Loading…
Australian conglomerate retailer running Bunnings (home improvement), Kmart/Target (discount department stores), Officeworks and a chemicals/industrials arm.
Australian conglomerate retailer running Bunnings (home improvement), Kmart/Target (discount department stores), Officeworks and a chemicals/industrials arm.
Earns mainly from store sales, with Bunnings the largest earner, while industrial arms sell chemicals and fertiliser to mining and farming customers. It demerged the Coles supermarkets in 2018 and bought Australian Pharmaceutical Industries in 2022, adding the Priceline pharmacy network and health distribution.
In one line: A mix of Home Depot and Walmart, plus a chemicals business.
Moat: narrow (scale, brand, distribution). Bunnings' scale and store network give it dominant share in Australian home-improvement retail.
Headquarters: Perth, Australia · Founded: 1914 · Employees: 100,000
Size Wesfarmers (WES.AX) is an Australia Consumer Discretionary company (Home Improvement Chains) with a market value of $64.0B, the 7th largest of 316 Australia companies the cockpit tracks. Shares closed at A$81.33 on 6 Nov 2026.
Performance Over six months the shares gained 13.7%, against +10.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 8th highest of 16 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +4.7%); the operating margin is 8.7% (peer median 6.0%).
Valuation It trades at 30.5× forward earnings against a peer median of 13.7× (most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +14 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 4.1 points above its cost of capital (10.1% WACC).
Credit Wesfarmers has 3 bonds outstanding ($1.58B), rated A- by the agencies and trading like BBB+ at a weighted spread of 106 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$47.1B | A$47.1B | A$45.6B | A$44.0B | A$43.4B |
| Revenue growth | — | +3% | +3% | +1% | — |
| Gross profit | A$7.27B | A$7.27B | A$6.96B | A$6.78B | A$6.48B |
| EBITDA | A$5.93B | A$5.93B | A$5.66B | A$5.74B | A$5.53B |
| Net income | A$2.87B | A$2.87B | A$2.93B | A$2.56B | A$2.46B |
| Free cash flow | A$3.08B | A$3.08B | A$3.42B | A$3.52B | A$2.89B |
| Capital expenditure | A$1.19B | A$1.19B | A$1.15B | A$1.08B | A$1.29B |
| Total debt | n/a | A$12.7B | A$11.2B | A$11.3B | A$11.2B |
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 |
|---|---|---|---|---|---|---|
| Wesfarmers WES.AX | $64.0B | +14% | +3% | 9% | 30.5× | 20.6% |
| Woolworths WOW.AX | $35.8B | +29% | +4% | 4% | 28.8× | 8.8% |
| JB Hi-Fi JBH.AX | $5.86B | +8% | +5% | 7% | 18.1× | 6.7% |
| Coles COL.AX | $21.0B | +7% | +3% | 4% | 24.4× | 5.5% |
| Metcash MTS.AX | $2.55B | +12% | 0% | 3% | 14.1× | 0.9% |
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 | WES.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | +10.2% | 8th lowest of 16 |
| 6-month return | +13.7% | +10.4% | 8th highest of 16 |
| Distance from 52-week high | -12.8% | -7.4% | 4th lowest of 16 |
| Revenue growth (TTM) | +3.4% | +4.7% | 7th lowest of 16 |
| Operating margin | 8.7% | 6.0% | 5th highest of 16 |
| Forward P/E | 30.5× | 13.7× | most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 20.6% | 1.6% | most demanding of 15 |
| Growth delivered (Del g) | +6.9% | +3.3% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | +13.7 pp | -0.5 pp | most demanding of 15 |
| ROIC minus cost of capital | +4.1 pp | -0.1 pp | 6th highest of 16 |
| EV / EBITDA | 17.6× | 8.3× | most expensive of 15 |
| Net debt / EBITDA | 2.0× | 1.8× | 8th most indebted of 16 |
| Bond spread | 106 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wesfarmers WES.AX | Australia | $64.0B | +14% | +3% | 9% | 30.5× | 20.6% | +6.9% |
| Lowe's LOW | United States | $126B | -2% | +8% | 11% | 18.0× | 2.7% | -0.8% |
| Home Depot (The) HD | United States | $343B | +9% | +2% | 12% | 22.4× | 9.0% | +4.5% |
| Kingfisher KGF.L | United Kingdom | $8.17B | +34% | +1% | 5% | 13.9× | 5.7% | +1.0% |
| Floor & Decor FND | United States | $5.34B | -1% | +2% | 6% | 27.3× | 17.7% | +14.1% |
| Clas Ohlson CLAS-B.ST | Sweden | $3.49B | +33% | +10% | 13% | 23.7× | 6.8% | +8.6% |
| HORNBACH Holding AG & Co. KGaA HBH.DE | Germany | $1.66B | +18% | +5% | 4% | 10.2× | -3.6% | +3.4% |
| DCM 3050.T | Japan | $1.40B | +10% | +5% | 6% | 12.5× | -1.7% | +2.9% |
| Komeri 8218.T | Japan | $1.21B | +17% | +3% | 6% | 11.8× | -6.8% | 0.0% |
| Sangetsu 8130.T | Japan | $1.15B | +4% | +4% | 10% | 13.7× | -10.8% | +7.3% |
| Kohnan Shoji 7516.T | Japan | $925M | +15% | +6% | 5% | 10.1× | 0.4% | +3.3% |
| Joyful Honda 3191.T | Japan | $859M | +10% | +5% | 6% | n/a | 1.1% | +0.3% |
| Arclands 9842.T | Japan | $748M | +6% | +8% | 4% | 9.4× | 2.2% | +14.2% |
| Byggmax BMAX.ST | Sweden | $393M | +42% | +2% | 6% | 13.7× | -0.4% | -2.0% |
| Victorian Plumbing VIC.L | United Kingdom | $386M | +15% | +7% | 6% | 16.9× | 11.0% | +8.2% |
| NAFCO 2790.T | Japan | $346M | -12% | -3% | 1% | n/a | n/a | n/a |
Wesfarmers has 3 bonds outstanding with $1.58B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 4.11%, a spread of 106 bp over government bonds.