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DEXUS (DEXSF) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of DEXUS $3.71, price $3.77, upside -1.5%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
DEXUS
DEXSF · USNeutralThe stock looks roughly fairly valued with average quality.
·Fair value $3.71 · Fairly valued (−1.5%)
✓Quality 72/100
!Weak Growth (revenue 5y −1.5 %/yr)
✓Highly profitable · 39.0% net margin (TTM)
✓Low debt · generates free cash flow
✓9.9% dividend yield · Sustainable
!Moderate moat 64/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $3.17 – $5.91 · fair‑value band $2.35 – $3.71 · the $3.77 price screens above the $3.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
DEXUS is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at 51.5 billion dollars. The Dexus Platform includes the Dexus listed portfolio and the funds management business.
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DEXUS is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at 51.5 billion dollars. The Dexus Platform includes the Dexus listed portfolio and the funds management business. The 15.3 billion dollars listed portfolio includes direct and indirect ownership of office, industrial, retail, healthcare, infrastructure, alternatives and other investments. We manage a further 36.2 billion dollars investment in our funds management business which connects third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering performance and benefit from Dexus's Platform capabilities. The Platform's 11.5 billion dollars real estate development pipeline provides the opportunity to grow both the listed and funds' portfolios and enhance future returns. We are deeply connected to our purpose; unlock potential, create tomorrow, reflecting our unique ability to create value for our people, customers, investors and communities over the long term. Sustainability is embedded into the way we do business, focusing on the three priority areas of Customer Prosperity, Climate Action and Enhancing Communities. Dexus is supported by more than 37,000 investors from 26 countries. With more than four decades of expertise in real asset investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering returns for investors. DEXUS was incorporated in 2004 in Australia.
Stock analysis
DEXUS (DEXSF) currently trades at $3.77, while our model-based Fair Value estimate is $3.71, so the stock looks roughly fairly valued today (gap 1.5%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $5.77 per share, and 6 of the 15 models we run sit above the $3.77 price.
Bear case: the Multiples group reads lowest at $1.72, and 9 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: $2.35 (bear) to $3.71 (bull), the price of $3.77 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
DEXUS reported revenue of A$921M in FY2025 versus A$1.0B in FY2021, a compound −2.5%/yr. Reported net income was A$157M in FY2025, compounding −39.1%/yr from FY2021.
Key figures
Market cap $4.0B · P/E ratio 11.4 · P/S ratio 1.94 · EPS (TTM) $0.3300 · Dividend yield 9.9% · Net margin 17.0% · Return on equity 4.7% · Return on assets (EBIT) 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 3% fair-value upside, at −1%, DEXSF screens richer than that median.
Fair Value models
Bear $2.35
Fair Value $3.71
Bull $3.71
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$3.60
$5.60
$9.45
78
Growth DCF
$3.83
$5.77
$9.20
77
Residual Income
$4.42
$4.20
$4.11
76
All 15 models by family
DCF Models
FCF DCF
$3.60
$5.60
$9.45
78
5Y Revenue Exit
$1.45
$2.65
$4.45
70
5Y EBITDA Exit
$1.97
$3.53
$5.67
73
10Y Revenue Exit
$2.20
$3.30
$4.49
67
10Y EBITDA Exit
$2.58
$3.86
$5.24
69
Dividend Discount
Gordon GGM
$2.46
$2.87
$3.33
69
DDM Multi-Stage
$2.46
$3.19
$4.09
67
Multiples
P/S Multiple
$1.29
$1.72
$2.15
58
P/B Multiple
$1.29
$1.72
$2.15
55
EV/EBIT
$2.46
$4.08
$5.71
64
EV/EBITDA
$1.45
$2.74
$4.03
64
EV/Revenue
$0.2700
$1.42
$2.58
48
Asset-Based
NCAV (Graham)
$3.20
$4.29
$6.40
54
Growth DCF
Growth DCF
$3.83
$5.77
$9.20
77
Economic Profit
Residual Income
$4.42
$4.20
$4.11
76
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Set up alert →Quality Score breakdown
Overall quality
72/100
Of which business quality 68 · Market factors (momentum, volatility) 36
Profitability
25
Margins and returns on capital today
Quality Growth
72
Are margins and returns improving?
Cashflow
100
Earnings quality: real cash, not paper profit
Fin. Strength
47
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
70
Calm price path (market factor)
Momentum
23
Price trend over the last 3–12 months (market factor)
52W Momentum
19
Distance to the 52-week high (market factor)
Net Issuance
87
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+4.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.5%
Start year 2020 (pandemic). Over 10 years: −1.9% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−22.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−32.3%
Dividend (yield on the price)9.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−32.3% vs −14.2%, slowing
Profit margin 2015 to 2022 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.64% → 53%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.2%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in AUD, Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about −2.6% a year for the price and −1.0% for the forecasts.
Forecast 2026 (sales)+1.9%
Forecast 2027 (sales)+1.9%
Projected 2028 (sales)+1.9%
Projected 2029 (sales)+2.0%
Projected 2030 (sales)+2.0%
Watch DEXSF, get fair value alerts →
Earlier news
News mood ⓘNews mood, the average tone of recent news (15 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.
Very negative
Recent news coverage is unusually downbeat.
- DEXUS (ASX:DXS) Could Be 24% Below Fair Value After Office Fitout Push
- Dexus (DEXSF) (FY 2026) Earnings Call Highlights: Solid AFFO, Strategic Capital Management, and ...
- Dexus (DEXSF) (Q1 2026) Earnings Call Highlights: Strong Leasing Activity and Strategic Capital ...
- Dexus’s Properties Likely Resilient to Any AI-Driven Job Cuts
Compare DEXUS with another stock
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| BXP, Inc BXP | $63.40 | $38.36 | −39% |
| Vornado Realty Trust VNORP | $50.11 | $49.54 | −1% |
| Alexandria Real Estate Equities, Inc ARE | $49.93 | $98.03 | +96% |
| MERLIN Properties SOCIMI, S.A MRL | €12.26 | €9.69 | −21% |
| Hudson Pacific Properties, Inc HPP | $11.65 | $2.97 | −75% |
| Gecina GFC | €63.75 | €75.43 | +18% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.22 SGD | 1.26 SGD | +3% |
| Cousins Properties Incorporated CUZ | $28.65 | $8.26 | −71% |
| Keppel DC REIT AJBU | 2.12 SGD | 2.70 SGD | +27% |
| Kilroy Realty Corporation KRC | $34.23 | $35.64 | +4% |
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Frequently asked questions
Is DEXUS (DEXSF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $3.71 versus a price of $3.77, about −1% upside (fairly valued).
What is the fair value of DEXSF?
Our model-based fair value for DEXUS is $3.71 (as of Sep 24, 2026), built from audited fundamentals. The current price: $3.77.
What is the quality score of DEXSF?
DEXUS has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DEXUS (DEXSF)?
Our model-based price target is the fair value of $3.71 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario $2.35, optimistic scenario $3.71. It is a calculation from audited fundamentals, not an analyst target.
What is the DEXUS stock forecast for 2026?
Our models put fair value at $3.71, about −1% upside versus a price of $3.77 (fairly valued). Cautious scenario $2.35, optimistic scenario $3.71. The calculation is refreshed regularly with new filings.
What is the revenue of DEXUS (DEXSF)?
DEXUS reported trailing-twelve-month revenue of about A$1.4B (latest available figure, as of Sep 24, 2026).
Does DEXUS pay a dividend?
DEXUS currently shows a dividend yield of about 9.91% relative to its recent price (as of Sep 24, 2026).
What growth is priced into DEXUS (DEXSF)?
For today's price to be fair in a discounted-cash-flow model, DEXUS would have to grow free cash flow by +0.3 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DEXSF use?
Our models discount DEXUS at 9.1 %: a base by market capitalisation (mid), damped by beta 0.73, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DEXUS that is +0.3 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has DEXUS (DEXSF) delivered so far?
Over the past 5 years revenue at DEXUS grew -1.5 % a year. The price currently implies +0.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DEXUS (DEXSF) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into DEXUS (+0.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DEXUS (DEXSF)?
The free-cash-flow yield on the price is 13.74 %: that much free cash flow DEXUS produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DEXUS (DEXSF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DEXUS it is $3.71 per share (as of Sep 24, 2026), against a price of $3.77. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is DEXUS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DEXSF trades above its calculated fair value: price $3.77, fair value $3.71, a gap of about −1% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DEXSF?
No. The price is what the market pays today ($3.77); the fair value is what the company's own numbers justify ($3.71). For DEXUS the two are $0.0550 per share apart. That gap is exactly why we show both numbers side by side.
How much is DEXUS worth?
The market values DEXUS at about $4.0B (market capitalisation, as of Sep 24, 2026). Per share that is $3.77; our models calculate a fair value of $3.71 per share.
What do the bullish and bearish scenarios say about DEXSF?
Our models span a range for DEXUS: cautious scenario $2.35, base $3.71, optimistic $3.71 per share (as of Sep 24, 2026, price $3.77). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is DEXSF from its 52-week high?
DEXUS trades at $3.77, about 23% below its 52-week high of $4.90 and 7% above the low of $3.53 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of $3.71 is for.
Which stocks are comparable to DEXUS?
From the same area (Real Estate) we also value BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, MERLIN Properties SOCIMI, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DEXUS stock attractive at the current price?
The data as of Sep 24, 2026: price $3.77, calculated fair value $3.71 (−1%), Quality Score 72/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DEXSF calculated?
We run DEXUS through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.71, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. DEXUS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DEXUS (DEXSF)?
The closing price on Sep 29, 2026 was $3.77. Our model-based fair value is $3.71, about −1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DEXUS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of DEXUS
How large is the market capitalisation of DEXUS (DEXSF)?
The market capitalisation of DEXUS is $4.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of DEXUS (DEXSF)?
The price-to-earnings ratio of DEXUS is 11.4. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of DEXUS (DEXSF)?
The price-to-sales ratio of DEXUS is 1.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DEXUS (DEXSF)?
Earnings per share at DEXUS are $0.3300 (price ÷ EPS = P/E 11.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DEXUS (DEXSF)?
The dividend yield of DEXUS is 9.9% (payout 113%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DEXUS (DEXSF)?
The net margin of DEXUS is 17.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of DEXUS (DEXSF)?
The return on equity (ROE) of DEXUS is 4.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DEXUS (DEXSF)?
On an EBIT basis the return on assets of DEXUS is 3.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DEXUS (DEXSF)?
The operating margin of DEXUS is 67.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DEXUS (DEXSF)?
Revenue at DEXUS is growing +22.7% versus a year earlier (3y avg +2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at DEXUS (DEXSF)?
Earnings per share at DEXUS are growing −98.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does DEXUS (DEXSF) carry?
The net debt of DEXUS is A$4.8B (fiscal year 2025, ≈ 6.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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