WESTPAC BANKING CORPORATION (WBC)
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WBC

WBC - WESTPAC BANKING CORPORATION

FNArena Sector : Banks
Year End: September
GICS Industry Group : Banks
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Westpac is an Australian bank and financial services provider. It is Australia's oldest bank, being established in Sydney as the Bank of NSW in 1817. It is the second largest bank by market cap. It listed on the ASX in July 1970.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$38.57

07 May
2026

-0.370

OPEN

$38.34

-0.95%

HIGH

$39.08

8,049,856

LOW

$38.34

TARGET
$34.678 -10.1% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AFG . ANZ . BEN . BOQ . CBA . HLI . MYS . NAB . RMC . SUN .
FNARENA'S MARKET CONSENSUS FORECASTS
WBC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 201.9 206.8 xxx
DPS (cps) xxx 153.0 158.8 xxx
EPS Growth xxx 0.5% 2.4% xxx
DPS Growth xxx - 7.8% 3.8% xxx
PE Ratio xxx N/A 18.1 xxx
Dividend Yield xxx N/A 4.2% xxx
Div Pay Ratio(%) xxx 75.8% 76.8% xxx

Dividend yield today if purchased 3 years ago: 7.05%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.09

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 06/11 - ex-div 77c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx201.9
DPS All xxxxxxxxxxxxxxx153.0
Sales/Revenue xxxxxxxxxxxxxxx58,417.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,128.3
Net Operating Cash Flow xxxxxxxxxxxxxxx13,925.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.83 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx9.57 %
Return on Invested Capital xxxxxxxxxxxxxxx2.77 %
Return on Assets xxxxxxxxxxxxxxx0.63 %
Return on Equity xxxxxxxxxxxxxxx9.57 %
Return on Total Capital xxxxxxxxxxxxxxx3.40 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx8,339.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx52,741 M
Long Term Debt xxxxxxxxxxxxxxx179,702 M
Total Debt xxxxxxxxxxxxxxx232,443 M
Goodwill - Gross xxxxxxxxxxxxxxx7,413 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx50,430 M
Price To Book Value xxxxxxxxxxxxxxx1.83

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,147.0 M
Capex % of Sales xxxxxxxxxxxxxxx1.96 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,942 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx191,846 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.6

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

4

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

06/05/2026

5

Underweight

$34.00

-11.85%

Morgan Stanley highlights softer-than-expected interim revenue growth for Westpac, despite strong loan growth, reflecting pressure from margin compression across divisions. Operating and balance sheet metrics were broadly in line with forecasts by the analysts.

The broker sees emerging risks of an earnings downgrade cycle, with the volume/margin trade-off becoming more apparent and limited scope for cost improvements relative to peers.

While credit quality remains sound, higher provisions and loss rates are expected. Capital is strong, though the analysts note a high payout ratio constrains dividend growth.

Morgan Stanley retains an Underweight rating, citing valuation concerns and a more uncertain outlook. Target lowered by -40c to $34.00. Industry view: Cautious.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 154.00 cents and EPS of 207.20 cents.
Morgan Stanley forecasts a full year FY27 dividend of 158.00 cents and EPS of 222.00 cents.

Ord Minnett

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

07/05/2026

5

Downgrade to Sell from Underweight

$31.00

-19.63%

Jarden downgrades Westpac to a Sell rating from Underweight and lowers the target price to $31.00 from $32.00 after a half-year result that highlighted emerging vulnerabilities in the bank's deposit franchise, on the broker's assessment.

Jarden notes net interest margins fell -7bps half-on-half to 1.89%, primarily driven by the changing dynamics of the deposit market, with 12% of Westpac's deposit base currently sitting in non-interest-bearing accounts.

While the bank delivered robust institutional and business loan growth over the past two years, core profits have remained flat as investments in tech simplifications like the Unite project continue to absorb capital.

The report questions the timing of this accelerated growth strategy given the potential for a credit cycle downturn catalysed by domestic fragility and Middle East tensions, reflected in a 155% half-on-half spike in bad debts to $443m.

Jarden cuts FY26 and FY27 cash earnings forecasts by -4% and -1%, respectively.

FORECAST
Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 206.40 cents.
Jarden forecasts a full year FY27 dividend of 157.00 cents and EPS of 211.90 cents.
Access Extra Coverage Research History >

WBC STOCK CHART

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