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Owner and operator of toll roads in Australian cities and the greater Washington DC area of the US.
Owner and operator of toll roads in Australian cities and the greater Washington DC area of the US.
Collects tolls from motorists under concessions that let it raise toll rates each year by set formulas, often tied to inflation, so revenue grows with traffic and indexation. Sydney, Melbourne and Brisbane carry most of the earnings, with Washington's express lanes, where tolls rise with congestion, as a smaller addition.
In one line: A toll-road infrastructure operator, akin to Cintra's toll assets.
Moat: wide (regulatory licence, installed base, scale). Long-dated exclusive government concessions on critical urban road corridors, essentially irreplaceable.
Headquarters: Melbourne, Australia · Founded: 1996 · Employees: 3,957
Size Transurban (TCL.AX) is an Australia Industrials company (Other Transportation) with a market value of $31.6B, the 14th largest of 316 Australia companies the cockpit tracks. Shares closed at A$14.60 on 6 Nov 2026.
Performance Over six months the shares gained 1.0%, against +9.9% for the median peer and +4.1% for the Australia market (cap-weighted) — 6th lowest of 18 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median +8.4%); the operating margin is 30.2% (peer median 26.6%).
Valuation It trades at 84.3× forward earnings against a peer median of 16.4× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +22 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 4.3 points below its cost of capital (7.5% WACC).
Credit Transurban has 12 bonds outstanding ($6.50B), rated BBB+ by the agencies and trading like A- at a weighted spread of 101 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$3.94B | A$3.85B | A$4.12B | A$4.12B | A$4.16B |
| Revenue growth | — | -7% | 0% | -1% | — |
| Gross profit | A$1.31B | A$1.22B | A$1.23B | A$1.28B | A$1.17B |
| EBITDA | A$2.35B | A$2.26B | A$2.16B | A$2.16B | A$2.06B |
| Net income | A$366M | A$366M | A$133M | A$326M | A$64.0M |
| Free cash flow | A$1.92B | A$1.92B | A$2.00B | A$2.04B | A$1.62B |
| Capital expenditure | A$422M | A$422M | A$907M | A$1.12B | A$1.18B |
| Total debt | n/a | A$20.9B | A$21.4B | A$20.0B | A$18.7B |
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 |
|---|---|---|---|---|---|---|
| Transurban TCL.AX | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
| Atlas Arteria ALX.AX | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
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 | TCL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.7% | +9.7% | 8th highest of 18 |
| 6-month return | +1.0% | +9.9% | 6th lowest of 18 |
| Distance from 52-week high | -6.5% | -12.6% | 8th highest of 18 |
| Revenue growth (TTM) | 0.0% | +8.4% | 3rd lowest of 18 |
| Operating margin | 30.2% | 26.6% | 9th highest of 18 |
| Forward P/E | 84.3× | 16.4× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 27.8% | 3.4% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +5.9% | +18.2% | lowest of 15 |
| Hurdle (Req g minus delivered) | +21.9 pp | -15.4 pp | most demanding of 15 |
| ROIC minus cost of capital | -4.3 pp | +0.9 pp | 3rd lowest of 18 |
| EV / EBITDA | 27.4× | 12.6× | most expensive of 11 |
| Net debt / EBITDA | 8.0× | 3.1× | most indebted of 11 |
| Bond spread | 101 bp | 95 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Transurban TCL.AX | Australia | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% | +5.9% |
| Mtr 0066.HK | Hong Kong | $27.2B | +1% | -6% | 15% | 10.8× | n/a | n/a |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Adani Ports & Special Economic Zone ADANIPORTS.NS | India | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% | +25.3% |
| Aena SME AENA.MC | Spain | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% | +23.6% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Jiangsu Expressway 600377.SS | China | $9.75B | +13% | +3% | 25% | 14.5× | n/a | n/a |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
Transurban has 12 bonds outstanding with $6.50B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 4.41%, a spread of 101 bp over government bonds.