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Undervalued
Morningstar Quantitative Rating as of 29 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 10.83 Fair value 12.27 One-star price 13.90
Morningstar Quantitative Rating as of 29 OCT 2026.
Morningstar Quantitative Rating as of 29 OCT 2026. The slider runs from the five-star price (10.83) to the one-star price (13.90).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 9.75 |
| Price - 12 month high | 14.50 |
| Price - 12 month low | 9.10 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.83 |
| Market capitalization | 4,754.69 |
| 12 Month High price date | 3 NOV 2025 |
| 12 Month Low price date | 15 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.92 |
| Price - 1 Day % Change | -0.31% |
| Price - 13 week price percent change | -8.45% |
| Price - 26 week price percent change | -16.74% |
| Price - 5 Day % Change | 2.96% |
| Price - 52 week price percent change | -31.82% |
| Price - YTD price percent change | -22.43% |
| Price % Change Month To Date | 1.46% |
| EPS excluding extraordinary items - most recent fiscal year | 0.468 |
| EPS excluding extraordinary items - trailing 12 month | 0.468 |
| EPS Normalized - most recent fiscal year | 0.777 |
| Revenue/share - most recent fiscal year | 21.010 |
| Revenue/share - trailing 12 month | 21.010 |
| Book value per share - most recent fiscal year | 10.009 |
| Book value per share - most recent half-year | 10.009 |
| Book value (tangible) per share - most recent fiscal year | -1.240 |
| Book value (tangible) per share - most recent half-year | -1.240 |
| Cash per share - most recent fiscal year | 2.269 |
| Cash per share - most recent half-year | 2.269 |
| Cash Flow per share - most recent fiscal year | 0.789 |
| Cash Flow per share - trailing 12 month | 0.789 |
| Dividend per share - most recent fiscal year | 0.500 |
| Dividends per share - trailing 12 month | 0.500 |
| EBITD per share - trailing 12 month | 1.033 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.471 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.471 |
| EPS including extraordinary items - most recent fiscal year | 0.471 |
| EPS including extraordinary items - trailing 12 month | 0.471 |
| Free Cash Flow per share - trailing 12 month | 0.665 |
| P/E excluding extraordinary items, most recent fiscal year | 20.83 |
| P/E Normalized, most recent fiscal year | 12.55 |
| Price to sales - most recent fiscal year | 0.46 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 14.66 |
| Price to Cash Flow per share - trailing 12 month | 12.36 |
| Price to Book - most recent fiscal year | 0.97 |
| P/E excluding extraordinary items high, trailing 12 months | 23.72 |
| P/E excluding extraordinary items low, trailing 12 months | 14.95 |
| Net Debt, LFI | 1,676.00 |
| Net Debt, LFY | 1,738.00 |
| Dividend Yield - 5 Year Average | 3.59% |
| Dividend Yield - indicated annual dividend divided by closing price | 5.12% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 5.13% |
| Free Cash Flow - most recent fiscal year | 338.00 |
| LT debt/equity - most recent fiscal year | 36.16% |
| Payout ratio - most recent fiscal year | 106.84% |
| Total debt/total equity - most recent fiscal year | 58.36% |
| LT debt/equity - most recent half-year | 28.56% |
| Total debt/total equity - most recent half-year | 47.31% |
| Free Cash Flow - trailing 12 month | 338.00 |
| Payout ratio - trailing 12 month | 106.84% |
| Revenue - most recent fiscal year | 10,680.00 |
| Revenue - trailing 12 month | 10,680.00 |
| EBITD - most recent fiscal year | 525.00 |
| EBITD - trailing 12 month | 525.00 |
| Earnings before taxes - most recent fiscal year | 417.00 |
| Earnings before taxes - trailing 12 month | 417.00 |
| Net Income available to common - most recent fiscal year | 238.00 |
| Net Income available to common - trailing 12 months | 238.00 |
| Earnings before taxes Normalized - most recent fiscal year | 409.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 395.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.78 |
| Net Profit Margin % - 1st historical fiscal year | 2.36% |
| Net Profit Margin % - trailing 12 month | 2.36% |
| Operating margin - 1st historical fiscal year | 3.74% |
| Operating margin - trailing 12 month | 3.74% |
| Pretax margin - trailing 12 month | 3.90% |
| Pretax margin - 1st historical fiscal year | 3.90% |
| Operating Margin - 5 year average | 4.75% |
| Pretax Margin - 5 year average | 3.64% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 3.71% |
| Free Operating Cash Flow/Revenue, TTM | 3.16% |
| Net Profit Margin - 5 year average | 2.20% |
| Return on average assets - most recent fiscal year | 2.32% |
| Return on average assets - trailing 12 month | 2.32% |
| Return on average equity - most recent fiscal year | 4.75% |
| Return on average equity - trailing 12 month | 4.75% |
| Return on average assets - 5 year average | 2.22% |
| Return on average equity - 5 year average | 4.24% |
| Net Income/employee - most recent fiscal year | 6,237.62 |
| Revenue/employee - most recent fiscal year | 264,356.44 |
| Revenue growth rate, 5 year | 2.35% |
| EPS growth rate, 5 year | 24.57% |
| Growth rate% - dividend, 3 year | 0.00% |
| Revenue/share (5 yr growth) | 3.07% |
| Growth rate% - Revenue, 3 year | -1.93% |
| Growth rate% - EPS, 3 year | 88.39% |
| Book value per share growth rate, 5 year | -1.15% |
| Capital Spending growth rate, 5 year | -4.67% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 19.11% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
WOR -10.81%: FY26 numbers were broadly around the mark operationally, but management guided to only mid-to-high single-digit revenue and EBITA growth in FY27, well short of the ~15% growth embedded in consensus expectations. Add questions around backlog conversion, disruption in the Middle East and it was easy to see why the shares took a hit to reset expectations.
WOR -9.7%: fell today after increasing the expected earnings impact from Middle East project delays, while also flagging a sizeable foreign exchange headwind from the stronger Australian dollar.
We last looked at Worley back in February after the stock fell more than 10% after its 1H result raised questions around the quality of its earnings - covered here. At the time, we held onto our position but did put it under review; today we’re glad we stuck to our guns with the stock rallying more than +30% over the last four months, in a flat, choppy market.
WOR -10.2%: Was eventually hit hard after a 1H result that was ahead of consensus at the EBITDA line, but raised fresh concerns around the quality of earnings and the outlook for FY26 growth. Shares opened higher but fell away as the day progressed.
WOR –3.15% was down over 11% early before recovering on CEO comments at the AGM today. While they reconfirmed FY26 guidance, with moderate growth expectations retained, there were a few things that had the market of edge early.
WOR +11.02%: soared today as the market looked through the FY25 numbers to the years ahead. The company is targeting higher revenue growth in FY26 than in FY25. WOR also intends to focus on costs, with AI and technology enabling it to adopt a sharper focus on overheads.
WOR was the only MM Active Growth Portfolio stock to retreat on Tuesday. Overall, this was good news, but we must ask ourselves why. We believe the problem lies with overseas peer Fluor Corp (FLR US), which delivered a disappointing second-quarter result last week which fell well short of expectations, sending the stock tumbling over 30%.
We thought WOR was back on track in February when it delivered a very solid 1H result plus a supportive $500mn buyback, but that has not transpired with the stock retreating 30% after its initial rally.
WOR +10.27%: Good 1H25 result from Worley today with the key being an expansion in margins and a significant $US500m on market share buy-back.
Worley (WOR) is only up +4.4% year-to-date after posting an 11-week high on Wednesday, but it has bounced over 12% from its late December low.
MM is long but cautious toward WOR
MM remains bullish WOR despite today’s set-back
MM is long and bullish towards WOR around $13
MM is now reconsidering our position in WOR
MM has now turned neutral on WOR
MM remains long and bullish WOR
MM is considering cutting our WOR position
MM are trimming WOR in the Active Growth Portfolio, reducing to a 3% target weight
MM is long and bullish WOR
MM remains long & bullish WOR
Worley is a leading global provider of professional services, such as engineering, procurement, and construction management, to the oil, gas, mining, power, and infrastructure sectors. The purchase of Jacobs ECR in April 2019 reduced revenue contribution from hydrocarbons to just over 50%, from a prior 75%-80% position. Metals and mining contribute 23% and infrastructure and chemicals the balance. Worley has a global presence with about 59,000 staff in more than 50 countries. It has a strong presence in many developing economies, including Africa.
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