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Vertically integrated construction materials and civil construction company operating quarries, concrete plants and property development in regional NSW.
Vertically integrated construction materials and civil construction company operating quarries, concrete plants and property development in regional NSW.
Earns from a mix of quarry materials and concrete, civil contracts and plant hire, and lots or housing it develops on land it owns, so part of earnings come from lumpy property sales. Founder Wes Maas leads the group, whose operations centre on regional New South Wales.
In one line: A regional aggregates/construction materials company like a smaller Martin Marietta.
Moat: narrow (installed base, scale). Owned quarry reserves and regional vertical integration are hard for competitors to replicate locally.
Headquarters: Dubbo, Australia · Founded: 1993 · Employees: 2,143
Size MAAS (MGH.AX) is an Australia Industrials company (Wholesale Distributors) with a market value of $849M, the 198th largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.77 on 6 Nov 2026.
Performance Over six months the shares fell 20.1%, against -13.9% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 30.9% over the last twelve months (peer median +4.0%); the operating margin is 7.5% (peer median 3.7%).
Valuation It trades at 11.7× forward earnings against a peer median of 11.0× (6th most expensive of 13).
Capital Return on invested capital runs 5.4 points below its cost of capital (7.0% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | n/a | A$630M | A$481M | A$895M | A$789M |
| Revenue growth | — | +31% | -46% | +13% | — |
| Gross profit | n/a | A$106M | A$76.6M | A$230M | A$192M |
| EBITDA | n/a | A$69.8M | A$46.8M | A$153M | A$119M |
| Net income | n/a | A$136M | A$72.0M | A$73.0M | A$65.5M |
| Free cash flow | n/a | -A$48.9M | A$34.7M | A$57.5M | -A$79.6M |
| Capital expenditure | n/a | A$79.8M | A$35.6M | A$56.9M | A$82.3M |
| Total debt | n/a | A$1.17B | A$801M | A$626M | A$545M |
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 | MGH.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.0% | -4.8% | lowest of 21 |
| 6-month return | -20.1% | -13.9% | 7th lowest of 21 |
| Distance from 52-week high | -48.0% | -33.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +30.9% | +4.0% | 4th highest of 21 |
| Operating margin | 7.5% | 3.7% | 6th highest of 21 |
| Forward P/E | 11.7× | 11.0× | 6th most expensive of 13 |
| ROIC minus cost of capital | -5.4 pp | +1.5 pp | lowest of 21 |
| EV / EBITDA | 33.8× | 7.3× | most expensive of 8 |
| Net debt / EBITDA | 16.1× | 0.9× | most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MAAS MGH.AX | Australia | $849M | -20% | +31% | 8% | 11.7× | n/a | n/a |
| San-ai Obbli 8097.T | Japan | $843M | -3% | -8% | 2% | n/a | -3.1% | +5.2% |
| Kamei 8037.T | Japan | $869M | +40% | +1% | 3% | n/a | -13.1% | +7.6% |
| China Aviation Oil (Singapore) G92.SI | Singapore | $815M | -39% | -8% | 0% | 8.3× | -11.7% | +8.2% |
| Yellow Hat 9882.T | Japan | $888M | +12% | +7% | 9% | n/a | -5.5% | +3.1% |
| Superior Plus SPB.TO | Canada | $890M | -22% | -7% | 8% | 13.8× | -1.3% | +13.7% |
| Matsuda Sangyo 7456.T | Japan | $891M | -12% | +49% | 4% | 5.6× | n/a | n/a |
| Shandong Nanshan Fashion Sci-Tech 300918.SZ | China | $808M | -24% | +40% | 5% | 38.9× | n/a | n/a |
| Mitsuuroko 8131.T | Japan | $893M | +26% | 0% | 3% | n/a | -3.7% | +8.4% |
| SK Networks 001740.KS | South Korea | $804M | -4% | -4% | 1% | 9.9× | n/a | n/a |
| Dongfeng Electronic Technology 600081.SS | China | $795M | -15% | -15% | 3% | n/a | 2.3% | -3.6% |
| Wah Lee Industrial 3010.TW | Taiwan | $910M | -15% | +6% | 4% | 11.4× | -6.5% | +5.8% |
| Harim 003380.KS | South Korea | $790M | -16% | +10% | 7% | 5.2× | -2.2% | +11.3% |
| Lx International 001120.KS | South Korea | $913M | -35% | +11% | 2% | 4.6× | n/a | n/a |
| Yuasa 8074.T | Japan | $789M | -1% | +5% | 3% | n/a | -14.7% | +4.7% |
| Jiangsu Soho High Hope 600981.SS | China | $780M | -19% | +2% | 0% | n/a | 31.9% | +8.5% |
| Auto Partner APR.WA | Poland | $928M | +26% | +67% | 8% | 12.2× | -5.0% | +21.5% |
| Acomo ACOMO.AS | Netherlands | $765M | -13% | -3% | 7% | 10.6× | n/a | n/a |
| Huludao Zinc Industry 000751.SZ | China | $943M | -36% | +17% | 1% | n/a | n/a | n/a |
| Dlg Exhibitions & Events 600826.SS | China | $944M | -9% | +2% | 15% | 18.7× | 6.9% | -11.5% |
| State Power Rixin Technology 301162.SZ | China | $944M | -25% | +12% | 17% | 36.8× | 22.6% | +23.8% |