GOODMAN GROUP (GMG)
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GMG

GMG - GOODMAN GROUP

FNArena Sector : Infra & Property Developers
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 4.44
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Goodman Group is an Australian commercial and industrial property group that owns, develops and manages warehouses, large scale logistics facilities, business and office parks in 17 countries. First listed in February 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$26.04

15 Sep
2026

-0.260

OPEN

$26.49

-0.99%

HIGH

$26.49

4,405,010

LOW

$25.98

TARGET
$34.101 31.0% upside
OTHER COMPANIES IN THE SAME SECTOR
CMW . CWP . FRI . FWD . GLF . GOZ . GPT . LIC . LLC . MGR . PPC . SFC . SGP . SIO . UOS .
FNARENA'S MARKET CONSENSUS FORECASTS
GMG: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 136.0 143.4 xxx
DPS (cps) xxx 30.0 30.0 xxx
EPS Growth xxx 59.3% 5.4% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 18.0 xxx
Dividend Yield xxx N/A 1.2% xxx
Div Pay Ratio(%) xxx 22.1% 20.9% xxx

Dividend yield today if purchased 3 years ago: 1.32%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.16

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/06 - (franking ex-div 15.00c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic 125.4183.283.0-5.285.4136.0
DPS All 30.030.030.030.030.030.0
Sales/Revenue 1,866.0 M2,056.3 M1,963.6 M1,962.0 M2,293.0 M2,656.6 M
Book Value Per Share 712.4879.2956.8923.41,147.61,220.1
Net Operating Cash Flow 1,114.7 M841.0 M1,284.2 M1,188.6 M959.6 M1,920.6 M
Net Profit Margin 123.90 %166.03 %79.44 %-5.04 %72.67 %104.60 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed 18.73 %23.08 %9.06 %-0.56 %8.16 %11.52 %
Return on Invested Capital 15.66 %19.80 %7.69 %-0.46 %6.76 %9.41 %
Return on Assets 13.99 %17.80 %6.85 %-0.41 %6.00 %8.52 %
Return on Equity 18.73 %23.08 %9.06 %-0.56 %8.16 %11.52 %
Return on Total Capital 3.30 %3.87 %2.19 %2.40 %1.92 %4.54 %
Free Cash Flow ex dividends 556.3 M277.9 M709.1 M610.7 M381.6 M1,269.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt 12 M146 M12 M11 M556 M16 M
Long Term Debt 2,142 M2,757 M3,348 M3,712 M4,719 M6,075 M
Total Debt 2,154 M2,903 M3,361 M3,723 M5,275 M6,091 M
Goodwill - Gross ------
Cash & Equivalents - Generic 920 M1,056 M1,360 M1,785 M3,957 M4,082 M
Price To Book Value 2.972.032.103.762.982.55

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex 7.0 M5.9 M13.0 M10.5 M6.4 M39.5 M
Capex % of Sales 0.38 %0.29 %0.66 %0.54 %0.28 %1.49 %
Cost of Goods Sold 918 M606 M638 M556 M790 M781 M
Selling, General & Admin. Exp & Other 456 M780 M880 M894 M1,024 M522 M
Research & Development ------
Investments - Total 3,423 M3,649 M3,895 M4,118 M7,328 M8,180 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

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xxx

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xx.xx%

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xx/xx/xxxx

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xx.xx%

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Citi

xx/xx/xxxx

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Morgans

02/09/2026

2

Accumulate

$33.20

27.50%

Morgans found the FY26 result from Goodman Group in line with expectations. Development earnings carried the results and offset softer management and property investment earnings.

The broker points out the market is watching the data centre pipeline, with work in progress having increased 53% to $19.7bn at an 8.2% yield on cost.

Morgans is positive about the medium-term earnings trajectory, supported by the funded development portfolio, low gearing and limited metropolitan land and power. Accumulate rating retained. Target is reduced to $33.20 from $36.00.

FORECAST
Morgans forecasts a full year FY27 dividend of 30.00 cents and EPS of 143.00 cents.
Morgans forecasts a full year FY28 dividend of 30.00 cents and EPS of 159.00 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

24/08/2026

2

Overweight

$35.14

34.95%

Goodman Group reported FY26 operating earnings per share of 129.9c, representing a 10.1% increase over FY25 and remaining consistent with consensus expectations.

Guidance for FY27 points to 9% operating earnings per share growth, translating to 141.6c, which sits slightly below prior consensus expectations although tracking in line with historical conservatism.

Operational updates highlighted recent leasing momentum, including a 50MW hyperscaler deployment at TY005, a robust work-in-progress pipeline of 19.7GW valued at over $18bn, and an upcoming target in 1H27 for an Australian capital partnership.

Despite near-term investor hesitation, Jarden views recent share price weakness as overdone and maintains an Overweight rating with an unchanged target price of $35.14.

FORECAST
Jarden forecasts a full year FY27 dividend of 30.00 cents and EPS of 141.60 cents.
Jarden forecasts a full year FY28 dividend of 31.00 cents and EPS of 154.30 cents.
Access Extra Coverage Research History >

GMG STOCK CHART

FNArena News on GMG

1
Rudi’s View: A Market Short On Rewards

Sep 16 2026 - Rudi's View
2
Rudi’s View: Post-August Stock Picks & Best Buys

Sep 10 2026 - Rudi's View
3
Rudi’s View: Australia Remains Outside The AI Party

Sep 09 2026 - Rudi's View
4
August 2026 Results – The Wrap

Sep 08 2026 - Feature Stories
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 28-08-26

Aug 28 2026 - Weekly Reports

Latest Infra & Property Developers News

1
Goodman Group Confident Of Contracts Flowing

Jun 01 2026 - Australia
2
August 2025 Results – The Wrap

Sep 12 2025 - Feature Stories
3
GemLife: A Gemstone For Australia’s Downsizers

Sep 11 2025 - Small Caps
4
Relax, Goodman’s Playing The Long Game

Aug 25 2025 - Australia
5
Goodman Group Revels In Data Centres Hot Seat

Jun 03 2025 - Australia
6
Treasure Chest: Goodman Group’s Data Centres

Apr 02 2025 - Treasure Chest
7
Treasure Chest: Stockland

Jan 15 2025 - Treasure Chest
8
GPT Group On The Up

Jul 16 2024 - Technicals
9
Treasure Chest: Stockland

Jun 26 2024 - Treasure Chest
10
ESG Focus: Do Data Centres Threaten ESG Targets?

Jun 24 2024 - ESG Focus