Highlights

  • Netwealth has received positive ratings from two brokers, with target prices implying 13–16% upside.
  • Total FUA reached AUD 120.8 billion in the September 2025 quarter, up 26.6% on the prior corresponding period.
  • Netwealth recorded record Managed Account net flows of AUD 1.6 billion for the quarter, marking a 49.4% increase from the previous quarter.

Netwealth Group Limited (ASX:NWL) has received positive ratings from two leading brokers this week. E&P assigned a target price of AUD 37.40, indicating a potential increase of 16.55% from current levels. Canaccord Genuity also issued a Buy rating with a target price of AUD 36.30, implying an upside of 13.12%.

Record Quarterly Performance

In the September 2025 quarter, Netwealth reported total FUA of AUD 120.8 billion, up 26.6% compared with the same quarter last year. Growth was driven by AUD 4.1 billion in net flows and AUD 3.9 billion in positive market movements. This represented the highest quarterly net flows in the company’s history. Excluding pension payments of AUD 0.3 billion, total FUA net flows amounted to AUD 4.4 billion.

Managed Account inflows reached a record AUD 1.6 billion for the quarter, an increase of 49.4% compared to the prior quarter. Non-custodial FUA also exceeded AUD 1.0 billion for the first time, an increase of 82.4% on the prior corresponding period. The total number of accounts rose by 3.2% to 167,380 by 30 September 2025.

Total FUM ending the period at AUD 29.5 billion, up 31.3% on the prior corresponding period. Managed Accounts accounted for AUD 25.7 billion, a 32.6% increase, while Managed Funds reached AUD 3.8 billion, up 23.0% on PCP.

Financial Position and FY26 Outlook

Netwealth reaffirmed its FY26 guidance, indicating net FUA flows are expected to remain broadly consistent with FY25. The company also plans to maintain operating expense growth in line with the prior year and increase investment in capitalised software by approximately AUD 1 million over the 2H26 run rate.

The company continues to generate cash flows with a high correlation between EBITDA and operating cashflow, low capital expenditure, and no debt.

FY25 results highlight the company’s continued growth, including AUD 15.8 billion in FUA net flows for the year, up 40.4% from FY24. Total income reached AUD 324.4 million, EBITDA was AUD 163.5 million, and NPAT rose to AUD 116.5 million, up 39.8%. The final fully franked dividend increased 50% to 21.0 cents per share, bringing the full-year dividend to 38.5 cents per share.