ASX 200 stocks are sometimes perceived as offering more modest returns (and risk) to their blue-chip status.
However, at the time of writing, there are roughly 17 companies inside the ASX 200 that doubled in value so far in 2025.
Many of these have enjoyed tailwinds from global commodity prices.
This goes to show that even large-cap companies can deliver significant upside.
While there is still a couple of weeks left in 2025, here are two that are on track to double this calendar year.
Perenti Global (ASX: PRN)
Perenti Global is a mining services company offering surface and underground mining solutions. It provides exploration drilling, production drilling, blasting, and geotechnical services.
In January of this year its shares were trading at $1.44 each.
Last week, this ASX 200 stock closed at $2.94.
That represents a rise of more than 104%.
For context, the S&P/ASX 200 Materials (ASX: XMJ) is up roughly 27% in the same period.
Key wins this year included a $300M Dalgaranga contract with Ramelius Resources Ltd (ASX:RMS) in September.
The contract awarded Parenti Limited's underground mining business, Barminco, a four-year contract for underground mining services at the Dalgaranga Gold Project.
Financially, the company posted solid growth, which included for FY25:
- Revenue of $3.5 billion jumped by 4% from previous year, with operating earnings (EBITDA) of $668 million rising by the same amount.
- Its EBIT margin strengthened to 9.6% (up from 9.4% in FY24).
- Underlying net profit after tax (NPAT) of $178.4 million also grew by 8%.
- Final dividend of 4.25c/share declared, taking total FY25 dividends to 7.25c/share (up from 6c/share in FY24).
Monadelphous Group Ltd (ASX: MND)
Monadelphous Group is an engineering company that provides construction, maintenance, and industrial services to the mining, energy, and infrastructure sectors.
At the start of 2025, shares were trading for approximately $14.
Last week, shares closed at $26.40, which represents a rise of almost 90%.
This ASX 200 stock is up approximately 97% in the last 12 months, so while it hasn't quite doubled this year, it could pass this benchmark by new years.
At last month's AGM, management attributed this year's success to multiple factors, including the record $2.3 billion of secured new work, with $570 million secured post year end major wins in energy, iron ore and renewables.
Do these soaring ASX 200 stocks still have upside?
After almost doubling in such a short span, investors may be interested if there is further upside for these stocks.
In a recent note out of Morgans, the broker placed a $29.00 price target on Monadelphous Group shares.
This indicates a further upside of 9.85%.
For Perenti Global, it appears it is trading close to fair value.
TradingView has an analyst price target of $2.93, while an older report from Bell Potter had a 12 month price target of $2.80.
