Downer EDI (DOW) $7.81
DOW +1%: The market has been looking for signs that Downer’s simplified, core-services strategy is translating into more consistent profitability – this result covered that off.
Downer (DOW)
DOW $7.39
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Performance
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Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 7.39
- Change
- ▲ 0.11 (1.51)
- Bid / Ask
- 7.37 - 7.39
- Volume
- 1,242,458
- Turnover
- 9,099,892
- Open
- 7.31
- Day Range
- 7.25 - 7.39
- VWAP
- 7.36
- Prev Close
- 7.28
- Last Trade
- 12/11 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Industrials
- Shares Issued
- 652,821,549
- NTA/Share
- 0.22
- Last Dividend
- 0.16
- Dividend Ex Date
- 2 SEP 2026
- Dividend Pay Date
- 1 OCT 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 9,704.80
- EBITDA
- 667.80
- Profit
- 216.50
- Earnings Per Share (EPS)
- 0.33
- Dividend Per Share (DPS)
- 0.27
- Yield %
- 4.11
- Market Cap
- 4,824.35
- Price to Earnings Ratio (P/E)
- 22.67
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 9,863.05
- EBITDA
- —
- Profit
- 313.44
- Earnings Per Share (EPS)
- 0.47
- Dividend Per Share (DPS)
- 0.32
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Strong
- Uncertainty
- Low
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 7.39 Fair value 8.15 One-star price 8.99
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 8.15
- Price / Fair Value
- 0.88
- Valuation
- Undervalued
- Uncertainty
- Low
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (7.39) to the one-star price (8.99).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 7.10 |
| Price - 12 month high | 8.66 |
| Price - 12 month low | 6.25 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.82 |
| Market capitalization | 4,635.03 |
| 12 Month High price date | 2 MAR 2026 |
| 12 Month Low price date | 2 SEP 2026 |
| Volume - avg. trading volume for the last 3 months | 2.28 |
| Price - 1 Day % Change | -0.98% |
| Price - 13 week price percent change | -11.03% |
| Price - 26 week price percent change | -7.67% |
| Price - 5 Day % Change | 0.28% |
| Price - 52 week price percent change | -8.03% |
| Price - YTD price percent change | -10.69% |
| Price % Change Month To Date | 5.50% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.326 |
| EPS excluding extraordinary items - trailing 12 month | 0.326 |
| EPS Normalized - most recent fiscal year | 0.461 |
| Revenue/share - most recent fiscal year | 14.600 |
| Revenue/share - trailing 12 month | 14.600 |
| Book value per share - most recent fiscal year | 2.977 |
| Book value per share - most recent half-year | 2.977 |
| Book value (tangible) per share - most recent fiscal year | 0.224 |
| Book value (tangible) per share - most recent half-year | 0.224 |
| Cash per share - most recent fiscal year | 1.163 |
| Cash per share - most recent half-year | 1.163 |
| Cash Flow per share - most recent fiscal year | 0.757 |
| Cash Flow per share - trailing 12 month | 0.757 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.292 |
| EBITD per share - trailing 12 month | 1.005 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.326 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.326 |
| EPS including extraordinary items - most recent fiscal year | 0.326 |
| EPS including extraordinary items - trailing 12 month | 0.326 |
| Free Cash Flow per share - trailing 12 month | 0.539 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 21.78 |
| P/E Normalized, most recent fiscal year | 15.39 |
| Price to sales - most recent fiscal year | 0.49 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 13.17 |
| Price to Cash Flow per share - trailing 12 month | 9.38 |
| Price to Book - most recent fiscal year | 2.39 |
| P/E excluding extraordinary items high, trailing 12 months | 39.95 |
| P/E excluding extraordinary items low, trailing 12 months | 19.42 |
| Net Debt, LFI | 634.70 |
| Net Debt, LFY | 596.50 |
| Dividend Yield - 5 Year Average | 3.62% |
| Dividend Yield - indicated annual dividend divided by closing price | 4.11% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.11% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 358.40 |
| LT debt/equity - most recent fiscal year | 59.47% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 64.26% |
| LT debt/equity - most recent half-year | 33.50% |
| Total debt/total equity - most recent half-year | 61.84% |
| Free Cash Flow - trailing 12 month | 358.40 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 9,704.80 |
| Revenue - trailing 12 month | 9,704.80 |
| EBITD - most recent fiscal year | 667.80 |
| EBITD - trailing 12 month | 667.80 |
| Earnings before taxes - most recent fiscal year | 318.30 |
| Earnings before taxes - trailing 12 month | 318.30 |
| Net Income available to common - most recent fiscal year | 216.50 |
| Net Income available to common - trailing 12 months | 216.50 |
| Earnings before taxes Normalized - most recent fiscal year | 339.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 306.70 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.46 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 2.32% |
| Net Profit Margin % - trailing 12 month | 2.32% |
| Operating margin - 1st historical fiscal year | 3.63% |
| Operating margin - trailing 12 month | 3.63% |
| Pretax margin - trailing 12 month | 3.28% |
| Pretax margin - 1st historical fiscal year | 3.28% |
| Operating Margin - 5 year average | 2.05% |
| Pretax Margin - 5 year average | 1.05% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 2.72% |
| Free Operating Cash Flow/Revenue, TTM | 3.69% |
| Net Profit Margin - 5 year average | 0.51% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 3.56% |
| Return on average assets - trailing 12 month | 3.56% |
| Return on average equity - most recent fiscal year | 11.28% |
| Return on average equity - trailing 12 month | 11.28% |
| Return on average assets - 5 year average | 0.67% |
| Return on average equity - 5 year average | 2.10% |
| Net Income/employee - most recent fiscal year | 8,669.23 |
| Revenue/employee - most recent fiscal year | 373,261.54 |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | -3.36% |
| EPS growth rate, 5 year | 5.58% |
| Growth rate% - dividend, 3 year | 16.67% |
| Revenue/share (5 yr growth) | -1.51% |
| Growth rate% - Revenue, 3 year | -5.87% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -6.82% |
| Capital Spending growth rate, 5 year | -12.67% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -4.24% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
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 |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Downer EDI Ltd (DOW) $7.82
DOW is a large Australian integrated services company that designs, builds, and maintains infrastructure across transport, utilities, facilities, and energy sectors – so not as directly linked to mining as the others. On Monday, the stock closed only +0.9% higher, even after hearing they'd won a 15-year $750mn services contract from Chevron, which begins in January.
Downer EDI Ltd (DOW) $6.40
DOW has rallied strongly in 2025, with the engineering and infrastructure stock up over 20% year-to-date, even more than CBA! A clear standout in the group, more than doubling from its 2023 lows delivering a strong 1H for FY25, including cutting costs by a whopping $180mn.
Ventia (VNT) $3.33 & Downer EDI (DOW) $5.37
VNT -22.56% & DOW -5.95%: A tough day for both, though Ventia was the harder hit given the allegations are more influential to them. The ACCC announced civil proceedings against divisions of both companies as well as targeting four senior executives, for “alleged price fixing relating to estate maintenance and operation services for the Department of Defence. Both firms provide services to Department of Defence under separate billion-dollar contracts.
Downer (DOW) $4.79
DOW +11.14%: the services contractor posted strong 1H numbers, helping to stock crack 52-week highs. Management has been focussing on margins, so while revenue climbed 7%, Earnings (EBITDA) was up 13% to $151m, around 3% ahead of consensus.
Downer (DOW) $3.02
DOW -23.74%: a brutal reaction to a poor 1H result for the facilities contractor as contract losses and a restructure weighed on the outlook. Profit fell 20% to $68m while a $12m post-tax hit will be taken in the 2H following a revenue recognition error on an ongoing contract.
Downer (DOW) $3.82
DOW -20.42%: The contractor came clean this morning about an accounting issue, having incorrectly recognised revenue from a long-term, maintenance contract to the tune of $40m. As a result, they cut FY earnings guidance by $8-10m and had to explain away issues with their internal systems that led to the embarrassing mess. While it will have...
Reporting Today (GMG, MGR, DOW, QBE, WPL, TLS, NAB, AMP)
Telstra (TLS) FY21 Result: The headline act today and it looks a solid one, plus the commentary from CEO Andy Penn is bullish. At the top line, revenue of $23.1bn was a shade below expectations for $23.5bn, EBITDA of $7.4bn as expected, NPAT of $1.9bn inline with expectations and the dividend confirmed at 16cps. EPS was better at 15.4c v 13.5c expected and they announced a $1.35bn on market buy back. FY22 guidance is for underlying EBITDA of $7-7.3bn, the market is already at $7.4bn so slightly below in terms of guidance, but should be okay.
Downer (DOW) $5.71
DOW +7.33%: The global contractor Downer was higher today after announcing it would buy back up to 10% of its stock.
Action
Updated
19/02/2026
17:22
DOW
Updated 19/02/2026 17:22
MM is cautiously bullish DOW ~$7.80
Updated
11/11/2025
10:54
DOW
Updated 11/11/2025 10:54
MM is cautiously bullish towards DOW
Updated
07/07/2025
09:33
DOW
Updated 07/07/2025 09:33
MM is cautiously bullish DOW
Updated
15/02/2024
08:50
DOW
Updated 15/02/2024 08:50
MM is bullish DOW, a turn around story gaining momentum
Updated
28/02/2023
08:52
DOW
Updated 28/02/2023 08:52
MM has no interest in DOW
Updated
08/12/2022
17:24
DOW
Updated 08/12/2022 17:24
MM has no interest in DOW, not just a result of today’s debacle
Updated
28/04/2021
17:00
DOW
Updated 28/04/2021 17:00
MM is bullish DOW
Business Summary
Downer conducts construction and maintenance in the transport, technology and communications, utilities, rail, and defense segments. The future of Downer is focused on urban services, with mining and higher-risk construction businesses exited. Downer has strong relationships with local and state governments that outsource operational and management activities, ensuring a relatively consistent stream of recurring contract work. The transport segment contributes the majority of earnings.
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