# Brambles (BXB.AU)

Canonical: https://gigainvestors.com/s/BXB.AU

Analysis as of: 2026-10-16T07:34:52.263Z. Financial observations: FY2006–FY2026.

Listing currency: AUD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 19.84 per share; close as of 2026-10-15.

Estimated value: low AUD 8.39 per share, central AUD 10.42 per share, high AUD 12.16 per share. Buy at or below the central value AUD 10.42 per share. Valuation as of 2026-10-16T07:34:52.263Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.14×

- FY2021: 0.13×

- FY2022: 0.12×

- FY2023: 0.17×

- FY2024: 0.19×

- FY2025: 0.20×

- FY2026: 0.17×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 13.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.6%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 13.8 pp

- Typical gross margin (annual median): 34.5%

- Recent gross margin (lower of latest and 3-year median): 20.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.2%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 13.0%

- FY2018: 13.5%

- FY2019: 16.8%

- FY2020: 11.3%

- FY2021: 10.3%

- FY2022: 9.0%

- FY2023: 13.8%

- FY2024: 15.7%

- FY2025: 16.7%

- FY2026: 14.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.4B

- Net income, five-year total: $4.0B

- Return on incremental invested capital: 4.4%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.8 pp

- Working capital / revenue, final three-year average: 7.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -0.34×

- FY2023: 0.53×

- FY2024: 0.78×

- FY2025: 0.98×

- FY2026: 0.78×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- ROIC first 3 years vs last 3 years: 13.5% vs 15.7%

- Per-share earnings: 0.37 to 0.65 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: $7.5B

- Cumulative retained earnings: $3.9B

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.4%

- Per-share value change: $0.28

- Per-share value, starting three-year median: $0.37

- Per-share value, ending three-year median: $0.65

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 3.5%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $440M

- Cumulative net income, 10 years: $7.3B

- ROIC, first three-year median: 13.5%

- ROIC, last three-year median: 15.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.11

- FY2018: $0.43

- FY2019: $0.93

- FY2020: $0.30

- FY2021: $0.36

- FY2022: $0.43

- FY2023: $0.51

- FY2024: $0.56

- FY2025: $0.65

- FY2026: $0.72

### accounting: pass

- Sloan accruals: -10.7%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -17.2%

- FY2018: -12.6%

- FY2019: 2.5%

- FY2020: -20.5%

- FY2021: -19.4%

- FY2022: -20.1%

- FY2023: -24.6%

- FY2024: -11.7%

- FY2025: -9.8%

- FY2026: -10.7%

## Holders

## Price story

Down 24% since Aug 2025 · sales +5.3%

Story as of 2026-10-16T10:00:02.866Z; price observation 2026-10-15.

Price needs cash profits to grow 11.2% a year for ten years

### Sales · FY2025–2026

sales +5.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: $5.2B 

- FY2018: $4.6B 

- FY2019: $4.8B 

- FY2020: $4.8B 

- FY2021: $5.2B 

- FY2022: $5.6B 

- FY2023: $6.3B 

- FY2024: $6.7B 

- FY2025: $6.8B 

- FY2026: $7.2B 

### Gross margin · FY2026

gross margin 20.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 33.8% 

- FY2018: 35.7% 

- FY2019: 35.6% 

- FY2020: 34.6% 

- FY2021: 35.9% 

- FY2022: 34.9% 

- FY2023: 34.4% 

- FY2024: 34.5% 

- FY2025: 34.5% 

- FY2026: 20.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty business services; annual sales are USD 7.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2026: revenue 7197525292; grossProfit 1490521040; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BXB.AU: Brambles Limited provides supply chain logistics solutions. The company operates through CHEP Americas, CHEP EMEA, and CHEP Asia-Pacific segments. It offers pallets, crates, and containers to transport goods in supply chains through its share and reuse network. The company also provides end-to-end quality assurance, promo insights, and proof of delivery solutions. It serves consumer staples, retail, automotive, and general manufacturing industries. Brambles Limited was founded in 1875 and is based in Sydney, Australia.

### Why customers stay

Margins ranged from 20.7% to 34.5% during 2024–26; it earns 13.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2024: grossProfit / revenue = 34.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2025: grossProfit / revenue = 34.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2026: grossProfit / revenue = 20.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); 10-year return on capital observations [[2017,0.1295966470308091],[2018,0.13511989580321232],[2019,0.16794566327922714],[2020,0.11291949419601587],[2021,0.10323770244897959],[2022,0.0899717057969331],[2023,0.1375389242239362],[2024,0.15656870949080834],[2025,0.16653262970064864],[2026,0.14337696880345474]]; median 0.13632941001357426. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); Gross margin observations: [[2021,0.3593995930745902],[2022,0.34945762650884166],[2023,0.3436203278585065]]; range within 2 percentage points.

### Where the cash goes

Spends 27.1% of cash earnings on expansion; earns 4.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2017: growth capex 156756090.05520248; upkeep 683896058.9447975; owner earnings 25703941.055202484. Growth capex / owner earnings = 6.0985235578679875.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2018: growth capex 0; upkeep 852310119; owner earnings 419889881. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2019: growth capex 104043234.36969924; upkeep 755779655.6303008; owner earnings 1196220344.3696992. Growth capex / owner earnings = 0.08697664678535516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2021: growth capex 309978859.4448302; upkeep 773221140.5551698; owner earnings 271858859.4448302. Growth capex / owner earnings = 1.1402198187612713.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2023: growth capex 762678648.8596181; upkeep 921821351.1403819; owner earnings 375598648.85961807. Growth capex / owner earnings = 2.030568137492617.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2024: growth capex 334000000; upkeep 802000000; owner earnings 606000000. Growth capex / owner earnings = 0.5511551155115512.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2025: growth capex 125653908.28135705; upkeep 806446091.718643; owner earnings 880523291.281357. Growth capex / owner earnings = 0.14270367351498753.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2026: growth capex 207661213; upkeep 913116592; owner earnings 765324856. Growth capex / owner earnings = 0.2713373430537058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); Incremental return on capital 0.04449140266337339, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); Dividend observations: [[2017,348000000],[2018,352000000],[2019,328100000],[2020,473900000],[2021,280800000],[2022,304800000],[2023,318600000],[2024,406000000],[2025,531500000],[2026,619406789]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); FY2026: cash repurchases 540307489 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BXB.AU SharesStats.PercentInsiders = 0.592 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.2% yearly over ten years; actual growth was 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:52.263Z); Ten-year compound average after fade. Initial solved rate 0.14777051394117857. Price 19.84; FX 1.4454626926079037; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.19856910546139359 → FY2026 0.5640616722776193. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 11.53 per share

- 2016-11: AUD 11.78 per share

- 2016-12: AUD 12.40 per share

- 2017-01: AUD 10.41 per share

- 2017-02: AUD 9.31 per share

- 2017-03: AUD 9.35 per share

- 2017-04: AUD 10.34 per share

- 2017-05: AUD 10.37 per share

- 2017-06: AUD 9.73 per share

- 2017-07: AUD 9.24 per share

- 2017-08: AUD 9.31 per share

- 2017-09: AUD 9.00 per share

- 2017-10: AUD 9.46 per share

- 2017-11: AUD 10.22 per share

- 2017-12: AUD 10.07 per share

- 2018-01: AUD 9.90 per share

- 2018-02: AUD 9.60 per share

- 2018-03: AUD 9.98 per share

- 2018-04: AUD 9.87 per share

- 2018-05: AUD 9.03 per share

- 2018-06: AUD 8.88 per share

- 2018-07: AUD 9.88 per share

- 2018-08: AUD 10.97 per share

- 2018-09: AUD 10.90 per share

- 2018-10: AUD 10.62 per share

- 2018-11: AUD 10.27 per share

- 2018-12: AUD 10.15 per share

- 2019-01: AUD 10.64 per share

- 2019-02: AUD 11.76 per share

- 2019-03: AUD 11.76 per share

- 2019-04: AUD 12.05 per share

- 2019-05: AUD 12.11 per share

- 2019-06: AUD 12.88 per share

- 2019-07: AUD 13.12 per share

- 2019-08: AUD 11.30 per share

- 2019-09: AUD 11.40 per share

- 2019-10: AUD 11.97 per share

- 2019-11: AUD 12.55 per share

- 2019-12: AUD 11.72 per share

- 2020-01: AUD 12.63 per share

- 2020-02: AUD 11.96 per share

- 2020-03: AUD 10.56 per share

- 2020-04: AUD 11.08 per share

- 2020-05: AUD 11.64 per share

- 2020-06: AUD 10.87 per share

- 2020-07: AUD 10.78 per share

- 2020-08: AUD 11.09 per share

- 2020-09: AUD 10.49 per share

- 2020-10: AUD 9.59 per share

- 2020-11: AUD 10.96 per share

- 2020-12: AUD 10.60 per share

- 2021-01: AUD 10.57 per share

- 2021-02: AUD 9.90 per share

- 2021-03: AUD 10.58 per share

- 2021-04: AUD 10.40 per share

- 2021-05: AUD 10.82 per share

- 2021-06: AUD 11.44 per share

- 2021-07: AUD 11.62 per share

- 2021-08: AUD 12.11 per share

- 2021-09: AUD 10.77 per share

- 2021-10: AUD 10.04 per share

- 2021-11: AUD 10.01 per share

- 2021-12: AUD 10.63 per share

- 2022-01: AUD 9.67 per share

- 2022-02: AUD 9.90 per share

- 2022-03: AUD 9.91 per share

- 2022-04: AUD 10.55 per share

- 2022-05: AUD 10.88 per share

- 2022-06: AUD 10.71 per share

- 2022-07: AUD 11.45 per share

- 2022-08: AUD 12.38 per share

- 2022-09: AUD 11.41 per share

- 2022-10: AUD 11.68 per share

- 2022-11: AUD 12.11 per share

- 2022-12: AUD 12.07 per share

- 2023-01: AUD 11.99 per share

- 2023-02: AUD 12.87 per share

- 2023-03: AUD 13.43 per share

- 2023-04: AUD 14.25 per share

- 2023-05: AUD 13.74 per share

- 2023-06: AUD 14.41 per share

- 2023-07: AUD 14.07 per share

- 2023-08: AUD 14.97 per share

- 2023-09: AUD 14.32 per share

- 2023-10: AUD 13.11 per share

- 2023-11: AUD 13.34 per share

- 2023-12: AUD 13.60 per share

- 2024-01: AUD 14.64 per share

- 2024-02: AUD 15.07 per share

- 2024-03: AUD 16.15 per share

- 2024-04: AUD 14.62 per share

- 2024-05: AUD 14.24 per share

- 2024-06: AUD 14.53 per share

- 2024-07: AUD 15.56 per share

- 2024-08: AUD 18.23 per share

- 2024-09: AUD 19.03 per share

- 2024-10: AUD 18.36 per share

- 2024-11: AUD 19.03 per share

- 2024-12: AUD 19.24 per share

- 2025-01: AUD 19.80 per share

- 2025-02: AUD 20.90 per share

- 2025-03: AUD 20.03 per share

- 2025-04: AUD 20.52 per share

- 2025-05: AUD 23.19 per share

- 2025-06: AUD 23.42 per share

- 2025-07: AUD 23.91 per share

- 2025-08: AUD 25.95 per share

- 2025-09: AUD 24.80 per share

- 2025-10: AUD 24.86 per share

- 2025-11: AUD 24.06 per share

- 2025-12: AUD 22.96 per share

- 2026-01: AUD 22.40 per share

- 2026-02: AUD 25.08 per share

- 2026-03: AUD 22.60 per share

- 2026-04: AUD 22.63 per share

- 2026-05: AUD 16.57 per share

- 2026-06: AUD 19.48 per share

- 2026-07: AUD 19.59 per share

- 2026-08: AUD 19.59 per share

- 2026-09: AUD 19.52 per share

- 2026-10: AUD 19.71 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 3.29 per share, central AUD 3.74 per share, high AUD 4.34 per share

- FY2018: low AUD 3.69 per share, central AUD 4.20 per share, high AUD 4.87 per share

- FY2019: low AUD 5.10 per share, central AUD 5.63 per share, high AUD 6.33 per share

- FY2020: low AUD 3.93 per share, central AUD 4.38 per share, high AUD 4.97 per share

- FY2021: low AUD 3.30 per share, central AUD 3.71 per share, high AUD 4.26 per share

- FY2022: low AUD 3.34 per share, central AUD 3.80 per share, high AUD 4.40 per share

- FY2023: low AUD 3.97 per share, central AUD 4.75 per share, high AUD 5.52 per share

- FY2024: low AUD 3.97 per share, central AUD 4.51 per share, high AUD 5.24 per share

- FY2025: low AUD 5.60 per share, central AUD 6.87 per share, high AUD 7.93 per share

- FY2026: low AUD 8.22 per share, central AUD 10.21 per share, high AUD 11.91 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:38.880Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.