NRW Holdings Limited (NWH) AI Stock Analysis

• Market Cap: €2.09B
• Dividend Yield: 3.68%
• Average Volume (3M): 1.59M
• Price to Earnings (P/E): 75.9
• Beta (1Y): 1.05
• Revenue Growth: 12.18%
• EPS Growth: -73.81%
• Country: AU
• Employees: 8,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.15
• Shares Outstanding: 457,362,460
• 10 Day Avg. Volume: 2,169,426
• 30 Day Avg. Volume: 1,586,663
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: €4.45
• Price Target Upside: -2.67% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

• Rating: 64 Neutral
• Price Target: AU$4.50 ▼(-1.53% Downside)

NRW Holdings Limited's stock score is primarily influenced by its solid financial performance and strong technical indicators. However, the high P/E ratio suggests overvaluation, which, combined with financial risks, tempers the overall score.

NRW Holdings Limited Business Overview & Revenue Model

Company Description

NRW Holdings Limited, through its subsidiaries, provides diversified contract services to the resources and infrastructure sectors in Australia. The company operates through three segments: Civil; Mining; and Minerals, Energy & Technologies. The Civil segment delivers private and public civil infrastructure, mine development, bulk earthworks, and commercial and residential subdivision projects. Its civil construction projects include roads, bridges, tailings storage facilities, rail formations, ports, renewable energy projects, water infrastructure, and concrete installations. The Mining segment engages in the mine management, contract mining, load and haul, dragline, drill and blast, and coal handling preparation plant operations; maintenance activities; and fabrication of water and service vehicles. The Minerals, Energy & Technologies segment provides materials handling, onsite maintenance, and shutdown services; industrial engineering and fabrication services; and engineering, procurement, and construction services. It also provides heat treatment services, as well as mining equipment solutions. The company was founded in 1994 and is headquartered in Belmont, Australia.

How the Company Makes Money

NRW Holdings Limited generates revenue through its diversified service offerings primarily in the resources and infrastructure sectors. The company's key revenue streams include contracts for civil infrastructure projects, such as highways, bridges, and tunnels, as well as urban development projects that involve earthworks and site preparation. Additionally, NRW earns substantial income from its mining services, which include mining operations management, equipment rental, and maintenance services. The drill & blast division also contributes to the company's earnings by providing specialized services essential for mining and construction projects. Significant partnerships with major mining and construction companies further bolster NRW's revenue, as these alliances often lead to long-term contracts and repeat business. The company's ability to deliver large-scale projects efficiently and effectively positions it strongly in the competitive market, driving consistent revenue growth.

NRW Holdings Limited Financial Statement Overview

Summary

NRW Holdings Limited shows solid revenue growth and improved gross profit margins. However, challenges in profitability and cash flow generation, along with an increased debt-to-equity ratio, suggest higher financial risk and reduced shareholder returns.

Income Statement

NRW Holdings Limited has shown consistent revenue growth over the years, with a 4.02% increase in the latest period. The gross profit margin improved significantly to 55% in 2025, indicating better cost management. However, the net profit margin has decreased to 0.85%, reflecting challenges in converting revenue into net income. The EBIT and EBITDA margins have also declined, suggesting pressure on operating efficiency.

Balance Sheet

The company's debt-to-equity ratio increased to 0.67, indicating a higher reliance on debt financing, which could pose a risk if not managed properly. Return on equity has decreased to 4.54%, showing reduced profitability for shareholders. However, the equity ratio remains stable, suggesting a balanced asset structure.

Cash Flow

Free cash flow has decreased by 25.06%, which could impact future investments and debt repayments. The operating cash flow to net income ratio is 0.33, indicating moderate cash generation relative to net income. The free cash flow to net income ratio is 0.39, showing some level of cash flow efficiency despite the decline.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.27B	3.27B	2.91B	2.67B	2.37B	2.22B
Gross Profit	1.02B	1.80B	1.40B	431.98M	349.22M	391.81M
EBITDA	238.08M	250.87M	309.70M	267.57M	262.98M	254.43M
Net Income	27.67M	27.67M	105.10M	85.64M	97.41M	54.30M
Balance Sheet
Total Assets	1.70B	1.70B	1.61B	1.61B	1.50B	1.41B
Cash, Cash Equivalents and Short-Term Investments	265.74M	265.74M	246.65M	227.58M	219.34M	146.55M
Total Debt	411.12M	411.12M	325.46M	311.92M	285.92M	317.83M
Total Liabilities	1.09B	1.09B	959.70M	995.37M	906.05M	869.46M
Stockholders Equity	610.01M	610.01M	652.56M	610.12M	591.09M	545.12M
Cash Flow
Free Cash Flow	107.08M	97.05M	38.70M	59.70M	81.65M	68.84M
Operating Cash Flow	251.47M	251.47M	233.53M	246.99M	288.00M	147.44M
Investing Cash Flow	-226.30M	-226.30M	-152.28M	-180.57M	-124.75M	-121.68M
Financing Cash Flow	-6.34M	-6.34M	-62.12M	-58.26M	-90.52M	-49.44M

NRW Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.57
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NWH, the sentiment is Positive. The current price of 4.57 is above the 20-day moving average (MA) of 4.16, above the 50-day MA of 3.62, and above the 200-day MA of 3.20, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 85.01 is Negative, neither overbought nor oversold. The STOCH value of 90.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:NWH.

NRW Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LYL	75 Outperform	479.74M	11.30	27.80%	2.88%	-3.08%	-16.35%
SRG	73 Outperform	1.18B	24.75	12.10%	2.55%	23.76%	21.18%
SSM	70 Outperform	1.45B	24.22	11.55%	2.35%	1.65%	84.19%
MGH	69 Neutral	1.59B	21.00	8.21%	1.60%	15.14%	-7.23%
MND	68 Neutral	2.13B	25.62	0.00%	3.36%	7.20%	32.60%
NWH	64 Neutral	€2.09B	75.91	4.71%	3.68%	12.18%	-73.81%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

NRW Holdings Limited Corporate Events

Mitsubishi UFJ Financial Group Ceases Substantial Holding in NRW Holdings

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in NRW Holdings Limited as of July 23, 2025. This change is due to the purchase of securities by an entity controlled by Morgan Stanley, affecting various classes and numbers of fully paid ordinary shares. The announcement indicates a shift in the ownership structure of NRW Holdings, which may have implications for the company’s governance and investor relations.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.82 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

NRW Holdings Announces Change in Substantial Holders

NRW Holdings Limited has announced that Mitsubishi UFJ Financial Group and First Sentier Investors have ceased to be substantial holders in the company as of July 23, 2025. This change in substantial holding may affect the company’s voting securities and potentially influence its decision-making processes, impacting stakeholders and the company’s market position.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.82 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

NRW Holdings Ceases Substantial Holding

NRW Holdings Limited has announced that it has ceased to be a substantial holder in a company, as indicated in a notice dated 18/07/2025. This change in holding status may impact the company’s voting securities and its association with other entities, such as Mitsubishi UFJ Financial Group, which were previously linked to its substantial holding.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.82 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

Mitsubishi UFJ Financial Group Becomes Substantial Holder in NRW Holdings

NRW Holdings Limited has announced that Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in the company, acquiring a significant number of fully paid ordinary shares. This development indicates a notable increase in Mitsubishi UFJ Financial Group’s influence within NRW Holdings, potentially impacting the company’s strategic decisions and market positioning.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.82 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

First Sentier Becomes Substantial Holder in NRW Holdings

NRW Holdings Limited has announced that First Sentier Investors RQI Pty Ltd has become a substantial holder in the company as of July 16, 2025. This development indicates that First Sentier, along with its parent company Mitsubishi UFJ Financial Group, now holds significant voting power in NRW Holdings, potentially influencing the company’s strategic decisions and shareholder dynamics.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

NRW Holdings Secures $167 Million Contract with Rio Tinto

NRW Holdings Limited has been awarded a significant contract by Rio Tinto for the development of the Brockman Syncline 1 mine in Western Australia. The contract, valued at approximately $167 million, involves construction work including earthworks, roadworks, drainage, and concrete structures. This project highlights NRW’s ongoing relationship with Rio Tinto and strengthens its position in the mining sector, with a peak workforce of over 300 people expected to be involved.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

Macquarie Group Becomes Substantial Holder in NRW Holdings

NRW Holdings Limited has announced that Macquarie Group Limited and its controlled entities have become substantial holders in the company as of June 19, 2025. This development indicates a significant investment and interest from Macquarie Group, potentially impacting NRW Holdings’ market dynamics and shareholder structure.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$4.10 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

Macquarie Group Ceases Substantial Holding in NRW Holdings

Macquarie Group Limited has announced that it has ceased to be a substantial holder in NRW Holdings Limited, a move that reflects a change in its voting securities interest. This development may impact Macquarie’s influence over NRW Holdings, potentially altering the dynamics of shareholder voting and decision-making within the company.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

Macquarie Group Becomes Substantial Holder in NRW Holdings

Macquarie Group Limited has become a substantial holder in NRW Holdings Limited, a company involved in the resources and infrastructure sectors. Macquarie Group Entities now hold a 5.02% voting power in NRW Holdings, indicating a significant investment and potential influence over company decisions.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.82 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

NRW Holdings’ Primero Secures $157M Contract with Rio Tinto

NRW Holdings Limited announced that its subsidiary, Primero Group Limited, has secured a contract with Rio Tinto for the Hope Downs 2 Satellite & Bedded Hilltop Non-Process Infrastructure Facilities, valued at approximately $157 million. This contract, part of the Hope Downs 1 Sustaining Project, involves design, supply, installation, construction, testing, commissioning, and handover of infrastructure works for Rio Tinto’s operations in Western Australia. The project is expected to be completed by December 2026, with site works commencing in Q4 2025. This award strengthens Primero’s reputation as a leading provider of engineering and construction services and reinforces its long-term relationship with Rio Tinto.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

Macquarie Group Becomes Substantial Holder in NRW Holdings

Macquarie Group Limited has become a substantial holder in NRW Holdings Limited as of May 26, 2025. This development indicates Macquarie’s increased influence in NRW Holdings, with the power to control voting rights and securities disposal, potentially impacting the company’s strategic decisions and market positioning.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

NRW Holdings Faces Legislative Challenge Over Whyalla Ports Security

NRW Holdings Limited is facing a significant challenge due to proposed legislation by the South Australian Government that could undermine its financial security interests in Whyalla Ports. The legislation, if passed, would nullify the lease agreement between OneSteel and Whyalla Ports, potentially impacting NRW’s ability to recover $113.3 million owed under a Mining Services Agreement. This development could lead to NRW raising an impairment provision in its financial results, reflecting the potential loss. NRW has been actively supporting OneSteel and Whyalla Ports, maintaining employment and operations despite the financial difficulties faced by the GFG Alliance. The company is prepared to pursue all available recovery options to protect its interests.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.

NRW Holdings Requests Trading Halt Amid Legislative Review

NRW Holdings Limited has requested a trading halt on its securities pending an announcement regarding the implications of proposed legislation by the South Australian Government. This legislation could affect the security held by its subsidiary, Golding Contractors Pty Ltd, over the assets of Whyalla Ports Pty Ltd. The trading halt is expected to last until the announcement is made or normal trading resumes on 16 May 2025. This move reflects NRW’s proactive approach in assessing potential impacts on its operations and stakeholders.

The most recent analyst rating on (AU:NWH) stock is a Buy with a A$3.47 price target. To see the full list of analyst forecasts on NRW Holdings Limited stock, see the AU:NWH Stock Forecast page.