WORLEYPARSONS LIMITED Overview
Worley is the Australian-domiciled global professional services firm that engineers, procures and builds the physical plant of the energy, chemicals and resources economy. Transformed by the 2019 acquisition of Jacobs' Energy, Chemicals & Resources division, it is now a roughly A$12 billion aggregated-revenue business operating in 43–44 countries. Its defining commercial characteristic is what it refuses to do: Worley states it does not and will not perform competitively bid lump sum turnkey work, keeping over 80% of revenue on reimbursable terms. This produces a capital-light, low-variance earnings profile at the cost of the outsized margins available to risk-taking EPC contractors. Strategically it is executing a two-front expansion — deeper into full project delivery (EPC/EPCM) within its core markets, and outward into "Complex Critical Infrastructure" including data centres, power, nuclear, industrial water and ports. Its FY2030 ambition is a double-digit underlying EBITA compound annual growth rate. Near-term execution is hostage to Middle East conflict disruption and a hostile Australian securities-litigation precedent bearing its own name.
FY2025 headcount fell 8.5% year-on-year. FY2023 and FY2024 totals are derived by summing the staff and craft series disclosed in the FY2025 results presentation (page 30); country counts for FY2023 and FY2024 are approximations reconstructed from period disclosures and should be treated as indicative. At 31 December 2025 headcount was 43,800 across 44 countries; by the May 2026 Investor Day the company described itself as approximately 42,000 people across 43 countries — a cumulative reduction of roughly 3,500 people over twelve months, consistent with the announced restructuring.
Market capitalisation and share statistics
Sources materially conflict on the current share price. A PitchBook profile dated 19 August 2026 shows US$7.75 per share and a US$3.93 billion market capitalisation on 506 million shares, which at prevailing exchange rates implies roughly A$11.8 and A$6.0 billion. Independent Australian sources place the stock nearer A$10.6–10.8 in late July / August 2026. the A$5.2–6.0 billion market capitalisation range should be read as an approximation.
The company's own characterisation
Worley describes itself, in its FY2025 results materials, as a leading global professional services company of energy, chemicals and resources experts that partners with customers to deliver projects and create value over the life of their assets, positioned between two worlds — moving toward more sustainable energy sources while helping to provide the energy, chemicals and resources needed now. Its stated Purpose is delivering a more sustainable world; its stated Ambition is to be a leader in sustainability solutions.
The FY2025 Annual Report (section 1.2, Business model) is more precise about the earnings engine: the Group generates earnings by performing consulting, engineering, procurement and construction, and additionally through licence fees, process technology equipment and catalysts. It offers a suite of digital products and proprietary technologies, and engages via alternative low-risk commercial models. It explicitly identifies its risk-adjusted return focus and low risk appetite as the key differentiator from competitors.
Independent characterisation
Worley is best understood not as a contractor but as a knowledge-hours business with an attached, deliberately-throttled construction and procurement arm. The economics are visible in the FY2025 revenue decomposition: of A$12,050 million aggregated revenue, A$7,130 million (59%) was professional services, A$1,834 million (15%) construction and fabrication, and A$3,086 million (26%) procurement carrying a margin. A further A$721 million of procurement passed through at nil margin and is excluded from aggregated revenue entirely.
This mix matters enormously to margin interpretation. Procurement revenue is high-volume, low-margin (5.7% segment margin in FY2025) and mathematically dilutes headline margin without touching profit dollars. Worley therefore reports two margins — 6.8% on aggregated revenue, and 9.2% excluding procurement — and guides on the latter. Investors who track only the headline margin will systematically misread the business.
Revenue model and contract architecture
More than half of the fixed-price book is professional services rather than construction, meaning true fixed-price construction exposure is well under 10% of revenue. Worley has minimal direct commercial exposure to supply-chain risk because it typically purchases materials as agent on customers' behalf.
There is no subscription revenue of consequence and no meaningful product revenue outside the two process-technology businesses. The digital and AI investment is currently deployed to protect and expand margin on services delivery rather than as a standalone monetised product line, though the May 2026 Investor Day flags "growing digital revenue streams" as an objective.
Value chain position
Worley sits across the entire asset lifecycle: Concept → Design (FEED) → Execution (detailed engineering, procurement, construction) → Operate → Remediate. Management's central strategic argument is that Worley has historically captured only the 1–10% of Total Installed Cost spent in the concept and design phases, while more than 75% of TIC is spent in execution. Moving down the chain into EPC/EPCM — without accepting lump-sum turnkey risk — is the primary mechanism for revenue scaling.
Customer types and concentration
Customers are International Oil Companies, National Oil Companies, global chemicals majors, diversified miners, utilities, industrial gas and fertilizer producers, LNG developers, hyperscaler-adjacent power developers, and increasingly sovereign and state entities. The FY2025 Annual Report states explicitly that Worley does not depend on any single customer for a significant portion of revenue or profit. Named FY2025–FY2026 counterparties include Venture Global, ExxonMobil, Rio Tinto, Chevron/Tengizchevroil, Aramco, Equinor, Woodside, INPEX, bp, ADNOC Gas, SABIC, Dow, Heidelberg Materials, Pembina, OCP Group, Occidental/1PointFive, Glenfarne, Deutsche Energy Terminal and Cadent Gas.
End-markets served
Three reporting sectors — Energy, Chemicals, Resources — with a fourth, Complex Critical Infrastructure, formally introduced as a growth vector at the May 2026 Investor Day.
Strategy
Stated strategic framework — verbatim themes
Worley's strategic framework has three pillars, unchanged in wording across FY2025 and FY2026 disclosures:
Strengthen: leadership in core markets — help meet current and future energy, chemicals and resources demand; deliver sustainable solutions for customers
Expand: into growth markets and along the value chain — targeted development of demand-driven markets; extend end-to-end project delivery capabilities
Innovate: to unlock opportunities and efficiency — transform how work is delivered; develop digital and technology-driven solutions
Eight named enablers underpin this: global scale and reputation; strong customer relationships; people and culture; investment in technology, digital and AI; operational excellence and efficiency; approach to safety and risk management; prudent capital management; commitment to sustainability.
Purpose: delivering a more sustainable world. Ambition: to be a leader in sustainability solutions, built on three pillars — Our People, Our Portfolio, Our Planet. Values: Life; Stronger together; Rise to the challenge; Unlock brilliance.
The May 2026 Investor Day — FY2030 ambition
The 14 May 2026 Investor Day, themed "From Engineering Foundations to Delivery Partner", introduced a materially more ambitious framing. Four "growth engines" were presented, layered on an "Engineering Foundations" base: ECR Scale; Sustainability Solutions; AI-enabled Full Project Delivery; and Future-facing Growth Markets.
Stated FY2030 ambition: deliver a double-digit underlying EBITA compound annual growth rate over the medium term, on a constant-currency basis.
Management presented an earnings bridge from FY2026 to the medium-term ambition with four building blocks: current market growth (tailwinds in core end-markets plus response to Middle East disruption); AI-enabled full project delivery (increasing earnings mix from full-service delivery); future-facing growth markets (scaling into structurally growing markets); and scale benefits (margin resilience through AI, GID and cost discipline).
Full project delivery — the central strategic bet
The arithmetic underpinning this strategy is straightforward and compelling: Worley has historically monetised the 6–15% of TIC represented by concept and design, while the 75%+ in execution went to others. Capturing even a modest share of that execution spend, on reimbursable terms, is a large revenue expansion with limited balance-sheet consequence. The strategy is not a change in risk appetite — it is an attempt to be paid for more of the same project.
Complex Critical Infrastructure — the addressable market expansion
Worley sizes total addressable CapEx as growing from US$1.4 trillion (core ECR) plus US$1.1 trillion (CCI) in 2026, to US$1.6 trillion plus US$1.6 trillion by 2030 — roughly doubling the CCI opportunity while core ECR grows modestly.
Cost programme — targets and progress
Named workstreams: expanded enterprise service centre utilisation; repositioning capability to areas of higher demand; simplifying organisational structures; rationalisation of third-party contracts; adjusting the office network; embedding AI.
Reinvestment programme
Approximately A$70 million over two years of organic investment into six priority platforms: nuclear, integrated gas including LNG, energy transition materials, data centres, power, and digital and AI. Investment vehicles: strategic hires; differentiated delivery platforms and hubs; technology partnerships; front-end investment through consulting and early lifecycle positioning; digital and data-centric execution tools. Explicitly a portion of the cost-out savings is earmarked for reinvestment in FY2027 rather than falling to the bottom line.
Digital and AI — the three-phase roadmap
Forward path described as Embed (drive consistent adoption of proven tools into core workflows) → Extend (deepen capabilities across the project lifecycle and into adjacent back-office functions) → Scale (deploy AI-enabled delivery capabilities at scale).
Evolving commercial models
The Investor Day set out a deliberate progression in how value is realised: from Time (hours worked — time-based pricing, discrete scopes, bespoke execution), to Output (work delivered — unit-based and lump-sum pricing, programmatic repeatable delivery), to Outcome (value delivered — lifecycle-based delivery, value outcomes shared). A named onshore gas EPC case study delivered 10–15% CapEx reduction through an alliance model with an integrated customer team, digital engineering with standardised designs enabling replication, design simplification and scope optimisation, and procurement and construction efficiencies — with savings shared through a value-aligned gainshare model.
The critical caveat, repeated in the footnotes: any move to lump-sum pricing excludes competitively bid LSTK work.
Products & Services
Project Delivery
Engineering. Full multidiscipline detailed engineering and design across process, mechanical, piping, electrical, instrumentation, civil, structural and subsea. Target customer: any owner-operator with capital under development. Delivered under both reimbursable and fixed-price professional services terms.
Procurement and Supply Chain Management. Management of day-to-day materials, long-lead assets and complex services including logistics, contracting and modular construction. Executed in two commercial modes: procurement at margin (A$3,086 million FY2025 revenue, 5.7% segment margin) and procurement at nil margin (A$721 million FY2025, agency basis, excluded from aggregated revenue). Governed by the Supply Chain Code of Conduct and a supplier prequalification questionnaire covering modern slavery, privacy and supplier diversity.
Construction and Fabrication. A$1,834 million FY2025 revenue at 7.3% segment margin, up from 4.9% in FY2024. Fabrication and modularisation yards in Norway, the USA and Canada. Notable asset: Worley Rosenberg, Stavanger, Norway — delivered the 4,800-tonne Valhall module, its largest new-build in twenty years, moved to quayside ahead of schedule for Aker BP's Valhall and Fenris developments. Also delivered the Jotun FPSO extension for Vår Energi.
Globally Connected Team / Global Integrated Delivery (GID). Engineering execution centres in India and Colombia. FY2025: 5,400 people (up from 5,200), 8.3 million hours delivered, 14.7% of total project hours, supporting over 4,300 projects and more than 120 offices. Total India headcount approximately 6,900. Management target: GID to exceed 20% of total hours over time.
Asset Performance
Operations and Maintenance. Retained residual O&M capability following the 2023 divestment of the North American turnaround, maintenance and power O&M businesses. Now oriented toward brownfield sustaining works, framework agreements and asset life extension rather than craft-labour turnaround services.
Specialist and Technology Solutions
Worley Comprimo. Gas processing and sulphur recovery process technology. Over 1,200 units designed and licensed globally. Holds expert CO2 capture technology knowledge. Revenue model: licence fees plus proprietary equipment.
Worley Chemetics. Sulphuric acid and chlorine electrochemical equipment and plants. Over 310 plants and 5,000 equipment installations worldwide. Named proprietary technologies include CORE-SO2™ and CORE-FGD™ flue-gas desulphurisation systems for stack SO2 reduction. Selected by OCP for its proprietary technology in FY2025.
Offshore Energy Solutions. Former INTECSEA capability: deepwater facilities, subsea and marine systems, floating production, riser and flowline engineering.
Technology Ventures. Vehicle for emerging technology positions and partnerships.
Nuclear-certified fabrication subsidiary, Pickering, Ontario, Canada. Wholly owned; supplies proprietary and custom nuclear equipment. Underpins Worley's technology-neutral nuclear services offering across front-end fuel cycle, new-build delivery and fleet sustainment.
Worley Consulting
Five named service lines, all reunified under the Worley brand from November 2023 (formerly Advisian):
Planning and Investment: strategy, feasibility, technology option assessment, investment decision support, energy strategy shaping
Capital Project Support: project readiness, assurance, cost and schedule advisory
Optimize, Repurpose and Decommission: asset performance improvement, repurposing, decommissioning, site rehabilitation, legacy liability management
Digital Solutions: data and digital advisory
Environment and Sustainability Consulting: climate and nature risk, permitting, ESG advisory. Developed the Azerbaijan Hydrogen Strategy, launched at COP29 and recognised by the Azerbaijan Government
FY2025 activity: over 1,700 Worley Consulting project wins.
Worley Digital and AI portfolio
Four named AI-enabled solutions deployed via the Advanced Development Lab (ADL), a dedicated centre of excellence:
Infrastructure: an on-premises AI factory built with NVIDIA and Dell using open-source models, plus a modern data platform on Amazon Web Services. Enterprise rollout of Microsoft Copilot underway. Governed by a Responsible AI Council and six ethical principles (responsibility and accountability, transparency, fairness, sustainability, privacy and security, safety and reliability).
Industry verticals (customer-facing catalog)
Chemicals and fuels: chemicals; low carbon fuels; refining; plastics recycling solutions; sustainable aviation fuel; petrochemicals; polymers; specialty chemicals; ammonia/methanol; direct air capture.
Conventional energy: carbon capture, utilisation and storage; decommissioning; integrated gas; midstream energy infrastructure; offshore oil; onshore oil.
Low carbon energy: biogas and renewable natural gas; data centres; energy storage; hydrogen (blue and green); nuclear power including Small Modular Reactors; power networks; renewable energy; Power-to-X.
Resources: aluminium; battery materials; bauxite and alumina; copper and energy transition materials; graphite; iron ore; mined fertilizers; precious metals; water; resource infrastructure; tailings; site remediation.
Complex Critical Infrastructure (new, from May 2026): data centres; power; nuclear; industrial water; ports and terminals.
Product Portfolio
| Product | Function |
|---|---|
AI.VendorSelect | AI-powered vendor analysis and comparison; accelerates and standardises technical bid evaluation. Extended in FY2026 to commercial bid evaluation |
AI.HoldsFinder | Detects and extracts design constraints ("holds") in engineering documents to reduce project delivery delays |
AI.Assist | AI-powered search across Worley's proprietary data and engineering knowledge base |
Smart Response Generator | Automates customer query response and Expression of Interest preparation |
Advanced Work Packaging (AI-enabled) | AI-enabled construction work sequencing, improved plan reliability, increased crew utilisation |
| Project | Customer | Role | Category |
|---|---|---|---|
CP2 LNG, Cameron Parish, Louisiana | Venture Global | Reimbursable EPC, Phases 1 and 2 | Transitional / Energy |
Alaska LNG Phase One (800-mile North Slope pipeline) | Glenfarne | Provisional EPCM; FEED completed end-2025 | Energy |
STRATOS Direct Air Capture, Texas | Occidental / 1PointFive | EPC contractor; up to 1,200 personnel on site FY2025; designed to remove up to 500,000 tonnes CO2 annually | Sustainable / Chemicals |
Rincon lithium project, Argentina (US$2.5bn) | Rincon Mining (Rio Tinto) | Lead Integrated Delivery Partner; 50,000–60,000 tpa battery-grade lithium carbonate | Sustainable / Resources |
Brunsbüttel FSRU Terminal Phase 2, Germany | Deutsche Energy Terminal | Construction, installation, commissioning; permanent jetty and gas import facilities | Transitional / Energy |
Padeswood CCS, North Wales | Heidelberg Materials | EPCM for the UK's first full-scale cement carbon capture facility, with Mitsubishi Heavy Industries as technology provider | Sustainable |
Brockman Syncline 1 iron ore, Pilbara | Rio Tinto | EPCM | Resources |
Baytown integrated complex reconfiguration, Texas | ExxonMobil | Construction services over 24 months; operational 2028 | Chemicals |
Jorf Lasfar Wave 2 East Desalination, Morocco | OCP Green Water (via JESA JV) | Delivery | Sustainable / Resources |
Geleen advanced recycling unit, Netherlands | SABIC | Project support (TRUCIRCLE circular polymers) | Sustainable / Chemicals |
Gippsland Asset Streamlining, Bass Strait | (Operator not disclosed in report) | Conceptual development, risk assessment, equipment repurposing | Traditional / Energy |
Westport container port, Kwinana WA | Government of Western Australia | Technical advisor via Worley Arcadis JV | Complex Critical Infrastructure |
H2East Pipeline, Humber to Nottinghamshire | Cadent Gas | FEED | Low carbon energy |
Norwegian Continental Shelf framework | Equinor Energy | Maintenance and minor projects, Sleipner and Johan Sverdrup; 1 May 2026 to 30 April 2031, extendable to ten years | Energy |
Tengizchevroil services framework, Kazakhstan | Tengizchevroil LLP | Engineering across all project phases, project and construction support, digital and systems services; commenced February 2026 | Energy |
Aphrodite Gas Field Development, Cyprus | Chevron Cyprus | FEED | Energy |
Path2Zero Cogen, Canada | Dow | FEED under EPCM; three CCGT power islands totalling over 2GW | Power |
Heartland Extraction Plant, Alberta | Pembina | EPC (announced 11 August 2026) | Energy |
Multi-metallic refinery, Missouri | US Strategic Metals | Engineering services (announced 6 August 2026) | Resources |
Australian operations framework | INPEX | Engineering services framework (announced 3 August 2026); first major framework after over a decade of support | Energy |
Financial Narrative
Headline performance
Source: FY2025 Annual Report, "Group highlights — Five year financial performance at a glance" (page 6). All figures statutory unless labelled underlying.
FY2021 aggregated revenue has been restated. FY2023 underlying EBITA margin excluding procurement has been restated. Underlying NPATA equals NPATA in all years except FY2024, where the Ecuador write-off of A$58 million (net A$49 million after tax) was excluded.
Statutory income statement
Source: S&P Global Market Intelligence, fiscal years ending 30 June. FY2024 and FY2025 cross-checked against the FY2025 Appendix 4E.
Margin analysis
Computed on the S&P statutory revenue series. Underlying EBITA margin on aggregated revenue is computed as underlying EBITA divided by aggregated revenue.
Revenue CAGR
Management separately quotes a 17% aggregated revenue CAGR and 15% EBITA CAGR from FY2022 proforma to FY2025, on a basis excluding the divested North American turnaround and maintenance business.
Balance sheet
Source: S&P Global Market Intelligence, at 30 June each year: Worley's own statutory-definition net debt was A$1,502 million at 30 June 2025 and A$1,533 million at 30 June 2024 — closely consistent with the S&P series.
The most important line on this balance sheet is tangible book value, which is negative in every year. Goodwill and acquired intangibles of A$5,980 million exceed shareholders' equity of A$5,680 million. This is entirely a legacy of the Jacobs ECR purchase. It means the equity value is an accounting artefact of one transaction, and any material impairment would flow directly through reported earnings and covenant headroom. That the goodwill has survived a decade of hydrocarbon volatility without impairment is itself a meaningful data point about the cash-generating units' performance.
Ratio analysis
Zero values denote metrics not publicly disclosed for those years rather than actual zeros — Worley began disclosing this capital-management metric suite only from FY2024. ROIC is computed as EBITA less tax at the disclosed effective rate, divided by net debt plus equity. Third-party providers publish a lower ROIC of approximately 5.5% on a different definition.
Cash conversion cycle is not meaningfully computable for Worley and is not disclosed. As a services business with negligible inventory (A$55 million at FY2025 on A$11.2 billion revenue, implying inventory turnover above 200 times), the company manages working capital through Days Sales Outstanding and a normalised cash conversion ratio instead. Both are disclosed above.
Commentary on trends, inflections and drivers
FY2021–FY2023: the integration trough. Underlying EBITA grew steadily (A$463m → A$635m) but statutory earnings were savaged by non-operating items — A$229 million, A$158 million and A$414 million of "other income and expenses" in FY2021, FY2022 and FY2023 respectively. FY2023 was the nadir: statutory net income of A$37 million and a A$217 million loss on asset sales, principally the North American turnaround and maintenance divestment. Operating cash flow collapsed to A$260 million on a A$311 million working capital drain as receivables ballooned A$401 million. Free cash flow of A$178 million did not remotely cover the A$262 million dividend. The dividend was maintained regardless — a decision funded by the balance sheet, and one that in hindsight signalled board conviction that the trough was cyclical rather than structural.
FY2024: the inflection. Operating cash flow more than doubled to A$682 million as the receivables build reversed. Statutory EBITA jumped 101% to A$693 million. Underlying NPATA reached A$416 million. Free cash flow of A$587 million covered the dividend more than twice. The Ecuador write-off of A$58 million was the last significant legacy item excluded from underlying results.
FY2025: quality-of-earnings validation. This was the cleanest result in the five-year window: no items whatsoever excluded from the underlying result, meaning statutory NPATA and underlying NPATA both equalled A$475 million. Underlying EBITA grew 10% on 4% revenue growth — operating leverage of 2.5 times. The margin bridge disclosed by management attributes the entire 130 basis point expansion in ex-procurement margin to rate improvement (+1.5pp) offset slightly by mix (-0.2pp), with volume contributing nothing. That is the signature of a firm winning better-priced work rather than simply more work.
The uncomfortable subtext of FY2025. Aggregated revenue excluding procurement fell 5% to A$8,964 million. Professional services revenue declined 9%. Headcount fell 8.5%. The revenue growth was entirely procurement (+42%) and construction and fabrication (+13%). Management's counter-argument — that headcount is no longer a proxy for revenue because automation and GID are decoupling them, evidenced by EBITA per head rising 20% — is credible but unproven over a full cycle. If the professional services core is genuinely shrinking rather than being productivity-enhanced, the margin story eventually runs out of road.
HY2026: the wheels wobble. Aggregated revenue grew 5.4% to A$6,312 million but underlying EBITA was flat at A$377 million. The 2.5 times operating leverage of FY2025 became 0.06 times. Underlying NPATA fell 4.2% to A$207 million; statutory NPATA fell 29.6% to A$152 million after A$82 million of restructuring costs, concentrated in Western Europe where labour protections make headcount reduction expensive. Headline underlying EBITA margin fell from 6.3% to 6.0% on adverse mix, even as ex-procurement margin rose from 8.4% to 8.8%. Working capital deteriorated sharply — from A$633 million at FY2024 to A$121 million at FY2025 to A$75 million at 31 December 2025 — as current-portion debt of A$908 million came onto the balance sheet ahead of second-half FY2026 maturities.
FY2026 outlook: twice downgraded. On 20 April 2026 management flagged a A$30–40 million EBITA hit from Middle East conflict-driven project delays and said growth in underlying EBITA was now unlikely. On 24–25 June this was raised to up to A$60 million, plus an estimated A$50 million adverse foreign currency translation from a stronger Australian dollar. Combined, the roughly A$110 million swing represents about 13% of the FY2025 underlying EBITA base. Management has held the ex-procurement margin guidance of 9.0–9.5% on a constant-currency basis and continues to target aggregated revenue growth above FY2025's 4%.
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Group Details
| Group | Leader | Scope |
|---|---|---|
Major Projects and Programs | Andy Hemingway (from 1 July 2026; previously Mark Trueman) | The most complex global projects requiring long-term commitment, specialist governance and deep technical capability |
Global Operations | Mark Brantley | Regional operations, Worley Consulting and Technology Solutions; consistent execution across all sectors and geographies excluding major projects |
Segment Revenue
| Segment | FY2024 | FY2025 |
|---|---|---|
Energy | 5,561 | 5,898 |
Chemicals | 3,541 | 3,050 |
Resources | 2,514 | 3,102 |
Total | 11,616 | 12,050 |
Segment Revenue — Energy
| Segment | FY2024 | FY2025 |
|---|---|---|
Energy | 492 | 561 |
Chemicals | 334 | 267 |
Resources | 238 | 314 |
Total segment EBITA | 1,064 | 1,142 |
Segment Revenue (2)
| Segment | FY2024 | FY2025 |
|---|---|---|
Energy | 8.8 | 9.5 |
Chemicals | 9.4 | 8.8 |
Resources | 9.5 | 10.1 |
Total | 9.2 | 9.5 |
Segment Revenue (3)
| Segment | FY2024 | FY2025 |
|---|---|---|
Energy | 10.7 | 12.7 |
Chemicals | 11.9 | 10.4 |
Resources | 11.8 | 16.0 |
Total | 11.3 | 12.7 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Energy revenue growth (%) | 0.0 | 6.1 |
Chemicals revenue growth (%) | 0.0 | -13.9 |
Resources revenue growth (%) | 0.0 | 23.4 |
Energy share of revenue (%) | 47.9 | 49.0 |
Chemicals share of revenue (%) | 30.5 | 25.3 |
Resources share of revenue (%) | 21.6 | 25.7 |
Segment Revenue — Professional services
| Metric | Energy | Chemicals | Resources | Total |
|---|---|---|---|---|
Professional services (incl. other income) | 3,232 | 2,150 | 1,748 | 7,130 |
Construction and fabrication | 1,191 | 425 | 218 | 1,834 |
Procurement | 1,475 | 475 | 1,136 | 3,086 |
Revenue by Segment (%) and Segment Margins & Growth (%)
| Metric | HY2026 |
|---|---|
Energy share of aggregated revenue (%) | 50 |
Energy revenue growth on pcp (%) | 8.8 |
Chemicals share of aggregated revenue (%) | 21 |
Chemicals revenue growth on pcp (%) | -9.0 |
Resources share of aggregated revenue (%) | 29 |
Resources revenue growth on pcp (%) | 12.3 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Aggregated revenue (AUD Mn) | 8,774 | 9,065 | 10,928 | 11,616 | 12,050 |
EBITA statutory (AUD Mn) | 319 | 449 | 345 | 693 | 823 |
EBITA margin statutory (%) | 3.6 | 5.0 | 3.2 | 6.0 | 6.8 |
Underlying EBITA (AUD Mn) | 463 | 547 | 635 | 751 | 823 |
Underlying EBITA margin excl procurement (%) | 5.6 | 6.4 | 6.8 | 7.9 | 9.2 |
NPATA (AUD Mn) | 157 | 243 | 104 | 367 | 475 |
Underlying NPATA (AUD Mn) | 157 | 243 | 104 | 416 | 475 |
Cash flow from operations (AUD Mn) | 533 | 316 | 260 | 682 | 741 |
Basic EPS statutory (cents) | 15.7 | 32.8 | 7.0 | 57.5 | 77.6 |
Underlying basic EPS (cents) | 53.0 | 62.8 | 66.2 | 78.9 | 90.2 |
Dividends per share (cents) | 50 | 50 | 50 | 50 | 50 |
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| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenue (AUD Mn) | 9,510 | 9,699 | 11,323 | 11,790 | 11,220 |
Gross profit (AUD Mn) | 491 | 619 | 722 | 902 | 928 |
Operating expenses (AUD Mn) | 124 | 176 | 162 | 293 | 281 |
Depreciation and amortization (AUD Mn) | 282 | 262 | 254 | 270 | 276 |
EBITDA (AUD Mn) | 503 | 611 | 494 | 886 | 1,020 |
Operating income (AUD Mn) | 367 | 443 | 560 | 609 | 647 |
Other income and expenses (AUD Mn) | -229 | -158 | -414 | -109 | -1 |
Pre-tax income (AUD Mn) | 138 | 285 | 123 | 500 | 646 |
Net income attributable to members (AUD Mn) | 82 | 172 | 37 | 303 | 409 |
Basic EPS (AUD) | 0.16 | 0.33 | 0.07 | 0.57 | 0.78 |
Diluted EPS (AUD) | 0.16 | 0.33 | 0.07 | 0.57 | 0.77 |
Weighted average shares basic (millions) | 522.68 | 524.25 | 525.63 | 527.20 | 526.79 |
Weighted average shares diluted (millions) | 526.45 | 527.07 | 529.60 | 532.22 | 530.77 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 5.2 | 6.4 | 6.4 | 7.7 | 8.3 |
Operating margin (%) | 3.9 | 4.6 | 4.9 | 5.2 | 5.8 |
EBITDA margin (%) | 5.3 | 6.3 | 4.4 | 7.5 | 9.1 |
Pre-tax margin (%) | 1.5 | 2.9 | 1.1 | 4.2 | 5.8 |
Net margin (%) | 0.9 | 1.8 | 0.3 | 2.6 | 3.6 |
Underlying EBITA margin on aggregated revenue (%) | 5.3 | 6.0 | 5.8 | 6.5 | 6.8 |
Valuation Snapshot
| Metric | Value |
|---|---|
Aggregated revenue CAGR FY2021–FY2025 (%) | 8.3 |
Statutory revenue CAGR FY2021–FY2025 (%) | 4.2 |
Underlying EBITA CAGR FY2021–FY2025 (%) | 15.5 |
NPATA CAGR FY2021–FY2025 (%) | 31.9 |
Underlying EPS CAGR FY2021–FY2025 (%) | 14.2 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash and equivalents (AUD Mn) | 522 | 507 | 425 | 548 | 952 |
Trade and other receivables (AUD Mn) | 1,992 | 2,239 | 2,336 | 2,367 | 2,435 |
Total current assets (AUD Mn) | 2,867 | 3,047 | 3,149 | 3,323 | 3,685 |
Property plant and equipment (AUD Mn) | 618 | 617 | 633 | 640 | 664 |
Goodwill (AUD Mn) | 5,220 | 5,404 | 5,440 | 5,343 | 5,509 |
Other intangible assets (AUD Mn) | 836 | 751 | 628 | 527 | 471 |
Total assets (AUD Mn) | 10,155 | 10,396 | 10,518 | 10,464 | 11,019 |
Trade and other payables (AUD Mn) | 1,284 | 1,350 | 1,429 | 1,564 | 1,584 |
Total current liabilities (AUD Mn) | 2,466 | 2,793 | 2,393 | 2,690 | 3,564 |
Short-term debt and current portion of long-term debt (AUD Mn) | 134 | 474 | 0 | 38 | 927 |
Long-term debt (AUD Mn) | 1,614 | 1,428 | 1,987 | 1,776 | 1,261 |
Lease liabilities current and non-current (AUD Mn) | 311 | 267 | 261 | 259 | 265 |
Total debt including leases (AUD Mn) | 2,059 | 2,169 | 2,248 | 2,073 | 2,453 |
Total liabilities (AUD Mn) | 4,571 | 4,713 | 4,917 | 4,967 | 5,339 |
Shareholders equity (AUD Mn) | 5,584 | 5,683 | 5,601 | 5,497 | 5,680 |
Net debt (AUD Mn) | 1,537 | 1,662 | 1,823 | 1,525 | 1,501 |
Goodwill and intangibles combined (AUD Mn) | 6,056 | 6,155 | 6,068 | 5,870 | 5,980 |
Working capital (AUD Mn) | 401 | 254 | 756 | 633 | 121 |
Book value per share (AUD) | 10.60 | 10.82 | 10.66 | 10.44 | 11.00 |
Tangible book value per share (AUD) | -0.97 | -0.91 | -0.88 | -0.69 | -0.58 |
Shares outstanding (millions) | 523.08 | 524.64 | 525.99 | 527.62 | 516.32 |
Cash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (AUD Mn) | 533 | 316 | 260 | 682 | 741 |
Capital expenditures (AUD Mn) | -80 | -53 | -82 | -95 | -76 |
Free cash flow (AUD Mn) | 453 | 263 | 178 | 587 | 665 |
Free cash flow margin (%) | 4.8 | 2.7 | 1.6 | 5.0 | 5.9 |
Free cash flow per share (AUD) | 0.86 | 0.50 | 0.34 | 1.10 | 1.25 |
Dividends paid (AUD Mn) | -261 | -262 | -262 | -263 | -264 |
Share buybacks (AUD Mn) | 0 | 0 | 0 | 0 | -166 |
Cash acquisitions (AUD Mn) | -53 | -23 | -26 | -1 | 0 |
Net debt issued or repaid (AUD Mn) | -131 | 27 | -135 | -264 | 161 |
Cash interest paid (AUD Mn) | 63 | 51 | 94 | 113 | 87 |
Cash income tax paid (AUD Mn) | 52 | 58 | 70 | 99 | 109 |
Change in working capital (AUD Mn) | 109 | -170 | -311 | 2 | -15 |
Margin Analysis (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on equity (%) | 1.5 | 3.1 | 0.7 | 5.5 | 7.3 |
Return on assets (%) | 0.8 | 1.7 | 0.4 | 2.9 | 3.8 |
Return on invested capital (%) | 4.3 | 5.4 | 5.3 | 6.5 | 7.7 |
Current ratio (times) | 1.16 | 1.09 | 1.32 | 1.24 | 1.03 |
Debt to equity (times) | 0.37 | 0.38 | 0.40 | 0.38 | 0.43 |
Net debt to EBITDA covenant basis (times) | 0.0 | 0.0 | 0.0 | 1.5 | 1.4 |
Interest coverage (times) | 0.0 | 0.0 | 0.0 | 8.6 | 10.7 |
Asset turnover (times) | 0.94 | 0.94 | 1.08 | 1.13 | 1.05 |
Days sales outstanding (days) | 0 | 0 | 0 | 59.3 | 52.0 |
Normalised cash conversion ratio (%) | 0 | 0 | 0 | 99.0 | 94.9 |
Gearing ratio net debt to net debt plus equity (%) | 0.0 | 0.0 | 0.0 | 21.8 | 20.9 |
Weighted average cost of debt (%) | 0.0 | 0.0 | 0.0 | 4.7 | 4.3 |
Weighted average debt maturity (years) | 0.0 | 0.0 | 0.0 | 3.2 | 2.7 |
Geographic Revenue
| Region | FY2024 | FY2025 |
|---|---|---|
Americas | 4,794 | 5,310 |
EMEA | 4,609 | 5,021 |
APAC | 2,213 | 1,719 |
Total | 11,616 | 12,050 |
Geographic Revenue — Americas
| Region | FY2024 | FY2025 |
|---|---|---|
Americas | 377 | 444 |
EMEA | 396 | 472 |
APAC | 291 | 226 |
Total | 1,064 | 1,142 |
Geographic Revenue (2)
| Region | FY2024 | FY2025 |
|---|---|---|
Americas | 7.9 | 8.4 |
EMEA | 8.6 | 9.4 |
APAC | 13.1 | 13.1 |
Total | 9.2 | 9.5 |
Geographic Revenue (3)
| Region | FY2024 | FY2025 |
|---|---|---|
Americas | 10.4 | 11.8 |
EMEA | 10.6 | 13.1 |
APAC | 13.9 | 14.3 |
Total | 11.3 | 12.7 |
Region Margins & Growth (%) and Revenue by Region (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Americas revenue growth on pcp (%) | 0.0 | 10.8 |
EMEA revenue growth on pcp (%) | 0.0 | 8.9 |
APAC revenue growth on pcp (%) | 0.0 | -22.3 |
Americas share of aggregated revenue (%) | 41.3 | 44.1 |
EMEA share of aggregated revenue (%) | 39.7 | 41.7 |
APAC share of aggregated revenue (%) | 19.1 | 14.3 |
Geographic Revenue — Professional services incl other income
| Metric | Americas | EMEA | APAC | Total |
|---|---|---|---|---|
Professional services incl other income | 2,604 | 2,945 | 1,581 | 7,130 |
Construction and fabrication | 1,172 | 662 | 0 | 1,834 |
Procurement | 1,534 | 1,414 | 138 | 3,086 |
Geographic Revenue — Professional services
| Metric | Americas | EMEA | APAC | Total |
|---|---|---|---|---|
Professional services | 274 | 339 | 220 | 833 |
Construction and fabrication | 74 | 59 | 0 | 133 |
Procurement | 96 | 74 | 6 | 176 |
Revenue by Region (%)
| Metric | HY2026 |
|---|---|
Americas share of aggregated revenue (%) | 48 |
EMEA share of aggregated revenue (%) | 40 |
APAC share of aggregated revenue (%) | 12 |
Geographic Revenue (30 June 2025)
| Metric | 30 June 2025 |
|---|---|
Americas backlog | 10.6 |
EMEA backlog | 4.9 |
APAC backlog | 1.4 |
Energy backlog | 11.2 |
Chemicals backlog | 2.7 |
Resources backlog | 3.0 |
Traditional backlog | 5.2 |
Transitional backlog | 6.2 |
Sustainable backlog | 5.5 |
Total backlog | 16.9 |
Revenue by Region
| Metric | FY2023 | FY2024 | FY2025 | HY2026 | Mar-2026 |
|---|---|---|---|---|---|
Backlog (AUD Bn) | 14.1 | 13.8 | 16.9 | 16.7 | 15.4 |
Bookings (AUD Bn) | 0.0 | 13.0 | 17.1 | 9.8 | 0.0 |
Observation Details
| Observation | Value | Date |
|---|---|---|
ASX close | A$13.10 | 4 June 2026 |
ASX close | A$11.08 | 25 June 2026 |
ASX close | A$10.83 | 11 July 2026 |
ASX close | A$10.57 | 31 July 2026 |
Recent quoted price | A$10.75 | August 2026, undated within month |
52-week high | A$14.85 | Trailing to mid-2026 |
52-week low | A$9.80 | Trailing to mid-2026 |
52-week price change | +1.55% | Measured 4 June 2026 |
52-week price change | -16.11% | Measured 25 June 2026 |
Five-year total return | Approximately +6.2% | Measured March 2026 |
Year-to-date price change | -11.6% | Measured 20 April 2026 |
50-day moving average | A$12.01 | 4 June 2026 |
200-day moving average | A$12.88 | 4 June 2026 |
Beta (five-year) | 0.36 to 0.38 | Mid-2026 |
Market Valuation and Valuation Multiples (x)
| Metric | At A$13.10 (4 Jun 2026) | At approximately A$11.08 (25 Jun 2026) |
|---|---|---|
Market capitalisation (AUD Bn) | 6.42 | 5.43 |
Enterprise value (AUD Bn) | 8.10 | 7.11 |
Trailing P/E (times) | 19.83 | 16.77 |
Forward P/E (times) | 14.90 | 13.21 |
P/Sales (times) | 0.58 | 0.49 |
P/Book (times) | 1.20 | 1.02 |
P/Tangible book | Not meaningful (negative) | Not meaningful (negative) |
P/Free cash flow (times) | 12.15 | 10.28 |
EV/Sales (times) | 0.73 | 0.64 |
EV/EBITDA (times) | 8.87 | 7.79 |
EV/EBIT (times) | 11.85 | 0.00 |
EV/Free cash flow (times) | 15.35 | 13.47 |
PEG ratio | 2.22 | 1.97 |
Dividend yield (%) | 3.84 | 4.51 |
Free cash flow yield (%) | 8.23 | 0.00 |
Earnings yield (%) | 5.38 | 0.00 |
Buyback yield (%) | 2.03 | 0.00 |
Shareholder yield (%) | 5.89 | 0.00 |
Provider Details
| Provider | Consensus rating | Price target (AUD) | Analyst count | As at |
|---|---|---|---|---|
S&P Global Market Intelligence composite | Buy | 13.64 | 10 | June 2026 |
S&P Global Market Intelligence composite | Buy | 12.43 | 10 | Later 2026 |
Aggregator (post-downgrade) | Buy | 12.59 | 10 | Post-April 2026 |
Aggregator (further reduced) | Not stated | 9.70 | Not stated | Mid-2026 |
Stockopedia | Buy | 14.60 | Not stated | July 2026 |
Investing.com | Not stated | 16.70 | 11 | 2,026 |
TipRanks | Strong Buy | 17.71 | 6 | Earlier period at A$13.66 |
Individual broker (Morgans, post-downgrade) | Reduced outlook | Not stated | 1 | April 2026 |
Individual analyst rating | Hold | 11.80 | 1 | June 2026 |
Individual analyst rating | Hold | 10.50 | 1 | March 2026 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Interim dividend (cents) | 25 | 25 | 25 | 25 | 25 |
Final dividend (cents) | 25 | 25 | 25 | 25 | 25 |
Total dividend (cents) | 50 | 50 | 50 | 50 | 50 |
Dividends paid (AUD Mn) | 261 | 262 | 262 | 263 | 264 |
Payout ratio on underlying NPATA (%) | 166 | 108 | 252 | 63 | 56 |
Payout ratio on statutory EPS (%) | 318 | 152 | 714 | 87 | 64 |
Franking | Unfranked | Unfranked | Unfranked | Unfranked | Unfranked |
Capital Markets
| Item | Detail |
|---|---|
Authorisation | Up to A$500 million on-market, approved by the Board 26 February 2025, valid until 12 March 2026 |
Commencement | 17 March 2025 |
Spend to 27 August 2025 | A$168 million, over 13 million shares (including A$2.5 million traded 27 June, settled 1 July) |
Spend to 26 February 2026 | A$324 million, over 24 million shares |
Shares in the December 2025 half | 11,509,632 repurchased and cancelled at an aggregate A$158 million, plus 185,597 traded 30 December settling 2 January |
Shares to early March 2026 | Approximately 27.5 million |
Status at May 2026 | Programme completed — A$500 million returned |
Buyback yield | Approximately 2.03% |
Credit Ratings
| Agency | Rating | Outlook | Date |
|---|---|---|---|
Company-stated | BBB (investment grade) | Stable | May 2026 Investor Day |
S&P Global Ratings | BBB long-term issue rating on €500 million senior unsecured sustainability-linked MTNs issued by Worley US Finance Sub Ltd, guaranteed by Worley Limited, ranking pari passu | Group creditworthiness assessed at BBB with Negative outlook at that date | June 2021 |
Margin Analysis (%) and Capital Markets Data
| Metric | FY2024 | FY2025 |
|---|---|---|
Weighted average cost of debt (%) | 4.7 | 4.3 |
Weighted average debt maturity (years) | 3.2 | 2.7 |
Interest cover (times) | 8.6 | 10.7 |
Net debt statutory definition (AUD Mn) | 1,533 | 1,502 |
Net debt to EBITDA covenant basis (times) | 1.5 | 1.4 |
Gearing net debt to net debt plus equity (%) | 21.8 | 20.9 |
Loan and overdraft facilities excluding leases (AUD Mn) | 3,514 | 4,018 |
Facility utilisation (%) | 52.0 | 54.7 |
Available committed facilities (AUD Mn) | 1,276 | 1,459 |
Total liquidity unrestricted cash plus undrawn committed (AUD Mn) | 1,815 | 2,402 |
Available bonding facilities (AUD Mn) | 1,682 | 2,111 |
Bonding facility utilisation (%) | 41 | 33 |
Analyst Conclusions
Management guidance — current position
Implied FY2026 arithmetic. Starting from FY2025 underlying EBITA of A$823 million, a combined A$110 million of conflict and FX headwind implies a reported FY2026 underlying EBITA in the region of A$730–790 million before any offsetting operational growth. H1 FY2026 delivered A$377 million. Management's guidance that growth is "unlikely" rather than "will not occur" preserves ambiguity that will be resolved on 26 August 2026.
Consensus growth expectations
Consensus forecasts approximately 11% per annum earnings growth and approximately 6.7% per annum revenue growth, with return on equity reaching approximately 10% in three years and approximately A$14.9 billion of revenue with approximately A$598.7 million of earnings by 2028. FY2026 consensus EPS has been cut from approximately A$0.69 to approximately A$0.54 through the year — a 22% reduction.
Bull case
1. The full project delivery thesis is arithmetically compelling and has begun to convert. Worley has historically been paid for 6–15% of Total Installed Cost while over 75% is spent in execution. It has now delivered 300+ EPC/EPCM projects in five years, holds 150+ in pipeline representing over US$330 billion of TIC, and has converted marquee awards — CP2 Phases 1 and 2, Alaska LNG Phase One EPCM, Pembina Heartland EPC, Padeswood EPCM, Brockman Syncline 1 EPCM. HY2026 bookings of A$9.8 billion were up 63% on the prior half, with contract wins since 1 January 2026 carrying potential to add over A$3.5 billion. If even a fraction of the TIC pipeline converts on reimbursable terms, the revenue expansion is large and the risk profile unchanged.
2. Margin expansion has been real, sustained and rate-driven, not mix-driven. Ex-procurement underlying EBITA margin rose 360 basis points over four years to 9.2%, with the FY2025 bridge attributing +1.5pp to rate improvement and nothing to volume. Every service type — professional services, construction and fabrication, procurement — improved margin simultaneously in FY2025, and every region did too. That is pricing power, not accounting. With over A$100 million of annualised cost savings arriving from FY2027 and GID scaling from 14.7% toward 20%+ of hours, the margin runway is not exhausted.
3. The competitive field has been structurally cleared. Within eighteen months, Wood was acquired for approximately £210 million after failing to generate sustainable cash flow since 2017, and Petrofac was dismembered across two transactions. Both failed on lump-sum contract risk. Worley's stated refusal to bid competitive LSTK work — long dismissed as growth-limiting conservatism — has proven to be the decisive strategic choice of the cycle. Worley enters the recovery with an investment-grade balance sheet, A$2.4 billion of liquidity, a completed A$500 million buyback and 7.1% fewer shares, while two direct competitors were being rescued.
Bear case
1. The high-margin core is shrinking and the growth is low-quality. FY2025's 4% aggregated revenue growth concealed a 5% decline in revenue excluding procurement and a 9% decline in professional services across all three sectors. Growth came entirely from procurement (+42% at a 5.7% margin) and construction and fabrication (+13% at 7.3%). Headline underlying EBITA margin therefore fell in HY2026 from 6.3% to 6.0% even as ex-procurement margin rose. If the professional services core is genuinely contracting rather than being productivity-enhanced, the ex-procurement margin metric is measuring an increasingly small denominator — and the "9.2% margin" narrative eventually collides with the revenue base it is calculated on.
2. Guidance credibility has been destroyed in a single year, and the causes are outside management's control. Management reaffirmed FY2026 EBITA growth on 26 February 2026, withdrew it on 20 April, and nearly doubled the estimated damage on 24 June. Operating leverage collapsed from 2.5 times in FY2025 to 0.06 times in HY2026. Working capital has fallen from A$756 million (FY2023) to A$75 million (December 2025) and the current ratio to 1.02, with A$908 million of debt in current liabilities. Against this, management asks the market to underwrite a double-digit EBITA CAGR to FY2030 — a target introduced in the same month the second downgrade was being prepared.
3. Balance sheet and litigation risk are both unhedged and both material. Tangible book value has been negative in every year of the five-year window; A$5,509 million of goodwill from a 2019 acquisition sits against equity of A$5,680 million and a market capitalisation that has traded near A$5.2 billion. Separately, Worley is now the named defendant in Crowley v Worley Limited [2026] FCAFC 78, the leading Australian authority endorsing market-based causation and lowering the evidentiary bar for shareholder loss. A High Court special leave application is pending. Damages exposure to the class is undisclosed and unprovisioned.
Concluding analyst verdict
Worley in August 2026 is a structurally improved business trading through a genuinely bad year, and the difficulty for investors is separating the two.
The improvement is real and documented. Ex-procurement margin has expanded 360 basis points in four years, driven by rate rather than volume. Cash conversion has run at 95% for two consecutive periods. Leverage sits at 1.4 times against a 2.0 times ceiling. FY2025 was the first year in the post-Jacobs era with no items excluded from the underlying result. A A$500 million buyback was completed and 7.1% of shares retired. And the strategic thesis — that a firm paid for 6–15% of Total Installed Cost should be paid for more of the 75%+ spent in execution, on reimbursable terms — is the rare corporate strategy that is arithmetically obvious once stated.
The bad year is equally real. Two profit warnings in nine weeks, with the second nearly doubling the first. Operating leverage collapsing from 2.5 times to 0.06 times. Working capital drained to A$75 million. The most profitable region shrinking 22%. And a Full Federal Court judgment carrying the company's own name that has made every ASX-listed board in the country re-examine its guidance practices.
The genuinely difficult question is not whether the FY2026 setbacks are transitory — a Middle East conflict and an adverse currency move plainly are — but whether the professional services contraction is. Worley's answer is that automation and Global Integrated Delivery have permanently decoupled headcount from revenue, evidenced by 20% growth in EBITA per head. That is plausible, partially evidenced, and not yet proven across a full cycle. If it is right, the margin structure is durable and the FY2030 ambition is achievable. If it is wrong, Worley is a shrinking high-margin business dressing itself in a growing low-margin one.
At approximately 13 times forward earnings, roughly 8 times EV/EBITDA and a 4%+ dividend yield, the market is pricing considerable scepticism — a A$9.70-to-A$21.00 range of analyst targets suggests it has simply given up trying to reach a view. The 26 August result will not resolve the strategic question, but the FY2027 guidance accompanying it should indicate whether management still believes its own May 2026 ambition. Until the professional services line stabilises and the High Court disposes of the leave application, this remains a story to monitor rather than underwrite.
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Individual executive compensation from the FY2025 Remuneration Report (Annual Report pages 51–78), including CFO and other KMP figures and non-executive director fees. The CEO total of A$8.58 million is a third-party aggregation, not filing-verified
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Top 20 shareholder register as at 31 July 2025 (Annual Report page 141)
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Principal risk register entries beyond cybersecurity and data privacy (Annual Report pages 35–38)
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R&D expenditure — not disclosed as a separate line item by Worley or by any peer compared
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Total patent portfolio size
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Directors' ages
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CUSIP for ordinary shares
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Definitive ASX closing price and market capitalisation as at 22 August 2026
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Country-level revenue disclosure — Worley reports at three-region level only
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FY2021–FY2023 sector and geographic segment splits on the current definitional basis
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FY2021–FY2023 leverage, interest cover, DSO, cash conversion, cost of debt and debt maturity — Worley began disclosing this metric suite in FY2024
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Instrument-by-instrument debt maturity ladder
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Aggregate class action damages exposure and any related provision
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FY2025 revenue and headcount for Jacobs Solutions; FY2025 EBITDA margin for Fluor; FY2025 leverage for Technip Energies
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Reliable market share data for any market Worley serves
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The counterparty to the non-exclusive LNG strategic agreement referenced at the May 2026 Investor Day
Noted source conflicts:
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Statutory revenue: Appendix 4E A$11,239 million versus S&P Global Market Intelligence A$11,220 million for FY2025 (approximately A$19 million, likely "other income" treatment)
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Institutional ownership: 54.63% versus 36% across providers (nominee treatment methodology)
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Share price and market capitalisation: multiple materially different values across providers, all stale to differing degrees
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52-week range: A$9.80–A$14.85 versus A$11.07–A$15.81 depending on measurement date
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Analyst consensus price target: A$9.70 to A$21.00 across providers
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Appointed | Committees | Prior roles and education |
|---|---|---|---|---|
John Grill AO | Chair and Non-Executive Director | 1 March 2013 (Board) | Chair, Nominations; member, People and Remuneration; member, Health Safety and Sustainability | Founder; CEO 1975–2012. Over 40 years in resources and energy; began at Esso Australia; became Chief Executive of Wholohan Grill and Partners in 1971. Honorary doctorates, University of Sydney (2010) and UNSW (2019). Officer of the Order of Australia, 2014. Chairman, Mindgardens Neuroscience Network. Australian resident |
Chris Ashton | Chief Executive Officer and Managing Director | 24 February 2020 | — | Joined Worley 1998. Previously COO responsible for ECR integration; before that Group Managing Director, Major Projects and Integrated Solutions, covering WorleyCord, Rosenberg Worley and the Global Delivery Center. BEng (Hons) Electrical and Electronic Engineering, University of Sunderland; MBA, Cranfield School of Management; Harvard Business School Executive Management Program; AICD Company Directors Course. US resident |
Andrew Liveris AO | Deputy Chair and Lead Independent Director | 5 September 2018 | Nominations | Former Chairman and CEO, The Dow Chemical Company; former Executive Chairman, DowDuPont. Director of IBM and Saudi Aramco. President, Brisbane 2032 Organising Committee for the Olympic Games. BEng (First Class Hons) Chemical Engineering, University of Queensland (University Medal). Officer of the Order of Australia, 2014. US and Australian resident |
Thomas Gorman | Non-Executive Director | 18 December 2017 | Chair, Health Safety and Sustainability; member, People and Remuneration; member, Nominations | Chair of Alcoa Corporation; director of Orora Limited. 30-year executive career at Ford Motor Company and Brambles Limited. BA cum laude, Tufts University; MBA with distinction, Harvard Business School; MA International Relations, The Fletcher School. US resident |
Martin Parkinson AC | Non-Executive Director | 24 February 2020 | Audit and Risk; Nominations | Former Secretary, Department of the Prime Minister and Cabinet; Australian Treasury; Department of Climate Change. Chancellor, Macquarie University. Former RBA Board member. PhD and MA, Princeton University; M.Ec, ANU; B.Ec (First Class Hons), Adelaide. Companion of the Order of Australia, 2017. Australian resident |
Emma Stein | Non-Executive Director | 10 December 2020 | Chair, People and Remuneration; member, Health Safety and Sustainability; member, Nominations | Former NED of Adbri, Alumina, Cleanaway, Programmed Maintenance Services, Clough, DUET Group, Iberdrola Australia. Former UK Managing Director, Gaz de France Energy; UK Gas Divisional MD, British Fuels. Science qualifications, University of Manchester; MBA, Manchester Business School. Australian resident |
Joseph Geagea | Non-Executive Director | 1 July 2023 | People and Remuneration; Nominations | 40-year career at Chevron Corporation, retiring June 2022 as EVP and Senior Advisor to the Chairman and CEO. Formerly EVP Technology Projects and Services; President, Chevron Gas and Midstream. BCE and MCE, University of Illinois. US resident |
Alison Kitchen AM | Non-Executive Director | 1 July 2024 | Chair, Audit and Risk; Nominations | Former National Chairman, KPMG Australia; member of KPMG's Global and Regional boards until 2023. NED and audit committee chair, National Australia Bank; NED, AirTrunk Australia Holding. Pro Chancellor, Australian National University. BA Business Studies, University of Sheffield. FCA (Australia and NZ), FCA (England and Wales). Member of the Order of Australia, 2024. Australian resident |
Kim Gillis AM | Non-Executive Director | 1 July 2024 | Nominations | Board member, Ultra Maritime (Advent International); Chair, Avincis Aviation; former Chair, Cobham Australia. Former Deputy Secretary Capability Acquisition and Sustainment Group, Department of Defence; former VP and MD, Boeing Defence Australia. BA Business Administration, University of Canberra. Master Project Director (AIPM). Member of the Order of Australia, 2020. Australian resident |
Jeanne Johns | Non-Executive Director | 1 September 2025 | Audit and Risk; Nominations | CEO and Managing Director, Incitec Pivot Ltd, November 2017 to June 2023. 30 years at BP plc across the US, UK/Europe and Asia/China. NED of HF Sinclair; former NED of Melbourne Business School, Tate & Lyle PLC and Parsons Engineering. BSc Chemical Engineering, University of Cincinnati. US resident |
Governance Overview
| Attribute | Detail |
|---|---|
Board size | 10 directors |
Executive directors | 1 (Chris Ashton) |
Non-executive directors | 9 |
Independence | 8 of 10 independent. The Chair (Grill, as founder, former CEO and approximately 7% shareholder) is not classified independent; the CEO is not independent |
Chair / CEO separation | Yes — separate roles since 2012 |
Lead Independent Director | Yes — Andrew Liveris, addressing the non-independent Chair |
Committees | Audit and Risk; People and Remuneration; Health Safety and Sustainability; Nominations |
Executive-level committees | Executive Health Safety and Sustainability Committee; Executive Human Rights and Diversity Equity and Inclusion Committee; Responsible AI Council |
Board gender diversity | 25% women at FY2025 (down from 33% at FY2024, missing the 30% target). Currently 3 of 10 (30%). FY2026 target: 30% |
Risk framework | ISO 31000:2018 aligned; Institute of Internal Auditors Three-Lines Model |
Executive Leadership Team
| Name | Title | Since | Background |
|---|---|---|---|
Chris Ashton | Chief Executive Officer and Managing Director | 24 February 2020 | See Board table |
Justine Travers | Chief Financial Officer | 1 July 2025 | Previously Deputy CFO, Worley. Prior senior finance and operational leadership at Shell and Newcrest Mining. BBus Economics and Finance, RMIT; Master of International Business, University of Melbourne; CPA |
Mark Brantley | Group President, Global Operations | 1 July 2025 | Previously led EMEA and APAC regions; before that President EMEA. Career origins in Field Services. Former executive sponsor, Women of Worley |
Mark Trueman | Group President, Chief Commercial and Development Officer | 1 July 2026 | Previously Group President, Major Projects and Programs; before that Americas region; before that Executive Group Director Growth. Joined Worley 1994. Registered Professional Engineer (Australia); BE (Hons) Civil Engineering, University of Sydney. Houston-based. Executive sponsor, Worley Kuumba |
Andy Hemingway | Group President, Major Projects and Programs | 1 July 2026 (EGD Growth from 9 August 2022) | Over 25 years in energy, chemicals and resources; global strategy, operations, country management and sales. BEng (Hons) Chemical Engineering, Newcastle upon Tyne; Fellow IChemE; Chartered Engineer (UK). Houston-based |
Laura Leonard | Chief AI and Enterprise Services Officer | 1 November 2025 | Previously Executive Group Director Worley Digital; before that Group President Technology Solutions. Over 20 years in energy and chemicals technology. BS Chemical Engineering, University of Wisconsin–Madison. Author on 38 US patents |
Kristen Bruner | Chief People Officer | April 2026 | Formerly CHRO at Huron Consulting Group and W.L. Gore & Associates; 18 years at Boeing. BA Political Science, UC San Diego; HR certification, UCLA; Executive MBA and MS Organizational Development, Pepperdine |
Sabrina Gilman | Chief Legal Officer | 1 July 2025 (joined March 2025) | 15 years multi-jurisdictional in-house legal experience. BA and JD, Marquette University |
Nuala O'Leary | Group Company Secretary | August 2016 (joined Group 2002) | Corporate governance, capital structure, regulatory obligations, continuous disclosure accountability. LLB and BA, University of Sydney; GradDip Applied Corporate Governance; Solicitor of the Supreme Court of NSW |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
26 March 2025 | CFO succession announced | Tiernan O'Rourke gave notice of retirement as CFO effective 30 June 2025 and from the company 26 September 2025. Justine Travers, Deputy CFO, promoted — an internal, planned succession, presented by the Chair as continuity rather than change |
1 July 2025 | Sabrina Gilman becomes General Counsel, then Chief Legal Officer | Replacing Larry Kalban, who retired in FY2026 |
1 July 2025 | Laura Leonard moves from Technology Solutions to lead Worley Digital | Replacing Anup Sharma, who left Worley. Technology Solutions transitioned into Worley Consulting |
1 July 2025 | Two-group structure effective | Mark Brantley to Group President Global Operations; Mark Trueman to Group President Major Projects and Programs |
31 August 2025 | Sharon Warburton retires | Joined Board February 2019; Chair of Audit and Risk February 2023 to August 2024 |
1 September 2025 | Jeanne Johns appointed NED | Adds operating-CEO experience in fertilizers, chemicals and refining |
1 November 2025 | Laura Leonard becomes Chief AI and Enterprise Services Officer | Expanded portfolio spanning Digital, Transformation, Sustainability, Corporate Affairs and Risk — an unusual consolidation signalling AI's elevation to enterprise-strategic status |
April 2026 | Kristen Bruner appointed Chief People Officer | Succeeding Vikki Pink. External hire with large-scale transformation credentials, arriving mid-restructuring |
1 July 2026 | Trueman and Hemingway swap portfolios | Trueman to Chief Commercial and Development Officer (sales, partnerships, M&A, strategy); Hemingway to Major Projects and Programs |
Directors' Remuneration
| Item | Value | Source and confidence |
|---|---|---|
CEO total yearly compensation | A$8.58 million | — |
CEO fixed pay component | 26.6% of total (approximately A$2.28 million) | Same source |
CEO variable component (bonus, stock, options) | 73.4% of total (approximately A$6.30 million) | Same source |
CEO fixed remuneration, 2022 | A$1.94 million following an approximately A$200,000 increase | Contemporary press reporting, August 2022 |
CEO direct shareholding | Approximately 0.087% of shares, worth approximately A$4.48 million | Third-party, mid-2026 |
Senior leader remuneration population | Approximately 1,140 people on the senior leader programme | FY2025 Annual Report, section 1.2 |
CFO, other KMP individual compensation | Not publicly disclosed in retrievable form | — |
Non-executive director fees | Not publicly disclosed in retrievable form | — |
Major Shareholders
| Holder | Stake | As at | Source |
|---|---|---|---|
John Grill and associated entities | 34,436,128 shares (2,826,277 direct plus 31,609,851 indirect), approximately 6.9–7.0% | March 2026 | ASX director interest notice |
State Street Global Advisors | 8.0% | August 2025 | Third-party aggregation |
The Vanguard Group | 6.3% | August 2025 | Third-party aggregation |
L1 Capital Pty Limited | 5.3% | August 2025 | Third-party aggregation |
T. Rowe Price Group | 11.0% | January 2025 | Third-party aggregation |
T. Rowe Price Associates | 5.60% | May 2024 | Substantial holder notice |
State Street Corporation and subsidiaries | 5.33% (28,095,038 shares) | 31 July 2024 | Substantial holder notice |
UBS Group AG | Ceased to be substantial | 1 September 2025 | Substantial holder notice |
Dar Al-Handasah Consultants Shair and Partners Holdings (Sidara) | Approximately 24%, then approximately 19% sold via block trade | April 2024 | Company announcement |
Governance Overview — Institutional ownership
| Metric | Value | As at |
|---|---|---|
Institutional ownership (%) | 54.63 | Mid-2026 |
Insider ownership (%) | 6.11 | Mid-2026 |
Free float (millions of shares) | 446.72 | Mid-2026 |
Institutional ownership per alternative provider (%) | 36 | August 2025 |
Retail and individual investors per alternative provider (%) | 51 | August 2025 |
Top 25 shareholders combined (%) | 47 | August 2025 |
Number of ETFs holding WOR | 38, average weight approximately 0.5% | 2,026 |
Competitive Landscape
Key Competitors
| Competitor | Listing | Primary overlap with Worley | Positioning note |
|---|---|---|---|
Fluor Corporation | NYSE: FLR | Energy Solutions, Urban Solutions; LNG, chemicals, mining, infrastructure | US$15.5 billion 2025 revenue; approximately 23,500 employees; net cash position of approximately US$2.5 billion. Executing its own turnaround after historic lump-sum losses; shifting backlog toward reimbursable — converging on Worley's model |
Jacobs Solutions | NYSE: J | Sold its ECR division to Worley in 2019; still competes in adjacent process, water and advanced facilities | Higher-margin design consulting; approximately 6.6% operating margin, approximately US$1.0 billion free cash flow, approximately 1.9 times net debt to EBITDA per third-party comparison |
AtkinsRéalis | TSX: ATRL | Engineering services, nuclear, resources | Record 2025 backlog with strong Nuclear and Engineering Services growth; C$461 million net operating cash flow in 2025; made three acquisitions in 2025 under its "Delivering Excellence, Driving Growth" strategy. Directly competitive in nuclear, where Worley is expanding |
Technip Energies | Euronext Paris: TE | LNG, hydrogen, ethylene, sustainable chemistry, CO2 management | €7.2 billion 2025 revenue, €638 million EBITDA, approximately 9% EBITDA margin; 17,000+ employees in 34 countries; adjusted backlog approximately €18.2 billion. Worley's most direct LNG rival and structurally more profitable at the EBITDA line |
KBR | NYSE: KBR | Technology and government/energy engineering | Approximately US$5.9 billion 2024 revenue; pivoted toward defence and digital via the US$737 million LinQuest acquisition. Higher-margin, more predictable, less ECR-exposed |
Wood (John Wood Group) | Private, Sidara-owned since March 2026 | Consulting, engineering and operations for energy and materials | Acquired for approximately £210 million after failing to generate sustainable cash flow since 2017. Recapitalised with US$450 million. Retains its brand as Sidara's energy and materials pillar |
Sidara group | Private | Five-pillar model: Wood (energy and materials), Dar (multidisciplinary consulting), Perkins & Will (design), TYLin (infrastructure), Currie & Brown | Over 55,000 professionals and over US$8.5 billion combined revenue post-Wood; approximately 40% North America, 20% each in EMEA and APAC. Now larger than Worley by headcount and comparable in ECR-adjacent revenue |
Petrofac | LSE, in distress and being broken up | Middle East and North Sea energy services | Asset Solutions sold to CB&I April 2026; Emirates business sold to a financial consortium. Effectively removed as an integrated competitor |
Saipem | Borsa Italiana: SPM | Offshore, onshore E&C, drilling | Higher risk appetite; heavy lump-sum exposure |
JGC Holdings | TSE: 1963 | LNG EPC | Japanese LNG specialist, direct rival on large liquefaction |
Bechtel | Private | LNG, mining, infrastructure, nuclear | The dominant private US EPC; won approximately US$9 billion of Rio Grande LNG contracts in 2025 |
Stantec, WSP, AECOM, Tetra Tech | Various | Consulting, water, environment | Compete for Worley Consulting and the emerging industrial water and infrastructure work; higher-multiple, asset-light comparables |
Hatch, Kiewit, Black & Veatch, Burns & McDonnell, Exyte, Amentum, EMCOR, Parsons | Mixed | Various sector-specific overlaps | Cited by third-party analysts within Worley's competitive set |
Peer Comparison FY2025
| Metric | Worley | Fluor | Technip Energies | Jacobs Solutions |
|---|---|---|---|---|
Reporting currency and period | A$, FY to Jun-2025 | US$, CY2025 | EUR, CY2025 | US$, FY to Sep-2025 |
Revenue (reporting currency, billions) | 12.05 aggregated / 11.24 statutory | 15.50 | 7.20 | 0.00 |
Revenue in USD Bn (approximate) | 7.30 | 15.50 | 7.80 | 0.00 |
Employees (thousands) | 45.5 | 23.5 | 17.0 | 0.0 |
Revenue per employee (USD K) | 160 | 660 | 459 | 0 |
EBITDA or EBITA margin (%) | 6.8 EBITA / 9.2 ex-procurement | 0.0 | 8.9 EBITDA | 0.0 |
Operating margin (%) | 5.8 | 2.8 | 0.0 | 6.6 |
Net debt to EBITDA (times) | 1.4 | 0.0 | 0.0 | 1.9 |
R&D intensity (% of revenue) | 0.0 | 0.0 | 0.0 | 0.0 |
Recent Developments
Chronological register, February 2025 to August 2026.*
Entries: 40: * Guidance revisions: two, both downward. Litigation reversals: one, adverse. Restructurings: one, ongoing. Confirmed layoffs: not separately announced, but headcount fell approximately 3,500 between June 2025 and May 2026.
