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Employees: 1,669
Size Vulcan Steel (VSL.AX) is an Australia Industrials company (Wholesale Distributors) with a market value of $573M, the 244th largest of 316 Australia companies the cockpit tracks. Shares closed at A$5.64 on 6 Nov 2026.
Performance Over six months the shares fell 1.2%, against -11.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +5.6%); the operating margin is 5.7% (peer median 4.4%).
Valuation It trades at 26.1× forward earnings against a peer median of 22.0× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +8 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 2.9 points below its cost of capital (8.2% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$997M | A$1.00B | A$865M | A$985M | A$1.14B |
| Revenue growth | — | +16% | -12% | -14% | — |
| Gross profit | A$264M | A$280M | A$250M | A$302M | A$365M |
| EBITDA | A$125M | A$111M | A$99.4M | A$135M | A$192M |
| Net income | A$17.7M | A$17.8M | A$14.3M | A$37.0M | A$80.4M |
| Free cash flow | A$38.8M | A$40.1M | A$76.3M | A$131M | A$112M |
| Capital expenditure | A$22.2M | A$23.0M | A$19.4M | A$24.7M | A$21.0M |
| Total debt | n/a | A$518M | A$505M | A$539M | A$598M |
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.
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 | VSL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -5.3% | 3rd highest of 21 |
| 6-month return | -1.2% | -11.6% | 10th highest of 21 |
| Distance from 52-week high | -29.3% | -23.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +15.3% | +5.6% | 4th highest of 21 |
| Operating margin | 5.7% | 4.4% | 8th highest of 21 |
| Forward P/E | 26.1× | 22.0× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 16.3% | 1.9% | 4th most demanding of 14 |
| Growth delivered (Del g) | +8.0% | +6.5% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | +8.3 pp | -4.1 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | -2.9 pp | -1.4 pp | 7th lowest of 21 |
| EV / EBITDA | 10.6× | 9.6× | 4th most expensive of 10 |
| Net debt / EBITDA | 4.0× | 1.1× | 3rd most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vulcan Steel VSL.AX | Australia | $573M | -1% | +15% | 6% | 26.1× | 16.3% | +8.0% |
| Gifore Agricultural Science & Technology Service 300022.SZ | China | $571M | -21% | +8% | 0% | n/a | 39.8% | +2.1% |
| Soft99 4464.T | Japan | $562M | +11% | +5% | 14% | n/a | 1.9% | +3.1% |
| Zheshang Development 000906.SZ | China | $554M | -18% | +13% | 0% | 7.3× | n/a | n/a |
| Seika 8061.T | Japan | $594M | -13% | +12% | 8% | 12.2× | 4.2% | +8.6% |
| ACG Metals ACG.L | United Kingdom | $548M | +15% | +16% | 44% | 44.7× | n/a | n/a |
| Shanghai Material Trading 600822.SS | China | $548M | -12% | -47% | -1% | n/a | 31.1% | -26.6% |
| Alligo ALLIGO-B.ST | Sweden | $600M | -15% | +5% | 6% | 13.2× | 0.5% | +9.7% |
| Guomai Culture & Media 301052.SZ | China | $603M | +26% | -34% | -19% | 29.4× | n/a | n/a |
| Gansu Engineering Consulting 000779.SZ | China | $539M | -11% | +6% | 4% | 22.0× | -2.8% | -3.7% |
| Meier Tobler MTG.SW | Switzerland | $610M | +41% | +2% | 4% | 22.6× | 5.5% | +0.4% |
| ADENTRA ADEN.TO | Canada | $610M | +2% | +1% | 4% | 9.1× | -0.4% | +20.3% |
| Grand Industrial 000626.SZ | China | $536M | -24% | -7% | 0% | n/a | n/a | n/a |
| Kunshan TopA Intelligent Equipment 300836.SZ | China | $534M | -36% | +111% | 10% | 24.0× | n/a | n/a |
| Nichiden 9902.T | Japan | $532M | +22% | +9% | 5% | n/a | -3.8% | +6.5% |
| Wakita & 8125.T | Japan | $621M | +4% | +4% | 6% | n/a | 0.1% | +4.7% |
| China National Complete Plant Import & Export 000151.SZ | China | $524M | -16% | +16% | 1% | 45.2× | n/a | n/a |
| Shanghai Bloom Technology 603325.SS | China | $628M | -19% | -34% | 14% | n/a | n/a | n/a |
| Doright 300950.SZ | China | $522M | -24% | +9% | 7% | n/a | 37.0% | +17.4% |
| Tachibana Eletech 8159.T | Japan | $629M | +43% | +10% | 4% | 12.2× | 3.0% | +7.1% |
| Titan Machinery TITN | United States | $521M | +3% | -11% | 0% | n/a | -11.7% | +11.5% |