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Australian data-centre operator building and leasing colocation capacity to enterprises and cloud providers.
Australian data-centre operator building and leasing colocation capacity to enterprises and cloud providers.
Customers pay monthly for rack or hall space and contracted power, plus fees to connect directly to each other inside its sites, so a signed contract produces income for years; power costs are largely passed on. Income grows as new halls fill, and building ahead of demand has been partly paid for with share issues to investors.
In one line: Australia's Equinix/Digital Realty.
Moat: narrow (scale, switching costs, installed base). High switching costs once servers/interconnects are deployed, plus scarce power/land in key metros.
Headquarters: Brisbane, Australia · Founded: 2010 · Employees: 337
Size Nextdc (NXT.AX) is an Australia Information Technology company (Data Processing Services) with a market value of $5.47B, the 65th largest of 316 Australia companies the cockpit tracks. Shares closed at A$10.40 on 6 Nov 2026.
Performance Over six months the shares fell 29.9%, against -21.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th lowest of 19 in its peer set.
Growth Revenue grew 16.2% over the last twelve months (peer median +6.8%); the operating margin is -7.3% (peer median 3.4%).
Valuation It trades at 20.9× enterprise value to sales against a peer median of 6.1× (5th most expensive of 21).
Capital Return on invested capital runs 10.6 points below its cost of capital (10.3% WACC).
Credit Nextdc has 1 bond outstanding ($515M).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$496M | A$496M | A$427M | A$404M | A$362M |
| Revenue growth | — | +16% | +6% | +12% | — |
| Gross profit | A$7.12M | A$7.12M | A$33.8M | A$60.9M | A$73.7M |
| EBITDA | A$226M | A$226M | A$205M | A$196M | A$188M |
| Net income | A$82.1M | A$82.1M | -A$60.5M | -A$44.1M | -A$22.0M |
| Free cash flow | -A$1.98B | -A$1.98B | -A$1.36B | -A$789M | -A$557M |
| Capital expenditure | A$2.11B | A$2.11B | A$1.60B | A$938M | A$706M |
| Total debt | n/a | A$3.36B | A$1.21B | A$1.46B | A$1.44B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Nextdc NXT.AX | $5.47B | -30% | +16% | -7% | 20.9× | n/a |
| Equinix EQIX | $100B | -5% | +11% | 15% | n/a | n/a |
| Digital Realty DLR | $65.9B | -10% | +21% | 20% | n/a | n/a |
| Macquarie Technology MAQ.AX | $890M | -34% | +6% | 15% | 3.4× | n/a |
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 | NXT.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -10.9% | 7th highest of 21 |
| 6-month return | -29.9% | -21.3% | 9th lowest of 19 |
| Distance from 52-week high | -38.0% | -39.6% | 10th highest of 21 |
| Revenue growth (TTM) | +16.2% | +6.8% | 5th highest of 21 |
| Operating margin | -7.3% | 3.4% | 9th lowest of 21 |
| EV / Sales | 20.9× | 6.1× | 5th most expensive of 21 |
| ROIC minus cost of capital | -10.6 pp | -6.6 pp | 8th lowest of 21 |
| EV / EBITDA | 45.9× | 15.5× | 2nd most expensive of 13 |
| Net debt / EBITDA | 11.0× | 0.7× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | 20.9× | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 5.0× | 11.0% | +5.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | 49.3× | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 6.8× | 27.3% | -3.9% |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | 11.8× | n/a | n/a |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | 26.1× | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 2.9× | 9.4% | +16.8% |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | 110.6× | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 5.5× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 1.2× | 19.8% | +2.1% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 2.8× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 0.4× | 1.6% | -4.9% |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | 42.6× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 11.9× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 2.4× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 3.3× | 46.5% | -0.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 18.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | 1.8× | n/a | n/a |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 4.2× | 17.0% | +5.6% |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 11.2× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | 7.9× | n/a | n/a |
Nextdc has 1 bond outstanding with $515M face value.