Nuix Ltd. (AU:NXL)
ASX:NXL
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Nuix Ltd.
(Sydney:NXL)
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Rating:54Neutral
Price Target:
AU$1.50
▲(27.12% Upside)
Action:ReiteratedDate:03/25/26
The score is held back primarily by weak underlying financial statement profitability/cash flow trends and a clearly bearish technical setup (price below all major moving averages with negative MACD). Offsetting this, the latest earnings call indicated improving operating momentum and cash generation with reaffirmed ACV guidance, while valuation appears moderate (P/E ~13.6) but lacks dividend support.
Positive Factors
High gross margins & low leverage
Sustained ~90% gross margins typical of software provide durable pricing power and high incremental margins as revenue scales. Combined with a very low debt-to-equity ratio, this supports financial flexibility, funding of R&D and resilience to cyclical pressures over the medium term.
Negative Factors
Negative net/EBIT margins
Persistently negative net and EBIT margins indicate operating cost or scale issues that high gross margins haven't yet offset. Until operating profitability sustainably improves, the company faces constraints on reinvestment and lower returns for shareholders over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins & low leverage
Sustained ~90% gross margins typical of software provide durable pricing power and high incremental margins as revenue scales. Combined with a very low debt-to-equity ratio, this supports financial flexibility, funding of R&D and resilience to cyclical pressures over the medium term.
Read all positive factors
Nuix Ltd. (NXL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$395.49M
Dividend YieldN/A
Average Volume (3M)1.57M
Price to Earnings (P/E)13.6
Beta (1Y)2.36
Revenue Growth0.40%
EPS Growth-280.65%
CountryAU
Employees400
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.03
Shares Outstanding334,757,200
10 Day Avg. Volume1,108,037
30 Day Avg. Volume1,566,727
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)2.31
Price to Sales (P/S)3.04
P/FCF Ratio26.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.63Price Target Upside122.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.07
Revenue Forecast (FY)AU$251.81M
Nuix Ltd. Business Overview & Revenue Model
Company Description
Nuix Limited provides investigative analytics and intelligence software solutions in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. The company offers Nuix Workstation, a solution for processing file formats and source types ...
How the Company Makes Money
Nuix makes money primarily by selling licenses and subscriptions for its software platforms and modules used for data ingestion, indexing, search, analytics, and review in eDiscovery and investigative workflows. Revenue is generated from (1) softw...
Nuix Ltd. Earnings Call Summary
Earnings Call Date:Feb 22, 2026
(Q2-2026)
| Next Earnings Date:Aug 24, 2026
Earnings Call Sentiment Positive
The call communicated strong commercial and financial momentum: double-digit revenue growth, a large EBITDA increase and materially improved cash generation. Nuix Neo showed exceptional growth and is driving a strategic shift in product mix, supported by a structured migration program and a clear AI positioning. However, near-term retention metrics were weaker (NDR down to 101%), component ACV declined, and there were a few notable client losses and regional softness in Asia Pacific. Management has a clear remediation plan (Neo migration) and reaffirmed ACV guidance for the year.Positive Updates
ACV Growth and Guidance Reaffirmation
Annual Contract Value (ACV) grew 8.4% year-over-year to $234.4M (7.8% on a constant currency basis). Management reaffirmed full-year ACV guidance of $240M–$260M (excluding Linkurious-related ACV) with H2 weighting expected.
Negative Updates
Net Dollar Retention Decline
Net dollar retention (NDR) fell to 101% from 109.6% in the prior corresponding period, reflecting downsell in a small number of large clients and project cycle completions. Management flagged NDR as 'not where we want it to be' and tied remediation to the Neo migration program.
Read all updates
Q2-2026 Updates
Positive
Negative
ACV Growth and Guidance Reaffirmation
Annual Contract Value (ACV) grew 8.4% year-over-year to $234.4M (7.8% on a constant currency basis). Management reaffirmed full-year ACV guidance of $240M–$260M (excluding Linkurious-related ACV) with H2 weighting expected.
Read all positive updates
Company Guidance
Nuix reaffirmed full‑year ACV guidance of $240–$260 million (excluding any ACV from Linkurious), noting H1 ACV finished at $234.4M (up 8.4% PCP / 7.8% cc) and that ACV is weighted to the second half; Nuix Neo ACV was $46.8M (up 148% PCP) across 101 customers and, with Neo Discover (up $6.5M), Neo + Discover now represent 40% of total ACV while component ACV declined $18.3M. H1 revenue was $121.2M (up 15.2% / 12.9% cc), net dollar retention was 101% (down from 109.6%), adjusted management EBITDA rose 42.6% to $19.1M (margin 15.8% v 12.7%), statutory EBITDA was $26.5M, underlying cash flow was $28.4M (vs $7.0M), free cash flow $20.4M (vs -$7.4M) with 149% free cash flow conversion, closing net cash $57.8M (up 88.4%), R&D spend $28.8M (24% of revenue; 43% capitalized), churn improved to 5.9% (from 7.1%), multiyear deals were 33% of revenue (vs 22% prior), and management expects the three‑phase Neo migration program (through FY30), plus BYO AI integrations, to drive ACV growth and address NDR while Linkurious awaits French regulatory approval.Nuix Ltd. Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 237.49M | 221.50M | 220.62M | 182.47M | 152.31M | 176.07M |
| Gross Profit | 189.35M | 199.23M | 198.97M | 119.13M | 98.29M | 126.14M |
| EBITDA | 60.70M | 56.02M | 61.46M | 35.56M | 11.95M | 27.42M |
| Net Income | 12.27M | -9.21M | 5.03M | -5.59M | -22.79M | -1.41M |
Balance Sheet | ||||||
| Total Assets | 422.45M | 393.43M | 397.08M | 428.19M | 421.66M | 405.45M |
| Cash, Cash Equivalents and Short-Term Investments | 57.76M | 39.97M | 38.03M | 29.59M | 46.85M | 70.86M |
| Total Debt | 41.62M | 5.02M | 11.16M | 11.12M | 13.65M | 11.36M |
| Total Liabilities | 119.84M | 102.63M | 110.85M | 157.34M | 152.59M | 124.38M |
| Stockholders Equity | 302.60M | 290.80M | 286.69M | 270.84M | 269.07M | 281.07M |
Cash Flow | ||||||
| Free Cash Flow | 51.14M | 25.27M | 49.60M | -5.97M | -14.63M | -24.51M |
| Operating Cash Flow | 53.47M | 26.85M | 50.34M | 32.56M | 30.12M | 10.80M |
| Investing Cash Flow | -21.64M | -22.84M | -38.45M | -45.42M | -51.61M | -35.31M |
| Financing Cash Flow | -3.69M | -3.57M | -3.45M | -4.29M | -2.73M | 58.10M |
Nuix Ltd. Technical Analysis
Negative
1.18
Price Trends
1.55
Negative
1.70
Negative
2.10
Negative
Market Momentum
-0.12
Positive
36.73
Neutral
37.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NXL, the sentiment is Negative. The current price of 1.18 is below the 20-day moving average (MA) of 1.38, below the 50-day MA of 1.55, and below the 200-day MA of 2.10, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 36.73 is Neutral, neither overbought nor oversold. The STOCH value of 37.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NXL.
Nuix Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$892.12M | 11.05 | 42.94% | 10.16% | 25.67% | 744.90% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | AU$420.75M | 34.06 | 11.48% | 0.43% | 17.12% | 311.38% | |
55 Neutral | AU$800.01M | 64.66 | -1.11% | ― | ― | ― | |
54 Neutral | AU$395.49M | 13.57 | 4.13% | ― | 0.40% | -280.65% |
* Technology Sector Average
AU:NXL
Nuix Ltd.
1.18
-1.30
-52.42%
AU:EOL
Energy One Limited
13.36
2.21
19.78%
AU:BVS
Bravura Solutions Limited
1.99
0.04
1.89%
AU:FCL
FINEOS Corporation Holdings Plc Shs Chess Depositary Interests Repr 1 Sh
2.32
0.49
26.78%
Nuix Ltd. Corporate Events
State Street Group Ceases to Be Substantial Shareholder in Nuix
Mar 23, 2026
State Street Corporation, through several asset management and custody subsidiaries including State Street Bank and Trust Company and State Street Global Advisors entities, has notified Nuix Limited that it has ceased to be a substantial sharehold...
Nuix Director Robert Mactier Increases Shareholding via On‑Market Purchase
Mar 9, 2026
Nuix director Robert Mactier has increased his holding in the company, purchasing 75,000 ordinary shares in an on-market trade on 5 March 2026 for $139,113.66. Following this transaction, his total interest rose to 300,000 shares, comprising 125,0...
Nuix Appoints Edward Pretty to Board With No Initial Equity Holding
Mar 2, 2026
Nuix Limited has appointed Edward Pretty as a director effective 1 March 2026, in a move that updates the company’s board composition and is formally disclosed to the ASX under its listing rules. The initial director’s interest notice ...
Nuix Appoints Rachel Barger to Board With No Initial Equity Interest
Mar 2, 2026
Nuix Ltd. has appointed Rachel Barger as a director effective 1 March 2026, expanding the composition of its board. The company disclosed that, at the time of her appointment, Barger does not hold any Nuix securities directly, indirectly, or throu...
Nuix Records Lapse of 50,960 Performance Rights in Capital Update
Feb 27, 2026
Nuix Ltd. has notified the market that 50,960 NXLAC performance rights have lapsed after the conditions attached to these rights were not met or became incapable of being satisfied. The cessation of these securities slightly reduces the company...
Nuix Issues 85,609 New Shares Following Conversion of Unquoted Securities
Feb 27, 2026
Nuix Ltd. has notified the market of the issuance of 85,609 new fully paid ordinary shares following the conversion of previously unquoted options or other convertible securities. The shares, which were issued on 25 February 2026, reflect the exer...
Citi Group Entities Exit Substantial Holder Status in Nuix
Feb 24, 2026
Citigroup Global Markets Australia and related Citi entities have ceased to be substantial shareholders in Nuix Ltd., after reducing their combined relevant interests in the company’s ordinary fully paid shares. The change, effective 20 Febr...
Nuix Adds Two Non-Executive Directors to Support Global Growth Push
Feb 22, 2026
Nuix has strengthened its board with the appointment of Rachel Barger and Ted Pretty as additional non-executive directors, effective 1 March 2026, as part of its plan to broaden skills, capability and geographic reach at board level. Barger, a U....
Nuix lifts profit, cash and Neo growth in strong first half
Feb 22, 2026
Nuix reported a solid first-half performance for the six months to 31 December 2025, underscored by 8.4% year-on-year growth in annualised contract value to $234.4 million and a 15.2% rise in revenue to $121.2 million. The company highlighted stro...
Nuix Seeks ASX Quotation for 100,000 New Ordinary Shares Under Employee Scheme
Feb 6, 2026
Nuix Limited has applied to the Australian Securities Exchange for quotation of 100,000 ordinary fully paid shares under its employee incentive scheme, to be issued and quoted on 6 February 2026. The modest issuance, which will trade under the exi...
Nuix Sets Date and Webcast for Half-Year 2026 Results
Jan 15, 2026
Nuix has scheduled the release of its half-year 2026 financial results for Monday, 23 February 2026, with interim CEO John Ruthven and CFO Peter McClelland to present the numbers via a live webcast at 9:30am AEDT. A replay of the briefing will be ...
Nuix Issues 142,349 New Shares Following Conversion of Unquoted Securities
Jan 6, 2026
Nuix Limited has notified the market that 142,349 fully paid ordinary shares (ASX code: NXL) were issued on 31 December 2025 following the exercise or conversion of previously unquoted options or other unquoted convertible securities. The issuance...
Nuix to Issue 1.36 Million Unquoted Performance Rights Under Employee Incentive Scheme
Jan 6, 2026
Nuix Limited has notified the market of the planned issue of 1,357,801 unquoted performance rights under its employee incentive scheme, with an issue date of 14 November 2025. The new unquoted securities, which are subject to transfer restrictions...
Nuix Performance Rights Lapse After Vesting Conditions Not Met
Jan 6, 2026
Nuix Limited has notified the Australian Securities Exchange of changes to its issued capital, confirming that a tranche of 609,438 performance rights, trading under the code NXLAC, has ceased. The securities lapsed on 31 December 2025 because the...
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.