Fund Manager Summary on Worley Ltd (ASX:WOR)
In March 2026, Pendal Group commented that Worley Ltd (ASX:WOR) moved into full reimbursable EPC execution on CP2 LNG after Venture Global approved phase two, which could add significant backlog and earnings visibility. Overall, fund manager commentary on Worley has become more constructive over time, with the balance of recent views emphasizing improving project visibility, backlog growth, margin recovery and capital returns, especially after the CP2 LNG milestones in 2025–2026. Supportive managers such as Endeavor, Antares, Yarra and Elston highlighted Worley’s exposure to traditional and renewable energy, strong contract wins, a $13 billion-plus to $16.9 billion backlog, double-digit EPS growth potential, operating leverage, buybacks and a solid balance sheet, while seeing valuation as attractive relative to history and the broader market. The main risks remain cyclicality in energy and resources spending, oil-price volatility, U.S. tariff-related macro slowdown fears, delays or cancellations in large projects, and pressure in chemicals, which were central to the more cautious views from Sterling and Solaris after weaker-than-expected results, restructuring costs, flat margins and European project cancellations. The consensus is that Worley’s medium-term outlook is improving as backlog converts and major LNG and energy-transition projects progress, but near-term sentiment still depends on execution, timing of final investment decisions, cost control and the durability of customer spending.
Commentary
There are 30 insights from 13 fund managers regarding their investment in Worley Ltd (ASX:WOR) available on Thesis Tracker.
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The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Worley Ltd (ASX:WOR)?
Fund managers including Cooper Investors, L1 Capital, Endeavor Asset Management, Ten Cap, Equity Trustees Asset Management, Yarra Capital Management, Antares Capital, Clime Investment Management, Sterling Managed Investments, Elston Asset Management, Pendal Group, Perennial Partners and Solaris Investment Management have invested in Worley Ltd (ASX:WOR).
Why do fund managers invest in Worley Ltd?
Fund managers invest in Worley for its exposure to energy, resources and renewables project spending, which can support medium-term growth. They also point to a large backlog, recent contract wins and major projects such as CP2 LNG that improve earnings visibility. Some see operating leverage, margin expansion and buybacks as positives. The investment case is balanced by cyclical end-market risk, oil-price sensitivity and uncertainty in project timing.
What happened to Worley Ltd (ASX:WOR)?
Fund managers are investing in Worley Ltd due to its strong turnaround potential, driven by re-acceleration in revenue growth across key sectors: energy (3-7% CAGR), chemicals (1.4% CAGR), and energy transition minerals (6% CAGR). The company's margin expansion, with EBITA margins improving from 7.9% to 9.2%, coupled with a solid balance sheet (net debt/EBITDA at 1.4x), enhances its attractiveness. Despite facing challenges like declining pipeline growth and energy market volatility, Worley's substantial project backlog of $16.9 billion, with 50% deliverable in the next 12 months, provides significant revenue visibility. Shareholder returns through buybacks and dividends further support investment appeal, making Worley a compelling opportunity in a recovering market.
What is the short interest in Worley Ltd (ASX:WOR)?
The short interest in Worley Ltd (ASX:WOR) is 1.04% which makes it the 205th most shorted stock on the ASX. Of the 509.4M shares that Worley Ltd has on issue, 5.3M have been sold short.
What does Worley Ltd (ASX:WOR) do?
Worley Ltd. engages in the provision of services to the resources, energy, and industrial sectors. It operates through the following segments: Energy and Chemical Services, Mining, Minerals and Metal Services, Major Projects and Integrated Solutions and Advisian. The Energy and Chemical Services segment includes engineering, procurement, project management, program management, and operations. The Mining, Minerals and Metals Services segment line of business combines extensive local experience and innovative, integrated solutions with technically-led centers of excellence to explore process improvements, develop fit-for-purpose engineering and project execution, and accelerate the translation of customer objectives into actions that drive production and project certainty. The Major Projects and Integrated Solutions segment focuses on delivering projects that pose a level of commercial and reputational risk for Worley by the nature of their size, complexity and the scope of services and also engages in delivering integrated solutions, which include maintenance, modification, operations, engineering, fabrication, construction, hook-up and commissioning services to existing assets around the globe. The Advisian segment provides a true end-to-end offering integrating strategy, management and technical consulting expertise to clients in the hydrocarbons, resources and infrastructure sectors. The company was founded by John Michael Grill in 1971 and is headquartered in Sydney, Australia.