ASX Past Earnings Performance
Past criteria checks 3/6
ASX has been growing earnings at an average annual rate of 1.2%, while the Capital Markets industry saw earnings growing at 10.7% annually. Revenues have been growing at an average rate of 0.2% per year. ASX's return on equity is 13.4%, and it has net margins of 44.4%.
Key information
1.23%
Earnings growth rate
1.18%
EPS growth rate
| Capital Markets Industry Growth | 6.60% |
| Revenue growth rate | 0.20% |
| Return on equity | 13.39% |
| Net Margin | 44.36% |
| Next Earnings Update | 13 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 07
ASX: Clearing System Upgrade Will Drive Future Returns Under New Leadership
Analysts have trimmed their ASX price target to A$55.59 from A$59.29, reflecting updated assumptions for slightly lower profit margins and fair value, along with revised views on revenue growth, discount rates and future P/E. What's in the News ASX Limited has appointed Darren Yip, current Group Executive Markets and Listings, as Interim CEO from 29 May 2026, following the previously announced departure of Managing Director and CEO Helen Lofthouse.Narrative Update • May 06
ASX: CEO Transition And Clearing Upgrade Will Shape Balanced Return Outlook
Analysts have revised their price target for ASX to A$59.29 from A$58.42, reflecting slightly updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Interim CEO appointed, with Group Executive Markets and Listings Darren Yip set to take over as Interim Chief Executive Officer from 29 May 2026 while the board continues a global search for a permanent CEO (Executive Changes).Narrative Update • Apr 21
ASX: JPMorgan Upgrade And System Rollout Will Shape Future Repricing
Analysts have nudged their ASX price target slightly higher to A$58.42 from A$58.18, citing refreshed assumptions around discount rates, modestly stronger revenue growth, stable profit margins and an updated future P/E outlook that align with recent upbeat Street research. Analyst Commentary Recent Street research, including the JPMorgan upgrade, helps explain why the refreshed assumptions around discount rates, revenue and future P/E multiples are feeding into a slightly higher A$58.42 target for ASX.Narrative Update • Apr 06
ASX: Neutral Upgrades And Execution Risks Will Shape Future Repricing
Narrative Update The analyst price target for ASX has been adjusted slightly to A$58.18 from A$58.46. Analysts attribute this to steady assumptions for revenue growth, profit margins and future P/E, supported by recent research that highlights resilient activity and pricing trends.Narrative Update • Mar 23
ASX: Neutral Upgrades And Revenue Trends Will Support Future Repricing
Analysts have slightly reduced their ASX 12 month price target to around A$58.46 from about A$58.93, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiples following recent upgrades from major brokers. Analyst Commentary Bullish Takeaways Bullish analysts point to recent upgrades, including moves to Neutral and above, as a sign that execution on activity and pricing is broadly matching prior expectations rather than falling short.Narrative Update • Mar 08
ASX: Neutral Upgrades And Revenue Trends Will Support Future Upside Potential
Analysts have lifted their ASX price target by A$0.00 to A$58.93, citing slightly refined assumptions for discount rate, revenue growth and profit margin. These changes keep the long term outlook broadly unchanged.Narrative Update • Feb 22
ASX: Neutral Upgrades And Revenue Trends Will Shape Balanced Future Returns
Analysts have modestly lifted their ASX price target to about A$59. This change reflects updated assumptions around slightly lower revenue growth and profit margins, a marginally higher discount rate, and a small adjustment to future P/E expectations.Analysis Article • Feb 14
ASX's (ASX:ASX) Dividend Is Being Reduced To A$1.02
ASX Limited ( ASX:ASX ) is reducing its dividend to A$1.02 on the 23rd of Marchwhich is 8.5% less than last year's...Narrative Update • Feb 07
ASX: Steadier Revenue Trends And Neutral Upgrades Will Support Future Returns
Analysts have increased their fair value estimate for ASX from about A$57.61 to A$58.06, citing recent upgrades and research that indicate steadier revenue trends, minor adjustments to discount rate assumptions, and modest changes to long term growth, margins, and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts point to steadier revenue trends and pricing as key supports for the updated fair value, which they see as better aligned with recent trading activity.Narrative Update • Jan 24
ASX: Revenue Trends And AI Demand Will Support Neutral Future Returns
Analysts have adjusted their fair value estimate for ASX to A$57.61 from A$58.78, aligning it closely with a new A$57 price target. They point to solid activity and pricing trends supporting revenue, alongside expectations for a slightly lower future P/E and broadly steady margins and growth assumptions.Narrative Update • Jan 09
ASX: Second Supplier Role Will Support Revenue As AI Demand Grows
Narrative update Analysts have trimmed their ASX price target to A$58.78 from A$59.72, citing slightly higher assumed revenue growth, a marginally lower discount rate, and a modestly reduced profit margin with a lower future P/E, alongside recent research upgrades that highlight support from current activity and pricing trends. Analyst Commentary Recent research on ASX has shifted toward a more balanced view, with at least one major firm moving to a Neutral stance and setting a A$57 price target.Narrative Update • Dec 25
ASX Will Gain From Second Supplier Role As Prudence Drives AI Demand
Narrative Update on Analyst Price Target Analysts have raised their price target on ASE Technology to NT$260 from NT$150, reflecting increased confidence that TSMC's cautious Chip on Wafer capacity expansion will steer more AI chip customers toward ASE as a key secondary supplier. Analyst Commentary Bullish analysts highlight that the upgraded price target to NT$260, from NT$150, reflects a reassessment of ASE Technology's earnings power as it captures incremental AI-related packaging demand.Narrative Update • Dec 11
ASX Will Gain From Second Source Role Amid Measured CoW Expansion
Analysts have raised their price target on ASE Technology to NT$260 from NT$150, citing expectations that TSMC's measured CoW capacity expansion will lead more AI chip customers to seek ASE as a key secondary supplier. Analyst Commentary Bullish analysts view the raised price target as a reflection of ASE Technology's strengthened medium term growth outlook, underpinned by rising demand for advanced CoW packaging from AI chipmakers seeking diversification from TSMC.Narrative Update • Nov 27
ASX Will Benefit From Expanding Demand For Advanced Packaging Capacity
Analysts have raised their price target for ASE Technology (ASX) from NT$64.94 to NT$65.00, citing a more favorable industry outlook as increased demand from AI chipmakers encourages supplier diversification. Analyst Commentary Bullish Takeaways Bullish analysts are optimistic about ASE Technology's ability to capture meaningful share as increasing demand from AI chipmakers prompts a shift toward supplier diversification.Narrative Update • Nov 12
ASX Will Face Opportunity And Risk As AI Demand Drives Supplier Shifts
The analyst price target for ASX has been raised by NT$110 to NT$260, as analysts anticipate the company will benefit from increased AI chip demand and shifting supplier dynamics in the semiconductor sector. Analyst Commentary Recent analyst upgrades reflect growing optimism about ASX’s positioning within the evolving semiconductor sector.Narrative Update • Oct 29
Dividend Outlook And Digitization Will Drive Stronger Returns Moving Forward
Analysts have slightly reduced their price target for ASX, lowering the estimate from $66.51 to $65.16 to reflect modest adjustments in growth and profitability expectations. What's in the News ASX Limited announced an ordinary dividend of AUD 1.121 per share for the six months ending June 30, 2025.Analysis Article • Sep 29
Subdued Growth No Barrier To ASX Limited's (ASX:ASX) Price
With a median price-to-earnings (or "P/E") ratio of close to 21x in Australia, you could be forgiven for feeling...Narrative Update • Sep 04
Digitization And Modern Pricing Models Will Secure Future Advantage
As ASX’s revenue growth and net profit margin forecasts both remained essentially steady, analysts have left their consensus price target unchanged at A$66.51. What's in the News ASX Limited announced an ordinary dividend of AUD 1.121 per share for the six months ending June 30, 2025.
New Narrative • Feb 23
CHESS Modernization And Energy Market Expansion Will Boost Future Operations
ASX's technology modernization projects and transitional energy expansion could enhance operational efficiency and tap into growing markets for long-term revenue growth.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How ASX makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 1,178 | 523 | 370 | 0 |
| 30 Sep 25 | 1,148 | 513 | 356 | 0 |
| 30 Jun 25 | 1,117 | 503 | 341 | 0 |
| 31 Mar 25 | 810 | 495 | 326 | 0 |
| 31 Dec 24 | 814 | 487 | 316 | 0 |
| 30 Sep 24 | 928 | 481 | 327 | 0 |
| 30 Jun 24 | 1,041 | 474 | 337 | 0 |
| 31 Mar 24 | 1,278 | 474 | 344 | 0 |
| 31 Dec 23 | 1,514 | 474 | 351 | 0 |
| 30 Sep 23 | 1,459 | 396 | 329 | 0 |
| 30 Jun 23 | 1,404 | 317 | 307 | 0 |
| 31 Mar 23 | 1,311 | 325 | 281 | 0 |
| 31 Dec 22 | 1,217 | 332 | 256 | 0 |
| 30 Sep 22 | 1,150 | 420 | 246 | 0 |
| 30 Jun 22 | 1,083 | 509 | 236 | 0 |
| 31 Mar 22 | 1,060 | 499 | 230 | 0 |
| 31 Dec 21 | 1,038 | 489 | 224 | 0 |
| 30 Sep 21 | 1,027 | 485 | 219 | 0 |
| 30 Jun 21 | 1,017 | 481 | 214 | 0 |
| 31 Mar 21 | 1,037 | 485 | 211 | 0 |
| 31 Dec 20 | 1,056 | 490 | 208 | 0 |
| 30 Sep 20 | 1,076 | 494 | 205 | 0 |
| 30 Jun 20 | 1,095 | 499 | 203 | 0 |
| 31 Mar 20 | 1,095 | 497 | 199 | 0 |
| 31 Dec 19 | 1,094 | 496 | 195 | 0 |
| 30 Sep 19 | 1,092 | 494 | 191 | 0 |
| 30 Jun 19 | 1,089 | 492 | 187 | 0 |
| 31 Mar 19 | 1,215 | 462 | 310 | 0 |
| 31 Dec 18 | 1,053 | 461 | 179 | 0 |
| 30 Sep 18 | 1,033 | 453 | 175 | 0 |
| 30 Jun 18 | 1,013 | 445 | 171 | 0 |
| 31 Mar 18 | 847 | 459 | 40 | 0 |
| 31 Dec 17 | 968 | 445 | 162 | 0 |
| 30 Sep 17 | 950 | 440 | 159 | 0 |
| 30 Jun 17 | 932 | 434 | 155 | 0 |
| 31 Mar 17 | 925 | 433 | 152 | 0 |
| 31 Dec 16 | 918 | 433 | 148 | 0 |
| 30 Sep 16 | 913 | 429 | 147 | 0 |
| 30 Jun 16 | 908 | 426 | 145 | 0 |
| 31 Mar 16 | 901 | 419 | 147 | 0 |
| 31 Dec 15 | 895 | 412 | 148 | 0 |
| 30 Sep 15 | 881 | 405 | 147 | 0 |
| 30 Jun 15 | 868 | 398 | 146 | 0 |
Quality Earnings: ASX has high quality earnings.
Growing Profit Margin: ASX's current net profit margins (44.4%) are lower than last year (59.8%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ASX's earnings have grown by 1.2% per year over the past 5 years.
Accelerating Growth: ASX's earnings growth over the past year (7.3%) exceeds its 5-year average (1.2% per year).
Earnings vs Industry: ASX earnings growth over the past year (7.3%) did not outperform the Capital Markets industry 14.4%.
Return on Equity
High ROE: ASX's Return on Equity (13.4%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 04:20 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/06/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
ASX Limited is covered by 26 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | ACF Equity Research Limited |
| Andrew Adams | Barrenjoey Markets Pty Limited |
| Freya Kong | BofA Global Research |