NRW Holdings Limited (AU:NWH)
ASX:NWH
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NRW Holdings Limited
(Sydney:NWH)
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Rating:64Neutral
Price Target:
AU$7.50
▲(22.95% Upside)
Action:Reiterated
Date:02/20/26
The score is driven primarily by mixed financial performance—strong revenue and gross margin improvement offset by thin profitability, weaker cash generation, and higher leverage. Technicals are supportive with an established uptrend, but overbought readings add near-term risk. Valuation is the main drag due to the high P/E despite a modest dividend yield.
Positive Factors
Diversified contracting platform
NRW's multi‑vertical structure (mining services, drilling/blasting, EPC, civil works) spreads revenue sources and reduces single‑sector exposure. Diverse service lines and multi‑month to multi‑year contracts support more resilient backlog and bidding flexibility across commodity cycles.
Negative Factors
Thin net profitability
Very low net margins indicate weak conversion of revenue to shareholder returns and leave little buffer for project overruns or cost inflation. Declining operating margins reduce capacity to self‑fund growth and heighten sensitivity to contract pricing and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified contracting platform
NRW's multi‑vertical structure (mining services, drilling/blasting, EPC, civil works) spreads revenue sources and reduces single‑sector exposure. Diverse service lines and multi‑month to multi‑year contracts support more resilient backlog and bidding flexibility across commodity cycles.
Read all positive factors
NRW Holdings Limited (NWH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.13B
Dividend Yield3.2%
Average Volume (3M)1.75M
Price to Earnings (P/E)65.7
Beta (1Y)1.70
Revenue Growth14.40%
EPS Growth-57.82%
CountryAU
Employees8,000
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.11
Shares Outstanding459,466,950
10 Day Avg. Volume1,891,111
30 Day Avg. Volume1,752,514
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)2.24
Price to Sales (P/S)0.42
P/FCF Ratio14.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$7.28Price Target Upside19.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.38
Revenue Forecast (FY)AU$4.19B
NRW Holdings Limited Business Overview & Revenue Model
Company Description
NRW Holdings Limited, an Australian company established in 1994 and based in Belmont, offers a broad spectrum of contract services. The firm caters to both the resources and infrastructure industries across Australia, operating through three main ...
How the Company Makes Money
NRW Holdings makes money primarily by contracting and project delivery for resources and infrastructure clients. Key revenue streams include: (1) Mining services contracting (via NRW Civil & Mining): revenue is earned from providing equipment, lab...
NRW Holdings Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.59B | 3.27B | 2.91B | 2.67B | 2.37B | 2.22B |
| Gross Profit | 636.48M | 1.80B | 1.40B | 431.98M | 349.22M | 391.81M |
| EBITDA | 274.87M | 250.87M | 306.73M | 267.57M | 262.98M | 254.43M |
| Net Income | 48.77M | 27.67M | 105.10M | 85.64M | 97.41M | 54.30M |
Balance Sheet | ||||||
| Total Assets | 2.05B | 1.70B | 1.61B | 1.61B | 1.50B | 1.41B |
| Cash, Cash Equivalents and Short-Term Investments | 342.44M | 265.74M | 246.65M | 227.58M | 219.34M | 146.55M |
| Total Debt | 578.64M | 411.12M | 325.46M | 311.92M | 285.92M | 317.83M |
| Total Liabilities | 1.41B | 1.09B | 959.70M | 995.37M | 906.05M | 869.46M |
| Stockholders Equity | 641.47M | 610.01M | 652.56M | 610.12M | 591.09M | 545.12M |
Cash Flow | ||||||
| Free Cash Flow | 167.68M | 97.05M | 38.70M | 59.70M | 81.65M | 68.84M |
| Operating Cash Flow | 276.83M | 251.47M | 233.53M | 246.99M | 288.00M | 147.44M |
| Investing Cash Flow | -215.26M | -226.30M | -152.28M | -180.57M | -124.75M | -121.68M |
| Financing Cash Flow | -3.16M | -6.34M | -62.12M | -58.26M | -90.52M | -49.44M |
NRW Holdings Limited Technical Analysis
Negative
6.10
Price Trends
6.85
Negative
6.23
Positive
5.55
Positive
Market Momentum
0.02
Positive
42.12
Neutral
44.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NWH, the sentiment is Negative. The current price of 6.1 is below the 20-day moving average (MA) of 7.26, below the 50-day MA of 6.85, and above the 200-day MA of 5.55, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 42.12 is Neutral, neither overbought nor oversold. The STOCH value of 44.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NWH.
NRW Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$955.32M | 32.24 | 42.55% | 5.24% | -16.50% | -24.00% | |
69 Neutral | AU$2.49B | 44.74 | 13.26% | 1.85% | 22.85% | 30.32% | |
67 Neutral | AU$728.28M | 19.68 | 22.89% | 2.51% | 1.87% | -23.48% | |
65 Neutral | AU$2.87B | 27.33 | 20.27% | 2.65% | 26.80% | 40.18% | |
64 Neutral | AU$5.34B | 34.14 | 7.97% | 3.11% | -4.99% | 120.98% | |
64 Neutral | AU$3.13B | 65.75 | 7.79% | 3.20% | 14.40% | -57.82% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
AU:NWH
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NRW Holdings Limited Corporate Events
NRW’s Fredon Wins $120m in New Electrical and Infrastructure Contracts
May 26, 2026
NRW Holdings’ subsidiary Fredon has secured a suite of new contracts in Victoria and Western Australia worth about $120 million, expanding its electrical and technology footprint in data centres, healthcare and student accommodation. The win...
NRW Wins $200m Tonkin Highway Upgrade to Bolster WA Infrastructure Pipeline
May 7, 2026
NRW Holdings’ subsidiary NRW Contracting has secured a Tonkin Highway grade separations project from Main Roads Western Australia, valued at about $200 million, covering widening the highway, new interchanges, shared paths, ITS, and associat...
NRW Holdings Showcases Diversified Growth and Earnings Resilience at Macquarie Conference
May 4, 2026
NRW Holdings highlighted its earnings resilience, underpinned by a high-quality, diversified portfolio that spans engineering, construction, and maintenance services across resources, infrastructure and government markets. The group has a strong t...
NRW Shareholders Back FY26 Performance Rights for CEO
Apr 28, 2026
NRW Holdings shareholders have approved the grant of performance rights for financial year 2026 to managing director Julian Pemberton under the company’s performance rights plan. The resolution passed comfortably, with more than three quarte...
NRW’s Fredon wins $160m in new infrastructure and health contracts
Apr 16, 2026
NRW Holdings’ subsidiary Fredon, part of the group’s EMIT division, has secured a suite of new electrical and mechanical contracts worth about $160 million, strengthening its presence in infrastructure and health. The wins span a major...
Macquarie Group Ceases to Be Substantial Holder in NRW Holdings
Mar 24, 2026
Macquarie Group Limited and its controlled entities have filed a notice that they have ceased to be a substantial holder in NRW Holdings Limited. The lodgement, signed by an assistant company secretary on 24 March 2026, indicates that Macquarie...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.