# NRW Holdings (NWH.AU)

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

Analysis as of: 2026-10-16T07:40:31.649Z. Financial observations: FY2006–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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 6.83 per share; close as of 2026-10-15.

Estimated value: low AUD 4.10 per share, central AUD 5.63 per share, high AUD 6.53 per share. Buy at or below the central value AUD 5.63 per share. Valuation as of 2026-10-16T07:40:31.649Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% 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

- FY2025 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.35×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.26

- Recovered dip fiscal year: FY2025

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.06×

- FY2019: 0.08×

- FY2020: 0.06×

- FY2021: 0.03×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.02×

- FY2026: 0.07×

### moat: fail

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

- Recent gross margin fell 16.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.4%

- ROIC, second-lowest year: 9.8%

- Typical minus recent gross margin: 16.7 pp

- Typical gross margin (annual median): 35.9%

- Recent gross margin (lower of latest and 3-year median): 19.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 13.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 13.5%

- FY2018: 15.4%

- FY2019: 20.5%

- FY2020: 18.0%

- FY2021: 9.8%

- FY2022: 17.3%

- FY2023: 18.2%

- FY2024: 17.5%

- FY2025: 7.9%

- FY2026: 32.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 469M

- Net income, five-year total: AUD 469M

- Return on incremental invested capital: 56.2%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: 0.0 pp

- Working capital / revenue, final three-year average: 9.5%

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

- FY2022: 0.38×

- FY2023: 0.88×

- FY2024: 0.91×

- FY2025: 1.97×

- FY2026: 1.35×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.4% vs 17.5%

- Per-share earnings: 0.08 to 0.23 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.4%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: AUD 3.2B

- Cumulative retained earnings: AUD 255M

- Diluted shares, 10-year annual growth: 4.4%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.0%

- Per-share value change: AUD 0.15

- Per-share value, starting three-year median: AUD 0.08

- Per-share value, ending three-year median: AUD 0.23

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 611M

- Cumulative net income, 10 years: AUD 700M

- ROIC, first three-year median: 15.4%

- ROIC, last three-year median: 17.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.08

- FY2018: AUD 0.11

- FY2019: AUD 0.08

- FY2020: AUD 0.17

- FY2021: AUD 0.12

- FY2022: AUD 0.21

- FY2023: AUD 0.19

- FY2024: AUD 0.23

- FY2025: AUD 0.06

- FY2026: AUD 0.33

### accounting: pass

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.63×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.6%

- FY2018: -6.3%

- FY2019: -11.5%

- FY2020: -10.4%

- FY2021: -6.6%

- FY2022: -12.7%

- FY2023: -10.1%

- FY2024: -8.0%

- FY2025: -13.2%

- FY2026: -7.4%

## Holders

## Price story

Price needs cash profits to grow 9.1% a year for ten years · sales +31.4%

Story as of 2026-10-16T10:00:11.507Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

- 2026-01-19: NRW secures $502m mining services contract from TEC Coal ([finance.yahoo.com](https://finance.yahoo.com/news/nrw-secures-502m-mining-services-145513984.html))

### Sales · FY2025–2026

sales +31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 345M 

- FY2018: AUD 685M 

- FY2019: AUD 1.1B 

- FY2020: AUD 2.0B 

- FY2021: AUD 2.2B 

- FY2022: AUD 2.4B 

- FY2023: AUD 2.7B 

- FY2024: AUD 2.9B 

- FY2025: AUD 3.3B 

- FY2026: AUD 4.3B 

### Gross margin · FY2026

gross margin 19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 55.2% 

- FY2018: 49.1% 

- FY2019: 49.1% 

- FY2020: 23.9% 

- FY2021: 17.6% 

- FY2022: 14.8% 

- FY2023: 16.2% 

- FY2024: 47.9% 

- FY2025: 55.0% 

- FY2026: 19.3% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are AUD 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2026: revenue 4293270999; grossProfit 827267000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NWH.AU: NRW Holdings Limited, through its subsidiaries, provides diversified contract services to the resources and infrastructure sectors in Australia. It operates through four segments: Civil; Mining; Minerals, Energy & Technologies (MET); and Electrical, Mechanical (HVAC), Infrastructure & Technology (EMIT). The company delivers private and public civil infrastructure projects, mine development, bulk earthworks, and commercial and residential subdivisions; and civil construction projects, including roads, bridges, tailings storage facilities, rail formations, ports, renewable energy projects, water infrastructure, and concrete installations; and provides mine management, contract mining, load and haul, drill and blast, maintenance services, and fabrication of water and service vehicles. It is also involved in the provision of design, construction, operation, and maintenance of resource projects in mineral processing, energy, and NPI market segments under the Primo name; materials handling design services under the RCR name; shutdown and onsite maintenance, industrial engineering, and construction services under the DIAB name; and industrial electrical engineering, automation, instrumentation, and electrical design and construction, as well as switchboard design and manufacture for mining and resources, government and defence, fuels and explosives, infrastructure, utilities, and industrial processing under the OFI name. In addition, the company offers electrical and mechanical services comprising engineering and design, off-site prefabrication, management of large installation of projects, asset management, maintenance, and building services integration. Further, it engages in the provision of heat treatment services; and mining equipment solutions. NRW Holdings Limited was founded in 1994 and is headquartered in Perth, Australia.

### Why customers stay

Margins ranged from 19.3% to 55% during 2024–26; it earns 17.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2024: grossProfit / revenue = 47.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2025: grossProfit / revenue = 55%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2026: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); 10-year return on capital observations [[2017,0.13460567780309127],[2018,0.15387065109064615],[2019,0.20467961726834705],[2020,0.18037726933456014],[2021,0.09760950396366087],[2022,0.17334847697528027],[2023,0.18232993974598102],[2024,0.17458964810709277],[2025,0.0786394959056342],[2026,0.32733490710882784]]; median 0.17396906254118652. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2017: growth capex 0; upkeep 15909000; owner earnings 39905000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2018: growth capex 0; upkeep 45971000; owner earnings 44400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2019: growth capex 15210000; upkeep 62053000; owner earnings 23351400. Growth capex / owner earnings = 0.6513528096816465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2020: growth capex 0; upkeep 82622000; owner earnings 100196400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2021: growth capex 0; upkeep 78598000; owner earnings 130809200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2022: growth capex 33473094.49756995; upkeep 172872905.50243005; owner earnings 37279894.49756995. Growth capex / owner earnings = 0.8978859771116535.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2023: growth capex 58878000; upkeep 128418000; owner earnings 75334400. Growth capex / owner earnings = 0.7815553054116048.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2024: growth capex 49278000; upkeep 145553000; owner earnings 95965800. Growth capex / owner earnings = 0.5134954327479164.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2025: growth capex 0; upkeep 154425000; owner earnings 54449600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); FY2026: growth capex 0; upkeep 144956000; owner earnings 206218400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); Dividend observations: [[2017,87330000],[2018,7137000],[2019,14948000],[2020,18289000],[2021,35020000],[2022,47158000],[2023,69801000],[2024,65683000],[2025,72976000],[2026,82483000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NWH.AU SharesStats.PercentInsiders = 3.259 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years; actual growth was 13.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.649Z); Ten-year compound average after fade. Initial solved rate 0.11826511943453866. Price 6.83; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.12014354608718768 → FY2026 0.44199210486495155. Closing-price date 2026-10-15.

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

- 2016-10: AUD 0.54 per share

- 2016-11: AUD 0.54 per share

- 2016-12: AUD 0.67 per share

- 2017-01: AUD 0.70 per share

- 2017-02: AUD 0.75 per share

- 2017-03: AUD 0.67 per share

- 2017-04: AUD 0.56 per share

- 2017-05: AUD 0.60 per share

- 2017-06: AUD 0.65 per share

- 2017-07: AUD 0.66 per share

- 2017-08: AUD 1.07 per share

- 2017-09: AUD 1.20 per share

- 2017-10: AUD 1.29 per share

- 2017-11: AUD 1.32 per share

- 2017-12: AUD 1.58 per share

- 2018-01: AUD 1.51 per share

- 2018-02: AUD 1.73 per share

- 2018-03: AUD 1.32 per share

- 2018-04: AUD 1.28 per share

- 2018-05: AUD 1.36 per share

- 2018-06: AUD 1.70 per share

- 2018-07: AUD 1.70 per share

- 2018-08: AUD 2.10 per share

- 2018-09: AUD 2.09 per share

- 2018-10: AUD 1.85 per share

- 2018-11: AUD 1.83 per share

- 2018-12: AUD 1.62 per share

- 2019-01: AUD 1.93 per share

- 2019-02: AUD 2.38 per share

- 2019-03: AUD 2.38 per share

- 2019-04: AUD 2.94 per share

- 2019-05: AUD 2.74 per share

- 2019-06: AUD 2.51 per share

- 2019-07: AUD 2.45 per share

- 2019-08: AUD 2.42 per share

- 2019-09: AUD 2.32 per share

- 2019-10: AUD 2.25 per share

- 2019-11: AUD 2.98 per share

- 2019-12: AUD 3.23 per share

- 2020-01: AUD 3.13 per share

- 2020-02: AUD 2.40 per share

- 2020-03: AUD 1.26 per share

- 2020-04: AUD 1.71 per share

- 2020-05: AUD 1.94 per share

- 2020-06: AUD 1.87 per share

- 2020-07: AUD 1.84 per share

- 2020-08: AUD 2.20 per share

- 2020-09: AUD 2.03 per share

- 2020-10: AUD 2.18 per share

- 2020-11: AUD 2.65 per share

- 2020-12: AUD 2.92 per share

- 2021-01: AUD 2.86 per share

- 2021-02: AUD 2.01 per share

- 2021-03: AUD 1.97 per share

- 2021-04: AUD 1.95 per share

- 2021-05: AUD 1.62 per share

- 2021-06: AUD 1.47 per share

- 2021-07: AUD 1.71 per share

- 2021-08: AUD 1.90 per share

- 2021-09: AUD 1.57 per share

- 2021-10: AUD 1.83 per share

- 2021-11: AUD 1.75 per share

- 2021-12: AUD 1.77 per share

- 2022-01: AUD 1.59 per share

- 2022-02: AUD 2.16 per share

- 2022-03: AUD 2.15 per share

- 2022-04: AUD 1.95 per share

- 2022-05: AUD 2.01 per share

- 2022-06: AUD 1.70 per share

- 2022-07: AUD 1.95 per share

- 2022-08: AUD 2.45 per share

- 2022-09: AUD 2.38 per share

- 2022-10: AUD 2.55 per share

- 2022-11: AUD 2.73 per share

- 2022-12: AUD 2.81 per share

- 2023-01: AUD 3.04 per share

- 2023-02: AUD 2.53 per share

- 2023-03: AUD 2.40 per share

- 2023-04: AUD 2.41 per share

- 2023-05: AUD 2.18 per share

- 2023-06: AUD 2.53 per share

- 2023-07: AUD 2.75 per share

- 2023-08: AUD 2.72 per share

- 2023-09: AUD 2.71 per share

- 2023-10: AUD 2.50 per share

- 2023-11: AUD 2.80 per share

- 2023-12: AUD 2.98 per share

- 2024-01: AUD 2.73 per share

- 2024-02: AUD 2.98 per share

- 2024-03: AUD 2.93 per share

- 2024-04: AUD 2.80 per share

- 2024-05: AUD 3.08 per share

- 2024-06: AUD 3.09 per share

- 2024-07: AUD 3.34 per share

- 2024-08: AUD 3.56 per share

- 2024-09: AUD 3.58 per share

- 2024-10: AUD 3.86 per share

- 2024-11: AUD 3.90 per share

- 2024-12: AUD 3.84 per share

- 2025-01: AUD 3.43 per share

- 2025-02: AUD 3.29 per share

- 2025-03: AUD 2.75 per share

- 2025-04: AUD 2.71 per share

- 2025-05: AUD 2.80 per share

- 2025-06: AUD 2.99 per share

- 2025-07: AUD 3.24 per share

- 2025-08: AUD 3.84 per share

- 2025-09: AUD 4.63 per share

- 2025-10: AUD 4.85 per share

- 2025-11: AUD 5.51 per share

- 2025-12: AUD 5.15 per share

- 2026-01: AUD 5.21 per share

- 2026-02: AUD 6.54 per share

- 2026-03: AUD 5.27 per share

- 2026-04: AUD 6.12 per share

- 2026-05: AUD 7.63 per share

- 2026-06: AUD 7.44 per share

- 2026-07: AUD 7.00 per share

- 2026-08: AUD 7.56 per share

- 2026-09: AUD 8.08 per share

- 2026-10: AUD 7.29 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.73 per share, central AUD 0.81 per share, high AUD 0.93 per share

- FY2018: low AUD 1.41 per share, central AUD 1.59 per share, high AUD 1.83 per share

- FY2019: low AUD 2.10 per share, central AUD 2.37 per share, high AUD 2.74 per share

- FY2020: low AUD 3.86 per share, central AUD 4.72 per share, high AUD 5.46 per share

- FY2021: low AUD 3.37 per share, central AUD 3.81 per share, high AUD 4.38 per share

- FY2022: low AUD 3.21 per share, central AUD 3.60 per share, high AUD 4.12 per share

- FY2023: low AUD 2.16 per share, central AUD 2.40 per share, high AUD 2.73 per share

- FY2024: low AUD 2.68 per share, central AUD 2.99 per share, high AUD 3.41 per share

- FY2025: low AUD 3.07 per share, central AUD 4.09 per share, high AUD 4.72 per share

- FY2026: low AUD 4.03 per share, central AUD 5.55 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

Prior published observations retained from 2026-10-15T06:45:56.426Z 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.