# Ventia Services Group (VNT.AU)

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

Analysis as of: 2026-10-16T07:38:51.297Z. Financial observations: FY2018–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 5.86 per share; close as of 2026-10-15.

Estimated value: low AUD 4.18 per share, central AUD 4.69 per share, high AUD 5.38 per share. Buy at or below the central value AUD 4.69 per share. Valuation as of 2026-10-16T07:38:51.297Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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

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

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.04×

- FY2021: 0.02×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.07×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 9.4%

- Recent gross margin (lower of latest and 3-year median): 10.1%

- Years with nonpositive capital: 3

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 17.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 12.6%

- FY2019: 11.3%

- FY2020: 6.3%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.41×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.2B

- Net income, five-year total: AUD 870M

- Return on incremental invested capital: >100%

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

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

- FY2021: -36.15×

- FY2022: 1.49×

- FY2023: 1.36×

- FY2024: 1.25×

- FY2025: 1.03×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.3% vs 971.3%

- Per-share earnings: 0.08 to 0.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 1.9%

- Per-share value growth: 25.8%

- Per-share value change: AUD 0.17

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

- Per-share value, ending three-year median: AUD 0.25

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.8%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 11.3%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2018: AUD 0.09

- FY2019: AUD 0.08

- FY2020: AUD 0.04

- FY2021: AUD -0.00

- FY2022: AUD 0.22

- FY2023: AUD 0.22

- FY2024: AUD 0.25

- FY2025: AUD 0.32

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.08×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -1.7%

- FY2019: -3.0%

- FY2020: -0.6%

- FY2021: -4.8%

- FY2022: -3.5%

- FY2023: -4.0%

- FY2024: -4.6%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 3.9% a year for ten years · sales +0.6%

Story as of 2026-10-16T10:00:10.314Z; price observation 2026-10-15.

Price needs cash profits to grow 3.9% a year for ten years

### Sales · FY2024–2025

sales +0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: AUD 2.2B 

- FY2019: AUD 2.3B 

- FY2020: AUD 3.2B 

- FY2021: AUD 4.6B 

- FY2022: AUD 5.2B 

- FY2023: AUD 5.7B 

- FY2024: AUD 6.1B 

- FY2025: AUD 6.1B 

### Gross margin · FY2025

gross margin 10.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 13.9% 

- FY2019: 12.3% 

- FY2020: 8.6% 

- FY2021: 6.3% 

- FY2022: 8.7% 

- FY2023: 8.5% 

- FY2024: 92.7% 

- FY2025: 10.1% 

## Owner memo

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

### How it makes money

Operates in infrastructure operations; annual sales are AUD 6.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2025: revenue 6141100000; grossProfit 618100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VNT.AU: Ventia Services Group Limited provides infrastructure services in Australia and New Zealand. It offers asset management services, such as asset condition analysis, strategy and planning, risk optimization, and systems and documentation; and digital solutions, including panorama property portal, drone solutions, remote electronic verification systems, automatic meter readings, Ventia operations centre, and telecommunication system integration services. The company also provides engineering services comprising motorway, tunnel and road network, advanced engineering; transmission and distribution; multi-disciplinary engineering; minor capital; asset performance; design and drafting; and project services. In addition, the company offers environmental services and energy consisting of sewer, water, air, surface water, petroleum, and waste monitoring services; environmental and land management, community engagement, remediation, PFAS remediation, flood warning systems, and bushfire management systems and plans; and facilities management services, such as integrated, soft, and hard facility management, and clothing services. Further, the company provides network design and building services, such as telecommunications network design and building, site acquisition, and telecommunication system integration; operations and maintenance services, including fleet management, operations control room management, energy, resources, and industrial services, network operations and maintenance; incident response and recovery; high voltage technical services; property and consulting services; and minor capital works consisting of design, documentation, commissioning, and construction of new assets, as well as renewal and refurbishment of existing assets. Ventia Services Group Limited was founded in 1956 and is headquartered in North Sydney, Australia.

### Why customers stay

Margins ranged from 8.5% to 92.7% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2023: grossProfit / revenue = 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2024: grossProfit / revenue = 92.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2025: grossProfit / revenue = 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); 8-year return on capital observations [[2018,0.1261036492250281],[2019,0.11284199139203152],[2020,0.06271071135872056],[2021,31.307407407407407],[2022,9.496295214660492],[2023,14.139094508521259],[2024,9.713387691662453],[2025,1.9070484308794524]]; median 5.701671822769972. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back AUD 165.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2018: growth capex 0; upkeep 14832000; owner earnings 87025000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2019: growth capex 0; upkeep 5624000; owner earnings 124640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2020: growth capex 0; upkeep 29232000; owner earnings 137641000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2021: growth capex 0; upkeep 36300000; owner earnings 126520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2022: growth capex 0; upkeep 38400000; owner earnings 285400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2023: growth capex 0; upkeep 50900000; owner earnings 257900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2024: growth capex 0; upkeep 55600000; owner earnings 274440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2025: growth capex 0; upkeep 73800000; owner earnings 281660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); Dividend observations: [[2018,58115000],[2019,78004000],[2020,4876000],[2021,38500000],[2022,75500000],[2023,139900000],[2024,158600000],[2025,178400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); FY2025: cash repurchases 165800000 AUD.

### Are managers owners

Insiders own 6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VNT.AU SharesStats.PercentInsiders = 5.99 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:51.297Z); Ten-year compound average after fade. Initial solved rate 0.04329581016464623. Price 5.86; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-11: AUD 2.05 per share

- 2021-12: AUD 2.00 per share

- 2022-01: AUD 2.19 per share

- 2022-02: AUD 2.28 per share

- 2022-03: AUD 2.47 per share

- 2022-04: AUD 2.86 per share

- 2022-05: AUD 2.56 per share

- 2022-06: AUD 2.49 per share

- 2022-07: AUD 2.68 per share

- 2022-08: AUD 2.75 per share

- 2022-09: AUD 2.59 per share

- 2022-10: AUD 2.77 per share

- 2022-11: AUD 2.69 per share

- 2022-12: AUD 2.41 per share

- 2023-01: AUD 2.41 per share

- 2023-02: AUD 2.38 per share

- 2023-03: AUD 2.64 per share

- 2023-04: AUD 2.62 per share

- 2023-05: AUD 2.71 per share

- 2023-06: AUD 3.03 per share

- 2023-07: AUD 2.90 per share

- 2023-08: AUD 2.72 per share

- 2023-09: AUD 2.82 per share

- 2023-10: AUD 2.75 per share

- 2023-11: AUD 3.00 per share

- 2023-12: AUD 3.14 per share

- 2024-01: AUD 3.29 per share

- 2024-02: AUD 3.79 per share

- 2024-03: AUD 3.85 per share

- 2024-04: AUD 3.63 per share

- 2024-05: AUD 3.60 per share

- 2024-06: AUD 3.83 per share

- 2024-07: AUD 4.39 per share

- 2024-08: AUD 4.23 per share

- 2024-09: AUD 4.55 per share

- 2024-10: AUD 4.59 per share

- 2024-11: AUD 4.55 per share

- 2024-12: AUD 3.60 per share

- 2025-01: AUD 3.82 per share

- 2025-02: AUD 4.21 per share

- 2025-03: AUD 4.02 per share

- 2025-04: AUD 4.24 per share

- 2025-05: AUD 4.73 per share

- 2025-06: AUD 5.18 per share

- 2025-07: AUD 5.21 per share

- 2025-08: AUD 5.44 per share

- 2025-09: AUD 5.11 per share

- 2025-10: AUD 5.73 per share

- 2025-11: AUD 5.90 per share

- 2025-12: AUD 5.95 per share

- 2026-01: AUD 5.78 per share

- 2026-02: AUD 5.86 per share

- 2026-03: AUD 5.23 per share

- 2026-04: AUD 5.30 per share

- 2026-05: AUD 6.21 per share

- 2026-06: AUD 6.19 per share

- 2026-07: AUD 5.82 per share

- 2026-08: AUD 5.45 per share

- 2026-09: AUD 6.12 per share

- 2026-10: AUD 5.96 per share

## Annual estimated value (AUD per share)

- FY2022: low AUD 2.99 per share, central AUD 3.37 per share, high AUD 3.89 per share

- FY2023: low AUD 3.53 per share, central AUD 3.98 per share, high AUD 4.58 per share

- FY2024: low AUD 3.78 per share, central AUD 4.26 per share, high AUD 4.90 per share

- FY2025: low AUD 3.75 per share, central AUD 4.24 per share, high AUD 4.91 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

## 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