S&P/ASX All Ords Index (ASX: XAO) shares rose by 7.11% and delivered total returns, including dividends, of 10.56% in 2025.
The All Ords outperformed the benchmark S&P/ASX 200 Index (ASX: XJO), which rose 6.8% and produced a total return of 10.32%.
As always, there were losers in the pack, and here we reveal the five worst ASX All Ords shares for price growth.
It's interesting to note that some brokers see four of these stocks potentially turning around in the new year.
We include their assessments here.
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5 ASX All Ords shares that fell off a cliff in 2025
All five of these ASX All Ords shares lost more than half their value last year.
1. Nuix Ltd (ASX: NXL)
This ASX All Ords tech share tumbled 72% to close out 2025 at $1.80.
Nuix is an investigative analytics and intelligence software provider.
For FY25, Nuix reported an 8% increase in annualised contract value (ACV) to $228.4 million but a loss after tax of $9.2 million.
That was largely due to a significant increase in the expensed proportion of research and development (R&D) spending, plus elevated net non-operational legal costs and restructuring costs.
In a trading update in November, Nuix issued FY26 ACV guidance in the range of $240 million to $260 million.
Moelis Australia has a buy rating on Nuix shares with a 12-month price target of $3.37.
In a note, Moelis said Nuix stock "seems oversold", commenting:
Nuix's share price has retraced significantly as recent operating performance fell below market expectations.
On our estimates the current price undervalues the company.
2. Myer Holdings Ltd (ASX: MYR)
This ASX All Ords retail share fell 61% to 48 cents on 31 December.
FY25 was a shocker for the company, which booked an underlying net profit of $37 million, down 30% on FY24.
The retailer also reported a statutory net loss of $211 million due to the write-down of goodwill for the new division, Myer Apparel Brands.
Myer shares did not pay a final dividend.
Morgan Stanley equity analyst Julia de Sterke sees a turnaround opportunity from the Apparel Brands' integration and other factors.
The broker has a buy rating on Myer shares with a target of 69 cents.
3. HMC Capital Ltd (ASX: HMC)
HMC Capital shares tanked in 2025, falling 60% to $3.96 apiece.
This was despite the diversified investment company reporting strong profit growth in FY25.
FY25 pre-tax operating earnings was $224.6 million, up 74%, and pre-tax operating earnings per share (EPS) was 56 cents, up 51%.
HMC Managing Director and CEO, David Di Pilla, described FY25 as "a landmark year" and said:
This growth highlights the scalability of our business model and the strength of our diversified platform spanning real estate, private equity, private credit, digital infrastructure and energy transition.
Each of these verticals is now generating meaningful earnings while also providing strong optionality for future expansion.
Morgans has a buy rating and $4.85 price target on HMC Capital shares.
In a note, the broker said:
The current price essentially implies that HMC is ex-growth with a questionable NTA – a view we do not share.
So, whilst re-rating of the stock remains contingent on these elements coming to fruition, we believe it to be highly achievable over the next 12 months.
4. Accent Group Ltd (ASX: AX1)
Like Myer, ASX All Ords shoe retailer Accent experienced a big share price fall in 2025.
Accent shares dropped 60% to close the year at 95 cents.
Accent owns several brands, including The Athlete's Foot, Hoka, HypeDC, Platypus, Vans, and Skechers.
For FY25, Accent reported a net profit after tax (NPAT) of $57.7 million, down 3% on FY24.
The final dividend was 1.5 cents per share, down 67% on the previous year's final dividend.
However, a positive trading update in November has brokers seeing a buying opportunity for 2026.
Goldman Sachs reiterated its buy rating on Accent shares but cut its 12-month target from $1.70 to $1.20.
5. Coronado Global Resources Inc (ASX: CRN)
This ASX All Ords coal share fell 58% over the year to finish at 32 cents on 31 December.
A persistently low metallurgical coal price was a headwind for Coronado last year.
The miner reported a realised price of US$145.10 per tonne in the third quarter of 2025, down 30% year over year.
However, the miner said its 3Q saleable production was 21% higher than for the previous quarter at 4.5 million tonnes, which was the best result since 2021.
Managing director Douglas Thompson expects an even better 4Q result due to project expansion and cost reductions.
The third quarter was the second in a row in which unit production costs came in below guidance.
In the month of September, the unit cost was US$80 per tonne.
Brokers are yet to be convinced, with many giving this ASX All Ords mining share a hold or sell rating.
Last month, UBS reiterated its sell rating but lifted its 12-month target from 19 cents to 25 cents.
