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Australian (ASX) Industrials Sector Analysis

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies125
  • 7D1.4%
  • 3M-0.5%
  • 1Y4.2%
  • YTD-1.8%

In the last week, the Industrials industry is up 1.4%, with Transurban Group up 2.1%. In the last 12 months, the industry was up 4.2%. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Feb 2026AU$240.0bAU$143.9bAU$8.0b20.5x30x1.7x
Wed, 14 Jan 2026AU$248.0bAU$144.9bAU$8.1b21.1x30.5x1.7x
Fri, 12 Dec 2025AU$238.3bAU$145.0bAU$8.1b20.7x29.3x1.6x
Sun, 09 Nov 2025AU$240.9bAU$145.3bAU$8.2b20.2x29.4x1.7x
Tue, 07 Oct 2025AU$249.6bAU$146.0bAU$8.2b20.2x30.6x1.7x
Thu, 04 Sep 2025AU$243.6bAU$146.2bAU$8.2b19.4x29.6x1.7x
Sat, 02 Aug 2025AU$240.2bAU$144.9bAU$8.5b18x28.4x1.7x
Mon, 30 Jun 2025AU$233.8bAU$144.8bAU$8.4b16.8x27.7x1.6x
Wed, 28 May 2025AU$231.4bAU$144.7bAU$8.2b16.8x28.1x1.6x
Fri, 25 Apr 2025AU$220.8bAU$146.1bAU$8.3b15.8x26.5x1.5x
Sun, 23 Mar 2025AU$222.0bAU$146.5bAU$8.4b16x26.5x1.5x
Tue, 18 Feb 2025AU$219.5bAU$121.6bAU$7.1b20x31.1x1.8x
Thu, 16 Jan 2025AU$208.2bAU$121.7bAU$6.7b18.9x31x1.7x
Sat, 14 Dec 2024AU$205.3bAU$122.2bAU$6.7b19.8x30.8x1.7x
Mon, 11 Nov 2024AU$204.2bAU$120.2bAU$6.5b20.1x31.3x1.7x
Wed, 09 Oct 2024AU$204.5bAU$120.7bAU$6.5b19.5x31.4x1.7x
Fri, 06 Sep 2024AU$205.2bAU$122.3bAU$6.3b18.5x32.8x1.7x
Sun, 04 Aug 2024AU$199.0bAU$121.3bAU$5.5b18.5x36.4x1.6x
Tue, 02 Jul 2024AU$190.8bAU$120.9bAU$5.4b17.5x35.4x1.6x
Thu, 30 May 2024AU$189.7bAU$121.0bAU$5.4b17.5x35.2x1.6x
Sat, 27 Apr 2024AU$192.8bAU$122.5bAU$5.8b18.2x33.1x1.6x
Mon, 25 Mar 2024AU$198.2bAU$122.3bAU$5.9b18.3x33.7x1.6x
Wed, 21 Feb 2024AU$192.8bAU$119.0bAU$5.2b18x37.3x1.6x
Fri, 19 Jan 2024AU$182.9bAU$118.3bAU$4.8b18.2x38.2x1.5x
Sun, 17 Dec 2023AU$184.4bAU$117.9bAU$4.7b17.5x38.8x1.6x
Tue, 14 Nov 2023AU$174.7bAU$118.7bAU$4.9b16.6x36x1.5x
Thu, 12 Oct 2023AU$176.9bAU$118.6bAU$4.8b16.5x36.6x1.5x
Sat, 09 Sep 2023AU$181.3bAU$118.7bAU$4.8b16.9x37.4x1.5x
Mon, 07 Aug 2023AU$182.9bAU$111.5bAU$3.6b19.1x50.9x1.6x
Wed, 05 Jul 2023AU$180.6bAU$110.0bAU$3.5b18.9x52.1x1.6x
Fri, 02 Jun 2023AU$176.2bAU$110.4bAU$3.5b17.4x49.7x1.6x
Sun, 30 Apr 2023AU$177.5bAU$110.1bAU$3.5b18.3x50.6x1.6x
Tue, 28 Mar 2023AU$160.4bAU$99.6bAU$3.5b17.3x45.5x1.6x
Thu, 23 Feb 2023AU$147.8bAU$89.6bAU$3.1b19.2x48.4x1.6x
Price to Earnings Ratio

48.4x


Total Market Cap: AU$147.8bTotal Earnings: AU$3.1bTotal Revenue: AU$89.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 35.3x202420252026
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 30.0x which is lower than its 3-year average PE of 35.3x.
  • 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 38% per year over the last three years.
  • Revenues for these companies have grown 17% 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 Market2.05%
Industrials1.41%
Building7.21%
Machinery3.83%
Trade Distributors2.72%
Construction2.40%
Infrastructure2.34%
Airlines1.93%
Transportation1.33%
Professional Services0.13%
Industrials0%0
Commercial Services-0.22%
Electrical-0.48%
Logistics-3.74%
Aerospace & Defense-4.30%
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 60.1%, which is lower than the prior year's growth of 239.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aerospace & Defense industry, expecting annual earnings growth of 60% over the next 5 years.
  • However this is lower than its past earnings growth rate of 239% per year.
  • In contrast, the Airlines 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$14.072.1%
+AU$903.3m		4.8%PE329.5x
BXB BramblesAU$23.622.0%
+AU$624.7m		21.7%PE26.3x
AZJ Aurizon HoldingsAU$3.847.0%
+AU$428.6m		21.1%PE21.6x
QUB Qube HoldingsAU$5.014.4%
+AU$371.7m		21.9%PE78.3x
ALQ ALSAU$23.821.5%
+AU$182.7m		40.9%PE44.6x

Latest News

AZJ
AU$3.84
Aurizon Holdings
7D
7.0%
1Y
21.1%
SGH
AU$47.23
SGH
7D
-1.1%
1Y
-13.3%
DBI
AU$5.13
Dalrymple Bay Infrastructure
7D
3.6%
1Y
40.5%

DBI: Quarterly Distribution And Updated Assumptions Will Support Steady Fair Value Outlook

Analysts have nudged their price target for Dalrymple Bay Infrastructure up from A$5.06 to A$5.11, citing updated assumptions around the discount rate, profit margin and future P/E that slightly adjust their view of fair value. What's in the News Dalrymple Bay Infrastructure Limited declared a quarterly distribution of A$0.061250 per fully paid ordinary stapled security for the quarter ended September 30, 2025 (Key Developments).
REH
AU$14.55
Reece
7D
-1.4%
1Y
-34.7%

What Is Reece Limited's (ASX:REH) Share Price Doing?

Feb 14
What Is Reece Limited's (ASX:REH) Share Price Doing?
CPU
AU$31.69
Computershare
7D
-1.2%
1Y
-26.2%
TCL
AU$14.07
Transurban Group
7D
2.1%
1Y
4.8%

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

Analysts have maintained their A$14.36 price target for Transurban Group, citing a slightly higher discount rate and revenue growth outlook, along with a lower profit margin and a higher assumed future P/E multiple. What's in the News The West Gate Tunnel Project is scheduled to open to traffic on Sunday 14 December 2025, providing an alternative route to the West Gate Bridge and connecting the West Gate Freeway to the Port of Melbourne and CityLink (Key Developments).
MAD
AU$8.55
Mader Group
7D
4.1%
1Y
38.1%
RDX
AU$2.68
Redox
7D
-13.5%
1Y
-38.2%

RDX: Future Returns Will Reflect Stable Fair Value And Refined Assumptions

Analysts have adjusted their price target for Redox slightly, citing small shifts in inputs such as the discount rate, revenue growth expectations around 11.09%, profit margin assumptions around 6.64%, and a future P/E of about 18.35x. Together, these factors refine but do not materially change their overall valuation framework, which is currently anchored around a fair value of $3.16.
ALQ
AU$23.82
ALS
7D
1.5%
1Y
40.9%

Market Participants Recognise ALS Limited's (ASX:ALQ) Revenues

Feb 10
Market Participants Recognise ALS Limited's (ASX:ALQ) Revenues
NWH
AU$5.48
NRW Holdings
7D
5.2%
1Y
61.2%

NWH: Earnings Outlook And Dividend Will Continue To Support Steady Fair Value

Analysts have kept their price target for NRW Holdings broadly steady at A$5.45, with the slight adjustment based on updated assumptions for the discount rate, revenue growth, profit margins and a future P/E of 17.43x. Valuation Changes Fair Value Estimate: Kept steady at A$5.45 per share, with no change in the modelled fair value.
QUB
AU$5.01
Qube Holdings
7D
4.4%
1Y
21.9%

QUB: Takeover Proposal And Stable Outlook Will Likely Support Balanced Returns

Analysts have slightly increased their price target for Qube Holdings to about A$5.00 from roughly A$4.99, citing modest adjustments in fair value, discount rate, revenue growth, profit margin and future P/E assumptions as the main factors behind this change. What's in the News Macquarie Asset Management Pty Limited entered into a process deed to acquire Qube Holdings Limited (ASX:QUB) for about A$9.2b, offering cash consideration of A$5.20 per share (Key Developments).
ASB
AU$5.82
Austal
7D
-5.8%
1Y
61.7%

ASB: AI Digital Twin Expansion Will Support Steady Long Term Earnings Power

Analysts have raised their price target on Austal slightly, citing modestly higher assumptions for revenue growth and profit margins, along with a marginally higher discount rate and a comparable future P/E. Taken together, these factors leave their fair value estimate broadly unchanged at A$8.10.
DOW
AU$7.71
Downer EDI
7D
-2.2%
1Y
43.6%

DOW: Future Contract Execution Risks Will Likely Restrain Upside Potential

Analysts have lifted their fair value estimate for Downer EDI from A$5.40 to A$6.70, with the higher target linked to updated assumptions around revenue growth, profit margins, discount rate and future P/E, as well as a recent constructive initiation of coverage from the Street. Analyst Commentary While some research has highlighted a constructive view on Downer EDI, bearish analysts are still flagging several areas of concern that they believe could cap upside for the shares and restrain valuation multiples.
BXB
AU$23.62
Brambles
7D
2.0%
1Y
21.7%

BXB: Refined Assumptions Will Support A Steady Fairly Valued Medium-Term Outlook

Analysts have trimmed their price target for Brambles to A$24.14 from A$24.78, reflecting small adjustments to assumptions around the discount rate, revenue growth, profit margin and future P/E multiples. Valuation Changes Fair value estimate reduced slightly from A$24.78 to A$24.14 per share.
GNP
AU$6.83
GenusPlus Group
7D
-3.5%
1Y
143.9%

GNP: Higher Assumed Margins And P/E Will Support Future Share Upside

Analysts have lifted their price target for GenusPlus Group to A$8.71, up from A$6.50, citing updates to their models that incorporate revised assumptions for discount rates, revenue growth, profit margins and future P/E multiples. Valuation Changes Fair Value: Updated from A$6.50 to A$8.71, a sizeable uplift in the modelled estimate.
ALX
AU$4.59
Atlas Arteria
7D
-2.8%
1Y
-9.5%