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Goodman Group
(Sydney:GMG)
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Rating:69Neutral
Price Target:
AU$32.00
▲(15.11% Upside)
Action:Reiterated
Date:08/21/26
The score is driven primarily by strong financial performance and a constructive earnings outlook (FY27 EPS growth guidance, large funded development pipeline, and conservative gearing/liquidity). These positives are meaningfully tempered by weak technicals (price below key moving averages with negative MACD) and only moderate valuation support (P/E ~20.5 and ~1.0% yield).
Positive Factors
Large development pipeline and data-center expansion
The sizeable, multi-year pipeline supports future development income and portfolio growth. Data-center exposure adds a structurally attractive end market, while partnership funding reduces the capital burden of scaling these projects.
Negative Factors
Lower management and performance fees
The sharp reduction in transactional and performance fees shows that part of Goodman’s earnings remains sensitive to capital-market activity and fund outcomes. A lower fee contribution can weigh on earnings quality even while recurring AUM expands.
Read all positive and negative factors
Positive Factors
Negative Factors
Large development pipeline and data-center expansion
The sizeable, multi-year pipeline supports future development income and portfolio growth. Data-center exposure adds a structurally attractive end market, while partnership funding reduces the capital burden of scaling these projects.
Read all positive factors
Goodman Group (GMG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$56.61B
Dividend Yield1.09%
Average Volume (3M)3.54M
Price to Earnings (P/E)20.3
Beta (1Y)1.31
Revenue Growth17.33%
EPS Growth59.19%
CountryAU
Employees1,061
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)1.36
Shares Outstanding2,054,754,600
10 Day Avg. Volume4,149,229
30 Day Avg. Volume3,535,626
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)2.55
Price to Sales (P/S)23.93
P/FCF Ratio33.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$34.62Price Target Upside24.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.43
Revenue Forecast (FY)AU$3.57B
Goodman Group Business Overview & Revenue Model
Company Description
Goodman Group operates as a globally integrated real estate enterprise, with active operations spanning Australia, New Zealand, Asia, Continental Europe, the United Kingdom, North America, and Brazil. Comprising the stapled entities Goodman Limite...
How the Company Makes Money
Goodman Group makes money through a mix of recurring property income, funds management earnings and development-related income. (1) Property investment income: Goodman earns rental income from industrial and logistics properties it owns (typically...
Goodman Group Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
Positive overall. The call emphasized strong execution on a multi-year strategic repositioning into data centers and large-scale logistics, substantial scale with an $89 billion portfolio and nearly $20 billion of WIP, a material signed hyperscaler lease (50 MW Tsukuba), solid operating profit ($2.675B) and EPS growth (+10.1%), and a conservative capital structure (6.5% gearing, $6.4B cash). Key challenges include a drop in management transactional/performance fees, FX/headline volatility, operating cash flow pressure due to heavy reinvestment into development and partnerships, and planning/power constraints in certain markets. On balance, the highlights materially outweigh the lowlights given the size of the pipeline, customer commitments, partnership funding model and robust liquidity.Positive Updates
Large-scale portfolio and development pipeline
Portfolio approaching $90 billion (reported $89 billion) with work in progress (WIP) of almost $20 billion and a data center WIP completion value of over $15 billion containing ~500 megawatts of capacity across 10 developments in eight metro data center markets.
Negative Updates
Management revenue decline and lower transactional/performance fees
Management revenue decreased by $147 million year-on-year (including $9 million FX translation effect), driven by a fall in performance and transactional revenues to $206 million from $372 million in the prior year (≈-44.6%).
Read all updates
Q4-2026 Updates
Positive
Negative
Large-scale portfolio and development pipeline
Portfolio approaching $90 billion (reported $89 billion) with work in progress (WIP) of almost $20 billion and a data center WIP completion value of over $15 billion containing ~500 megawatts of capacity across 10 developments in eight metro data center markets.
Read all positive updates
Company Guidance
Guidance: Goodman is targeting FY‑27 EPS growth of 9% on FY‑26, with earnings expected to be skewed to H2; management reiterates long‑term fee revenue of ~0.9% of third‑party stabilized AUM and currently reports fee revenue at 1% of stabilized AUM. The group enters FY‑27 with a near $90bn portfolio ($89bn at June), $75.4bn external AUM (stabilized AUM averaged $68.7bn), almost $20bn of work‑in‑progress (WIP) (annualized production >$7.5bn) and a data‑center WIP completion value of >$15bn (almost 500MW, 10 developments across 8 metro markets, with ~90% funded through partnerships); deliveries are scheduled from 2027–2030 and notable milestones include a 50MW, 20‑year leased first phase at the 1GW Tsukuba project ready in early 2028. Capital settings remain conservative: gearing ~6.5%, ~$6.4bn cash and undrawn facilities, net WACD ~1% (average borrowing ~4.6%), and Goodman generated $2.675bn operating profit in FY‑26 (10.1% operating EPS growth) with $2.7bn cash‑backed earnings.Goodman Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.66B | 2.21B | 1.92B | 1.96B | 2.06B |
| Gross Profit | 1.86B | 1.42B | 1.37B | 1.33B | 1.45B |
| EBITDA | 3.01B | 2.18B | 22.80M | 462.10M | 688.20M |
| Net Income | 2.78B | 1.67B | -98.90M | 1.56B | 3.41B |
Balance Sheet | |||||
| Total Assets | 33.60B | 31.57B | 23.83B | 24.07B | 21.47B |
| Cash, Cash Equivalents and Short-Term Investments | 4.08B | 3.96B | 1.79B | 1.36B | 1.06B |
| Total Debt | 6.09B | 5.28B | 3.72B | 3.36B | 2.90B |
| Total Liabilities | 8.65B | 8.26B | 6.29B | 6.05B | 5.04B |
| Stockholders Equity | 24.95B | 23.31B | 17.54B | 18.02B | 16.42B |
Cash Flow | |||||
| Free Cash Flow | 1.88B | 953.20M | 1.18B | 1.27B | 835.10M |
| Operating Cash Flow | 1.92B | 959.60M | 1.19B | 1.28B | 841.00M |
| Investing Cash Flow | -2.76B | -3.48B | -688.20M | -716.00M | -1.00B |
| Financing Cash Flow | 1.12B | 4.60B | -52.40M | -308.80M | 299.70M |
Goodman Group Technical Analysis
Negative
27.80
Price Trends
29.39
Negative
30.02
Negative
29.44
Negative
Market Momentum
-0.67
Positive
40.75
Neutral
38.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GMG, the sentiment is Negative. The current price of 27.8 is below the 20-day moving average (MA) of 28.55, below the 50-day MA of 29.39, and below the 200-day MA of 29.44, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 40.75 is Neutral, neither overbought nor oversold. The STOCH value of 38.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:GMG.
Goodman Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$2.54B | 9.00 | 8.20% | 7.26% | 39.66% | 133.43% | |
74 Outperform | AU$8.83B | 8.38 | 9.83% | 5.26% | -7.59% | 178.60% | |
69 Neutral | AU$56.61B | 20.26 | 11.41% | 1.09% | 17.33% | 59.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$6.22B | 13.20 | 4.83% | 6.37% | -28.16% | 250.74% | |
56 Neutral | AU$1.55B | 17.23 | 3.90% | 8.98% | -0.03% | ― | |
54 Neutral | AU$8.99B | 25.33 | 20.47% | 2.67% | -19.06% | 6.95% |
* Real Estate Sector Average
AU:GMG
Goodman Group
27.57
-5.58
-16.84%
AU:CHC
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-16.44%
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4.58
-0.65
-12.50%
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2.07
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-10.47%
AU:CLW
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3.51
-0.71
-16.90%
Goodman Group Corporate Events
Goodman Group Profit Jumps as Data Centre Pipeline Surges to $19.7bn
Aug 20, 2026
Goodman Group reported a strong full-year result to 30 June 2026, with operating profit rising 15.7% to $2.67 billion and operating earnings per security up 10.1% to 129.9 cents. The group maintained low gearing, robust interest cover and signific...
Goodman Group Files Updated ASX Corporate Governance Statement
Aug 19, 2026
Goodman Group has lodged its updated corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 30 June 2026, confirming board approval as of 20 August 2026. The statement is hosted on the company’s...
Goodman Group Profit Jumps as Data Centre Push Lifts Development Pipeline
Aug 19, 2026
Goodman Group reported a 15.7% rise in FY26 operating profit to $2.67 billion, with operating earnings per security up 10.1% and net tangible assets per security gaining 7%. The group maintained low gearing, strong liquidity and high portfolio occ...
Goodman Group Delivers Strong FY26 Profit Growth and Expands Global Logistics Portfolio
Aug 19, 2026
Goodman Group reported strong results for the year to 30 June 2026, with operating profit attributable to securityholders up 15.7% to $2.67 billion and statutory profit surging 66.7% to $2.78 billion, supported by higher revenue and a 21.6% rise i...
Goodman Secures 20-Year Hyperscale Lease at 1 GW Tsukuba Tech Central Campus
Aug 17, 2026
Goodman Group has signed a 20-year lease with a global hyperscale customer for the initial 50 MW phase of Tsukuba Tech Central, its planned 1 GW data centre campus in Greater Tokyo. The company acquired the 45-hectare site in 2022 and will develop...
Goodman Group Reports Lapse of 864,702 Performance Rights
Jul 13, 2026
Goodman Group has notified the ASX of the cessation of 864,702 performance rights, recorded under security code GMGAM, effective June 30, 2026. The rights have lapsed under an “other” category, indicating they were removed from the gro...
Goodman Director Danny Peeters Sells 600,000 Stapled Securities in On‑Market Trade
Jun 9, 2026
Goodman Group has disclosed a change in the indirect interests of director Danny Peeters, following an on-market sale of 600,000 Goodman stapled securities held through DPCON BVBA, a company in which he has a beneficial interest. The transaction, ...
Goodman CEO adjusts personal stake with $7.7m sale of stapled securities
Jun 3, 2026
Goodman Group has disclosed a change in the interests of its chief executive Greg Goodman, detailing the sale of 245,525 GMG stapled securities in an on‑market trade. The disposal, valued at about $7.74 million, reduces his directly held sta...
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.