In a market filled with noise, some ASX stocks continue to quietly deliver consistent returns.
For investors seeking steady gains in FY 2026 and beyond, reliable earnings growth, defensive revenue, and strong capital management are key traits to look for.
With that in mind, here are two ASX stocks that analysts think tick those boxes and could be worth holding through the ups and downs of the year ahead. They are as follows:
Image source: Getty Images
TechnologyOne Ltd (ASX: TNE)
The first ASX stock for steady gains could be TechnologyOne. It has been one of the Australian share market's most consistent performers—and it shows no signs of slowing down.
The enterprise software provider has successfully transitioned to a high-margin SaaS platform, with the bulk of its revenue coming from sticky customers in the government, education, and utility sectors. This provides both recurring revenue and defensive earnings—which is a rare combination in the tech space.
But if you thought it was going to slow after over a decade of consistent profit growth, think again. Management is very confident in its outlook. After hitting its $500 million annualised recurring revenue (ARR) target 18 months ahead of schedule, it is now targeting $1 billion ARR by 2030.
Analysts at UBS are bullish on its outlook. The broker recently put a buy rating on TechnologyOne's shares with a $42.20 price target.
Telstra Group Ltd (ASX: TLS)
Another ASX stock that could deliver steady gains over the long term is Telstra. It is Australia's largest telecommunications company and one of the country's most recognisable brands.
Telstra shares have been in the spotlight in recent weeks following the release of its new Connected Future 30 strategy. And analysts like what they see.
Macquarie, for example, has responded positively to the update, pointing to several reasons for optimism. This includes its underlying ROIC expansion to 10% by FY 2030, mid-single-digit cash earnings per share growth to FY 2030, and scope for cost reductions and capital management.
In response, the broker upgraded Telstra's shares to an outperform rating with an improved price target of $5.28. It also lifted its dividend forecasts for the telco giant for the next three years.
It is now expecting an increase to 19.95 cents per share in FY 2025, with further increases expected through to FY 2027. The former represents an attractive 4.1% dividend yield based on its current share price.
