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Australian (ASX) Industrials Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies127
  • 7D1.6%
  • 3M-4.7%
  • 1Y9.6%
  • YTD-4.3%

In the last week, the Industrials industry is up 1.6%, with Transurban Group up 2.1%. This takes the industry's 12 month performance to a gain of 9.6%. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

Has the Australian Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026AU$233.8bAU$148.0bAU$8.2b19.3x28.6x1.6x
Fri, 20 Mar 2026AU$227.4bAU$148.3bAU$8.2b18.6x27.7x1.5x
Sun, 15 Feb 2026AU$240.0bAU$143.9bAU$8.0b20.5x30x1.7x
Tue, 13 Jan 2026AU$247.4bAU$144.9bAU$8.1b21x30.5x1.7x
Thu, 11 Dec 2025AU$238.9bAU$145.0bAU$8.1b20.9x29.4x1.6x
Sat, 08 Nov 2025AU$240.9bAU$145.3bAU$8.2b20.2x29.4x1.7x
Mon, 06 Oct 2025AU$248.8bAU$146.0bAU$8.2b20x30.5x1.7x
Wed, 03 Sep 2025AU$246.1bAU$146.2bAU$8.3b19.2x29.8x1.7x
Fri, 01 Aug 2025AU$241.6bAU$144.9bAU$8.5b18.2x28.5x1.7x
Sun, 29 Jun 2025AU$233.8bAU$144.8bAU$8.4b16.8x27.7x1.6x
Tue, 27 May 2025AU$229.7bAU$144.6bAU$8.2b16.8x28x1.6x
Thu, 24 Apr 2025AU$220.6bAU$146.1bAU$8.3b15.6x26.5x1.5x
Sat, 22 Mar 2025AU$222.0bAU$146.5bAU$8.4b16x26.5x1.5x
Mon, 17 Feb 2025AU$218.8bAU$121.5bAU$7.1b20.5x30.9x1.8x
Wed, 15 Jan 2025AU$208.9bAU$121.8bAU$6.7b19.5x31.1x1.7x
Fri, 13 Dec 2024AU$205.3bAU$122.1bAU$6.7b19.8x30.9x1.7x
Sun, 10 Nov 2024AU$204.2bAU$120.2bAU$6.5b20.1x31.3x1.7x
Tue, 08 Oct 2024AU$205.0bAU$120.6bAU$6.5b19.6x31.6x1.7x
Thu, 05 Sep 2024AU$205.2bAU$122.3bAU$6.3b18.7x32.8x1.7x
Sat, 03 Aug 2024AU$199.0bAU$121.3bAU$5.5b18.5x36.3x1.6x
Mon, 01 Jul 2024AU$191.9bAU$120.9bAU$5.4b17.5x35.6x1.6x
Wed, 29 May 2024AU$194.5bAU$120.9bAU$5.4b17.7x36.2x1.6x
Fri, 26 Apr 2024AU$196.3bAU$122.2bAU$5.8b18.5x33.8x1.6x
Sun, 24 Mar 2024AU$198.2bAU$122.3bAU$5.9b18.3x33.7x1.6x
Tue, 20 Feb 2024AU$192.8bAU$119.0bAU$5.2b18x37.1x1.6x
Thu, 18 Jan 2024AU$185.2bAU$118.3bAU$4.8b18.2x38.7x1.6x
Sat, 16 Dec 2023AU$184.4bAU$117.9bAU$4.7b17.5x38.8x1.6x
Mon, 13 Nov 2023AU$174.7bAU$118.7bAU$4.9b16.5x36x1.5x
Wed, 11 Oct 2023AU$175.1bAU$118.6bAU$4.8b16.1x36.2x1.5x
Fri, 08 Sep 2023AU$180.6bAU$118.7bAU$4.9b17.2x37.1x1.5x
Sun, 06 Aug 2023AU$182.9bAU$111.5bAU$3.6b19.1x50.9x1.6x
Tue, 04 Jul 2023AU$180.9bAU$110.0bAU$3.5b18.8x52x1.6x
Thu, 01 Jun 2023AU$176.6bAU$110.5bAU$3.6b17.8x49.6x1.6x
Sat, 29 Apr 2023AU$177.5bAU$110.2bAU$3.5b18.3x50.4x1.6x
Price to Earnings Ratio

50.4x


Total Market Cap: AU$177.5bTotal Earnings: AU$3.5bTotal Revenue: AU$110.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 34.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 28.6x which is lower than its 3-year average PE of 34.3x.
  • The industry is trading close to its 3-year average PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 32% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Industrials sector?

AU Market0.21%
Industrials1.65%
Electrical13.02%
Machinery7.79%
Aerospace & Defense7.13%
Construction3.71%
Professional Services2.83%
Infrastructure1.59%
Airlines1.12%
Building1.05%
Industrials1.00%
Commercial Services0.64%
Transportation0.11%
Logistics-1.51%
Trade Distributors-1.74%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 61.1%, which is lower than the prior year's growth of 240.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 64% over the next 5 years.
  • This is better than its past earnings growth rate of 27% per year.
  • In contrast, the Transportation industry is expected to see its earnings grow by 7.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TCL Transurban GroupAU$13.832.1%
+AU$904.9m		-0.4%PE90.3x
CWY Cleanaway Waste ManagementAU$2.457.5%
+AU$383.5m		-5.8%PE45.4x
BXB BramblesAU$22.531.3%
+AU$377.9m		7.7%PE23.5x
VNT Ventia Services GroupAU$5.347.2%
+AU$294.4m		26.8%PE16x
GNP GenusPlus GroupAU$8.8114.1%
+AU$197.9m		240.2%PE34.4x

Latest News

ALX
AU$4.25
Atlas Arteria
7D
-0.5%
1Y
-13.8%
REH
AU$13.40
Reece
7D
-3.3%
1Y
-13.6%

REH: FY26 EBIT Guidance And Dividend Will Support Future Upside Potential

Analysts have kept Reece's fair value estimate steady at A$18.00, citing small adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions following recent mixed research views from major brokers. Analyst Commentary Recent Street research on Reece has been mixed, with one major global bank moving to a more cautious stance while another large broker took a more constructive view earlier in the year.
QAN
AU$8.87
Qantas Airways
7D
-2.4%
1Y
2.4%

QAN: Share Price Pullback And Upgrade Will Support Renewed Upside Potential

Analysts have trimmed their Qantas Airways fair value estimate, with the updated price target moving from about A$12.13 to around A$11.40. This reflects slightly lower revenue growth, profit margin, and future P/E assumptions.
VNT
AU$5.34
Ventia Services Group
7D
7.2%
1Y
26.8%

VNT: Expanded Buyback And Long-Dated Contracts Will Support Future Returns

Analysts have nudged their price target for Ventia Services Group slightly lower to A$6.11 from A$6.12, reflecting small tweaks to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Ventia increased its equity buyback authorization by A$100 million to a total of A$250 million and extended the plan duration to 5 March 2027, following the original buyback announced on 19 February 2025 (Key Developments).
GNP
AU$8.81
GenusPlus Group
7D
14.1%
1Y
240.2%

GNP: Index Removal And Steady Assumptions Will Support Future Upside

Analysts have kept their price target for GenusPlus Group broadly steady at around A$9.50, citing only minor adjustments to inputs such as the discount rate, expected revenue growth, profit margin and future P/E assumptions. What's in the News GenusPlus Group Ltd was removed from the S&P/ASX Emerging Companies Index.
VGN
AU$2.41
Virgin Australia Holdings
7D
-4.4%
1Y
n/a

Fleet Renewal And Loyalty Expansion Will Support Stronger Long Term Earnings Quality

Catalysts About Virgin Australia Holdings Virgin Australia Holdings operates a full service and low cost hybrid airline and loyalty business focused on domestic, regional and selected international routes, alongside the Velocity frequent flyer program. What are the underlying business or industry changes driving this perspective?
RWC
AU$2.94
Reliance Worldwide
7D
-3.3%
1Y
-26.3%

RWC: Expanded Buyback And US Capacity Investments Will Support Future Upside

Analysts have trimmed their price target for Reliance Worldwide to A$4.31 from A$4.32, citing updates to discount rate assumptions, revenue growth expectations, profit margin outlook, and future P/E inputs. What's in the News Launched SharkBite PEX Press fittings, adding press connections with integrated stainless steel sleeves to the SharkBite PEX system and expanding the range of fittings, valves, and accessories across push, press, expansion, crimp, and clamp connections (product-related announcement).
CWY
AU$2.45
Cleanaway Waste Management
7D
7.5%
1Y
-5.8%

CWY: Upcoming Fully Franked Dividend Will Support Future Share Appeal

Analysts have trimmed their price target for Cleanaway Waste Management from A$3.17 to about A$3.00. This reflects updated assumptions around revenue growth, profit margins, discount rate and future P/E multiples.
NWH
AU$6.29
NRW Holdings
7D
5.4%
1Y
146.7%

NWH: Dividend And 2026 Guidance Will Support Balanced Fair Value Outlook

Analysts have slightly reduced their price target for NRW Holdings, with fair value moving from A$6.64 to A$6.56. This change reflects updated assumptions on revenue growth, profit margins and future P/E multiples.
TCL
AU$13.83
Transurban Group
7D
2.1%
1Y
-0.4%

TCL: Tunnel Opening And 2025 Distribution Will Support A Fairly Valued Outlook

Analysts have trimmed their price target on Transurban Group from A$14.36 to A$13.99, reflecting adjustments to fair value, discount rate, revenue growth assumptions, profit margin outlook and the future P/E multiple. Valuation Changes Fair Value: Trimmed slightly from A$14.36 to A$13.99.
CPU
AU$30.12
Computershare
7D
1.0%
1Y
-22.9%

CPU: Citi Upgrade And Higher EPS Guidance Will Support Bullish Setup

Analysts now see Computershare's fair value at about A$35.40, just below the prior A$35.94 view. The shift is tied to updated assumptions on discount rate, modestly lower revenue growth, slightly softer profit margin and a higher future P/E multiple, alongside recent upgrades and a A$39.60 price target from broader Street research.
SPZ
AU$0.88
Smart Parking
7D
-7.9%
1Y
14.4%

SPZ: Stable Assumptions Will Support Future Upside Potential

Analysts have kept their A$ price target for Smart Parking unchanged, citing stable fair value, discount rate, revenue growth, profit margin and future P/E assumptions that are effectively consistent with prior estimates. Valuation Changes Fair Value: A$1.66 remains unchanged.
SGH
AU$40.90
SGH
7D
-1.2%
1Y
-17.7%

SGH: Potential Bingo Acquisition Will Shape Future Earnings Power

Analysts have adjusted their price target on SGH to A$51.95 from A$52.68, reflecting updated views on revenue growth, profit margins and future P/E assumptions following recent bullish Street research. Analyst Commentary Bullish Takeaways Bullish analysts view the updated A$51.95 price target as consistent with their constructive stance on SGH, suggesting that the current valuation still reflects room for execution on existing revenue plans rather than requiring a major shift in the business.
QUB
AU$4.98
Qube Holdings
7D
-0.4%
1Y
27.0%

QUB: Higher Fully Franked Dividend And EPSA Outlook Will Support Balanced Future Returns

Qube Holdings' analyst price target has been restated at A$5.02, with analysts pointing to steady assumptions for fair value, revenue growth, profit margins and P/E expectations, along with a slightly adjusted discount rate, as the key drivers of their unchanged view. What's in the News Directors declared a fully franked interim dividend of A$0.0535 per share for the six months ended 31 December 2025, payable on 9 April 2026, with a record date of 4 March 2026 and an ex date of 3 March 2026 (company announcement).
BXB
AU$22.53
Brambles
7D
1.3%
1Y
7.7%

BXB: Dividend Increase And Updated Guidance Will Support A Positive Outlook

Analysts have nudged their Brambles price target slightly higher to A$26.06 from A$25.84, reflecting updated assumptions around discount rate, modest revenue growth adjustments, stable profit margins and a slightly higher future P/E multiple. What's in the News Brambles declared an ordinary dividend of US$0.23 per share for the six months ended 31 December 2025, with an ex date of 11 March 2026, a record date of 12 March 2026 and a payment date of 9 April 2026 (company announcement).
MGH
AU$4.88
MAAS Group Holdings
7D
11.2%
1Y
27.1%