# Stockland (SGP.AU)

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

Analysis as of: 2026-10-16T07:36:38.057Z. Financial observations: FY1997–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 4.24 per share; close as of 2026-10-15.

Estimated value: low AUD 4.63 per share, central AUD 5.23 per share, high AUD 6.02 per share. Buy at or below the central value AUD 5.23 per share. Valuation as of 2026-10-16T07:36:38.057Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.28×

- FY2018: 0.28×

- FY2019: 0.29×

- FY2020: 0.26×

- FY2021: 0.25×

- FY2022: 0.26×

- FY2023: 0.27×

- FY2024: 0.23×

- FY2025: 0.23×

- FY2026: 0.20×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 34.1%

- Recent gross margin (lower of latest and 3-year median): 35.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.9%

- FY2018: 5.8%

- FY2019: 4.8%

- FY2020: 3.5%

- FY2021: 5.3%

- FY2022: 4.9%

- FY2023: 4.7%

- FY2024: 4.5%

- FY2025: 4.7%

- FY2026: 4.7%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 4.0B

- Net income, five-year total: AUD 3.9B

- Return on incremental invested capital: -0.6%

- Working capital / revenue, annual change: 4.6 pp

- Working capital / revenue, change between three-year averages: 30.6 pp

- Working capital / revenue, final three-year average: 54.9%

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

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.04×

- FY2025: 1.02×

- FY2026: 1.01×

### 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: 5.8% vs 4.7%

- Per-share earnings: 0.42 to 0.34 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: AUD -760M

- Cumulative retained earnings: AUD 773M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -2.7%

- Per-share value change: AUD -0.08

- Per-share value, starting three-year median: AUD 0.42

- Per-share value, ending three-year median: AUD 0.34

- Buybacks concentrated in cheaper years (correlation): -0.21

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 77M

- Cumulative net income, 10 years: AUD 7.6B

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 4.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.49

- FY2018: AUD 0.42

- FY2019: AUD 0.13

- FY2020: AUD -0.01

- FY2021: AUD 0.46

- FY2022: AUD 0.58

- FY2023: AUD 0.18

- FY2024: AUD 0.13

- FY2025: AUD 0.34

- FY2026: AUD 0.41

### accounting: pass

- Sloan accruals: 0.6%

- Receivables to sales index (DSRI): 1.40×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 1.6%

- FY2018: 1.5%

- FY2019: -0.4%

- FY2020: -5.9%

- FY2021: 0.3%

- FY2022: 2.3%

- FY2023: 0.6%

- FY2024: 1.1%

- FY2025: 2.8%

- FY2026: 0.6%

## Holders

## Price story

Down 33% since Oct 2025 · sales +14.6%

Story as of 2026-10-16T10:00:07.819Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2025–2026

sales +14.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 2.8B 

- FY2018: AUD 2.8B 

- FY2019: AUD 2.7B 

- FY2020: AUD 2.8B 

- FY2021: AUD 2.7B 

- FY2022: AUD 2.8B 

- FY2023: AUD 2.8B 

- FY2024: AUD 3.0B 

- FY2025: AUD 3.1B 

- FY2026: AUD 3.6B 

### Gross margin · FY2026

gross margin 35.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 30.4% 

- FY2018: 31.4% 

- FY2019: 32.7% 

- FY2020: 41.5% 

- FY2021: 39.2% 

- FY2022: 27.0% 

- FY2023: 30.7% 

- FY2024: 39.6% 

- FY2025: 38.9% 

- FY2026: 35.6% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are AUD 3.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2026: revenue 3589000000; grossProfit 1276000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGP.AU: Stockland is a leading creator and curator of connected communities with people at the heart of the places we create. For more than 70 years, we have built a proud legacy, helping more Australians achieve the dream of home ownership, and enabling the future of work and retail. Today, we continue to build on our history as one of Australia's largest diversified property groups to elevate the social value of our places, and create a tangible sense of human connection, belonging and community for our customers. We own, fund, develop and manage one of Australia's largest portfolios of residential and land lease communities, retail town centres, and workplace and logistics assets. Our approach is distinctive, bringing a unique combination of development expertise, scale, deep customer insight, and diverse talent - with care in everything we do. We are committed to contributing to the economic prosperity of Australia and the wellbeing of our communities and our planet. Stockland was incorporated in 1952 in Australia.

### Why customers stay

Margins ranged from 35.6% to 39.6% during 2024–26; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2024: grossProfit / revenue = 39.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2025: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2026: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); 10-year return on capital observations [[2017,0.05867877680302008],[2018,0.05830274238825308],[2019,0.048140840068319514],[2020,0.03507740616328319],[2021,0.053005422744978235],[2022,0.04880328275403437],[2023,0.04727655005312541],[2024,0.045401696682452315],[2025,0.0467606897811815],[2026,0.04719712974429956]]; median 0.047708695060722464. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 57 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2017: growth capex 14000000; upkeep 24000000; owner earnings 1195000000. Growth capex / owner earnings = 0.011715481171548118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2018: growth capex 1745550.2650915459; upkeep 56254449.734908454; owner earnings 992745550.2650915. Growth capex / owner earnings = 0.0017583058061810843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2019: growth capex 0; upkeep 51000000; owner earnings 289000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2021: growth capex 0; upkeep 20000000; owner earnings 1105000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2022: growth capex 0; upkeep 22000000; owner earnings 1385000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2023: growth capex 0; upkeep 23000000; owner earnings 434000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2024: growth capex 0; upkeep 4000000; owner earnings 317000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2025: growth capex 0; upkeep 3000000; owner earnings 841000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2026: growth capex 0; upkeep 11000000; owner earnings 1002000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); Dividend observations: [[2017,476000000],[2018,561000000],[2019,653000000],[2020,658000000],[2021,523000000],[2022,603000000],[2023,631000000],[2024,535000000],[2025,525000000],[2026,458000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); FY2026: cash repurchases 57000000 AUD.

### 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); SGP.AU SharesStats.PercentInsiders = 0.637 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years; actual growth was 1.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.057Z); Ten-year compound average after fade. Initial solved rate -0.03969615826396805. Price 4.24; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.3664840152786398 → FY2026 0.4137282806072012. Closing-price date 2026-10-15.

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

- 2016-10: AUD 4.42 per share

- 2016-11: AUD 4.33 per share

- 2016-12: AUD 4.58 per share

- 2017-01: AUD 4.35 per share

- 2017-02: AUD 4.72 per share

- 2017-03: AUD 4.64 per share

- 2017-04: AUD 4.85 per share

- 2017-05: AUD 4.72 per share

- 2017-06: AUD 4.38 per share

- 2017-07: AUD 4.20 per share

- 2017-08: AUD 4.43 per share

- 2017-09: AUD 4.30 per share

- 2017-10: AUD 4.52 per share

- 2017-11: AUD 4.70 per share

- 2017-12: AUD 4.48 per share

- 2018-01: AUD 4.22 per share

- 2018-02: AUD 4.04 per share

- 2018-03: AUD 4.03 per share

- 2018-04: AUD 4.14 per share

- 2018-05: AUD 4.15 per share

- 2018-06: AUD 3.97 per share

- 2018-07: AUD 4.15 per share

- 2018-08: AUD 4.13 per share

- 2018-09: AUD 4.15 per share

- 2018-10: AUD 3.61 per share

- 2018-11: AUD 3.64 per share

- 2018-12: AUD 3.52 per share

- 2019-01: AUD 3.78 per share

- 2019-02: AUD 3.50 per share

- 2019-03: AUD 3.85 per share

- 2019-04: AUD 3.77 per share

- 2019-05: AUD 4.43 per share

- 2019-06: AUD 4.17 per share

- 2019-07: AUD 4.57 per share

- 2019-08: AUD 4.52 per share

- 2019-09: AUD 4.55 per share

- 2019-10: AUD 4.89 per share

- 2019-11: AUD 5.05 per share

- 2019-12: AUD 4.62 per share

- 2020-01: AUD 4.92 per share

- 2020-02: AUD 4.71 per share

- 2020-03: AUD 2.53 per share

- 2020-04: AUD 2.88 per share

- 2020-05: AUD 3.57 per share

- 2020-06: AUD 3.31 per share

- 2020-07: AUD 3.19 per share

- 2020-08: AUD 3.96 per share

- 2020-09: AUD 3.78 per share

- 2020-10: AUD 3.85 per share

- 2020-11: AUD 4.55 per share

- 2020-12: AUD 4.18 per share

- 2021-01: AUD 4.45 per share

- 2021-02: AUD 4.17 per share

- 2021-03: AUD 4.40 per share

- 2021-04: AUD 4.68 per share

- 2021-05: AUD 4.67 per share

- 2021-06: AUD 4.66 per share

- 2021-07: AUD 4.40 per share

- 2021-08: AUD 4.62 per share

- 2021-09: AUD 4.48 per share

- 2021-10: AUD 4.55 per share

- 2021-11: AUD 4.37 per share

- 2021-12: AUD 4.24 per share

- 2022-01: AUD 4.04 per share

- 2022-02: AUD 4.16 per share

- 2022-03: AUD 4.27 per share

- 2022-04: AUD 4.16 per share

- 2022-05: AUD 4.00 per share

- 2022-06: AUD 3.61 per share

- 2022-07: AUD 3.85 per share

- 2022-08: AUD 3.62 per share

- 2022-09: AUD 3.27 per share

- 2022-10: AUD 3.60 per share

- 2022-11: AUD 3.80 per share

- 2022-12: AUD 3.63 per share

- 2023-01: AUD 3.93 per share

- 2023-02: AUD 3.84 per share

- 2023-03: AUD 3.98 per share

- 2023-04: AUD 4.45 per share

- 2023-05: AUD 4.26 per share

- 2023-06: AUD 4.03 per share

- 2023-07: AUD 4.22 per share

- 2023-08: AUD 4.24 per share

- 2023-09: AUD 3.92 per share

- 2023-10: AUD 3.54 per share

- 2023-11: AUD 4.13 per share

- 2023-12: AUD 4.45 per share

- 2024-01: AUD 4.56 per share

- 2024-02: AUD 4.49 per share

- 2024-03: AUD 4.85 per share

- 2024-04: AUD 4.45 per share

- 2024-05: AUD 4.50 per share

- 2024-06: AUD 4.17 per share

- 2024-07: AUD 4.60 per share

- 2024-08: AUD 5.02 per share

- 2024-09: AUD 5.24 per share

- 2024-10: AUD 5.18 per share

- 2024-11: AUD 5.22 per share

- 2024-12: AUD 4.80 per share

- 2025-01: AUD 5.17 per share

- 2025-02: AUD 5.09 per share

- 2025-03: AUD 4.90 per share

- 2025-04: AUD 5.49 per share

- 2025-05: AUD 5.46 per share

- 2025-06: AUD 5.36 per share

- 2025-07: AUD 5.55 per share

- 2025-08: AUD 6.20 per share

- 2025-09: AUD 6.12 per share

- 2025-10: AUD 6.31 per share

- 2025-11: AUD 6.02 per share

- 2025-12: AUD 5.73 per share

- 2026-01: AUD 5.39 per share

- 2026-02: AUD 5.11 per share

- 2026-03: AUD 4.31 per share

- 2026-04: AUD 4.05 per share

- 2026-05: AUD 4.10 per share

- 2026-06: AUD 4.08 per share

- 2026-07: AUD 4.27 per share

- 2026-08: AUD 4.36 per share

- 2026-09: AUD 4.31 per share

- 2026-10: AUD 4.14 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 4.73 per share, central AUD 5.37 per share, high AUD 6.22 per share

- FY2018: low AUD 4.91 per share, central AUD 5.57 per share, high AUD 6.45 per share

- FY2019: low AUD 5.31 per share, central AUD 6.79 per share, high AUD 7.92 per share

- FY2020: low AUD 4.67 per share, central AUD 5.29 per share, high AUD 6.11 per share

- FY2021: low AUD 4.87 per share, central AUD 5.47 per share, high AUD 6.27 per share

- FY2022: low AUD 4.98 per share, central AUD 6.11 per share, high AUD 7.10 per share

- FY2023: low AUD 2.08 per share, central AUD 2.35 per share, high AUD 2.71 per share

- FY2024: low AUD 2.41 per share, central AUD 2.70 per share, high AUD 3.08 per share

- FY2025: low AUD 4.02 per share, central AUD 4.54 per share, high AUD 5.23 per share

- FY2026: low AUD 4.65 per share, central AUD 5.25 per share, high AUD 6.05 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 2026-10-15T06:42:23.930Z 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.