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Australian outsourced administrator of salary packaging, novated leasing and fleet management for employers and employees.
Australian outsourced administrator of salary packaging, novated leasing and fleet management for employers and employees.
Employers hire it to run benefits such as salary packaging, paying a per-employee fee; employees then buy cars through novated leases (a car lease paid from pre-tax salary), and Smartgroup earns commissions and fees from the lenders and insurers behind each lease. Tax rules for packaging and for electric cars therefore directly affect volumes.
In one line: A niche payroll-benefits/fleet administrator.
Moat: narrow (switching costs, customer qualification, scale). Multi-year government/employer contracts and integrated payroll systems are costly for clients to switch.
Headquarters: Sydney, Australia · Founded: 1999 · Employees: 788
Size Smartgroup (SIQ.AX) is an Australia Industrials company (Miscellaneous Commercial Services) with a market value of $1.06B, the 168th largest of 316 Australia companies the cockpit tracks. Shares closed at A$11.14 on 6 Nov 2026.
Performance Over six months the shares gained 0.5%, against -14.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +10.2%); the operating margin is 36.6% (peer median 9.8%).
Valuation It trades at 16.8× forward earnings against a peer median of 17.6× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 106.3 points above its cost of capital (9.4% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$350M | A$329M | A$306M | A$252M | A$225M |
| Revenue growth | — | +8% | +22% | +12% | — |
| Gross profit | A$186M | A$175M | A$157M | A$130M | A$122M |
| EBITDA | A$147M | A$137M | A$121M | A$100M | A$94.3M |
| Net income | A$83.7M | A$79.4M | A$75.6M | A$61.9M | A$58.8M |
| Free cash flow | A$109M | A$110M | A$172M | A$49.2M | A$61.2M |
| Capital expenditure | A$28.0M | A$26.2M | A$23.5M | A$9.43M | A$14.9M |
| Total debt | n/a | A$91.2M | A$84.4M | A$72.3M | A$62.7M |
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 |
|---|---|---|---|---|---|---|
| Smartgroup SIQ.AX | $1.06B | +1% | +10% | 37% | 16.8× | -0.5% |
| Mcmillan Shakespeare MMS.AX | $913M | +12% | +8% | 30% | 11.5× | 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 | SIQ.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +1.3% | 9th lowest of 21 |
| 6-month return | +0.5% | -14.6% | 7th highest of 21 |
| Distance from 52-week high | -18.4% | -32.3% | 5th highest of 21 |
| Revenue growth (TTM) | +10.5% | +10.2% | 11th highest of 21 |
| Operating margin | 36.6% | 9.8% | 3rd highest of 21 |
| Forward P/E | 16.8× | 17.6× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | 0.0% | 6th least demanding of 11 |
| Growth delivered (Del g) | +8.8% | +10.3% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -9.3 pp | -12.3 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | +106.3 pp | -0.4 pp | highest of 19 |
| EV / EBITDA | 9.0× | 8.9× | 6th cheapest of 11 |
| Net debt / EBITDA | -1.4× | 1.9× | 3rd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Smartgroup SIQ.AX | Australia | $1.06B | +1% | +10% | 37% | 16.8× | -0.5% | +8.8% |
| Beijing Cuiwei Tower 603123.SS | China | $1.07B | -23% | -12% | -18% | n/a | n/a | n/a |
| BrightView BV | United States | $1.08B | -10% | +1% | 4% | 20.6× | n/a | n/a |
| Prosegur Cash CASH.MC | Spain | $1.09B | +5% | -5% | 11% | 9.6× | -13.0% | +5.7% |
| Neurones NRO.PA | France | $1.04B | +5% | +7% | 9% | 17.1× | -8.3% | +10.3% |
| Graincorp GNC.AX | Australia | $1.02B | +9% | -2% | 0% | 46.7× | n/a | n/a |
| FESCO 600861.SS | China | $1.11B | -18% | +4% | 1% | 10.4× | n/a | n/a |
| Willdan WLDN | United States | $1.01B | -25% | +18% | 7% | 14.5× | 15.4% | +11.8% |
| Shenzhen Boshijie Technology 301608.SZ | China | $1.00B | -20% | +15% | 14% | 20.9× | n/a | n/a |
| GL events GLO.PA | France | $991M | -14% | +6% | 10% | 8.7× | 3.1% | +29.1% |
| Shanghai Action Education Tehnology 605098.SS | China | $991M | -10% | +15% | 40% | 16.3× | -3.0% | +16.4% |
| Naruida Technology 688522.SS | China | $1.14B | -28% | +20% | 14% | 22.0× | n/a | n/a |
| Rites RITES.NS | India | $990M | -15% | +11% | 20% | 19.7× | 19.8% | +5.3% |
| EMTEK (Shenzhen) 300938.SZ | China | $1.16B | -44% | +11% | 27% | 33.1× | n/a | n/a |
| SBT Ultrasonic Technology 688392.SS | China | $1.16B | -19% | +42% | 17% | 52.9× | n/a | n/a |
| Beijing Haitian Ruisheng Science Technology 688787.SS | China | $1.17B | -1% | +34% | 4% | 163.5× | n/a | n/a |
| Shenzhen Aoni Electronic 301189.SZ | China | $1.18B | -17% | +139% | 2% | n/a | n/a | n/a |
| China East Education 0667.HK | Hong Kong | $1.18B | -18% | +16% | 22% | 8.4× | -6.1% | +4.1% |
| B2 Impact B2I.OL | Norway | $947M | +1% | +9% | 48% | 10.2× | -8.3% | +3.1% |
| Service Stream SSM.AX | Australia | $943M | +7% | +1% | 3% | 17.6× | 11.7% | +24.0% |
| Resolute Holdings Management RHLD | United States | $1.20B | +39% | +10% | 9% | n/a | 26.0% | n/a |