Top ASX mid-cap shares to watch in 2025

What are mid-cap shares?

Mid-cap shares refer to the stocks of publicly listed companies with a market capitalisation of between A$2 billion and A$10 billion, give or take a little bit.

They’re larger and more established than small caps but haven’t yet reached the scale of major blue-chip shares.

What makes mid-caps appealing is that they often combine proven track records with room to grow. Many mid-cap companies have already survived the toughest early years of business, built a strong customer base and established steady revenue streams. At the same time, they’re still in phases where expansion, new products, acquisitions or entering new markets can drive meaningful share-price growth.

Why trade mid-cap shares on the ASX?

Trading ASX mid-cap shares offers several advantages, especially for those looking for a balance between opportunity and risk.

• They tend to be more stable than small caps, because they’re established businesses with steady earnings or strong market positions. This means their share prices generally aren’t as unpredictable day-to-day
• Mid-caps can offer better growth potential than large caps. Big blue-chip companies often grow slowly because they’re already dominant. Mid-caps, however, can still surprise the market with faster earnings growth, new expansions or major contract wins
• They usually have good trading liquidity, meaning buyers and sellers are active enough to allow smooth trade execution
• Mid-caps span a wide range of sectors, from retail and real estate to technology and infrastructure. This variety makes it easier for traders to diversify or find a sector that matches their interests or knowledge

Risks of mid-cap shares

\While mid-cap companies can offer an appealing mix of stability and growth, they still carry risks that share and CFD traders should be aware of.

• More volatility than large caps: Mid-caps can still experience bigger price swings during market shocks, rate changes or sector downturns
• Less diversified business models: Many mid-caps rely heavily on one core product, region or customer type, meaning setbacks can have a bigger impact on earnings
• Funding and expansion risks: Growth often requires borrowing or raising capital. If costs rise or funding becomes tight, expansion plans may slow
• Thinner analyst coverage: Mid-caps often receive less research attention than large caps, which can lead to slower market reactions or more unpredictable price moves
• Competitive pressure: These companies can be squeezed from both sides – by larger players with more resources and by smaller, more agile competitors
• Liquidity risk: Although mid-caps are generally tradable, they can have wider bid–ask spreads or lower daily volumes than large caps, affecting entries and exits for traders

Top 5 ASX mid-cap shares to watch in 2025

We selected these shares based on their index weight on the S&P/ASX Midcap 50 – but we only looked at companies with a market cap of between A$2 billion and A$10 billion, or thereabouts.

These are the top five ASX mid-cap shares to watch in 2025 based on the above criteria.

Overview of the shares in this article

All the shares listed in this article can be CFD traded and share traded with us.

All figures are accurate as of 19 November 2025.

1. Life360 Inc (ASX: 360)

Industry: Technology services

Market cap: A$8.43 billion¹

Life360 is best known for its family-safety app, which lets users share their real-time location, track driving behaviour and send alerts if something goes wrong. Over the past few years, the company has been shifting toward a stronger subscription model, offering paid plans with extra features like crash detection and identity protection.

The company earns money mainly from memberships, which gives it a clearer path to recurring revenue. Because most users come in through the free version and then upgrade later, the focus is on keeping people engaged and happy with the app. If families stay on the platform, revenue can scale quickly without massive cost increases.

The flip side is that Life360 needs to continually invest in marketing and product improvement to stay ahead of competitors, especially big tech companies that could roll out similar features.

Highlights:

• For share traders, Life360 is appealing if you believe in its long-term growth story and the stickiness of its user base. As more families upgrade to paid plans, the business could become more profitable over time
• The share price can be quite volatile because the company is still in a high-growth phase, making it a considered choice for CFD traders as well
• Its share price has increased by 57.09% year-to-date (YTD)²

2. JB Hi-Fi Limited (ASX: JBH)

Industry: Retail trade

Market cap: A$10.67 billion⁵

JB Hi-Fi is one of Australia’s most recognisable retail brands. The bright-yellow stores are known for selling TVs, laptops, phones and home entertainment products at competitive prices. The company has earned a solid reputation over the years for being well-run, efficient and good at managing stock levels.

Even though JB Hi-Fi is a household name, it still goes through the ups and downs of the retail cycle. When interest rates are high or people tighten their budgets, sales of big-ticket items can soften. Conversely, major product releases (like new consoles or phones) can boost results. The company has also invested heavily in online sales, which has helped it compete with global e-commerce players.

Highlights:

• It’s appealing if you want a proven business with a well-known brand and efficient operations. The risk is that retail is highly sensitive to consumer confidence – if shoppers cut back, earnings can drop quickly
• For CFD traders, JB Hi-Fi tends to offer clean trading opportunities around times like holiday sales, interest-rate announcements and earnings results
• The share price has grown by a conservative 4.51% YTD⁴

3. Charter Hall Group (ASX: CHC)

Industry: Finance

Market cap: A$10.51 billion⁵

Charter Hall is a large property investment and fund-management group. Instead of being a traditional landlord, it earns much of its money by running real-estate funds for investors, covering office buildings, industrial warehouses, shopping centres and specialist assets like convenience retail.

Because of this model, the company receives regular management fees, which gives it steadier income than owning properties outright.

The key strength of Charter Hall is its scale. It manages billions of dollars’ worth of property and has a long track record in the commercial real-estate industry. This helps the company attract new investors and secure large, long-term tenants.

However, like all property-related businesses, it’s heavily influenced by interest rates. Rising rates can reduce property values and make fundraising harder.

Highlights:

• It usually offers a reliable dividend, but share traders need to be comfortable with the ups and downs of the property cycle
• For CFD traders, the shares tend to react to interest-rate changes, property valuation news and updates on the broader real-estate market. This can create short-term trading opportunities, but the moves can sometimes be sharp, especially during periods of economic uncertainty
• Its share price has grown a substantial 53.89% YTD⁶

4. ALS Limited (ASX: ALQ)

Industry: Commercial services

Market cap: A$10.90 billion⁷

ALS is a global testing and inspection company that works across multiple industries, including mining, energy, food safety and environmental services. Its job is to test samples, such as ore from a mine, soil from a site or water from a facility, and provide reliable results that businesses can act on.

Because many industries rely on testing for safety and compliance, ALS often enjoys steady demand, even through mixed economic conditions.

One of ALS’s biggest advantages is its global network of laboratories and technical expertise. Mining activity, in particular, plays an important role in its earnings. When producers are drilling, exploring or expanding operations, they send more samples to ALS. On the downside, when commodity markets cool, sample volumes can fall.

Highlights:

• For share traders, ALS is appealing if you’re looking for a business with diversified income across multiple industries. It’s less volatile than pure mining shares because it services many customers in regulated sectors
• It’s influenced by commodity cycles, and margins can come under pressure if volumes drop or competition increases
• For CFD traders, ALS can provide opportunities around commodity price swings, major contract updates and earnings announcements. The stock is generally liquid and reacts to global trends in mining and industrial activity
• Its share price has increased 40.80% YTD⁸

5. NextDC Limited (ASX: NXT)

Industry: Technology services

Market cap: A$9.14 billion⁹

NextDC builds and operates data centres – specialised buildings that house the powerful computer systems used by cloud companies, large enterprises and organisations that need highly secure digital infrastructure. As the world becomes more digital, demand for data-centre capacity is growing, helped by trends like cloud computing, streaming, AI and cybersecurity.

The company runs a capital-heavy business model: It spends a lot upfront building its centres, then fills that capacity with long-term customers. Once a site starts to fill up, revenue and margins can scale strongly. The challenge is that new facilities can take years to complete, and share traders might worry about whether growth will match the level of spending.

Highlights:

• Once customers commit to data-centre space, they tend to stay for many years, which gives the company a degree of revenue stability – good tidings for share traders
• However, large capital expenditure is a risk – if demand slows or costs rise, earnings can be squeezed
• For CFD traders, it’s popular due to its sensitivity to tech-sector news, capacity announcements and earnings guidance
• It’s share price is the only one on our list to have lost value YTD, seeing a loss of 9.99%¹⁰

How to trade ASX mid-cap shares with IG AU

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX mid-cap shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX mid-cap shares
3. Choose the shares you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment and collect any dividends

FAQs about mid-cap shares

Footnotes
 

1. TradingView, November 2025
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10. TradingView, November 2025