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Global pooling company renting reusable pallets and containers (CHEP brand) to consumer-goods supply chains.
Global pooling company renting reusable pallets and containers (CHEP brand) to consumer-goods supply chains.
Rents out pallets and crates that it owns, charging by the day or per use rather than selling them, then collects, inspects, repairs and reissues them, so earnings depend on keeping a large pool in circulation and losing few pallets. Its blue CHEP pallets are shared across customers' supply chains, which spares them from owning and tracking pallets.
In one line: A global pallet-leasing utility, akin to a shipping-container lessor.
Moat: wide (scale, network effects, switching costs). Largest global pallet pool with a dense collection/reissue network competitors can't easily replicate.
Headquarters: Sydney, Australia · Founded: 1875 · Employees: 12,000
Size Brambles (BXB.AX) is an Australia Industrials company (Air Freight/Couriers) with a market value of $20.4B, the 20th largest of 316 Australia companies the cockpit tracks. Shares closed at A$22.20 on 6 Nov 2026.
Performance Over six months the shares gained 1.8%, against -2.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +10.9%); the operating margin is 17.1% (peer median 6.1%).
Valuation It trades at 20.8× forward earnings against a peer median of 15.3× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.9 points above its cost of capital (8.0% WACC).
Credit Brambles has 3 bonds outstanding ($1.67B), rated A- by the agencies and trading like BBB+ at a weighted spread of 104 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$10.4B | A$10.4B | A$10.3B | A$9.95B | A$9.03B |
| Revenue growth | — | +1% | +4% | +10% | — |
| Gross profit | A$2.16B | A$2.15B | A$2.11B | A$2.02B | A$1.76B |
| EBITDA | A$3.09B | A$3.08B | A$3.03B | A$2.74B | A$2.23B |
| Net income | A$1.41B | A$1.41B | A$1.33B | A$1.18B | A$1.06B |
| Free cash flow | A$1.26B | A$1.31B | A$1.39B | A$1.02B | A$480M |
| Capital expenditure | A$1.62B | A$1.68B | A$1.48B | A$1.75B | A$2.50B |
| Total debt | n/a | A$4.37B | A$4.92B | A$3.95B | A$4.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BXB.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.0% | +5.6% | 3rd highest of 21 |
| 6-month return | +1.8% | -2.6% | 7th highest of 20 |
| Distance from 52-week high | -12.7% | -17.2% | 8th highest of 21 |
| Revenue growth (TTM) | +0.9% | +10.9% | 3rd lowest of 21 |
| Operating margin | 17.1% | 6.1% | 2nd highest of 21 |
| Forward P/E | 20.8× | 15.3× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 8.9% | 4.1% | 5th most demanding of 19 |
| Growth delivered (Del g) | +8.3% | +12.9% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | +0.6 pp | -6.5 pp | 8th most demanding of 19 |
| ROIC minus cost of capital | +5.9 pp | +1.3 pp | 10th highest of 21 |
| EV / EBITDA | 10.9× | 11.0× | 7th cheapest of 13 |
| Net debt / EBITDA | 1.4× | 2.2× | 6th least indebted of 15 |
| Bond spread | 104 bp | 95 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |
| S.F 002352.SZ | China | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% | +14.9% |
| S.F 6936.HK | Hong Kong | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% | +14.1% |
| Expeditors International EXPD | United States | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% | +2.9% |
| Zto Express-w 2057.HK | Hong Kong | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% | +13.5% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Grab GRAB | United States | $13.9B | -8% | +23% | 11% | 23.3× | 17.8% | +48.4% |
| Delivery Hero SE TEMP DHE1.DE | Germany | $12.9B | n/a | +11% | 0% | n/a | n/a | n/a |
| Delivery Hero DHER.DE | Germany | $12.9B | +31% | +11% | 0% | n/a | n/a | n/a |
| J&T Global Express 1519.HK | Hong Kong | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% | +51.4% |
| Hyundaiglovis 086280.KS | South Korea | $10.9B | -13% | +12% | 6% | 8.7× | -10.8% | +12.3% |
| Ryder System R | United States | $10.2B | +11% | +3% | 8% | 15.2× | 7.9% | +8.5% |
| YTO Express 600233.SS | China | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% | +16.6% |
| Poste Italiane PST.MI | Italy | $43.9B | +1% | +11% | 14% | 13.5× | 17.6% | -6.8% |
| Jd Logistics 2618.HK | Hong Kong | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% | +23.4% |
| Nippon Express Hldgs 9147.T | Japan | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% | +4.4% |
| Dsv A/s DSV.CO | Denmark | $51.5B | -3% | +37% | 8% | 23.5× | 3.9% | +16.3% |
| Yunnan Yuntianhua 600096.SS | China | $7.17B | -28% | -19% | 11% | 9.3× | -1.7% | -1.5% |
| Sinotrans 601598.SS | China | $6.74B | +18% | -1% | 0% | 14.8× | 4.3% | +2.7% |
| GXO Logistics GXO | United States | $6.33B | +7% | +7% | 3% | 16.0× | 20.2% | +16.3% |
| FedEx FDX | United States | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% | +2.5% |
Brambles has 3 bonds outstanding with $1.67B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 4.08%, a spread of 104 bp over government bonds.