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Global industrial and logistics property group developing and managing warehouses and, increasingly, data centres.
Global industrial and logistics property group developing and managing warehouses and, increasingly, data centres.
Develops warehouses and, increasingly, data centres, then places them in funds partly owned by institutional investors while keeping a stake itself. It is paid fees for managing those funds and for development, plus its share of rent and property gains, so income comes mostly from managing other investors' property money rather than owning buildings outright.
In one line: Australia's Prologis.
Moat: narrow (scale, installed base, brand). Global land bank and development pipeline in prime logistics/data-centre locations, hard to replicate quickly.
Headquarters: Sydney, Australia · Founded: 1989 · Employees: 1,061
Size Goodman (GMG.AX) is an Australia Real Estate company (Real Estate Investment Trusts) with a market value of $39.6B, the 10th largest of 316 Australia companies the cockpit tracks. Shares closed at A$27.84 on 6 Nov 2026.
Performance Over six months the shares fell 11.1%, against -1.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 17.3% over the last twelve months (peer median +4.8%); the operating margin is 51.5% (peer median 30.6%).
Valuation It trades at 2.28× book value against a peer median of 2.59× (7th cheapest of 18).
Price implies The share price implies a return on equity of about 26.9%; Goodman delivers 11.5%, so the price asks more than the business earns today.
Credit Goodman has 4 bonds outstanding ($1.68B), rated BBB+ by the agencies and trading like BBB- at a weighted spread of 132 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.69B | A$2.66B | A$2.29B | A$1.96B | A$1.96B |
| Revenue growth | — | +16% | +17% | 0% | — |
| Gross profit | A$1.91B | A$1.88B | A$1.50B | A$1.41B | A$1.33B |
| EBITDA | n/a | A$1.37B | A$497M | A$529M | A$462M |
| Net income | A$2.78B | A$2.78B | A$1.67B | -A$98.9M | A$1.56B |
| Free cash flow | A$1.88B | A$1.88B | A$953M | A$1.18B | A$1.27B |
| Capital expenditure | A$39.5M | A$39.5M | A$6.40M | A$10.5M | A$13.0M |
| Total debt | n/a | A$6.09B | A$5.28B | A$3.72B | A$3.36B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Goodman GMG.AX | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% |
| Charter Hall CHC.AX | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% |
| Dexus DXS.AX | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% |
| Mapletree Logistics Trust M44U.SI | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% |
| CapitaLand Ascendas REIT A17U.SI | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% |
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 | GMG.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +9.1% | 7th lowest of 21 |
| 6-month return | -11.1% | -1.0% | 4th lowest of 20 |
| Return on equity | 11.5% | 7.8% | 7th highest of 18 |
| Price / book | 2.28× | 2.59× | 7th cheapest of 18 |
| Trailing P/E | 20.9× | 34.4× | 4th cheapest of 21 |
| ROE the price implies | 26.9% | 19.7% | 5th most demanding of 17 |
| ROE delivered | 11.5% | 7.8% | 7th highest of 18 |
| Bond spread | 132 bp | 93 bp | 2nd widest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
Goodman has 4 bonds outstanding with $1.68B face value. The agencies rate it BBB+; its bonds trade like BBB-. Weighted yield 4.82%, a spread of 132 bp over government bonds.