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Global property developer, builder and investment manager focused on large urban regeneration and mixed-use projects.
Global property developer, builder and investment manager focused on large urban regeneration and mixed-use projects.
Earns development profits as projects are sold or completed, construction fees, and management fees from funds that hold property for institutional investors, so results can swing with project timing. It has been narrowing its geographic footprint and exiting international construction in recent years.
In one line: Australia's global property developer, like a smaller Hines/Related.
Moat: narrow (scale, brand). Scale and track record in complex, large-scale urban development projects globally.
Headquarters: Sydney, Australia · Founded: 1958
Size Lendlease (LLC.AX) is an Australia Industrials company (Engineering & Construction) with a market value of $1.23B, the 160th largest of 316 Australia companies the cockpit tracks. Shares closed at A$2.58 on 6 Nov 2026.
Performance Over six months the shares fell 16.0%, against -13.8% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 30.0% over the last twelve months (peer median +8.8%); the operating margin is -0.3% (peer median 6.4%).
Valuation It trades at 147.4× forward earnings against a peer median of 15.7× (most expensive of 16).
Capital Return on invested capital runs 6.9 points below its cost of capital (6.7% WACC).
Credit Lendlease has 3 bonds outstanding ($838M), rated BBB- by the agencies and trading like BB at a weighted spread of 242 bp.
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$5.45B | A$5.45B | A$7.79B | A$9.41B | A$10.4B |
| Revenue growth | — | -30% | -17% | -10% | — |
| Gross profit | A$383M | A$383M | A$494M | A$843M | A$612M |
| EBITDA | A$54.0M | A$54.0M | A$67.0M | A$453M | A$143M |
| Net income | -A$749M | -A$749M | A$225M | -A$1.50B | -A$232M |
| Free cash flow | -A$1.37B | -A$1.37B | -A$826M | -A$86.0M | -A$514M |
| Capital expenditure | A$13.0M | A$13.0M | A$8.00M | A$63.0M | A$82.0M |
| Total debt | n/a | A$4.69B | A$4.33B | A$4.51B | A$3.67B |
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 |
|---|---|---|---|---|---|---|
| Lendlease LLC.AX | $1.23B | -16% | -30% | 0% | 147.4× | n/a |
| Mirvac MGR.AX | $5.27B | +14% | +6% | 20% | 14.8× | n/a |
| Stockland SGP.AX | $7.74B | +15% | +15% | 20% | 12.4× | n/a |
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 | LLC.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -2.6% | 5th highest of 21 |
| 6-month return | -16.0% | -13.8% | 9th lowest of 21 |
| Distance from 52-week high | -53.8% | -34.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | -30.0% | +8.8% | 2nd lowest of 21 |
| Operating margin | -0.3% | 6.4% | 3rd lowest of 21 |
| Forward P/E | 147.4× | 15.7× | most expensive of 16 |
| ROIC minus cost of capital | -6.9 pp | -1.3 pp | 6th lowest of 20 |
| Net debt / EBITDA | 72.9× | 0.5× | most indebted of 13 |
| Bond spread | 242 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Tianjin Capital Environmental Protection 1065.HK | Hong Kong | $1.22B | -13% | +2% | 29% | 5.4× | -16.4% | +6.5% |
| JiShi Media 601929.SS | China | $1.25B | -18% | -2% | -24% | n/a | n/a | n/a |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 20.8× | 7.1% | +4.3% |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 20.0× | n/a | n/a |
| CTCI 9933.TW | Taiwan | $1.29B | +22% | -22% | 9% | 8.5× | n/a | n/a |
| Nippon Densetsu Kogyo 1950.T | Japan | $1.29B | -30% | +10% | 12% | 9.9× | -0.1% | +3.2% |
| Shenzhen Urban Transport Technology 301091.SZ | China | $1.29B | -23% | +17% | 2% | 79.8× | n/a | n/a |
| Lloyds Engineering Works LLOYDSENGG.NS | India | $1.29B | +36% | +83% | 11% | n/a | n/a | n/a |
| Shenzhen Zhongzhuang Construction 002822.SZ | China | $1.15B | -15% | -56% | -96% | n/a | n/a | n/a |
| Kumagai Gumi 1861.T | Japan | $1.30B | -20% | -4% | 6% | 9.0× | -9.2% | +1.6% |
| Taiwan Cogeneration 8926.TW | Taiwan | $1.30B | +9% | +324% | 8% | n/a | n/a | n/a |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 15.3× | 7.7% | +11.7% |
| Zhejiang Communications Technology 002061.SZ | China | $1.30B | -15% | -12% | 3% | 8.0× | -6.5% | +4.8% |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 15.6× | n/a | n/a |
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% | +13.8% |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 18.8× | n/a | n/a |
| VA Tech Wabag WABAG.NS | India | $1.32B | +33% | +20% | 11% | 27.1× | 34.6% | +6.8% |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |
Lendlease has 3 bonds outstanding with $838M face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 7.08%, a spread of 242 bp over government bonds.