Worley Limited (AU:WOR)
ASX:WOR
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Worley Limited
(Sydney:WOR)
Select Model
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Rating:67Neutral
Price Target:
AU$12.00
▲(6.86% Upside)
Action:ReiteratedDate:03/26/26
The score is driven by solid financial performance (especially strong cash generation and a stable balance sheet) and a constructive earnings call (strong bookings/backlog and cash conversion). These positives are partially offset by weak technicals (downtrend signals) and the income statement’s soft revenue growth plus near-term restructuring and segment weakness in chemicals.
Positive Factors
Free cash flow strength
A 34.6% surge in free cash flow and healthy conversion ratios signal durable cash generation. This underpins capacity to fund working capital, capital returns and transformation initiatives without stressing liquidity, improving resilience through capital cycles over the next several quarters.
Negative Factors
Soft revenue growth
Flat-to-declining top-line growth reflects difficulty expanding sales and exposes margins to project mix shifts. Sustained weak revenue makes margin improvement and earnings recovery dependent on conversion of backlog and higher‑margin consulting wins rather than broad organic demand improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow strength
A 34.6% surge in free cash flow and healthy conversion ratios signal durable cash generation. This underpins capacity to fund working capital, capital returns and transformation initiatives without stressing liquidity, improving resilience through capital cycles over the next several quarters.
Read all positive factors
Worley Limited (WOR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.54B
Dividend Yield3.98%
Average Volume (3M)1.75M
Price to Earnings (P/E)13.5
Beta (1Y)0.81
Revenue Growth-4.81%
EPS Growth35.12%
CountryAU
Employees40,555
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.23
Shares Outstanding493,240,400
10 Day Avg. Volume2,565,948
30 Day Avg. Volume1,749,485
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)1.21
Price to Sales (P/S)0.61
P/FCF Ratio10.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$15.04Price Target Upside33.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.91
Revenue Forecast (FY)AU$12.45B
Worley Limited Business Overview & Revenue Model
Company Description
Worley Limited provides professional project and asset services to energy, chemicals, and resources sectors worldwide. The company offers digital, consulting, engineering and design, construction management, construction and fabrication, supply ch...
How the Company Makes Money
Worley primarily makes money by delivering professional services to industrial clients under project-based and time-and-materials style contracts across the asset lifecycle. Key revenue streams typically include: (1) Consulting and advisory: early...
Worley Limited Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 01, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial performance: revenue growth, a strong surge in bookings, healthy backlog, exceptional cash conversion, balance sheet strength, major project wins and a clear plan to realize >$100 million of annualized cost savings. Key challenges include a notable chemicals revenue decline, higher-than-expected restructuring costs in H1 (with additional but smaller costs expected in H2), margin headwinds from activity mix and potential FX risk. Management reaffirmed a moderate growth outlook, margin guidance (underlying EBITA margin excluding procurement of 9.0%–9.5%), and emphasized pipeline momentum and disciplined capital allocation, suggesting the positives outweigh the near-term negatives.Positive Updates
Aggregated Revenue Growth
Aggregated revenue was $6.3 billion, up 5.4% versus the prior corresponding period, driven by major projects moving into execution and increased construction, fabrication and procurement activity.
Negative Updates
Transformation and Restructuring Costs
Transformation and business restructuring costs of $82 million were incurred in H1 (predominantly severance and related costs, mainly in Western Europe). Further restructuring costs are expected in H2, though management anticipates they will be lower than H1; program benefits are targeted for FY'27.
Read all updates
Q2-2026 Updates
Positive
Negative
Aggregated Revenue Growth
Aggregated revenue was $6.3 billion, up 5.4% versus the prior corresponding period, driven by major projects moving into execution and increased construction, fabrication and procurement activity.
Read all positive updates
Company Guidance
Management reconfirmed a moderate-growth FY26 outlook (constant currency) with H1 aggregated revenue of $6.3bn (up 5.4% YoY), bookings up 63% to $9.8bn, and backlog resilient at $16.7bn (including $6.3bn added in‑period and >$3.5bn of wins in early CY26); energy revenue rose 8.8%, chemicals fell 9%, and resources grew 12.3% (resources = 29% of the business, integrated gas = 25% of revenue). Underlying EBITA was $377m with underlying NPATA $207m (statutory NPATA $152m after $82m of transformation/restructuring costs); normalized cash conversion 95.5%, leverage 1.5x, DSO 46.2 days. Management is targeting >$100m annualized cost savings from FY27, an underlying EBITA margin (ex‑procurement) of 9–9.5%, an interim dividend of $0.25/share, and continuation of the $500m buyback (>$324m spent on 24m+ shares to 31 Dec 2025); safety TRFR was 0.10.Worley Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.13B | 11.22B | 11.79B | 11.32B | 9.70B | 9.51B |
| Gross Profit | 794.00M | 928.00M | 902.00M | 722.00M | 619.00M | 491.00M |
| EBITDA | 859.00M | 1.02B | 886.00M | 517.00M | 620.00M | 507.00M |
| Net Income | 345.00M | 409.00M | 303.00M | 37.00M | 172.00M | 82.00M |
Balance Sheet | ||||||
| Total Assets | 10.85B | 11.02B | 10.46B | 10.52B | 10.40B | 10.15B |
| Cash, Cash Equivalents and Short-Term Investments | 852.00M | 962.00M | 554.00M | 436.00M | 519.00M | 526.00M |
| Total Debt | 2.68B | 2.45B | 2.07B | 2.25B | 2.17B | 2.06B |
| Total Liabilities | 5.51B | 5.34B | 4.97B | 4.92B | 4.71B | 4.57B |
| Stockholders Equity | 5.35B | 5.68B | 5.51B | 5.61B | 5.68B | 5.55B |
Cash Flow | ||||||
| Free Cash Flow | 528.00M | 665.00M | 587.00M | 178.00M | 263.00M | 453.00M |
| Operating Cash Flow | 606.00M | 741.00M | 682.00M | 260.00M | 316.00M | 533.00M |
| Investing Cash Flow | -75.00M | -69.00M | -12.00M | 65.00M | -62.00M | -92.00M |
| Financing Cash Flow | -208.00M | -276.00M | -536.00M | -412.00M | -250.00M | -414.00M |
Worley Limited Technical Analysis
Negative
11.23
Price Trends
11.78
Negative
12.30
Negative
12.78
Negative
Market Momentum
-0.10
Negative
52.51
Neutral
88.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WOR, the sentiment is Negative. The current price of 11.23 is above the 20-day moving average (MA) of 10.63, below the 50-day MA of 11.78, and below the 200-day MA of 12.78, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 52.51 is Neutral, neither overbought nor oversold. The STOCH value of 88.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WOR.
Worley Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$21.61B | 8.87 | 10.39% | 5.30% | 6.48% | 6.25% | |
72 Outperform | AU$4.93B | 17.50 | 5.87% | 8.48% | -1.53% | -7.57% | |
72 Outperform | AU$66.33B | 10.61 | 7.67% | 7.16% | 17.13% | 61.35% | |
68 Neutral | AU$2.97B | 4.48 | -3.66% | 7.72% | 17.16% | 90.79% | |
67 Neutral | AU$5.54B | 13.55 | 6.25% | 3.98% | -4.81% | 35.12% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | AU$26.18B | 15.76 | 5.26% | 6.00% | -5.81% | -17.90% |
* Energy Sector Average
AU:WOR
Worley Limited
11.23
-0.53
-4.53%
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36.27%
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Santos Limited
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Woodside Energy Group
34.93
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94.72%
Worley Limited Corporate Events
Worley Continues On-Market Share Buy-Back, Topping 37 Million Shares
Mar 25, 2026
Worley Limited has continued its on-market share buy-back program for its ordinary fully paid shares, reporting that it repurchased 238,680 shares in the most recent trading day. This brings the total number of shares bought back since the program...
Worley Moves to Safeguard Staff and Operations Amid Middle East Tensions
Mar 24, 2026
Worley Limited has outlined its response to rising geopolitical tensions in the Middle East, where it supports customers in several locations and generates about 10% of its aggregated revenue. The company emphasized that the safety and wellbeing o...
Allan Gray Exits Substantial Holder Position in Worley Limited
Mar 24, 2026
Allan Gray Australia Pty Ltd and its related entities have notified Worley Limited that they have ceased to be a substantial holder in the company as of 20 March 2026. The change, detailed in regulatory filings, indicates that funds and mandates m...
Worley Director Martin Parkinson Increases Shareholding via On-Market Trade
Mar 24, 2026
Worley Limited has disclosed a change in the shareholding of director Martin Lee Parkinson, who increased his direct holding in the company via an on-market trade. On 20 March 2026, Parkinson acquired 1,997 ordinary shares at $10.47 each, lifting ...
Worley Director Joseph Geagea Increases Indirect Shareholding
Mar 24, 2026
Worley Limited has disclosed a change in director Joseph Chafic Geagea’s indirect shareholding in the company. The notice reports that Geagea holds his interest through Citicorp Nominees and that the transactions were conducted via on-market...
Worley Provides Daily Update on Ongoing On‑Market Share Buy‑Back
Mar 23, 2026
Worley Limited has issued an updated notice to the ASX confirming the ongoing execution of its on-market share buy-back for its ordinary fully paid shares. The company reported that, as of 24 March 2026, it has repurchased a cumulative 36,605,092 ...
Worley advances on‑market share buy‑back program with latest ASX update
Mar 22, 2026
Worley Limited has provided an updated notification to the ASX on its on‑market share buy‑back for ordinary fully paid shares under code WOR. The company reported that, as of 23 March 2026, a total of 35,724,515 shares had been repurch...
Worley Updates Market on Progress of On-Market Share Buy-Back
Mar 19, 2026
Worley Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest daily buy-back report, dated 20 March 2026, confirms that a cumulative 35,488,579 ...
Worley Wins Full EPC Go-Ahead for Venture Global’s CP2 LNG Phase 2
Mar 18, 2026
Worley has secured a Full Notice to Proceed from Venture Global for Phase 2 of the CP2 liquefied natural gas export project in Cameron Parish, Louisiana, under its reimbursable engineering, procurement and construction contract. The decision follo...
Worley updates market on ongoing on-market share buy-back
Mar 16, 2026
Worley Limited has updated the market on its ongoing on-market share buy-back program involving its ordinary fully paid shares listed under the ASX code WOR. The company reported that, as of the latest notification dated 17 March 2026, a cumulativ...
Worley Discloses Increase in Director John Grill’s Indirect Shareholding
Mar 13, 2026
Worley Limited has disclosed a change in the indirect shareholding of director John Michael Grill, in line with ASX listing rule 3.19A.2 requirements. The notice reports that Grill, through Wilaci Pty Ltd as trustee for The Serpentine Trust, acqui...
Worley Wins Chevron FEED Contract for Cyprus’ First Offshore Gas Project
Mar 12, 2026
Worley has been selected by Chevron Cyprus to provide front end engineering design and procurement services for the Aphrodite Field Development Project, Cyprus’ first offshore gas development in the Eastern Mediterranean. The reimbursable co...
Worley Updates Market on Progress of On-Market Share Buy-Back
Mar 12, 2026
Worley Limited, listed on the ASX under the code WOR and issuing ordinary fully paid shares, has provided an update on its ongoing on-market share buy-back. The company has been conducting this capital management program under an Appendix 3C frame...
Worley Director John Grill Increases Indirect Shareholding
Mar 12, 2026
Worley Limited has disclosed a change in the interests of director John Michael Grill, who increased his indirect holding in the company through associated entities. Grill acquired 100,000 ordinary shares via on-market trades at an average price o...
Worley updates market on progress of on‑market share buy-back
Mar 11, 2026
Worley Limited is an ASX-listed engineering and professional services provider, offering project delivery and consulting to customers in the energy, chemicals and resources sectors. Its ordinary fully paid shares trade under the ticker WOR on the ...
Worley updates market on progress of on‑market share buy-back
Mar 9, 2026
Worley Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The program, originally notified in February 2025, continues to reduce the company’s share count as ...
Worley Director Alison Kitchen Increases Indirect Shareholding via On‑Market Purchase
Mar 5, 2026
Worley Limited has disclosed a change in director Alison Mary Kitchen’s indirect interest in the company’s ordinary shares, following an on‑market trade. Through Alison Kitchen Pty Ltd, she acquired 1,752 additional ordinary shar...
Worley Wins Long-Term Engineering Services Framework with Tengizchevroil in Kazakhstan
Mar 4, 2026
Worley has secured a services framework agreement with Tengizchevroil LLP to provide engineering and project support services across Tengizchevroil’s operational assets in Kazakhstan. The mandate, which began in February 2026, covers enginee...
Worley Updates Market on Progress of On‑Market Share Buy‑Back
Mar 4, 2026
Worley Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The latest disclosure, dated 5 March 2026, confirms the program remains active and details the...
Worley Continues On-Market Share Buy-Back With Daily ASX Updates
Mar 3, 2026
Worley Limited has released an updated notification on its on-market share buy-back of ordinary fully paid shares, reporting that a total of 27,511,459 securities had been repurchased prior to the previous trading day. The company bought back an a...
Worley Director Martin Parkinson Increases Shareholding via On-Market Purchase
Mar 2, 2026
Worley Limited has disclosed a change in the shareholding of director Martin Lee Parkinson, who increased his direct holding in the company through an on-market trade. He acquired 2,153 ordinary shares on 27 February 2026 at an average price of $1...
Worley Updates Market on Ongoing On‑Market Share Buy‑Back
Mar 2, 2026
Worley Limited, listed on the ASX under the code WOR with ordinary fully paid shares on issue, is undertaking an on-market share buy-back as part of its capital management program. The latest filing is an updated notification to the exchange, conf...
Worley Updates Market on Progress of On‑Market Share Buy‑Back
Mar 1, 2026
Worley Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back of ordinary fully paid shares. The company reported that a cumulative 24,567,894 shares had been repurchased prior to the previous tradi...
Worley Updates Sydney Registry Office Address for Shareholders
Mar 1, 2026
Worley Limited has announced that the Sydney office address of its share registry provider, Computershare Investor Services Pty Limited, has changed to Level 4, 44 Martin Place, Sydney NSW 2000. While telephone numbers and the postal address remai...
Worley flags risk caveats and disclosure limits in half-year results release
Feb 26, 2026
Worley Limited has released a half-year results presentation for the period ended 31 December 2025, noting that the financial information is in summary form and should be read alongside its formal interim financial report and other regulatory fili...
Worley’s Half-Year Profit Falls on Restructuring as Core Operations Hold Steady
Feb 25, 2026
Worley Limited reported mixed interim results for the half year ended 31 December 2025, with statutory revenue slightly lower year on year and profit metrics down sharply, reflecting transformation and restructuring costs. Statutory EBITA, profit ...
Worley Wins EPCM Role on Danish Hydrogen Backbone Pipeline
Feb 24, 2026
Worley has secured a five-year Engineering, Procurement and Construction Management contract from Energinet Brint A/S to support Phase 1 of Denmark’s Danish Hydrogen Backbone pipeline, a project designed to create a national hydrogen transmi...
Worley Wins Key Engineering Role on Qatar LNG CO₂ Sequestration Project
Feb 10, 2026
Worley has been awarded a contract by Samsung CT to provide detailed engineering services for QatarEnergy LNG’s Carbon Dioxide Sequestration Project in Qatar, designed to enable permanent storage of about 4.3 million metric tonnes of CÒ...
Worley Secures EPC Role for Phase 2 of Venture Global’s CP2 Energy Project
Feb 3, 2026
Worley has signed a reimbursable engineering, procurement and construction contract for Phase 2 of Venture Global’s CP2 Project, underlining its ongoing role in the execution of this large-scale energy development as the project moves toward...
Worley sets date for HY26 results and investor webcast
Feb 3, 2026
Worley has announced it will release its half-year results for the six months to 31 December 2025 on 26 February 2026, providing investors with an update on the company’s financial and operational performance. The release will be accompanied...
Worley Wins Five-Year Equinor Framework Deal for Norwegian Offshore Facilities
Jan 29, 2026
Worley has secured a five-year framework agreement with Equinor Energy to support maintenance, installation and modification activities at selected oil and gas facilities on the Norwegian Continental Shelf, including the Sleipner and Johan Sverdru...
Worley Provisionally Secures EPCM Role on Glenfarne’s Alaska LNG Project
Jan 23, 2026
Worley Limited has been provisionally selected by Glenfarne Alaska LNG, LLC as the Engineering, Procurement and Construction Management provider for Phase One of Glenfarne’s Alaska LNG project, following Worley’s completion of Phase On...
Worley Wins Key Advisory Role on Western Australia’s Westport Container Port Project
Jan 21, 2026
Worley has been appointed Marine and Port Infrastructure Technical Advisor by the Government of Western Australia for the Westport Program, a major initiative to develop a new world-class container port in Kwinana that will ultimately replace Frem...
Worley Wins Key Engineering Role on UK H2East Hydrogen Pipeline
Jan 21, 2026
Worley has secured the Front End Engineering Design and Development Consent Order contract from UK gas network operator Cadent Gas for the H2East Pipeline: Humber to Nottinghamshire project, having already completed earlier feasibility and pre-FEE...
Worley Cancels 185,597 Shares Under On-Market Buy-Back
Jan 7, 2026
Worley Limited has cancelled 185,597 ordinary fully paid shares as part of an on-market share buy-back, effective 2 January 2026. The reduction in issued capital through this buy-back forms part of the company’s capital management activities...
Worley Cancels Over 3 Million Shares in On-Market Buy-Back
Dec 31, 2025
Worley Limited has cancelled 3,030,286 ordinary fully paid shares as part of an on-market buy-back completed on 23 December 2025, as disclosed in its notification of cessation of securities to the ASX. The reduction in issued capital reflects capi...
Worley Updates Market on Progress of On‑Market Share Buy-Back
Dec 30, 2025
Worley Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy-back program for its ordinary fully paid shares. As of 31 December 2025, the company reported that it had repurchased a cumulative total...
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.