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Australian (ASX) Industrials Sector Analysis

UpdatedJan 27, 2026
DataAggregated Company Financials
Companies125
  • 7D-0.7%
  • 3M-1.0%
  • 1Y10.2%
  • YTD0.9%

In the last week, the Industrials industry is flat overall, with Ventia Services Group standing out by going down 7.2%. As for the the longer term, the industry is up 10% over the past 12 months. Earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 27 Jan 2026AU$246.7bAU$144.3bAU$8.0b20.9x30.7x1.7x
Thu, 25 Dec 2025AU$245.0bAU$144.9bAU$8.1b21x30.2x1.7x
Sat, 22 Nov 2025AU$236.0bAU$145.7bAU$8.2b20.1x28.7x1.6x
Mon, 20 Oct 2025AU$248.5bAU$146.3bAU$8.2b19.7x30.3x1.7x
Wed, 17 Sep 2025AU$245.6bAU$145.8bAU$8.2b20.1x30x1.7x
Fri, 15 Aug 2025AU$242.9bAU$144.4bAU$8.1b18.5x29.8x1.7x
Sun, 13 Jul 2025AU$235.0bAU$144.5bAU$8.4b17.3x27.9x1.6x
Tue, 10 Jun 2025AU$236.2bAU$144.8bAU$8.4b17x28x1.6x
Thu, 08 May 2025AU$224.8bAU$144.7bAU$8.2b16.7x27.4x1.6x
Sat, 05 Apr 2025AU$213.4bAU$146.9bAU$8.4b15.8x25.3x1.5x
Mon, 03 Mar 2025AU$227.4bAU$146.7bAU$8.4b16.8x27x1.5x
Wed, 29 Jan 2025AU$212.0bAU$121.6bAU$6.7b19.6x31.7x1.7x
Fri, 27 Dec 2024AU$208.9bAU$122.6bAU$6.7b18.7x31.1x1.7x
Sun, 24 Nov 2024AU$208.3bAU$121.1bAU$6.6b20.1x31.7x1.7x
Tue, 22 Oct 2024AU$207.0bAU$120.7bAU$6.5b19.6x31.7x1.7x
Thu, 19 Sep 2024AU$209.2bAU$123.2bAU$6.3b18.8x33.2x1.7x
Sat, 17 Aug 2024AU$202.5bAU$120.7bAU$5.5b18x36.5x1.7x
Mon, 15 Jul 2024AU$193.8bAU$120.5bAU$5.4b18.1x36.1x1.6x
Wed, 12 Jun 2024AU$195.6bAU$121.1bAU$5.4b18x36.2x1.6x
Fri, 10 May 2024AU$196.2bAU$122.1bAU$5.8b18.4x33.7x1.6x
Sun, 07 Apr 2024AU$198.9bAU$122.2bAU$5.9b18.8x34x1.6x
Tue, 05 Mar 2024AU$197.3bAU$122.3bAU$5.9b17.1x33.5x1.6x
Thu, 01 Feb 2024AU$188.1bAU$118.2bAU$4.8b18x39.3x1.6x
Sat, 30 Dec 2023AU$189.0bAU$117.7bAU$4.7b18.6x40x1.6x
Mon, 27 Nov 2023AU$176.1bAU$118.2bAU$4.8b17x36.8x1.5x
Wed, 25 Oct 2023AU$170.5bAU$118.7bAU$4.9b17x35x1.4x
Fri, 22 Sep 2023AU$177.4bAU$118.6bAU$4.8b16.7x36.6x1.5x
Sun, 20 Aug 2023AU$179.9bAU$114.0bAU$3.9b18x45.5x1.6x
Tue, 18 Jul 2023AU$182.1bAU$110.9bAU$3.5b19x51.6x1.6x
Thu, 15 Jun 2023AU$175.8bAU$109.7bAU$3.5b18x50.5x1.6x
Sat, 13 May 2023AU$178.6bAU$110.0bAU$3.5b17.9x51.1x1.6x
Mon, 10 Apr 2023AU$173.0bAU$110.0bAU$3.5b17.2x49.4x1.6x
Wed, 08 Mar 2023AU$148.3bAU$93.8bAU$3.5b16.7x42.5x1.6x
Fri, 03 Feb 2023AU$149.4bAU$87.0bAU$3.7b20x40.8x1.7x
Price to Earnings Ratio

40.8x


Total Market Cap: AU$149.4bTotal Earnings: AU$3.7bTotal Revenue: AU$87.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 35.5x202420252026
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 30.7x which is lower than its 3-year average PE of 35.5x.
  • 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 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 Market0.57%
Industrials-0.69%
Industrials5.00%
Electrical2.12%
Machinery0.61%
Commercial Services0.21%
Construction0.085%
Professional Services-0.31%
Logistics-0.31%
Building-0.49%
Infrastructure-0.62%
Transportation-1.17%
Trade Distributors-1.36%
Airlines-2.36%
Aerospace & Defense-4.96%
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 59.1%, 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 59% 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
CPU ComputershareAU$35.361.8%
+AU$364.4m		2.8%PE23.4x
ALQ ALSAU$24.401.7%
+AU$208.1m		54.2%PE45.7x
MND Monadelphous GroupAU$31.077.1%
+AU$206.1m		102.3%PE37.1x
WOR WorleyAU$13.262.3%
+AU$151.9m		-8.7%PE16.4x
GNP GenusPlus GroupAU$7.9510.4%
+AU$136.1m		191.2%PE40.8x

Latest News

DRO
AU$4.18
DroneShield
7D
-11.8%
1Y
579.7%

Why Investors Shouldn't Be Surprised By DroneShield Limited's (ASX:DRO) 36% Share Price Surge

Jan 27
Why Investors Shouldn't Be Surprised By DroneShield Limited's (ASX:DRO) 36% Share Price Surge
REH
AU$13.96
Reece
7D
-1.3%
1Y
-40.2%

REH: Higher P/E Expectations Will Support Bullish Case Following Neutral Initiation

Analysts have lifted their price target on Reece to A$15.59 from A$14.04, citing updated assumptions for revenue growth, profit margins, the discount rate, and a higher future P/E multiple in line with recent Street research, including Jefferies' neutral initiation. Analyst Commentary Recent research has focused on how Reece's current share price lines up with analysts' revised assumptions for revenue, margins, and valuation multiples.
SGH
AU$47.39
SGH
7D
0.3%
1Y
-1.0%

SGH: Steady Fair Value And Refined Assumptions Will Support Further Upside

Analysts have maintained their SGH fair value target at $54.50, making only very minor adjustments to discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated model inputs rather than a change in their overall view. Valuation Changes Fair Value: Kept steady at US$54.50 per share, with no change to the overall target.
VNT
AU$5.87
Ventia Services Group
7D
-6.5%
1Y
51.3%

Returns On Capital Are A Standout For Ventia Services Group (ASX:VNT)

Jan 24
Returns On Capital Are A Standout For Ventia Services Group (ASX:VNT)
ASB
AU$7.52
Austal
7D
-6.6%
1Y
110.6%

ASB: AI Digital Twin Role Will Shape Balanced Outlook And Execution Risks

Analysts have lifted their price target on Austal, citing slightly lower required returns, a small uptick in expected revenue growth and profit margin, and a marginally reduced future P/E assumption as reasons for the updated valuation. Analyst Commentary Recent valuation work on Austal reflects a more cautious tone from some bearish analysts, even as headline price targets have been adjusted.
MND
AU$31.07
Monadelphous Group
7D
7.1%
1Y
102.3%

MND: Acquisition-Led Expansion Will Likely Sustain Downside Risk Despite Higher Fair Value Estimate

Analysts have lifted their price target on Monadelphous Group to A$24.05 from A$23.39, citing updated assumptions around revenue growth, discount rates, profit margins and future P/E as the key drivers of their revised view. What's in the News At the 2025 Annual General Meeting, Managing Director Zoran Bebic said Monadelphous Group will look for acquisitions, supported by what he described as a strong balance sheet.
GNP
AU$7.95
GenusPlus Group
7D
10.4%
1Y
191.2%
DOW
AU$7.86
Downer EDI
7D
-2.6%
1Y
39.1%

DOW: Long Term NZ Road And Chevron Contracts Will Support Upside Outlook

Narrative Update on Downer EDI Analysts have lifted their fair value estimate for Downer EDI from A$8.50 to A$8.85, citing refreshed assumptions around revenue growth, profit margins, discount rates and future P/E multiples. What’s in the News Selected as preferred contractor for NZ Transport Agency Waka Kotahi road network maintenance across four state highway contracts in Central Waikato, Taranaki, Tairawhiti and Coastal Otago, with services scheduled to commence in May 2026, subject to final terms (Client Announcement).
EOS
AU$10.18
Electro Optic Systems Holdings
7D
-5.1%
1Y
766.4%
TCL
AU$13.81
Transurban Group
7D
-0.6%
1Y
3.2%

Some Confidence Is Lacking In Transurban Group's (ASX:TCL) P/S

Jan 21
Some Confidence Is Lacking In Transurban Group's (ASX:TCL) P/S
BXB
AU$22.75
Brambles
7D
0.2%
1Y
17.2%

BXB: Slight Model Refinements Will Support A Steady Medium-Term Outlook

Analysts have nudged their price target for Brambles slightly higher to A$24.78 from A$24.67, reflecting small adjustments to assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. Valuation Changes Fair Value: Adjusted slightly from A$24.67 to A$24.78 per share.
QAN
AU$10.23
Qantas Airways
7D
-3.4%
1Y
7.8%

QAN: Steady Long Term Assumptions Will Support Stronger Future Share Price Upside

Analysts have raised their valuation view on Qantas Airways, increasing the price target from A$12.09 to A$12.20, reflecting updated assumptions around the discount rate, profit margin, revenue growth and future P/E levels. Valuation Changes Fair Value: Price target updated slightly from A$12.09 to A$12.20.
ALQ
AU$24.40
ALS
7D
1.7%
1Y
54.2%

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).
WOR
AU$13.26
Worley
7D
2.3%
1Y
-8.7%

WOR: Updated FY2026 Guidance Will Support A More Positive Outlook

Analysts have reduced their price target for Worley to A$16.51 from A$17.01, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E multiples. What's in the News Worley issued new earnings guidance for the full year 2026, giving investors an updated view on expected performance.
CPU
AU$35.36
Computershare
7D
1.8%
1Y
2.8%

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.
C79
AU$8.25
Chrysos
7D
10.9%
1Y
58.7%