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Provides infrastructure maintenance and engineering services for transport, utilities and rail across Australia and New Zealand.
Provides infrastructure maintenance and engineering services for transport, utilities and rail across Australia and New Zealand.
Is paid under long-running maintenance and service contracts, with government agencies, rail operators and utilities paying to keep roads, trains and networks running, so earnings are steadier than from one-off construction. Renewals and rebids of these contracts matter more than any single project.
In one line: An Australian infrastructure-services contractor.
Moat: narrow (switching costs, regulatory licence). Long-term government and utility maintenance contracts are sticky once won.
Headquarters: Sydney, Australia · Founded: 1993 · Employees: 22,800
Size Downer EDI (DOW.AX) is an Australia Industrials company (Engineering & Construction) with a market value of $3.21B, the 95th largest of 316 Australia companies the cockpit tracks. Shares closed at A$7.10 on 6 Nov 2026.
Performance Over six months the shares fell 6.5%, against -14.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 7.4% over the last twelve months (peer median +4.1%); the operating margin is 3.6% (peer median 5.5%).
Valuation It trades at 15.8× forward earnings against a peer median of 12.4× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +15 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 1.6 points below its cost of capital (9.9% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$9.70B | A$9.70B | A$10.5B | A$11.0B | A$11.6B |
| Revenue growth | — | -7% | -5% | -6% | — |
| Gross profit | A$1.34B | A$1.34B | A$1.24B | A$1.28B | A$1.28B |
| EBITDA | A$629M | A$681M | A$660M | A$610M | A$539M |
| Net income | A$216M | A$216M | A$137M | A$69.1M | -A$396M |
| Free cash flow | A$384M | A$384M | A$444M | A$420M | A$87.6M |
| Capital expenditure | A$145M | A$145M | A$123M | A$146M | A$263M |
| Total debt | n/a | A$1.38B | A$1.54B | A$1.81B | A$2.13B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Downer EDI DOW.AX | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% |
| Ventia Services VNT.AX | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% |
| Monadelphous MND.AX | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% |
| Service Stream SSM.AX | $943M | +7% | +1% | 3% | 17.6× | 11.7% |
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 | DOW.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | -3.7% | 7th highest of 21 |
| 6-month return | -6.5% | -14.3% | 7th highest of 21 |
| Distance from 52-week high | -18.0% | -26.9% | 7th highest of 21 |
| Revenue growth (TTM) | -7.4% | +4.1% | 3rd lowest of 21 |
| Operating margin | 3.6% | 5.5% | 6th lowest of 21 |
| Forward P/E | 15.8× | 12.4× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.1% | 1.0% | 3rd most demanding of 17 |
| Growth delivered (Del g) | -3.4% | +6.2% | lowest of 17 |
| Hurdle (Req g minus delivered) | +14.5 pp | -7.0 pp | most demanding of 17 |
| ROIC minus cost of capital | -1.6 pp | +2.5 pp | 6th lowest of 19 |
| EV / EBITDA | 8.6× | 8.3× | 7th most expensive of 14 |
| Net debt / EBITDA | 1.0× | 0.9× | 9th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Downer EDI DOW.AX | Australia | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% | -3.4% |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| Ventia Services VNT.AX | Australia | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% | +13.7% |
| Sinoma International Engineering 600970.SS | China | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% | +10.3% |
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| Worley WOR.AX | Australia | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% | +2.3% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Alten ATE.PA | France | $3.43B | +43% | 0% | 8% | 11.4× | 3.5% | +11.9% |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| Primoris Services PRIM | United States | $3.52B | -38% | -5% | 3% | 13.7× | 22.8% | +16.8% |
| Comsys 1721.T | Japan | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% | +2.3% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Sacyr SCYR.MC | Spain | $3.58B | -14% | +6% | 24% | 20.5× | -5.4% | +0.5% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |