AURIZON HOLDINGS LIMITED (AZJ)
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AZJ

AZJ - AURIZON HOLDINGS LIMITED

FNArena Sector : Transportation & Logistics
Year End: June
GICS Industry Group : Transportation
Debt/EBITDA: 3.68
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Aurizon Holdings is Australia's largest freight rail transport company. Formerly a Queensland Government-owned company, it was privatised and floated on the ASX in 2010.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.07

04 Mar
2026

-0.050

OPEN

$4.09

-1.21%

HIGH

$4.14

8,490,419

LOW

$4.07

TARGET
$3.628

+0.13 change from previous day

 -10.9% downside
Franking for last dividend paid out: 90%
OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . BWN . BXB . CLX . ERD . FRW . KLS . KSC . LAU . NTD . QAN . QUB . SPZ . SST . THL . WTC .
FNARENA'S MARKET CONSENSUS FORECASTS
AZJ: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 16.9 25.2 xxx
DPS (cps) xxx 15.7 22.6 xxx
EPS Growth xxx - 23.2% 48.9% xxx
DPS Growth xxx - 7.6% 43.8% xxx
PE Ratio xxx N/A 16.0 xxx
Dividend Yield xxx N/A 5.6% xxx
Div Pay Ratio(%) xxx 92.7% 89.5% xxx

Dividend yield today if purchased 3 years ago: 4.77%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.89

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: 01/09 - ex-div 6.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx16.9
DPS All xxxxxxxxxxxxxxx15.7
Sales/Revenue xxxxxxxxxxxxxxx3,869.0 M
Book Value Per Share xxxxxxxxxxxxxxx233.4
Net Operating Cash Flow xxxxxxxxxxxxxxx1,118.0 M
Net Profit Margin xxxxxxxxxxxxxxx7.83 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx7.11 %
Return on Invested Capital xxxxxxxxxxxxxxx3.54 %
Return on Assets xxxxxxxxxxxxxxx2.55 %
Return on Equity xxxxxxxxxxxxxxx7.11 %
Return on Total Capital xxxxxxxxxxxxxxx7.97 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx138.0 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 xxxxxxxxxxxxxxx997 M
Long Term Debt xxxxxxxxxxxxxxx4,504 M
Total Debt xxxxxxxxxxxxxxx5,501 M
Goodwill - Gross xxxxxxxxxxxxxxx57 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx64 M
Price To Book Value xxxxxxxxxxxxxxx1.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx696.0 M
Capex % of Sales xxxxxxxxxxxxxxx17.99 %
Cost of Goods Sold xxxxxxxxxxxxxxx3,017 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx91 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx107 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

-0.5

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Macquarie

18/02/2026

3

Downgrade to Neutral from Outperform

$3.91

-3.93%

Aurizon Holdings delivered a surprise with first half net profit well ahead of Macquarie's estimates.

Guidance for FY26 of $1.68-75bn reflects an unusual coal yield impact on EBITDA, while the broker points out FY27-28 will have some challenges with the loss of Whitehaven ((WHC)) volumes, the repricing of the KML contract and the end of the GAPE premium.

The focus will turn to the realisation of network policy and capital management while Macquarie believes the core issue is the company's industries are not growing and its market share is flat.

Rating is downgraded to Neutral from Outperform and the target rises to $3.91 from $3.77.

FORECAST
Macquarie forecasts a full year FY26 dividend of 22.40 cents and EPS of 25.60 cents.
Macquarie forecasts a full year FY27 dividend of 24.30 cents and EPS of 28.70 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx 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

18/02/2026

2

Upgrade to Overweight from Neutral

$3.90

-4.18%

Aurizon delivered 1H26 Core NPAT of $237m, an 8% beat to consensus, driven by improved Coal and a sharp turnaround in Bulk earnings.

Bulk EBIT more than doubled y/y to $49m, marking the first period of underlying growth in around two years, while Coal EBIT of $192m was well ahead of expectations and de-risked FY26 forecasts.

FY26 EBITDA guidance was maintained at $1,680-1,750m and appears conservative, with Jarden lifting FY26 Core EPS by 3.5% and incorporating a higher circa 90% payout ratio and additional $100m on-market buyback.

The broker highlights improving earnings visibility and lower capex intensity as supportive of stronger free cash flow from FY27.

Jarden upgrades to Overweight from Neutral and raises the target to $3.90 from $3.45.

FORECAST
Jarden forecasts a full year FY26 dividend of 22.20 cents and EPS of 25.00 cents.
Jarden forecasts a full year FY27 dividend of 26.50 cents and EPS of 28.70 cents.
Access Extra Coverage Research History >

AZJ STOCK CHART

FNArena News on AZJ

1
Rudi’s View: A Season Of Large Cap Winners

Mar 04 2026 - Rudi's View
2
Rudi’s View: Positives From February Results

Feb 26 2026 - Rudi's View
3
Weekly Ratings, Targets, Forecast Changes – 20-02-26

Feb 23 2026 - Weekly Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 20-02-26

Feb 20 2026 - Weekly Reports
5
Rudi’s View: More Surprises, Led By CBA & BHP

Feb 19 2026 - Rudi's View

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