# Als (ALQ.AU)

Canonical: https://gigainvestors.com/s/ALQ.AU

Analysis as of: 2026-10-16T07:36:43.707Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 19.57 per share; close as of 2026-10-15.

Estimated value: low AUD 5.53 per share, central AUD 6.27 per share, high AUD 7.25 per share. Buy at or below the central value AUD 6.27 per share. Valuation as of 2026-10-16T07:36:43.707Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.15×

- FY2022: 0.15×

- FY2023: 0.19×

- FY2024: 0.16×

- FY2025: 0.14×

- FY2026: 0.16×

### moat: pass

- ROIC, median of available years: 19.9%

- ROIC, second-lowest year: 17.2%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 89.3%

- Recent gross margin (lower of latest and 3-year median): 89.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.2%

- FY2018: 20.7%

- FY2019: 26.9%

- FY2020: 17.8%

- FY2021: 23.4%

- FY2022: 12.3%

- FY2023: 22.9%

- FY2024: 18.9%

- FY2025: 19.1%

- FY2026: 22.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 805M

- Net income, five-year total: AUD 1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.2 pp

- Working capital / revenue, final three-year average: 14.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.57×

- FY2023: 0.85×

- FY2024: -3.43×

- FY2025: 0.95×

- FY2026: 0.78×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.7% vs 19.1%

- Per-share earnings: 0.11 to 0.53 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: AUD 7.4B

- Cumulative retained earnings: AUD 269M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 22.1%

- Per-share value change: AUD 0.42

- Per-share value, starting three-year median: AUD 0.11

- Per-share value, ending three-year median: AUD 0.53

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 786M

- Cumulative net income, 10 years: AUD 1.7B

- ROIC, first three-year median: 20.7%

- ROIC, last three-year median: 19.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.16

- FY2018: AUD 0.11

- FY2019: AUD 0.32

- FY2020: AUD 0.26

- FY2021: AUD 0.36

- FY2022: AUD 0.39

- FY2023: AUD 0.60

- FY2024: AUD 0.03

- FY2025: AUD 0.53

- FY2026: AUD 0.63

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.95×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.4%

- FY2018: -3.4%

- FY2019: -3.0%

- FY2020: -4.5%

- FY2021: -3.8%

- FY2022: -3.4%

- FY2023: -4.5%

- FY2024: -9.1%

- FY2025: -3.8%

- FY2026: -4.5%

## Holders

## Price story

Down 24% since Feb 2026 · sales +10.7%

Story as of 2026-10-16T10:00:07.961Z; price observation 2026-10-15.

Price needs cash profits to grow 15.6% a year for ten years

### Sales · FY2025–2026

sales +10.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.3B 

- FY2018: AUD 1.4B 

- FY2019: AUD 1.7B 

- FY2020: AUD 1.8B 

- FY2021: AUD 1.8B 

- FY2022: AUD 2.1B 

- FY2023: AUD 2.3B 

- FY2024: AUD 2.5B 

- FY2025: AUD 3.0B 

- FY2026: AUD 3.3B 

### Gross margin · FY2026

gross margin 89.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 89.9% 

- FY2018: 88.9% 

- FY2019: 88.9% 

- FY2020: 89.4% 

- FY2021: 89.7% 

- FY2022: 89.2% 

- FY2023: 88.9% 

- FY2024: 89.2% 

- FY2025: 89.8% 

- FY2026: 89.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in consulting services; annual sales are AUD 3.3 billion.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2026-03-31 (filed 2026-10-16T07:36:43.707Z); FY2026: revenue 3320100000; grossProfit 2979100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALQ.AU: ALS Limited engages in the provision of professional technical services and analytical services primarily in the areas of testing, measurement, and inspection in Africa, Asia Pacific, Europe, the Middle East, North Africa, and the United States. It operates in two segments: Commodities and Life Sciences. The Commodities segment offers assaying and analytical testing, and metallurgical services for mining and mineral exploration companies. Its testing and consulting services cover the resource life cycle, including exploration, feasibility, optimization, production, design, development, trade, and rehabilitation. This segment also provides the coal industry, such as sampling, analysis and certification, formation evaluation services, tribology testing services, and related analytical testing. The Life Sciences segment offers analytical testing and sampling, and remote monitoring services for the environmental, food, pharmaceutical, and consumer products markets; and microbiological, physical, and chemical testing services. This segment provides analytical testing data to assist consulting and engineering firms, industries, and governments. ALS Limited was founded in 1863 and is headquartered in Brisbane, Australia.

### Why customers stay

Margins ranged from 89.2% to 89.8% during 2024–26; it earns 19.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2024-03-31 (filed 2026-10-16T07:36:43.707Z); FY2024: grossProfit / revenue = 89.2%.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2025-03-31 (filed 2026-10-16T07:36:43.707Z); FY2025: grossProfit / revenue = 89.8%.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2026-03-31 (filed 2026-10-16T07:36:43.707Z); FY2026: grossProfit / revenue = 89.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:43.707Z); 10-year return on capital observations [[2017,0.17225882014784386],[2018,0.20723342499236175],[2019,0.26854211462563077],[2020,0.17827248441674087],[2021,0.23374035256314005],[2022,0.12318008570533809],[2023,0.22882553148536866],[2024,0.18945955749002538],[2025,0.1908867630355801],[2026,0.22438887926282133]]; median 0.19906009401397093. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 89% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:43.707Z); Gross margin observations: [[2021,0.8966163279209719],[2022,0.8919611097936923],[2023,0.8893471393471394]]; range within 2 percentage points.

### Where the cash goes

Spends 3.9% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:43.707Z); FY2017: growth capex 0; upkeep 58700000; owner earnings 89600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:43.707Z); FY2018: growth capex 2800000; upkeep 70600000; owner earnings 51800000. Growth capex / owner earnings = 0.05405405405405406.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2019-03-31 (filed 2026-10-16T07:36:43.707Z); FY2019: growth capex 34100000; upkeep 74800000; owner earnings 153740000. Growth capex / owner earnings = 0.2218030441004293.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2020-03-31 (filed 2026-10-16T07:36:43.707Z); FY2020: growth capex 0; upkeep 121100000; owner earnings 96020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2021-03-31 (filed 2026-10-16T07:36:43.707Z); FY2021: growth capex 0; upkeep 81100000; owner earnings 187000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2022-03-31 (filed 2026-10-16T07:36:43.707Z); FY2022: growth capex 0; upkeep 118900000; owner earnings 107920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2023-03-31 (filed 2026-10-16T07:36:43.707Z); FY2023: growth capex 0; upkeep 146100000; owner earnings 248380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2025-03-31 (filed 2026-10-16T07:36:43.707Z); FY2025: growth capex 0; upkeep 165000000; owner earnings 244500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CP4.STU.json#2026-03-31 (filed 2026-10-16T07:36:43.707Z); FY2026: growth capex 9600000; upkeep 253400000; owner earnings 248160000. Growth capex / owner earnings = 0.03868471953578337.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:43.707Z); Dividend observations: [[2017,58000000],[2018,80800000],[2019,98000000],[2020,112000000],[2021,71300000],[2022,131300000],[2023,176600000],[2024,189600000],[2025,177100000],[2026,193600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALQ.AU SharesStats.PercentInsiders = 2.447 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:43.707Z); Ten-year compound average after fade. Initial solved rate 0.21210330267932886. Price 19.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.42064513680455184 → FY2026 0.4905578913108107. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 6.23 per share

- 2016-11: AUD 6.11 per share

- 2016-12: AUD 6.04 per share

- 2017-01: AUD 5.92 per share

- 2017-02: AUD 6.04 per share

- 2017-03: AUD 6.14 per share

- 2017-04: AUD 6.25 per share

- 2017-05: AUD 6.75 per share

- 2017-06: AUD 7.45 per share

- 2017-07: AUD 7.42 per share

- 2017-08: AUD 7.97 per share

- 2017-09: AUD 7.82 per share

- 2017-10: AUD 7.83 per share

- 2017-11: AUD 6.76 per share

- 2017-12: AUD 6.99 per share

- 2018-01: AUD 6.97 per share

- 2018-02: AUD 7.20 per share

- 2018-03: AUD 7.42 per share

- 2018-04: AUD 7.80 per share

- 2018-05: AUD 7.49 per share

- 2018-06: AUD 7.54 per share

- 2018-07: AUD 7.45 per share

- 2018-08: AUD 8.87 per share

- 2018-09: AUD 8.94 per share

- 2018-10: AUD 8.16 per share

- 2018-11: AUD 7.24 per share

- 2018-12: AUD 6.78 per share

- 2019-01: AUD 7.25 per share

- 2019-02: AUD 7.88 per share

- 2019-03: AUD 7.59 per share

- 2019-04: AUD 7.94 per share

- 2019-05: AUD 7.10 per share

- 2019-06: AUD 7.34 per share

- 2019-07: AUD 7.22 per share

- 2019-08: AUD 7.67 per share

- 2019-09: AUD 8.02 per share

- 2019-10: AUD 8.07 per share

- 2019-11: AUD 9.05 per share

- 2019-12: AUD 9.18 per share

- 2020-01: AUD 9.65 per share

- 2020-02: AUD 8.36 per share

- 2020-03: AUD 5.56 per share

- 2020-04: AUD 6.81 per share

- 2020-05: AUD 7.15 per share

- 2020-06: AUD 6.56 per share

- 2020-07: AUD 8.49 per share

- 2020-08: AUD 8.73 per share

- 2020-09: AUD 9.21 per share

- 2020-10: AUD 9.35 per share

- 2020-11: AUD 9.55 per share

- 2020-12: AUD 9.61 per share

- 2021-01: AUD 9.97 per share

- 2021-02: AUD 9.88 per share

- 2021-03: AUD 9.68 per share

- 2021-04: AUD 10.54 per share

- 2021-05: AUD 12.38 per share

- 2021-06: AUD 13.04 per share

- 2021-07: AUD 12.74 per share

- 2021-08: AUD 12.76 per share

- 2021-09: AUD 12.69 per share

- 2021-10: AUD 13.21 per share

- 2021-11: AUD 12.45 per share

- 2021-12: AUD 13.08 per share

- 2022-01: AUD 11.73 per share

- 2022-02: AUD 11.83 per share

- 2022-03: AUD 13.40 per share

- 2022-04: AUD 13.10 per share

- 2022-05: AUD 12.79 per share

- 2022-06: AUD 10.68 per share

- 2022-07: AUD 11.64 per share

- 2022-08: AUD 11.90 per share

- 2022-09: AUD 10.13 per share

- 2022-10: AUD 11.44 per share

- 2022-11: AUD 12.12 per share

- 2022-12: AUD 12.23 per share

- 2023-01: AUD 13.05 per share

- 2023-02: AUD 12.69 per share

- 2023-03: AUD 12.36 per share

- 2023-04: AUD 13.11 per share

- 2023-05: AUD 11.55 per share

- 2023-06: AUD 11.16 per share

- 2023-07: AUD 11.74 per share

- 2023-08: AUD 11.81 per share

- 2023-09: AUD 11.47 per share

- 2023-10: AUD 10.73 per share

- 2023-11: AUD 12.24 per share

- 2023-12: AUD 12.85 per share

- 2024-01: AUD 12.67 per share

- 2024-02: AUD 11.93 per share

- 2024-03: AUD 13.13 per share

- 2024-04: AUD 13.11 per share

- 2024-05: AUD 14.11 per share

- 2024-06: AUD 14.01 per share

- 2024-07: AUD 15.44 per share

- 2024-08: AUD 15.67 per share

- 2024-09: AUD 14.42 per share

- 2024-10: AUD 14.10 per share

- 2024-11: AUD 15.58 per share

- 2024-12: AUD 15.08 per share

- 2025-01: AUD 16.43 per share

- 2025-02: AUD 16.22 per share

- 2025-03: AUD 15.41 per share

- 2025-04: AUD 17.19 per share

- 2025-05: AUD 16.07 per share

- 2025-06: AUD 17.10 per share

- 2025-07: AUD 18.24 per share

- 2025-08: AUD 18.59 per share

- 2025-09: AUD 19.92 per share

- 2025-10: AUD 21.72 per share

- 2025-11: AUD 22.33 per share

- 2025-12: AUD 22.04 per share

- 2026-01: AUD 24.64 per share

- 2026-02: AUD 25.62 per share

- 2026-03: AUD 20.80 per share

- 2026-04: AUD 21.28 per share

- 2026-05: AUD 23.59 per share

- 2026-06: AUD 22.84 per share

- 2026-07: AUD 21.61 per share

- 2026-08: AUD 22.23 per share

- 2026-09: AUD 20.85 per share

- 2026-10: AUD 20.34 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 2.39 per share, central AUD 2.66 per share, high AUD 3.02 per share

- FY2018: low AUD 1.48 per share, central AUD 1.64 per share, high AUD 1.85 per share

- FY2019: low AUD 1.65 per share, central AUD 1.94 per share, high AUD 2.22 per share

- FY2020: low AUD 3.16 per share, central AUD 3.72 per share, high AUD 4.20 per share

- FY2021: low AUD 3.27 per share, central AUD 3.92 per share, high AUD 4.52 per share

- FY2022: low AUD 2.69 per share, central AUD 3.04 per share, high AUD 3.50 per share

- FY2023: low AUD 5.01 per share, central AUD 5.67 per share, high AUD 6.54 per share

- FY2024: low AUD 3.41 per share, central AUD 3.81 per share, high AUD 4.34 per share

- FY2025: low AUD 5.90 per share, central AUD 6.66 per share, high AUD 7.66 per share

- FY2026: low AUD 5.53 per share, central AUD 6.27 per share, high AUD 7.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.