Fleetwood Limited (FWD) AI Stock Analysis

• Market Cap: AU$191.64M
• Dividend Yield: 10.12%
• Average Volume (3M): 209.41K
• Price to Earnings (P/E): 7.2
• Beta (1Y): 0.56
• Revenue Growth: 20.83%
• EPS Growth: 290.55%
• Country: AU
• Employees: 650
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.09
• 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: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.28
• Revenue Forecast (FY): AU$481.90M

• Rating: 66 Neutral
• Price Target: AU$2.00 ▼(-3.38% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven primarily by solid financial performance (revenue growth, improving operating efficiency, and low leverage) and supportive valuation (moderate P/E and high dividend yield). These positives are meaningfully offset by weak technicals, with the stock in a clear downtrend and negative momentum despite oversold readings.

Positive Factors

Conservative leverage / strong balance sheet

Low debt-to-equity and a healthy equity ratio provide durable financial flexibility. This conservative capital structure reduces refinancing risk, supports bidding on project work, funds fleet investment or refurbishments without stressing liquidity, and stabilises operations through project cycles.

Improved operating cash generation

A meaningful increase in operating cash flow signals stronger underlying cash conversion from core operations. Over the medium term this supports reinvestment in hire fleet, working capital for contract execution, and reduces reliance on external funding, improving resilience to project timing variability.

Margin expansion and revenue momentum

Simultaneous revenue growth and marked improvement in EBIT/EBITDA indicate rising operational efficiency and better project execution. Sustained margin expansion from cost control or pricing enhances cash flow potential and competitive positioning in modular accommodation markets over multiple quarters.

Negative Factors

Negative free cash flow growth

Negative free cash flow growth reduces retained liquidity available for capex, fleet replacement, dividends or debt reduction. Persisting FCF weakness can force asset sales, higher borrowing, or curtailed investment, undermining long-term service capacity and ability to capitalise on contract wins.

Relatively low net profit margin

A low net margin limits the company's ability to build reserves and absorb project overruns or cyclic revenue drops. Even with improving operating margins, limited bottom-line conversion constrains long-term dividend sustainability and reduces buffer against sector downturns or rising input costs.

Volatile/negative trailing revenue metric

A trailing revenue growth metric showing roughly -15% points to volatility or recent contraction in top-line. For a project-driven modular business this signals lumpiness in contract awards and utilisation, complicating medium-term planning, workforce deployment and hire-fleet investment decisions.

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

Solid overall fundamentals: strong recent revenue growth (8.74%) and improved EBIT/EBITDA margins, supported by a stable balance sheet with low leverage. Offsetting factors are relatively low net profit margin and weaker free cash flow dynamics (negative FCF growth), which cap the score.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	458.68M	503.08M	416.36M	409.33M	445.14M	353.60M
Gross Profit	77.49M	373.60M	286.50M	269.82M	290.99M	214.75M
EBITDA	53.56M	43.94M	23.91M	20.23M	-35.56M	41.95M
Net Income	18.47M	14.56M	3.79M	2.05M	-47.46M	13.34M
Balance Sheet
Total Assets	253.50M	257.43M	250.59M	276.19M	310.19M	335.47M
Cash, Cash Equivalents and Short-Term Investments	30.74M	51.02M	39.33M	46.58M	55.27M	57.57M
Total Debt	47.96M	17.26M	18.65M	25.34M	27.18M	31.38M
Total Liabilities	91.79M	91.67M	85.34M	110.55M	146.68M	113.00M
Stockholders Equity	161.72M	165.76M	165.24M	165.63M	163.52M	222.47M
Cash Flow
Free Cash Flow	5.72M	35.62M	5.06M	-2.33M	5.30M	20.02M
Operating Cash Flow	13.46M	42.55M	17.84M	5.48M	15.25M	26.70M
Investing Cash Flow	-6.32M	-6.36M	-12.17M	-6.73M	-7.00M	-1.31M
Financing Cash Flow	-33.95M	-24.49M	-12.92M	-7.44M	-10.55M	-33.55M

Fleetwood Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.07
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FWD, the sentiment is Negative. The current price of 2.07 is below the 20-day moving average (MA) of 2.47, below the 50-day MA of 2.61, and below the 200-day MA of 2.70, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 29.08 is Positive, neither overbought nor oversold. The STOCH value of 8.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$567.27M	9.20	34.21%	2.25%	3.10%	5.08%
ACF	69 Neutral	AU$289.75M	12.10	16.13%	5.71%	25.14%	-14.54%
FWD	66 Neutral	AU$191.64M	7.18	8.79%	10.12%	20.83%	290.55%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
VBC	63 Neutral	AU$62.76M	7.32	17.38%	0.49%	-8.28%	89.71%
SND	56 Neutral	AU$117.55M	-6.43	4.01%	2.78%	-0.72%	-78.03%

Fleetwood Limited Corporate Events

Fleetwood halves surge in profit as community unit shines but cash flow weakens

Fleetwood Limited reported a strong first half to FY26, with net profit after tax rising 84% to $8.6 million and EBIT up 32% to $13.7 million, driven by standout performance in its Community Solutions division and an underlying return to profitability in RV Solutions. Diluted earnings per share jumped 86% to 9.3 cents, though cash conversion slid to 30%, free cash flow fell to negative $7.8 million and the interim fully franked dividend was cut 17% to 9.5 cents per share, alongside the launch of a share buyback of up to $5 million.

Community Solutions delivered EBIT of $23.4 million on revenue of $46.1 million, supported by 95% occupancy at Searipple Village amid tightening accommodation supply in Karratha, while Building Solutions saw revenue fall to $148.8 million and slip into a small EBIT loss as weaker New South Wales and Queensland volumes outweighed gains elsewhere. RV Solutions incurred $4.8 million in restructuring costs to close local manufacturing, rationalise products and consolidate sites in Victoria, lifting underlying EBIT into positive territory, and management expects working capital-driven cash flow headwinds in Building Solutions to unwind in the second half as its order book strengthens to $157 million, with solid contracted occupancy at Searipple underpinning a constructive outlook across key resources and energy markets.

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 lifts profit on community accommodation strength despite cash flow squeeze

Fleetwood Limited reported a strong first half to 31 December 2025, with net profit after tax up 84% to $8.6 million and EBIT up 32% to $13.7 million, driven by standout performance in Community Solutions and an underlying return to profitability in RV Solutions. Diluted earnings per share rose 86%, but cash conversion fell sharply to 30% and free cash flow turned negative, leading to a fully franked interim dividend of 9.5 cents per share and the announcement of an on‑market share buyback of up to $5 million.

Community Solutions delivered more than 95% occupancy at Searipple Village, benefiting from rising activity in the Karratha region and long‑term contracts, while Building Solutions saw revenue decline in New South Wales and Queensland despite improved margins and growth in other states. RV Solutions closed local manufacturing, rationalised products, and consolidated sites in Victoria, booking restructuring costs but achieving positive underlying EBIT, and the group enters the second half with a stronger Building Solutions order book of $157 million and robust contracted occupancy at Searipple, positioning it to capitalise on resources‑related demand while focusing on operational efficiencies and capital management for shareholder returns.

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 Declares Interim Dividend of 9.5 Cents per Share

Fleetwood Limited has declared an ordinary dividend of AUD 0.095 per fully paid share, relating to the six-month period ended 31 December 2025. The shares will trade ex-dividend on 13 March 2026, with a record date of 16 March 2026 and payment scheduled for 9 April 2026.

This dividend announcement signals ongoing shareholder returns in line with Fleetwood’s semi-annual cycle and provides investors with clear timing for entitlement and cash flow recognition. The declared payout may be viewed as an indicator of the company’s confidence in its recent half-year performance and its commitment to maintaining a consistent distribution policy.

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 lifts half-year profit despite revenue slide and trims dividend

Fleetwood Limited reported a 16% fall in revenue to $227.5 million for the half year to 31 December 2025, yet net profit after tax attributable to members surged 84% to $8.6 million, aided by a 32% rise in EBIT despite softer EBITDA. The company cut its interim dividend to 9.5 cents per share from 11.5 cents and saw net tangible assets per security decline to $1.06 from $1.21, signalling some balance sheet pressure alongside improved profitability.

Fleetwood also completed the sale of the operations of Northern RV Pty Ltd as a going concern on 18 February 2026 for $4.85 million, with the related working capital and assets classified as held for sale at the balance date. Northern RV Pty Ltd remains a subsidiary, and the reviewed half-year financial report by Ernst & Young provides further detail on segment performance and other factors influencing the result.

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.

Ellerston Capital Ceases to Be Substantial Holder in Fleetwood Limited

Ellerston Capital Limited has lodged a notice with the ASX stating it has ceased to be a substantial holder in Fleetwood Limited as of 11 February 2026. The investment manager clarified that the shares referenced are owned by third-party client accounts under its discretionary management, and that neither Ellerston nor its shareholders or associates hold a direct interest in the Fleetwood shares, signalling a reduction in institutional ownership that may modestly alter Fleetwood’s shareholder mix and governance dynamics.

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 Issues 53,658 Unquoted Performance Rights Under Employee Incentive Plan

Fleetwood Limited has notified the market of the issue of 53,658 unquoted performance rights under its employee incentive scheme, with the securities subject to transfer restrictions and not quoted on the ASX until those restrictions expire. The move reflects the company’s continued use of equity-based remuneration to incentivise and retain staff, aligning employee interests with shareholder value through long-term performance-linked awards.

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 Schedules Investor Briefing for Half-Year FY26 Results

Fleetwood Limited has announced it will publish its half-year FY26 financial results for the period ended 31 December 2025 to the Australian Securities Exchange on 25 February 2026 and will host a same-day market briefing for investors. The briefing, led by the executive chairman, chief executive officer and chief financial officer, will be accessible via pre-registered conference call and live webcast, with supporting presentation materials to be made available in the investor centre of the company’s website, underscoring Fleetwood’s efforts to maintain active engagement and transparency with the market ahead of its interim results.

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 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.