Perpetual Limited (PPT) AI Stock Analysis

• Market Cap: AU$1.85B
• Dividend Yield: 6.01%
• Average Volume (3M): 220.36K
• Price to Earnings (P/E): 9.8
• Beta (1Y): 1.41
• Revenue Growth: 2.87%
• EPS Growth: 87.93%
• Country: AU
• Employees: 1,852
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.97
• Shares Outstanding: 115,529,570
• 10 Day Avg. Volume: 204,215
• 30 Day Avg. Volume: 220,360
• PEG Ratio: 0.40
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 87.27
• P/FCF Ratio: 10.26
• 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$20.05
• Price Target Upside: 24.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.82
• Revenue Forecast (FY): AU$1.39B

• Rating: 50 Neutral
• Price Target: AU$16.00 ▼(-0.74% Downside)
• Action: Reiterated Date: 10/24/25
• Date: Action: Reiterated 10/24/25

Perpetual Limited's overall stock score is driven by significant financial challenges, including declining revenues and increased leverage. Technical analysis shows mixed signals, with no clear trend direction. Valuation concerns are present due to a negative P/E ratio, although the high dividend yield may appeal to some investors. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Fee-based recurring revenue

Perpetual’s core business is fee income from asset management and fiduciary services, a structurally recurring revenue model tied to assets under management and contractual service fees. This provides durable cash flow generation and client-retention linkage that supports revenue visibility over months, even if markets fluctuate.

Stable equity ratio / balanced asset structure

A stable equity ratio indicates the company retains a balanced asset-financing mix, providing capacity to absorb short-term shocks and maintain fiduciary operations. This structural stability supports operational continuity and regulatory confidence, reducing the likelihood of urgent capital actions within a medium-term horizon.

Positive operating cash generation

Operating cash flow remaining positive versus net income shows Perpetual can convert some earnings into cash, helping fund day-to-day operations, client services and mandated trustee obligations. Even with weaker free cash flow, this operational cash generation provides a buffer to manage working capital and short-term liabilities over several months.

Negative Factors

Severe revenue and profit decline

A near-total revenue collapse and negative net income represent a fundamental deterioration of core earnings power. For an fees-based asset manager, sustained revenue decline undermines fee generation, client retention and performance fee prospects, pressuring margins and operational scale and risking long-term client outflows if not remedied.

Rising leverage

Increasing leverage reduces financial flexibility and raises interest and covenant risk, limiting the firm’s ability to invest in product development, absorb market-driven outflows, or support client service initiatives. In a cyclical asset-management industry, higher debt levels magnify downside during revenue shocks and constrain strategic options.

Declining free cash flow growth

Falling free cash flow growth weakens the company’s capacity to fund dividends, reinvest in capabilities, or pay down debt without external financing. Over a 2-6 month horizon this reduces optionality for management, may force cost cuts or balance-sheet actions, and increases vulnerability if market-driven FUM falls further.

Perpetual Limited Business Overview & Revenue Model

Company Description

Perpetual Limited is a publicly owned investment manager. The firm offers a range of financial products and services in Australia. The company provides funds management, portfolio management, financial planning, trustee, responsible entity and compliance services, executor services, investment administration and custody services, and mortgage processing services. It offers investment capabilities across a range of asset classes, including Australian and global equities, mortgages, cash and fixed interest, and Australian listed property. The company also provides specialist direct-to-client financial services for high net worth individuals that include fiduciary services, such as trust advice and services, custodial solutions, estate planning, estate administration, and executorial services; independent financial advice services with specialist and 'do-it-yourself' superannuation offerings; and philanthropic services. In addition, it offers corporate trustee and transaction support services, including trustee services for mortgage backed and other securitization programs for major banks and non-bank financial institutions; mortgage services, including mortgage preparations, variations and discharges; post settlement servicing; regulatory compliance services for fund managers; custody, unit registry, and accounting services for property and mortgage funds; and trusteeships for corporate debt issues and infrastructure projects. The company was founded in 1886 and is based in Sydney, Australia with additional offices in Adelaide, Brisbane, Canberra, Melbourne and Perth.

How the Company Makes Money

Perpetual Limited makes money mainly by charging fees for managing client assets and by providing trustee and related fiduciary services. 1) Funds/asset management fees (wealth and investment management): A core revenue stream is charging management fees that are typically calculated as a percentage of funds under management (FUM) across its investment strategies and managed products. As client assets grow (from market performance and/or net inflows), fee revenue generally rises; if markets fall or clients redeem, it generally falls. Depending on the product/mandate, the company may also earn performance fees when returns exceed agreed benchmarks or hurdles; if applicable, these are variable and depend on investment performance versus the relevant criteria. 2) Trustee and fiduciary services fees: Perpetual earns service fees for acting as trustee, responsible entity, custodian/administration or provider of other fiduciary and compliance-related services to managed investment schemes, securitisation vehicles, charitable/perpetual trust structures, and other trust or corporate structures. These fees are typically contractual and linked to the scope of services, transaction volumes, or assets/structures under administration. 3) Advice and other service income: To the extent it provides wealth/financial advice and related services within its wealth offering, it can generate revenue through advice fees and associated service charges. 4) Investment and other income: The group may also earn interest income and other income on its own balance sheet (e.g., from cash holdings), though the significance of this relative to fee income depends on financial market conditions and the company’s balance sheet position. Key factors influencing earnings include levels and mix of FUM (and market movements affecting them), net client flows, investment performance (which can affect performance fees and client retention), the scale of trustee/fiduciary mandates, and cost control. Specific significant partnerships or customer concentration details are not available: null.

Perpetual Limited Financial Statement Overview

Summary

Perpetual Limited faces significant financial challenges, with declining revenues and profitability impacting its income statement. The balance sheet shows increased leverage, raising concerns about financial stability. Cash flow metrics indicate stress, with declining free cash flow growth. Overall, the company needs to address operational inefficiencies and manage its leverage to improve its financial health.

Income Statement

Perpetual Limited's income statement shows significant volatility. The company experienced a drastic revenue decline in the most recent year, with a negative revenue growth rate of -98.33%. Gross profit and net income have also turned negative, indicating operational challenges. The EBIT and EBITDA margins have deteriorated, reflecting reduced profitability. These factors suggest financial instability and potential operational inefficiencies.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio, which has increased over the years, indicating rising leverage. The equity ratio remains stable, suggesting a balanced asset structure. However, the negative return on equity in the latest year highlights profitability issues. Overall, the balance sheet shows moderate financial health with increasing leverage concerns.

Cash Flow

Cash flow analysis indicates a decline in free cash flow growth, with a negative growth rate of -6.48% in the latest year. The operating cash flow to net income ratio is positive, suggesting some operational cash generation capability. However, the free cash flow to net income ratio has decreased, reflecting potential cash flow challenges. The cash flow position is moderate but shows signs of stress.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	1.39B	23.10M	1.30B	995.60M	773.50M	623.30M
Gross Profit	221.80M	-47.90M	1.14B	878.80M	711.40M	310.10M
EBITDA	268.10M	140.30M	281.60M	217.10M	199.20M	162.71M
Net Income	-16.30M	-58.20M	-472.20M	59.00M	101.20M	74.87M
Balance Sheet
Total Assets	3.35B	3.42B	3.40B	3.94B	1.75B	1.62B
Cash, Cash Equivalents and Short-Term Investments	589.80M	343.20M	221.30M	427.10M	361.70M	311.00M
Total Debt	1.06B	1.13B	833.70M	825.30M	330.70M	249.20M
Total Liabilities	1.74B	1.77B	1.66B	1.57B	820.70M	709.80M
Stockholders Equity	1.61B	1.65B	1.74B	2.37B	925.80M	907.10M
Cash Flow
Free Cash Flow	230.60M	196.40M	264.60M	109.40M	155.80M	106.90M
Operating Cash Flow	253.20M	217.10M	296.40M	134.80M	170.80M	120.60M
Investing Cash Flow	52.00M	17.40M	-97.90M	-244.00M	-69.20M	-478.90M
Financing Cash Flow	-245.10M	-129.20M	-229.30M	221.60M	-66.60M	344.10M

Perpetual Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PPT, the sentiment is Negative. The current price of 16.12 is below the 20-day moving average (MA) of 16.74, below the 50-day MA of 17.16, and below the 200-day MA of 18.35, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 41.42 is Neutral, neither overbought nor oversold. The STOCH value of 18.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:PPT.

Perpetual Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MFG	71 Outperform	AU$1.83B	6.19	16.50%	5.99%	-13.22%	-29.69%
EQT	69 Neutral	AU$545.75M	7.80	8.50%	4.63%	4.26%	79.41%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CNI	56 Neutral	AU$1.33B	8.41	7.96%	6.26%	38.64%	-21.14%
IFL	53 Neutral	$3.14B	9.67	0.72%	―	-15.63%	―
PPT	50 Neutral	AU$1.85B	9.75	-1.00%	6.01%	2.87%	87.93%
AMP	44 Neutral	$3.11B	34.62	3.56%	1.65%	-14.92%	179.69%

Perpetual Limited Corporate Events

Perpetual Director Wagstaff Lifts Stake with On‑Market Share Purchase

Perpetual Limited has disclosed a change in the shareholding of director Philip Charles Wagstaff, who increased his direct holding in the company through an on‑market purchase. Wagstaff acquired 4,540 fully paid ordinary shares at $16.97 each on 20 March 2026, lifting his direct ownership from 6,690 to 11,230 shares, signaling a higher personal equity stake in the business.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$16.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Director Increases Shareholding Through On-Market Purchase

Perpetual Limited has disclosed a change in the shareholding of director Fiona Trafford-Walker, in line with market disclosure rules governing directors’ interests in listed companies. The notice underscores the company’s adherence to corporate governance standards that require timely reporting of transactions by key insiders.

On 17 March 2026, Trafford-Walker acquired 1,844 fully paid ordinary shares in Perpetual via an on-market trade at $16.45 per share, increasing her direct holding from 5,828 to 7,672 shares. The transaction signals a modest increase in director alignment with shareholder interests, though it does not indicate any broader change to Perpetual’s strategy or operations.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$16.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Director Paul Ruiz Increases Indirect Shareholding

Perpetual Limited has disclosed a change in the interests of director Paul Christopher Raymond Ruiz, who holds his stake indirectly through Beattie Branch Pty Ltd as trustee of the Branch account. The notice to the ASX details that Ruiz increased his indirect holding in Perpetual by acquiring 1,185 fully paid ordinary shares in an on-market trade on 17 March 2026 at a price of $16.9178 per share.

Following this transaction, Ruiz’s indirect interest rose from 10,271 to 11,456 Perpetual shares, reflecting a modest increase in board-level alignment with shareholders. The update is a routine governance disclosure under ASX listing rules and the Corporations Act, ensuring transparency around directors’ trading in the company’s securities for the benefit of investors and regulators.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$16.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual lodges half-year 2025–26 financial results with ASX

Perpetual Limited, the Sydney-based financial services provider, operates across wealth management and fiduciary services, delivering investment and financial solutions to a broad client base in Australia. Its business is structured to serve institutional, corporate, and individual investors seeking professional asset and wealth management.

Perpetual has released its half-year financial results for the six months ended 31 December 2025, lodging the interim reports and associated materials with the ASX. The set of documents, authorised by the board, provides the market with detailed financial and operational information for 1H26, supporting transparency for investors and other stakeholders.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual files 1H26 half-year results and disclosures with ASX

Perpetual Limited has released its half-year financial results for the period ending 31 December 2025, lodging a suite of documents with the ASX including its Appendix 4D, results announcement, presentation, and half-yearly report and accounts. The disclosure, authorised by the board and led by presentations from the chief executive and chief financial officer, provides the market with detailed financial and operational performance information for 1H26, supporting transparency for shareholders and other stakeholders.

The release of these statutory and investor materials signals Perpetual’s ongoing adherence to its reporting obligations as a listed entity and offers investors insight into the company’s recent trading period. By formally presenting its 1H26 performance and operating review, Perpetual enables the market to assess its current positioning, governance oversight and the health of its core financial services operations.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Releases Half-Year 2026 Financial Results to ASX

Perpetual Limited has released its half-year financial results for the period ended 31 December 2025, lodging the Appendix 4D, half-year ASX announcement, results presentation, and half-yearly report and accounts. The disclosures, authorised by the board and lodged with the ASX, provide the market and investors with updated financial and operating information for the first half of the 2026 financial year.

These filings signal the company’s ongoing adherence to statutory reporting and transparency standards expected of an ASX-listed financial services group. Stakeholders, including shareholders and analysts, will use the newly available materials to assess Perpetual’s recent performance, operational trends, and any implications for its strategic positioning in the competitive wealth and asset management industry.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual lifts profit and tightens cost outlook on stronger first-half performance

Perpetual Limited reported a solid first-half 2026 result, underpinned by its diversified asset management and corporate trust operations despite softer wealth management earnings. The group increased operating revenue by 2% to $697.9 million and declared an unfranked interim dividend of $0.59 per share, equal to 60% of underlying profit after tax.

Underlying profit after tax rose 12% to $112.7 million, supported by growth in Corporate Trust, stronger equity markets and cost reductions in Asset Management, while statutory net profit after tax surged 349% to $53.9 million on fewer significant items. The company’s simplification program has now delivered $60 million in annualised savings, it tightened full-year expense guidance to 1%-2% growth, and it continues negotiations with Bain Capital over a potential sale of the Wealth Management business.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual posts sharp profit rebound and lifts interim dividend

Perpetual Limited reported its half-year results for the period ended 31 December 2025, posting revenue from ordinary activities excluding structured investments of $697.7 million, up 1%, and net profit after tax attributable to equity holders of $53.9 million, a 348% increase. Underlying net profit after tax excluding significant items rose 12% to $112.7 million, and the board declared an interim dividend of 59 cents per share, unfranked, highlighting improved profitability despite only modest top-line growth and a still-negative net tangible asset position.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Declares A$0.59 Interim Dividend for Half-Year to December 2025

Perpetual Limited has declared an interim dividend of A$0.59 per ordinary fully paid share for the six-month period ended 31 December 2025, to be paid on 7 April 2026. The stock will trade ex-dividend on 12 March 2026, with a record date of 13 March 2026, and shareholders have until 16 March 2026 to elect participation in the dividend reinvestment plan, signalling continued capital returns to investors and ongoing confidence in the company’s financial performance.

The timing and size of the dividend indicate Perpetual’s intention to maintain regular distributions aligned with its half-year reporting cycle and support shareholder income. For existing investors, the announcement provides clarity on near-term cash flows and reinvestment options, while potentially enhancing the stock’s appeal to income-focused market participants in the Australian financial services sector.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual exits substantial shareholder position in Iluka Resources

Perpetual Limited and its related entities have notified Iluka Resources that they have ceased to be a substantial holder in the mineral sands producer as of 23 February 2026. The change reflects a reduction in Perpetual’s relevant voting interest in Iluka below the substantial holding threshold, following transactions detailed in an annexure to the regulatory filing.

The move signals an adjustment in Perpetual’s portfolio exposure to Iluka, potentially altering the shareholder mix and voting dynamics at the resources company. While the filing does not disclose specific reasons for the change, it formalises Perpetual’s diminished influence over Iluka’s corporate decisions under Australian substantial shareholding rules.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$17.50 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Reports Mixed Q2 FY26 as Outflows Hit Asset Management but Corporate Trust Grows

Perpetual Limited reported a mixed second quarter for FY26, with total assets under management falling 1.9% to A$227.5 billion as at 31 December 2025, driven by A$7.8 billion in net outflows and adverse currency movements, partly offset by market gains. Asset Management performance was pressured by outflows at Barrow Hanley, including a lost global mandate and weakness in US equities strategies, and continued but moderating outflows at UK-based J O Hambro, although new Australian products such as the Perpetual Diversified Income Active ETF and a successful capital raise by the Perpetual Credit Income Trust helped generate positive flows domestically. Corporate Trust delivered growth and remains an investment focus for the group, while Wealth Management was stable operationally despite an ongoing sale process, underscoring a strategic reshaping of the business mix and highlighting differing momentum across its core divisions.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$20.60 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Exits Substantial Shareholder Position in Korvest

Perpetual Limited and its related entities have notified Korvest Limited that they have ceased to be a substantial shareholder in the company as of 22 January 2026, meaning their aggregate voting power has fallen below the substantial holding threshold. The change, formalised in a statutory disclosure signed by Perpetual’s company secretary, indicates a reduction or restructuring of Perpetual’s investment exposure to Korvest, which may modestly alter Korvest’s share register composition and reflects ongoing portfolio adjustments by a major institutional investor in the Australian market.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$20.60 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual sets 26 February date for virtual half-year 2026 results briefing

Perpetual Limited has scheduled the release of its half-year 2026 financial results for Thursday, 26 February 2026, and will host a virtual results briefing the same day at 11.00am AEDT. The webcast, to be led by Chief Executive Officer Bernard Reilly and Chief Financial Officer Suzanne Evans, will give investors and analysts an opportunity to hear management’s commentary on the company’s performance and outlook, with participants able to submit questions live via a ‘Request to speak’ function, underscoring Perpetual’s focus on transparency and direct engagement with stakeholders across its global financial services operations.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$20.60 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Updates Capital Structure as 44,075 Performance Rights Lapse

Perpetual Limited has notified the market of the cessation of 44,075 PPTAA performance rights, effective 21 October 2025, as part of an update to its issued capital. The change reflects adjustments to the company’s equity-based instruments on issue, which can influence the structure of management and employee incentives as well as the overall profile of its capital base for shareholders.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$20.60 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.

Perpetual Exits Substantial Holder Position in Maas Group Holdings

Perpetual Limited and its related entities have notified Maas Group Holdings Limited that they have ceased to be a substantial holder in the company as of 6 January 2026, following changes in their relevant interests in MGH voting securities since their last substantial holding notice in October 2025. The move signals that Perpetual’s aggregate holding in Maas Group has fallen below the substantial shareholder threshold, potentially altering the company’s share register dynamics and reducing Perpetual’s influence over shareholder voting outcomes at the construction and industrial services group.

The most recent analyst rating on (AU:PPT) stock is a Hold with a A$22.40 price target. To see the full list of analyst forecasts on Perpetual Limited stock, see the AU:PPT Stock Forecast page.