The last financial year was a good one for investors with the benchmark S&P/ASX 200 Index (ASX: XJO) recording a gain of approximately 10.2% before dividends.
Things were even better for the shareholders of the ASX shares listed below which more than doubled in value over the period. Let's see why they rocketed over the 2025 financial year:
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Appen Ltd (ASX: APX)
The Appen share price was in fine form over the 12 months and raced 141% higher.
Investors were fighting to buy the artificial intelligence data services company's shares after its turnaround started to gather pace.
A recent guidance update at its annual general meeting also got investors excited. At the event, Appen revealed that it is expecting revenue between $235 million and $260 million for 2025. This implies flat to 10.9% growth for the year. It also expects positive underlying EBITDA for the full year.
Austal Ltd (ASX: ASB)
The Austal share price was on fire in the last financial year with a stunning gain of 152%.
There were a number of catalysts for this. This includes the shipbuilder winning material contracts from the US Navy and Gotlandsbolaget of Sweden. The latter is a $265 million to $275 million contract for the design and construction of a hydrogen-ready vehicle passenger ferry.
In addition, its inclusion in the ASX 200 index late in the financial year and speculation that it could be takeover target gave its shares a boost. In respect to the takeover speculation, last month, Austal revealed that South Korean shipbuilder and substantial shareholder, Hanwha Group, has received approval from the Committee on Foreign Investment in the United States (CFIUS) to increase its shareholding to 19.9%.
Hanwha previously made a takeover offer for the company in 2024. The market appears to believe this could be the beginnings of another approach.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price was a very strong performer and delivered a return of 126% in the 2025 financial year.
This was driven by an impressive performance from the enterprise software provider in both FY 2024 and the first half of FY 2025. In respect to the latter, TechnologyOne posted a 21% jump in annualised recurring revenue (ARR) to $511.1 million.
Incredibly, this meant that it achieved its $500 million ARR target 18 months ahead of target. Management has now set itself a target of reaching $1 billion by 2030.
TechnologyOne's CEO, Ed Chung, said: "We are on track to double our business again and surpass total ARR of $1 billion by FY30, from our current base of $511 million. We will continue to invest for the long term in R&D to build platforms for growth."
