Macmahon Holdings H1 2026 Net Margin Improvement Tests Bearish Narratives

Simply Wall St.

Feb 17

Macmahon Holdings (ASX:MAH) has put up another solid set of numbers for H1 2026, with revenue of about A$1.25b and basic EPS of A$0.0206, backed by trailing 12 month revenue of roughly A$2.55b and EPS...

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The company has seen revenue move from A$1.06b in H2 2024 to A$1.18b in H1 2025 and then to A$1.25b in H2 2025, while basic EPS progressed from A$0.0079 to A$0.0141 and then A$0.0206 over the same halves. This sets up a...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"MAH.AU":"MACMAHON HOLDINGS LIMITED","BK7095":"多种金属与采矿"},"translate_title":"麦克马洪控股2026年上半年净利润改善测试看跌叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MAH.AU":1},"content_text":"Macmahon Holdings (ASX:MAH) has put up another solid set of numbers for H1 2026, with revenue of about A$1.25b and basic EPS of A$0.0206, backed by trailing 12 month revenue of roughly A$2.55b and EPS of A$0.0431 that reflects a 97.2% lift in earnings over the prior year. The company has seen revenue move from A$1.06b in H2 2024 to A$1.18b in H1 2025 and then to A$1.25b in H2 2025, while basic EPS progressed from A$0.0079 to A$0.0141 and then A$0.0206 over the same halves. This sets up a story where margin gains and a 3.6% net profit margin are front and center for investors assessing the latest result. See our full analysis for Macmahon Holdings. With the headline numbers on the table, the next step is to see how this earnings profile lines up with the key narratives around Macmahon's growth, profitability and risks that investors have been following. See what the community is saying about Macmahon Holdings ASX:MAH Earnings & Revenue History as at Feb 2026 AdvertisementMargins and earnings outpacing revenue trends  On a trailing basis, net profit of A$92.1 million on A$2.55b of revenue lines up with a 3.6% net margin, compared with 2.1% the prior year and earnings growth reported at 97.2% versus a 5 year earnings growth rate of about 5.3% per year. What stands out for the bullish view is that this faster earnings growth, alongside revenue that is forecast to rise around 5.2% a year, fits the idea that margin work and mix shift are doing more of the heavy lifting than pure top line expansion.\n     Bulls point to moves like higher margin underground and civil work, plus technology and cost focus, as reasons earnings can grow faster than revenue, and the step up from a 2.1% to 3.6% margin is consistent with that story. At the same time, the long term 5.3% annual earnings growth rate is much lower than the most recent 97.2% lift, so anyone leaning on the bullish case may want to think about how repeatable that kind of jump really is.    Macmahon's recent margin profile and earnings lift are exactly what bullish investors have been watching, and they use that to frame a more optimistic medium term story for the stock. 🐂 Macmahon Holdings Bull Case Valuation gap versus DCF and peers  With the shares at A$0.665, the referenced DCF fair value of A$0.83 sits about 25% higher, and a trailing P/E of 15.4x is below both the 24.3x industry average and 19.4x peer average cited in the data. Bears argue that slower revenue growth, at a forecast 5.2% per year compared with 6.1% for the wider Australian market, justifies a discount, and that even with margin improvement, the market may keep applying a lower multiple.\n     The current P/E being below industry and peer levels is consistent with that cautious stance, because it suggests investors are already pricing Macmahon on a cheaper multiple than many mining services names. However, the combination of a 3.6% margin, the very large 97.2% earnings uplift over the last year, and a share price that sits below the A$0.83 DCF fair value gives bulls clear numbers they can point to when they say the gap looks too wide.    Skeptical investors often highlight revenue growth and contract risk to explain the discount, while others focus on the DCF gap and peer P/E spread as room for upside if the story stays on track. 🐻 Macmahon Holdings Bear Case Earnings forecasts versus recent performance  Forward looking analysis references earnings growth of about 13.2% per year, compared with the very strong 97.2% rise reported over the last year and the long term 5.3% per year earnings growth rate over five years. Consensus style narratives suggest the future could look more moderate than the recent jump, and that contract concentration and pricing could still matter a lot for how those forecasts play out.\n     The 13.2% earnings growth forecast sits between the recent very strong uplift and the 5.3% five year track, which fits a middle of the road view rather than either extreme bull or bear scenario. At the same time, forecast revenue growth of 5.2% a year, slightly below the market, highlights that a lot of the earnings outlook depends on maintaining a margin level around the 3.6% trailing mark or higher rather than counting on aggressive volume expansion.    Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Macmahon Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. With sentiment split between the strong recent earnings lift and questions about how durable it is, it helps to look at the detail yourself and move quickly while the information is fresh. To see what is driving optimism in the story, take a closer look at the 4 key rewards and weigh those positives against your own view of the risks. See What Else Is Out There Macmahon's forecasts point to revenue growth of 5.2% a year and a 13.2% earnings outlook, which some investors may see as relatively modest compared with its recent 97.2% earnings lift and improving 3.6% net margin. If that cautious growth profile and the market's lower P/E multiple leave you wanting a stronger value case, take a look at our 9 high quality undervalued stocks to quickly spot companies where current pricing and fundamentals line up more tightly in your favour.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}