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NRW Holdings Limited
(Sydney:NWH)
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Rating:67Neutral
Price Target:
AU$9.00
▲(47.54% 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
Faster revenue growth indicates stronger demand for NRW’s mining, civil, drilling and infrastructure services. Sustained contract wins and project activity could support revenue expansion over the next several months.
Negative Factors
Rising Leverage
The sustained increase in leverage reduces financial flexibility and raises sensitivity to weaker commodity-linked demand or project underperformance. Higher debt can also constrain investment capacity if operating conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
Faster revenue growth indicates stronger demand for NRW’s mining, civil, drilling and infrastructure services. Sustained contract wins and project activity could support revenue expansion over the next several months.
Read all positive factors
NRW Holdings Limited (NWH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.51B
Dividend Yield2.4%
Average Volume (3M)1.24M
Price to Earnings (P/E)22.5
Beta (1Y)1.43
Revenue Growth31.39%
EPS Growth451.49%
CountryAU
Employees13,300
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.34
Shares Outstanding459,466,950
10 Day Avg. Volume1,334,018
30 Day Avg. Volume1,237,380
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)0.45
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 ...
How the Company Makes Money
NRW Holdings makes money primarily by delivering contracted services to mining and infrastructure clients under commercial agreements. Its key revenue streams generally include: (1) Contract mining services—earning revenue for mining operations pe...
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 Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$854.92M | 21.04 | 24.65% | 2.84% | 12.00% | -5.39% | |
75 Outperform | AU$1.27B | 29.35 | 53.12% | 3.86% | 2.95% | 12.85% | |
71 Outperform | AU$2.85B | 22.36 | 22.77% | 3.73% | 29.43% | 50.05% | |
70 Outperform | AU$2.43B | 33.10 | 15.84% | 1.79% | 26.61% | 44.44% | |
67 Neutral | AU$3.51B | 22.47 | 23.03% | 2.40% | 31.39% | 451.49% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | AU$4.19B | 19.30 | 11.01% | 4.52% | -7.37% | 59.81% |
* Industrials Sector Average
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NRW Holdings Limited Corporate Events
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...
NRW’s Golding Wins $150m Whyalla Deal and Rail Contract, Bolstering Order Book
Jun 25, 2026
NRW Holdings’ subsidiary Golding Contractors has secured an Equipment Hire and Services Agreement with OneSteel Manufacturing at the South Middleback Ranges mine in South Australia, replacing interim arrangements put in place after OneSteel ...
NRW’s Fredon Wins $120m in New Electrical and Infrastructure Contracts
May 26, 2026
NRW Holdings’ subsidiary Fredon has secured a suite of new contracts in Victoria and Western Australia worth about $120 million, expanding its electrical and technology footprint in data centres, healthcare and student accommodation. The win...
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.