Data centre companies have been in demand on the ASX over the past year, but not all of them are created equal.
I’ve selected two broker reports published in the past week which profile companies the brokers think will perform well following their recent results announcements.
Let’s see who they like.
Nextdc Ltd (ASX: NXT)
This data centre operator reported net revenue of $405 million for FY26, up 16%, with net profit improving from a $60.5 million loss to an $82.1 million profit.
The company spent $3.39 billion on capital expenditure in FY26, and expects to follow that with $2.7-$3 billion in spending this year, “reflecting additional land acquisitions and accelerated delivery of contracted capacity”.
Nextdc Chief Executive Officer Craig Scroggie said of the results:
FY26 was the largest contracting year in Nextdc’s history. Contracted utilisation tripled to 740.1MW on a pro forma basis, and we exceeded guidance on both net revenue and Underlying EBITDA. Our Forward Order Book of 565MW is now more than 3.2 times our billing utilisation, and our focus is on delivering that capacity and converting it into revenue and cash inflow. Since August 2025 we have also raised $9.75 billion of new capital, taking pro forma liquidity from $5.5 billion to $8.7 billion and providing significant capital to deliver the contracted capacity and grow our development pipeline.
Nextdc is expecting to grow its net revenue by 52%-58% this year and underlying EBITDA by 55%-65%.
UBS said the profit result was better than expectations, and they expected large consensus upgrades to earnings across FY27-FY29.
UBS has a price target on Nextdc of $22.55, well above the current share price of $13.99.
Macquarie Technology Ltd (ASX: MAQ)
This data centre operator reported its twelfth straight year of EBITDA growth, posting FY26 earnings of $115.9 million, up 2%.
During the year the Federal Government also invested $200 million into Macquarie Technology, ”via the National Reconstruction Fund Corporation (NRFC) â a sovereign investment fund to support nationally significant technological innovation, digital infrastructure, defence and national security”.
After the end of the financial year the company also completed the acquisition of a 34,200sqm site in Macquarie Park, which underpins a proposed 200MW Macquarie Engineering & Technology Campus.
On the outlook for the current year the company is expecting modest growth in EBITDA.
Broker Macquarie said the FY26 result was largely in line with expectations, while the outlook was slightly softer than expected.
Macquarie has a price target of $87.80 on Macquarie Technology shares, compared to $57.27 currently.
The post 2 ASX data centre stocks rated a buy appeared first on The Motley Fool Australia.
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More reading
- 9 ASX 200 shares with strengthened buy ratings this week
- 5 things to watch on the ASX 200 on Friday
- NEXTDC share price in focus after record FY26 earnings and strong outlook
- Macquarie Technology: Twelve years of EBITDA growth
- Investing in AI stocks on the ASX? Here’s what you should buy
Motley Fool contributor Cameron England has positions in Nextdc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.