MAAS Group Holdings Ltd. (MGH) AI Stock Analysis

• Market Cap: AU$2.04B
• Dividend Yield: 1.3%
• Average Volume (3M): 517.76K
• Price to Earnings (P/E): 26.9
• Beta (1Y): 1.16
• Revenue Growth: 15.14%
• EPS Growth: -7.23%
• Country: AU
• Employees: 1,800
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.13
• Shares Outstanding: 363,795,230
• 10 Day Avg. Volume: 351,659
• 30 Day Avg. Volume: 517,758
• PEG Ratio: -4.48
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 1.42
• P/FCF Ratio: 45.54
• 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: AU$5.09
• Price Target Upside: 23.72% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: AU$4.50 ▲(9.49% Upside)

The score is driven primarily by solid top-line growth and strong gross margins, offset by weaker cash flow trends and higher leverage. Technicals are a notable headwind with the stock trading below major moving averages and negative momentum, while valuation appears only moderately attractive given a higher P/E and a modest dividend yield.

Positive Factors

Diversified Business Model

MAAS Group's exposure to contracting, infrastructure services and property development creates multiple durable revenue streams. This diversification reduces reliance on any single project type or market cycle, smoothing cash flows and allowing the company to redeploy resources between segments over the next several quarters.

Strong Revenue Growth and Gross Margin

Sustained double-digit revenue growth paired with a ~52% gross margin indicates pricing power and effective project cost control in core operations. Over 2-6 months this supports reinvestment in plant and people, strengthens bid competitiveness, and underpins medium-term profitability potential despite operating challenges.

Balanced Capital Structure

An equity ratio near 44% with an ROE around 8% reflects a reasonably balanced capital structure and moderate returns on shareholder capital. This mix provides capacity to fund working capital and projects internally while retaining flexibility to raise debt or equity if growth opportunities or larger contracts emerge.

Negative Factors

Weak Cash Generation

Declining operating cash flow and negative free cash flow growth signal weaker ability to convert accounting profits into usable cash. That reduces runway for capital expenditure, tendering new contracts, and absorbing project timing mismatches, likely increasing reliance on external financing within months.

Rising Leverage

An elevated debt-to-equity ratio near 0.9 increases interest and refinancing exposure. In the project-driven construction industry, higher leverage constrains flexibility to absorb cost overruns or delayed receivables and tightens covenant headroom, posing a material constraint on strategic initiatives over the medium term.

Compressed Net Profitability

A modest net margin below 7% despite strong gross margins suggests rising overheads, finance costs or execution inefficiencies. Persistent margin compression limits retained earnings for reinvestment, weakens resilience to cyclical slowdowns, and may constrain ability to sustainably fund growth from operating profits.

MAAS Group Holdings Ltd. Business Overview & Revenue Model

Company Description

MAAS Group Holdings Limited, together with subsidiaries, provides construction materials, equipment, and services for civil, infrastructure, and mining sectors in Australia and internationally. The company operates through Civil, Construction, and Hire; Real Estate; Manufacturing; and Construction Materials segments. The Civil, Construction, and Hire segment engages in the construction of civil infrastructure, roads, dams, and mining infrastructure. This segment also provides electrical infrastructure, communications, and specialized services; hires, maintains, rebuilds, and sells second-hand mobile equipment for civil tunneling and underground hard rock mining; and hires and sells plant for infrastructure and tunneling projects. The Real Estate segment builds, develops, and sells residential housing estates, commercial and industrial properties; and invests in commercial real estate properties. The Construction Materials segment supplies quarry materials; offers mobile crushing and screening services for quarries, civil works, and mining; and provides geotechnical services. The Manufacturing segment manufactures, sells, and distributes underground construction and mining equipment and parts. MAAS Group Holdings Limited was founded in 2002 and is headquartered in Dubbo, Australia.

How the Company Makes Money

MAAS Group Holdings generates revenue through a variety of channels, primarily by undertaking large-scale infrastructure projects and civil engineering contracts, which provide a steady income stream. The company also benefits from its mining operations, where revenue is derived from the extraction and sale of minerals, including aggregates and other materials used in construction. Key revenue streams include contracts with government and private sector clients for infrastructure development, as well as royalties and sales from mining activities. Strategic partnerships with other firms in the construction and mining sectors further enhance MGH's market position and revenue potential, allowing for collaborative projects and shared resources.

MAAS Group Holdings Ltd. Financial Statement Overview

Summary

Strong revenue growth (+13.77%) and a healthy gross margin (~52.2%) support performance, but a slightly lower net margin (6.98%), rising leverage (debt-to-equity 0.91), and weakening cash generation (significantly lower operating cash flow and negative free cash flow growth) temper the outlook.

Income Statement

MAAS Group Holdings Ltd. has demonstrated strong revenue growth with a 13.77% increase in the latest year, indicating robust demand and market expansion. The gross profit margin is healthy at approximately 52.2%, suggesting effective cost management. However, the net profit margin has slightly decreased to 6.98%, which may indicate rising expenses or competitive pressures affecting profitability. Overall, the company shows solid growth potential but needs to address profitability challenges.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.91, reflecting higher leverage which could pose financial risks if not managed properly. The return on equity stands at 8.21%, indicating moderate efficiency in generating returns from shareholders' equity. The equity ratio is 43.96%, showing a balanced capital structure. While the balance sheet is stable, the rising debt levels warrant caution.

Cash Flow

Operating cash flow has decreased significantly, impacting the company's ability to generate cash from operations. The free cash flow growth rate is negative, indicating challenges in maintaining cash reserves. The operating cash flow to net income ratio is 0.94, suggesting that cash generation is not keeping pace with accounting profits. The cash flow situation requires improvement to ensure liquidity and financial flexibility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.04B	1.03B	895.06M	789.32M	509.89M	273.12M
Gross Profit	372.43M	538.08M	484.87M	192.08M	255.55M	138.86M
EBITDA	193.74M	207.75M	200.04M	159.46M	124.56M	70.44M
Net Income	71.96M	71.96M	72.96M	65.90M	61.56M	34.57M
Balance Sheet
Total Assets	1.99B	1.99B	1.59B	1.44B	946.93M	489.21M
Cash, Cash Equivalents and Short-Term Investments	102.77M	102.77M	85.48M	69.37M	52.45M	19.76M
Total Debt	801.16M	801.16M	626.08M	545.21M	329.49M	156.89M
Total Liabilities	1.10B	1.10B	905.73M	814.55M	490.98M	234.81M
Stockholders Equity	876.19M	876.19M	678.63M	626.88M	455.95M	254.40M
Cash Flow
Free Cash Flow	34.71M	32.20M	56.49M	-79.70M	-51.65M	5.96M
Operating Cash Flow	67.83M	67.83M	113.38M	2.56M	7.45M	44.28M
Investing Cash Flow	-288.70M	-288.70M	-114.03M	-267.60M	-210.43M	-69.61M
Financing Cash Flow	238.15M	238.15M	16.77M	281.95M	237.43M	30.88M

MAAS Group Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MGH, the sentiment is Negative. The current price of 4.11 is below the 20-day moving average (MA) of 5.50, below the 50-day MA of 5.08, and below the 200-day MA of 4.47, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 21.46 is Positive, neither overbought nor oversold. The STOCH value of 47.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MGH.

MAAS Group Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SSM	70 Outperform	AU$1.40B	23.40	12.08%	2.43%	1.65%	84.19%
SRG	66 Neutral	AU$1.90B	37.69	13.62%	1.85%	23.76%	21.18%
MND	65 Neutral	AU$3.09B	36.36	17.57%	2.65%	7.20%	32.60%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MGH	59 Neutral	AU$2.04B	26.91	9.26%	1.30%	15.14%	-7.23%
NWH	56 Neutral	€2.41B	86.63	4.71%	3.20%	12.18%	-73.81%

MAAS Group Holdings Ltd. Corporate Events

MAAS Group Updates Market on Progress of On‑Market Share Buy-Back

MAAS Group Holdings Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. As of the latest update dated 6 February 2026, the company has repurchased a cumulative total of 1,642,271 shares prior to the previous trading day and a further 242,166 shares on the previous day, signalling an active capital management strategy that may support earnings per share and reflect board confidence in the company’s valuation, with potential implications for existing shareholders through a reduced share count.

The most recent analyst rating on (AU:MGH) stock is a Buy with a A$5.04 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.

Maas Group to Sell Construction Materials Division to Heidelberg for Up to $1.7bn

Maas Group Holdings Limited has agreed to sell its Construction Materials division, including related subsidiaries and assets such as Nationwide Machinery Sales and Yatala Quarry, to Heidelberg Materials Australia for up to $1.703 billion in cash, including $120 million of contingent consideration linked to post-completion performance. The deal, which is subject to regulatory and shareholder approvals and expected to complete in the second half of 2026, will see about 1,140 employees transfer to Heidelberg under a structured transition and long-term leaseback of certain freehold land, and is positioned by Maas as a value-realisation and capital-recycling move that will allow it to refocus and redeploy funds into higher-return growth opportunities in digital infrastructure, electrification and energy-transition assets while potentially enabling future capital returns to shareholders.

The most recent analyst rating on (AU:MGH) stock is a Hold with a A$6.00 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.

MAAS Group Issues 823,391 Unquoted Performance Rights Under Staff Incentive Plan

MAAS Group Holdings has issued 823,391 unquoted performance rights under its employee incentive scheme, with these securities subject to transfer restrictions and not quoted on the ASX until those restrictions lapse. The move underscores the company’s continued use of equity-based remuneration to align staff incentives with longer-term company performance and shareholder interests.

The most recent analyst rating on (AU:MGH) stock is a Hold with a A$6.00 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.

MAAS Group Launches On-Market Share Buy-Back Program

MAAS Group Holdings Limited has announced a new on-market share buy-back of its ordinary fully paid shares (ASX code: MGH). The program signals management’s intention to actively manage its capital structure and may provide support for the company’s share price, with potential implications for shareholder value depending on the scale and timing of the buy-back.

The most recent analyst rating on (AU:MGH) stock is a Hold with a A$6.00 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.

Maas Group Extends 10% On-Market Share Buyback for Another Year

Maas Group Holdings has secured Board approval to extend its existing on‑market share buyback program, allowing the company to repurchase up to 10% of its issued ordinary share capital for a further 12 months. The extension is aimed at enhancing sustainable returns on equity for shareholders and signals the Board’s confidence in the company’s operational performance and capital strength, with the pace and scale of buybacks to be adjusted in line with share price movements, market conditions and MGH’s capital position over the coming year.

The most recent analyst rating on (AU:MGH) stock is a Hold with a A$6.00 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.

Perpetual Exits Substantial Shareholding in Maas Group Holdings

Perpetual Limited and its related bodies corporate have notified Maas Group Holdings Limited that they have ceased to be a substantial shareholder in the company as of 6 January 2026, under the disclosure requirements of the Corporations Act. The change, formalised in a substantial holder notice lodged by Perpetual’s company secretary, indicates a reduction in Perpetual’s voting interest below the substantial holding threshold, potentially altering the company’s institutional investor base and signalling a shift in the composition of major shareholders that stakeholders may monitor for its implications on governance and market perception.

The most recent analyst rating on (AU:MGH) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.

Maas Group’s JLE Wins $200m Deal for Launceston AI Factory Electrical Infrastructure

Maas Group Holdings’ electrical infrastructure subsidiary JLE Group has secured an agreement worth about $200 million with Firmus Technologies to supply, deliver and install turnkey modular electrical infrastructure, including Firmus “PowerCube” solutions and associated high-voltage systems, for a 100MW AI factory cluster in Launceston scheduled for progressive delivery through 2026. The deal significantly expands JLE’s forward workload, deepens Maas Group’s position in the fast-growing AI and digital infrastructure sector, and underpins expected earnings growth over the near to medium term, while the parties are also collaborating on a potential staged rollout of more than 500MW of additional AI factory capacity in Tasmania by 2028, reinforcing Maas Group’s role as a key domestic partner in Australia’s sovereign AI infrastructure build-out.

The most recent analyst rating on (AU:MGH) stock is a Buy with a A$5.45 price target. To see the full list of analyst forecasts on MAAS Group Holdings Ltd. stock, see the AU:MGH Stock Forecast page.