# Worley (WOR.AU)

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

Analysis as of: 2026-10-16T07:39:07.918Z. Financial observations: FY2000–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: AUD 9.23 per share; close as of 2026-10-15.

Estimated value: low AUD 10.49 per share, central AUD 11.68 per share, high AUD 13.27 per share. Buy at or below the central value AUD 11.68 per share. Valuation as of 2026-10-16T07:39:07.918Z; scenarios are not confidence intervals.

Expected annual return: 12.4% at the stated quote. About 12.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.06×

- FY2026: 0.04×

### moat: pass

- ROIC, median of available years: 18.8%

- ROIC, second-lowest year: 12.8%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 6.4%

- Recent gross margin (lower of latest and 3-year median): 5.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.7%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.4%

- FY2018: 19.9%

- FY2019: 11.1%

- FY2020: 19.6%

- FY2021: 12.8%

- FY2022: 15.0%

- FY2023: 18.4%

- FY2024: 23.5%

- FY2025: 25.4%

- FY2026: 19.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.9B

- Net income, five-year total: AUD 1.2B

- Return on incremental invested capital: >100%

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

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

- Working capital / revenue, final three-year average: 18.2%

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

- FY2022: 1.90×

- FY2023: 4.24×

- FY2024: 1.41×

- FY2025: 1.36×

- FY2026: 1.69×

### management: pass

- 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: 17.4% vs 23.5%

- Per-share earnings: 0.12 to 0.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: -12.9%

- Market cap gain: AUD -82M

- Cumulative retained earnings: AUD -293M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -12.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 26.8%

- Per-share value change: AUD 0.67

- Per-share value, starting three-year median: AUD 0.12

- Per-share value, ending three-year median: AUD 0.79

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 7.4%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 10B

- Cumulative net income, 10 years: AUD 1.7B

- ROIC, first three-year median: 17.4%

- ROIC, last three-year median: 23.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.12

- FY2018: AUD 0.18

- FY2019: AUD 0.29

- FY2020: AUD 0.33

- FY2021: AUD 0.16

- FY2022: AUD 0.33

- FY2023: AUD 0.07

- FY2024: AUD 0.57

- FY2025: AUD 0.79

- FY2026: AUD 0.90

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.12×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.1%

- FY2018: -4.4%

- FY2019: -0.7%

- FY2020: -5.9%

- FY2021: -4.4%

- FY2022: -1.4%

- FY2023: -2.1%

- FY2024: -3.6%

- FY2025: -3.0%

- FY2026: -1.5%

## Holders

## Price story

Down 47% since Aug 2023 · sales -4.8%

Story as of 2026-10-16T10:00:10.480Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.7% a year for ten years

### Sales · FY2025–2026

sales -4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 5.2B 

- FY2018: AUD 4.8B 

- FY2019: AUD 6.9B 

- FY2020: AUD 13B 

- FY2021: AUD 9.5B 

- FY2022: AUD 9.7B 

- FY2023: AUD 11B 

- FY2024: AUD 12B 

- FY2025: AUD 11B 

- FY2026: AUD 11B 

### Gross margin · FY2026

gross margin 5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 5.2% 

- FY2018: 8.0% 

- FY2019: 6.9% 

- FY2020: 6.1% 

- FY2021: 5.2% 

- FY2022: 6.4% 

- FY2023: 6.4% 

- FY2024: 7.7% 

- FY2025: 8.3% 

- FY2026: 5.6% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are AUD 10.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2026: revenue 10680000000; grossProfit 593000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WOR.AU: Worley Limited provides engineering, project, and asset management solutions to the energy, chemicals, and resources sectors in the Americas, Europe, the Middle East, Africa, Australia, the Asia Pacific, and China. The company offers project delivery services, such as engineering, procurement and supply chain management, construction and fabrication, and operation and maintenance; planning and investment, capital project support, digital solutions, and environment and sustainability consulting, as well as optimize, repurpose, and decommissioning; and specialist and technology solutions. It serves the chemicals and fuels industry comprising chemicals, low carbon fuels, refining, plastics recycling, and sustainable aviation fuel; conventional energy industry, including decommissioning, integrated gas, midstream energy infrastructure, and offshore and onshore oil; low carbon energy industry, such as data center, energy storage, hydrogen, nuclear power, power networks, renewable energy, and biogas and renewable natural gas; and resources industry consisting of aluminum, battery materials, bauxite and alumina, copper and energy transition materials, graphite, iron ore, mined fertilizers, precious metals, and water. The company was formerly known as WorleyParsons Limited and changed its name to Worley Limited in October 2019. Worley Limited was founded in 1971 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 5.6% to 8.3% during 2024–26; it earns 18.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2024: grossProfit / revenue = 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2025: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2026: grossProfit / revenue = 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); 10-year return on capital observations [[2017,0.17412658431208294],[2018,0.1994739787353106],[2019,0.11066491112574063],[2020,0.19552357257275288],[2021,0.12832167832167832],[2022,0.1495844155844156],[2023,0.1839312784234462],[2024,0.2353448275862069],[2025,0.2535488290958374],[2026,0.19130434782608696]]; median 0.18761781312476658. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 6% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); Gross margin observations: [[2021,0.05162986330178759],[2022,0.06384734399174832],[2023,0.06375838926174497]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 359 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2017: growth capex 0; upkeep 44700000; owner earnings 69600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2018: growth capex 0; upkeep 41700000; owner earnings 88500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2019: growth capex 0; upkeep 12000000; owner earnings 232960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2020: growth capex 0; upkeep 64000000; owner earnings 391000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2021: growth capex 0; upkeep 80000000; owner earnings 221800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2022: growth capex 0; upkeep 53000000; owner earnings 327600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2023: growth capex 0; upkeep 82000000; owner earnings 156800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2024: growth capex 0; upkeep 95000000; owner earnings 426200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2025: growth capex 0; upkeep 76000000; owner earnings 556000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2026: growth capex 0; upkeep 63000000; owner earnings 401600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); Dividend observations: [[2017,21800000],[2018,27300000],[2019,99000000],[2020,217000000],[2021,278000000],[2022,265000000],[2023,262000000],[2024,263000000],[2025,264000000],[2026,255000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); FY2026: cash repurchases 359000000 AUD.

### Are managers owners

Insiders own 7.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WOR.AU SharesStats.PercentInsiders = 7.545 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.7% yearly over ten years; actual growth was 24.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.918Z); Ten-year compound average after fade. Initial solved rate -0.050705111808716785. Price 9.23; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.17604755279929582 → FY2026 1.5269921334810135. Closing-price date 2026-10-15.

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

- 2016-10: AUD 8.00 per share

- 2016-11: AUD 8.14 per share

- 2016-12: AUD 9.14 per share

- 2017-01: AUD 9.30 per share

- 2017-02: AUD 10.02 per share

- 2017-03: AUD 10.36 per share

- 2017-04: AUD 10.65 per share

- 2017-05: AUD 11.62 per share

- 2017-06: AUD 10.56 per share

- 2017-07: AUD 11.08 per share

- 2017-08: AUD 12.61 per share

- 2017-09: AUD 12.70 per share

- 2017-10: AUD 13.29 per share

- 2017-11: AUD 14.24 per share

- 2017-12: AUD 13.61 per share

- 2018-01: AUD 13.78 per share

- 2018-02: AUD 14.62 per share

- 2018-03: AUD 13.61 per share

- 2018-04: AUD 15.42 per share

- 2018-05: AUD 15.74 per share

- 2018-06: AUD 16.58 per share

- 2018-07: AUD 17.43 per share

- 2018-08: AUD 19.48 per share

- 2018-09: AUD 19.37 per share

- 2018-10: AUD 14.59 per share

- 2018-11: AUD 13.20 per share

- 2018-12: AUD 11.42 per share

- 2019-01: AUD 13.88 per share

- 2019-02: AUD 14.91 per share

- 2019-03: AUD 14.16 per share

- 2019-04: AUD 14.32 per share

- 2019-05: AUD 13.18 per share

- 2019-06: AUD 14.71 per share

- 2019-07: AUD 16.15 per share

- 2019-08: AUD 12.29 per share

- 2019-09: AUD 13.01 per share

- 2019-10: AUD 13.66 per share

- 2019-11: AUD 15.00 per share

- 2019-12: AUD 15.31 per share

- 2020-01: AUD 15.24 per share

- 2020-02: AUD 12.52 per share

- 2020-03: AUD 6.15 per share

- 2020-04: AUD 9.00 per share

- 2020-05: AUD 8.40 per share

- 2020-06: AUD 8.72 per share

- 2020-07: AUD 8.20 per share

- 2020-08: AUD 9.62 per share

- 2020-09: AUD 9.55 per share

- 2020-10: AUD 9.41 per share

- 2020-11: AUD 12.90 per share

- 2020-12: AUD 11.49 per share

- 2021-01: AUD 11.42 per share

- 2021-02: AUD 11.10 per share

- 2021-03: AUD 10.49 per share

- 2021-04: AUD 10.86 per share

- 2021-05: AUD 10.56 per share

- 2021-06: AUD 11.96 per share

- 2021-07: AUD 11.17 per share

- 2021-08: AUD 10.48 per share

- 2021-09: AUD 9.91 per share

- 2021-10: AUD 10.82 per share

- 2021-11: AUD 9.54 per share

- 2021-12: AUD 10.63 per share

- 2022-01: AUD 11.55 per share

- 2022-02: AUD 11.93 per share

- 2022-03: AUD 12.91 per share

- 2022-04: AUD 13.91 per share

- 2022-05: AUD 14.74 per share

- 2022-06: AUD 14.24 per share

- 2022-07: AUD 14.31 per share

- 2022-08: AUD 14.53 per share

- 2022-09: AUD 12.73 per share

- 2022-10: AUD 14.27 per share

- 2022-11: AUD 14.78 per share

- 2022-12: AUD 15.00 per share

- 2023-01: AUD 15.45 per share

- 2023-02: AUD 15.17 per share

- 2023-03: AUD 14.41 per share

- 2023-04: AUD 15.04 per share

- 2023-05: AUD 16.29 per share

- 2023-06: AUD 15.79 per share

- 2023-07: AUD 17.36 per share

- 2023-08: AUD 17.47 per share

- 2023-09: AUD 17.41 per share

- 2023-10: AUD 16.39 per share

- 2023-11: AUD 16.96 per share

- 2023-12: AUD 17.46 per share

- 2024-01: AUD 14.82 per share

- 2024-02: AUD 16.73 per share

- 2024-03: AUD 16.75 per share

- 2024-04: AUD 15.09 per share

- 2024-05: AUD 14.65 per share

- 2024-06: AUD 14.98 per share

- 2024-07: AUD 15.18 per share

- 2024-08: AUD 15.23 per share

- 2024-09: AUD 14.83 per share

- 2024-10: AUD 14.00 per share

- 2024-11: AUD 13.87 per share

- 2024-12: AUD 13.70 per share

- 2025-01: AUD 14.46 per share

- 2025-02: AUD 15.22 per share

- 2025-03: AUD 14.43 per share

- 2025-04: AUD 12.44 per share

- 2025-05: AUD 13.02 per share

- 2025-06: AUD 13.08 per share

- 2025-07: AUD 13.35 per share

- 2025-08: AUD 14.69 per share

- 2025-09: AUD 14.05 per share

- 2025-10: AUD 14.30 per share

- 2025-11: AUD 13.34 per share

- 2025-12: AUD 12.57 per share

- 2026-01: AUD 13.41 per share

- 2026-02: AUD 11.34 per share

- 2026-03: AUD 11.21 per share

- 2026-04: AUD 11.82 per share

- 2026-05: AUD 12.94 per share

- 2026-06: AUD 11.06 per share

- 2026-07: AUD 10.57 per share

- 2026-08: AUD 10.22 per share

- 2026-09: AUD 9.72 per share

- 2026-10: AUD 9.37 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 3.11 per share, central AUD 3.48 per share, high AUD 3.98 per share

- FY2018: low AUD 2.50 per share, central AUD 2.78 per share, high AUD 3.15 per share

- FY2019: low AUD 2.52 per share, central AUD 2.78 per share, high AUD 3.13 per share

- FY2020: low AUD 5.42 per share, central AUD 6.11 per share, high AUD 7.03 per share

- FY2021: low AUD 5.26 per share, central AUD 5.90 per share, high AUD 6.74 per share

- FY2022: low AUD 6.67 per share, central AUD 7.51 per share, high AUD 8.62 per share

- FY2023: low AUD 7.41 per share, central AUD 8.38 per share, high AUD 9.67 per share

- FY2024: low AUD 7.86 per share, central AUD 8.86 per share, high AUD 10.20 per share

- FY2025: low AUD 9.46 per share, central AUD 10.57 per share, high AUD 12.04 per share

- FY2026: low AUD 19.44 per share, central AUD 21.66 per share, high AUD 24.60 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