# Ansell (ANN.AU)

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

Analysis as of: 2026-10-16T07:37:52.481Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: USD.

## 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 45.67 per share; close as of 2026-10-15.

Estimated value: low AUD 18.59 per share, central AUD 22.35 per share, high AUD 25.71 per share. Buy at or below the central value AUD 22.35 per share. Valuation as of 2026-10-16T07:37:52.481Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.13×

- FY2020: 0.14×

- FY2021: 0.16×

- FY2022: 0.12×

- FY2023: 0.13×

- FY2024: 0.11×

- FY2025: 0.05×

- FY2026: 0.16×

### moat: pass

- ROIC, median of available years: 19.9%

- ROIC, second-lowest year: 12.8%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 39.2%

- Recent gross margin (lower of latest and 3-year median): 41.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 7.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 16.0%

- FY2018: 23.3%

- FY2019: 21.5%

- FY2020: 24.8%

- FY2021: 26.4%

- FY2022: 18.4%

- FY2023: 15.3%

- FY2024: 12.8%

- FY2025: 6.6%

- FY2026: 22.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $631M

- Net income, five-year total: $698M

- Return on incremental invested capital: 35.1%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 27.7%

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

- FY2022: 0.77×

- FY2023: 0.90×

- FY2024: 0.89×

- FY2025: 0.82×

- FY2026: 1.05×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 21.5% vs 12.8%

- Per-share earnings: 1.07 to 0.70 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: 2.0%

- Market cap gain: $722M

- Cumulative retained earnings: $1.1B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: 2.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -5.1%

- Per-share value change: -$0.37

- Per-share value, starting three-year median: $1.07

- Per-share value, ending three-year median: $0.70

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 2.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $744M

- Cumulative net income, 10 years: $1.8B

- ROIC, first three-year median: 21.5%

- ROIC, last three-year median: 12.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.00

- FY2018: $3.45

- FY2019: $0.84

- FY2020: $1.21

- FY2021: $1.91

- FY2022: $1.25

- FY2023: $1.18

- FY2024: $0.52

- FY2025: $0.70

- FY2026: $1.49

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.0%

- FY2018: 13.2%

- FY2019: -3.3%

- FY2020: -5.2%

- FY2021: 2.7%

- FY2022: -2.5%

- FY2023: -1.3%

- FY2024: -6.0%

- FY2025: -4.1%

- FY2026: -4.2%

## Holders

## Price story

Price needs cash profits to grow 12.5% a year for ten years · sales +9.2%

Story as of 2026-10-16T10:00:09.542Z; price observation 2026-10-15.

Price needs cash profits to grow 12.5% a year for ten years

### Sales · FY2025–2026

sales +9.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: $1.4B 

- FY2018: $1.5B 

- FY2019: $1.5B 

- FY2020: $1.6B 

- FY2021: $2.0B 

- FY2022: $2.0B 

- FY2023: $1.7B 

- FY2024: $1.6B 

- FY2025: $2.0B 

- FY2026: $2.2B 

### Gross margin · FY2026

gross margin 41.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 39.4% 

- FY2018: 39.1% 

- FY2019: 39.0% 

- FY2020: 39.2% 

- FY2021: 39.8% 

- FY2022: 32.0% 

- FY2023: 37.3% 

- FY2024: 38.6% 

- FY2025: 41.2% 

- FY2026: 41.4% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 2.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2026: revenue 2187187611; grossProfit 906269495; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANN.AU: Ansell Limited designs, sources, develops, manufactures, distributes, and sells hand and body protection solutions in the Asia Pacific, Europe, the Middle East, Africa, Latin America, the Caribbean, and North America. It operates through two segments: Healthcare and Industrial. The Healthcare segment manufactures and markets solutions, including surgical gloves, operating room consumables, single-use and examination gloves, and clean and sterile gloves and garments, as well as consumables for hospitals, surgical centers, dental surgeries, veterinary clinics, first responders, manufacturers, auto repair shops, chemical plants, laboratories, and life sciences and pharmaceutical companies. The Industrial segment manufactures and markets hand and chemical protective clothing solutions for various industrial applications, including automotive, chemical, metal fabrication, machinery and equipment, food, construction, mining, oil and gas, utilities, logistics, and first responders. It sells provides its products under ActivArmr, AlphaTec, BioClean, EDGE, ENCORE, GAMMEX, HyFlex, Kimtech, KleenGuard, MICROFLEX, MICRO-TOUCH, RINGERS, SANDEL, and TouchNTuff brands. The company was formerly known as Pacific Dunlop Limited and changed its name to Ansell Limited in 2002. Ansell Limited was founded in 1893 and is based in Richmond, Australia.

### Why customers stay

Margins ranged from 38.6% to 41.4% during 2024–26; it earns 19.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2024: grossProfit / revenue = 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2025: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2026: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); 10-year return on capital observations [[2017,0.15990544961773195],[2018,0.2329023326274907],[2019,0.21478607283439066],[2020,0.24755760434869536],[2021,0.264073607932062],[2022,0.1836202720826029],[2023,0.15264612896176166],[2024,0.12787027366023154],[2025,0.06569583027505765],[2026,0.22102048771586344]]; median 0.19920317245849678. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 138.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2017: growth capex 3068494.070386909; upkeep 48697680.92961309; owner earnings 143902319.07038692. Growth capex / owner earnings = 0.021323451145259284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2018: growth capex 3614104; upkeep 39800000; owner earnings 484300000. Growth capex / owner earnings = 0.007462531488746644.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2019: growth capex 1386120.9296534434; upkeep 41231712.07034656; owner earnings 108668287.92965344. Growth capex / owner earnings = 0.012755523769278031.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2020: growth capex 19221798.64624457; upkeep 43414432.35375543; owner earnings 136699905.40024456. Growth capex / owner earnings = 0.1406131086189485.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2021: growth capex 35093820; upkeep 48143000; owner earnings 233940000. Growth capex / owner earnings = 0.15001205437291612.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2022: growth capex 0; upkeep 63997953; owner earnings 121802047. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2023: growth capex 0; upkeep 66346037; owner earnings 133574604. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2024: growth capex 0; upkeep 62800000; owner earnings 68120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2025: growth capex 0; upkeep 69300000; owner earnings 82840099. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2026: growth capex 0; upkeep 50075783; owner earnings 224673777. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); Dividend observations: [[2017,61208921],[2018,58048104],[2019,58341947],[2020,63256391],[2021,77300000],[2022,86800000],[2023,62900000],[2024,53200000],[2025,63700000],[2026,80530036]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); FY2026: cash repurchases 138781458 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANN.AU SharesStats.PercentInsiders = 1.392 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.5% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.481Z); Ten-year compound average after fade. Initial solved rate 0.16657676015407158. Price 45.67; FX 1.4454626926079037; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.858925116743379 → FY2026 1.5735705731070826. Closing-price date 2026-10-15.

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

- 2016-10: AUD 21.69 per share

- 2016-11: AUD 22.59 per share

- 2016-12: AUD 24.71 per share

- 2017-01: AUD 23.78 per share

- 2017-02: AUD 21.29 per share

- 2017-03: AUD 24.07 per share

- 2017-04: AUD 23.80 per share

- 2017-05: AUD 23.36 per share

- 2017-06: AUD 23.73 per share

- 2017-07: AUD 21.97 per share

- 2017-08: AUD 21.82 per share

- 2017-09: AUD 22.28 per share

- 2017-10: AUD 24.00 per share

- 2017-11: AUD 24.53 per share

- 2017-12: AUD 24.30 per share

- 2018-01: AUD 25.15 per share

- 2018-02: AUD 26.25 per share

- 2018-03: AUD 25.26 per share

- 2018-04: AUD 26.08 per share

- 2018-05: AUD 26.25 per share

- 2018-06: AUD 27.19 per share

- 2018-07: AUD 28.81 per share

- 2018-08: AUD 25.10 per share

- 2018-09: AUD 25.25 per share

- 2018-10: AUD 23.18 per share

- 2018-11: AUD 22.81 per share

- 2018-12: AUD 22.04 per share

- 2019-01: AUD 23.42 per share

- 2019-02: AUD 24.62 per share

- 2019-03: AUD 25.42 per share

- 2019-04: AUD 27.00 per share

- 2019-05: AUD 25.23 per share

- 2019-06: AUD 26.85 per share

- 2019-07: AUD 27.90 per share

- 2019-08: AUD 27.25 per share

- 2019-09: AUD 27.41 per share

- 2019-10: AUD 27.60 per share

- 2019-11: AUD 29.66 per share

- 2019-12: AUD 29.03 per share

- 2020-01: AUD 32.04 per share

- 2020-02: AUD 29.60 per share

- 2020-03: AUD 27.19 per share

- 2020-04: AUD 28.55 per share

- 2020-05: AUD 35.27 per share

- 2020-06: AUD 36.70 per share

- 2020-07: AUD 38.45 per share

- 2020-08: AUD 38.68 per share

- 2020-09: AUD 37.10 per share

- 2020-10: AUD 40.19 per share

- 2020-11: AUD 37.43 per share

- 2020-12: AUD 34.78 per share

- 2021-01: AUD 36.80 per share

- 2021-02: AUD 36.07 per share

- 2021-03: AUD 39.24 per share

- 2021-04: AUD 42.26 per share

- 2021-05: AUD 41.30 per share

- 2021-06: AUD 43.51 per share

- 2021-07: AUD 39.25 per share

- 2021-08: AUD 35.99 per share

- 2021-09: AUD 34.20 per share

- 2021-10: AUD 31.51 per share

- 2021-11: AUD 32.02 per share

- 2021-12: AUD 31.51 per share

- 2022-01: AUD 26.76 per share

- 2022-02: AUD 25.70 per share

- 2022-03: AUD 25.77 per share

- 2022-04: AUD 27.32 per share

- 2022-05: AUD 27.40 per share

- 2022-06: AUD 22.24 per share

- 2022-07: AUD 26.14 per share

- 2022-08: AUD 26.59 per share

- 2022-09: AUD 25.19 per share

- 2022-10: AUD 28.23 per share

- 2022-11: AUD 28.83 per share

- 2022-12: AUD 28.24 per share

- 2023-01: AUD 28.17 per share

- 2023-02: AUD 27.13 per share

- 2023-03: AUD 26.53 per share

- 2023-04: AUD 26.76 per share

- 2023-05: AUD 26.78 per share

- 2023-06: AUD 26.73 per share

- 2023-07: AUD 24.14 per share

- 2023-08: AUD 23.57 per share

- 2023-09: AUD 22.13 per share

- 2023-10: AUD 21.22 per share

- 2023-11: AUD 23.72 per share

- 2023-12: AUD 25.18 per share

- 2024-01: AUD 24.15 per share

- 2024-02: AUD 23.83 per share

- 2024-03: AUD 24.58 per share

- 2024-04: AUD 25.59 per share

- 2024-05: AUD 24.45 per share

- 2024-06: AUD 26.55 per share

- 2024-07: AUD 27.37 per share

- 2024-08: AUD 29.83 per share

- 2024-09: AUD 31.81 per share

- 2024-10: AUD 31.02 per share

- 2024-11: AUD 33.16 per share

- 2024-12: AUD 33.82 per share

- 2025-01: AUD 35.37 per share

- 2025-02: AUD 34.92 per share

- 2025-03: AUD 33.84 per share

- 2025-04: AUD 30.30 per share

- 2025-05: AUD 31.55 per share

- 2025-06: AUD 30.29 per share

- 2025-07: AUD 29.95 per share

- 2025-08: AUD 33.94 per share

- 2025-09: AUD 31.86 per share

- 2025-10: AUD 36.51 per share

- 2025-11: AUD 37.49 per share

- 2025-12: AUD 35.01 per share

- 2026-01: AUD 32.64 per share

- 2026-02: AUD 32.46 per share

- 2026-03: AUD 28.23 per share

- 2026-04: AUD 26.42 per share

- 2026-05: AUD 27.85 per share

- 2026-06: AUD 31.74 per share

- 2026-07: AUD 32.79 per share

- 2026-08: AUD 40.77 per share

- 2026-09: AUD 45.27 per share

- 2026-10: AUD 45.15 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 17.07 per share, central AUD 19.02 per share, high AUD 21.62 per share

- FY2018: low AUD 22.12 per share, central AUD 24.38 per share, high AUD 27.38 per share

- FY2019: low AUD 21.41 per share, central AUD 24.00 per share, high AUD 27.25 per share

- FY2020: low AUD 22.92 per share, central AUD 25.81 per share, high AUD 29.32 per share

- FY2021: low AUD 28.34 per share, central AUD 32.10 per share, high AUD 36.93 per share

- FY2022: low AUD 22.61 per share, central AUD 25.66 per share, high AUD 29.50 per share

- FY2023: low AUD 18.26 per share, central AUD 20.65 per share, high AUD 23.75 per share

- FY2024: low AUD 22.87 per share, central AUD 24.82 per share, high AUD 27.42 per share

- FY2025: low AUD 15.57 per share, central AUD 17.45 per share, high AUD 19.95 per share

- FY2026: low AUD 18.32 per share, central AUD 22.03 per share, high AUD 25.34 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

Prior published observations retained from 2026-10-15T06:43:35.892Z where newer inputs omit a numeric field or fiscal period.

## 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.

## Reported holder observations