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Australian (ASX) Industrials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies125
  • 7D0.8%
  • 3M-0.8%
  • 1Y12.3%
  • YTD2.0%

In the last week, the Industrials industry is up 1.8%, with Computershare leading the way, up 3.7%. In the last 12 months, the industry was up 13%. 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
Tue, 20 Jan 2026AU$249.4bAU$144.9bAU$8.1b21.1x30.7x1.7x
Thu, 18 Dec 2025AU$240.2bAU$145.1bAU$8.1b20.7x29.5x1.7x
Sat, 15 Nov 2025AU$240.6bAU$145.3bAU$8.2b20.4x29.4x1.7x
Mon, 13 Oct 2025AU$250.1bAU$146.3bAU$8.2b19.8x30.5x1.7x
Wed, 10 Sep 2025AU$244.8bAU$145.9bAU$8.2b20x29.8x1.7x
Fri, 08 Aug 2025AU$241.6bAU$144.7bAU$8.4b18x28.7x1.7x
Sun, 06 Jul 2025AU$234.6bAU$144.5bAU$8.4b17x27.9x1.6x
Tue, 03 Jun 2025AU$233.1bAU$144.9bAU$8.4b17x27.6x1.6x
Thu, 01 May 2025AU$224.3bAU$144.9bAU$8.2b16.4x27.2x1.5x
Sat, 29 Mar 2025AU$222.4bAU$146.5bAU$8.4b16x26.6x1.5x
Mon, 24 Feb 2025AU$217.4bAU$122.9bAU$7.0b18.7x31.1x1.8x
Wed, 22 Jan 2025AU$211.3bAU$121.7bAU$6.7b19.6x31.5x1.7x
Fri, 20 Dec 2024AU$206.7bAU$122.5bAU$6.7b19.3x30.8x1.7x
Sun, 17 Nov 2024AU$205.4bAU$120.5bAU$6.6b20.2x31.3x1.7x
Tue, 15 Oct 2024AU$206.1bAU$120.6bAU$6.5b20x31.7x1.7x
Thu, 12 Sep 2024AU$205.0bAU$123.4bAU$6.3b18.7x32.4x1.7x
Sat, 10 Aug 2024AU$195.1bAU$121.0bAU$5.6b18.1x35.1x1.6x
Mon, 08 Jul 2024AU$190.1bAU$120.6bAU$5.4b17.9x35.3x1.6x
Wed, 05 Jun 2024AU$192.5bAU$121.0bAU$5.4b17.8x35.7x1.6x
Fri, 03 May 2024AU$192.8bAU$122.4bAU$5.8b18.5x33.2x1.6x
Sun, 31 Mar 2024AU$201.7bAU$122.3bAU$5.9b18.7x34.3x1.6x
Tue, 27 Feb 2024AU$193.3bAU$120.6bAU$5.6b17.1x34.5x1.6x
Thu, 25 Jan 2024AU$186.2bAU$118.2bAU$4.8b18.5x38.9x1.6x
Sat, 23 Dec 2023AU$187.7bAU$117.7bAU$4.7b17.3x39.8x1.6x
Mon, 20 Nov 2023AU$177.7bAU$118.4bAU$4.8b16.6x37x1.5x
Wed, 18 Oct 2023AU$175.3bAU$118.9bAU$4.9b16.7x36x1.5x
Fri, 15 Sep 2023AU$179.5bAU$118.5bAU$4.8b16.5x37.2x1.5x
Sun, 13 Aug 2023AU$183.8bAU$112.2bAU$3.1b17.8x58.9x1.6x
Tue, 11 Jul 2023AU$175.0bAU$111.3bAU$3.6b18.1x49x1.6x
Thu, 08 Jun 2023AU$175.2bAU$109.9bAU$3.5b17.8x50.1x1.6x
Sat, 06 May 2023AU$177.0bAU$109.8bAU$3.5b18.2x50.8x1.6x
Mon, 03 Apr 2023AU$162.4bAU$99.5bAU$3.5b17.9x46.2x1.6x
Wed, 01 Mar 2023AU$149.2bAU$93.4bAU$3.4b17.4x43.5x1.6x
Fri, 27 Jan 2023AU$146.4bAU$87.1bAU$3.7b19.2x39.9x1.7x
Price to Earnings Ratio

39.9x


Total Market Cap: AU$146.4bTotal Earnings: AU$3.7bTotal Revenue: AU$87.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 35.6x202420252026
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 30.7x which is lower than its 3-year average PE of 35.6x.
  • 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 30% per year over the last three years.
  • Revenues for these companies have grown 18% 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 Market1.12%
Industrials0.83%
Aerospace & Defense9.88%
Machinery4.46%
Professional Services3.12%
Construction2.52%
Logistics2.25%
Airlines2.00%
Commercial Services0.50%
Industrials0%0
Trade Distributors-0.94%
Infrastructure-1.19%
Transportation-1.77%
Electrical-2.95%
Building-5.93%
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 56.4%, 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 56% 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 7.4% 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
DRO DroneShieldAU$4.7421.5%
+AU$767.7m		612.8%PE772.5x
QAN Qantas AirwaysAU$10.593.8%
+AU$578.0m		17.0%PE9.8x
ALQ ALSAU$23.994.1%
+AU$477.1m		52.8%PE44.9x
CPU ComputershareAU$34.732.3%
+AU$445.4m		2.7%PE22.3x
MAD Mader GroupAU$8.4312.0%
+AU$183.1m		37.1%PE30x

Latest News

SGH
AU$47.24
SGH
7D
-1.4%
1Y
1.0%
RWC
AU$3.82
Reliance Worldwide
7D
-8.2%
1Y
-29.9%
ALQ
AU$23.99
ALS
7D
4.1%
1Y
52.8%

ALQ: Raised FY26 Guidance And Dividend Will Support Higher Future Returns

Analysts have nudged their price target for ALS up by A$1 to A$27, citing slightly adjusted assumptions around fair value, discount rate, revenue growth, profit margin and future P/E to reflect updated expectations. What's in the News ALS raised its fiscal 2026 guidance to target 6% to 8% organic revenue growth, up from 5% to 7%, and is aiming for steady margin improvement in FY26 (Corporate Guidance, Key Developments).
REH
AU$14.14
Reece
7D
-1.7%
1Y
-39.9%

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BXB
AU$22.70
Brambles
7D
-2.9%
1Y
18.8%

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Jan 13
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CPU
AU$34.73
Computershare
7D
2.3%
1Y
2.7%

CPU: FY26 Delivery Confidence And AGM Update Support Balanced Outlook

Analysts have lifted their fair value estimate for Computershare to A$37.40 from A$37.26, citing the recent AGM update that supported their assumptions on discount rate, modest revenue growth, profit margin and future P/E, and contributed to an upgrade in the consensus view following a higher A$40 price target from recent Street research. Analyst Commentary Recent commentary around Computershare has focused on how the AGM update lines up with existing expectations on revenue growth, margins and the P/E that analysts are using in their models.
ASB
AU$8.05
Austal
7D
-7.8%
1Y
143.2%

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Analysts have modestly adjusted their price targets on Austal, citing refined assumptions around revenue growth, profit margins and future P/E expectations. Collectively, these changes point to a slightly higher fair value estimate for the shares than previously modeled.
MGH
AU$5.44
MAAS Group Holdings
7D
-5.4%
1Y
23.4%

MGH: Lower Discount Rate Will Still Leave Shares Looking Overvalued

Analysts have raised their price target for MAAS Group Holdings to A$5.28 from A$5.21, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. Valuation Changes Fair Value: fair value per share has moved slightly higher, from A$5.21 to A$5.28.
QAN
AU$10.59
Qantas Airways
7D
3.8%
1Y
17.0%

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Jan 07
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MAD
AU$8.43
Mader Group
7D
12.0%
1Y
37.1%

MAD: Stable Margins And Earnings Assumptions Will Support Stronger Outlook

Analysts have adjusted their price target for Mader Group to A$9.15 from A$9.15, reflecting updated views on discount rate, revenue growth, profit margins and future P/E assumptions, while leaving their overall valuation conclusion effectively unchanged. Valuation Changes Fair Value: Fair value estimate is unchanged at A$9.15 per share.
SLX
AU$7.14
Silex Systems
7D
7.0%
1Y
22.1%
DRO
AU$4.74
DroneShield
7D
21.5%
1Y
612.8%

DRO: Index Inclusion Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for DroneShield from A$5.15 to A$4.70, reflecting slightly higher assumed discount rates and a modestly lower future P/E multiple in their models. Valuation Changes Fair Value: reduced from A$5.15 to A$4.70 per share.
GNP
AU$7.20
GenusPlus Group
7D
10.1%
1Y
176.9%

GNP: Index Inclusion And Stable Metrics Will Support Balanced Future Share Performance

Analysts have maintained their fair value estimate for GenusPlus Group at A$6.50, citing only minor technical adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially change their overall price target view. Valuation Changes Fair Value Estimate: unchanged at A$6.50 per share.
CWY
AU$2.52
Cleanaway Waste Management
7D
-2.7%
1Y
-9.0%

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Dec 07
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AZJ
AU$3.60
Aurizon Holdings
7D
-2.2%
1Y
10.8%

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Nov 28
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MPW
AU$2.85
Metal Powder Works
7D
21.3%
1Y
n/a