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Overvalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 17.86 Fair value 24.00 One-star price 32.24
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (17.86) to the one-star price (32.24).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 32.18 |
| Price - 12 month high | 37.30 |
| Price - 12 month low | 20.14 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.16 |
| Market capitalization | 10,534.72 |
| 12 Month High price date | 4 NOV 2025 |
| 12 Month Low price date | 13 FEB 2026 |
| Volume - avg. trading volume for the last 3 months | 0.83 |
| Price - 1 Day % Change | -0.71% |
| Price - 13 week price percent change | 8.61% |
| Price - 26 week price percent change | 12.28% |
| Price - 5 Day % Change | 1.00% |
| Price - 52 week price percent change | -16.61% |
| Price - YTD price percent change | 15.09% |
| Price % Change Month To Date | 10.36% |
| EPS excluding extraordinary items - most recent fiscal year | 0.417 |
| EPS excluding extraordinary items - trailing 12 month | 0.429 |
| EPS Normalized - most recent fiscal year | 0.444 |
| Revenue/share - most recent fiscal year | 1.814 |
| Revenue/share - trailing 12 month | 1.907 |
| Book value per share - most recent fiscal year | 1.377 |
| Book value per share - most recent half-year | 1.308 |
| Book value (tangible) per share - most recent fiscal year | 0.430 |
| Book value (tangible) per share - most recent half-year | 0.993 |
| Cash per share - most recent fiscal year | 0.293 |
| Cash per share - most recent half-year | 0.123 |
| Cash Flow per share - most recent fiscal year | 0.893 |
| Cash Flow per share - trailing 12 month | 0.923 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.280 |
| EBITD per share - trailing 12 month | 0.814 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.421 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.433 |
| EPS including extraordinary items - most recent fiscal year | 0.421 |
| EPS including extraordinary items - trailing 12 month | 0.435 |
| Free Cash Flow per share - trailing 12 month | 0.560 |
| P/E excluding extraordinary items, most recent fiscal year | 74.96 |
| P/E Normalized, most recent fiscal year | 70.34 |
| Price to sales - most recent fiscal year | 16.88 |
| Price to Tangible Book - most fiscal year | 32.40 |
| Price to Free Cash Flow per Share - most recent fiscal year | 57.50 |
| Price to Cash Flow per share - trailing 12 month | 34.87 |
| Price to Book - most recent fiscal year | 24.61 |
| P/E excluding extraordinary items high, trailing 12 months | 91.99 |
| P/E excluding extraordinary items low, trailing 12 months | 48.33 |
| Net Debt, LFI | -196.01 |
| Net Debt, LFY | -266.26 |
| Dividend Yield - 5 Year Average | 0.91% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.87% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.87% |
| Free Cash Flow - most recent fiscal year | 188.14 |
| LT debt/equity - most recent fiscal year | 10.24% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 11.84% |
| LT debt/equity - most recent half-year | 10.27% |
| Total debt/total equity - most recent half-year | 11.55% |
| Free Cash Flow - trailing 12 month | 185.25 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 598.50 |
| Revenue - trailing 12 month | 631.23 |
| EBITD - most recent fiscal year | 255.70 |
| EBITD - trailing 12 month | 269.35 |
| Earnings before taxes - most recent fiscal year | 181.55 |
| Earnings before taxes - trailing 12 month | 188.69 |
| Net Income available to common - most recent fiscal year | 137.65 |
| Net Income available to common - trailing 12 months | 141.47 |
| Earnings before taxes Normalized - most recent fiscal year | 193.13 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.46 |
| Net Profit Margin % - 1st historical fiscal year | 23.00% |
| Net Profit Margin % - trailing 12 month | 22.41% |
| Operating margin - 1st historical fiscal year | 28.99% |
| Operating margin - trailing 12 month | 28.80% |
| Pretax margin - trailing 12 month | 29.89% |
| Pretax margin - 1st historical fiscal year | 30.33% |
| Operating Margin - 5 year average | 29.65% |
| Pretax Margin - 5 year average | 30.54% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 23.57% |
| Free Operating Cash Flow/Revenue, TTM | 29.35% |
| Net Profit Margin - 5 year average | 23.55% |
| Return on average assets - most recent fiscal year | 17.26% |
| Return on average assets - trailing 12 month | 17.32% |
| Return on average equity - most recent fiscal year | 33.15% |
| Return on average equity - trailing 12 month | 32.78% |
| Return on average assets - 5 year average | 18.45% |
| Return on average equity - 5 year average | 38.58% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 14.95% |
| EPS growth rate, 5 year | 16.30% |
| Growth rate% - dividend, 3 year | 18.82% |
| Revenue/share (5 yr growth) | 14.32% |
| Growth rate% - Revenue, 3 year | 17.57% |
| Growth rate% - EPS, 3 year | 15.08% |
| Book value per share growth rate, 5 year | 25.33% |
| Capital Spending growth rate, 5 year | 18.86% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 20.12% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | SEP 21 | SEP 22 | SEP 23 | SEP 24 | SEP 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
TechnologyOne is Australia’s leading enterprise software company, providing mission-critical Enterprise Resource Planning software across finance, payroll, assets and student administration to more than 1,300 government, education and public-sector organisations across Australia, New Zealand and the UK. Its software sits at the core of customer operations, creating high switching costs, long customer relationships and very sticky recurring revenue.
Historically softening bond yields has been a tailwind for ASX tech stocks but the “AI Disruption Trade” has put a massive spanner in the works of common correlations. However, TNE has shown signs of flourishing, as opposed to perishing at the hands of AI, and its performance has reflected this, with the stock up +7.4% in 2026 materially outperforming many ASX software peers that have fallen 30–50% over the same period.
TNE -2.93%: eased after delivering a solid 1H result that was slightly below elevated expectations, with revenue and profit missing consensus despite recurring revenue growth remaining strong.
TNE has bounced ~35% from its mid-February low after it struck a confident tone at its AGM, guiding to the top end of its full-year profit growth range and highlighting a strong second-half outlook. Recurring revenue momentum remains solid, reinforcing TNE’s position as one of the highest-quality SaaS names on the ASX.
We liked TNE result last month which saw markets relax towards the impact of AI on its business model. Assuming we get a spike down early this week we like the risk/reward ~$23, but this could easily prove too pedantic hence we may “pay up” through the week. Short term volatility is likely to be high this morning and anything could happen.
TNE provides cloud-based business management solutions, including finance, HR, payroll, student and asset management systems, primarily to government, education and regulated industries. The stock rallied ~8% after hosting its AGM earlier this month where it painted a positive outlook supported by strong numbers - details Here. There was no significant mention of AI but while it’s a Saas business much of its operation will be out of sight to AI Bots.
TNE +8.2%: hosted their AGM today and struck a confident tone, guiding to the high end of its full-year profit growth range and highlighting a robust second-half outlook. Recurring revenue momentum remains strong, reinforcing TNE’s position as one of the highest-quality SaaS names on the ASX.
We’ve discussed TNE a few times of late Here with the stock on our Active Growth Portfolios Hitlist.
As we look to increase this portfolio's exposure to tech stocks, two companies came under our microscope on Tuesday: SEEK (SEK) and Technology One (TNE). Two very different companies, but the value compression across ASX growth names has weighed on both.
MM is bullish towards TNE around $32
MM is bullish towards TNE around $30
MM remains cautiously bullish toward TNE
MM would get bullish TNE from $25
Trade Idea: Buy Technology One Ltd (TNE) at $23.20 with stops at $21.70, around 6% risk
MM is cautiously bullish towards TNE ~$23
MM is bullish TNE ~$23
MM is bullish towards TNE around $26
MM is bullish on TNE around $27
MM is neutral towards TNE ~$29.30
Technology One is a technology company providing enterprise resource planning software, primarily to governmental organizations, educational institutions, and healthcare organizations in Australia, New Zealand, and the United Kingdom. Overthe past three decades, Technology One has successfully carved out its niche, boasting dominant market shares in some of its key verticals, world-leading annual customer retention rates of over 99%, and a consistently growing number of products used per customer.
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