Loading…
Australian enterprise software company selling cloud ERP systems mainly to government, education, health and utility customers.
Australian enterprise software company selling cloud ERP systems mainly to government, education, health and utility customers.
Sells its enterprise software as a subscription it hosts itself, with annual recurring revenue the main measure. The same product is built once and sold to many similar organisations, councils, universities and agencies, which keeps customising work small. Most revenue comes from Australia, with the UK the main growth market, and it has moved from licences to subscription over the past decade.
In one line: Australia's Workday/Oracle for the public sector.
Moat: narrow (switching costs, installed base, regulatory licence). Deeply embedded government/institutional ERP systems that are costly and risky to replace.
Headquarters: Brisbane, Australia · Founded: 1987
Size Technology One (TNE.AX) is an Australia Information Technology company (Packaged Software) with a market value of $7.40B, the 46th largest of 316 Australia companies the cockpit tracks. Shares closed at A$32.65 on 6 Nov 2026.
Performance Over six months the shares gained 15.3%, against +14.9% for the median peer and +4.1% for the Australia market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 14.5% over the last twelve months (peer median +21.1%); the operating margin is 28.8% (peer median 10.9%).
Valuation It trades at 56.7× forward earnings against a peer median of 52.6× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +18 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 43.7 points above its cost of capital (11.1% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$631M | A$599M | A$506M | A$429M | A$368M |
| Revenue growth | — | +18% | +18% | +17% | — |
| Gross profit | A$254M | A$236M | A$212M | A$179M | A$155M |
| EBITDA | A$269M | A$254M | A$215M | A$173M | A$151M |
| Net income | A$141M | A$138M | A$118M | A$103M | A$88.8M |
| Free cash flow | A$303M | A$292M | A$206M | A$186M | A$139M |
| Capital expenditure | A$120M | A$106M | A$92.6M | A$90.1M | A$67.3M |
| Total debt | n/a | A$53.4M | A$59.7M | A$33.2M | A$35.3M |
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 |
|---|---|---|---|---|---|---|
| Technology One TNE.AX | $7.40B | +15% | +14% | 29% | 56.7× | 33.3% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Workday WDAY | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% |
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 | TNE.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.5% | -0.4% | 7th highest of 21 |
| 6-month return | +15.3% | +14.9% | 11th highest of 21 |
| Distance from 52-week high | -11.3% | -25.6% | 5th highest of 21 |
| Revenue growth (TTM) | +14.5% | +21.1% | 8th lowest of 21 |
| Operating margin | 28.8% | 10.9% | 6th highest of 21 |
| Forward P/E | 56.7× | 52.6× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 33.3% | 19.0% | 5th most demanding of 17 |
| Growth delivered (Del g) | +14.9% | +19.9% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | +18.4 pp | -6.8 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | +43.7 pp | -2.4 pp | 6th highest of 19 |
| EV / EBITDA | 39.0× | 22.6× | 3rd most expensive of 13 |
| Net debt / EBITDA | -0.7× | -1.3× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Technology One TNE.AX | Australia | $7.40B | +15% | +14% | 29% | 56.7× | 33.3% | +14.9% |
| InterDigital IDCC | United States | $7.35B | +2% | -12% | 45% | 41.4× | 13.4% | +18.4% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 1,291.3× | n/a | n/a |
| Duolingo DUOL | United States | $7.51B | +49% | +23% | 12% | 52.6× | 19.8% | +45.0% |
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% | +5.7% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 24.2× | 15.8% | +31.3% |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 54.7× | 53.7% | +60.8% |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 159.5× | n/a | n/a |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 357.4× | n/a | n/a |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 17.0× | -6.9% | +6.5% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 28.2× | 49.7% | +28.8% |
| Square Enix 9684.T | Japan | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% | -2.1% |
| MiniMax 0100.HK | Hong Kong | $7.00B | -81% | +159% | -407% | n/a | n/a | n/a |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% | +6.9% |
| ServiceTitan TTAN | United States | $7.89B | +36% | +23% | -13% | 55.6× | 20.7% | +27.1% |
| Gitlab GTLB | United States | $8.01B | +85% | +23% | -8% | 55.0× | 18.8% | +44.4% |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% | +16.8% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Xero XRO.AX | Australia | $8.36B | -13% | +27% | 13% | 66.7× | 25.9% | +25.3% |