Company DescriptionGoodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Continental Europe, the United Kingdom, North America and Brazil. Goodman Group, comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist investment managers of industrial property and business space globally. Goodman's global property expertise, integrated own+develop+manage customer service offering and significant investment management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver long-term returns for investors.

How the Company Makes Money

Goodman Group Financial Statement Overview

Summary

Goodman Group displays underlying financial strength with a solid balance sheet and strong cash flow generation. The recent negative turn in net income and volatility in revenue growth present challenges that could impact future profitability. However, the company's low leverage and strong cash flow position provide a buffer against these challenges, suggesting potential for recovery and growth.

Income Statement

Positive

Goodman Group's revenue has shown slight volatility, with a minor dip in 2024 compared to 2023, indicating some instability in revenue streams. The net profit margin turned negative in 2024 due to a significant drop in net income, which suggests potential challenges in cost management or other financial pressures. The gross profit margin remains strong, reflecting efficient core operations. However, the EBIT margin is absent for 2024, which could indicate operational difficulties.

Balance Sheet

Positive

The balance sheet indicates a robust equity base with a high equity ratio, showcasing financial stability. The debt-to-equity ratio is relatively low, which suggests conservative financial leverage and good financial health. The return on equity declined significantly in 2024 due to negative net income, highlighting a recent challenge in generating returns for shareholders.

Cash Flow

Positive

The company maintains strong operating cash flow, indicating efficient cash generation from operations. The free cash flow has been positive and stable over the years, supporting potential reinvestments and shareholder returns. Despite a decrease in net income, the operating cash flow to net income ratio remains solid, demonstrating resilience in cash flow management.

TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Breakdown
Income Statement		Total Revenue
2.88B	1.92B	1.96B	2.06B	1.87B	1.50B
	Gross Profit
1.96B	1.37B	1.33B	1.45B	947.90M	993.20M
	EBIT
1.00B	464.50M	445.40M	671.10M	492.00M	550.00M
	EBITDA
1.00B	22.80M	462.10M	688.20M	515.00M	572.50M
	Net Income Common Stockholders
921.00M	-98.90M	1.56B	3.41B	2.31B	1.50B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
1.49B	1.79B	1.36B	1.06B	920.40M	1.78B
	Total Assets
27.39B	23.83B	24.07B	21.47B	16.89B	16.15B
	Total Debt
5.90B	3.72B	3.36B	2.90B	2.15B	2.99B
	Net Debt
4.41B	1.94B	2.00B	1.85B	1.23B	1.20B
	Total Liabilities
8.48B	6.29B	6.05B	5.04B	3.73B	4.63B
	Stockholders Equity
18.91B	17.54B	18.02B	16.42B	13.16B	11.52B
Cash Flow		Free Cash Flow
1.19B	1.18B	1.27B	835.10M	1.11B	1.15B
	Operating Cash Flow
1.19B	1.19B	1.28B	841.00M	1.11B	1.16B
	Investing Cash Flow
-2.85B	-688.20M	-716.00M	-1.00B	-549.90M	-306.40M
	Financing Cash Flow
1.84B	-52.40M	-308.80M	299.70M	-1.35B	-660.90M

Goodman Group Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GMGSF		$44.41B	66.15	5.14%	0.94%	―	―
Sector *	61 Neutral	$2.83B	10.92	0.41%	8438.90%	5.75%	-21.03%
CTOUF		$5.95B	308.23	1.03%	2.44%	―	―
DEXSF		$4.86B	―	-9.22%	5.89%	―	―
GPTGF		$6.08B	―	-1.94%	4.97%	―	―
STKAF		$8.54B	27.80	4.54%	4.70%	―	―
CLW	71 Outperform	AU$2.99B	―	-5.75%	6.06%	-15.42%	65.86%

* Real Estate Sector Average

Performance Comparison

GMGSF

Goodman Group

21.11

-2.02

-8.73%

CTOUF

Charter Hall Group

12.54

4.49

55.78%

DEXSF

Dexus

4.51

0.10

2.27%

GPTGF

GPT Group

3.18

0.48

17.78%

STKAF

Stockland

3.45

0.59

20.63%

AU:CLW

Charter Hall Long WALE REIT

4.21

1.01

31.56%

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

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