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Rubicon Water Limited
(Sydney:RWL)
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Rating:53Neutral
Price Target:
AU$0.22
▲(55.71% Upside)
Action:Reiterated
Date:09/26/26
The score is held back primarily by weak financial performance (multi-year operating losses, margin compression, and softer 2026 revenue), partially offset by a recent rebound in operating/free cash flow. Technically, the trend is strong (price above major moving averages and positive MACD) but appears overextended (very high RSI/Stoch). Valuation is constrained by negative earnings (negative P/E) and no indicated dividend yield.
Positive Factors
Recent Cash Generation
The return to positive operating and free cash flow in 2025 and 2026 provides a constructive liquidity signal despite reported losses. If maintained, internally generated cash could support investment, servicing obligations, and operating resilience without relying as heavily on external funding.
Negative Factors
Persistent Losses
Several consecutive years of net losses and negative operating profit indicate that the current business model is not converting revenue into sustainable earnings. Continued losses can restrict reinvestment, weaken financial flexibility, and make future profitability dependent on a material operating improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Recent Cash Generation
The return to positive operating and free cash flow in 2025 and 2026 provides a constructive liquidity signal despite reported losses. If maintained, internally generated cash could support investment, servicing obligations, and operating resilience without relying as heavily on external funding.
Read all positive factors
Rubicon Water Limited (RWL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$52.53M
Dividend YieldN/A
Average Volume (3M)123.46K
Price to Earnings (P/E)―
Beta (1Y)0.11
Revenue Growth-11.57%
EPS Growth-123.18%
CountryAU
Employees320
SectorUtilities
Sector Strength65
IndustryRegulated Water
Share Statistics
EPS (TTM)-0.06
Shares Outstanding244,338,380
10 Day Avg. Volume37,677
30 Day Avg. Volume123,464
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.31
Price to Sales (P/S)0.25
P/FCF Ratio3.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.36Price Target Upside157.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.01
Revenue Forecast (FY)AU$73.30M
Rubicon Water Limited Business Overview & Revenue Model
Company Description
Rubicon Water Limited is a global technology company that designs, manufactures, installs, and maintains sophisticated irrigation automation software and hardware. Operating across Australia, New Zealand, Asia, and other international markets, the...
How the Company Makes Money
RWL primarily makes money by selling water management and automation solutions to customers such as irrigation operators, water authorities, and other operators of water distribution networks. Revenue is typically generated through (1) product sal...
Rubicon Water Limited Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
49
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 61.08M | 69.07M | 58.40M | 55.22M | 65.29M |
| Gross Profit | 382.00K | 28.48M | 23.46M | -2.00M | 27.06M |
| EBITDA | -6.29M | -5.06M | -6.45M | -7.99M | 2.28M |
| Net Income | -15.52M | -6.79M | -10.71M | -10.93M | -438.00K |
Balance Sheet | |||||
| Total Assets | 88.78M | 103.94M | 106.40M | 111.58M | 125.81M |
| Cash, Cash Equivalents and Short-Term Investments | 6.45M | 5.51M | 1.69M | 8.49M | 11.23M |
| Total Debt | 24.42M | 23.13M | 37.13M | 30.69M | 29.50M |
| Total Liabilities | 41.06M | 39.98M | 51.54M | 45.78M | 49.66M |
| Stockholders Equity | 48.31M | 64.42M | 55.13M | 65.75M | 75.86M |
Cash Flow | |||||
| Free Cash Flow | 3.87M | 4.70M | -9.13M | -3.92M | -20.48M |
| Operating Cash Flow | 4.49M | 5.45M | -6.95M | -1.36M | -16.81M |
| Investing Cash Flow | -2.90M | -2.44M | -2.10M | -2.60M | -3.38M |
| Financing Cash Flow | 1.55M | 1.04M | 1.28M | 1.09M | 26.18M |
Rubicon Water Limited Technical Analysis
Negative
0.14
Price Trends
0.23
Negative
0.15
Positive
0.15
Positive
Market Momentum
>-0.01
Positive
41.18
Neutral
37.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RWL, the sentiment is Negative. The current price of 0.14 is below the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.23, and below the 200-day MA of 0.15, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.18 is Neutral, neither overbought nor oversold. The STOCH value of 37.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:RWL.
Rubicon Water Limited Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
62 Neutral | AU$193.48M | 9.52 | 12.50% | 4.48% | -24.95% | -101.95% | |
54 Neutral | AU$49.42M | -23.72 | -22.48% | ― | 70.95% | 44.29% | |
53 Neutral | AU$52.53M | -3.33 | -29.29% | ― | -11.57% | -123.18% |
* Utilities Sector Average
AU:RWL
Rubicon Water Limited
0.23
0.00
0.00%
AU:CNQ
Clean TeQ Water Ltd
0.52
-0.04
-6.31%
AU:RIV
Duxton Water Ltd.
1.24
-0.17
-12.18%
Rubicon Water Limited Corporate Events
Rubicon Water Sets Virtual AGM for November 2026
Oct 21, 2026
Rubicon Water Limited has called its 2026 Annual General Meeting for 19 November, to be held entirely online, allowing shareholders to participate via Zoom and an electronic voting platform. The company is distributing its annual report electronic...
Rubicon Water Technology Secured in Major Moroccan Irrigation Project
Oct 2, 2026
Rubicon Water has confirmed that a joint venture bid, incorporating about A$12 million worth of its irrigation technology, has been selected for a major modernisation project in Morocco’s Tadla region. Although Rubicon is not a member of the...
Rubicon Water Wins Landmark A$12m Irrigation Technology Contract in Morocco
Sep 28, 2026
Rubicon Water has been selected as the technology provider in a joint venture awarded a major irrigation modernisation project in Morocco’s Tadla region, incorporating about A$12 million of its solutions. The contract, expected to proceed af...
Rubicon Water Rejects Link Between Share Price Moves and Undisclosed Information
Sep 25, 2026
Rubicon Water Limited has responded to an ASX price query, stating it is not aware of any undisclosed information that could explain recent trading in its securities. The company indicates there is no specific information behind the share price mo...
Rubicon Water Updates Director Equity Holdings Under Long-Term Incentive Plan
Sep 16, 2026
Rubicon Water Limited, an ASX-listed provider of advanced water management and irrigation solutions, uses long-term incentive plans and equity-based remuneration to align directors and executives with shareholder interests and multi-year performan...
Rubicon Water Names New CFO as Company Continues Global Growth
Sep 11, 2026
Rubicon Water Limited has announced the retirement of Chief Financial Officer Andrew Bendall, effective 25 September 2026, following a significant health issue earlier this year. Bendall, who joined in May 2023, played a key role in building finan...
Rubicon Water Highlights Global Scale in Corporate Water Stewardship
Sep 9, 2026
Rubicon Water Limited, listed on the ASX under ticker RWL, operates in the global water infrastructure and services industry. The company focuses on technology-enabled solutions for irrigation water management, servicing around 2 million hectares ...
Rubicon Water issues new shares and lodges cleansing notice to ASX
Sep 1, 2026
Rubicon Water Limited has issued new ordinary shares on 1 September 2026, at the price and on the terms set out in its recent ASX filing, and has confirmed these securities were issued without a formal prospectus under the exemptions provided by t...
Rubicon Water Seeks ASX Quotation for New Employee Share Plan Stock
Sep 1, 2026
Rubicon Water Limited has applied to the Australian Securities Exchange for quotation of 3,543,288 new ordinary fully paid shares issued on 1 September 2026. The securities were allocated to Rubicon Share Scheme Pty Ltd as trustee for the company&...
Rubicon Water Wins Strategic A$1m Irrigation Contract in Southern Italy
Aug 28, 2026
Rubicon Water has secured a A$1 million contract with the irrigation authority Consoriza di Bonifica Tirreno Catanzarese in Calabria, marking its first significant project in Southern Italy. The Canalone project will automate canal regulators and ...
Rubicon Water Files Updated Governance Statement and ASX Appendix 4G
Aug 24, 2026
Rubicon Water Limited has confirmed that its current corporate governance statement for the year to 30 June 2026 is available on its website, detailing how it adheres to ASX Corporate Governance Council principles. The statement, approved by the b...
Rubicon Water Issues Confidential FY26 Results Briefing With Extensive Disclaimers
Aug 24, 2026
Rubicon Water Limited has released a FY26 results presentation intended as a confidential briefing for professional and sophisticated investors. The document emphasises that it is general background information on the company’s automated wat...
Rubicon Water Says Earnings on Track, No Hidden Drivers Behind Share Price Move
Aug 20, 2026
Rubicon Water has responded to an ASX price query by stating it is not aware of any undisclosed information that would explain recent trading in its securities and that its earnings for the year to 30 June 2026 remain in line with previously issue...
Rubicon Water Sets Investor Webinar to Present FY26 Results
Aug 13, 2026
Rubicon Water Limited will hold an investor webinar to discuss its full-year 2026 financial results, with Chief Executive Officer Bruce Rodgerson and Chief Financial Officer Andrew Bendall presenting. The session is scheduled for 10:30 a.m. AEST o...
Australian Ethical exits substantial holder position in Rubicon Water
Aug 11, 2026
Australian Ethical Investment Ltd has lodged a notice stating it has ceased to be a substantial holder in Rubicon Water Limited, with the change effective 7 August 2026. The filing, made in conjunction with State Street Australia Ltd, marks a redu...
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.