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Provides contract mining and civil construction services to the resources sector across Australia.
Provides contract mining and civil construction services to the resources sector across Australia.
Charges mine owners per tonne moved or per unit of work under multi-year contracts, using its own heavy-equipment fleet. Civil and processing-plant engineering are project work won by tender. It grew into a broader services group through acquisitions of Golding, a contract miner, and Primero, a processing-plant builder.
In one line: A mining-services/civil-construction contractor.
Moat: narrow (scale, customer qualification). Multi-year mining services contracts and heavy equipment fleet create switching costs for mine owners.
Headquarters: Perth, Australia · Founded: 1994 · Employees: 13,300
Size NRW (NWH.AX) is an Australia Industrials company (Engineering & Construction) with a market value of $1.95B, the 120th largest of 316 Australia companies the cockpit tracks. Shares closed at A$6.09 on 6 Nov 2026.
Performance Over six months the shares fell 17.3%, against -13.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 31.4% over the last twelve months (peer median +4.1%); the operating margin is 5.6% (peer median 9.1%).
Valuation It trades at 13.6× forward earnings against a peer median of 13.1× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.1 points above its cost of capital (10.5% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$4.29B | A$4.29B | A$3.27B | A$2.91B | A$2.67B |
| Revenue growth | — | +31% | +12% | +9% | — |
| Gross profit | A$827M | A$827M | A$479M | A$457M | A$432M |
| EBITDA | A$455M | A$514M | A$249M | A$322M | A$268M |
| Net income | A$153M | A$153M | A$27.7M | A$105M | A$85.6M |
| Free cash flow | A$182M | A$182M | A$107M | A$40.7M | A$63.6M |
| Capital expenditure | A$151M | A$151M | A$154M | A$195M | A$187M |
| Total debt | n/a | A$585M | A$411M | A$325M | A$312M |
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 |
|---|---|---|---|---|---|---|
| NRW NWH.AX | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% |
| Macmahon MAH.AX | $1.35B | +6% | +8% | 7% | 15.1× | 4.3% |
| Monadelphous MND.AX | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% |
| Perenti PRN.AX | $1.31B | -8% | -4% | 9% | 10.3× | -9.8% |
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 | NWH.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.6% | -5.3% | 5th lowest of 21 |
| 6-month return | -17.3% | -13.6% | 7th lowest of 21 |
| Distance from 52-week high | -27.8% | -29.9% | 10th highest of 21 |
| Revenue growth (TTM) | +31.4% | +4.1% | 3rd highest of 21 |
| Operating margin | 5.6% | 9.1% | 9th lowest of 21 |
| Forward P/E | 13.6× | 13.1× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 8.5% | -0.6% | 5th most demanding of 15 |
| Growth delivered (Del g) | +14.1% | +6.0% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -5.6 pp | -12.3 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +7.1 pp | +0.6 pp | 8th highest of 19 |
| EV / EBITDA | 6.8× | 12.2× | 3rd cheapest of 14 |
| Net debt / EBITDA | 0.6× | -1.1× | 5th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NRW NWH.AX | Australia | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% | +14.1% |
| HAZAMA ANDO 1719.T | Japan | $1.94B | -11% | +4% | 8% | 9.8× | -11.7% | +4.5% |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% | +9.7% |
| Sanki Engineering 1961.T | Japan | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% | +6.0% |
| CSSC Science & Technology 600072.SS | China | $1.99B | -35% | +8% | -37% | n/a | n/a | n/a |
| Chongqing Sanfeng Environment 601827.SS | China | $2.00B | -3% | +5% | 27% | 10.4× | -11.4% | +2.4% |
| Per Aarsleff Holding A/S PAAL-B.CO | Denmark | $2.02B | -6% | +14% | 5% | 13.4× | -7.6% | +11.2% |
| Hong Kong Zcloud Technology Construction 9900.HK | Hong Kong | $2.03B | +16% | -33% | 0% | n/a | n/a | n/a |
| Jinko Power Technology 601778.SS | China | $1.86B | -49% | -25% | 16% | n/a | n/a | n/a |
| Beijing Enterprises Water 0371.HK | Hong Kong | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% | -1.2% |
| DAI-DAN 1980.T | Japan | $2.05B | -15% | -7% | 14% | 10.2× | -4.4% | +10.2% |
| Kepco E&c 052690.KS | South Korea | $2.07B | -61% | +8% | 10% | 45.6× | n/a | n/a |
| Mega Union Technology 6944.TW | Taiwan | $1.82B | -17% | +60% | 21% | 14.1× | -4.0% | +30.2% |
| China Next-Gen Commerce and Supply Chain 3928.HK | Hong Kong | $1.81B | +47% | -26% | -17% | n/a | n/a | n/a |
| Badger Infrastructure Solutions BDGI.TO | Canada | $1.80B | -10% | +16% | 8% | 19.2× | 21.0% | +15.8% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 8.0× | n/a | n/a |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 9.7× | 2.8% | +33.1% |
| Kier KIE.L | United Kingdom | $1.75B | +53% | +7% | 3% | 12.7× | -6.3% | +5.9% |
| Engineers India ENGINERSIN.NS | India | $1.74B | +12% | +6% | 20% | 25.2× | 29.6% | +4.6% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | China | $1.74B | -25% | -8% | 3% | 29.6× | 12.2% | -11.1% |