Who are Perpetual's main competitors?

Named competitors: Pinnacle Investment Management (PNI.AX), L1 Group (L1G.AX), Australian Unity (private or unlisted). The cockpit's measured peer set (industry) also includes Mlp (MLP.DE), JF SmartInvest (9636.HK), Perella Weinberg Partners (PWP), Antin Infrastructure Partners (ANTIN.PA), Patria Investments (PAX), Hainan Haide Capital Management (000567.SZ).

Is Perpetual expensive compared with its peers?

On forward p/e it trades at 12.5× against a peer median of 15.1×, 6th cheapest of 17 in its peer set.

How has Perpetual stock performed?

Over six months to 6 Nov 2026 the shares returned +11.1% against -12.3% for the median peer; over one year -7.7%.

← CockpitCompetitor Analysis › PPT.AX Perpetual LimitedOpen in the cockpit ↗

Perpetual LimitedPPT.AXCompetitor analysis, valuation and peers

Australia · AUD·Financials›Investment Managers

Australian financial services group spanning asset management, wealth advice and corporate trust services.

≈ An Australian trust bank/asset manager hybridMomentum neutral 59

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.42B

US dollars, full cap

Free float

98%

of shares outstanding

$/day

$4.02M

20-day average traded

Fwd P/E

12.5×

forward earnings

ROIC−WACC

n/a

WACC 9.7%

Hurdle

n/a

no reverse DCF

Next earnings

110 days

24 Feb 2027

Close · AUDA$17.67

1D-1.1%

1W+2.3%

1M+3.0%

3M-8.0%

6M+11.1%

YTD-5.3%

1Y-7.7%

ATR %2.3%

52w lowhigh13.2% off high

What Perpetual does

Australian financial services group spanning asset management, wealth advice and corporate trust services.

Charges asset-based fees on funds it manages, which makes revenue move with markets and investor flows, with steadier fees from corporate trust (acting as trustee for debt issuers) and advice fees in wealth. Acquiring Barrow Hanley of the US in 2022 and Pendal in 2023 made asset management its biggest part.

In one line: An Australian trust bank/asset manager hybrid.

Products and services

Perpetual Asset Management
Perpetual Private (advice)
Perpetual Corporate Trust

Customers

Retail and institutional investors
Trustee/fiduciary clients
High-net-worth clients

Where it sits in the supply chain

Asset management
Wealth advice
Corporate trust/fiduciary services

What could go right

Corporate Trust fee growth
Wealth advice FUA growth

What could go wrong

Asset management outflows
Restructuring/divestment execution risk

Moat: narrow (brand, regulatory licence, switching costs). Corporate Trust licence and trustee relationships are sticky; asset management brand is well established.

Headquarters: Sydney, Australia · Founded: 1886 · Employees: 1,764

Named competitors

Pinnacle Investment Management PNI.AX
L1 Group L1G.AX
Australian Unity private or unlisted

Perpetual at a glance

Size Perpetual (PPT.AX) is an Australia Financials company (Investment Managers) with a market value of $1.42B, the 150th largest of 316 Australia companies the cockpit tracks. Shares closed at A$17.67 on 6 Nov 2026.

Performance Over six months the shares gained 11.1%, against -12.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 20 in its peer set.

Growth Revenue fell 16.0% over the last twelve months (peer median +3.1%); the operating margin is 10.1% (peer median 30.3%).

Valuation It trades at 12.5× forward earnings against a peer median of 15.1× (6th cheapest of 17).

Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).

Relative performance

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

Perpetual financials

Reported figures in AUD; fiscal year ends 2026-06-30. TTM = trailing twelve months.
	TTM	FY2026	FY2025	FY2024	FY2023
Revenue	A$1.15B	A$1.15B	A$1.17B	A$1.33B	A$1.00B
Revenue growth	—	-2%	-12%	+33%	—
Gross profit	A$976M	A$976M	A$982M	A$1.14B	A$871M
EBITDA	A$233M	A$233M	A$258M	A$282M	A$244M
Net income	A$88.9M	A$88.9M	-A$58.2M	-A$472M	A$59.0M
Free cash flow	A$256M	A$256M	A$196M	A$265M	A$109M
Capital expenditure	A$15.8M	A$15.8M	A$20.7M	A$31.8M	A$25.4M
Total debt	n/a	A$741M	A$887M	A$834M	A$825M

Quarterly statements and history in the cockpit →

Perpetual 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. Perpetual is the large dot.

Fundamentals: revenue growth against valuation

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

Perpetual competitors and peer comparison

Head to head with its named competitors (PPT.AX vs PNI.AX vs L1G.AX)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Perpetual PPT.AX	$1.42B	+11%	-16%	10%	12.5×	n/a
Pinnacle Investment Management PNI.AX	$2.54B	+2%	+22%	10%	19.2×	n/a
L1 Group Limited L1G.AX	$2.19B	+5%	+586%	82%	22.1×	n/a

How Perpetual 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.

Perpetual against its 20 peers (data as of 6 Nov 2026)
Measure	PPT.AX	Peer median	Rank in peer set
1-month return	+3.0%	-4.8%	9th highest of 20
6-month return	+11.1%	-12.3%	4th highest of 20
Distance from 52-week high	-13.2%	-30.9%	5th highest of 20
Revenue growth (TTM)	-16.0%	+3.1%	5th lowest of 21
Operating margin	10.1%	30.3%	5th lowest of 20
Forward P/E	12.5×	15.1×	6th cheapest of 17

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
Perpetual PPT.AX	Australia	$1.42B	+11%	-16%	10%	12.5×	n/a	n/a
Mlp MLP.DE	Germany	$1.40B	+46%	+4%	10%	15.5×	n/a	n/a
JF SmartInvest 9636.HK	Hong Kong	$1.47B	-36%	-23%	-5%	18.8×	n/a	n/a
Perella Weinberg Partners PWP	United States	$1.35B	-26%	+2%	6%	9.6×	n/a	n/a
Antin Infrastructure Partners ANTIN.PA	France	$1.52B	-25%	-12%	48%	13.4×	n/a	n/a
Patria Investments PAX	United States	$1.55B	-23%	+9%	36%	6.8×	n/a	n/a
Hainan Haide Capital Management 000567.SZ	China	$1.29B	-34%	+136%	73%	10.7×	n/a	n/a
Prudent Corporate Advisory Services PRUDENT.NS	India	$1.28B	-1%	+21%	24%	41.1×	n/a	n/a
Barrenjoey BJY.AX	Australia	$1.74B	+1%	-17%	25%	15.4×	n/a	n/a
EAAA India Alternatives EDELALTS.NS	India	$1.15B	n/a	+13%	62%	n/a	n/a	n/a
UTI Asset Management UTIAMC.NS	India	$1.13B	-15%	-1%	47%	14.3×	n/a	n/a
Ashmore ASHM.L	United Kingdom	$1.83B	-4%	+2%	62%	28.6×	n/a	n/a
China Everbright 0165.HK	Hong Kong	$1.08B	-25%	+3%	-69%	n/a	n/a	n/a
Ridgepost Capital RPC	United States	$1.07B	+11%	+8%	27%	9.0×	n/a	n/a
XPS Pensions XPS.L	United Kingdom	$966M	+19%	+13%	16%	14.8×	n/a	n/a
CFM Indosuez Wealth MLCFM.PA	France	$964M	+30%	-19%	30%	n/a	n/a	n/a
L1 Group Limited L1G.AX	Australia	$2.19B	+5%	+586%	82%	22.1×	n/a	n/a
Shaanxi International Trust 000563.SZ	China	$2.19B	-12%	-15%	60%	n/a	n/a	n/a
Zhejiang Orient 600120.SS	China	$2.22B	-22%	-87%	n/a	15.5×	n/a	n/a
Generation Development GDG.AX	Australia	$897M	-23%	+66%	104%	27.4×	n/a	n/a
Polar Capital POLR.L	United Kingdom	$872M	-8%	+19%	29%	7.1×	n/a	n/a

Questions

Who are Perpetual's main competitors?: Named competitors: Pinnacle Investment Management (PNI.AX), L1 Group (L1G.AX), Australian Unity (private or unlisted). The cockpit's measured peer set (industry) also includes Mlp (MLP.DE), JF SmartInvest (9636.HK), Perella Weinberg Partners (PWP), Antin Infrastructure Partners (ANTIN.PA), Patria Investments (PAX), Hainan Haide Capital Management (000567.SZ).
Is Perpetual expensive compared with its peers?: On forward p/e it trades at 12.5× against a peer median of 15.1×, 6th cheapest of 17 in its peer set.
How has Perpetual stock performed?: Over six months to 6 Nov 2026 the shares returned +11.1% against -12.3% for the median peer; over one year -7.7%.