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Australian (ASX) Materials Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies720
  • 7D6.2%
  • 3M3.8%
  • 1Y57.1%
  • YTD8.4%

In the last week, the Materials industry is up 6.2%, with BHP Group up 5.4%. In the same time, Orora was down 21%. This means that the industry has gained 57% over the past year. Looking forward, earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Apr 2026AU$727.9bAU$229.3bAU$25.9b14.8x28.1x3.2x
Tue, 10 Mar 2026AU$687.5bAU$228.9bAU$25.0b19.2x27.5x3x
Thu, 05 Feb 2026AU$740.7bAU$215.9bAU$18.5b27.1x40x3.4x
Sat, 03 Jan 2026AU$667.7bAU$222.1bAU$19.3b25.8x34.5x3x
Mon, 01 Dec 2025AU$622.9bAU$225.8bAU$19.5b23.3x32x2.8x
Wed, 29 Oct 2025AU$600.8bAU$227.2bAU$19.1b23.9x31.5x2.6x
Fri, 26 Sep 2025AU$575.6bAU$227.2bAU$18.9b20.5x30.5x2.5x
Sun, 24 Aug 2025AU$545.5bAU$230.8bAU$18.9b15.6x28.9x2.4x
Tue, 22 Jul 2025AU$513.8bAU$235.2bAU$21.8b14.8x23.5x2.2x
Thu, 19 Jun 2025AU$480.1bAU$237.7bAU$22.0b13.8x21.9x2x
Sat, 17 May 2025AU$490.2bAU$239.2bAU$22.2b12.7x22x2x
Mon, 14 Apr 2025AU$443.5bAU$242.0bAU$23.1b13.3x19.2x1.8x
Wed, 12 Mar 2025AU$468.7bAU$241.5bAU$22.9b12.9x20.4x1.9x
Fri, 07 Feb 2025AU$507.6bAU$245.2bAU$22.0b14x23.1x2.1x
Sun, 05 Jan 2025AU$486.0bAU$246.6bAU$22.3b13.7x21.8x2x
Tue, 03 Dec 2024AU$505.2bAU$240.1bAU$21.3b13.2x23.7x2.1x
Thu, 31 Oct 2024AU$524.8bAU$238.2bAU$21.7b14.9x24.2x2.2x
Sat, 28 Sep 2024AU$533.4bAU$231.9bAU$21.0b15.5x25.4x2.3x
Mon, 26 Aug 2024AU$486.7bAU$237.2bAU$21.3b14.6x22.9x2.1x
Wed, 24 Jul 2024AU$504.3bAU$240.6bAU$21.9b15.5x23x2.1x
Fri, 21 Jun 2024AU$526.6bAU$248.4bAU$22.4b15.6x23.5x2.1x
Sun, 19 May 2024AU$575.4bAU$248.4bAU$22.6b15.8x25.4x2.3x
Tue, 16 Apr 2024AU$572.8bAU$254.0bAU$23.6b15.5x24.3x2.3x
Thu, 14 Mar 2024AU$539.4bAU$252.0bAU$24.1b15.2x22.4x2.1x
Sat, 10 Feb 2024AU$563.6bAU$250.6bAU$34.0b15.3x16.6x2.2x
Mon, 08 Jan 2024AU$628.0bAU$260.4bAU$34.4b14.7x18.2x2.4x
Wed, 06 Dec 2023AU$589.9bAU$263.8bAU$35.1b12.5x16.8x2.2x
Fri, 03 Nov 2023AU$575.4bAU$268.5bAU$36.6b11.5x15.7x2.1x
Sun, 01 Oct 2023AU$571.7bAU$268.7bAU$36.7b11.8x15.6x2.1x
Tue, 29 Aug 2023AU$573.0bAU$268.6bAU$39.2b11.8x14.6x2.1x
Thu, 27 Jul 2023AU$617.0bAU$272.6bAU$51.1b10.6x12.1x2.3x
Sat, 24 Jun 2023AU$588.2bAU$274.3bAU$51.6b11.2x11.4x2.1x
Mon, 22 May 2023AU$594.0bAU$275.1bAU$51.8b10.3x11.5x2.2x
Wed, 19 Apr 2023AU$616.8bAU$271.9bAU$51.4b10.8x12x2.3x
Price to Earnings Ratio

12x


Total Market Cap: AU$616.8bTotal Earnings: AU$51.4bTotal Revenue: AU$271.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Materials Sector Price to Earnings3Y Average 22.4x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Materials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 28.1x which is higher than its 3-year average PE of 22.4x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 20% per year over the last three years,
  • Revenues have also declined 5.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

AU Market4.32%
Materials6.22%
Metals and Mining6.37%
Basic Materials5.82%
Chemicals4.61%
Paper and Forestry Products-3.23%
Packaging-20.59%
Industry PE
  • Investors are most optimistic about the Basic Materials industry which is trading above its 3-year average PE ratio of 37.4x.
    • Analysts are expecting annual earnings growth of 31.1%, which is higher than its past year's earnings decline of 7.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 55% over the next 5 years.
  • In contrast, the Packaging industry is expected to see its earnings grow by 11% 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
BHP BHP GroupAU$53.985.4%
+AU$14.0b		52.4%PE19x
NST Northern Star ResourcesAU$24.4811.7%
+AU$3.7b		14.4%PE22.6x
LYC Lynas Rare EarthsAU$21.7712.2%
+AU$2.4b		178.7%PE266.1x
GGP Greatland ResourcesAU$14.5413.2%
+AU$1.1b		n/aPE15.2x
BSL BlueScope SteelAU$28.569.6%
+AU$1.1b		34.7%PE43.5x

Latest News

ORA
AU$1.49
Orora
7D
-20.6%
1Y
-14.7%

Expanded Beverage Can Capacity And Premium Glass Demand Will Drive Stronger Future Performance

Catalysts About Orora Orora supplies beverage packaging, focused on aluminum cans and premium glass for wine and spirits customers across key global markets. What are the underlying business or industry changes driving this perspective?
CIA
AU$5.23
Champion Iron
7D
-1.7%
1Y
23.6%
GGP
AU$14.54
Greatland Resources
7D
13.2%
1Y
n/a
ARU
AU$0.28
Arafura Rare Earths
7D
-5.0%
1Y
67.6%
EVN
AU$13.55
Evolution Mining
7D
4.1%
1Y
76.0%

EVN: Higher Metal Price Assumptions Will Support Dividend And Earnings Resilience

Analysts have lifted the price target on Evolution Mining to A$14.50 from A$9.90, citing updated commodity price decks, higher long-term metal price assumptions and a shift in sector views that now place the stock at or near sector perform or hold ratings. Analyst Commentary Recent research shows a clear shift in how the street is framing Evolution Mining, with several bullish analysts revisiting their assumptions on metal prices and risk, then feeding those changes into updated valuation work.
TOK
AU$1.45
Tolu Minerals
7D
-7.1%
1Y
81.3%
JHX
AU$29.09
James Hardie Industries
7D
6.1%
1Y
-16.5%

JHX: Fine Tuned Earnings Assumptions Will Support Future P/E Re Rating

Analysts have nudged their price targets for James Hardie higher, with the latest updates implying only a modest uplift to fair value. This reflects fine tuning of assumptions around revenue growth, profit margins and the P/E multiple rather than a major reset in expectations.
BHP
AU$53.98
BHP Group
7D
5.4%
1Y
52.4%

BHP: Commodity Mix And China Stabilization Will Shape Fairly Valued Outlook

The analyst fair value estimate for BHP Group has increased modestly to A$53.37 from A$52.50, reflecting updated assumptions about slightly stronger revenue growth and a refreshed set of mixed but generally constructive price targets from recent Street research. Analyst Commentary Recent Street research on BHP Group shows a mix of optimism on long term prospects and caution around valuation and execution risks, which helps explain the modest adjustment in the fair value estimate.
SMR
AU$2.56
Stanmore Resources
7D
-1.2%
1Y
55.2%

SMR: Softer Revenue And Margins Will Shape A Balanced Future Outlook

Analysts have trimmed their price target for Stanmore Resources to A$2.70, reflecting updated assumptions that include a higher discount rate, a softer revenue outlook, slightly lower profit margins and a higher future P/E multiple. What's in the News Stanmore Resources reported consolidated operating results for 2025, with saleable coal production of 14.0 Mt and ROM coal mined of 20.5 Mt, providing investors with updated volume data for the year (Key Developments).
NST
AU$24.48
Northern Star Resources
7D
11.7%
1Y
14.4%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
LYC
AU$21.77
Lynas Rare Earths
7D
12.2%
1Y
178.7%

LYC: Revised Offtake Floor Price And Full Operations Will Support Rare Earth Upside

Analysts have lifted their price target on Lynas Rare Earths to A$26.00, citing the revised Lynas JARE offtake deal with its A$110/kg NdPr floor price and the capacity for additional higher return Western contracts as key supports for the updated assumptions on margins and valuation multiples. Analyst Commentary Bullish analysts are highlighting the revised Lynas JARE offtake deal and the company's operating position as key supports for more constructive views on the stock.
MIN
AU$57.98
Mineral Resources
7D
10.1%
1Y
247.8%

MIN: Fair Value Will Reflect Balanced Profitability Assumptions And Revised Earnings Multiple

Analysts have trimmed their price target for Mineral Resources slightly to reflect a new fair value estimate of about A$59.38 per share, compared with roughly A$59.85 previously, citing refreshed assumptions for the discount rate, revenue growth, profit margin and future P/E. Valuation Changes Fair Value: A$59.38 per share, slightly below the previous estimate of A$59.85.
BSL
AU$28.56
BlueScope Steel
7D
9.6%
1Y
34.7%

BSL: Takeover Interest And Cash Returns Will Support Future Upside Potential

Analysts have kept their A$31.36 price target for BlueScope Steel broadly unchanged, with only minor tweaks to inputs such as a slightly lower discount rate and a small adjustment to the assumed future P/E multiple guiding this steady view. What's in the News BlueScope Steel received an unsolicited, non binding proposal from SGH and Steel Dynamics to acquire the company for A$13.2b on December 12, 2025, which was later revised to A$14.9b, structured as A$34 per share in cash, with SGH intending to on sell BlueScope’s North American businesses to Steel Dynamics.
AEM
AU$0.47
Advanced Energy Minerals
7D
-9.6%
1Y
n/a
BCI
AU$0.40
BCI Minerals
7D
-4.8%
1Y
68.1%
MEK
AU$0.16
Meeka Metals
7D
-5.9%
1Y
-3.0%