Monadelphous Group Limited (MND) AI Stock Analysis

• Market Cap: AU$3.24B
• Dividend Yield: 2.65%
• Average Volume (3M): 221.51K
• Price to Earnings (P/E): 30.3
• Beta (1Y): 1.00
• Revenue Growth: 7.20%
• EPS Growth: 32.60%
• Country: AU
• Employees: 7,289
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.65
• 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$32.26
• Price Target Upside: -0.60% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 1.2
• Revenue Forecast (FY): AU$2.90B

• Rating: 65 Neutral
• Price Target: AU$35.00 ▲(7.86% Upside)
• Action: Reiterated Date: 11/12/25
• Date: Action: Reiterated 11/12/25

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

Revenue Growth

High multi-period revenue growth (Fundamentals shows ~26.8% and IncomeStatement notes a 6.42% increase in the latest year) indicates expanding client demand and successful bid conversion. Sustained top-line growth supports higher utilisation, scale economies and stronger negotiating leverage with customers and suppliers over the medium term.

Low Leverage & Strong ROE

A low debt-to-equity ratio (0.16) with healthy ROE (16.82%) provides durable financial flexibility to pursue multi-year contracts and fund working capital or equipment without heavy refinancing. This balance sheet strength reduces solvency risk during cyclical downturns and supports disciplined capital allocation.

Repeatable Service Model

A business model anchored in recurring maintenance, shutdown campaigns and specialised industrial services creates predictable revenue streams and repeat customer relationships. This supports steadier utilisation of skilled crews and equipment, improving long-term margin sustainability and lowering revenue volatility versus one-off project sales.

Negative Factors

Weak Operating Cash Flow

Declining operating cash flow and negative free cash flow growth limit the company's ability to self-fund capital expenditure, absorb contract timing mismatches or return capital. A low OCF/net income ratio (~0.18) suggests earnings conversion to cash is weak, increasing reliance on external liquidity in stressed periods.

Modest Profitability

A net margin around 3.9% offers limited downside protection against cost inflation or adverse contract outcomes, particularly on fixed-price work. Sustained improvement requires either higher-margin contract mix or continued tight cost control; otherwise retained earnings and reinvestment capacity remain constrained.

Sector Cyclicality Exposure

High exposure to resources and energy sectors ties revenues and utilisation to commodity cycles and capex timing. While framework contracts smooth some volatility, prolonged downturns in these end markets can materially reduce awarded work, underutilise workforce and pressure margins over multiple quarters.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	2.57B	2.16B	2.01B	1.72B	1.81B	1.75B
Gross Profit	193.05M	163.13M	135.77M	118.66M	122.51M	112.17M
EBITDA	161.72M	128.11M	132.82M	108.59M	109.31M	103.36M
Net Income	106.09M	83.72M	62.20M	53.54M	52.22M	47.06M
Balance Sheet
Total Assets	1.12B	1.01B	887.36M	768.17M	791.36M	777.07M
Cash, Cash Equivalents and Short-Term Investments	322.01M	205.83M	225.86M	178.32M	183.33M	175.71M
Total Debt	106.02M	80.30M	94.24M	88.73M	109.48M	97.59M
Total Liabilities	573.65M	507.39M	421.77M	330.20M	379.18M	381.49M
Stockholders Equity	548.91M	497.84M	465.59M	437.98M	412.18M	395.57M
Cash Flow
Free Cash Flow	128.33M	67.16M	98.86M	74.25M	55.02M	18.54M
Operating Cash Flow	159.08M	81.04M	187.74M	93.29M	64.87M	26.73M
Investing Cash Flow	-8.88M	-9.40M	-87.82M	-32.26M	-3.18M	-2.98M
Financing Cash Flow	-95.33M	-89.87M	-49.98M	-66.68M	-54.59M	-54.33M

Monadelphous Group Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 32.45
• 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 32.45 is above the 20-day moving average (MA) of 30.39, above the 50-day MA of 28.99, and above the 200-day MA of 22.89, indicating a bullish trend. The MACD of 0.65 indicates Negative momentum. The RSI at 62.05 is Neutral, neither overbought nor oversold. The STOCH value of 40.02 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
SSM	70 Outperform	AU$1.30B	24.48	12.08%	2.43%	1.65%	84.19%
GNG	68 Neutral	AU$855.74M	28.52	50.61%	5.24%	12.96%	8.19%
SRG	66 Neutral	AU$1.79B	31.42	13.62%	1.85%	23.76%	21.18%
MND	65 Neutral	AU$3.24B	30.34	17.57%	2.65%	7.20%	32.60%
NWH	64 Neutral	AU$2.96B	60.47	4.71%	3.20%	12.18%	-73.81%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MGH	59 Neutral	AU$1.47B	18.77	9.26%	1.30%	15.14%	-7.23%

Monadelphous Group Limited Corporate Events

Monadelphous Delivers Record Half-Year Revenue and Profit on Strong Project Pipeline

Monadelphous Group Limited reported record half-year revenue of $1.53 billion for the six months to 31 December 2025, up 45.6 per cent, driven by strong operating conditions across all sectors and a record level of work secured previously. Net profit after tax rose 52.6 per cent to $64.9 million, with EBITDA of $116.2 million and a margin of 7.59 per cent, allowing the board to declare a fully franked interim dividend of 49 cents per share.

The Engineering Construction division delivered revenue of $677.8 million, up about 67 per cent, supported by expanded services, enhanced end-to-end delivery capability, and higher activity at renewable energy subsidiary Zenviron from larger wind and battery storage projects. The Maintenance and Industrial Services division generated $852 million in revenue, up 32.1 per cent on increased energy sector work and sustained iron ore demand, while strong operating cash flow of $171.1 million boosted the cash balance to $322 million and funded strategic acquisitions to broaden the company’s service offering.

Monadelphous secured $1.4 billion in new contracts and extensions since 1 July 2025, underlining robust demand for its services and supporting elevated activity levels. The company advanced its markets and growth strategy through the acquisitions of Kerman Contracting, Australian Power Industry Partners, and High Energy Service, moves that are set to further diversify and strengthen its capabilities in construction, power, and high-energy industrial services.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$34.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous details corporate structure and subsidiaries in half-year report

Monadelphous Group Limited released its condensed consolidated financial report for the half-year ended 31 December 2025, outlining its corporate structure, directors, company secretaries and registered offices. The disclosure also lists an extensive network of controlled entities in Australia and overseas, highlighting the scale and complexity of the group’s operations, which is relevant for investors assessing governance, organisational reach and operational capabilities.

The report confirms the company’s continued listing on the ASX under the code MND and details its share registry arrangements with Computershare Investor Services. While the document is largely administrative, the breadth of subsidiaries across engineering, fabrication, rail, electrical and international operations underscores Monadelphous’ integrated service model and positioning as a major contractor to industrial and resource-sector clients.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$34.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous declares AUD 0.49 interim dividend for half-year to December 2025

Monadelphous Group Limited has declared a fully franked interim dividend of AUD 0.49 per ordinary fully paid share, relating to the six-month period ended 31 December 2025. The dividend will be paid on 27 March 2026, with shares trading ex-dividend on 5 March and a record date of 6 March, while the dividend reinvestment plan election cutoff is set for 9 March, underscoring the company’s ongoing commitment to returning capital to shareholders and maintaining an active distribution policy.

The timing and size of the dividend indicate steady cash generation and signal confidence in the company’s financial position through the end of 2025. For income-focused investors, the announcement provides clear visibility on near-term cash returns, while the continued use of a dividend reinvestment option offers flexibility for shareholders seeking to increase their exposure without incurring transaction costs.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$34.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

Monadelphous lifts profit, dividend and expands via acquisitions in strong half-year

Monadelphous Group Limited reported a strong first-half performance for the period ended 31 December 2025, with revenue rising 40.57% to $1.44 billion and profit after tax attributable to members jumping 52.62% to $64.9 million, driving basic earnings per share up to 65.19 cents. The company lifted its interim dividend from 33.0 to 49.0 cents per share, expanded via the acquisitions of High Energy Service and Kerman Contracting, and continues to build out its position in resources and renewables through majority stakes in joint ventures Mondium and Zenviron, supported by an active dividend reinvestment plan.

The most recent analyst rating on (AU:MND) stock is a Buy with a A$34.00 price target. To see the full list of analyst forecasts on Monadelphous Group Limited stock, see the AU:MND Stock Forecast page.

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.