Goodman Group

ASX:GMG Stock Report

Market Cap: AU$63.6b

Goodman Group Future Growth

Future criteria checks 3/6

Goodman Group is forecast to grow earnings and revenue by 18.8% and 12.2% per annum respectively. EPS is expected to grow by 19.4% per annum. Return on equity is forecast to be 10.7% in 3 years.

Key information

18.8%

Earnings growth rate

19.39%

EPS growth rate

Industrial REITs earnings growth17.8%
Revenue growth rate12.2%
Future return on equity10.67%
Analyst coverage

Good

Last updated29 May 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 02

GMG: Data Centre Rollout And Asset Recycling Will Shape Balanced Outlook

Analysts now cite slightly firmer margins and a modestly lower P/E outlook as reasons for nudging the Goodman Group price target higher to about A$34.64 from roughly A$34.46. What's in the News Goodman Group has been selected as the lead development partner for a potential new data centre campus in Sagamihara City, Kanagawa Prefecture.
Narrative Update • May 13

GMG: Data Center Expansion And Asset Sales Will Shape Balanced Future Prospects

Analysts have kept Goodman Group's A$34.46 price target broadly steady, reflecting only small model tweaks to the discount rate and long term P/E assumptions, rather than a change in their overall view of the stock. What's in the News Goodman Group and DataBank formed a joint venture to develop a new 32MW data center facility in Los Angeles, a market described as supply constrained for data center capacity, with phased capacity expected to be available between December 2026 and September 2027 (Key Developments).
Narrative Update • Apr 29

GMG: Data Center Build Out And Asset Sale Will Drive Future Upside

Analysts have trimmed their price target for Goodman Group slightly to around A$34.46 from about A$34.79. This reflects updated assumptions on the discount rate, revenue growth, profit margin and future P/E multiples.
Narrative Update • Apr 12

GMG: Data Center Expansion And Asset Sale Will Support Stronger Future Returns

Analysts have trimmed their fair value estimate for Goodman Group slightly from A$34.96 to A$34.79, reflecting minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Goodman Group and DataBank formed a joint venture to launch a new 32MW data center facility in Vernon, Los Angeles, targeting demand from cloud, AI, and enterprise customers in a supply constrained U.S. data center market (Key Developments).
Narrative Update • Mar 29

GMG: Asset Sale And Lower P/E Assumptions Will Support Stronger Future Returns

Analysts have trimmed their price target on Goodman Group to A$34.96 from A$35.86 as they factor in slightly different assumptions for revenue growth, profit margins and future P/E multiples. What's in the News Goodman Group is in discussions to sell Melbourne's Moorabbin Airport Corporation to the Australian arm of Barings and a consortium of four major investment funds for more than A$1.5b, with the deal subject to multiple approvals (Key Developments).
Narrative Update • Mar 12

GMG: Slightly Lower P/E Assumptions Will Support Stronger Future Performance

Analysts have slightly reduced their price target on Goodman Group to A$35.86 from about A$36.02, reflecting small adjustments to their fair value, discount rate, margin outlook and future P/E assumptions. Valuation Changes Fair Value: Trimmed slightly to A$35.86 from A$36.02, reflecting a small adjustment in the model.
Narrative Update • Feb 26

GMG: Lower Multiple And Margin Assumptions Will Support Stronger Future Performance

Analysts have trimmed their price target for Goodman Group to A$36.02 from A$36.64, citing updated assumptions that combine a slightly lower discount rate and P/E multiple with adjusted views on revenue growth and profit margins. Valuation Changes Fair Value: Trimmed slightly from A$36.64 to A$36.02.
Narrative Update • Feb 10

GMG: Higher Discount Rate Assumptions Will Support Stronger Future Operating Performance

Analysts have trimmed their fair value estimate for Goodman Group to about A$36.64 from roughly A$37.05, citing slightly higher assumed discount rates and only marginal tweaks to revenue growth, profit margin and future P/E inputs. Valuation Changes Fair Value: Trimmed slightly from about A$37.05 to about A$36.64 per security.
Narrative Update • Jan 27

GMG: Higher Profitability Assumptions Will Support Stronger Future Operating Performance

Analysts have slightly reduced their price target for Goodman Group to A$37.05, down from A$37.13. This adjustment reflects updated views on its discount rate, revenue growth assumptions, profitability profile and a modestly lower future P/E multiple.
Narrative Update • Jan 09

GMG: Higher Revenue Assumptions Will Support Stronger Future Operating Performance

Analysts have slightly reduced their price target for Goodman Group to A$37.13 from A$37.26, reflecting small adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: Price target updated from A$37.26 to A$37.13, representing a small downward adjustment in the modelled estimate.
Narrative Update • Dec 21

GMG: Lower Risk Profile Will Support Stronger Future Operating Performance

Analysts have nudged their price target on Goodman Group slightly higher to reflect incremental improvements in long term discount rate and profitability assumptions, now valuing the stock at about $37.26 per share. Valuation Changes Fair Value Estimate remains unchanged at approximately A$37.26 per share, indicating no material shift in intrinsic valuation.
Narrative Update • Dec 07

GMG: Data Centre Expansion Will Drive Stronger Future Operating Performance

Analysts have slightly lowered their price target on Goodman Group by approximately $0.09, reflecting modest tweaks to the discount rate and future P/E assumptions while recognizing incremental improvement in profit margin expectations. Valuation Changes Fair Value Estimate has edged down slightly from A$37.35 to A$37.26 per share, reflecting minor model adjustments.
Narrative Update • Nov 23

GMG: Data Centre Investment Discussions Will Drive Stronger Operating Performance Ahead

Analysts have marginally lowered their price target for Goodman Group from $37.39 to $37.35, citing updated forecasts and minor adjustments to growth and discount rate assumptions. What's in the News Singapore's GIC is considering investing in Goodman Group's data centre assets.
Narrative Update • Nov 07

GMG: Significant Data Centre Investment Will Drive Operating Profit Higher

Analysts have revised Goodman Group’s price target downward from $37.82 to $37.39. They cite adjustments in projected revenue growth and a higher discount rate as key factors influencing their outlook.
Narrative Update • Aug 27

The $4 Billion Capital Raising Will Fortify Capital Structure For Future Development

The upward revision in Goodman Group's price target reflects analysts' confidence in its strategically positioned asset portfolio—especially its core industrial and data center holdings—and high conviction in future growth potential, raising the consensus fair value from A$36.95 to A$37.82. Analyst Commentary Positive view on Goodman's strategic asset portfolio.
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New Narrative • Feb 23

The $4 Billion Capital Raising Will Fortify Capital Structure For Future Development

Strategic focus on data centers and significant partnerships are expected to drive revenue growth and enhance long-term earnings stability.

Earnings and Revenue Growth Forecasts

ASX:GMG - Analysts future estimates and past financials data (AUD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
6/30/20284,1383,6441,2603,3245
6/30/20273,5943,2461,4392,9066
6/30/20263,1522,452-1,2312,1996
12/31/20253,1011,6911,2121,212N/A
9/30/20253,2551,6791,0861,086N/A
6/30/20253,4101,666960960N/A
3/31/20253,1561,2941,0751,075N/A
12/31/20242,9019211,1911,191N/A
9/30/20242,0444111,1901,190N/A
6/30/20241,187-991,1891,189N/A
3/31/20241,289721,1471,147N/A
12/31/20231,3912431,1061,106N/A
9/30/20232,1919011,1951,195N/A
6/30/20232,9911,5601,2841,284N/A
3/31/20233,4062,0341,1831,181N/A
12/31/20223,8202,5081,0821,078N/A
9/30/20224,3152,961962959N/A
6/30/20224,8103,414841841N/A
3/31/20224,7313,344673678N/A
12/31/20214,6513,273505515N/A
9/30/20214,1742,793806815N/A
6/30/20213,6972,3121,1081,115N/A
3/31/20213,3742,0231,3221,327N/A
12/31/20203,0511,7351,5371,540N/A
9/30/20202,7921,6201,3461,348N/A
6/30/20202,5331,5041,1541,157N/A
3/31/20202,5771,5071,0381,040N/A
12/31/20192,6201,509923924N/A
9/30/20192,7361,569N/A876N/A
6/30/20192,8511,628N/A828N/A
3/31/20192,8831,556N/A872N/A
12/31/20182,9151,485N/A916N/A
9/30/20182,7041,291N/A1,038N/A
6/30/20182,4941,098N/A1,161N/A
3/31/20182,259931N/A993N/A
12/31/20172,024764N/A825N/A
9/30/20171,998771N/A705N/A
6/30/20171,972778N/A586N/A
3/31/20172,046845N/A689N/A
12/31/20162,120912N/A792N/A
9/30/20162,1081,093N/A811N/A
6/30/20162,0961,275N/A830N/A
3/31/20161,9801,445N/A801N/A
12/31/20151,8631,615N/A772N/A
9/30/20151,7201,411N/A713N/A
6/30/20151,5771,208N/A655N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GMG's forecast earnings growth (18.8% per year) is above the savings rate (3.6%).

Earnings vs Market: GMG's earnings (18.8% per year) are forecast to grow faster than the Australian market (12.1% per year).

High Growth Earnings: GMG's earnings are forecast to grow, but not significantly.

Revenue vs Market: GMG's revenue (12.2% per year) is forecast to grow faster than the Australian market (6.2% per year).

High Growth Revenue: GMG's revenue (12.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GMG's Return on Equity is forecast to be low in 3 years time (10.7%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/06 09:36
End of Day Share Price 2026/06/05 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Goodman Group is covered by 23 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BrayshawBarrenjoey Markets Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Andrew MacFarlaneBell Potter