Who are Netwealth's main competitors?

Named competitors: HUB24 (HUB.AX), Praemium (private or unlisted), Insignia Financial (private or unlisted), Macquarie Group (MQG.AX), AMP (AMP.AX). The cockpit's measured peer set (industry) also includes Sealand Securities (000750.SZ), Quilter (QLT.L), Mandatum (MANTA.HE), Tikehau Capital SCA (TKO.PA), Acadian Asset Management (AAMI), Artisan Partners Asset Management (APAM).

Is Netwealth expensive compared with its peers?

On forward p/e it trades at 34.1× against a peer median of 19.2×, 2nd most expensive of 19 in its peer set.

How has Netwealth stock performed?

Over six months to 6 Nov 2026 the shares returned -13.4% against +2.2% for the median peer; over one year -35.7%.

← CockpitCompetitor Analysis › NWL.AX Netwealth Group Ltd.Open in the cockpit ↗

Netwealth Group Ltd.NWL.AXCompetitor analysis, valuation and peers

Australia · AUD·Financials›Investment Managers

Australian investment platform provider giving financial advisers and investors managed-account and superannuation administration technology.

≈ An Australian EnvestnetMomentum weak 33

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$3.31B

US dollars, full cap

Free float

48%

of shares outstanding

$/day

$9.15M

20-day average traded

Fwd P/E

34.1×

forward earnings

ROIC−WACC

n/a

WACC 13.4%

Hurdle

n/a

no reverse DCF

Next earnings

103 days

17 Feb 2027

Close · AUDA$19.45

1D-2.8%

1W+7.8%

1M+14.0%

3M-21.4%

6M-13.4%

YTD-24.2%

1Y-35.7%

ATR %4.1%

52w lowhigh37.0% off high

What Netwealth does

Australian investment platform provider giving financial advisers and investors managed-account and superannuation administration technology.

Earns fees that scale with the money held on its platform, plus smaller administration and transaction charges, so income grows with new client deposits and rising markets. Financial advisers choose the platform for their clients and rarely move them afterwards, which keeps balances sticky.

In one line: An Australian Envestnet.

Products and services

Netwealth investment platform
Superannuation/pension administration
Managed account services

Customers

Financial advisers
Self-directed investors
Institutional/private wealth

Where it sits in the supply chain

Wealth management infrastructure
Investment platforms
Managed accounts

What could go right

Adviser platform market-share gains
Rising markets lift FUA-based fees

What could go wrong

Fee compression across platforms
Adviser numbers shrinking industry-wide

Moat: narrow (switching costs, scale). Advisers rarely re-platform clients once onboarded, giving high retention of funds under administration.

Headquarters: Melbourne, Australia · Founded: 1999 · Employees: 790

Named competitors

HUB24 HUB.AX
Praemium private or unlisted
Insignia Financial private or unlisted
Macquarie Group MQG.AX
AMP AMP.AX

Netwealth at a glance

Size Netwealth (NWL.AX) is an Australia Financials company (Investment Managers) with a market value of $3.31B, the 92nd largest of 316 Australia companies the cockpit tracks. Shares closed at A$19.45 on 6 Nov 2026.

Performance Over six months the shares fell 13.4%, against +2.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd lowest of 21 in its peer set.

Growth Revenue grew 21.0% over the last twelve months (peer median +19.3%); the operating margin is 46.1% (peer median 29.3%).

Valuation It trades at 34.1× forward earnings against a peer median of 19.2× (2nd most expensive of 19).

Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Netwealth against the median of its 20 peers (local-currency closes).

Netwealth financials

Reported figures in AUD; fiscal year ends 2026-06-30. TTM = trailing twelve months.
	TTM	FY2026	FY2025	FY2024	FY2023
Revenue	A$383M	A$383M	A$316M	A$250M	A$211M
Revenue growth	—	+21%	+27%	+18%	—
Gross profit	A$229M	A$229M	A$192M	A$146M	A$123M
EBITDA	A$185M	A$185M	A$155M	A$119M	A$97.9M
Net income	A$60.7M	A$60.7M	A$117M	A$83.4M	A$67.2M
Free cash flow	A$56.2M	A$56.2M	A$125M	A$89.1M	A$78.5M
Capital expenditure	A$13.5M	A$13.5M	A$7.90M	A$4.91M	A$5.64M
Total debt	n/a	A$70.4M	A$13.5M	A$14.9M	A$13.6M

Quarterly statements and history in the cockpit →

Netwealth competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Netwealth is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Netwealth is the large dot.

Netwealth competitors and peer comparison

Head to head with its named competitors (NWL.AX vs HUB.AX vs MQG.AX vs AMP.AX)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Netwealth NWL.AX	$3.31B	-13%	+21%	46%	34.1×	n/a
HUB24 HUB.AX	$4.39B	-4%	+23%	29%	42.6×	35.6%
Macquarie MQG.AX	$63.5B	+5%	+5%	20%	18.1×	n/a
AMP AMP.AX	$3.69B	+46%	-5%	-1%	15.7×	n/a

How Netwealth compares with its peers

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.

Netwealth against its 20 peers (data as of 6 Nov 2026)
Measure	NWL.AX	Peer median	Rank in peer set
1-month return	+14.0%	-0.7%	3rd highest of 21
6-month return	-13.4%	+2.2%	3rd lowest of 21
Distance from 52-week high	-37.0%	-16.7%	lowest of 21
Revenue growth (TTM)	+21.0%	+19.3%	10th highest of 20
Operating margin	46.1%	29.3%	2nd highest of 20
Forward P/E	34.1×	19.2×	2nd most expensive of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Netwealth NWL.AX	Australia	$3.31B	-13%	+21%	46%	34.1×	n/a	n/a
Sealand Securities 000750.SZ	China	$3.30B	-12%	+2%	22%	n/a	n/a	n/a
Quilter QLT.L	United Kingdom	$3.30B	+5%	+191%	3%	15.0×	n/a	n/a
Mandatum MANTA.HE	Finland	$3.33B	-10%	+60%	8%	23.7×	n/a	n/a
Tikehau Capital SCA TKO.PA	France	$3.24B	-10%	+32%	31%	10.7×	n/a	n/a
Acadian Asset Management AAMI	United States	$3.23B	+33%	+25%	27%	15.4×	n/a	n/a
Artisan Partners Asset Management APAM	United States	$3.17B	+3%	+6%	36%	10.6×	n/a	n/a
AllianceBernstein Holding L.P AB	United States	$3.14B	-13%	n/a	n/a	9.6×	n/a	n/a
Guotai Junan International 1788.HK	Hong Kong	$3.58B	+10%	+43%	65%	n/a	n/a	n/a
First Capital Securities 002797.SZ	China	$3.61B	-24%	-6%	22%	21.1×	n/a	n/a
Nuvama Wealth Management NUVAMA.NS	India	$3.61B	+25%	+13%	29%	26.2×	n/a	n/a
AJ Bell AJB.L	United Kingdom	$3.04B	+13%	+19%	42%	19.2×	n/a	n/a
AMP AMP.AX	Australia	$3.69B	+46%	-5%	-1%	15.7×	n/a	n/a
Eurazeo RF.PA	France	$3.70B	+2%	+18%	-2%	28.7×	n/a	n/a
Sprott SII.TO	Canada	$2.96B	-17%	+88%	38%	25.6×	n/a	n/a
WisdomTree WT	United States	$2.94B	+2%	+45%	40%	15.4×	n/a	n/a
Cohen & Steers CNS	United States	$3.76B	+1%	+13%	33%	20.1×	n/a	n/a
Caida Securities 600906.SS	China	$2.78B	-11%	+10%	36%	19.7×	n/a	n/a
Anand Rathi Wealth ANANDRATHI.NS	India	$4.18B	+31%	+35%	41%	90.5×	n/a	n/a
GCM Grosvenor GCMG	United States	$2.57B	+11%	+8%	28%	12.6×	n/a	n/a
Pinnacle Investment Management PNI.AX	Australia	$2.54B	+2%	+22%	10%	19.2×	n/a	n/a

Questions

Who are Netwealth's main competitors?: Named competitors: HUB24 (HUB.AX), Praemium (private or unlisted), Insignia Financial (private or unlisted), Macquarie Group (MQG.AX), AMP (AMP.AX). The cockpit's measured peer set (industry) also includes Sealand Securities (000750.SZ), Quilter (QLT.L), Mandatum (MANTA.HE), Tikehau Capital SCA (TKO.PA), Acadian Asset Management (AAMI), Artisan Partners Asset Management (APAM).
Is Netwealth expensive compared with its peers?: On forward p/e it trades at 34.1× against a peer median of 19.2×, 2nd most expensive of 19 in its peer set.
How has Netwealth stock performed?: Over six months to 6 Nov 2026 the shares returned -13.4% against +2.2% for the median peer; over one year -35.7%.