PEXA runs Australia's digital property settlement network, replacing paper-based conveyancing with a cloud platform where lawyers, banks, and buyers complete property transfers online. Think of it as the digital railway for property transactions.
Revenue comes from fees per property settlement on its Exchange platform, plus data insights and digital services. Gross margins are high at 57.65% TTM, but the company is not yet profitable, with net margin at -14.18%.
PEXA is the mandated electronic lodgement network in Australia, making it hard for competitors like Sympli or InfoTrack to displace it. However, government-backed competition is actively eroding its monopoly, so the moat is eroding.
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