Dexus (DXS) - Net Assets
Based on the latest financial reports, Dexus (DXS) has net assets worth AU$10.05 Billion AUD (≈ $7.11 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (AU$15.31 Billion ≈ $10.83 Billion USD) and total liabilities (AU$5.26 Billion ≈ $3.72 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Dexus tangible equity quality to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | AU$10.05 Billion |
| % of Total Assets | 65.63% |
| Annual Growth Rate | 9.97% |
| 5-Year Change | -20.75% |
| 10-Year Change | 31.77% |
| Growth Volatility | 36.5 |
Dexus - Net Assets Trend (2000–2025)
This chart illustrates how Dexus's net assets have evolved over time, based on quarterly financial data. See Dexus defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Dexus (2000–2025)
The table below shows the annual net assets of Dexus from 2000 to 2025. For live valuation and market cap data, see Dexus stock valuation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-06-30 | AU$9.91 Billion ≈ $7.01 Billion |
-2.48% |
| 2024-06-30 | AU$10.16 Billion ≈ $7.19 Billion |
-17.12% |
| 2023-06-30 | AU$12.26 Billion ≈ $8.68 Billion |
-9.60% |
| 2022-06-30 | AU$13.57 Billion ≈ $9.60 Billion |
+8.46% |
| 2021-06-30 | AU$12.51 Billion ≈ $8.85 Billion |
+3.54% |
| 2020-06-30 | AU$12.08 Billion ≈ $8.55 Billion |
+2.88% |
| 2019-06-30 | AU$11.74 Billion ≈ $8.31 Billion |
+16.88% |
| 2018-06-30 | AU$10.05 Billion ≈ $7.11 Billion |
+13.86% |
| 2017-06-30 | AU$8.82 Billion ≈ $6.24 Billion |
+17.30% |
| 2016-06-30 | AU$7.52 Billion ≈ $5.32 Billion |
+11.00% |
| 2015-06-30 | AU$6.78 Billion ≈ $4.80 Billion |
+11.96% |
| 2014-06-30 | AU$6.05 Billion ≈ $4.28 Billion |
+16.60% |
| 2013-06-30 | AU$5.19 Billion ≈ $3.67 Billion |
+3.68% |
| 2012-06-30 | AU$5.01 Billion ≈ $3.54 Billion |
-5.64% |
| 2011-06-30 | AU$5.31 Billion ≈ $3.75 Billion |
+6.00% |
| 2010-06-30 | AU$5.01 Billion ≈ $3.54 Billion |
-2.72% |
| 2009-06-30 | AU$5.15 Billion ≈ $3.64 Billion |
-11.81% |
| 2008-06-30 | AU$5.84 Billion ≈ $4.13 Billion |
+2.28% |
| 2007-06-30 | AU$5.70 Billion ≈ $4.04 Billion |
+20.98% |
| 2006-06-30 | AU$4.72 Billion ≈ $3.34 Billion |
+20.87% |
| 2005-06-30 | AU$3.90 Billion ≈ $2.76 Billion |
+20.75% |
| 2004-06-30 | AU$3.23 Billion ≈ $2.29 Billion |
+184.90% |
| 2003-06-30 | AU$1.13 Billion ≈ $802.44 Million |
+5.90% |
| 2002-06-30 | AU$1.07 Billion ≈ $757.71 Million |
+1.17% |
| 2001-06-30 | AU$1.06 Billion ≈ $748.97 Million |
+14.83% |
| 2000-06-30 | AU$921.81 Million ≈ $652.24 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Dexus's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 274270000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (June 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | AU$2.74 Billion | 27.71% |
| Common Stock | AU$7.16 Billion | 72.29% |
| Other Comprehensive Income | AU$300.00K | 0.00% |
| Total Equity | AU$9.90 Billion | 100.00% |
Dexus Competitors by Market Cap
The table below lists competitors of Dexus ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Sona BLW Precision Forgings Limited
NSE:SONACOMS
|
$4.06 Billion |
|
RadNet Inc
NASDAQ:RDNT
|
$4.06 Billion |
|
Eagers Automotive Ltd
AU:APE
|
$4.06 Billion |
|
Shenzhen Colibri Technologies Co Ltd
SHE:002957
|
$4.06 Billion |
|
JCDECAUX SE ADR 1/2/O.N.
F:DCS0
|
$4.04 Billion |
|
Gubre Fabrikalari TAS
IS:GUBRF
|
$4.04 Billion |
|
Munters Group AB
ST:MTRS
|
$4.04 Billion |
|
Just Eat Takeaway
AS:TKWY
|
$4.04 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Dexus's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 10,164,800,000 to 9,898,100,000, a change of -266,700,000 (-2.6%).
- Net income of 156,500,000 contributed positively to equity growth.
- Dividend payments of 433,600,000 reduced retained earnings.
- Share repurchases of 15,800,000 reduced equity.
- Other comprehensive income decreased equity by 34,200,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | AU$156.50 Million | +1.58% |
| Dividends Paid | AU$433.60 Million | -4.38% |
| Share Repurchases | AU$15.80 Million | -0.16% |
| Other Comprehensive Income | AU$-34.20 Million | -0.35% |
| Other Changes | AU$60.40 Million | +0.61% |
| Total Change | AU$- | -2.62% |
Book Value vs Market Value Analysis
This analysis compares Dexus's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.58x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1.36x to 0.58x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-06-30 | AU$3.92 | AU$5.33 | x |
| 2005-06-30 | AU$4.39 | AU$5.33 | x |
| 2006-06-30 | AU$8.84 | AU$5.33 | x |
| 2007-06-30 | AU$10.54 | AU$5.33 | x |
| 2008-06-30 | AU$10.86 | AU$5.33 | x |
| 2009-06-30 | AU$8.00 | AU$5.33 | x |
| 2010-06-30 | AU$6.03 | AU$5.33 | x |
| 2011-06-30 | AU$6.33 | AU$5.33 | x |
| 2012-06-30 | AU$6.21 | AU$5.33 | x |
| 2013-06-30 | AU$6.44 | AU$5.33 | x |
| 2014-06-30 | AU$7.38 | AU$5.33 | x |
| 2015-06-30 | AU$7.40 | AU$5.33 | x |
| 2016-06-30 | AU$7.77 | AU$5.33 | x |
| 2017-06-30 | AU$9.11 | AU$5.33 | x |
| 2018-06-30 | AU$9.88 | AU$5.33 | x |
| 2019-06-30 | AU$11.33 | AU$5.33 | x |
| 2020-06-30 | AU$10.75 | AU$5.33 | x |
| 2021-06-30 | AU$11.24 | AU$5.33 | x |
| 2022-06-30 | AU$12.29 | AU$5.33 | x |
| 2023-06-30 | AU$11.40 | AU$5.33 | x |
| 2024-06-30 | AU$9.45 | AU$5.33 | x |
| 2025-06-30 | AU$9.22 | AU$5.33 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Dexus utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.58%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 16.99%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 1.55x
- Recent ROE (1.58%) is below the historical average (6.40%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 7.61% | 61.20% | 0.11x | 1.18x | AU$-22.03 Million |
| 2001 | 7.44% | 51.52% | 0.11x | 1.26x | AU$-27.09 Million |
| 2002 | 7.93% | 58.60% | 0.10x | 1.32x | AU$-22.20 Million |
| 2003 | 7.73% | 54.85% | 0.10x | 1.41x | AU$-25.78 Million |
| 2004 | 2.88% | 52.54% | 0.03x | 2.05x | AU$-224.97 Million |
| 2005 | -0.33% | -2.34% | 0.07x | 1.98x | AU$-365.26 Million |
| 2006 | 23.56% | 153.14% | 0.08x | 1.93x | AU$581.58 Million |
| 2007 | 22.19% | 168.56% | 0.07x | 1.80x | AU$642.14 Million |
| 2008 | 7.79% | 65.92% | 0.07x | 1.66x | AU$-124.63 Million |
| 2009 | -29.54% | -205.94% | 0.08x | 1.69x | AU$-1.95 Billion |
| 2010 | 0.65% | 4.65% | 0.09x | 1.64x | AU$-448.70 Million |
| 2011 | 10.84% | 87.91% | 0.08x | 1.57x | AU$42.73 Million |
| 2012 | 3.62% | 27.70% | 0.09x | 1.47x | AU$-319.66 Million |
| 2013 | 9.91% | 94.13% | 0.07x | 1.49x | AU$-4.67 Million |
| 2014 | 6.72% | 53.63% | 0.08x | 1.61x | AU$-198.73 Million |
| 2015 | 9.13% | 55.69% | 0.11x | 1.48x | AU$-59.03 Million |
| 2016 | 16.75% | 90.50% | 0.12x | 1.57x | AU$507.49 Million |
| 2017 | 14.33% | 91.91% | 0.11x | 1.39x | AU$381.75 Million |
| 2018 | 17.21% | 125.41% | 0.10x | 1.40x | AU$724.16 Million |
| 2019 | 10.91% | 96.23% | 0.08x | 1.41x | AU$106.67 Million |
| 2020 | 8.14% | 98.89% | 0.06x | 1.46x | AU$-225.12 Million |
| 2021 | 9.10% | 111.87% | 0.06x | 1.45x | AU$-112.50 Million |
| 2022 | 11.91% | 187.22% | 0.04x | 1.42x | AU$259.18 Million |
| 2023 | -6.14% | -85.77% | 0.05x | 1.51x | AU$-1.98 Billion |
| 2024 | -15.53% | -179.24% | 0.06x | 1.56x | AU$-2.60 Billion |
| 2025 | 1.58% | 16.99% | 0.06x | 1.55x | AU$-833.31 Million |
Industry Comparison
This section compares Dexus's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $675,316,909
- Average return on equity (ROE) among peers: 19.09%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Dexus (DXS) | AU$10.05 Billion | 7.61% | 0.52x | $4.05 Billion |
| Australian Unity Office Fund (AOF) | $229.23 Million | -26.78% | 0.10x | $42.45 Million |
| Cromwell Property Group (CMW) | $535.63K | 105.67% | 6.06x | $769.00 Million |
| Centuria Office REIT (COF) | $136.20 Million | 2.81% | 0.36x | $371.94 Million |
| Growthpoint Properties Australia (GOZ) | $2.34 Billion | -5.34% | 0.85x | $1.13 Billion |
About Dexus
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, infrastr… Read more