ALS Limited Overview
| Field | Detail |
|---|---|
| Legal name | ALS Limited |
| ABN | 92 009 657 489 [Notice of Meeting, Jun-2026] |
| Former names | Campbell Brothers Limited (renamed ALS Limited in 2012) [Wikipedia / Qld Business Leaders Hall of Fame] |
| Founded | 1863, Brisbane, by Scottish immigrant Peter Morrison Campbell, as soap manufacturer "Campbell Brothers" at Kangaroo Point |
| Laboratory origin | "Australian Laboratory Services" founded in Brisbane in 1976. Campbell Brothers took a controlling stake in 1981 and full ownership by the mid-1980s |
| Incorporation jurisdiction | Australia (Queensland). Public company under the Corporations Act 2001 (Cth) |
| Registered / governance HQ | Level 9B, 25 King Street, Bowen Hills QLD 4006, Australia. Postal: PO Box 566, Fortitude Valley QLD 4006. Tel +61 7 3367 7900 [Notice of Meeting 2026; IR website] |
| Operational HQ | Madrid, Spain, since July 2025, relocated from Houston, Texas. The CEO and CFO moved to Madrid [FY25 results release, 27-May-2025; ASA 2026 report] |
| Primary listing | Australian Securities Exchange (ASX: ALQ). Listed 18 July 1952 as Campbell Brothers Limited [Motley Fool ticker page] |
| Secondary quotations | OTC Pink (CPBLF); Deutsche Börse (CP4); Cboe Australia (ALQ) [Simply Wall St listing data] |
| ISIN | AU000000ALQ6 [Investing.com] |
| CUSIP | Not publicly disclosed; no US primary listing |
| Index membership | ASX 100 / S&P/ASX 200 constituent [ALS IR website] |
| Fiscal year end | 31 March |
| Auditor | Ernst & Young (EY), Australia. FY26 audit fees A$3.516m [FY26 Annual Report; ASA 2026] |
| Share registry | Boardroom Pty Ltd, Sydney |
| Employees (latest) | 23,243 at FY26 period end. The Annual Report states "more than 23,000" [Tracenable from ALS Sustainability Report 2026; FY26 AR] |
| Footprint | 70+ countries, 450+ locations [FY26 Annual Report] |
| Shares on issue | ~507.5m ordinary shares [Morningstar via Motley Fool, 2026] |
| Market capitalisation (latest observed) | ~A$10.7bn at ~A$21.06/share. This is a derived figure; the timestamp of the latest quote could not be confirmed to 7-Oct-2026. Market cap was A$11.075bn on AGM day (28-Jul-2026) per the ASA |
| Website | www.alsglobal.com |
| Chair | Nigel Garrard (Chair since 31 July 2024) |
| CEO & Managing Director | Malcolm Deane (since 8 May 2023) |
| CFO | Stuart Hutton |
The entity profiled is ALS Limited, the same listed company identified in the request. There has been no change of listing or ticker. The name changed from Campbell Brothers Limited in 2012, which predates the identification list.
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Employees at period end (number) | 20,360 | 22,731 | 23,243 |
[Source: Tracenable, citing ALS Sustainability Reports FY24–FY26]
The FY25 step-up reflects the full-year consolidation of Wessling (~1,200 staff) and York (~200 staff), acquired April–June 2024. The FY26 increase of ~2% against revenue growth of 10.7% points to emerging labour productivity gains. Labour is ~60% of ALS's cost base [CEO AGM address, 28-Jul-2026].
ALS Limited is a global, pure-play laboratory testing, inspection and certification (TIC) company, and the world's largest provider of analytical testing to the minerals exploration industry. It runs a hub-and-spoke network of 450+ sites across 70+ countries and is organised into two reporting divisions:
Commodities: Minerals geochemistry and metallurgy, mine-site production labs, Assay & Inspection, Oil & Lubricants condition monitoring, and Coal quality.
Life Sciences: Environmental (the largest single business at ~35% of Group revenue), Food, and Pharmaceutical, including the German contract research organisation Nuvisan.
The investment case rests on three elements:
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A cyclical, very high-margin Minerals engine, which delivered a 33.0% EBIT margin in FY26.
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A structurally growing, regulation-driven Environmental platform, with PFAS testing growing in the mid-teens.
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A digital and automation programme ("Smart Labs / Lab of the Future") built on a unified LIMS that covers 80% of revenue.
FY26 delivered record results: revenue of A$3.32bn and underlying NPAT of A$381.2m. This met the 2022-set FY27 targets a year early. Leverage is 1.5x, below the target range.
What ALS does
ALS sells analytical testing services. Customers send physical samples — rock pulp, drill core, water, soil, air filters, food, pharmaceuticals, lubricating oil, coal — or ALS operates labs at client sites. ALS returns certified analytical data, interpretation and associated services such as sampling, inspection, consulting and data products.
The FY26 Directors' Report lists the Group's principal activities as:
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Mining, mineral and commodity testing, inspection and certification.
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Environmental monitoring and analytical services.
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Food, pharmaceutical and life sciences testing and quality assurance.
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Laboratory and field-based technical services, including equipment supply, maintenance and operation.
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Pre-clinical studies, clinical development, analytical development and formulation, clinical trial support and bioanalytical services (through Nuvisan).
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Data, analytics and related technical consulting.
[FY26 Annual Report, Directors' Report]
Company's own description (paraphrased from the FY26 Annual Report)
ALS describes itself as a global leader in testing. It uses advanced technologies and evolving methods to deliver high-quality testing and tailored solutions, and pairs international scale with local expertise to generate data-driven insights for a safer, healthier world.
Vision: to be the global leader in scientific analysis in pursuit of a better world.
Purpose: to make the world a better place through science, assurance and sustainability.
Brand promise: "Right solutions. Right partner."
Values: Safe, Resilient, Curious, Committed, Caring, Honest.
The operating model is branded "One ALS". It comprises:
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The "ALS Operating Way" — a standardised approach to laboratory operations.
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A hub-and-spoke network.
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Value-added services layered on top of testing.
These are supported by three core capabilities: data and digital excellence, streamlined global functions (HR, finance, procurement), and a client-centric service model.
Business model and revenue model
| Dimension | Characterisation |
|---|---|
| Product vs service mix | ~100% services. ALS has no meaningful product sales; minor equipment supply occurs within lab management contracts |
| Revenue model | Predominantly fee-per-test (per sample / per analyte / per method package), priced from schedules and negotiated client contracts. It is transactional but highly recurring at the client level |
| Contract revenue | Mine-site production labs (multi-year operate contracts), Nuvisan CRO contracts (including an anchor-client partnership), and inspection and certification contracts |
| Subscription / licensing | Not material. Client portals (Webtrieve™, ALS Solutions, the oil-analysis portal) and geoanalytics data products are bundled with testing rather than sold separately as SaaS |
| Pricing dynamics | Minerals pricing is cyclical. FY25 saw price pressure as competitors chased volume; H2 FY26 pricing improved as legacy discounts rolled off. Life Sciences pricing is regulation- and accreditation-supported, with steadier increases |
| Cost structure | Labour ~60% of costs [AGM 2026]. Remaining costs are consumables and reagents, occupancy, logistics, and depreciation of instruments and facilities. High operating leverage in hub labs |
| Capital intensity | FY26 capex was 7.9% of revenue (216% of depreciation), elevated by the A$230m hub-lab programme. Maintenance capex was ~A$33m (~1% of revenue) |
Value chain position
ALS sits in the independent third-party assurance layer between asset owners or producers and regulators, financiers or buyers.
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In Minerals, its data sits upstream of resource estimation, mine planning and the reporting of exploration results under codes such as JORC and NI 43-101. This makes accuracy, chain-of-custody and turnaround time critical.
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In Environmental, ALS supplies data that underpins regulatory compliance: water, soil and air monitoring, PFAS and emerging contaminants.
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In Food and Pharma, it supplies quality-control and release testing required by regulators and retailers.
Nuvisan: moves ALS further up the pharmaceutical value chain into discovery, pre-clinical and clinical CRO services.
Customer types and end markets
| End market | Typical customers | Primary demand drivers |
|---|---|---|
| Mineral exploration & mining | Junior explorers, mid-tier and major miners, mine operators | Exploration budgets (driven by commodity prices and junior capital raising), critical minerals, near-mine/brownfield drilling, production grade control |
| Commodity trade | Traders, smelters, shippers | Global commodity trade volumes (Assay & Inspection) |
| Heavy equipment / industrial reliability | Mining fleets, transport, utilities, OEMs | Oil analysis for predictive maintenance (Oil & Lubricants) |
| Coal | Producers, utilities, traders | Quality certification for export coal |
| Environmental | Consultants, remediation contractors, water utilities, governments, industrials, defence | Environmental regulation and enforcement; PFAS / emerging contaminants; infrastructure spend |
| Food & agriculture | Food producers, retailers, agri-businesses | Food safety regulation, retailer audits, allergens and contaminants |
| Beauty & personal care | Cosmetics brands | Safety and efficacy claim substantiation, clinical studies |
| Pharmaceutical & healthcare | Pharma and biotech companies, generics makers | Outsourced QC and release testing, import testing (e.g. Mexico), outsourced discovery and pre-clinical work (Nuvisan) |
Independent characterisation
ALS is best understood as two businesses with different economics under one balance sheet:
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A cyclical, scale-advantaged Minerals franchise. It has industry-leading margins (EBIT margin above 30% for five consecutive years to FY26) and strong operating leverage to sample volumes. Management has deliberately reduced cyclicality: value-added services and mid/downstream activities made up ~27% of Minerals revenue in FY25.
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A larger but lower-margin Life Sciences portfolio (FY26 EBIT margin 14.6%). It is anchored by a global Environmental leader and supplemented by regionally strong Food and Pharma businesses. Recent acquisitions — Nuvisan, York and Wessling — have been margin-dilutive and of mixed quality.
The Group's equity story increasingly depends on:
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Converting Life Sciences acquisitions toward the Group return hurdle (minimum 15% ROCE on growth capital).
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Using automation and AI to lift productivity on a labour-heavy cost base.
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Riding the critical-minerals exploration upcycle without over-investing at the peak.
Strategy
Stated strategy themes
| Enabler | Description (paraphrased) |
|---|---|
| Customers | High-value relationships; consistency, quality, turnaround and technical support |
| Innovation | Leadership in testing technology and digital solutions; predictive, real-time insights |
| Expertise | Sector and regulatory expertise, including emerging contaminants |
| Culture | Inclusive, collaborative; development, diversity and wellbeing |
| Capital | Disciplined allocation, including targeted M&A for capabilities, geographies or share |
| Operations | Operational excellence and synergies; integrated operating model with centre-led capabilities |
| Sustainability | Extend testing offers that serve client and ALS sustainability agendas |
"Roadmap to Win" (refreshed 2025–2026) [CEO AGM address, 28-Jul-2026] answers two questions: where to win and how to win.
Where to win (sharper focus): prioritise high-volume analytical testing and associated services in sectors and geographies where ALS can build a competitive advantage. Screens are market (volume and criticality, leadership potential), portfolio (fit with the ALS Operating Way) and growth potential (size, share, incremental opportunity).
Value Creation Framework (introduced May 2024):
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A risk-weighted capital allocation framework to "protect, extend and expand" the portfolio.
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Aims for top-quartile shareholder returns over the medium term.
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Targets mid-to-high single-digit organic revenue growth, steady margin improvement and strong cash generation (above 90% conversion).
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Requires a minimum 15% ROCE on growth capital and aims to keep ROCE above 20%.
Positioning thesis (Chair, AGM 2026): ALS is a specialised global TIC leader with diverse end markets and strong positions in Minerals and Environmental (global hub-and-spoke), and strong regional portfolios in Food, Pharma and Industrial Materials. It describes itself as "AI-first by design".
Strategic initiatives, last 24 months (Oct 2024 – Oct 2026)
| Initiative | Date | Description | Targets / status |
|---|---|---|---|
| Nuvisan transformation | Apr 2024 – FY26 | Two-year restructuring after full ownership | ~€25m invested; ~€25m annualised savings exit run rate achieved; further €5m annualised savings expected FY27; margin +451bps FY26; EBIT +123% |
| Hub lab expansion programme | Approved H2 FY25 | Brownfield upgrades: Lima (Minerals); Sydney, Bangkok, Prague (Environmental) | ~A$230m over five years; A$93.7m spent FY26; ~30% in FY27, balance FY28–FY30; on time and budget |
| A$350m placement + SPP | May–Jun 2025 | Fund the hub labs (A$230m) and an M&A/growth buffer (A$120m) | Completed; net A$367.4m raised |
| Operational HQ relocation to Madrid | Jul 2025 | Moved closer to ~40% of the workforce in Europe | Completed |
| Smart Labs / Lab of the Future | FY26 onward | Data, robotics and AI integration | 80% of revenue on unified LIMS; 20+ robots in production; 115 automation/AI opportunities in pipeline; first tangible returns expected FY27 |
| AI Marketplace (internal GenAI platform) | Launched Apr 2026 | Build-once, deploy-everywhere AI tools on private cloud | 5,000+ active users at minimal cost |
| ERP and LIMS roadmaps | Ongoing | Global systems unification | SaaS development costs A$14.8m FY26 (A$13.0m FY25) |
| Cyber uplift | FY26 | Cyber Risk Committee; dedicated cyber leadership; MFA rollout; centralised monitoring | Ongoing; heightened after the May 2026 incident |
| Saudi JV stake increase | Announced 28-Jul-2026 | +18% to 60% | Pending regulatory approval |
| Leadership renewal | FY26–FY27 | New EGMs for Environmental and Minerals | Completed (Aug 2026) |
| Climate strategy refresh | FY27 | Replace the current climate target with a new target and transition plan | In progress |
| Portfolio review | Ongoing | Regular review of non-core assets; Russia restructuring or divestment if required | No announcements as at 7-Oct-2026 |
Medium-term financial targets and guidance
| Target | FY26 outcome |
|---|---|
| Revenue A$3.3bn | A$3.32bn — achieved one year early |
| Underlying EBIT A$600m | A$599.0m — essentially achieved |
| Group EBIT margin floor of 19% (excluding acquisitions) | 19.8% excluding acquisitions; 18.0% reported |
| Area | Guidance |
|---|---|
| Group | Mid-to-high single-digit organic revenue growth (May); "high single-digit" per AGM framing. Margin expansion similar to the FY26 improvement rate |
| Minerals | 13–15% organic revenue growth FY27; 15–17% expected in H1 FY27. H1 margins held at H2 FY26 levels, with a further 30–50bps in H2 FY27 |
| Industrial Materials | High single-digit organic growth; incremental margin improvement |
| Life Sciences | Improved mid-single-digit organic growth; +30–50bps margin. Stronger Environmental (Americas recovery); Nuvisan pipeline conversion |
| Middle East supply chain | Earnings risk of A$5–10m |
| FX | Adverse impact expected FY27 |
| Hub labs | Sydney and Lima operational H2 FY27 |
2022-set FY27 targets (reaffirmed May 2024 and May 2025):
FY27 guidance (18-May-2026, reaffirmed at the 28-Jul-2026 AGM):
Q1 FY27 trading (AGM, 28-Jul-2026):
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Group on track.
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Commodities organic growth trending above the 15–17% H1 range, with junior explorer activity outpacing majors and mid-tiers.
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Oil & Lubricants slightly behind expectations.
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Life Sciences low single-digit organic growth (Food mid-single-digit; Environmental low single-digit; Pharma negative low single-digit). Some H1 margin compression versus the prior year is expected.
Capital management parameters:
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Leverage target range 1.7–2.3x (1.5x at FY26).
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Dividend payout: previously 50–60% of underlying NPAT.
Products & Services
ALS does not publish list prices. Pricing models below are characterised from public service descriptions. "Launch year" is generally not disclosed for laboratory services and is marked accordingly.
Commodities — Minerals
| Offering | Description / capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Geochemistry (flagship) | Sample preparation, fire assay, multi-element ICP-AES/ICP-MS, ore-grade methods, aqua regia / four-acid digests. Global hub labs include Lima (new hub due Nov 2026) | Exploration juniors, mid-tiers, majors | Core business since 1976; Lima hub upgrade FY27 | Per sample / per method package; volume discounts |
| High Performance Methods (HPMs) | Premium, higher-sensitivity or lower-detection-limit analytical packages; a growing share of the Minerals mix | Explorers seeking better data quality | Ongoing; not disclosed | Premium per-sample pricing |
| Mine Site Production / Mine-site operations | Outsourced on-site laboratories for grade control and process control, built and operated by ALS | Operating mines | Expanded via growth capex FY24–FY26 | Multi-year operate contracts |
| Metallurgy & Mineral Processing | Bench and pilot-scale testwork, flowsheet development, comminution, flotation, leach | Projects at feasibility and development | — | Project / testwork contracts |
| Geoanalytics (consulting / data) | Data generation and interpretation for field geologists. Data products include CoreViewer™ and ALS QCPro™ via the Webtrieve™ portal | Exploration geologists | — | Bundled / project fees |
| Webtrieve™ portal | Real-time sample tracking and results retrieval | Minerals clients | — | Included with testing |
Commodities — Industrial Materials
| Offering | Description / capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Assay & Inspection | Commodity trade inspection, sampling and assay certification for concentrates and metals | Traders, smelters, shippers | — | Per lot / per inspection |
| Oil & Lubricants (formerly Tribology) | Oil analysis; coolant and transformer fluid testing; fuel and DEF testing; consulting, training and reporting; additional condition monitoring | Mining fleets, transport, power utilities, industrials | Renamed ~FY23–FY24; portal "Tribology 360" | Per sample kit / programme pricing |
| Coal Quality (incl. ACIRL) | Coal sampling, analysis and certification for export coal | Coal producers, utilities, traders | Retained after 2023–24 review | Per sample / per shipment certification |
Life Sciences — Environmental
| Offering | Description / capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Site assessment & remediation | Soil, groundwater and sediment analysis for contaminated-site investigation and remediation | Environmental consultants, remediation contractors | — | Per analyte suite / per sample |
| Environmental monitoring | Ongoing compliance monitoring of water, air and waste | Industrials, mines, governments | — | Per sample / framework contracts |
| Water industry | Drinking water, wastewater and recycled water testing | Water utilities | — | Framework contracts |
| Air monitoring | Ambient and stack air sampling and analysis | Industrials, regulators | — | Per sample / project |
| Industrial & occupational hygiene | Workplace exposure testing | Employers, safety consultants | — | Per sample |
| PFAS (flagship growth line) | Per- and polyfluoroalkyl substances in water, soil and other matrices; emerging micro-contaminants | Utilities, defence, airports, remediation; regulated industries | Growing mid-teens; ~6% of revenues FY26 | Premium per-sample pricing |
Life Sciences — Food & Agrisciences; Beauty & Personal Care
| Offering | Description / capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Food safety & quality testing | Microbiology, nutrition, allergens, contaminants, residues | Food manufacturers, retailers | Strong in Europe (Spain, Portugal, Germany via Wessling, etc.) | Per sample / contracts |
| AgriSciences | Testing for agricultural inputs and controlled-environment crops | Agri-businesses | — | Per sample |
| Non-food testing | Cosmetics and consumer goods testing | Consumer brands | — | Per sample |
| Technical services, audit & training | Food safety audits, consulting and training | Food industry | — | Day-rate / per audit |
| Beauty & personal care: Quality control | Raw material and finished-product analytical testing | Cosmetics brands | — | Per sample |
| Efficacy testing / claim substantiation | Testing to support product claims | Cosmetics brands | — | Per study |
| Safety testing | Product safety assessment (e.g. sun-care) | Cosmetics brands | — | Per study |
| Clinical studies | Human clinical studies for cosmetics | Cosmetics brands | — | Per study |
Life Sciences — Pharmaceutical & Healthcare
| Offering | Description / capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Pharmaceutical services | Analytical development, QC and release testing, stability, import testing (e.g. Mexico) | Pharma, generics, biotech | Mexican import-testing regulation changed Q4 FY25 | Per test / per project |
| Analytical services | Analytical chemistry for healthcare products | Healthcare manufacturers | — | Per test |
| Nuvisan (CRO; 100% since 31 Mar 2024) | Drug discovery, pre-clinical studies, clinical development, analytical development and formulation, clinical trial support, bioanalytics | Pharma and biotech, including an anchor client | €25m transformation completed FY26 | Project / FTE-based and anchor-client contracts |
Client digital platforms
| Platform | Function |
|---|---|
| ALS Solutions | Online access to sample and analytical information across services |
| Geochemistry Webtrieve™ | Real-time results and sample tracking; hosts CoreViewer™ and ALS QCPro™ |
| Oil-analysis portal (formerly "Tribology 360") | Real-time tracking of oil analysis reports |
| Unified global LIMS (internal) | Supports 80% of Group revenue; the foundation for automation and AI [AGM 2026] |
Financial Narrative
Income statement summary
[Sources: FY26 Annual Report five-year highlights (revenue, underlying NPAT, underlying EPS, DPS); ASA voting reports FY24–FY26 (statutory NPAT and EPS); results releases]
Notes on the table:
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FY22 revenue includes the since-divested Industrial division. FY23 continuing-operations growth was reported as 19.5%; the 10.9% shown is against the reported FY22 base. This is a discrepancy flagged by the basis change.
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FY25 underlying NPAT is restated (originally 312.1) and FY25 underlying EPS is restated (originally 64.4).
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FY24 statutory EPS: the ASA reports 2.7c; the FY25 media summary reports 2.6c. Rounding discrepancy.
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Net margins are derived (NPAT divided by underlying revenue).
Five-year revenue CAGR (FY22–FY26): ~11.1%: (derived).
Operating profit (EBIT) and EBITDA
FY25 is restated; as originally reported, EBIT was 515.0 at a 17.2% margin.
[Source: FY26 Annual Report reconciliation tables]
Gross profit: not reported. ALS presents expenses by nature (a service P&L), so gross profit and gross margin are "not publicly disclosed".
Diluted EPS (FY26): underlying 75.3c; statutory 63.0c. FY25: underlying 62.1c; statutory 52.5c.
FY26 one-off items (A$m): acquisition, integration and divestment costs 26.6; asset impairment for site closures 3.8; SaaS system development 14.8; other non-recurring costs 9.5.
Balance sheet
[Source: FY26 Annual Report summarised balance sheet]
Additional balance sheet points:
Total assets FY26: ~A$3.90bn [financialfilings.com summary of FY26 Annual Report].
Net assets held for sale FY25: A$32.8m, nil in FY26. Divestment proceeds in FY26 were A$13.2m; the asset sold was not identified in the sources reviewed.
Debt maturity split, 31-Mar-2026: - Short-term: A$28.5m drawn on a US$ facility maturing May 2026. This was refinanced on 8 May 2026 with a new US$50m bilateral facility.
- Long-term: A$1,190.7m drawn (derived).
FY23 leverage of 1.8x is per the March 2023 trading update after the Asset Care proceeds, and is pre-year-end. The target leverage range is 1.7–2.3x.
Cash flow
[Sources: FY24, FY25 and FY26 results; FY26 Annual Report cash flow]
Notes:
- FY24 cash flow before capex was reported as A$532.4m in the FY24 release but shown as A$522.4m in the FY25 release comparative. This discrepancy is unresolved.
Buybacks: none conducted FY22–FY26. Treasury share purchases support employee plans and, from the FY26 final dividend, DRP neutralisation through on-market purchases.
Equity raised: FY26 equity raising net of costs and tax was A$367.4m (A$350m placement plus ~A$22.5m SPP, gross).
FY26 capex breakdown:
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~A$230m growth capex, including A$93.7m on the four hub labs.
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~A$33m maintenance capex.
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Base capex of A$170m (excluding hub labs).
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Capex was 216% of depreciation and 7.9% of revenue.
Returns and ratios
FY25 ROCE is restated; originally 18.9%. Management ROCE was assessed before the Nuvisan impairment.
Further notes:
Cash conversion cycle: not publicly disclosed. ALS carries modest inventory (reagents and consumables), so receivable days are the main working-capital driver.
ROIC: ALS reports ROCE rather than ROIC. Underlying ROCE of 21.5% is the closest disclosed equivalent.
Commentary — trends, inflections and drivers
1. Revenue: a four-year compounding phase with two engines alternating.
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FY22–FY23 growth was led by Commodities, during the post-COVID exploration boom (Geochemistry organic growth of ~20% in FY23).
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FY24–FY25 growth was led by Life Sciences acquisitions. Nuvisan, York and Wessling added ~22% scope growth to Life Sciences in FY25, while Minerals sample volumes fell 8.4% in FY24.
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FY26 marked the inflection back to organic, Commodities-led growth. Group organic growth was 8.4%, against scope of 0.4% and FX of 1.9%. Minerals organic growth was 20.2% on record sample volumes.
2. Margins: trough in FY25, recovery in FY26.
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Group underlying EBIT margin fell from 20.3% (FY23) to 16.7% (FY25 restated), compressed by three factors:
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Dilution from lower-margin acquisitions (Nuvisan, York, Wessling).
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Minerals price competition during a volume trough.
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FX.
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FY26 recovered 129bps to 18.0%. Excluding recent acquisitions, the margin was 19.8% — above the 19% floor set in 2022.
3. Earnings quality and the Nuvisan episode.
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The FY24 statutory NPAT collapse to A$12.9m was almost entirely the A$248.8m Nuvisan impairment and restructuring provision. It wrote off most of the ~€145m paid for the initial 49% stake in 2021.
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The gap between underlying and statutory NPAT narrowed to A$62.5m in FY26. The remaining gap comprised A$44.1m of restructuring and other items (after tax) and A$18.4m of amortisation (after tax).
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Recurring "one-off" items of A$36–55m per year (SaaS development, integration) deserve scrutiny. They are effectively a running cost of the digital and M&A agenda.
4. Balance sheet: deleveraged by equity, not just cash flow.
- Leverage rose to 2.3x after York and Wessling. It fell to 1.5x in FY26, helped by the A$367m equity raise, which the market and the ASA criticised as dilutive and unexpected, and by FCF before capex of A$674m.
Debt structure: ~90% fixed at ~3.7% through US Private Placement notes maturing 2028, 2030, 2032 and 2034. Interest costs fell A$12.4m in FY26.
Liquidity: more than A$580m.
5. Cash conversion is a consistent strength. It was 92–95% of adjusted EBITDA across FY25–FY26, above the 90% target. Operating cash flow nonetheless lags EBITDA because of IFRS 16 lease payments, cash one-offs (~A$71m per year) and tax.
6. Capex step-up. Capex rose to A$263m in FY26 from A$146–165m in FY23–FY25, driven by the four hub labs. This depresses simple FCF in the near term. The labs underpin capacity for the next upcycle and the automation-led productivity thesis.
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Income statement metric
| Income statement metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Underlying revenue (AUD Mn) | 2,182.3 | 2,421.2 | 2,586.0 | 2,999.4 | 3,320.1 |
Underlying revenue growth (% YoY, on prior reported base) | 23.9 | 10.9 | 6.8 | 16.0 | 10.7 |
Underlying NPAT (AUD Mn) | 264.2 | 320.6 | 316.5 | 303.0 | 381.2 |
Statutory NPAT attributable (AUD Mn) | 190.5 | 291.2 | 12.9 | 256.2 | 318.7 |
Underlying EPS basic (A$ cents) | 54.7 | 66.3 | 65.4 | 62.5 | 75.7 |
Statutory EPS basic (A$ cents) | 39.5 | 60.2 | 2.7 | 52.8 | 63.3 |
Dividends per share (A$ cents) | 32.8 | 39.7 | 39.2 | 38.6 | 42.5 |
Underlying net margin (%) | 12.1 | 13.2 | 12.2 | 10.1 | 11.5 |
Statutory net margin (%) | 8.7 | 12.0 | 0.5 | 8.5 | 9.6 |
Income Statement and Margin Analysis (%)
| Operating metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Underlying EBIT (AUD Mn) | 490.7 | 491.8 | 502.3 | 599.0 |
Underlying EBIT margin (%) | 20.3 | 19.0 | 16.7 | 18.0 |
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View Subscription PlansEBITDA and pre-tax metric
| EBITDA and pre-tax metric | FY25 | FY26 |
|---|---|---|
Underlying EBITDA (AUD Mn) | 715.0 | 833.0 |
Underlying EBITDA margin (%) | 23.8 | 25.1 |
Statutory EBITDA (AUD Mn) | 678.9 | 778.3 |
Statutory EBIT (AUD Mn) | 445.4 | 524.9 |
Underlying net interest expense (AUD Mn) | 81.7 | 69.3 |
Underlying profit before tax (AUD Mn, derived) | 420.6 | 529.7 |
Statutory profit before tax (AUD Mn, derived) | 362.7 | 454.7 |
Statutory tax expense (AUD Mn) | 103.8 | 133.1 |
Underlying D&A (AUD Mn) | 212.7 | 234.0 |
Restructuring and other one-off items pre-tax (AUD Mn) | 36.1 | 54.7 |
Amortisation of acquired intangibles (AUD Mn) | 20.8 | 19.4 |
Balance Sheet and Margin Analysis (%)
| Balance sheet item (AUD Mn, 31 March) | FY25 | FY26 |
|---|---|---|
Cash and cash equivalents (AUD Mn) | 268.0 | 149.7 |
Loans and borrowings excluding leases (AUD Mn) | 1,692.1 | 1,219.2 |
Net debt excluding leases (AUD Mn) | 1,424.1 | 1,069.5 |
Lease liabilities (AUD Mn) | 401.0 | 352.7 |
Intangible assets incl. goodwill (AUD Mn) | 1,684.7 | 1,610.3 |
Property, plant and equipment (AUD Mn) | 731.8 | 811.5 |
Right-of-use assets (AUD Mn) | 372.6 | 324.1 |
Trade and other receivables (AUD Mn) | 596.1 | 623.7 |
Inventories (AUD Mn) | 130.1 | 126.1 |
Trade and other payables (AUD Mn) | 504.4 | 478.3 |
Working capital as defined by ALS (AUD Mn) | 323.1 | 357.5 |
Total equity (AUD Mn) | 1,294.1 | 1,705.0 |
Book gearing: net debt / (net debt + equity) (%) | 52.4 | 38.5 |
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View Subscription PlansNet debt history
| Net debt history | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Net debt excluding leases (AUD Mn) | 1,023.0 | 1,175.3 | 1,424.1 | 1,069.5 |
Leverage: net debt / adjusted EBITDA (x) | 1.8 | 2.0 | 2.3 | 1.5 |
Cash flow metric
| Cash flow metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Cash flow before capex, company "free cash flow" definition (AUD Mn) | 550.5 | 532.4 | 590.6 | 674.1 |
Gross capex excluding acquisitions (AUD Mn) | 146 | 152 | 165 | 263 |
Cash flow metric (FY25–FY26)
| Cash flow metric | FY25 | FY26 |
|---|---|---|
Net cash from operating activities, statutory (AUD Mn) | 409.6 | 485.7 |
Net cash from investing activities (AUD Mn) | -327.7 | -252.2 |
Net cash from financing activities (AUD Mn) | -120.0 | -338.7 |
Simple FCF = operating cash flow less gross capex (AUD Mn, derived) | 244.6 | 222.7 |
EBITDA cash conversion (%) | 95 | 92 |
Dividends paid to shareholders and minorities, cash (AUD Mn) | — | 193.6 |
Net cash M&A expenditure (AUD Mn) | 198.2 | 9.8 |
Treasury share purchases (AUD Mn) | 9.0 | 22.5 |
Net interest and taxes paid (AUD Mn) | 200.8 | 208.7 |
Returns & Leverage Ratios (%)
| Ratio | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Underlying ROCE, company-reported (%) | 20.5 | 20.6 | 18.4 | 21.5 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio (derived unless stated) | FY25 | FY26 |
|---|---|---|
ROE, statutory NPAT / average equity (%) | 20.6 | 21.3 |
ROE, underlying NPAT / average equity (%) | 24.3 | 25.4 |
ROA, statutory NPAT / total assets (%) | — | 8.2 |
Debt (ex leases) / equity (x) | 1.31 | 0.72 |
Net debt / adjusted EBITDA, company covenant basis (x) | 2.3 | 1.5 |
Interest cover, adjusted EBITDA / net finance expense, company (x) | 9.1 | 13.5 |
Underlying EBIT / underlying net interest (x) | 6.1 | 8.6 |
Asset turnover, revenue / total assets (x) | — | 0.85 |
Receivable days, receivables / revenue x 365 (days) | 72.5 | 68.6 |
Effective tax rate, statutory (%) | 28.6 | 29.3 |
Geographic Data Point Details
| Geographic data point | Value | Source |
|---|---|---|
United States share of Group revenue, FY25 | ~12% | FY25 Investor Presentation, 27-May-2025 |
Share of workforce based in Europe, FY25 | ~40% | FY25 results (HQ relocation rationale) |
Environmental growth by region, FY25 | Mid-teens in EMEA; low double-digit in APAC and Canada | FY25 results |
Environmental growth by region, FY26 | Mid-single-digit in APAC and EMEA (the largest regions); weaker in the Americas (US and LATAM) | FY26 results |
Food growth regions, FY25–FY26 | Volume and price growth mainly in Europe and Asia; high single-digit in EMEA in FY26 | FY25/FY26 results; AGM 2026 |
Minerals sample volumes, FY26 | Grew in all regions; North America strongest in H2 | FY26 results |
H1 FY26 | "Growth was recorded across all regions" | H1 FY26 release |
Currency drag, FY25 | Depreciation of CAD, TRY, MXN and LATAM currencies vs AUD cut reported Commodities EBIT by A$9.5m | FY25 results |
FX sensitivity, FY27 | Each 1% move in major currencies vs AUD ≈ A$3m underlying EBIT and A$2m underlying NPAT, annualised | FY26 results |
Segment / Business Details
| Segment / business | APAC | EMEA | Americas |
|---|---|---|---|
Minerals | Strong (Australia hub network) | Growth (Ireland hub, Africa) | Strongest H2 improvement (North America); Lima hub expansion |
Environmental | Mid-single-digit growth; Sydney hub commissioning | Mid-single-digit growth; Wessling ahead of plan | Weak: York integration, US government shutdown, LATAM softness |
Food | Growth in Asia | High single-digit growth (key region) | — |
Pharma | — | Nuvisan (Germany): margin +~450bps | Mexico import-testing regulation impact mitigated |
“—” = not publicly disclosed.
Share price metric
| Share price metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Share price at fiscal year end (AUD) | 13.40 | 12.36 | 13.13 | 15.41 | 20.80 |
Simple annual TSR excl. franking (%) | 41.8 | -4.8 | 9.4 | 20.3 | 37.8 |
Period return (derived from FYE prices)
| Period return (derived from FYE prices) | Value |
|---|---|
FY23 end → FY26 end price change (%) | 68.3 |
FY22 end → latest observed (~A$21.06) price change (%) | 57.2 |
1-year price change to latest observed (%) | ~8.2 (Investing.com) |
52-week range (AUD) | 19.00 – 26.17 |
Calendar 2025 price change (%) | 46.9 (InvestSMART) |
FY26 price range (AUD) | 16.65 – 26.17 |
Valuation Multiples
| Multiple (FY26 basis, derived) | ALS |
|---|---|
P/E on underlying EPS (x) | 27.8 |
P/E on statutory EPS (x) | 33.3 |
EV / underlying EBITDA (x) | 14.5 |
EV / sales (x) | 3.65 |
P/B (x) | 6.3 |
Dividend yield (%) | 2.0 |
Capital Markets
| Item | Value |
|---|---|
Analysts covering | 13 |
Ratings | 10 Buy / 1 Hold / 2 Sell |
Average 12-month price target (AUD) | 24.28 |
JPMorgan | Buy, TP A$26.10 (upgraded 28-Jul-2026; had downgraded to Hold, TP A$21.80, on 12-May-2026) |
UBS | Buy, TP A$27.00 (18-May-2026) |
RBC Capital | Hold, TP A$23.50 (19-May-2026) |
Citi | Buy, TP A$23.80 (20-Nov-2025) |
Dividend metric
| Dividend metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Interim DPS (A$ cents) | 15.8 | 20.3 | 19.6 | 18.9 | 19.4 |
Final DPS (A$ cents) | 17.0 | 19.4 | 19.6 | 19.7 | 23.1 |
Total DPS (A$ cents) | 32.8 | 39.7 | 39.2 | 38.6 | 42.5 |
Payout ratio of underlying NPAT (%) | 60 | 60 | 60 | 60 | 57 |
Credit Ratings
| Agency | Rating / outlook |
|---|---|
Moody's | No public rating identified |
S&P | No public rating identified |
Fitch | No public rating identified |
Source Details
| Source | Maturity | Drawn (AUD Mn) | Facility limit (AUD Mn) |
|---|---|---|---|
Bank facilities (USD) | May-2026 (refinanced May-2026) | 28.5 | 72.8 |
Bank facilities (USD) | Apr-2027 | 0.0 | 291.1 |
Bank facilities (USD) | May-2028 | 92.0 | 291.1 |
Bank facilities (EUR) | Aug-2029 | 16.7 | 16.7 |
Bank facilities (CHF) | Aug-2029 | 36.4 | 36.4 |
Local facilities | — | 2.5 | 2.5 |
USPP notes | Nov-2028 | 217.3 | 217.3 |
USPP notes | Nov-2030 | 281.4 | 281.4 |
USPP notes | Jul-2032 | 285.1 | 285.1 |
USPP notes | Jul-2034 | 259.3 | 259.3 |
Total | — | 1219.2 | 1753.7 |
Analyst Conclusions
Management guidance (FY27)
Group: mid-to-high single-digit organic revenue growth (described as "high single-digit" at the AGM), with margin expansion similar to FY26.
Minerals: 13–15% organic growth, with H1 FY27 at 15–17% and Q1 tracking above that. Margins flat in H1, then +30–50bps in H2.
Industrial Materials: high single-digit organic growth.
Life Sciences: improved mid-single-digit organic growth and +30–50bps margin, with H2 weighting. Q1 was low single-digit, with some H1 margin compression.
Headwinds: Middle East supply-chain risk of A$5–10m; adverse FX.
Consensus growth expectations
Investing.com shows an average target of A$24.28 from 13 analysts. Simply Wall St community narratives project ~7% annual revenue growth; that is not institutional consensus.
Bull case
-
Upcycle operating leverage. Minerals delivered a 33% margin on 20% organic growth in FY26. With FY27 guidance of 13–15% (and Q1 tracking above 15–17%), plus improving pricing as legacy discounts roll off, Commodities EBIT could again grow faster than revenue. Lima capacity arrives in Nov-2026 precisely as junior activity accelerates.
-
Self-help in Life Sciences. Nuvisan's transformation is complete (EBIT +123%; €5m more savings in FY27). York certifications are reinstated, Wessling is ahead of plan, and a new EGM Environmental is in place. If Life Sciences delivers its +30–50bps margin guide on mid-single-digit growth, Group margins can return toward 19–20%.
-
Optionality from balance sheet and automation. Leverage of 1.5x leaves ~A$500m+ of capacity before reaching the 2.3x top of range. Combined with a ~60% labour cost base and 80% unified LIMS coverage, both accretive M&A and an automation-led margin step-change are plausible.
Bear case
-
Cycle-peak risk. FY24 showed sample volumes can fall 8% and pricing can crack quickly. The FY26 record coincides with record junior raisings and record gold prices, so a reversal would hit the highest-margin division hardest.
-
Capital-allocation track record. Nuvisan (A$248.8m impairment) and York (integration failure) undermine confidence in Life Sciences M&A. The 2025 equity raise was dilutive and arguably unnecessary. At ~28x underlying earnings, the shares leave little room for another misstep.
-
Cyber and quality franchise risk. A testing company sells trust. The May-2026 breach, with data published by a threat actor, and York's certification lapses show operational vulnerabilities that could cost clients, attract regulatory penalties or require unbudgeted spend.
Key catalysts and monitorables (next 12 months)
| Date / period | Catalyst | What to watch |
|---|---|---|
| Nov-2026 | Lima hub commissioning | On time and budget; capacity ramp |
| 23-Nov-2026 | H1 FY27 results | Minerals organic growth vs the 15–17% guide; Life Sciences margin compression extent; cyber costs; Americas Environmental recovery |
| H2 FY27 | Saudi JV completion (60%) | Consolidation impact; further M&A |
| FY27 | Board appointment to replace Mulcahy | Skills fit (ASA scrutiny) |
| FY27 | Climate target refresh | New target ambition |
| FY27 | Lab of the Future returns | Quantified productivity or margin evidence |
| Ongoing | Cyber investigation outcome | Data-impact disclosures; regulatory actions; litigation |
| Ongoing | Exploration indicators | Junior capital raising; gold and copper prices |
| Ongoing | Russia | Any restructuring or divestment |
| 17-May-2027 | FY27 results | New medium-term targets (post-FY27 framework) |
Concluding analyst verdict
ALS enters FY27 in its strongest financial position in years. FY26 delivered record revenue of A$3.32bn and record underlying NPAT of A$381.2m, met the 2022-set FY27 targets a year early, and cut leverage to 1.5x. The core of the investment case remains the Minerals franchise. Its scale, hub-and-spoke capacity and five straight years of margins above 30% make it arguably the highest-quality asset in listed minerals testing. FY26 and Q1 FY27 confirm that ALS converts exploration upswings into disproportionate earnings growth.
The difficulty lies in the other ~60% of revenue. Life Sciences earns roughly half the Commodities margin. It contains the Group's two most visible execution failures: the Nuvisan write-down and the York integration. Its FY27 start was soft, with low single-digit organic growth and guided H1 margin compression. The thesis that ALS is diversified enough to deserve a premium multiple therefore depends on Life Sciences becoming a consistent compounder rather than a source of write-downs. Early evidence is encouraging: Nuvisan's turnaround, Wessling ahead of plan, Food's three-year record and PFAS growth. Proof will come in H2 FY27.
At roughly 28x underlying FY26 EPS and ~14.5x EV/EBITDA (derived), the market is already paying for a sustained upcycle and successful self-help. The balance sheet, automation programme and fresh leadership provide genuine upside levers. Against that, the cyber breach, Middle East supply risks, FX and the inherent cyclicality of exploration create meaningful downside if sentiment turns.
Net assessment: a high-quality, cyclically leveraged TIC operator executing well at a favourable point in its cycle, with improving but not yet proven Life Sciences discipline. Position sizing should respect cycle risk. The key tests are H1 FY27 Life Sciences margins, cyber-incident closure, and the quality and returns of any redeployed balance-sheet capacity.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / start | Prior roles | Education | Age |
|---|---|---|---|---|---|
Malcolm Deane | CEO & Managing Director | Acting CEO from 7-Mar-2023; CEO from 8-May-2023; ~10+ years at ALS | Chief Strategy Officer (strategy, BD, M&A); GM Life Sciences Latin America; Food & Pharma Americas | LLM, University of Virginia School of Law; JD, Universidad Austral (Buenos Aires) | 42 |
Stuart Hutton | Chief Financial Officer | — | — | — | — |
Dayna Field | General Counsel & Company Secretary | From 1-Oct-2024 | Chief Legal & Risk Officer, Virgin Australia Group; General Counsel, Griffith University | BCom, LLB, DipLP, GAICD | — |
Andrea Vallejo | Executive General Manager, Environmental | From Apr-2026 (Madrid) | Extensive operational experience (details not disclosed) | — | — |
Rajkumar Mathiravedu | Global Executive General Manager, Minerals | From 17-Aug-2026 | Head of Asia business, Orica; previously oversaw Orica's digital solutions; 25+ years in mining | — | — |
Chief Information & Digital Officer | Newly created role (FY26) | FY26 | Name not identified in sources reviewed | — | — |
Global Head of Cyber Security | Newly created role (FY26) | FY26 | Name not identified in sources reviewed | — | — |
“—” = not publicly disclosed.
Executive Leadership Team — Bruce McDonald
| Name | Role | Detail |
|---|---|---|
Bruce McDonald | EGM Minerals | Retired after 22 years (FY26) |
Tim Kilmister | EGM Environmental | Stepped down after 31 years, including 5 years leading Environmental (FY26) |
Michael Williams | Group Treasurer, Investor Relations & Business Integration Director | Departed 28-Aug-2026 after 23 years |
Raj Naran | Former CEO & MD | Resigned Mar-2023; he made the Nuvisan acquisition decision [ASA FY24] |
Directors' Remuneration
| CEO remuneration metric (AUD Mn) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
CEO actual remuneration received (AUD Mn) | 3.976 | 3.769 | 2.347 | 2.617 | 2.957 |
Directors' Remuneration by Component
| Component | Target (AUD Mn) | Maximum (AUD Mn) |
|---|---|---|
Fixed remuneration (TFR incl. allowances) | 1.924 | 1.924 |
STI cash (70%) | 1.347 | 2.020 |
STI equity, deferred 2 years (30%) | 0.577 | 0.866 |
LTI (150% of fixed) | 2.886 | 2.886 |
Total | 6.733 | 7.695 |
Board of Directors
| Name | Role | Appointed | Age | Committees | Background |
|---|---|---|---|---|---|
Nigel Garrard | Independent Chair | NED 7-Jun-2023; Chair 31-Jul-2024 | 65 | Chair, Nominations | Ex-MD & CEO Orora (to 2019); Amcor, Coca-Cola Amatil, SPC Ardmona. Chair of Ansell; Director of Treasury Wine Estates; Chair of Flinders Port Holdings. BEc, CA |
Malcolm Deane | MD & CEO | 8-May-2023 | 42 | — | See above |
Siddhartha Kadia | Independent NED | 15-Jan-2019 | 56 | Chair, Sustainability & Innovation; People; Nominations | CEO of Mesa Laboratories (from Apr-2026); ex-CEO Calibre Scientific, PhenomeX, EAG Laboratories; Life Technologies; McKinsey. PhD Biomedical Engineering (Johns Hopkins) |
Leslie Desjardins | Independent NED | 21-Nov-2019 | 66 | Chair, Audit & Risk; People; Nominations | Ex-EVP & CFO Amcor; senior finance roles at General Motors. Ansell director. MS (MIT Sloan) |
Peter Possemiers | Independent NED | 1-Nov-2022 | 64 | Chair, People; Audit & Risk; Nominations | ~40 years at SGS, including EVP Global Environment, Health & Safety |
Erica Mann | Independent NED | 1-Mar-2024 | 67 | Sustainability & Innovation; Nominations | Ex-head of Bayer Consumer Health; Pfizer Nutrition; Wyeth. NED of Kenvue and DSM-Firmenich |
Catharine Farrow | Independent NED | 24-Mar-2025 | 61 | Sustainability & Innovation; Nominations | Founding CEO, TMAC Resources; ex-COO KGHM International. Director of Franco-Nevada; lead director of Aclara Resources. PhD Earth Sciences; Cornell certificates in cybersecurity and AI |
Christy Boyce | Independent NED | 1-Sep-2025 | 57 | Audit & Risk; People; Nominations | Ex-senior partner, Port Jackson Partners; ex-McKinsey partner. NED of JB Hi-Fi, BAI Communications Australia, EMM Consulting |
Directors' Shareholdings
| Director | Shares |
|---|---|
John Mulcahy (since retired) | 79,027 |
Malcolm Deane | 63,376 (~0.012% of capital) |
Nigel Garrard | 31,546 |
Tonianne Dwyer (since retired) | 27,148 |
Peter Possemiers | 17,522 |
Siddhartha Kadia | 14,290 |
Leslie Desjardins | 14,100 |
Erica Mann | 5,930 |
Catharine Farrow | 0 |
Christy Boyce | 0 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Type | Notes on relative positioning |
|---|---|---|---|
Minerals (geochemistry, metallurgy) | SGS (Natural Resources) | Global TIC, listed (SIX) | Largest diversified TIC; strong minerals and metallurgy; ALS claims the largest minerals-testing share |
Minerals | Bureau Veritas (Commodities, Industry & Facilities / minerals) | Global TIC, listed (Euronext) | Major minerals and metals lab network |
Minerals | Intertek (Minerals; incl. Genalysis in Australia) | Global TIC, listed (LSE) | Strong in Australia and Africa |
Minerals | MSALABS | Private | Challenger, notably in Americas exploration testing |
Minerals | Activation Laboratories (Actlabs) | Private | North American and international minerals labs |
Environmental | Eurofins Scientific | Global lab group, listed (Euronext) | Largest environmental and food lab network globally; ALS's main Life Sciences rival |
Environmental | SGS (Health & Nutrition / Environment) | Global TIC | Strong in environment and health & safety |
Environmental (US) | Pace Analytical | Private | Large US environmental lab network; competes with York |
Food | Mérieux NutriSciences | Private | Global food testing |
Food | Eurofins, SGS, Intertek, Bureau Veritas | Listed TIC | Broad food assurance |
Pharma / CRO | Eurofins (BioPharma), Charles River Laboratories, WuXi AppTec | Listed CRO / CDMO | Nuvisan competes in discovery and pre-clinical |
Oil & Lubricants | Bureau Veritas, Intertek, POLARIS Laboratories (private) | Mixed | Oil condition monitoring |
Assay & Inspection / Coal | SGS, Bureau Veritas, Intertek, AmSpec, Cotecna | Mixed | Commodity trade inspection |
Peer Comparison FY2026
| Metric | ALS (FY26, A$) | SGS (CY25, CHF) | Bureau Veritas (CY25, €) | Intertek (CY25, £) |
|---|---|---|---|---|
Revenue (local currency, m) | 3,320.1 | 6,945 | 6,466.4 | 3,432 |
Organic / like-for-like growth (%) | 8.4 | 5.6 | 6.5 | 3.9 |
Adjusted operating / EBIT margin (%) | 18.0 | 16.0 | 16.3 | 18.1 |
