How Goodman Group Shares Are Tracking

Goodman Group (ASX:GMG) has quietly slipped almost 19% this year, even though earnings are still growing and the business keeps expanding its logistics and data centre footprint across key global markets.

With the stock recovering slightly over the past month but still down over the past 3 months, investors are weighing up whether this pullback reflects softer sentiment toward property or a chance to revisit a long term infrastructure story.

See our latest analysis for Goodman Group.

That pullback reflects investors reassessing risk around global property and higher rates, even though Goodman still posts solid growth. As a result, the 1 year total shareholder return is negative, but multi year returns remain very strong.

If you are reassessing your exposure after Goodman’s recent slide, this could be a good moment to compare it with fast growing stocks with high insider ownership.

So with earnings still growing, a sizeable discount to analyst targets and a high quality asset base, is Goodman now trading below its long term potential, or is the market already pricing in years of future growth?

Most Popular Narrative: 22% Undervalued

Goodman Group's most followed valuation narrative pegs fair value materially above the last close, implying meaningful upside if its growth playbook delivers.

Acceleration in data center development, supported by secured power in high-barrier-to-entry metro locations and capital partnerships, positions Goodman to benefit from AI, cloud, and digital infrastructure demand, with a significant increase in Work In Progress expected to drive revenue and long-term earnings growth.

Read the complete narrative.

Want to see what is really behind that upside call? The narrative leans on ambitious earnings, rich margins, and a premium future multiple. Curious which numbers carry the story.

Result: Fair Value of $37.26 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, heavy data center investment and dependence on external capital mean that execution delays or weaker demand could quickly undermine that upside scenario.

Find out about the key risks to this Goodman Group narrative.

Another Angle on Valuation

On earnings, the picture looks less forgiving. Goodman trades on a P/E of about 35.9 times, versus 25.1 times for peers and 16.3 times for the wider Industrial REITs group, while our fair ratio sits closer to 20 times. That premium leaves little room for disappointment if growth stumbles.

See what the numbers say about this price — find out in our valuation breakdown.



ASX:GMG PE Ratio as at Dec 2025

Build Your Own Goodman Group Narrative

If you see the numbers differently or want to stress test your own view, you can build a full narrative in just minutes with Do it your way.

A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Goodman Group.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data 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 financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include GMG.AX.

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