VNT - ventia

 VNT

2026

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Over the last 5 years since listing, Ventia Services Group (ASX:VNT) has shown steady, positive operational growth, with net profits climbing to AU$272.2 million, a strong return on equity exceeding 45%, and manageable, though elevated, debt levels. [1, 2, 3]

Profit and Revenue

Net Profit: Grew significantly from around AU$110 million in the early post-listing phase to a robust AU$272.2 million for the full year 2025. [1, 2]
Revenue: Reached AU$6.14 billion, demonstrating stable top-line growth backed by long-term essential infrastructure and maintenance contracts in Australia and New Zealand. [1, 2, 3]
Profit Margins: Expanded steadily over the multi-year period, rising from roughly 3.3% up to 4.4% as operational efficiencies took effect. [1]

Return on Equity (ROE)

ROE Performance: Exhibited remarkable improvement over the 5-year stretch. After a low start around its 2021 listing, ROE averaged over 31% across the period and peaked strongly at approximately 45.7%. [1]
Efficiency: This high ROE highlights that the company is efficient at generating strong cash returns relative to its shareholder equity capital base. [1]

Debt and Balance Sheet

Debt Levels: Carries total long-term debt and loan capital obligations hovering near AU$830 million to AU$935 million.
Debt-to-Equity: Sits at an elevated level (around 166%), which is common for capital-flexible infrastructure service companies.
Coverage: Earnings comfortably cover interest obligations (interest coverage above 7x), presenting minimal near-term refinancing strain or distress risk. [1, 2, 3, 4, 5]

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Ventia Services Group Limited (ASX: VNT) does not have a 10-year trading history because it initially listed on the ASX on November 19, 2021. Prior to its $1.70 per share Initial Public Offering (IPO), it operated as a private entity formed via the merger of Leighton Contractors/Thiess Services (CIMIC) and Broadspectrum. [1, 2, 3]

The available historical Price-to-Earnings (P/E) ratios for Ventia Services Group from its listing up to August 2026 are detailed below. [1]

Historical P/E Ratio Breakdown

The P/E ratios calculated at the end of each fiscal year (ending December 31) reflect Ventia’s steady earnings expansion and strong share price growth:

2025: 20.47x (Calculated with a closing share price of $5.95 and an adjusted EPS of 32.00¢). [1]
2024: 14.13x (Calculated with a closing share price of $3.60 and an adjusted EPS of 25.48¢). [1]
2023: 14.64x (Reflecting initial stabilization in earnings post-pandemic disruptions). [1]
2022: ~12.5x to 13.5x (First full year of operations as a listed company, trading lower due to private-equity vendor overhanging concerns). [1]
2021: N/A (Listed late in the year; normalized earnings profiles were heavily impacted by one-off IPO transaction and integration costs). [1, 2]

Current Valuation Profile

As of August 2026, Ventia Services Group trades at a Trailing Twelve Months (TTM) P/E ratio of 18.67x, moving slightly higher due to an expansive government contract book and an active $250 million share buyback program

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2026

Ventia Services Group (ASX: VNT) has a current Return on Invested Capital (ROIC) of approximately 12.64% to 19.17% compared to a Weighted Average Cost of Capital (WACC) of roughly 9.4% to 10.33%. A full 10-year historical track is unavailable because Ventia only listed on the ASX in November 2021, but recent annual spreads show ROIC consistently exceeding WACC. [1, 2, 3, 4]

Value Creation Spread

Ventia generates a positive economic spread where ROIC surpasses WACC, indicating the company creates shareholder value on its deployed capital.
Current ROIC: ~12.64% (trailing twelve months calculation).
Current WACC: ~10.33%. [1, 2]

Historical Context & Limitations

Listing Date: Ventia Services Group completed its initial public offering (IPO) on the ASX on November 19, 2021.
10-Year Data: Data spanning a full 10-year history as a publicly traded entity does not exist.
Post-IPO Trend: Since listing, operational efficiencies and stable cash conversion have kept its return metrics above its blended cost of capital hurdle rate. [1]

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EBITDA

Ventia Services Group (ASX:VNT) does not have a 10-year public financial history as it only listed on the ASX in November 2021. Its reported EBITDA margin has progressively expanded from 4.32% in 2021 to 8.70% in 2025. [1, 2, 3, 4]

Track Ventia's EBITDA Margin History

The structured data below outlines the available fiscal year (FY) margins from its official filings since listing:

Fiscal Year	EBITDA Margin (%)
FY 2025	8.70% (Underlying) / 7.37% (Statutory)
FY 2024	6.80%
FY 2023	6.65%
FY 2022	6.10%
FY 2021	4.32% (Statutory) / 8.30% (Pro-forma)

Key Insights and Historical Drivers

Pre-IPO Data Gap: Because VNT was formed through mergers (like Broadspectrum in 2020) prior to its IPO, statutory comparisons before 2021 are not directly available or standardized. [1, 2]
Margin Expansion Strategy: Management's deliberate pivot toward higher-margin end markets and structural digital infrastructure contracts drove the consistent expansion through 2025. [1, 2]
Statutory vs. Underlying Metrics: Be mindful that Ventia Investor Centre filings distinguish between "Statutory" performance and "Underlying/Pro-forma" performance, which adjusts for one-off IPO and acquisition expenses

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