90M	553.80M	982.90M
Operating Cash Flow	828.70M	811.30M	613.50M	770.90M	560.10M	999.30M
Investing Cash Flow	-127.00M	-109.60M	311.00M	-579.80M	41.20M	-698.00M
Financing Cash Flow	-690.40M	-690.40M	-994.40M	-142.50M	-569.50M	-289.60M

Dexus Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.98
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DXS, the sentiment is Positive. The current price of 6.98 is above the 20-day moving average (MA) of 6.92, above the 50-day MA of 6.96, and above the 200-day MA of 6.94, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 53.58 is Neutral, neither overbought nor oversold. The STOCH value of 55.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:DXS.

Dexus Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SGP	75 Outperform	AU$13.16B	15.72	7.99%	4.29%	4.75%	170.39%
CHC	66 Neutral	$11.30B	50.06	24.58%	1.97%	15.06%	47.66%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GPT	60 Neutral	AU$10.40B	27.54	3.56%	4.41%	12.66%	―
DXS	59 Neutral	$7.39B	53.50	1.32%	5.32%	4.52%	―
GMG	54 Neutral	AU$63.86B	36.56	7.99%	1.02%	16.87%	―
CLW	52 Neutral	AU$2.85B	24.15	3.57%	6.14%	-9.63%	―

Dexus Corporate Events

Dexus Appoints New Director Jon Gidney With No Current Security Holdings

Dexus has appointed Jon Gidney as a director effective 17 December 2025, with the company disclosing that he currently holds no relevant interests in Dexus stapled securities or related contracts. The appointment signals a board refresh with transparent confirmation that the new director joins without an existing equity position in the group, information that may be relevant for investors monitoring governance, alignment of interests and future board-level decision-making at the property group.

The most recent analyst rating on (AU:DXS) stock is a Hold with a A$7.80 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Announces Portfolio Valuation Increase and Distribution Details

Dexus announced an increase in the valuation of its portfolio, with 174 of its 175 assets valued, resulting in an estimated increase of $83 million or 0.7% on book values for the six months ending December 2025. The office portfolio saw a 0.4% increase due to market rental growth, while the industrial portfolio increased by 1.4%. Additionally, Dexus declared an estimated distribution of 19.3 cents per security for the same period, with payment scheduled for February 2026. This valuation growth reflects Dexus’s strong market positioning and its ability to outperform the broader market with well-located, high-quality properties.

The most recent analyst rating on (AU:DXS) stock is a Sell with a A$7.95 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Announces New Dividend Distribution for Stapled Securities

Dexus has announced a new dividend distribution for its fully paid units stapled securities, with a distribution amount of AUD 0.193 per unit. The dividend relates to a six-month period ending on December 31, 2025, with a record date of December 31, 2025, and a payment date set for February 27, 2026. This announcement reflects Dexus’s ongoing commitment to providing value to its investors and maintaining its strong position in the real estate market.

The most recent analyst rating on (AU:DXS) stock is a Sell with a A$7.95 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Appoints Jon Gidney as Non-Executive Director

Dexus has appointed Jon Gidney as a non-executive director to the Board of Dexus Funds Management Limited, effective December 17, 2025. With over 30 years of experience in investment banking and a strong background in global capital markets, Mr. Gidney is expected to bring valuable expertise to the board. His appointment is seen as a strategic move to enhance Dexus’s governance and strategic capabilities, although he is not currently considered an independent director due to his previous employment with Citi, a financial advisor to Dexus. His independence status will be revisited before the 2026 AGM.

The most recent analyst rating on (AU:DXS) stock is a Sell with a A$7.95 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Updates on Director’s Interest and Incentive Plans

Dexus announced a change in the director’s interest, with Ross Du Vernet acquiring 919,505 performance rights under the FY25 and FY26 Long Term Incentive Plans. This move reflects Dexus’s commitment to aligning executive incentives with company performance, potentially impacting its market positioning and stakeholder confidence.

The most recent analyst rating on (AU:DXS) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Announces Cessation of Performance Rights

Dexus has announced the cessation of 35,118 performance rights due to the conditions for these securities not being met or becoming incapable of being satisfied. This development may impact the company’s capital structure and could have implications for stakeholders, particularly in terms of performance-based incentives.

The most recent analyst rating on (AU:DXS) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Issues New Stapled Securities to Enhance Capital Structure

Dexus has announced the issuance of 30,581 fully paid units of stapled securities, marking a significant move in its financial operations. This issuance reflects the company’s ongoing efforts to optimize its capital structure and enhance shareholder value, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (AU:DXS) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Director Increases Stake with On-Market Purchase

Dexus has announced a change in the director’s interest, with Rhoda Harrington acquiring an additional 1,402 ordinary securities through an on-market purchase, increasing her holding to 20,568 securities. This change reflects an ongoing commitment to the company’s growth and stability, potentially impacting investor confidence and market perception positively.

The most recent analyst rating on (AU:DXS) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus AGM Approves Key Resolutions and Strengthens Leadership

Dexus announced the successful passing of several resolutions at its 2025 Annual General Meeting, including the adoption of the Remuneration Report and the approval of long-term incentive performance rights for the CEO. Additionally, the appointments of two independent directors, Rhoda Harrington and Elana Rubin AM, were confirmed. These decisions reflect Dexus’s strategic focus on strengthening its leadership and aligning executive incentives with long-term performance goals, which could enhance its market position and stakeholder confidence.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.46 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus AGM Highlights Board Changes and Strategic Focus

At the 2025 Annual General Meeting, Dexus announced the retirement of two key board members, Nicola Roxon and Paula Dwyer, acknowledging their significant contributions to the company. The meeting also highlighted Dexus’s strategic focus on leveraging its strengths in real estate and infrastructure to deliver superior returns, emphasizing sustainability and governance as central to its operations.

The most recent analyst rating on (AU:DXS) stock is a Buy with a A$8.46 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.

Dexus Reports Strong Performance and Strategic Growth in September 2025 Quarter

Dexus has reported a strong performance for the September 2025 quarter, highlighting a well-positioned investment portfolio with high occupancy rates in both its industrial and office sectors. The company has successfully exchanged or settled approximately $2.0 billion in transactions and continues to see outperformance in its wholesale property and shopping centre funds. Dexus is actively involved in development projects and is progressing with significant real estate developments, including Atlassian Central in Sydney and Waterfront Brisbane. The company is also expanding its funds management business, with Powerco acquiring Firstlight Network to support energy transition initiatives.

The most recent analyst rating on (AU:DXS) stock is a Sell with a A$7.75 price target. To see the full list of analyst forecasts on Dexus stock, see the AU:DXS Stock Forecast page.