Monadelphous Group Limited (MND) AI Stock Analysis

• Market Cap: AU$3.11B
• Dividend Yield: 2.65%
• Average Volume (3M): 221.51K
• Price to Earnings (P/E): 36.0
• Beta (1Y): 0.92
• Revenue Growth: 7.20%
• EPS Growth: 32.60%
• Country: AU
• Employees: 7,289
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.41
• Shares Outstanding: 100,026,000
• 10 Day Avg. Volume: 172,456
• 30 Day Avg. Volume: 221,508
• PEG Ratio: 0.60
• Price to Book (P/B): 3.51
• Price to Sales (P/S): 0.81
• P/FCF Ratio: 26.03
• 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$26.62
• Price Target Upside: -14.53% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: AU$33.00 ▲(5.97% Upside)

Monadelphous Group Limited's overall score is driven by strong financial performance, particularly in revenue growth and cost management. The technical analysis indicates a strong upward trend, though the stock appears overbought. Valuation concerns due to a high P/E ratio and modest dividend yield also weigh on the score.

Positive Factors

Consistent Revenue Growth

Sustained revenue growth signals enduring demand for Monadelphous's engineering and maintenance services, supporting a stable contract pipeline and client relationships. Over 2–6 months this underpins predictable top-line cashflows and strengthens negotiating leverage on new project bids.

Low Leverage and Solid ROE

Very low leverage and healthy ROE give Monadelphous financial flexibility to fund working capital, bid competitively on large projects, and withstand cyclical volatility. This balance sheet strength supports durable investment capacity and crisis resilience over the medium term.

Improved Gross and Stable Margins

Rising gross margin and stable operating margins reflect improved cost management and operational efficiency. Sustainable margin improvement increases free cash generation potential and competitiveness on fixed-price contracts, benefiting long-term profitability and reinvestment ability.

Negative Factors

Declining Operating Cash Flow / Negative FCF Growth

Falling operating cash flow and negative FCF growth constrain Monadelphous's ability to fund capex, pay dividends, or invest in growth without tapping capital markets. Over several months this can pressure liquidity planning and reduce strategic flexibility if trends persist.

Weak Cash Conversion

A low OCF-to-net-income ratio indicates earnings are not converting efficiently to cash, raising risks from contract timing, receivables or retainers. Persistent weak cash conversion can strain working capital and force reliance on external funding, undermining durable operational stability.

Modest Net Profit Margin

A sub-4% net margin leaves limited buffer against cost overruns, commodity-driven client cuts, or project delays common in engineering services. Structurally thin profitability reduces capacity to absorb shocks and slows accumulation of internal reserves for strategic initiatives.

Monadelphous Group Limited Business Overview & Revenue Model

Company Description

Monadelphous Group Limited, an engineering group, provides construction, maintenance, and industrial services to resources, energy, and infrastructure industries in Australia, Chile, Mongolia, China, Papua New Guinea, and internationally. It operates through Engineering Construction, and Maintenance and Industrial Services divisions. The company offers fabrication, modularization, offsite pre-assembly, procurement, and installation of structural steel, tankage, mechanical and process equipment, piping, demolition, and remediation works; multi-disciplined construction services; plant commissioning; electrical and instrumentation services; engineering, procurement, and construction services; process and non-process maintenance services; and front-end scoping, shutdown planning, management, and execution services. It also provides water and wastewater asset construction and maintenance; transmission pipelines and facilities construction; power and water assets operation and maintenance; heavy lift and specialist transport; access solutions; dewatering services; corrosion management services; specialist coatings; rail maintenance services; and insulation and cladding services. In addition, it offers turnkey design and construction, heavy lift and crane, and civil and electrical services. Monadelphous Group Limited was founded in 1972 and is headquartered in Perth, Australia.

How the Company Makes Money

Monadelphous generates revenue primarily through its engineering services, which include project delivery and asset management solutions. The company's key revenue streams come from contracts awarded for large-scale projects in the resource and energy sectors, as well as ongoing maintenance services for existing infrastructure. In addition, Monadelphous often engages in long-term contracts with major clients, providing stability in revenue. The company also benefits from partnerships with industry leaders, which enhance its capability to secure new projects and expand its market presence. Factors contributing to its earnings include demand for resource sector services, operational efficiency, and the successful execution of projects on time and within budget.

Monadelphous Group Limited Financial Statement Overview

Summary

Monadelphous Group Limited shows strong revenue growth and improved cost management, leading to better gross margins. The balance sheet is robust with low leverage and solid equity returns. However, cash flow management needs attention due to declining operating cash flow and negative free cash flow growth.

Income Statement

Monadelphous Group Limited has demonstrated consistent revenue growth, with a 6.42% increase in the latest year. The gross profit margin improved to 7.54%, indicating better cost management. However, the net profit margin remains modest at 3.87%, suggesting room for improvement in profitability. The EBIT and EBITDA margins are stable, reflecting operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has decreased to 0.16, indicating a strong balance sheet with reduced leverage. Return on equity is healthy at 16.82%, showcasing effective use of equity to generate profits. The equity ratio is stable, reflecting a solid financial position.

Cash Flow

Operating cash flow has decreased, impacting the operating cash flow to net income ratio, which stands at 0.18. Free cash flow growth is negative, posing a concern for future investments. However, the free cash flow to net income ratio is strong at 0.83, indicating good cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.16B	2.16B	2.01B	1.72B	1.81B	1.75B
Gross Profit	163.13M	163.13M	135.77M	118.66M	122.51M	112.17M
EBITDA	128.11M	128.11M	132.82M	108.59M	109.31M	103.36M
Net Income	83.72M	83.72M	62.20M	53.54M	52.22M	47.06M
Balance Sheet
Total Assets	1.01B	1.01B	887.36M	768.17M	791.36M	777.07M
Cash, Cash Equivalents and Short-Term Investments	205.83M	205.83M	225.86M	178.32M	183.33M	175.71M
Total Debt	80.30M	80.30M	94.24M	88.73M	109.48M	97.59M
Total Liabilities	507.39M	507.39M	421.77M	330.20M	379.18M	381.49M
Stockholders Equity	497.84M	497.84M	465.59M	437.98M	412.18M	395.57M
Cash Flow
Free Cash Flow	67.16M	67.16M	98.86M	74.25M	55.02M	18.54M
Operating Cash Flow	81.04M	81.04M	187.74M	93.29M	64.87M	26.73M
Investing Cash Flow	-9.40M	-9.40M	-87.82M	-32.26M	-3.18M	-2.98M
Financing Cash Flow	-89.87M	-89.87M	-49.98M	-66.68M	-54.59M	-54.33M

Monadelphous Group Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 31.14
• 50DMA: Positive
• 100DMA: Positive
• 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:MND, the sentiment is Positive. The current price of 31.14 is above the 20-day moving average (MA) of 28.99, above the 50-day MA of 27.48, and above the 200-day MA of 21.49, indicating a bullish trend. The MACD of 1.10 indicates Negative momentum. The RSI at 67.33 is Neutral, neither overbought nor oversold. The STOCH value of 74.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MND.

Monadelphous Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GNG	71 Outperform	AU$736.89M	21.46	50.61%	5.24%	12.96%	8.19%
SSM	70 Outperform	€1.41B	23.08	12.08%	2.43%	1.65%	84.19%
SRG	66 Neutral	AU$1.89B	37.31	13.62%	1.85%	23.76%	21.18%
MND	65 Neutral	AU$3.11B	36.01	17.57%	2.65%	7.20%	32.60%
MGH	64 Neutral	AU$1.99B	26.33	9.26%	1.30%	15.14%	-7.23%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NWH	56 Neutral	€2.39B	89.60	4.71%	3.20%	12.18%	-73.81%

Monadelphous Group Limited Corporate Events

Monadelphous Wins $300m Long-Term Rio Tinto Maintenance Contract

Monadelphous Group Limited has secured a major long-term maintenance services contract with Rio Tinto worth about $300 million over five years, under which it will continue providing fixed plant and shutdown services, including general mechanical and access work, across Rio Tinto’s iron ore operations in Western Australia’s Pilbara region. The award, extending a relationship spanning more than three decades, reinforces Monadelphous’ reputation for safe and reliable delivery and further consolidates its position as a leading maintenance services provider to the resources sector, underscoring the strategic importance of recurring maintenance work with tier-one miners to its ongoing revenue base and industry standing.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$28.75 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Announces Lapse of 5,968 Performance Rights

Monadelphous Group Limited has notified the market that 5,968 performance rights (ASX code: MNDAE) have lapsed after the conditions attached to those rights were not satisfied by 31 December 2025. The cessation of these rights represents a minor adjustment to the company’s issued capital and reflects performance or vesting hurdles not being met, with limited immediate impact expected on existing shareholders but offering some insight into the company’s performance against internal incentive targets.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$28.75 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Wins $110m in New Energy and Resources Contracts

Monadelphous Group Limited has announced a suite of new construction and maintenance contracts across the resources, energy and renewable energy sectors, with an aggregate value of about $110 million, reinforcing its diversified project pipeline. The awards include a four-year multidisciplinary maintenance contract for BW Offshore’s BW Opal FPSO facility off the Northern Territory, plant modification works for Rio Tinto’s Hope Downs 2 project in Western Australia, demolition and disposal of Santos’ Hegigio Pipeline Bridge in Papua New Guinea, and, via its Zenviron joint venture, delivery of the Bennetts Creek Battery Energy Storage System in Victoria’s Latrobe Valley, collectively strengthening its presence in both traditional energy and emerging renewable infrastructure markets and supporting medium-term revenue visibility through to 2027.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$28.75 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Wins $175m BHP Car Dumper Contract at Port Hedland

Monadelphous Group Limited has secured a major construction contract from BHP worth approximately $175 million for works associated with a car dumper project at Finucane Island in Port Hedland, Western Australia. The scope includes civil, structural, mechanical, piping and electrical works to replace key equipment during a planned major shutdown, reinforcing Monadelphous’ longstanding relationship with BHP and underscoring its strong track record in car dumper projects following the successful completion of the Car Dumper 3 project at Nelson Point last year, which is likely to support revenue and strengthen its positioning in the resources construction and maintenance market.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$28.75 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Wins $250m Rio Tinto Construction Contract at Brockman Iron Ore Project

Monadelphous Group Limited has received a Notice of Award from Rio Tinto for a major multidisciplinary construction contract associated with the Brockman Syncline 1 iron ore development at the Brockman Mine Hub in Western Australia’s Pilbara region. The approximately $250 million contract covers fabrication and supply, detailed earthworks and concrete, structural, mechanical, piping, electrical and instrumentation works for a new primary crusher and overland conveyor, as well as modifications to existing plant, with work starting immediately and scheduled for completion in 2027. Management said the award underscores Monadelphous’ strong, long-standing relationship with Rio Tinto and reinforces the company’s credentials in safely delivering large-scale, complex resources projects, strengthening its position in the iron ore construction market and providing a significant medium-term workload pipeline.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$28.75 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Director’s Interest Update: Strategic Implications

Monadelphous Group Limited announced a change in the director’s interest, with Zoran Bebic acquiring additional performance rights. This adjustment reflects the company’s ongoing commitment to rewarding its senior leadership, potentially impacting the company’s strategic direction and stakeholder interests.

The most recent analyst rating on (AU:MND) stock is a Hold with a A$27.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Issues Performance Rights to Boost Employee Incentives

Monadelphous Group Limited announced the issuance of 48,185 performance rights as part of an employee incentive scheme. This move is aimed at motivating and retaining key personnel, potentially enhancing the company’s operational efficiency and competitive positioning in the engineering and construction industry.

The most recent analyst rating on (AU:MND) stock is a Hold with a A$27.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Group Limited 2025 AGM Resolutions Successfully Passed

Monadelphous Group Limited held its 2025 Annual General Meeting, where all resolutions, including the re-election of directors and the granting of performance rights under the company’s incentive plans, were carried. The successful passage of these resolutions reflects strong shareholder support for the company’s leadership and strategic direction, potentially strengthening its position in the industry and reassuring stakeholders of its governance and operational plans.

The most recent analyst rating on (AU:MND) stock is a Hold with a A$27.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Reports Record Contract Wins and Strategic Growth

Monadelphous Group Limited reported a year of robust performance, securing a record $2.3 billion in new contracts and extensions in the 2025 financial year, with an additional $570 million in new work since year-end. The company achieved significant contract wins in energy, iron ore, and renewables, and advanced its growth strategy through acquisitions and joint ventures. Despite challenges in safety performance, Monadelphous made strides in diversity and sustainability initiatives, including progress towards Net Zero goals. The long-term outlook remains strong across its sectors, with continued demand for sustaining capital works and maintenance services.

The most recent analyst rating on (AU:MND) stock is a Hold with a A$27.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Projects Strong Revenue Growth Amid Expanding Capabilities

Monadelphous Group Limited has announced a positive revenue guidance for the half year ending December 31, 2025, driven by strong operating conditions and elevated activity levels across its business. The company has secured a record level of work and anticipates approximately $1.5 billion in revenue for the half year, with full-year revenue expected to increase by 20 to 25 percent compared to the previous year. The recent acquisition of Kerman Contracting has expanded Monadelphous’ capabilities in non-process infrastructure design and construction services, enhancing its market positioning. The company has secured over $570 million in new contracts since the start of the financial year and expects further contract awards in the coming months.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$23.60 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Secures $140 Million in New Contracts

Monadelphous Group Limited announced the award of new construction and maintenance contracts in the resources sector, valued at approximately $140 million. These include a three-year extension to its maintenance agreement with BHP’s iron ore operations in Western Australia, reappointment to the WAIO Site Engineering Panel, and various projects under BHP and Rio Tinto agreements. These contracts are expected to enhance Monadelphous’s operational capacity and reinforce its market position in the resources sector, providing significant opportunities for growth and collaboration with major industry players.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$23.60 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous Group Limited Announces Quotation of New Securities on ASX

Monadelphous Group Limited has announced the quotation of 645,267 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code MND, effective from November 5, 2025. This move is part of previously announced transactions and reflects the company’s ongoing efforts to enhance its market presence and provide value to its stakeholders.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$23.60 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.