Goodman Group
(ASX: GMG)Share Price and News
About Goodman Group
Goodman Group is a global business providing property solutions for logistics, industrial, and digital infrastructure. Based in Sydney, the company owns, develops, and operates sustainable facilities in key city centres. Its portfolio includes warehousing and distribution centres, as well as data centres supporting e-commerce, cloud computing, and supply chains.
Through operations in Australia, New Zealand, Asia, Europe, and the Americas, Goodman supports some of the largest companies in technology, retail, and logistics. The company prioritises ESG standards in its developments, focusing on energy-efficient buildings, carbon reduction, and long-term tenant partnerships.
It made a $2bn operating profit in FY24, 15% up on FY23’s $1.8bn operating profit. Its EPS grew at a CAGR of 15.8% in the preceding 5 years, although it made a statutory loss of $98.9m. The company closed the period with $3.8bn in liquidity, not counting the $13bn+ of liquidity in partnerships.
GMG Company History
Goodman Group was launched in 1989 as Goodman Hardie Industrial Property Trust, focusing on industrial real estate. By 1995, investors could purchase shares in Goodman, gaining exposure to expanding logistics and warehouse properties. In 2000, Goodman Hardie merged with Macquarie Industrial Trust to form Macquarie Goodman Industrial Trust.
This merger enabled the company to undertake larger projects and expand internationally. In 2005, the business adopted the name Goodman Group, becoming a fully integrated property group and listed publicly in that year. Over the following years, Goodman expanded rapidly across Europe, Asia, and the United States, establishing key logistics and distribution hubs as e-commerce and online supply chains grew.
As of mid-May 2025, it has a property portfolio of over $84bn, which delivered it an operating profit of $1.2bn in the first half of FY25. It has 422 total properties, spread across 14 countries. Most of its assets reside in partnerships where GMG has an average stake of 28%. Its traditional specialty was in industrial properties but it has been pivoting to data centres in the past couple of years.
Future Outlook of Goodman Group (ASX: GMG)
Goodman Group is expected to continue growing due to strong demand for modern logistics properties and data centres. In FY24, the company's operating profit increased by 15%, and operating profit rose by 14%. These results were supported by high occupancy rates and a strong pipeline of new developments.
The pivot to data centres offers promise - just ask long-term investors in NextDC (ASX:NXT) that has gone from a $80m company at IPO to an $8bn company off the back of growth in demand for data centres. Also remember the $23.5bn AirTrunk deal sealed last year? That imprinted into investors minds how valuable data centre can be.
The challenge is that it won't be a cheap exercise for the company. Moreover, there is speculation by some investors that edge AI may render data centres obsolete. If you can process data 'on site', why do you need data centres?
GMG evidently believes there will still be a need for data centres. It has
25% of its WIP projects being data centres. It has a 5GW power bank (in other words data centre pipeline), just over half of which is secured. This pipeline is spread across several cities (LA, London, Amsterdam, Frankfurt, Paris, Madrid,, Tokyo, Osaka, Hong Kong, Sydney, Melbourne and Auckland) and are in locations consistent with its existing approach to logistics.
Earlier in 2025, Goodman raised $4bn to fund some of its future development. But this is only a fraction of the $13bn in ‘Work In Progress’.
Is GMG a Good Stock to Buy?
Overall, Goodman remains one of the more resilient and forward-looking REITs listed on the ASX. It offers investors a blend of stability, global reach, and future-oriented property development. Its focus on logistics and data centre real estate has proven effective, especially as the world relies more on e-commerce and digital infrastructure.
While itsdividend yield is moderate compared to some peers, this reflects Goodman's strategy of reinvesting earnings to drive capital growth over time. Investors seeking a well-managed property group with consistent earnings, sustainable practices, and long-term growth potential may find GMG a suitable choice.
Its high occupancy rates, expanding development pipeline, and exposure to key global markets provide a competitive advantage. However, potential risks for investors to be wary of include interest rate fluctuations, changes in tenant demand and high capex.
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Frequently Asked Questions
Goodman Group develops, owns, and manages logistics facilities and data centres worldwide. Its properties support major industries such as e-commerce, logistics, and technology, providing essential infrastructure in key urban markets.