Ticker: Brambles Ltd (ASX: BXB)
Date: 26 November 2025
BXB share price today on the ASX
Brambles Ltd (ASX:BXB) traded modestly higher on Wednesday, with the BXB share price recently around A$23.77, up about 0.5% for the session after closing at A$23.64 on Tuesday. [1]
Mid-session on 26 November 2025, Brambles shares had changed hands between roughly A$23.69 and A$23.95, on relatively light turnover of about 704,000 shares, compared with an average daily volume of just over 3.2 million shares. [2]
At these levels, Brambles carries a market capitalisation of roughly A$32.1 billion, with around 1.36 billion shares on issue and a one‑year share price gain of about 25%. [3] The stock is trading roughly 12% below its 52‑week high near A$26.9, but well above its 52‑week low around A$18.7, underscoring a strong recovery from early‑2025 levels. [4]
Fresh ASX filings: employee incentive shares and buy-back update
Today’s trade in BXB is set against a busy morning of ASX announcements from Brambles:
- Two “Application for quotation of securities – BXB” notices were lodged, reflecting additional shares being admitted to quotation. [5]
- Two separate filings from Brambles detail the planned quotation of 9,404 and 457 new ordinary fully paid shares, respectively, all issued under employee incentive schemes. [6]
- The company also lodged a “Notification of cessation of securities – BXB” and an “Update – Notification of buy-back – BXB” this morning, highlighting ongoing capital management via its on‑market share buy‑back. [7]
In aggregate, the 9,861 new shares associated with today’s employee equity issuances are tiny in the context of Brambles’ roughly 1.36 billion shares on issue—less than 0.001% of the register—meaning negligible dilution for existing shareholders. [8]
These small but frequent Appendix 2A filings fit a wider pattern through November, where Brambles has repeatedly reported new incentive shares, cessation of some securities, and ongoing buy‑back activity. [9] For investors, the net effect is that share‑based remuneration is largely being offset by buy‑backs, leaving overall capital structure broadly stable while aligning management and staff with shareholder outcomes.
2025 share price performance: from new highs to consolidation
BXB has been one of the stronger performers in the ASX industrials cohort in 2025, helped by solid earnings and a supportive outlook:
- The stock climbed to a fresh 52‑week high above A$26.5 in early September, before easing back as broader markets became more cautious. [10]
- Over the past year, FT data show the share price up about 25%, comfortably ahead of many large‑cap peers on the ASX 20. [11]
- Earlier commentary from market observers has highlighted Brambles’ move to new all‑time or multi‑year highs during August on the back of strong FY25 results and capital returns. [12]
Since those peaks, the share price has consolidated in the low‑to‑mid A$20s, with November’s trade characterised by tight daily ranges around the low‑A$23 level and regular buy‑back updates crossing the tape. [13]
Fundamentals: FY25 results underpin the Brambles investment story
Behind BXB’s resilient share price is a robust set of FY25 numbers:
- Revenue of roughly US$6.7–6.8 billion, up around 2–3% year on year. [14]
- Profit after tax of about US$896 million, representing high‑teens percentage growth on FY24. [15]
- Earnings per share rising by around 15–16%, reflecting both profit growth and capital management. [16]
- Free cash flow before dividends above US$1.0 billion, a step‑change attributed to the company’s multi‑year “transformation” program focusing on asset efficiency, pricing discipline and digital tools in its CHEP pallet network. [17]
Brambles has paired this profit and cash‑flow strength with shareholder returns:
- A new on‑market share buy‑back of up to US$400 million for FY26 was announced alongside the FY25 results. [18]
- The final FY25 dividend was lifted to 20.83 US cents per share, taking total FY25 dividends to 39.83 US cents, a 17% increase on the prior year. [19]
Management guidance points to FY26 sales growth of around 3–5% and underlying profit growth of 8–11% at constant currency, signalling confidence that the transformation benefits and pricing power can continue to support earnings momentum. [20]
ROCE trends: capital efficiency moving the right way
Recent commentary has focused heavily on Brambles’ Return on Capital Employed (ROCE), a key metric in capital‑intensive logistics businesses:
- Analysis from independent outlets this week notes that Brambles’ ROCE has been trending higher over the past few years, even as the company has expanded its capital base. [21]
- This suggests Brambles is not only growing, but deploying additional capital at attractive incremental returns, helped by better asset utilisation, disciplined pricing and tighter cost control. [22]
For long‑term BXB shareholders, an improving ROCE profile reinforces the idea that the business can compound value over time without needing excessive leverage or dilutive equity raising.
Valuation snapshot: P/E, dividend yield and analyst views
Based on today’s mid‑session price around A$23.77, Brambles screens as follows:
- Price/earnings (P/E, trailing 12 months): ~24.5×
- Annualised dividend yield: ~2.6%, using the latest full‑year dividend in Australian dollar terms.
- Shares outstanding: ~1.36 billion
- Average daily volume: ~3.2 million shares. [23]
External analyst data compiled by services such as TipRanks show the most recent broker stance on BXB as “Hold”, with a consensus target price around A$25.65—implying mid‑single‑digit to high‑single‑digit upside from current levels, depending on the exact reference price. [24]
For income‑oriented investors, Brambles’ 2–3% fully‑franked‑style yield (for Australian tax residents), combined with the US$400 million buy‑back, effectively blends a modest cash yield with ongoing capital returns and potential per‑share earnings accretion. [25]
What today’s news means for BXB shareholders
Putting today’s price action and announcements together, a few themes stand out:
- Capital management remains active
- The steady drumbeat of buy‑back updates suggests Brambles is continuing to repurchase shares on market, potentially offsetting share‑based remuneration and supporting earnings per share over time. [26]
- Employee equity is growing, but dilution is immaterial
- The 9,861 new incentive shares lodged today are tiny relative to the 1.36 billion shares on issue, reinforcing that Brambles’ long‑term alignment strategy with employees does not materially dilute existing investors at current issuance rates. [27]
- Operational quality underpins the story
- Strong FY25 earnings, rising ROCE and a clear FY26 growth outlook provide the fundamental backbone to the BXB share price, even as the stock trades below its early‑September highs. [28]
- Next catalysts are on the calendar
- The next major scheduled event is Brambles’ 2026 half‑year results on 19 February 2026, which will give the market an updated read on volumes, pricing, cost inflation and buy‑back progress. [29]
As always, short‑term moves in BXB will also be influenced by broader ASX 20 sentiment, interest‑rate expectations and global demand for fast‑moving consumer goods—key drivers of pallet demand in Brambles’ CHEP network. [30]
Key takeaways for today
- BXB is trading slightly higher today, around A$23.77, adding to a strong 12‑month run but still sitting below its 2025 peak. [31]
- Multiple ASX filings this morning highlight tiny new employee‑related share issues, a cessation of some securities, and continued buy‑back activity—together signalling active but measured capital management. [32]
- Fundamentals remain solid, with healthy revenue and profit growth, strong free cash flow and improving ROCE supporting the longer‑term investment case. [33]
Important disclaimer
This article is general information only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. It does not take into account your objectives, financial situation or needs. Share prices, forecasts and yields can change quickly; all figures are approximate and as of the time of writing on 26 November 2025. Always do your own research and consider seeking advice from a licensed financial adviser before making investment decisions.
References
1. markets.ft.com, 2. markets.ft.com, 3. markets.ft.com, 4. markets.ft.com, 5. openbriefing.com, 6. www.tipranks.com, 7. openbriefing.com, 8. markets.ft.com, 9. www.intelligentinvestor.com.au, 10. markets.ft.com, 11. markets.ft.com, 12. www.itiger.com, 13. www.intelligentinvestor.com.au, 14. www.itiger.com, 15. www.itiger.com, 16. www.itiger.com, 17. www.brambles.com, 18. www.itiger.com, 19. www.itiger.com, 20. www.itiger.com, 21. kalkinemedia.com, 22. kalkinemedia.com, 23. markets.ft.com, 24. www.tipranks.com, 25. markets.ft.com, 26. www.intelligentinvestor.com.au, 27. www.tipranks.com, 28. www.itiger.com, 29. www.brambles.com, 30. markets.ft.com, 31. markets.ft.com, 32. openbriefing.com, 33. www.itiger.com
