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Operator of Australia's leading property listings website realestate.com.au, majority-owned by News Corp.
Operator of Australia's leading property listings website realestate.com.au, majority-owned by News Corp.
Real estate agents and developers pay to list homes, and pay more for premium placement that gives their listings greater prominence, so revenue grows with the number of listings and the take-up of higher-priced tiers, not with the value of homes sold. Buyers use the site free.
In one line: Australia's Zillow/CoStar.
Moat: wide (network effects, scale, brand). Dominant two-sided marketplace network effect as Australia's #1 property portal by traffic.
Headquarters: Melbourne, Australia · Founded: 1995 · Employees: 1,921
Size REA (REA.AX) is an Australia Communication Services company (Advertising/Marketing Services) with a market value of $15.9B, the 24th largest of 316 Australia companies the cockpit tracks. Shares closed at A$174.81 on 6 Nov 2026.
Performance Over six months the shares gained 2.2%, against +21.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th lowest of 9 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +5.5%); the operating margin is 47.7% (peer median 10.5%).
Valuation It trades at 31.3× forward earnings against a peer median of 13.0× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 29.3 points above its cost of capital (11.2% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$1.98B | A$1.98B | A$1.77B | A$1.68B | A$1.39B |
| Revenue growth | — | +12% | +5% | +20% | — |
| Gross profit | A$998M | A$998M | A$880M | A$798M | A$636M |
| EBITDA | A$1.08B | A$1.08B | A$924M | A$802M | A$640M |
| Net income | A$552M | A$552M | A$678M | A$303M | A$356M |
| Free cash flow | A$765M | A$765M | A$669M | A$585M | A$465M |
| Capital expenditure | A$141M | A$141M | A$138M | A$125M | A$118M |
| Total debt | n/a | A$75.6M | A$70.7M | A$281M | A$403M |
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 |
|---|---|---|---|---|---|---|
| REA REA.AX | $15.9B | +2% | +4% | 48% | 31.3× | 19.3% |
| Zillow Z | $6.66B | -29% | +18% | 2% | 11.4× | n/a |
| CoStar CSGP | $12.3B | -7% | +20% | 6% | 18.1× | n/a |
| Info Edge India NAUKRI.NS | $8.18B | +21% | +13% | 34% | 59.6× | 51.8% |
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 | REA.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.8% | +9.1% | highest of 9 |
| 6-month return | +2.2% | +21.4% | 4th lowest of 9 |
| Distance from 52-week high | -17.0% | -5.4% | 3rd lowest of 9 |
| Revenue growth (TTM) | +4.2% | +5.5% | 4th lowest of 9 |
| Operating margin | 47.7% | 10.5% | highest of 9 |
| Forward P/E | 31.3× | 13.0× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 19.3% | -1.6% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +14.5% | +10.6% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | +4.8 pp | -11.5 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | +29.3 pp | +4.9 pp | highest of 9 |
| EV / EBITDA | 21.0× | 6.2× | most expensive of 7 |
| Net debt / EBITDA | -0.3× | 1.4× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| REA REA.AX | Australia | $15.9B | +2% | +4% | 48% | 31.3× | 19.3% | +14.5% |
| Kuaishou-w 1024.HK | Hong Kong | $16.0B | -39% | +11% | 11% | 14.9× | -4.4% | +18.6% |
| Omnicom OMC | United States | $23.6B | +13% | +54% | 15% | 7.9× | -6.9% | +5.6% |
| Publicis Groupe PUB.PA | France | $29.0B | +33% | +5% | 15% | 13.0× | 1.1% | +10.0% |
| BlueFocus Intelligent Communications 300058.SZ | China | $6.98B | -24% | +6% | 0% | 123.3× | 58.3% | +11.1% |
| JCDecaux DEC.PA | France | $6.40B | +42% | +1% | 12% | 18.6× | 6.6% | +11.8% |
| Dentsu 4324.T | Japan | $6.37B | +30% | +4% | 10% | 12.8× | -12.0% | +8.8% |
| Compagnie du Cambodge CBDG.PA | France | $6.33B | -11% | +45% | -11% | n/a | 55.9% | +269.1% |
| WPP WPP.L | United Kingdom | $5.93B | +58% | -6% | 9% | 7.8× | -8.1% | +2.5% |