# Vicinity Centres (VCX.AU)

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

Analysis as of: 2026-10-16T07:36:27.385Z. Financial observations: FY2010–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 2.37 per share; close as of 2026-10-15.

Estimated value: low AUD 2.06 per share, central AUD 2.34 per share, high AUD 2.72 per share. Buy at or below the central value AUD 2.34 per share. Valuation as of 2026-10-16T07:36:27.385Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.64×

- FY2018: 0.60×

- FY2019: 0.62×

- FY2020: 0.57×

- FY2021: 0.45×

- FY2022: 0.66×

- FY2023: 0.64×

- FY2024: 0.61×

- FY2025: 0.58×

- FY2026: 0.52×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 71.8%

- Recent gross margin (lower of latest and 3-year median): 70.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.6%

- FY2018: 3.2%

- FY2019: 3.4%

- FY2020: 3.8%

- FY2021: 2.9%

- FY2022: 5.2%

- FY2023: 5.3%

- FY2024: 5.3%

- FY2025: 4.8%

- FY2026: 4.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 3.5B

- Net income, five-year total: AUD 4.4B

- Return on incremental invested capital: 20.7%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: -5.0%

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

- FY2022: 0.94×

- FY2023: 0.73×

- FY2024: 0.61×

- FY2025: 0.92×

- FY2026: 0.63×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.4% vs 4.8%

- Per-share earnings: 0.32 to 0.22 (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: 1.6%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: AUD 1.9B

- Cumulative retained earnings: AUD -431M

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

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -4.5%

- Per-share value change: AUD -0.10

- Per-share value, starting three-year median: AUD 0.32

- Per-share value, ending three-year median: AUD 0.22

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 7.0M

- Cumulative net income, 10 years: AUD 5.5B

- ROIC, first three-year median: 3.4%

- ROIC, last three-year median: 4.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.40

- FY2018: AUD 0.32

- FY2019: AUD 0.09

- FY2020: AUD -0.40

- FY2021: AUD -0.06

- FY2022: AUD 0.27

- FY2023: AUD 0.06

- FY2024: AUD 0.12

- FY2025: AUD 0.22

- FY2026: AUD 0.30

### accounting: pass

- Sloan accruals: 4.1%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 5.1%

- FY2018: 2.9%

- FY2019: -1.9%

- FY2020: -14.9%

- FY2021: -6.3%

- FY2022: 4.0%

- FY2023: -2.8%

- FY2024: -0.9%

- FY2025: 2.2%

- FY2026: 4.1%

## Holders

## Price story

Price needs cash profits to grow 1.1% a year for ten years · sales +3.3%

Story as of 2026-10-16T10:00:07.511Z; price observation 2026-10-15.

Price needs cash profits to grow 1.1% a year for ten years

### Sales · FY2025–2026

sales +3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.3B 

- FY2018: AUD 1.4B 

- FY2019: AUD 1.3B 

- FY2020: AUD 1.2B 

- FY2021: AUD 1.1B 

- FY2022: AUD 1.2B 

- FY2023: AUD 1.2B 

- FY2024: AUD 1.3B 

- FY2025: AUD 1.3B 

- FY2026: AUD 1.4B 

### Gross margin · FY2026

gross margin 70.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 75.0% 

- FY2018: 74.8% 

- FY2019: 73.2% 

- FY2020: 73.9% 

- FY2021: 68.2% 

- FY2022: 72.0% 

- FY2023: 71.6% 

- FY2024: 69.9% 

- FY2025: 71.5% 

- FY2026: 70.7% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are AUD 1.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2026: revenue 1365300000; grossProfit 965200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VCX.AU: Vicinity Centres (Vicinity or the Group) is one of Australia's leading retail property groups. With a fully integrated asset management platform, and 25 billion dollars in retail assets under management across 49 shopping centres, making it the second largest listed manager of Australian retail property. The Group has a Direct Portfolio with interests in 48 shopping centres (including the DFO Brisbane business) and manages 25 assets on behalf of Strategic Partners. Vicinity Centres was incorporated in 2005 in Australia.

### Why customers stay

Margins ranged from 69.9% to 71.5% during 2024–26; it earns 4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2024: grossProfit / revenue = 69.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2025: grossProfit / revenue = 71.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2026: grossProfit / revenue = 70.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); 10-year return on capital observations [[2017,0.03603318730744732],[2018,0.03242401556200563],[2019,0.03350536694166698],[2020,0.03750138891746744],[2021,0.028982906672337556],[2022,0.05211373913740473],[2023,0.05311070264178284],[2024,0.05264368873958861],[2025,0.04817996578788489],[2026,0.04206963817760908]]; median 0.03978551354753826. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.1% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2017: growth capex 0; upkeep 6600000; owner earnings 1580000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2018: growth capex 900000; upkeep 4500000; owner earnings 1218700000. Growth capex / owner earnings = 0.0007384918355624846.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2019: growth capex 0; upkeep 1500000; owner earnings 306840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2022: growth capex 0; upkeep 1600000; owner earnings 1141280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2023: growth capex 0; upkeep 900000; owner earnings 197920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2024: growth capex 197100318.62309498; upkeep 139899681.37690502; owner earnings 333260318.623095. Growth capex / owner earnings = 0.5914305052501858.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2025: growth capex 2200000; upkeep 4200000; owner earnings 925500000. Growth capex / owner earnings = 0.0023770934629929767.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2026: growth capex 939376.7045341134; upkeep 428760623.2954659; owner earnings 876619375.704534. Growth capex / owner earnings = 0.00107159016851429.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); Dividend observations: [[2017,696700000],[2018,654000000],[2019,622100000],[2020,589200000],[2021,154800000],[2022,514300000],[2023,521300000],[2024,550800000],[2025,516100000],[2026,369800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); FY2026: cash repurchases 12700000 AUD.

### Are managers owners

Insiders own 15.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VCX.AU SharesStats.PercentInsiders = 15.459 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.1% yearly over ten years; actual decline was 2.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:27.385Z); Ten-year compound average after fade. Initial solved rate 0.002232617364686774. Price 2.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.2426147553401 → FY2026 0.18860227091489895. Closing-price date 2026-10-15.

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

- 2016-10: AUD 2.87 per share

- 2016-11: AUD 2.92 per share

- 2016-12: AUD 2.99 per share

- 2017-01: AUD 2.86 per share

- 2017-02: AUD 2.89 per share

- 2017-03: AUD 2.83 per share

- 2017-04: AUD 2.88 per share

- 2017-05: AUD 2.76 per share

- 2017-06: AUD 2.57 per share

- 2017-07: AUD 2.75 per share

- 2017-08: AUD 2.62 per share

- 2017-09: AUD 2.66 per share

- 2017-10: AUD 2.65 per share

- 2017-11: AUD 2.80 per share

- 2017-12: AUD 2.72 per share

- 2018-01: AUD 2.69 per share

- 2018-02: AUD 2.48 per share

- 2018-03: AUD 2.41 per share

- 2018-04: AUD 2.44 per share

- 2018-05: AUD 2.67 per share

- 2018-06: AUD 2.59 per share

- 2018-07: AUD 2.66 per share

- 2018-08: AUD 2.77 per share

- 2018-09: AUD 2.62 per share

- 2018-10: AUD 2.65 per share

- 2018-11: AUD 2.67 per share

- 2018-12: AUD 2.60 per share

- 2019-01: AUD 2.61 per share

- 2019-02: AUD 2.46 per share

- 2019-03: AUD 2.60 per share

- 2019-04: AUD 2.54 per share

- 2019-05: AUD 2.58 per share

- 2019-06: AUD 2.45 per share

- 2019-07: AUD 2.61 per share

- 2019-08: AUD 2.59 per share

- 2019-09: AUD 2.57 per share

- 2019-10: AUD 2.67 per share

- 2019-11: AUD 2.68 per share

- 2019-12: AUD 2.49 per share

- 2020-01: AUD 2.54 per share

- 2020-02: AUD 2.16 per share

- 2020-03: AUD 1.04 per share

- 2020-04: AUD 1.49 per share

- 2020-05: AUD 1.61 per share

- 2020-06: AUD 1.43 per share

- 2020-07: AUD 1.31 per share

- 2020-08: AUD 1.45 per share

- 2020-09: AUD 1.38 per share

- 2020-10: AUD 1.21 per share

- 2020-11: AUD 1.65 per share

- 2020-12: AUD 1.61 per share

- 2021-01: AUD 1.54 per share

- 2021-02: AUD 1.64 per share

- 2021-03: AUD 1.66 per share

- 2021-04: AUD 1.59 per share

- 2021-05: AUD 1.56 per share

- 2021-06: AUD 1.55 per share

- 2021-07: AUD 1.56 per share

- 2021-08: AUD 1.73 per share

- 2021-09: AUD 1.67 per share

- 2021-10: AUD 1.73 per share

- 2021-11: AUD 1.70 per share

- 2021-12: AUD 1.69 per share

- 2022-01: AUD 1.63 per share

- 2022-02: AUD 1.80 per share

- 2022-03: AUD 1.87 per share

- 2022-04: AUD 1.88 per share

- 2022-05: AUD 1.89 per share

- 2022-06: AUD 1.84 per share

- 2022-07: AUD 2.07 per share

- 2022-08: AUD 1.94 per share

- 2022-09: AUD 1.74 per share

- 2022-10: AUD 1.95 per share

- 2022-11: AUD 2.03 per share

- 2022-12: AUD 2.00 per share

- 2023-01: AUD 2.06 per share

- 2023-02: AUD 2.04 per share

- 2023-03: AUD 1.95 per share

- 2023-04: AUD 2.10 per share

- 2023-05: AUD 1.86 per share

- 2023-06: AUD 1.85 per share

- 2023-07: AUD 1.98 per share

- 2023-08: AUD 1.87 per share

- 2023-09: AUD 1.70 per share

- 2023-10: AUD 1.70 per share

- 2023-11: AUD 1.90 per share

- 2023-12: AUD 2.04 per share

- 2024-01: AUD 2.05 per share

- 2024-02: AUD 1.94 per share

- 2024-03: AUD 2.13 per share

- 2024-04: AUD 1.93 per share

- 2024-05: AUD 1.95 per share

- 2024-06: AUD 1.85 per share

- 2024-07: AUD 2.11 per share

- 2024-08: AUD 2.22 per share

- 2024-09: AUD 2.21 per share

- 2024-10: AUD 2.18 per share

- 2024-11: AUD 2.16 per share

- 2024-12: AUD 2.10 per share

- 2025-01: AUD 2.21 per share

- 2025-02: AUD 2.18 per share

- 2025-03: AUD 2.20 per share

- 2025-04: AUD 2.36 per share

- 2025-05: AUD 2.46 per share

- 2025-06: AUD 2.47 per share

- 2025-07: AUD 2.47 per share

- 2025-08: AUD 2.59 per share

- 2025-09: AUD 2.52 per share

- 2025-10: AUD 2.52 per share

- 2025-11: AUD 2.46 per share

- 2025-12: AUD 2.56 per share

- 2026-01: AUD 2.46 per share

- 2026-02: AUD 2.45 per share

- 2026-03: AUD 2.34 per share

- 2026-04: AUD 2.51 per share

- 2026-05: AUD 2.53 per share

- 2026-06: AUD 2.58 per share

- 2026-07: AUD 2.68 per share

- 2026-08: AUD 2.49 per share

- 2026-09: AUD 2.36 per share

- 2026-10: AUD 2.30 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 2.89 per share, central AUD 3.28 per share, high AUD 3.81 per share

- FY2018: low AUD 3.27 per share, central AUD 3.73 per share, high AUD 4.33 per share

- FY2019: low AUD 2.94 per share, central AUD 3.35 per share, high AUD 3.89 per share

- FY2020: low AUD 2.15 per share, central AUD 2.44 per share, high AUD 2.82 per share

- FY2021: low AUD 0.63 per share, central AUD 0.72 per share, high AUD 0.83 per share

- FY2022: low AUD 0.67 per share, central AUD 0.76 per share, high AUD 0.89 per share

- FY2023: low AUD 0.51 per share, central AUD 0.58 per share, high AUD 0.66 per share

- FY2024: low AUD 0.51 per share, central AUD 0.58 per share, high AUD 0.67 per share

- FY2025: low AUD 0.85 per share, central AUD 1.01 per share, high AUD 1.18 per share

- FY2026: low AUD 2.07 per share, central AUD 2.36 per share, high AUD 2.74 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 2026-10-15T06:42:15.425Z 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.

## Reported holder observations