Netwealth Group vs HUB24: Which financial platform is better from an investor's perspective?

Netwealth and HUB24 are top ASX platform stocks, but HUB24's value, earnings, and scale make it my preferred buy now.

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Netwealth Group vs HUB24 shares: which wealth platform is the better buy?

If you're eyeing the ASX financials sector, it's hard to ignore Netwealth Group Ltd (ASX: NWL) and HUB24 Ltd (ASX: HUB). Both are leading ASX-listed investment platform providers shaking up how advisers and individuals manage wealth in Australia. With impressive growth in recent years, both have become favourites among investors keen on exposure to the financial tech sector. If you're wondering whether Netwealth or HUB24 shares are a better buy today, let's break down the details.

The case for Netwealth Group

Netwealth Group is a financial services and technology business offering cloud-based investment administration software, a retail super fund, and administration services. Its platform delivers powerful portfolio tools and investment solutions for advisers, private clients, and companies. Revenue is mainly SaaS-based, tied to funds under administration on its platform.

In terms of numbers, Netwealth stands out for its 100% fully franked dividends and a yield of 2.23%—meaning income investors get solid, tax-effective dividends. While its P/E ratio is elevated at 76.28 (suggesting a high valuation relative to earnings), the company has made a habit of increasing its dividends over the years. Its recent year-to-date return is negative at -24.97%, reflecting share price pressure, but it remains a formidable operator in its niche. Netwealth's earnings per share sits at $0.247, while it pays out $0.42 per share as a dividend.

The case for HUB24

HUB24 is also a diversified financial services business with a strong focus on providing administration platforms and cloud-based technology for financial advisers, accountants, and brokers. HUB24's holistic offering also stretches into advanced data solutions for a variety of client types, including individuals and SMSFs.

HUB24 eclipses Netwealth in terms of scale, boasting a $5.74 billion market cap—more than $1 billion bigger than Netwealth. It has a lower P/E ratio at 48.21, pointing to a more moderate valuation given current earnings. Its dividend yield is lower at 1.11%, but it has lifted dividends impressively, paying a hefty $0.84 per share in the past year. HUB24's earnings per share are a healthy $1.460, much stronger than Netwealth. The company's year-to-date return is also negative at -26.07%, almost mirroring Netwealth's underperformance in 2026.

Valuation comparison

Here's how the two stack up on key valuation metrics:

MetricNetwealth GroupHUB24
Market Cap$4.61 billion$5.74 billion
P/E Ratio76.2848.21
Dividend Yield2.23%1.11%
Earnings per Share (EPS)$0.247$1.460
Dividend per Share$0.42$0.84
Franking100%100%
Year To Date Return-24.97%-26.07%

HUB24's P/E ratio is notably lower, suggesting better value relative to current earnings, and it delivers much higher earnings per share than Netwealth. Netwealth, meanwhile, takes the crown for a higher dividend yield, despite paying less in absolute terms. Both offer fully franked dividends, which is a win for Aussie investors.

Recent share price performance

Neither stock has been a winner so far in 2026, based on the latest prices (as of 15 September 2026). Netwealth's shares have fallen from $23.31 on 18 August to $18.77, dropping steadily over the past month. HUB24's story is similar; its share price slipped from $79.94 on 18 August to $70.16 on 15 September. Both stocks have shed roughly a quarter of their value year to date, showing the market is cautious on the sector right now.

While both have experienced sizeable declines, the trends have been fairly consistent—no wild volatility, just a steady grind downward.

Which is the better buy?

If I had to pick between these two financial platform heavyweights based on the latest data, I'd lean toward HUB24. While its dividend yield is lower, HUB24 offers a more reasonable (though still rich) P/E ratio, stronger earnings per share, and a larger scale that could provide greater resilience and firepower for future growth. Its dividend growth has also been robust, and the business seems to generate superior profits relative to its share price. Netwealth may appeal more to those who want higher yield and franking credits, but for me, HUB24's combination of value and earnings momentum gives it the edge—even though both face a tough market environment at present.

Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24 and Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial draft. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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