6 ASX companies experiencing a better FY26 following a poor FY25

There are already some ASX companies experiencing a better FY26 than FY25. It may only be 3 and a half months into the new financial year, but some of the so-called Dogs of the ASX are recovering to the point where investors would have made a fair amount of money had they bought into them.

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6 ASX companies experiencing a better FY26 than FY25 (so far)

IDP Education (ASX:IEL)

IDP is focused on international students, testing English language proficiency and offering student placements. It has suffered in recent years as international student numbers have failed to return to pre-COVID levels. Western governments keen to shift the blame for rising inflation and housing shortages have sought to scapegoat international students and have put restrictions on them. In the middle of CY25, the company was feeling the pinch with placement and testing volumes both well down and told investors it would undertake a strategic review.

But FY26 has begun well. Even though the company expected stagnant EBIT ($115-125m), some of the recommendations of its review would deliver some dividends by capturing profitable growth and a net reduction in the overhead cost base (by $25m).

Bravura (ASX:BVS)

Bravura is a provider of back-office software to financial institutions, helping them minimise risk, operate more efficiently and provide enhanced customer service. It has suffered for a number of years due to customer attrition, weak profitability (or even losses in some period) and multiple leadership transitions. All of this has cumulatively resulted in such negative sentiment that even a decent FY25 saw investor negativity because the guidance was seen as soft.

FY26 could be a better year. The company is expecting better results in FY26, expecting $265-275m revenue and $55-65m EBITDA, along with higher project revenues. It will have a new CEO in early 202,6 and it has A$58.7m in cash, with no debt. Investors are responding more positively, even if it is simply the fact that expectations are better calibrated.

Clarity (ASX:CU6)

Clarity is a clinical-stage radiopharmaceutical company. It has multiple assets based on a technology platform that can aid chemotherapy by essentially ‘caging’ copper isotopes before they reach the cancer cells, thus preventing them leaking into the body before reaching the cancer cells and causing damage to healthy cells. The most advanced asset is Clarify which is in a pivotal Phase 3 trial that is expected to support an FDA application for approval of the drug in pre-prostatectomy patients (i.e. patients with prostate cancer about to undergo a prostatectomy procedure).

When we last wrote about Clarity in June (2025), we suspected it was a case of ‘its not you, it’s them’. We couldn’t see company specific reasons warranting a sell off, even if there were some incidents causing investors to be risk-off towards biotechs including Trump’s tariffs and the failure of Opthea. Perhaps investors are now risk-on once more. Clarity confirmed to investors it will be exempt from tariffs because its products will be made in the US.

Nuix (ASX:NXL)

Nuix had a torrid FY25, driven by disappinting results – it guided to ~15% ACV growth, then downgraded it to a range of 11-16%, then to the lower end of that and scrapped it altogether. Why? Because deals were taking longer to close.

Although it only promised ‘ACV growth’ for FY26 without being specific, there are reasons for optimism, including new products such as Nuix Neo. It does similar things to its existing tools but is a unified platform rather than isolated components. It supports over 1,000 file types, automates workflows and applies intelligent models to derive actionable insights. The company has been quick to rebut arguments that it could be outdone by AI, arguing its tools ensured that even if data would be fed into generative tools, customers could ensure data had been properly processed and understood prior to that.

Bellevue Gold (ASX:BGL)

Bellevue is one of the few gold stocks doing poorly in this market environment. Having guided to 165,000-180,000koz production for FY25 with an AISC of A$1,750-1,850/oz, it only ‘sold’ 130,000/oz without disclosing production and its production was A$2,425-2,525/oz. The company ran into a number of issues meaning increased costs and reduced production. It had to raise $300m in capital across 2 raises and got its hedging significantly wrong.

FY26 is proving to be better. We’re not just saying this because of the share price; things are getting better. It has told investors to expect 130,000-150,000/oz production in FY26. Q1 of FY26 was a strong quarter with nearly 30,000/oz poured. Even though its ASIC was high at just under $3,000/oz, its average selling price was over A$5,000/oz. The company was also able to improve its hedging position and closed Q1 with a balance sheet with $156m in cash and gold on hand.

Mineral Resources (ASX:MIN)

The ASX 50 company provides mining services, but also owns its own mines, including lithium, gold and iron ore mines. It is even an investor in micro-cap explorers. In CY24, the company felt the pinch from lithium price rout, weak iron ore prices, concerns that it couldn’t access US critical minerals subsidies and its multi-billion dollar debt burden. The Chris Ellison tax scandal was a further reputational hit – at least unlike Richard White, Ellison didn’t try to fight for his place.

Although its FY25 results were not good, things in FY26 look better. Its Onslow Iron Ore project is coming online, and it produced at an annualised run rate of ~35Mt per annum in the four weeks to late August. Its cost guidance was met, and cash flows were improving to the point where the company may not need new debt raising, and equity dilution.