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FleetPartners Group (AU:FPR)
ASX:FPR

FleetPartners Group (FPR) AI Stock Analysis

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AU:FPR

FleetPartners Group

(Sydney:FPR)

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Neutral 69 (OpenAI - 5.2)
Rating:69Neutral
Price Target:
AU$3.00
▲(11.94% Upside)
Action:ReiteratedDate:12/11/25
FleetPartners Group's stock score is driven by strong technical indicators and a favorable valuation, despite financial risks from high leverage and negative cash flows. The absence of earnings call data and corporate events limits additional insights.
Positive Factors
Recurring leasing & fleet services
FleetPartners’ core business is multi-year leasing and fee-based fleet services, generating contractually-backed recurring revenue and service fees. This business model creates durable cash flow potential, cross-sell opportunities and resilience from a diversified client mix (corporate, government, NFP).
Strong gross and operating margins
Materially improved gross profit and robust EBIT/EBITDA margins indicate operational efficiency and scale benefits from fleet aggregation and supplier networks. Sustainable service-fee economics can protect profitability through cycles and fund reinvestment if maintained.
Steady revenue growth
Consistent top-line growth reflects continued demand for leasing and management services and recurring contract renewals. Persistent revenue expansion supports scale, incremental margin leverage and the opportunity to deepen product penetration across corporate and government fleets.
Negative Factors
High leverage
A debt-to-equity ratio near 3x materially raises financial risk, increasing sensitivity to interest rates and refinancing cycles. High leverage constrains capital flexibility for growth or shocks and amplifies downside if earnings or cash flow deteriorate.
Negative operating & free cash flow
Persistent negative operating and free cash flows mean reported profits are not yet converting to cash, forcing reliance on external funding to service debt and invest. This weakens liquidity and raises risk of covenant pressure given the company’s high leverage.
Residual value / remarketing risk
FleetPartners bears exposure to used-vehicle residuals and remarketing outcomes, which can produce volatile gains or losses at lease end. In an adverse used-car cycle this risk can erode margins and capital, especially problematic alongside high leverage and cash flow strain.

FleetPartners Group (FPR) vs. iShares MSCI Australia ETF (EWA)

FleetPartners Group Business Overview & Revenue Model

Company DescriptionFleetPartners Group Limited provides fleet management services in Australia and New Zealand. The company operates in three segments: Australia Commercial, Novated, and New Zealand Commercial. It offers vehicle fleet leasing and management, novated leasing, and vehicle sales solutions. The company provides its services under the FleetPlus, FleetPartners, FleetChoice, and 1800 Accident brands. The company was formerly known as Eclipx Group Limited and changed its name to FleetPartners Group Limited in March 2023. FleetPartners Group Limited was founded in 1987 and is based in St Leonards, Australia.
How the Company Makes MoneyFleetPartners Group generates revenue through multiple streams, primarily from vehicle leasing contracts, fleet management services, and maintenance agreements. The leasing division provides businesses with flexible financing options for acquiring vehicles without the upfront costs of purchasing. Additionally, FPR offers fleet management services that include tracking, analytics, and optimization solutions, which are charged on a subscription basis. Maintenance services contribute further to revenue through service agreements and periodic vehicle upkeep. Strategic partnerships with automotive manufacturers and technology providers enhance FPR's offerings, allowing for competitive pricing and bundled service packages, ultimately driving customer retention and revenue growth.

FleetPartners Group Financial Statement Overview

Summary
FleetPartners Group shows strong revenue growth and operational efficiency with improved gross profit and EBIT margins. However, high debt levels and negative cash flows present significant financial risks.
Income Statement
75
Positive
FleetPartners Group shows strong revenue growth with a 1.95% increase in the latest year. The gross profit margin improved significantly to 39.98%, indicating better cost management. However, the net profit margin slightly decreased to 9.58%, suggesting some pressure on profitability. The EBIT and EBITDA margins are robust at 27.07% and 55.48%, respectively, reflecting efficient operations.
Balance Sheet
60
Neutral
The company has a high debt-to-equity ratio of 2.89, indicating significant leverage, which could pose financial risk. The equity ratio is not explicitly calculated, but the high leverage suggests a lower proportion of equity financing. Return on equity is not provided for the latest year, but previous years indicate moderate returns.
Cash Flow
50
Neutral
FleetPartners Group's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is zero, indicating cash flow challenges. The free cash flow to net income ratio is positive at 1.18, suggesting some ability to cover net income with free cash flow.
BreakdownSep 2025Sep 2024Sep 2023Sep 2022Sep 2021
Income Statement
Total Revenue786.23M761.63M676.77M423.49M431.67M
Gross Profit91.00M222.39M223.37M251.16M35.13M
EBITDA436.21M323.49M364.30M116.00M306.36M
Net Income75.33M77.88M81.02M103.32M75.95M
Balance Sheet
Total Assets2.73B2.53B2.25B2.03B2.00B
Cash, Cash Equivalents and Short-Term Investments308.56M91.30M247.09M238.23M226.95M
Total Debt1.83B1.66B1.38B1.20B1.24B
Total Liabilities2.10B1.91B1.61B1.41B1.42B
Stockholders Equity632.29M622.93M635.68M620.64M575.68M
Cash Flow
Free Cash Flow-85.21M-186.42M-76.39M-154.85M122.48M
Operating Cash Flow-72.49M-167.87M-56.84M327.26M396.92M
Investing Cash Flow-12.71M-18.55M-19.55M-229.13M-192.57M
Financing Cash Flow123.17M214.22M80.93M-80.90M-187.50M

FleetPartners Group Technical Analysis

Technical Analysis Sentiment
Negative
Last Price2.68
Price Trends
50DMA
2.81
Negative
100DMA
2.80
Negative
200DMA
2.78
Negative
Market Momentum
MACD
-0.04
Negative
RSI
44.71
Neutral
STOCH
54.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FPR, the sentiment is Negative. The current price of 2.68 is below the 20-day moving average (MA) of 2.73, below the 50-day MA of 2.81, and below the 200-day MA of 2.78, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 44.71 is Neutral, neither overbought nor oversold. The STOCH value of 54.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:FPR.

FleetPartners Group Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
69
Neutral
AU$550.30M7.8912.46%4.64%3.23%3.61%
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
56
Neutral
AU$1.08B10.2512.11%11.71%-6.49%-5.40%
55
Neutral
AU$2.43B22.5214.42%23.69%116.67%
54
Neutral
AU$326.26M15.5412.36%2.86%-26.30%40.12%
46
Neutral
AU$977.35M10.405.01%6.60%14.81%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:FPR
FleetPartners Group
2.65
0.24
10.14%
AU:ZIP
Zip Co Ltd.
1.91
-0.55
-22.36%
AU:PPM
Pepper Money Ltd
2.42
1.23
103.36%
AU:LFS
Latitude Group Holdings Ltd.
0.94
-0.17
-15.32%
AU:COG
COG Financial Services Limited
1.54
0.62
67.39%
AU:ENN
Elanor Investors Group
0.82
0.00
0.00%

FleetPartners Group Corporate Events

FleetPartners Reshapes Company Secretariat as Osbich Resigns
Jan 30, 2026

FleetPartners Group has announced the resignation of Lauren Osbich as Joint Company Secretary, effective 31 January 2026, as part of a change in its corporate governance structure. Alexandra Payne will continue in the role as sole Company Secretary, while Chief Strategy Officer James Allaway remains the primary contact for communications with the Australian Securities Exchange, signalling continuity in the company’s regulatory and investor relations despite the boardroom change.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.36 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Grants Additional Performance Rights to Director Damien Berrell
Jan 27, 2026

FleetPartners Group Limited has disclosed a change in director Damien Berrell’s interests, with the grant of 521,179 performance rights under the company’s FY25 short-term incentive and FY26 long-term incentive plans, as approved by shareholders at the 2026 annual general meeting. Following this equity-based award, Berrell now holds 1,016,526 performance rights and 931,818 fully paid ordinary shares, highlighting the company’s ongoing use of performance-linked remuneration to align executive incentives with shareholder interests; the notice confirms there were no trades during a closed period and no consideration paid for the newly granted rights.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.40 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Issues 667,919 Unquoted Performance Rights Under Employee Scheme
Jan 27, 2026

FleetPartners Group Limited has notified the market of the issue of 667,919 unquoted performance rights under its employee incentive scheme, with the securities issued on 22 January 2026 and subject to transfer restrictions until those conditions lapse. The move underscores the company’s continued use of equity-linked incentives to retain and motivate staff, potentially aligning employee performance with long-term shareholder value while resulting in a modest increase in the pool of securities that may convert into equity over time.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.40 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Shareholders Back Board, Pay and CEO Incentives at 2026 AGM
Jan 22, 2026

FleetPartners Group Limited reported that all resolutions put to shareholders at its 2026 Annual General Meeting were approved by strong majorities via poll voting. Investors backed the re-election of directors Gail Pemberton and Rob McDonald, endorsed the FY25 remuneration report, and supported grants of short-term and long-term incentive rights to CEO and managing director Damien Berrell for FY25 and FY26, signalling broad shareholder support for the company’s current board composition, executive pay structure and leadership strategy.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Outlines FY25 Performance and FY26 Outlook at 2026 AGM
Jan 21, 2026

FleetPartners Group has released the prepared addresses and presentation from its 2026 Annual General Meeting, where Chair Gail Pemberton opened proceedings and outlined the company’s business and achievements over the 2025 financial year. Chief Executive Damien Berrell is scheduled to provide shareholders with an update on current trading and expectations for FY26 following the first quarter’s performance, signalling a focus on operational transparency and outlook, while the presence of the full independent non-executive board underscores ongoing governance oversight for investors.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Issues 925,000 Unquoted Performance Rights Under Incentive Scheme
Jan 15, 2026

FleetPartners Group Limited has notified the market of the issue of 925,258 unquoted performance rights under its employee incentive scheme, split across two tranches dated 5 December and 18 December 2025. The move underscores the company’s continued use of equity-based remuneration to align management and employee incentives with shareholder interests, potentially supporting retention of key staff and reinforcing performance-driven culture without immediate dilution of listed equity.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Issues 362,593 New Shares on Conversion of Unquoted Securities
Jan 15, 2026

FleetPartners Group Limited has notified the ASX of the issue of 362,593 new fully paid ordinary shares following the conversion of previously unquoted options or other unquoted convertible securities, effective 10 December 2025. The additional equity slightly increases the company’s share base and reflects the crystallisation of incentive or convertible arrangements, subtly diluting existing holders while signalling ongoing engagement of participants in FleetPartners’ equity-based structures.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Performance Rights Lapse After Unmet Conditions
Jan 15, 2026

FleetPartners Group Limited has notified the market of the cessation of 233,255 performance rights (ASX code: FPRAB), which lapsed on 10 December 2025 because the performance conditions attached to them were not met or became incapable of being satisfied. The lapse reduces the company’s pool of potential equity-based remuneration, signaling that certain performance hurdles under its incentive plans were not achieved, which may modestly affect dilution expectations for existing shareholders and underscores the linkage between executive or employee rewards and company performance targets.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

Vanguard Ceases to Be Substantial Shareholder in FleetPartners Group
Jan 11, 2026

Vanguard Group has notified FleetPartners Group Limited that it has ceased to be a substantial shareholder in the company as of 6 January 2026, after its holding fell to 4.995% of the company’s voting power. The change reduces Vanguard’s influence over shareholder votes but does not alter any disclosed association structures, and it may signal a shift in the company’s institutional investor base and voting dynamics, which existing shareholders and market participants may monitor for implications on future governance and capital markets activity.

The most recent analyst rating on (AU:FPR) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Cancels 172,450 Shares Following On‑Market Buyback
Jan 9, 2026

FleetPartners Group Limited has cancelled 172,450 fully paid ordinary shares through an on‑market buyback, reducing its total number of securities on issue. The move, effective 2 October 2025 and formally notified to the ASX on 9 January 2026, marginally tightens the company’s capital base and may be seen as a signal of capital management discipline, with potential implications for earnings per share and shareholder value over time.

The most recent analyst rating on (AU:FPR) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Group Expands Equity with New Securities Issuance
Dec 12, 2025

FleetPartners Group Limited has announced the issuance of 350,617 new ordinary fully paid securities. This move is part of the company’s strategy to manage its equity structure and potentially enhance its financial flexibility. The issuance of these securities could have implications for the company’s market positioning and shareholder value, reflecting its ongoing efforts to strengthen its capital base.

The most recent analyst rating on (AU:FPR) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Group Announces 2026 Annual General Meeting Details
Dec 10, 2025

FleetPartners Group Limited, listed on the ASX under the ticker FPR, has announced the details for its upcoming Annual General Meeting, which will take place on January 22, 2026. The announcement includes the release of the company’s 2025 Annual Report, providing stakeholders with insights into the company’s performance and strategic direction.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.59 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Completes Acquisition of Remunerator
Dec 8, 2025

FleetPartners Group Limited has successfully completed the acquisition of Remunerator, a company specializing in salary packaging and novated leases. This acquisition is expected to enhance FleetPartners’ market position and expand its service offerings, potentially benefiting stakeholders by broadening the company’s operational capabilities.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.59 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Completes Significant Share Buy-Back
Nov 24, 2025

FleetPartners Group Limited has announced the final notification of its on-market buy-back program, where it has successfully bought back 84,331,742 ordinary fully paid securities at a total consideration of AUD 224,750,699. This buy-back is part of the company’s strategy to optimize its capital structure and potentially enhance shareholder value.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

FleetPartners Director Increases Stake, Signaling Confidence in Future Growth
Nov 20, 2025

FleetPartners Group Limited announced a change in the director’s interest, with Director Robert McDonald acquiring an additional 10,000 fully paid ordinary shares through an on-market trade, bringing his total to 35,000 shares. This acquisition reflects potential confidence in the company’s future performance and may influence stakeholder perceptions positively, as it suggests a commitment to the company’s growth and stability.

The most recent analyst rating on (AU:FPR) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on FleetPartners Group stock, see the AU:FPR Stock Forecast page.

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.Date of analysis: Dec 11, 2025