Loading…
Diversified Australian property group developing residential communities and owning/managing office, industrial and retail real estate.
Diversified Australian property group developing residential communities and owning/managing office, industrial and retail real estate.
A stapled group, meaning its shares are bundled with units in a property trust, combining steady rent from office, industrial and retail assets with lumpier profit from selling homes it develops, recognised when buyers settle. It also earns fees managing property for institutional partners and is building rental housing.
In one line: A diversified developer/REIT like a Lennar-meets-Boston Properties hybrid.
Moat: narrow (scale, brand, installed base). Large development pipeline and prime-location asset portfolio are costly for smaller players to replicate.
Headquarters: Sydney, Australia · Founded: 1972 · Employees: 1,643
Size Mirvac (MGR.AX) is an Australia Real Estate company (Real Estate Investment Trusts) with a market value of $5.27B, the 66th largest of 316 Australia companies the cockpit tracks. Shares closed at A$1.96 on 6 Nov 2026.
Performance Over six months the shares gained 13.9%, against -5.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +7.1%); the operating margin is 19.9% (peer median 44.5%).
Valuation It trades at 0.83× book value against a peer median of 1.31× (6th cheapest of 21).
Price implies The share price implies a return on equity of about 9.9%; Mirvac delivers 7.4%, so the price asks more than the business earns today.
Credit Mirvac has 3 bonds outstanding ($812M), rated NR by the agencies and trading like BBB- at a weighted spread of 120 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.62B | A$2.62B | A$2.47B | A$3.02B | A$1.89B |
| Revenue growth | — | +6% | -18% | +60% | — |
| Gross profit | A$793M | A$793M | A$640M | A$891M | A$835M |
| EBITDA | A$584M | A$584M | A$369M | A$716M | A$536M |
| Net income | A$677M | A$677M | A$68.0M | -A$805M | -A$165M |
| Free cash flow | A$871M | A$871M | A$548M | A$541M | -A$60.0M |
| Capital expenditure | A$4.00M | A$4.00M | A$2.00M | A$2.00M | A$5.00M |
| Total debt | n/a | A$3.83B | A$4.54B | A$4.48B | A$4.54B |
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 |
|---|---|---|---|---|---|---|
| Mirvac MGR.AX | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% |
| Stockland SGP.AX | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% |
| Dexus DXS.AX | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% |
| Lendlease LLC.AX | $1.23B | -16% | -30% | -15% | 0.36× | 6.1% |
| Goodman GMG.AX | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% |
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 | MGR.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | +6.9% | 10th highest of 21 |
| 6-month return | +13.9% | -5.2% | 2nd highest of 21 |
| Return on equity | 7.3% | 6.7% | 9th highest of 21 |
| Price / book | 0.83× | 1.31× | 6th cheapest of 21 |
| Trailing P/E | 11.4× | 22.5× | 3rd cheapest of 20 |
| ROE the price implies | 9.9% | 11.5% | 9th least demanding of 21 |
| ROE delivered | 7.4% | 6.7% | 8th highest of 20 |
| Bond spread | 120 bp | 111 bp | 5th widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
Mirvac has 3 bonds outstanding with $812M face value. The agencies rate it NR; its bonds trade like BBB-. Weighted yield 6.03%, a spread of 120 bp over government bonds.