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NRW Holdings Limited
(Sydney:NWH)
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Rating:67Neutral
Price Target:
AU$7.00
▲(14.75% 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 Growth
Accelerating revenue indicates stronger project activity and expanding demand across NRW’s resources and infrastructure service base. If sustained, higher volume can improve operating leverage, support workforce utilisation, and provide a broader platform for earnings growth over the next several quarters.
Negative Factors
Rising Leverage
The sustained increase in debt-to-equity reduces balance-sheet flexibility even though leverage is described as not extreme. Higher debt can constrain future capital allocation and leave NRW more exposed to weaker project conditions, cyclical demand, or pressure on operating cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
Accelerating revenue indicates stronger project activity and expanding demand across NRW’s resources and infrastructure service base. If sustained, higher volume can improve operating leverage, support workforce utilisation, and provide a broader platform for earnings growth over the next several quarters.
Read all positive factors
NRW Holdings Limited (NWH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.91B
Dividend Yield3.65%
Average Volume (3M)1.55M
Price to Earnings (P/E)18.5
Beta (1Y)1.35
Revenue Growth31.39%
EPS Growth451.49%
CountryAU
Employees13,300
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.34
Shares Outstanding461,406,520
10 Day Avg. Volume2,022,187
30 Day Avg. Volume1,549,378
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)4.95
Price to Sales (P/S)0.80
P/FCF Ratio18.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$8.33Price Target Upside36.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.44
Revenue Forecast (FY)AU$4.72B
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 ...
NRW Holdings Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.29B | 3.27B | 2.91B | 2.67B | 2.37B |
| Gross Profit | 827.27M | 1.80B | 1.40B | 431.98M | 349.22M |
| EBITDA | 514.16M | 250.87M | 306.73M | 267.57M | 262.98M |
| Net Income | 153.28M | 27.67M | 105.10M | 85.64M | 97.41M |
Balance Sheet | |||||
| Total Assets | 2.34B | 1.70B | 1.61B | 1.61B | 1.50B |
| Cash, Cash Equivalents and Short-Term Investments | 319.67M | 265.74M | 246.65M | 227.58M | 219.34M |
| Total Debt | 585.50M | 411.12M | 325.46M | 311.92M | 285.92M |
| Total Liabilities | 1.65B | 1.09B | 959.70M | 995.37M | 906.05M |
| Stockholders Equity | 689.82M | 610.01M | 652.56M | 610.12M | 591.09M |
Cash Flow | |||||
| Free Cash Flow | 182.30M | 97.05M | 38.70M | 59.70M | 81.65M |
| Operating Cash Flow | 327.26M | 251.47M | 233.53M | 246.99M | 288.00M |
| Investing Cash Flow | -300.33M | -226.30M | -152.28M | -180.57M | -124.75M |
| Financing Cash Flow | 27.49M | -6.34M | -62.12M | -58.26M | -90.52M |
NRW Holdings Limited Technical Analysis
Negative
6.10
Price Trends
7.43
Negative
7.22
Negative
6.62
Negative
Market Momentum
-0.39
Positive
34.04
Neutral
31.48
Neutral
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 6.1 is below the 20-day moving average (MA) of 7.03, below the 50-day MA of 7.43, and below the 200-day MA of 6.62, indicating a bearish trend. The MACD of -0.39 indicates Positive momentum. The RSI at 34.04 is Neutral, neither overbought nor oversold. The STOCH value of 31.48 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$788.25M | 19.40 | 24.65% | 2.95% | 12.00% | -5.39% | |
75 Outperform | AU$1.34B | 30.57 | 53.12% | 3.56% | 2.95% | 12.85% | |
71 Outperform | AU$2.96B | 23.16 | 22.77% | 3.67% | 29.43% | 50.05% | |
70 Outperform | AU$2.17B | 29.65 | 15.84% | 2.04% | 26.61% | 44.44% | |
67 Neutral | AU$2.91B | 18.53 | 23.03% | 3.65% | 31.39% | 451.49% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | AU$4.65B | 21.64 | 11.01% | 4.09% | -7.37% | 59.81% |
* Industrials Sector Average
AU:NWH
NRW Holdings Limited
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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 h...
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 ...
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 concentr...
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 Bo...
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 lodgeme...
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 bas...
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...
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 fro...
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 ...
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 ...
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...
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 St...
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...
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 mil...
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...
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 ...
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&...
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 civi...
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 b...
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.