Fleetwood Limited (FWD) AI Stock Analysis

• Market Cap: AU$258.30M
• Dividend Yield: 10.12%
• Average Volume (3M): 209.41K
• Price to Earnings (P/E): 18.0
• Beta (1Y): 0.59
• Revenue Growth: 20.83%
• EPS Growth: 290.55%
• Country: AU
• Employees: 650
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.11
• Shares Outstanding: 92,581,100
• 10 Day Avg. Volume: 124,658
• 30 Day Avg. Volume: 209,407
• PEG Ratio: 0.06
• Price to Book (P/B): 1.46
• Price to Sales (P/S): 0.48
• P/FCF Ratio: 6.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: AU$3.00 ▲(7.14% Upside)

Fleetwood Limited's strong financial performance and attractive valuation are offset by weak technical indicators. The company's robust dividend yield and reasonable P/E ratio suggest it is undervalued, but bearish momentum indicates caution. Improving profitability and cash flow sustainability are key areas for future growth.

Positive Factors

Revenue Growth Trend

Sustained double-digit revenue growth indicates expanding share or higher project volumes in modular accommodation markets. Over 2–6 months this supports backlog expansion, improves bargaining leverage with suppliers, and underpins longer-term cash generation potential from both sales and hire contracts.

Conservative Leverage

A low debt-to-equity position and healthy equity ratio provide durable financial flexibility for a capital-intensive modular-construction business. This reduces refinancing risk, enables selective investment in hire fleet or working capital, and helps absorb project timing variability over months.

Operating Cash Generation

Material improvement in operating cash flow shows stronger conversion of core operations to cash, supporting reinvestment in the hire fleet and project delivery. Durable OCF improvement enhances ability to fund growth, service obligations and maintain operational continuity through project cycles.

Negative Factors

Negative Free Cash Flow Growth

A decline in free cash flow growth signals difficulty converting accounting profits into distributable cash. Over months this can constrain capex for fleet expansion, increase reliance on external funding, and pressure dividend sustainability or strategic investments in new markets.

Low Net Profit Margin

Despite robust gross margins, a low net margin implies elevated overheads, financing or non-operating costs that erode returns. Persistently thin net margins reduce resilience to project cost inflation and cyclical demand shifts, limiting retained earnings for growth and shareholder returns.

Modest Return on Equity

A modest ROE, even if improving, suggests limited capital efficiency relative to peers. Over the medium term this can curtail the company's ability to generate attractive shareholder returns without higher margins or better asset utilisation, affecting long-term strategic flexibility.

Fleetwood Limited Business Overview & Revenue Model

Company Description

Fleetwood Limited engages in the design, manufacture, and sale of modular accommodation units in Australia and New Zealand. It operates through three segments: RV Solutions, Building Solutions, and Community Solutions. The company also engages in the operation of accommodation villages; develops and commercialize keyless locks and energy management systems; and manufacture, installation, and distribution of recreational vehicle parts and accessories. It offers accommodation solutions for resources, education, affordable housing, mining, and corrections sectors; and provides caravan plumbing and electrical services, as well as supplies related parts. The company was formerly known as Fleetwood Corporation Limited and changed its name to Fleetwood Limited in November 2020. Fleetwood Limited was founded in 1964 and is headquartered in Subiaco, Australia.

How the Company Makes Money

Fleetwood Limited generates revenue through multiple channels, primarily by selling automotive parts directly to OEMs and through a network of wholesale and retail partners in the aftermarket sector. The company benefits from economies of scale in production, allowing it to offer competitive pricing while maintaining healthy profit margins. Key revenue streams include bulk sales contracts with major automotive manufacturers, retail sales through auto parts stores, and online sales through e-commerce platforms. Additionally, FWD has formed strategic partnerships with automotive industry leaders, enhancing its market presence and driving sales growth. The company also invests in research and development to innovate new products, thereby creating additional revenue opportunities through enhanced offerings.

Fleetwood Limited Financial Statement Overview

Summary

Fleetwood Limited shows a positive trajectory with strong revenue growth and improved operational efficiency. The balance sheet reflects a stable financial position with low leverage. However, challenges remain in enhancing profitability and sustaining free cash flow growth.

Income Statement

Fleetwood Limited has demonstrated a strong revenue growth rate of 8.74% in the most recent year, indicating positive momentum. The gross profit margin remains robust, reflecting efficient cost management. However, the net profit margin is relatively low, suggesting room for improvement in profitability. The EBIT and EBITDA margins have improved significantly, showcasing better operational efficiency.

Balance Sheet

The company's debt-to-equity ratio is low, indicating a conservative leverage position, which is favorable for financial stability. The return on equity has improved but remains modest, suggesting potential for enhanced shareholder returns. The equity ratio is healthy, reflecting a strong capital structure.

Cash Flow

Operating cash flow has increased significantly, indicating improved cash generation capabilities. However, the free cash flow growth rate is negative, highlighting potential challenges in sustaining cash flow. The operating cash flow to net income ratio is strong, but the free cash flow to net income ratio suggests room for improvement in converting profits into cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	503.88M	503.08M	416.36M	409.33M	445.14M	353.60M
Gross Profit	136.01M	373.60M	286.50M	269.82M	290.99M	214.75M
EBITDA	45.03M	43.94M	23.91M	20.23M	-35.56M	41.95M
Net Income	14.56M	14.56M	3.79M	2.05M	-47.46M	13.34M
Balance Sheet
Total Assets	257.43M	257.43M	250.59M	276.19M	310.19M	335.47M
Cash, Cash Equivalents and Short-Term Investments	51.02M	51.02M	39.33M	46.58M	55.27M	57.57M
Total Debt	17.26M	17.26M	18.65M	25.34M	27.18M	31.38M
Total Liabilities	91.67M	91.67M	85.34M	110.55M	146.68M	113.00M
Stockholders Equity	165.76M	165.76M	165.24M	165.63M	163.52M	222.47M
Cash Flow
Free Cash Flow	36.53M	35.62M	5.06M	-2.33M	5.30M	20.02M
Operating Cash Flow	42.55M	42.55M	17.84M	5.48M	15.25M	26.70M
Investing Cash Flow	-6.36M	-6.36M	-12.17M	-6.73M	-7.00M	-1.31M
Financing Cash Flow	-24.49M	-24.49M	-12.92M	-7.44M	-10.55M	-33.55M

Fleetwood Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.80
• 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:FWD, the sentiment is Positive. The current price of 2.8 is above the 20-day moving average (MA) of 2.76, above the 50-day MA of 2.65, and above the 200-day MA of 2.71, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 55.28 is Neutral, neither overbought nor oversold. The STOCH value of 63.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:FWD.

Fleetwood Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DUR	74 Outperform	AU$554.38M	23.63	34.21%	2.25%	3.10%	5.08%
ACF	69 Neutral	AU$322.47M	13.67	16.13%	5.71%	25.14%	-14.54%
FWD	68 Neutral	AU$258.30M	17.95	8.79%	10.12%	20.83%	290.55%
VBC	65 Neutral	AU$63.89M	16.28	17.38%	0.49%	-8.28%	89.71%
SND	64 Neutral	AU$132.76M	55.81	4.01%	2.78%	-0.72%	-78.03%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Fleetwood Limited Corporate Events

Fleetwood Limited Announces Director’s Share Acquisition

Fleetwood Limited has announced a change in the director’s interest, with John Klepec acquiring an additional 10,000 ordinary fully paid shares, bringing his total to 81,159 shares. This on-market trade reflects a strategic move that may impact the company’s governance and stakeholder confidence, potentially influencing its market positioning.

The most recent analyst rating on (AU:FWD) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Fleetwood Limited stock, see the AU:FWD Stock Forecast page.

Fleetwood Limited Announces Director Departure

Fleetwood Limited announced that Bruce Nicholson has ceased to be a director as of November 25, 2025. This change in leadership could impact the company’s strategic direction, as Nicholson held significant interests in the company, including 186,370 fully paid ordinary shares and 534,056 unquoted and unvested performance rights.

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

Fleetwood Limited Announces CEO Departure and Interim Leadership

Fleetwood Limited has announced the immediate departure of its Managing Director and CEO, Mr. Bruce Nicholson, as part of a strategic realignment to ensure long-term success. The Board has initiated a search for a new CEO, with Chair John Klepec temporarily assuming the role of Executive Chairman, affirming that the company’s strategic initiatives and commitment to stakeholders remain unchanged.

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

Fleetwood Limited Updates Director’s Securities Holdings

Fleetwood Limited has announced a change in the director’s interest, specifically regarding Bruce Nicholson’s holdings. The change involves the acquisition of 128,614 unquoted performance rights under Fleetwood’s Long Term Incentive Plan, increasing his total to 534,056 unquoted and unvested performance rights. This adjustment reflects the company’s ongoing commitment to aligning executive incentives with long-term company performance, potentially impacting stakeholder perceptions of Fleetwood’s strategic direction.

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