Loading…
Mining services contractor providing open-pit and underground contract mining for miners across Australia and Asia.
Mining services contractor providing open-pit and underground contract mining for miners across Australia and Asia.
Is paid for moving rock and ore under multi-year contracts, while the mine owner keeps the metal and the commodity-price risk. That makes income depend on contract wins and equipment utilisation rather than on coal, gold or iron ore prices directly.
In one line: A contract mining-services provider, like a smaller Perenti.
Moat: narrow (scale, customer qualification). Multi-year mining services contracts and equipment fleet scale create switching costs for mine owners.
Headquarters: Perth, Australia · Founded: 1963 · Employees: 10,004
Size Macmahon (MAH.AX) is an Australia Energy company (Coal) with a market value of $1.35B, the 153rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$0.93 on 6 Nov 2026.
Performance Over six months the shares gained 5.7%, against -11.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +3.3%); the operating margin is 7.0% (peer median 0.4%).
Valuation It trades at 15.1× forward earnings against a peer median of 15.2× (7th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (9.6% WACC).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.62B | A$2.62B | A$2.43B | A$2.03B | A$1.91B |
| Revenue growth | — | +8% | +20% | +7% | — |
| Gross profit | A$567M | A$567M | A$507M | A$388M | A$298M |
| EBITDA | A$392M | A$392M | A$362M | A$343M | A$302M |
| Net income | A$101M | A$101M | A$73.9M | A$53.2M | A$57.7M |
| Free cash flow | A$156M | A$156M | A$155M | A$121M | A$73.6M |
| Capital expenditure | A$146M | A$146M | A$179M | A$150M | A$193M |
| Total debt | n/a | A$421M | A$426M | A$341M | A$420M |
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 |
|---|---|---|---|---|---|---|
| Macmahon MAH.AX | $1.35B | +6% | +8% | 7% | 15.1× | 4.3% |
| Perenti PRN.AX | $1.31B | -8% | -4% | 9% | 10.3× | -9.8% |
| NRW NWH.AX | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% |
| Downer EDI DOW.AX | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% |
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 | MAH.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.1% | -13.8% | 4th lowest of 21 |
| 6-month return | +5.7% | -11.5% | 2nd highest of 21 |
| Distance from 52-week high | -20.2% | -32.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +7.9% | +3.3% | 6th highest of 21 |
| Operating margin | 7.0% | 0.4% | 8th highest of 21 |
| Forward P/E | 15.1× | 15.2× | 7th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | -8.1% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +14.1% | +5.7% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -9.9 pp | -17.5 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +5.4 pp | -2.0 pp | 2nd highest of 21 |
| EV / EBITDA | 5.3× | 6.7× | 4th cheapest of 8 |
| Net debt / EBITDA | 0.3× | -0.2× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Macmahon MAH.AX | Australia | $1.35B | +6% | +8% | 7% | 15.1× | 4.3% | +14.1% |
| Shanxi Coking 600740.SS | China | $1.34B | -19% | 0% | -15% | 14.6× | 13.3% | -2.7% |
| Shanxi Lanhua Sci-Tech Venture 600123.SS | China | $1.34B | -14% | +8% | 1% | 31.1× | n/a | n/a |
| Shanghai Datun Energy Resources 600508.SS | China | $1.32B | +14% | +15% | 4% | 12.0× | -9.3% | +0.1% |
| Anhui Hengyuan Coal Industry and Electricity Power 600971.SS | China | $1.30B | -13% | +34% | 3% | 22.2× | -10.2% | +1.6% |
| Kailuan Energy Chemical 600997.SS | China | $1.28B | -9% | +5% | -2% | 26.9× | n/a | n/a |
| Stanmore Resources SMR.AX | Australia | $1.54B | +5% | -6% | 0% | 21.5× | -9.9% | +60.7% |
| Natural Resource Partners L.P NRP | United States | $1.56B | +6% | -10% | 63% | n/a | -8.1% | +9.4% |
| Guizhou Panjiang Refined Coal 600395.SS | China | $1.60B | -10% | +6% | 15% | 21.9× | n/a | n/a |
| Shougang Fushan Resources 0639.HK | Hong Kong | $1.66B | -4% | +33% | 20% | 10.4× | -17.3% | +4.8% |
| Kinetic Development 1277.HK | Hong Kong | $1.84B | -15% | -3% | 31% | 6.2× | -6.4% | +11.5% |
| Alpha Metallurgical Resources AMR | United States | $1.87B | -20% | -13% | -2% | 22.5× | n/a | n/a |
| Shaanxi Heimao Coking 601015.SS | China | $965M | -22% | -13% | -11% | n/a | n/a | n/a |
| Peabody Energy BTU | United States | $1.95B | -32% | +3% | -4% | 6.3× | n/a | n/a |
| Henan Dayou Energy 600403.SS | China | $2.04B | -2% | +6% | -29% | n/a | n/a | n/a |
| Mongolian Mining 0975.HK | Hong Kong | $899M | -27% | +26% | 13% | n/a | -5.8% | +14.7% |
| Shanxi Meijin Energy 000723.SZ | China | $2.15B | -27% | -2% | -8% | n/a | n/a | n/a |
| Jastrzebska Spolka Weglowa JSW.WA | Poland | $788M | -6% | -8% | -28% | n/a | n/a | n/a |
| Zhengzhou Coal Industry & Electric Power 600121.SS | China | $786M | +1% | -5% | -8% | n/a | 36.0% | +5.7% |
| Beijing Haohua Energy Resource 601101.SS | China | $2.39B | -5% | +3% | 24% | 9.3× | -9.6% | +14.4% |
| Jizhong Energy Resources 000937.SZ | China | $2.48B | -17% | +7% | 8% | 15.2× | -4.2% | -6.0% |