# Lendlease Group (LLC.AU)

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

Analysis as of: 2026-10-16T07:43:31.240Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

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

Share price: AUD 2.38 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 5

- Operating margin variation: 448.47×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.02×

- FY2020: -0.05×

- FY2021: -0.05×

- FY2022: -0.00×

- FY2023: -0.02×

- FY2024: -0.00×

- FY2025: -0.03×

- FY2026: -0.00×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -0.3%

- ROIC, second-lowest year: -4.5%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 6.5%

- Recent gross margin (lower of latest and 3-year median): 5.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.5%

- FY2018: 13.3%

- FY2019: 3.4%

- FY2020: -6.1%

- FY2021: -4.5%

- FY2022: -0.4%

- FY2023: -1.6%

- FY2024: -0.3%

- FY2025: -1.7%

- FY2026: -0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -2.0B

- Net income, five-year total: AUD -2.4B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 3.8 pp

- Working capital / revenue, final three-year average: 20.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -28M

- FY2023: AUD -171M

- FY2024: AUD -1.4B

- FY2025: AUD 310M

- FY2026: AUD -687M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.3% vs -0.3%

- Per-share earnings: 1.30 to -1.10 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: AUD -7.5B

- Cumulative retained earnings: AUD -3.4B

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

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD -2.40

- Per-share value, starting three-year median: AUD 1.30

- Per-share value, ending three-year median: AUD -1.10

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 1.3B

- Cumulative net income, 10 years: AUD -427M

- ROIC, first three-year median: 13.3%

- ROIC, last three-year median: -0.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 1.30

- FY2018: AUD 1.39

- FY2019: AUD 0.83

- FY2020: AUD -0.45

- FY2021: AUD 0.33

- FY2022: AUD -0.14

- FY2023: AUD -0.34

- FY2024: AUD -2.20

- FY2025: AUD 0.33

- FY2026: AUD -1.10

### accounting: pass

- Sloan accruals: 4.4%

- Receivables to sales index (DSRI): 1.27×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 2.9%

- FY2018: 4.2%

- FY2019: 2.4%

- FY2020: -2.4%

- FY2021: -1.4%

- FY2022: 4.1%

- FY2023: 1.3%

- FY2024: -8.6%

- FY2025: 7.4%

- FY2026: 4.4%

## Holders

## Price story

Down 81% since Apr 2022 · sales -28.4%

Story as of 2026-10-16T10:00:12.738Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -28.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 17B 

- FY2018: AUD 17B 

- FY2019: AUD 17B 

- FY2020: AUD 12B 

- FY2021: AUD 9.8B 

- FY2022: AUD 8.8B 

- FY2023: AUD 10B 

- FY2024: AUD 9.2B 

- FY2025: AUD 7.6B 

- FY2026: AUD 5.4B 

### Gross margin · FY2026

gross margin 5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 10.5% 

- FY2018: 8.6% 

- FY2019: 6.5% 

- FY2020: 2.7% 

- FY2021: 6.5% 

- FY2022: 7.7% 

- FY2023: 5.7% 

- FY2024: 8.4% 

- FY2025: 5.3% 

- FY2026: 5.7% 

## Owner memo

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

### How it makes money

Operates in real estate diversified; annual sales are AUD 5.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2026: revenue 5447000000; grossProfit 311000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LLC.AU: Lendlease Group operates as a real estate company in Australia, Singapore, Malaysia, China, Japan, the United Kingdom, Italy, and the United States. It operates through Investments, Development, Construction, and Capital Release Unit segments. The company is involved in fund and asset management, as well as real estate co-investment portfolio activities; and creates and develops mixed-use precincts, including build to rent and build to sell apartments, and workplaces, retirement, retail, residential, commercial assets, and social and economic infrastructure. It also provides project management, design, and construction services for social infrastructure, defense, and data centre sectors. In addition, the company engages in the overseas development projects; residual ownership interest in retirement assets and the retained Australian Communities, Engineering, and Services projects. The company was founded in 1958 and is headquartered in Barangaroo, Australia.

### Why customers stay

Margins ranged from 5.3% to 8.4% during 2024–26; it lost 0.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2024: grossProfit / revenue = 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2025: grossProfit / revenue = 5.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2026: grossProfit / revenue = 5.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); 10-year return on capital observations [[2017,0.1445902955042453],[2018,0.13285713445511596],[2019,0.034172185430463575],[2020,-0.060704599840467964],[2021,-0.04514936194895592],[2022,-0.003974167233174711],[2023,-0.015998071359691418],[2024,-0.002546333601933924],[2025,-0.017043030987329066],[2026,-0.0017360517641313636]]; median -0.0032602504175543176. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); Gross margin observations: [[2021,0.06539760515812097],[2022,0.0773067331670823],[2023,0.05738586372079382]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2017: growth capex 38200000; upkeep 98200000; owner earnings 758600000. Growth capex / owner earnings = 0.05035591879778539.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2018: growth capex 0; upkeep 110000000; owner earnings 789400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2019: growth capex 0; upkeep 165000000; owner earnings 424000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2021: growth capex 0; upkeep 121000000; owner earnings 303000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); FY2025: growth capex 0; upkeep 8000000; owner earnings 310000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); Dividend observations: [[2017,337900000],[2018,372000000],[2019,258000000],[2020,327000000],[2021,121000000],[2022,114000000],[2023,105000000],[2024,118000000],[2025,105000000],[2026,178000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LLC.AU SharesStats.PercentInsiders = 1.0959999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:31.240Z); Closing price 2.38 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 7.986803519061583; price multiple 0.29799155498439506. FY2026 cash earnings/share -1.0073313782991202. Closing-price date 2026-10-15.

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

- 2016-10: AUD 13.52 per share

- 2016-11: AUD 13.61 per share

- 2016-12: AUD 14.62 per share

- 2017-01: AUD 14.09 per share

- 2017-02: AUD 15.23 per share

- 2017-03: AUD 15.58 per share

- 2017-04: AUD 16.03 per share

- 2017-05: AUD 16.33 per share

- 2017-06: AUD 16.65 per share

- 2017-07: AUD 16.85 per share

- 2017-08: AUD 16.58 per share

- 2017-09: AUD 17.92 per share

- 2017-10: AUD 16.21 per share

- 2017-11: AUD 15.90 per share

- 2017-12: AUD 16.35 per share

- 2018-01: AUD 15.84 per share

- 2018-02: AUD 17.85 per share

- 2018-03: AUD 17.31 per share

- 2018-04: AUD 17.89 per share

- 2018-05: AUD 18.78 per share

- 2018-06: AUD 19.81 per share

- 2018-07: AUD 20.13 per share

- 2018-08: AUD 20.49 per share

- 2018-09: AUD 19.66 per share

- 2018-10: AUD 17.60 per share

- 2018-11: AUD 12.66 per share

- 2018-12: AUD 11.63 per share

- 2019-01: AUD 12.23 per share

- 2019-02: AUD 12.88 per share

- 2019-03: AUD 12.38 per share

- 2019-04: AUD 13.30 per share

- 2019-05: AUD 14.25 per share

- 2019-06: AUD 13.00 per share

- 2019-07: AUD 14.55 per share

- 2019-08: AUD 17.06 per share

- 2019-09: AUD 17.56 per share

- 2019-10: AUD 18.69 per share

- 2019-11: AUD 19.31 per share

- 2019-12: AUD 17.60 per share

- 2020-01: AUD 18.12 per share

- 2020-02: AUD 17.63 per share

- 2020-03: AUD 10.30 per share

- 2020-04: AUD 12.36 per share

- 2020-05: AUD 12.93 per share

- 2020-06: AUD 12.37 per share

- 2020-07: AUD 11.35 per share

- 2020-08: AUD 11.62 per share

- 2020-09: AUD 11.03 per share

- 2020-10: AUD 11.96 per share

- 2020-11: AUD 14.16 per share

- 2020-12: AUD 13.10 per share

- 2021-01: AUD 12.01 per share

- 2021-02: AUD 13.30 per share

- 2021-03: AUD 12.92 per share

- 2021-04: AUD 12.71 per share

- 2021-05: AUD 12.29 per share

- 2021-06: AUD 11.46 per share

- 2021-07: AUD 12.17 per share

- 2021-08: AUD 11.94 per share

- 2021-09: AUD 10.85 per share

- 2021-10: AUD 10.46 per share

- 2021-11: AUD 10.68 per share

- 2021-12: AUD 10.69 per share

- 2022-01: AUD 9.93 per share

- 2022-02: AUD 10.56 per share

- 2022-03: AUD 11.20 per share

- 2022-04: AUD 12.25 per share

- 2022-05: AUD 10.77 per share

- 2022-06: AUD 9.11 per share

- 2022-07: AUD 10.27 per share

- 2022-08: AUD 10.27 per share

- 2022-09: AUD 8.92 per share

- 2022-10: AUD 8.69 per share

- 2022-11: AUD 7.61 per share

- 2022-12: AUD 7.84 per share

- 2023-01: AUD 8.59 per share

- 2023-02: AUD 7.64 per share

- 2023-03: AUD 7.23 per share

- 2023-04: AUD 7.45 per share

- 2023-05: AUD 7.90 per share

- 2023-06: AUD 7.75 per share

- 2023-07: AUD 8.63 per share

- 2023-08: AUD 7.81 per share

- 2023-09: AUD 7.18 per share

- 2023-10: AUD 6.21 per share

- 2023-11: AUD 6.63 per share

- 2023-12: AUD 7.47 per share

- 2024-01: AUD 7.41 per share

- 2024-02: AUD 6.42 per share

- 2024-03: AUD 6.43 per share

- 2024-04: AUD 6.47 per share

- 2024-05: AUD 5.96 per share

- 2024-06: AUD 5.41 per share

- 2024-07: AUD 6.28 per share

- 2024-08: AUD 6.76 per share

- 2024-09: AUD 7.10 per share

- 2024-10: AUD 6.78 per share

- 2024-11: AUD 7.16 per share

- 2024-12: AUD 6.23 per share

- 2025-01: AUD 6.50 per share

- 2025-02: AUD 6.17 per share

- 2025-03: AUD 5.90 per share

- 2025-04: AUD 5.28 per share

- 2025-05: AUD 5.84 per share

- 2025-06: AUD 5.38 per share

- 2025-07: AUD 5.27 per share

- 2025-08: AUD 5.55 per share

- 2025-09: AUD 5.50 per share

- 2025-10: AUD 5.55 per share

- 2025-11: AUD 5.23 per share

- 2025-12: AUD 5.20 per share

- 2026-01: AUD 4.84 per share

- 2026-02: AUD 4.20 per share

- 2026-03: AUD 3.29 per share

- 2026-04: AUD 3.35 per share

- 2026-05: AUD 2.72 per share

- 2026-06: AUD 3.23 per share

- 2026-07: AUD 3.03 per share

- 2026-08: AUD 2.94 per share

- 2026-09: AUD 2.66 per share

- 2026-10: AUD 2.42 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 16.06 per share, central AUD 18.05 per share, high AUD 20.69 per share

- FY2018: low AUD 16.59 per share, central AUD 18.68 per share, high AUD 21.45 per share

- FY2019: low AUD 16.79 per share, central AUD 18.85 per share, high AUD 21.59 per share

- FY2020: low AUD 9.78 per share, central AUD 10.95 per share, high AUD 12.51 per share

- FY2021: low AUD 7.00 per share, central AUD 7.66 per share, high AUD 8.55 per share

- FY2022: low AUD 5.26 per share, central AUD 5.76 per share, high AUD 6.43 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

## 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.