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$5.50
▲(2.42% Upside)
Action:ReiteratedDate: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
Revenue growth and gross margin expansion
NRW shows structurally stronger top-line performance and materially improved gross margin (55%). Combined with reported ~14.4% revenue growth, this indicates improved contract pricing and cost control, supporting sustainable project-level profitability across future contract cycles.
Negative Factors
Thin net profitability
A net margin near 0.85% and declining EBIT/EBITDA margins show limited ability to convert revenue to shareholder returns. This structural thinness offers little buffer against project cost overruns or pricing pressure, raising long-term earnings vulnerability despite higher gross margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and gross margin expansion
NRW shows structurally stronger top-line performance and materially improved gross margin (55%). Combined with reported ~14.4% revenue growth, this indicates improved contract pricing and cost control, supporting sustainable project-level profitability across future contract cycles.
Read all positive factors
NRW Holdings Limited (NWH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.47B
Dividend Yield3.2%
Average Volume (3M)1.75M
Price to Earnings (P/E)8.1
Beta (1Y)1.54
Revenue Growth12.18%
EPS Growth-73.81%
CountryAU
Employees8,000
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.18
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$6.56Price Target Upside22.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.38
Revenue Forecast (FY)AU$4.19B
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 C...
How the Company Makes Money
NWH makes money by contracting to deliver services and projects for mining and infrastructure clients, generating revenue primarily from service and project work performed under customer contracts. Key revenue streams include: (1) Civil and mining...
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
Neutral
5.37
Price Trends
5.58
Negative
5.35
Positive
4.59
Positive
Market Momentum
-0.09
Positive
44.60
Neutral
46.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NWH, the sentiment is Neutral. The current price of 5.37 is below the 20-day moving average (MA) of 5.49, below the 50-day MA of 5.58, and above the 200-day MA of 4.59, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 44.60 is Neutral, neither overbought nor oversold. The STOCH value of 46.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$1.23B | 12.85 | 12.08% | 2.43% | 1.65% | 84.19% | |
67 Neutral | AU$525.11M | 7.39 | 22.89% | 2.51% | -3.08% | -16.35% | |
66 Neutral | AU$1.45B | 12.97 | 9.26% | 1.30% | 15.14% | -7.23% | |
66 Neutral | AU$1.59B | 17.28 | 13.62% | 1.85% | 23.76% | 21.18% | |
65 Neutral | AU$2.81B | 10.17 | 20.27% | 2.65% | 7.20% | 32.60% | |
64 Neutral | AU$2.47B | 8.10 | 7.79% | 3.20% | 12.18% | -73.81% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
AU:NWH
NRW Holdings Limited
5.37
3.01
127.45%
AU:LYL
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13.31
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38.26%
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Monadelphous Group Limited
28.05
14.43
105.87%
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1.99
0.34
20.52%
AU:SRG
SRG Global Limited
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AU:MGH
MAAS Group Holdings Ltd.
4.02
0.57
16.39%
NRW Holdings Limited Corporate Events
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...
Mitsubishi UFJ Exits Substantial Holder Position in NRW Holdings
Mar 2, 2026
Mitsubishi UFJ Financial Group, Inc. has filed a notice stating it has ceased to be a substantial shareholder in NRW Holdings Limited, following a series of transactions in NRW’s fully paid ordinary shares. The changes in relevant interests,...
NRW Director Michael Arnett Sells Half of Indirect Shareholding
Mar 1, 2026
NRW Holdings has disclosed a change in the relevant interests of director Michael Norman Arnett, lodged under ASX listing rule requirements. The notice records that Arnett, through his indirect interest via the Carmich Super Fund, has reduced his ...
Mitsubishi UFJ Group Ceases to Be Substantial Holder in NRW Holdings
Feb 27, 2026
Mitsubishi UFJ Financial Group, through its related investment entities under the First Sentier Investors umbrella, has lodged a notice that it has ceased to be a substantial shareholder of NRW Holdings Limited as of 25 February 2026. The change i...
NRW Holdings Director Fiona Murdoch Cuts Indirect Shareholding
Feb 23, 2026
NRW Holdings has disclosed a change in director Fiona Jane Murdoch’s indirect interest in the company’s fully paid ordinary shares. The notice to the ASX details that Murdoch, through Verrierdale Investments Pty Ltd as trustee for the ...
NRW’s Golding Secures $750m Mining Services Deal at Meandu Mine
Jan 19, 2026
NRW Holdings’ wholly owned subsidiary Golding Contractors has secured a Mining Services Agreement with TEC Coal at the Stanwell Meandu Mine in Queensland’s Burnett Region, a contract worth about $750 million over 5.5 years starting Jan...
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.