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Australia's largest general insurance broker network, owning stakes in broking firms and underwriting agencies across Australia and NZ.
Australia's largest general insurance broker network, owning stakes in broking firms and underwriting agencies across Australia and NZ.
Earns a share of the commissions that member brokers receive from insurers, plus fees for services to the network, plus profit from the broking firms and underwriting agencies it owns in whole or in part; the more premiums its brokers place, the larger the base. It also negotiates better terms with insurers on behalf of all members.
In one line: Australia's Brown & Brown.
Moat: narrow (scale, distribution, network effects). Largest broker cluster gives buying power with insurers and referral flow between member brokers.
Headquarters: Sydney, Australia · Founded: 1996
Size Steadfast (SDF.AX) is an Australia Financials company (Insurance Brokers/Services) with a market value of $4.46B, the 74th largest of 316 Australia companies the cockpit tracks. Shares closed at A$5.81 on 6 Nov 2026.
Performance Over six months the shares gained 46.0%, against +39.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 9 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +13.5%); the operating margin is 22.9% (peer median 19.1%).
Valuation It trades at 2.73× book value against a peer median of 5.63× (3rd cheapest of 7).
Price implies The share price implies a return on equity of about 14.3%; Steadfast delivers 11.3%, so the price asks more than the business earns today.
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.13B | A$2.13B | A$1.82B | A$1.67B | A$1.41B |
| Revenue growth | — | +17% | +9% | +18% | — |
| Gross profit | A$1.35B | A$1.34B | A$1.16B | A$1.04B | A$850M |
| EBITDA | A$602M | A$588M | A$489M | A$460M | A$392M |
| Net income | A$269M | A$269M | A$335M | A$228M | A$189M |
| Free cash flow | n/a | n/a | A$493M | A$289M | A$414M |
| Capital expenditure | A$29.1M | A$29.1M | A$8.20M | A$11.3M | A$16.2M |
| Total debt | n/a | A$1.99B | A$1.63B | A$1.30B | A$1.04B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Steadfast SDF.AX | $4.46B | +46% | +17% | 11% | 2.73× | 14.3% |
| AUB AUB.AX | $2.75B | +26% | +6% | 5% | 2.11× | 17.1% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
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 | SDF.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | +9.9% | 3rd lowest of 9 |
| 6-month return | +46.0% | +39.0% | 4th highest of 9 |
| Return on equity | 11.3% | 13.0% | 3rd lowest of 7 |
| Price / book | 2.73× | 5.63× | 3rd cheapest of 7 |
| Trailing P/E | 23.9× | 40.5× | 2nd cheapest of 8 |
| ROE the price implies | 14.3% | 27.9% | 2nd least demanding of 7 |
| ROE delivered | 11.3% | 13.0% | 3rd lowest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Steadfast SDF.AX | Australia | $4.46B | +46% | +17% | 11% | 2.73× | 14.3% | 11.3% |
| Baldwin Insurance BWIN | United States | $4.48B | +58% | +19% | -11% | 3.48× | 26.6% | -10.7% |
| CorVel CRVL | United States | $4.20B | +42% | +8% | 31% | 10.74× | 80.5% | 30.6% |
| Neptune Insurance NP | United States | $3.86B | -7% | +34% | n/a | n/a | n/a | n/a |
| AUB AUB.AX | Australia | $2.75B | +26% | +6% | 5% | 2.11× | 17.1% | 5.4% |
| Goosehead Insurance GSHD | United States | $1.97B | +36% | +18% | n/a | n/a | n/a | n/a |
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| TWFG TWFG | United States | $1.52B | +47% | +33% | 14% | 7.79× | 29.2% | 13.6% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |