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NRW Holdings Limited (NWH) AI Stock Analysis

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AU:NWH

NRW Holdings Limited

(ASX:NWH)

Select Model
Rating:67Neutral
Price Target:AUD 7.00â–²(11.11% Upside)
Action:reiterated
Date:08/22/26

The score is driven primarily by improving fundamentals (stronger growth and a profitability rebound) and supportive technical momentum (price above key moving averages with positive MACD). These positives are tempered by rising leverage and only moderate cash conversion, plus a less attractive valuation at a ~24x P/E with a modest ~2.26% yield.

Positive Factors
Accelerating Revenue GrowthFaster revenue growth indicates stronger project activity and improving demand across NWH’s resources and infrastructure services. If sustained, this expands the operating base, supports better resource utilisation, and provides a durable platform for earnings growth over the next several quarters.
Negative Factors
Rising LeverageThe sustained increase in debt-to-equity reduces balance-sheet flexibility compared with prior years. Higher leverage can constrain NWH’s ability to absorb weaker project conditions, fund new opportunities, or manage unexpected costs without placing greater pressure on cash flow.

NRW Holdings Limited (NWH) vs. iShares MSCI Australia ETF (EWA)

-20%0%20%40%60%80%AU:NWH+38.10%EWA+13.51%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
AUD 2.91B
Dividend Yield
3.65%
Average Volume (3M)
1.38M
Price to Earnings (P/E)
18.5
Beta (1Y)
1.35
Revenue Growth
31.39%
EPS Growth
451.49%
Country
Australia
Employees
13,300
Sector
Industrials
Sector Strength
63
Industry
Engineering & Construction

NRW Holdings Limited Business Overview & Revenue Model

Company Description

NRW Holdings Limited, an Australian company established in 1994 and based in Belmont, offers a broad spectrum of contract services. The firm caters to both the resources and infrastructure industries across Australia, operating through three main div...

NRW Holdings Limited Financial Statement Overview

Summary

Income statement momentum is strong with meaningfully faster revenue growth and a clear profitability rebound in 2026. Offsetting this, the balance sheet shows rising leverage (higher debt-to-equity) and cash flow quality is only moderate with weaker cash conversion versus net income, increasing sensitivity to working-capital and project execution.

Income Statement

72Positive

Balance Sheet

64Positive

Cash Flow

58Neutral
Financial statement breakdown
BreakdownTTMJun 2026Jun 2025Jun 2024Jun 2023Jun 2022
Income Statement
Total Revenue4.29B4.29B3.27B2.91B2.67B2.37B
Gross Profit827.27M827.27M1.80B1.40B431.98M349.22M
EBITDA454.82M514.16M250.87M306.73M267.57M262.98M
Net Income153.28M153.28M27.67M105.10M85.64M97.41M
Balance Sheet
Total Assets2.34B2.34B1.70B1.61B1.61B1.50B
Cash, Cash Equivalents and Short-Term Investments319.67M319.67M265.74M246.65M227.58M219.34M
Total Debt585.50M585.50M411.12M325.46M311.92M285.92M
Total Liabilities1.65B1.65B1.09B959.70M995.37M906.05M
Stockholders Equity689.82M689.82M610.01M652.56M610.12M591.09M
Cash Flow
Free Cash Flow182.30M182.30M97.05M38.70M59.70M81.65M
Operating Cash Flow327.26M327.26M251.47M233.53M246.99M288.00M
Investing Cash Flow-300.33M-300.33M-226.30M-152.28M-180.57M-124.75M
Financing Cash Flow27.49M27.49M-6.34M-62.12M-58.26M-90.52M

NRW Holdings Limited Technical Analysis

Technical Analysis SentimentNegative
Last Price6.30

Price Trends

50DMA7.40Negative
100DMA7.21Negative
200DMA6.62Negative

Market Momentum

MACD-0.38Positive
RSI32.63Neutral
STOCH40.45Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NWH, the sentiment is Negative. The current price of 6.30 is below the 20-day moving average (MA) of 6.94, below the 50-day MA of 7.40, and below the 200-day MA of 6.62, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 32.63 is Neutral, neither overbought nor oversold. The STOCH value of 40.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NWH.

NRW Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform
Sector (63)

Financial Indicators

AU:NWH against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
AU:LYLAU:LYL80OutperformAUD 788.25M19.4024.65%2.95%12.00%-5.39%
AU:GNGAU:GNG76OutperformAUD 1.34B30.5753.12%3.70%2.95%12.85%
AU:MNDAU:MND72OutperformAUD 2.96B23.1622.77%3.67%29.43%50.05%
AU:SRGAU:SRG70OutperformAUD 2.17B29.6415.84%2.04%26.61%44.44%
AU:NWHAU:NWH67NeutralAUD 2.91B18.5323.03%3.65%31.39%451.49%
Sector *63Neutral$10.79B15.437.44%2.01%2.89%-14.66%
AU:DOWAU:DOW55NeutralAUD 4.65B21.6411.01%4.09%-7.37%59.81%

* Industrials Sector Average

Performance Comparison

0%50%100%AU:NWHAU:DOWAU:LYLAU:MNDAU:SRGAU:GNGDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
AU:NWH and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
AU:NWHNRW Holdings Limited6.301.6435.22%
AU:DOWDowner EDI Limited7.14-0.27-3.58%
AU:LYLLycopodium Limited19.987.8865.14%
AU:MNDMonadelphous Group Limited29.417.2832.89%
AU:SRGSRG Global Limited3.430.6824.77%
AU:GNGGR Engineering Services Ltd7.033.57103.41%

NRW Holdings Limited Corporate Events

NRW’s Fredon Wins $134m National Security Office Precinct Contract

Oct 28, 2026

NRW Holdings’ wholly owned subsidiary Fredon has secured $134 million in work packages at the National Security Office Precinct in Canberra from major client Lendlease. The scope includes $101 million of mechanical works and $33 million of high...

NRW Wins $200m Curragh Mine Contract Extension with Coronado

Oct 28, 2026

NRW Holdings’ subsidiary Golding Contractors has secured a one-year extension to its mining services contract with Coronado Global Resources at the Curragh coal mine near Blackwater in Queensland. The extension, valued at about $200 million and...

NRW Holdings Details FY26 Modern Slavery Risk Controls

Oct 27, 2026

NRW Holdings Limited has released its 2026 Modern Slavery Statement, outlining the actions taken between 1 July 2025 and 30 June 2026 to identify, monitor and address modern slavery risks in its operations and supply chains. The statement concentrate...

NRW Holdings Confirms Full ASX Governance Compliance in FY26

Oct 27, 2026

NRW Holdings Limited has released its Corporate Governance Statement for the 2026 financial year, detailing how its governance framework aligns with the ASX Corporate Governance Council’s fourth edition Principles and Recommendations. The Board...

NRW Holdings Lodges Updated Corporate Governance Statement with ASX

Oct 27, 2026

NRW Holdings Limited has confirmed that its corporate governance statement for the financial year ended 30 June 2026 is current, board-approved, and accessible via its website in line with ASX Listing Rule requirements. The company’s lodgement...

NRW Holdings Updates Registered Office and Head Office Location

Oct 27, 2026

NRW Holdings Limited has confirmed a change to its registered address in September 2026, establishing a new head office location at 219 St Georges Terrace in Perth, Western Australia. The update formalises the company’s central corporate base a...

NRW Holdings Sets Date and Details for 2026 Annual General Meeting

Oct 22, 2026

NRW Holdings Limited has called its 2026 Annual General Meeting for 2:00 p.m. Perth time on 26 November 2026 at the company’s headquarters on St Georges Terrace in Perth, Western Australia. The notice confirms that the Explanatory Memorandum, d...

NRW Holdings Sets 2026 AGM Date and Board Nomination Deadline

Oct 5, 2026

NRW Holdings Limited has scheduled its Annual General Meeting for 2:00 pm on Thursday, 26 November 2026, at its Perth headquarters on St Georges Terrace. The company has also set Friday, 16 October 2025, as the deadline for written nominations from i...

NRW Holdings Lists New Shares from Employee Incentive Scheme on ASX

Oct 1, 2026

NRW Holdings Limited has applied for quotation of 1,939,579 ordinary fully paid shares on the ASX under its existing code NWH. The new securities have been issued as part of an employee incentive scheme and are scheduled to be quoted from October 1,...

NRW Holdings Plans Share Placement to Issue 1.94 Million New Shares

Sep 29, 2026

NRW Holdings Limited has notified the ASX of a proposed issue of 1,939,579 ordinary fully paid shares, to be executed via a placement or similar form of capital issuance.The new securities are scheduled for issue on 30 September 2026, signaling a mov...

NRW’s Fredon wins $115m mechanical contract for Melbourne hyperscale data centre

Sep 23, 2026

NRW Holdings’ wholly owned subsidiary Fredon has secured the first stage of a design-and-construct mechanical contract for Stack’s MEL03 hyperscale data centre campus in Melbourne. The initial off-site mechanical fabrication package is va...

NRW Holdings updates registered head office address in Perth

Sep 23, 2026

NRW Holdings Limited, a diversified contractor serving government, resources, industrial and infrastructure clients with civil construction, mining, maintenance, and specialist engineering services, operates across Australia, Canada, the United State...

NRW Wins $313m in Gold Processing and WA Road Contracts

Sep 13, 2026

NRW Holdings’ subsidiary Primero Group has secured the Mount Magnet Expansion Project from Ramelius Resources, an engineering, procurement and construction contract to significantly upgrade gold processing infrastructure at the Mt Magnet hub. T...

NRW wins $960m five-year extension at Karara mine

Sep 1, 2026

NRW Holdings’ Mining division has secured a Letter of Award extending its mining services contract at the Karara mine by five years, moving the completion date from March 2027 to February 2032. The extension, valued at approximately $960 millio...

Australian Retirement Trust Ceases to Be Substantial Holder in NRW Holdings

Aug 26, 2026

Australian Retirement Trust Pty Ltd, acting as trustee for Australian Retirement Trust, has ceased to be a substantial shareholder in NRW Holdings Limited, according to a notice lodged under the Corporations Act. The change reflects a reduction in th...

NRW Holdings Declares Interim Dividend of AUD 0.145 per Share

Aug 19, 2026

NRW Holdings Limited has announced a new dividend for holders of its ordinary fully paid shares, reflecting its performance over the six months to 30 June 2026. The company continues its shareholder returns program with a declared distribution of AUD...

NRW Holdings Releases Comprehensive 2026 Annual Financial Statements and ESG Disclosures

Aug 19, 2026

NRW Holdings Limited has released its 2026 annual financial statements, accompanied by a comprehensive suite of governance, risk management, climate reporting, and remuneration disclosures. The documents include full audited financials, directors&#82...

NRW Holdings Sets Date for Full-Year Results Call

Aug 16, 2026

NRW Holdings Limited, a major contractor to the government, resources, industrial and infrastructure sectors in Australia with a significant presence in Canada and the United States, operates through multiple specialist divisions that deliver civil c...

NRW Holdings Issues 3.7 Million Unquoted Performance Rights Under Incentive Plan

Aug 11, 2026

NRW Holdings Limited has notified the market of the issue of 3,719,213 unquoted performance rights under its employee incentive scheme. The securities, designated as NWHAB PERFORMANCE RIGHTS, were issued on 11 August 2026 and are not intended to be q...

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.

Date of analysis: Aug 22, 2026