NEXTDC is the listed pure-play: FY26 revenue +16%, margins near 50%, and a 565 MW order book the market prices at ~45x EBITDA
NEXTDC's FY26 revenue rose 16% on margins near 50% with a 565 MW order book the market prices at about 45x EBITDA. The statutory profit rests on a revaluation gain, and A$3.4bn of FY26 capex sits behind the multiple.
Total revenue and underlying EBITDA, A$m
| Item | Total revenue, A$m | Underlying EBITDA, A$m |
|---|---|---|
| FY25 | 427.2 | 216.7 |
| FY26 | 496.5 | 248.8 |
Contracted capacity vs billing, MW
| Item | Value ( MW) |
|---|---|
| Billing at FY25 | 110.9 |
| Contracted at FY25 (Jun 2025) | 244.8 |
| Forward order book (Jul 2026) | 565 |
| Contracted utilisation (Jul 2026) | 740 |
The conversion path: contracted utilisation, FY25 to Jul 2026
- 244.8 MW, FY25 Contracted utilisation at Jun 2025
- 667 MW, Apr 2026 Pro forma, incl. a record 250 MW S4 contract
- 740 MW, Jul 2026 With a 565 MW forward order book, converting FY26-FY30
The swing asset
S7 (612 MW planning basis, A$7bn, OpenAI MoU, SOCI-compliant, Phase 1 target H2 2027) is the swing asset. Sharon AI signed a 50 MW expansion.
The multiple does the work: 44.7x EV/EBITDA, a statutory profit that rests on a revaluation gain, and A$3.4bn of FY26 capex
NEXTDC: reported financials and market data
| Metric | Value |
|---|---|
| FY26 total revenue / uEBITDA | A$496.5m (+16%) / A$248.8m (+15%) |
| FY25 total revenue / uEBITDA | A$427.2m (+5.7%) / A$216.7m |
| Statutory result | FY26 profit A$82.1m, incl. A$128.8m fair-value gain; on the historical accounting basis, unaudited and prepared for comparison only, a A$103.9m loss after tax; FY25 loss A$60.5m |
| Market data (16 Sep 2026 close) | A$11.39; market cap A$8,651.3m; 52-wk A$10.91-17.84 (MarketScreener, retrieved 21 Sep 2026) |
| Multiples (inashanu computation) | EV/EBITDA 44.7x; EV/total revenue 22.4x; EV/net revenue 27.5x; build at right |
| Consensus | Target A$20.03 (strong buy, ~76% implied upside) |
| Capex / funding | FY26 capex A$3,397m (FY25: A$1,699m); pro forma available liquidity A$8,676m at 30 Jun 2026 (components at source log entry 106) |
The bear case in one line
Priced for flawless conversion: -14% in the month to 9 Sep 2026 on nothing more than an AI-sentiment wobble.
Where the share price sits, A$ per share
Capital intensity and funding
Multiple build, 16 Sep 2026 close. 759,554,497 shares (FY26 Annual Report note 15) x A$11.39 = market capitalisation A$8,651.3m; plus net debt A$2,466.7m at 30 Jun 2026 (note 14: borrowings and lease liabilities A$3,358.6m, less derivatives A$15.9m, less cash A$876.0m) = enterprise value A$11,118.0m. That is 44.7x FY26 underlying EBITDA of A$248.8m, 22.4x total revenue of A$496.5m and 27.5x net revenue of A$405.0m. On NEXTDC's gearing measure, which excludes subordinated capital and lease liabilities, net debt is A$751m, enterprise value A$9,402.3m, 37.8x and 18.9x.
Sources
- WealthQuestLab cross-validation of ASX filings, as at 31 Jul 2026
- Motley Fool, as at 9 Sep 2026
- Yahoo Finance AU, as at 16 Sep 2026
- Quantfolio, as at 19 Jul 2026
- Kalkine, as at 21 Jul 2026
- Troview, as at Jun 2026
- DCD, as at 4 Sep 2026
- NEXTDC FY26 Results Announcement, Results Presentation and Annual Report, as at 27 Aug 2026
- The Bull, as at 17 Sep 2026
- MarketScreener quote page, as at live page, retrieved 21 Sep 2026
Related
- How can you invest in Australian data centres on the ASX?
- Was AirTrunk bought at 21x or 87x EBITDA?
- How much is CDC Data Centres worth?
- What are the risks in Australian data centre investment?
The full primer is published as an 85-page PDF (download) with the underlying market model as a workbook (download).
This page is one of 30 in Australian data centres: the research, indexed by the question each one answers, with the four pages where the published sources disagree set first.
The research is published by inashanu, a studio that produces fixed-scope market research for Australian private equity, priced and dated before work starts. The sample engagement is this primer in full.
This standard, on your question. Six fixed-price deliverables, A$14,000 to A$45,000 excluding GST, opening at the A$14,000 market map in 10 business days. State the decision and the date it has to be made; the written assessment of whether the evidence base will carry it follows within two business days and carries no charge. Request a brief assessment · the catalogue and its prices.