Transurban Group
ASX: TCL · Industrials · Infrastructure Operations
- Market cap
- A$45.1B
- P/E (trailing)
- 337.9
- EPS (FY25)
- $0.04
- Dividend / share
- $0.68
- 52-week range
- –
- Intrinsic value
- A$7.92
Share price
ASX: TCL · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$7.92 The median of our 2 model estimates
83.5% above fair value Against the A$14.53 price.
- EPS growth model
- A$0.84
- P/E multiple
- A$15.00
- Discounted cash flow
- Not available
See how each estimate is built and why the missing models bailed →
Revenue
As reported · financial years
Earnings per share
Diluted · as reported
Profit margins
Gross, operating and net margin by financial year
Mediocre Net margin of 3.5% in FY25: thin margins leave little room for shocks.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Stable +0.5% year-on-year, +5.0% a year over 10 years: a gradual share increase over time.
Working-capital days
Days of revenue sitting in receivables (DSO)
Slowing collections DSO of 44 days vs a 37-day norm: customers are taking longer to pay than the historical norm.
Financial health
Latest financial year (FY25)
- Return on equity
- 1.5%
- Poor
- Current ratio
- 0.59
- Tight
- Debt to equity
- 2.31
- High leverage
- Interest coverage
- 1.1×
- Stressed
Verdicts are graded against what's normal for the sector (Industrials), not a one-size-fits-all bar. Hover a tile for the reasoning.
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Cash-covered payout 15.8× FY25 earnings paid out: the dividend exceeds accounting earnings but is covered by free cash flow, since non-cash charges hold reported profit below the cash the business generates.
Free cash flow
Cash from operations minus capital spending: what the DCF model projects from
Excellent 457% of FY25 net profit became free cash: free cash flow exceeds reported profit.
Net debt
Borrowings and leases minus cash: the line shows how many years of operating profit (EBIT) would clear it
High leverage Net debt of $19.5B is 20.8× FY25 operating profit: a heavy debt load even for a capital-intensive business.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $3.4B | $4.2B | $4.1B | $3.8B |
| Net profit | $-423.0M | $19.0M | $64.0M | $326.0M | $133.0M |
| EPS (diluted) | $-0.15 | $0.01 | $0.02 | $0.11 | $0.04 |
| Dividend / share | $0.30 | $0.31 | $0.48 | $0.56 | $0.68 |
| Net margin | -14.7% | 0.6% | 1.5% | 7.9% | 3.5% |
What does Transurban Group (TCL) do?
Transurban Group sits in the industrials sector under the infrastructure operations industry, with a business built around motorways that generate revenue from road users. The company is engaged across the full span of a road's life cycle, from planning and building new crossings through to the day-to-day running, servicing and refurbishment of roads already carrying traffic. Its holdings amount to 21 separate roads located in a handful of large urban centres, spanning Sydney, Melbourne and Brisbane on Australia's east coast, the Washington DC metropolitan area in the United States, and the Canadian city of Montreal.
The company runs its operations from a head office in Melbourne, Australia, and has traded on the ASX since 1996, marking roughly three decades on the exchange. Its workforce is reported at approximately 4,100 full-time staff. Chief Executive Officer duties are held by Michelle Nicole Jablko, who holds a Bachelor of Economics degree.
Common questions about TCL
Is TCL undervalued right now? +–
The median of our 2 model estimates puts Transurban Group's fair value at A$7.92 per share against a price of A$14.53, 83.5% above the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does TCL pay a dividend? +–
Transurban Group paid $0.68 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is TCL growing? +–
Revenue has compounded at 3.5% a year over the last five financial years, and 7.3% a year over ten.
What is TCL's P/E ratio? +–
Transurban Group trades on a trailing price-to-earnings ratio of 337.9, based on diluted earnings of $0.04 per share in FY25.
How has Transurban Group (TCL) performed financially, and how does its share price compare with valuation model estimates?
Transurban Group, classified in the Industrials sector under Infrastructure Operations, has reported revenue that rose from $2.2B in FY2016 to a decade high of $4.2B in FY2019, before falling back to $2.9B in FY2021. Revenue then recovered to $4.2B in FY2023 and $4.1B in FY2024, before easing to $3.8B in FY2025.
Profitability has been choppier. Net income climbed from $99M in FY2016 to a peak of $485M in FY2018, a 14.7% net margin, then turned negative in FY2020 (-$111M) and FY2021 (-$423M, a -14.7% margin). The company returned to profit afterward, reporting net income of $19M in FY2022, $64M in FY2023, $326M in FY2024 and $133M in FY2025, with diluted EPS of $0.043 in the most recent year, down from $0.11 the year before.
Against a share price of $14.48 as of July 3, 2026, the valuation models produce differing estimates: a PE-ratio-based model puts fair value at $15.06 per share, close to the traded price, while an EPS-growth-based model estimates just $0.85 per share. The current PE ratio of 336.74 sits slightly below the company's own five-year median PE of 350.23, though both are elevated in absolute terms against a modest recent earnings base.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.