Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Industrials Sector Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies127
  • 7D1.8%
  • 3M-6.7%
  • 1Y7.3%
  • YTD-5.4%

In the last week, the Industrials industry is up 1.8%, with Qantas Airways leading the way, up 5.8%. In the last 12 months, the industry was up 7.3%. 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
Tue, 14 Apr 2026AU$231.3bAU$148.3bAU$8.2b19.1x28.2x1.6x
Thu, 12 Mar 2026AU$234.8bAU$148.0bAU$8.2b18.6x28.8x1.6x
Sat, 07 Feb 2026AU$236.7bAU$144.2bAU$8.0b20.1x29.5x1.6x
Mon, 05 Jan 2026AU$244.5bAU$144.9bAU$8.1b20.9x30.1x1.7x
Wed, 03 Dec 2025AU$244.4bAU$145.4bAU$8.2b20.4x29.9x1.7x
Fri, 31 Oct 2025AU$247.8bAU$145.1bAU$8.2b20.1x30.4x1.7x
Sun, 28 Sep 2025AU$242.5bAU$146.1bAU$8.2b20x29.5x1.7x
Tue, 26 Aug 2025AU$246.8bAU$145.1bAU$8.1b18x30.5x1.7x
Thu, 24 Jul 2025AU$240.3bAU$144.4bAU$8.4b17.8x28.6x1.7x
Sat, 21 Jun 2025AU$238.0bAU$144.9bAU$8.4b16.7x28.2x1.6x
Mon, 19 May 2025AU$232.9bAU$144.9bAU$8.2b17.3x28.3x1.6x
Wed, 16 Apr 2025AU$217.6bAU$146.3bAU$8.3b16x26.1x1.5x
Fri, 14 Mar 2025AU$214.4bAU$146.5bAU$8.4b16.1x25.6x1.5x
Sun, 09 Feb 2025AU$212.9bAU$121.5bAU$6.7b19.8x31.8x1.8x
Tue, 07 Jan 2025AU$211.5bAU$122.4bAU$6.7b19x31.6x1.7x
Thu, 05 Dec 2024AU$211.3bAU$121.6bAU$6.6b19.8x31.9x1.7x
Sat, 02 Nov 2024AU$197.1bAU$120.3bAU$6.5b19.8x30.2x1.6x
Mon, 30 Sep 2024AU$204.8bAU$120.2bAU$6.5b19.5x31.7x1.7x
Wed, 28 Aug 2024AU$204.3bAU$121.8bAU$6.0b17x34x1.7x
Fri, 26 Jul 2024AU$196.5bAU$121.1bAU$5.4b18.1x36.1x1.6x
Sun, 23 Jun 2024AU$191.2bAU$120.9bAU$5.4b17.7x35.5x1.6x
Tue, 21 May 2024AU$192.3bAU$121.4bAU$5.8b18.1x33.3x1.6x
Thu, 18 Apr 2024AU$196.3bAU$122.4bAU$5.8b18.6x33.6x1.6x
Sat, 16 Mar 2024AU$195.9bAU$122.2bAU$5.9b17.4x33.4x1.6x
Mon, 12 Feb 2024AU$187.7bAU$117.8bAU$5.1b18.8x37x1.6x
Wed, 10 Jan 2024AU$189.3bAU$118.0bAU$4.8b18.2x39.8x1.6x
Fri, 08 Dec 2023AU$179.0bAU$118.3bAU$4.8b17.9x37.4x1.5x
Sun, 05 Nov 2023AU$173.5bAU$118.3bAU$4.8b16.7x36x1.5x
Tue, 03 Oct 2023AU$177.2bAU$118.6bAU$4.8b16.6x36.6x1.5x
Thu, 31 Aug 2023AU$184.4bAU$117.6bAU$4.1b18.3x45.5x1.6x
Sat, 29 Jul 2023AU$184.2bAU$111.3bAU$3.6b19.3x51.6x1.7x
Mon, 26 Jun 2023AU$174.8bAU$110.0bAU$3.5b18.4x49.9x1.6x
Wed, 24 May 2023AU$177.7bAU$110.1bAU$3.5b18.5x50.6x1.6x
Fri, 21 Apr 2023AU$175.7bAU$109.8bAU$3.5b18x50.4x1.6x
Price to Earnings Ratio

50.4x


Total Market Cap: AU$175.7bTotal Earnings: AU$3.5bTotal Revenue: AU$109.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 34.5x202420252026
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 28.2x which is lower than its 3-year average PE of 34.5x.
  • 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 33% per year over the last three years.
  • Revenues for these companies have grown 11% 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 Market3.84%
Industrials1.76%
Electrical12.07%
Building5.76%
Machinery5.49%
Airlines5.42%
Construction3.95%
Professional Services3.84%
Trade Distributors3.56%
Transportation3.02%
Logistics2.51%
Commercial Services0.52%
Industrials0%0
Infrastructure-0.64%
Aerospace & Defense-7.12%
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 59.8%, 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 63% 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
QAN Qantas AirwaysAU$8.985.8%
+AU$726.2m		5.4%PE8.3x
CPU ComputershareAU$29.694.1%
+AU$682.5m		-20.8%PE20.5x
ALQ ALSAU$21.912.3%
+AU$248.7m		43.2%PE41x
SGH SGHAU$42.011.4%
+AU$235.8m		-13.2%PE34.3x
NWH NRW HoldingsAU$5.987.6%
+AU$193.0m		149.2%PE56.3x

Latest News

QAN
AU$8.98
Qantas Airways
7D
5.8%
1Y
5.4%
SKS
AU$5.30
SKS Technologies Group
7D
23.5%
1Y
227.2%
VNT
AU$5.02
Ventia Services Group
7D
-3.5%
1Y
21.0%
NWH
AU$5.98
NRW Holdings
7D
7.6%
1Y
149.2%

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.
WOR
AU$11.79
Worley
7D
2.8%
1Y
-2.1%

WOR: Extended Buyback And Underlying Margin Strength Will Support Future Earnings Quality

Analysts have reduced their price targets on Worley, with cuts from A$18 to A$13 and a move to A$12.37. These changes reflect concerns about higher restructure costs and a weaker underlying result, despite headline beats.
TCL
AU$13.50
Transurban Group
7D
-1.4%
1Y
-1.9%

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.
DRO
AU$3.41
DroneShield
7D
-14.5%
1Y
200.4%
CPU
AU$29.69
Computershare
7D
4.1%
1Y
-20.8%

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$0.96
Smart Parking
7D
-8.5%
1Y
23.7%

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$42.01
SGH
7D
1.4%
1Y
-13.2%

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.
EHL
AU$1.22
Emeco Holdings
7D
-5.1%
1Y
64.9%

EHL: Refined Discount Rate Assumptions Will Support Bullish Long Run Earnings Margin

Analysts have made a small, valuation driven adjustment to Emeco Holdings' target, with a new fair value of A$1.41 that reflects slightly refined assumptions around the discount rate, long run revenue growth, profit margin and future P/E multiples. Valuation Changes Fair Value: A$1.41 remains unchanged.
AZJ
AU$4.10
Aurizon Holdings
7D
-1.0%
1Y
33.1%

AZJ: Higher Payout And Neutral Rating Will Shape A Steady Outlook

Analysts have trimmed Aurizon Holdings' target price slightly to about A$3.77, reflecting a view that the valuation gap has narrowed after a first half beat, intact guidance and a higher dividend payout ratio to 90% prompted a recent downgrade to Neutral from Buy. Analyst Commentary Bullish Takeaways Bullish analysts highlight the first half earnings beat as support for the current earnings base, which helps underpin the revised A$3.77 to A$3.80 valuation range.
BXB
AU$22.43
Brambles
7D
-2.1%
1Y
7.8%

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).
SLX
AU$5.76
Silex Systems
7D
10.1%
1Y
104.3%
ALQ
AU$21.91
ALS
7D
2.3%
1Y
43.2%

ALQ: Higher Discount Rate Will Likely Pressure P/E And Expose Downside Risk

The updated analyst price target for ALS has moved slightly lower to A$16.83 from A$17.24, as analysts factor in a higher discount rate, while expectations for revenue growth, profit margins and future P/E remain steady. Analyst Commentary Recent research highlights that the lower price target of A$16.83, compared with the prior A$17.24, reflects a more cautious stance on ALS, even as assumptions for revenue growth, margins and future P/E are unchanged.
CWY
AU$2.27
Cleanaway Waste Management
7D
-2.2%
1Y
-13.0%