ANSELL LTD Overview
Ansell is a global, Australian-domiciled but operationally US- and Europe-centred leader in personal protective equipment (PPE), focused predominantly on hand protection and, increasingly, body protection for cleanroom, laboratory, chemical and industrial environments. It sells roughly 10 billion gloves a year and claims No. 1 or No. 2 positions in its key global segments. Following the July 2024 acquisition of Kimberly-Clark's PPE business (KBU; Kimtech and KleenGuard brands), Ansell crossed US$2bn in sales and repositioned toward higher-value "scientific" verticals — pharmaceutical, medical-device and semiconductor cleanrooms — alongside its established HyFlex, Ringers, AlphaTec, MICROFLEX, TouchNTuff and GAMMEX franchises. Its model is that of a vertically integrated branded manufacturer: 14 owned plants concentrated in Malaysia, Sri Lanka and Thailand supply differentiated products, while commoditised exam gloves are partly outsourced. Under a new CEO (Feb 2026), strategy now centres on commercial excellence, strategic-market focus, and operational simplification.
Company's own description (FY26 Annual Report)
Ansell describes its principal activities as the design, development, manufacture, sourcing, distribution and sale of a wide range of hand and body protection solutions for the industrial and healthcare markets, operating in two segments, Industrial and Healthcare. It presents itself as "a global leader in safety solutions and an integrated manufacturer of personal protection equipment for healthcare and industrial workplaces," with brands trusted daily by over 10 million workers in more than 100 countries (FY26 ASX release boilerplate).
Healthcare Segment: manufactures and markets solutions for hospitals, surgical centres, dental surgeries, veterinary clinics, first responders, manufacturers, auto repair shops, chemical plants, laboratories and life science/pharmaceutical companies. The portfolio comprises surgical gloves and other operating-room consumables; single-use and examination gloves (including single-use gloves for industrial and laboratory applications); and cleanroom products including clean and sterile gloves, garments and consumables.
Industrial Segment: manufactures and markets high-performance hand, eye and chemical protective clothing for automotive, chemical, metal fabrication, machinery & equipment, food, construction, mining, oil & gas, utilities, logistics and first-responder end users.
Business model and revenue model
| Dimension | Characterisation |
|---|---|
| Revenue model | ~100% product sales (consumable PPE). Services (AnsellGUARDIAN safety assessments, RightCycle recycling program) are value-added and not separately monetised in reported revenue (n/d). No subscription or licensing revenue disclosed. |
| Product vs. service mix | Product ≈ 100%; service revenue n/d |
| Manufacturing model | Hybrid: 14 owned plants (largest in Malaysia, Sri Lanka, Thailand; smaller in Brazil, China, Lithuania, Portugal, Vietnam, India) plus third-party sourcing "predominantly exam and single use gloves" (FY26 AR). In FY23, in-house differentiated products exceeded 40% of Exam/SU sales following the Careplus buyout. |
| Go-to-market | Predominantly via distributors (industrial safety distributors, medical/surgical distributors, laboratory/scientific distributors), combined with direct end-user specification ("end user partnerships") — e.g., Amazon warehouse impact-glove program. Only a small proportion of sales (mostly European healthcare) is on price-driven tenders (Morningstar). |
| Pricing power | Demonstrated: full offset of ~US$80m in higher US tariff costs via sourcing and pricing in FY26 (Morningstar estimate of tariff quantum; company confirms full offset), plus Middle East cost-inflation pass-through in H2 FY26. |
| Brand concentration | Top five brands = 58% of total sales, growing 1.2x group rate in FY26 (FY26 AR, CEO Review). |
| Consumable/recurring nature | High: gloves and garments are single-use or short-life consumables; demand tied to employment, hygiene/regulatory standards and production volumes in end markets. |
Value chain position
Ansell sits in the midstream-to-downstream of the PPE value chain: it buys raw materials (nitrile butadiene latex, natural rubber latex, polyisoprene/neoprene for synthetic surgical gloves, yarns such as HPPE/nylon/rPET for cut-resistant liners, ceramic formers, chemicals, packaging), converts them in owned dipping and knitting plants, and also contracts finished exam gloves from Malaysian/Thai/other OEMs. It adds value through material science (e.g., FORTIX, AEROFIT, INTERCEPT cut technologies; bio-based nitrile), certification and regulatory compliance (FDA 510(k), EU MDR/PPE Regulation, EN 388/EN ISO 374, ASTM D6978 for chemotherapy drugs, ISO 13485), sterilisation and cleanroom processing, and specification-led selling.
Customer types and end markets
| End-market cluster | Examples | Segment |
|---|---|---|
| Acute healthcare | Hospitals, surgical centres (surgical gloves — GAMMEX, ENCORE, Micro-Touch surgical lines), dental, veterinary | Healthcare |
| Scientific / Life sciences | Pharmaceutical and biotech manufacturing (cleanroom gloves, garments, isolator gloves), laboratories, medical device manufacture, semiconductors | Healthcare (Cleanroom; Exam/SU) |
| Industrial single-use | Automotive repair, chemical plants, food processing, janitorial (MICROFLEX, TouchNTuff) | Healthcare (Exam/SU) |
| Industrial reusable hand protection | Automotive, metal fabrication, machinery, construction, mining, logistics/warehousing (HyFlex, Ringers, ActivArmr, EDGE) | Industrial (Mechanical) |
| Chemical protection | Chemical, oil & gas, pharma, first responders, defence (AlphaTec gloves, suits; KleenGuard body protection) | Industrial (Chemical) |
| Aerospace & defence | Precision cut and chemical hand protection | Industrial (identified FY26 growth vertical) |
Independent characterisation
Ansell is best understood as a premium, specification-driven consumables franchise operating inside a structurally commoditised category. Commodity exam gloves (dominated by Malaysian and Thai mass producers) set a low-price floor, and Ansell's economic moat lies in the parts of the market where failure costs are high — sterile surgical, cleanroom/isolator, chemotherapy-rated, chemical-resistant and high-cut-level reusable gloves — and where switching requires re-qualification. The KBU acquisition materially deepened exposure to the highest-value niche (scientific cleanroom), and FY26 results show the margin effect: Healthcare Adjusted EBIT margin rose from 12.8% to 14.3%. The residual weakness is that roughly half of Healthcare revenue (Exam/SU) remains exposed to commodity price cycles and outsourced supply, as the FY23–FY24 post-pandemic destocking demonstrated (Healthcare sales fell from ~US$1.19bn in FY22 to US$834m in FY24).
Strategy
Stated strategy (FY26 Annual Report, "Our Strategic Priorities")
The new CEO has reframed strategy around two outcomes — increased customer centricity and accelerated profitable growth — delivered through three levers (two growth, one funding):
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Commercial excellence (growth lever): strengthening partnerships with key distributors and end users, enhancing commercial capabilities and elevating key brands to drive customer value and growth.
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Focus on strategic markets (growth lever): increasing investment in geographies and verticals where customers value differentiated safety solutions most and profitable growth potential is greatest — explicitly the US, the scientific vertical (pharma, medical devices, semiconductors) and select industrial verticals (aerospace & defence).
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Operational excellence (funding lever): business simplification and optimisation aligned to customer needs — simplifying product and brand portfolios, the supply chain and ways of working.
Under the prior CEO, strategy emphasised (FY23–FY25) end-user-led innovation, manufacturing productivity, digitisation and portfolio upgrading via KBU.
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Targets / status |
|---|---|---|---|
| Accelerated Productivity Investment Program (APIP) | Jul 2023–FY27 | Org simplification, manufacturing headcount reduction (~1,330 roles FY24), automation, ERP digitisation | US$50m recurring pre-tax savings achieved FY26; one-off cash costs US$85–90m total (US$69m incurred to date; US$11m in FY26); IT/ERP phase continues, North America commercial cutover FY27; IT savings from FY27 |
| KBU integration & synergies | Jul 2024–FY27 | Integration of Kimtech/KleenGuard | Integration completed ahead of schedule in FY25; net cost synergies target raised to US$15m by end-FY27 (US$5m realised FY25; ~US$7m incremental targeted FY26) |
| Tariff mitigation | Apr 2025–ongoing | Sourcing optimisation + US price increases (initial June 2025; completed Oct 2025) | Full offset achieved in FY26; refund claims post-February 2026 US Supreme Court ruling (~US$12m received July 2026) |
| Middle East crisis response | Mar 2026–ongoing | Supply security for key inputs; price increases | Costs offset in FY26; further adjustments possible |
| Brand portfolio simplification | FY26–FY27 | Focus on top five brands (58% of sales) | Ongoing |
| Capital management | Aug 2025– | On-market buyback up to US$200m (up to 14.59m shares) | US$118.4m completed FY26; continuing in FY27 |
| India surgical capacity | FY23–FY26 | Greenfield surgical-glove plant, Zero Liquid Discharge | First line operational FY26 |
| Sustainability (2045 Sustainability Action Plan) | Ongoing | Net zero value chain FY45 (Scope 3 included from FY25) | See Section 20 |
| Cyber resilience | Post-Oct 2025 | Expanded monitoring, tighter access protocols, vendor-risk review; ISO 27001 certification achieved 2025 | Ongoing |
Medium-term targets and guidance
| Item | Guidance |
|---|---|
| FY27 Adjusted EPS | US158¢–US170¢ (vs 148.6¢ FY26), before Significant Items and excluding buyback effects |
| FY27 sales | Constant-currency growth from volumes and FY26 pricing actions |
| FY27 FX | ~US$9m benefit vs FY26 (lower hedge losses) |
| FY27 net interest | ~US$43m |
| FY27 book tax rate | 23.5%–24.5% |
| FY27 Significant Items | ~US$15m pre-tax, mainly ERP |
| FY27 capex | US$45–55m |
| Dividend policy | 40–50% of Adjusted NPAT, unfranked |
| Leverage | No explicit target disclosed beyond KBU-era objective of <2.0x; currently 1.3x |
No formal multi-year (e.g., FY28–FY30) financial targets or investor day had been disclosed as at the dossier date; given a new CEO and incoming CFO, a strategy update is a plausible catalyst (unconfirmed).
Products & Services
Pricing models are not publicly disclosed at product level; Ansell sells through distributor price lists and negotiated end-user programs. "Latest year" refers to the most recent launch/update year disclosed.
Industrial Segment — Mechanical hand protection
| Brand / product | Description & key capabilities | Target customer | Latest version/launch disclosed |
|---|---|---|---|
| HyFlex (franchise) | Lightweight knitted gloves with polymer coatings; cut protection to high ANSI/EN levels; FORTIX nitrile foam, INTERCEPT and AEROFIT cut technologies | Automotive, metal fabrication, aerospace & defence, assembly | Ongoing; HyFlex precision comfort cut styles drove FY26 Mechanical growth |
| HyFlex 11-594 | Ultra-lightweight cut-protection glove with AEROFIT technology for "second-skin" fit and tactile control | Precision assembly, aerospace | FY26 NPD highlight |
| HyFlex Sustainable Cut Resistance Series (styles 11-752, 11-762, 11-772) | >50% recycled polyester from post-consumer PET bottles; 40–59% lower carbon footprint vs similar PU gloves (ISO 14040/44 LCA, critically reviewed) | Sustainability-minded industrial buyers | FY26 |
| Ringers (franchise) | Impact-protection gloves with TPR/back-of-hand protection; oil & gas, mining, construction heritage | Mining, energy, construction, logistics | Acquired 2017; continuing launches |
| Ringers R570 | Light-duty impact- and cut-resistant glove, lightweight and flexible | General industry, warehousing | FY26 NPD highlight |
| Ringers R840 | Impact glove (customer safety-stock build in FY25 ~US$10m) | Industrial | Existing |
| Ringers R065 | Impact glove adopted as authorised hand protection across four mining operations (73% average reduction in hand injuries) | Mining | Case study FY26 AR |
| Ringers lightweight impact glove for Amazon | Custom-developed lightweight impact glove; contributed to 65% reduction in hand-impact injuries at deployed sites | E-commerce logistics | FY26 AR |
| ActivArmr | Heavy-duty/specialty work gloves (welding, cold, utility) | Trades, utilities | — |
| EDGE | Entry-level range designed for price-sensitive emerging markets (Morningstar) | Emerging-market general industry | — |
Industrial Segment — Chemical hand and body protection
| Brand / product | Description | Target customer | Latest disclosed |
|---|---|---|---|
| AlphaTec gloves (incl. 58 and 53 Series) | High-end chemical-resistant gloves; FY26 update transitioned liners from virgin nylon to 100% recycled polyester (rPET), ≥20% recycled content per glove; upgraded Ansell Grip Technology removes non-renewable components | Chemical, pharma, oil & gas | FY26 update |
| AlphaTec 58-835 | Combined chemical and cut protection glove | Manufacturing with chemical + sharp-edge hazards | FY26 NPD highlight |
| AlphaTec chemical protective clothing (coveralls/suits) | Limited-use and reusable chemical suits | Chemical, first responders, defence | Coveralls added to RightCycle recycling in FY26 |
| KleenGuard (ex-Kimberly-Clark) | Body protection coveralls, apparel and eye protection; sales and marketing fully transitioned to Ansell during FY25 | Industrial, painting, maintenance | Acquired Jul 2024 |
| Eye protection | Safety eyewear (incl. KleenGuard eyewear) | Industrial | — |
Healthcare Segment — Exam / Single Use
| Brand / product | Description | Target customer | Latest disclosed |
|---|---|---|---|
| MICROFLEX | Premium nitrile/latex/neoprene single-use gloves; chemical-resistance focus | Industrial, laboratory, automotive, MRO, aviation | MICROFLEX 93-260 cited as outlasting 3–4 competitor disposables in aircraft MRO (FY26 case study) |
| TouchNTuff | Nitrile single-use gloves for industrial and lab use | Industrial, lab, food | — |
| TouchNTuff 93-800 | First disposable glove claimed to resist acetone ≥15 minutes; ≥60% bio-based carbon (TÜV Austria OK biobased Class 3); 2026 SEAL Business Sustainability Award | Industrial chemical handling | FY26 launch |
| Kimtech single-use gloves (e.g., Kimtech Polaris) | Nitrile disposable glove with the highest level of chemical protection in the Kimtech portfolio | Laboratories, pharma and medical-device manufacture | FY26 NPD highlight |
| Medical exam gloves (Micro-Touch and related) | Examination gloves for healthcare professionals | Hospitals, clinics | — |
Healthcare Segment — Surgical
| Brand / product | Description | Target customer | Latest disclosed |
|---|---|---|---|
| GAMMEX | Sterile surgical gloves (latex, polyisoprene, neoprene, PI underglove; "synthetic" demand rising) | Operating theatres | Synthetic demand drove FY26 Surgical +6.4% adjusted |
| ENCORE | Surgical gloves (value/mid-tier) | Hospitals | — |
| Other OR consumables | Operating-room consumables (detail n/d) | Hospitals | — |
| India surgical facility output | Greenfield surgical-glove plant (first Zero Liquid Discharge plant) — first production line operational in FY26 | Global surgical supply | FY26 |
Healthcare Segment — Cleanroom (formerly Life Sciences)
| Brand / product | Description | Target customer | Latest disclosed |
|---|---|---|---|
| BioClean (incl. Nitrile Sterile RABS/Isolator Gloves) | Sterile cleanroom gloves; SAL 10⁻⁶; ISO Class 4 / EU GMP Grade A/B; chemotherapy drug resistance tested to ASTM D6978-05; 100% water-leak tested | Sterile pharma, oncology drug manufacture, isolators/RABS | Case study: exclusive isolator glove supplier at a chemotherapy manufacturing site (FY26) |
| Kimtech cleanroom gloves (e.g., Kimtech G3 EVT Prime) | White nitrile glove for non-sterile cleanroom process control | Semiconductor, pharma, medical devices | FY26 NPD highlight |
| Kimtech cleanroom garments & consumables | Single-use cleanroom apparel, wipes/consumables | Pharma, biotech, semiconductors | Acquired Jul 2024 |
| Nitritex heritage cleanroom range | Clean and sterile gloves and consumables | Life sciences | Acquired 2017 |
Services and programs
| Offering | Description | Commercial model |
|---|---|---|
| AnsellGUARDIAN | On-site hand-safety and risk assessments, product trials and specification support | Value-added service (not separately priced, n/d) |
| RightCycle | Circular PPE recycling program (from KBU); 15th year; >3,600 tonnes diverted since inception; FY26: 290 sites, 254 end users, 531 tonnes diverted (+17%); now includes select MICROFLEX, TouchNTuff and AlphaTec coveralls | Program fees n/d |
| Technical/regulatory documentation support | 510(k), EU GMP Annex 1 documentation for cleanroom qualification | Embedded in sales |
Financial Narrative
Income statement
Sources: FY23/FY24/FY25/FY26 ASX releases; FY26 AR p.18. FY23 statutory profit derived from FY24 profit of US$76.5m and reported 48.8% decline; FY24 statutory NPAT per Simply Wall St/The Nightly (US$76.5m). Adjusted EBITDA derived as Net Debt ÷ disclosed Net Debt/Adjusted EBITDA (FY26 510.6/1.3; FY25 570.2/1.6) — approximate due to rounding of the ratio. FY24 Adjusted EPS excludes KBU equity-raising effects (would have been 1.6¢ lower). FY22 Adjusted EPS excludes Russia-exit items. Gross profit is not disclosed in the summary materials reviewed (Ansell reports GPADE — gross profit after distribution expenses — and disclosed a +70bps GPADE margin improvement in FY26); line item n/d.
Revenue CAGR: FY22–FY26 4-year CAGR ≈ 2.3% (derived); FY24–FY26 2-year CAGR ≈ 15.0% (acquisition-driven, derived).
Commentary — trends and inflections.
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Post-pandemic normalisation (FY22–FY24). Revenue fell ~17% from FY22 to FY24 as Healthcare customers destocked and Exam/SU pricing reset downward (Exam/SU −29.2% organic in FY23). Industrial grew organically every year (+4.3%, +3.3%), cushioning the decline. Adjusted EBIT margins remained remarkably stable at ~12–12.6%, evidencing cost discipline (APIP, below-target incentives in FY23).
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Inflection (FY25). KBU consolidation added roughly a quarter to revenue; organic growth returned (+7.7%) and Adjusted EBIT rose 44.3%, with margin expansion to 14.1%. Statutory profit was depressed by US$98.2m of Significant Items (APIP, KBU transaction/integration, class-action costs).
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Quality of earnings (FY26). Significant Items collapsed to US$1.4m net (ERP costs US$10.7m and class-action legal costs offset by a US$12.1m tariff-refund receivable), bringing statutory and adjusted EPS into near-alignment (146.0¢ vs 148.6¢). Management flags a net non-recurring benefit of 3.3¢ within Adjusted EPS (EBIT +US$6.2m) from tariff/Middle East price-cost timing net of a non-cash impairment of manufacturing assets — so "clean" FY26 Adjusted EPS is closer to ~145.3¢.
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FX. Underlying FX helped FY26 sales by US$46.6m and EBIT by US$8.6m, but a US$13.8m hedge loss (mainly EUR) made currency a net US$4.3m EBIT headwind. FY27 guidance assumes ~US$9m FX benefit from lower hedge losses.
Balance sheet
FY24 cash derived (FY25 net decrease in cash of US$680.0m added back to FY25 closing cash; ignores FX translation) — elevated due to KBU equity raising proceeds held at 30 June 2024 ahead of 1 July 2024 completion. Drawn debt average tenor ~5.5 years; 65% fixed-rate; average interest rate 4.7% (FY25: 4.4%). Liquidity: US$752.4m of cash and undrawn facilities at 30 June 2026.
Commentary. Intangibles of ~US$1.65bn (82% of equity) reflect decades of acquisitions, KBU being the largest; NTA is thin (US$336.6m). Leverage peaked on a pro-forma basis at 1.8x Net Debt/EBITDA at 30 June 2024 (target was <2.0x within 12 months of KBU completion), fell to 1.6x (FY25) and 1.3x (FY26) despite a US$118.4m buyback. Inventory fell US$83.5m (−14.3%) in FY26 through safety-stock optimisation; payables fell because FY25 year-end had been inflated by pre-tariff purchasing.
Cash flow
Ansell's company-defined "Operating Cash Flow" = net receipts from operations less net PP&E/intangible payments, lease repayments, net interest and tax — functionally a free-cash-flow measure before dividends, buybacks and M&A. FY25 investing outflow includes the US$635.1m KBU payment. FY26 dividends paid derived from FY25 final (28.0¢) and FY26 interim (26.6¢) on ~145m and ~143m shares respectively (DRP participation not netted). FY26 capex was guided at US$60–70m at the half year; FY26 actual capex category split: 50% base, 26% growth/expansion, 10% profit improvement, 14% other/sustainability. FY27 capex guided at US$45–55m.
Ratios
FY24 net debt/EBITDA is pro-forma for KBU. DSO approximated from year-end receivables ≈ 42 days (FY26, derived); inventory days not computable without COGS (n/d).
Ratio commentary. Returns remain modest in absolute terms (ROIC ~9–10%) because of the large goodwill base, but are rising: FY26 ROIC improved ~110bps on higher EBIT with flat capital employed. Balance-sheet capacity (1.3x leverage; ~7.9x interest cover) supports both the continuing buyback and bolt-on M&A.
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Segment Overview
| Segment | Contents | Sub-categories (FY26 share of segment sales) | Key brands |
|---|---|---|---|
Healthcare | Surgical gloves and OR consumables; single-use & examination gloves (healthcare, industrial, laboratory); cleanroom gloves, garments and consumables | Exam/Single Use 52%; Surgical and Healthcare Cleanroom make up the remaining 48% (the AR graphic lists 19% and 29% for these two sub-categories; label assignment is not unambiguous in the extracted text) | GAMMEX, ENCORE, MICROFLEX, TouchNTuff, Kimtech, BioClean, Nitritex |
Industrial | Mechanical hand protection (cut, impact, general handling); chemical hand and body protection; eye protection; "Others" | Mechanical 63%; Chemical 35%; Others 2% | HyFlex, Ringers, ActivArmr, EDGE, AlphaTec, KleenGuard |
Unallocated | Corporate costs not allocated to segments | — | — |
Revenue by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Healthcare revenue (USD Mn) | 1,189.9 | 904.2 | 834.2 | 1,104.7 | 1,192.9 |
Industrial revenue (USD Mn) | 762.3 | 750.9 | 785.1 | 898.6 | 947.3 |
Group revenue (USD Mn) | 1,952.1 | 1,655.1 | 1,619.3 | 2,003.3 | 2,140.2 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Healthcare Adjusted EBIT (USD Mn) | — | — | — | 141.9 | 170.7 |
Industrial Adjusted EBIT (USD Mn) | — | — | — | 155.5 | 170.6 |
Unallocated (USD Mn) | — | — | — | -15.3 | -19.4 |
Group Adjusted EBIT (USD Mn) | 245.1 | 206.3 | 195.5 | 282.1 | 321.9 |
Healthcare Adjusted EBIT margin (%) | — | — | — | 12.8 | 14.3 |
Industrial Adjusted EBIT margin (%) | — | — | — | 17.3 | 18.0 |
Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Healthcare reported sales growth (%) | -24.0 | -7.7 | 32.4 | 8.0 |
Industrial reported sales growth (%) | -1.5 | 4.6 | 14.5 | 5.4 |
Healthcare organic CC sales growth (%) | -20.7 | -8.0 | 9.4 | 6.4 |
Industrial organic CC sales growth (%) | 4.3 | 3.3 | 5.6 | 3.3 |
Healthcare % of group revenue | 54.6 | 51.5 | 55.1 | 55.7 |
Industrial % of group revenue | 45.4 | 48.5 | 44.9 | 44.3 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 1,952.1 | 1,655.1 | 1,619.3 | 2,003.3 | 2,140.2 |
Revenue growth reported (%) | -3.7 | -15.2 | -2.2 | 23.7 | 6.8 |
Organic CC revenue growth (%) | — | -11.0 | -2.9 | 7.7 | 5.0 |
Adjusted EBIT (USD Mn) | 245.1 | 206.3 | 195.5 | 282.1 | 321.9 |
Statutory EBIT (USD Mn) | — | — | — | 183.9 | 320.5 |
Adjusted EBIT margin (%) | 12.6 | 12.5 | 12.1 | 14.1 | 15.0 |
Adjusted EBITDA (USD Mn, derived) | — | — | — | 356 | 393 |
Net interest expense (USD Mn) | — | — | — | 40.0 | 40.9 |
Significant Items pre-tax (USD Mn) | — | — | — | -98.2 | -1.4 |
Statutory profit attributable (USD Mn) | — | 149.4 | 76.5 | 101.6 | 208.6 |
Adjusted profit attributable (USD Mn) | — | — | — | 183.3 | 212.3 |
Statutory EPS (US cents) | 125.2 | 117.5 | 59.4 | 69.9 | 146.0 |
Adjusted EPS (US cents) | 138.6 | 115.3 | 105.5 | 126.1 | 148.6 |
Dividend per share (US cents) | 55.45 | 45.90 | 38.40 | 50.20 | 68.10 |
Payout ratio of adjusted NPAT (%) | 40 | 40 | 40 | 40 | 45 |
Statutory net margin (%) | — | 9.0 | 4.7 | 5.1 | 9.7 |
Adjusted effective tax rate (%) | — | — | — | 23.5 | 24.1 |
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View Subscription PlansBalance Sheet and Per-Share Data
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Cash and short-term deposits (USD Mn) | 915 | 235.4 | 246.0 |
Interest-bearing liabilities (USD Mn) | — | 698.9 | 657.2 |
Lease liabilities (USD Mn) | — | 106.7 | 99.4 |
Net debt incl. leases (USD Mn) | — | 570.2 | 510.6 |
Total equity (USD Mn) | — | 1,982.7 | 2,022.1 |
Equity attributable to Ansell shareholders (USD Mn) | — | 1,963.6 | 1,991.2 |
Intangible assets incl. goodwill (USD Mn) | — | 1,655.5 | 1,654.6 |
Property, plant & equipment (USD Mn) | — | 377.2 | 376.0 |
Inventories (USD Mn) | — | 584.7 | 501.2 |
Trade receivables (USD Mn) | — | 212.4 | 249.0 |
Trade payables (USD Mn) | — | 238.9 | 217.8 |
Net working capital (USD Mn) | — | 558.2 | 532.4 |
Capital employed (USD Mn) | — | 2,552.9 | 2,532.7 |
Net tangible assets per share (USD) | — | 2.11 | 2.40 |
Cash Flow and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Net receipts from operations (USD Mn) | — | — | — | 278.1 | 441.1 |
Net cash from operating activities (USD Mn) | — | — | — | 239.3 | 388.6 |
Operating Cash Flow, company-defined (USD Mn) | 114.0 | 74.3 | 167.9 | 105.4 | 270.1 |
Cash conversion (%) | 90 | 80 | 131 | 91 | 113 |
Net capex (USD Mn) | — | — | 62.5 | — | — |
Net cash used in investing (USD Mn) | — | — | — | 703.3 | 59.3 |
Net cash used in financing (USD Mn) | — | — | — | 216.0 | 322.7 |
Share buybacks (USD Mn) | — | — | 30.0 | 0 | 118.4 |
Dividends paid (USD Mn, derived) | — | — | — | — | 79 |
APIP one-off cash costs (USD Mn) | — | — | 43.8 | — | 11 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
ROE statutory, avg equity (%, derived) | — | — | — | 10.4 |
ROE adjusted, avg equity (%, derived) | — | — | — | 10.6 |
ROIC adj. EBIT after tax / capital employed (%, derived) | — | — | 8.5 | 9.6 |
Net debt / Adjusted EBITDA (x) | 1.2 | 1.8 | 1.6 | 1.3 |
Interest coverage Adj. EBIT / net interest (x, derived) | — | — | 7.1 | 7.9 |
Gross debt incl. leases / equity (x, derived) | — | — | 0.41 | 0.37 |
Asset turnover sales / capital employed (x, derived) | — | — | 0.78 | 0.85 |
Inventory / sales (%, derived) | — | — | 29.2 | 23.4 |
Receivables within terms (%) | — | — | 94 | 94 |
Revenue by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
North America (USD Mn) | 904 | 872 | 733 | 674 | 917 |
EMEA (USD Mn) | 712 | 650 | 520 | 545 | 612 |
Asia Pacific excl. Australia (USD Mn) | 189 | 203 | 178 | 169 | 224 |
Latin America & Caribbean (USD Mn) | 134 | 156 | 170 | 181 | 198 |
Australia (USD Mn) | 87.8 | 70.1 | 54.8 | 50.7 | 52.8 |
Geographic Revenue
| Region | FY2023 growth (%) | FY2024 growth (%) | FY2025 growth (%) | FY2025 share (%) |
|---|---|---|---|---|
North America | -15.9 | -8.0 | 36.1 | 45.8 |
EMEA | -20.0 | 4.8 | 12.3 | 30.5 |
Asia Pacific excl. Australia | -12.3 | -5.1 | 32.5 | 11.2 |
Latin America & Caribbean | 9.0 | 6.5 | 9.4 | 9.9 |
Australia | -21.8 | -7.5 | 4.1 | 2.6 |
Capital Markets
| Measure | Value | Source / note |
|---|---|---|
Latest verified price | A$41.46–A$42.26 (Sep 2026) | InvestSMART |
2026 YTD | +17.9% (A$35.19 → A$41.46) | InvestSMART |
2026 range | A$25.05 – A$42.63 | InvestSMART |
1-year total shareholder return | +22.2% (at A$40.99, Aug 2026) | Simply Wall St |
90-day return to late Aug 2026 | +47.2% | Simply Wall St |
Event reactions | +~9% on FY24 result (Aug 2024); −7.2% at AGM (29 Oct 2025); −10.4% on CEO change (8 Jan 2026); ~+17% in week after FY26 result | Various |
Valuation Multiples
| Multiple | Ansell | Basis |
|---|---|---|
Market cap (USD Bn) | ~4.0 | derived |
Enterprise value (USD Bn) | ~4.5 | derived |
P/E trailing (adjusted EPS 148.6 US¢) | ~19x | derived |
P/E forward (FY27 guidance midpoint 164 US¢) | ~17x | derived |
EV/EBITDA trailing (Adj. EBITDA ~US$393m) | ~11.5x | derived |
EV/Sales trailing | ~2.1x | derived |
P/B | ~2.0x | derived |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Interim DPS (US cents) | — | 20.10 | 16.50 | 22.20 | 26.60 |
Final DPS (US cents) | — | 25.80 | 21.90 | 28.00 | 41.50 |
Total DPS (US cents) | 55.45 | 45.90 | 38.40 | 50.20 | 68.10 |
Buyback executed (USD Mn) | — | — | 30.0 | 0 | 118.4 |
Capital Markets — Moody's / S&P / Fitch
| Item | Detail |
|---|---|
Moody's / S&P / Fitch | No public credit rating identified — not publicly disclosed |
Debt instruments | Bank facilities and (historically) US private placement notes; current instrument mix n/d |
Interest-bearing liabilities | US$657.2m (30 Jun 2026) |
Average drawn tenor | ~5.5 years |
Fixed-rate share | 65% |
Average interest rate | 4.7% |
Maturity ladder by year | n/d in materials reviewed |
Analyst Conclusions
Management guidance (FY27)
Adjusted EPS of US158¢–170¢ (+6% to +14% on FY26's 148.6¢), with constant-currency sales growth from volumes and pricing, earnings growth from commercial excellence and operational-excellence productivity, ~US$9m FX benefit, ~US$43m net interest, 23.5–24.5% tax, ~US$15m Significant Items (ERP), and US$45–55m capex. Guidance excludes buyback accretion. Note that FY26 included a 3.3¢ net non-recurring benefit, so guidance implies ~9–17% growth on an underlying base of ~145¢.
Consensus expectations
Not verifiable; FY25 reporting showed consensus FY26 EPS of ~US$1.35 versus initial guidance of US$1.33–1.45 (Capital Brief), and Ansell subsequently delivered 148.6¢ — suggesting consensus has historically lagged management delivery.
Bull case
-
Structural mix shift is working. Healthcare EBIT +23.5% organic on +6.4% sales and Cleanroom +10% show KBU has lifted the earnings ceiling; Group Adj. EBIT margin of 15.0% is the highest in the five-year record and has room to grow as US$15m synergies and ERP savings land.
-
Capital return engine. Operating Cash Flow of US$270m (113% conversion) funded a US$118m buyback and debt reduction simultaneously; with leverage at 1.3x, ~US$80m+ of buyback capacity plus a 40–50% payout supports high-single-digit per-share compounding even with modest growth.
-
Demonstrated pricing power through two shocks. Full offset of US tariffs and Middle East cost inflation in a single year, plus potential further tariff refunds, indicates brand/specification moats that markets have historically under-appreciated for a "glove company."
Bear case
-
Leadership transition risk. A new CEO from consumer homewares, a new CFO from 1 September 2026, two board departures at the November AGM, and an upcoming ERP cutover in North America create concentrated execution risk in FY27.
-
Quality and cyclicality of the base. ~3.3¢ of FY26 EPS was non-recurring, ~US$15m of H2 sales was customer pre-buying, and Exam/SU (half of Healthcare) remains a commodity category; the FY22–FY24 experience (revenue −17%) shows how quickly earnings can compress.
-
Valuation has re-rated. At ~19x trailing and ~17x forward adjusted P/E and ~11.5x EV/EBITDA (derived) after a ~47% 90-day rally, the shares discount continued double-digit EPS growth; any input-cost or tariff re-escalation, or ROIC stuck below ~10%, leaves limited margin of safety.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 9 Nov 2026 | AGM: trading update, guidance reaffirmation/upgrade, board appointments to replace Desjardins and Reilly, remuneration vote |
| H2 CY2026 | Possible strategy/investor update from new CEO and CFO (unconfirmed) |
| FY27 | North America commercial ERP go-live — watch for service disruption |
| Feb 2027 | H1 FY27 results: volume growth ex-pricing; KBU synergy run-rate; Cleanroom trajectory |
| Ongoing | Tariff refund recoveries; US trade policy; Middle East input costs |
| Ongoing | Buyback pace and any renewal; M&A (bolt-ons in scientific/industrial) |
| Ongoing | Class action progress (trial/settlement) |
| Ongoing | Cyber incident follow-ups; supplier labour-rights audits |
Analyst verdict
Ansell enters FY27 in the strongest operational position of the post-pandemic era. The evidence is unambiguous on three fronts: the KBU acquisition has been integrated well and is lifting mix toward scientific cleanroom applications; productivity programs have delivered their stated US$50m on schedule; and pricing power has been proven against two exogenous cost shocks in a single year. FY26 produced record sales of US$2.14bn, a 15.0% Adjusted EBIT margin, 18.5% organic Adjusted EPS growth and a 113% cash conversion that simultaneously funded buybacks and deleveraging to 1.3x. The FY27 guidance range (158–170¢) appears conservatively framed, given that consensus has repeatedly trailed delivery and the guidance excludes buyback accretion.
The counterweights are real but largely transitional. The business is changing its CEO, its CFO and two long-tenured directors within a single twelve-month window, while undertaking the riskiest phase of its ERP program. Structural fragilities remain: half of Healthcare is commodity exam gloves, the manufacturing footprint is concentrated in Southeast Asia, and ROIC — at roughly 9–10% — is constrained by a goodwill-heavy balance sheet. The October 2025 cyber breach and the Mediceram labour case are reminders that governance of extended supply and IT chains is now a core competency, not a compliance afterthought. Valuation, at roughly 17x forward earnings after a sharp re-rating, prices in continued execution.
On balance, the investment case has shifted from "recovery" to "quality compounder in transition." The near-term debate centres on whether Ms Ahlström's commercial-excellence agenda can convert brand strength into faster volume growth without diluting the margin gains. Investors should treat the November 2026 AGM and any subsequent strategy update as the key tests, monitor H1 FY27 volume growth excluding pricing, and watch North America ERP execution closely. The fundamental trajectory is favourable; the risk/reward from current levels is balanced, with upside skew contingent on clean leadership and systems transitions.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / start | Prior roles & education |
|---|---|---|---|
Nathalie Ahlström | Managing Director & CEO | Joined 26 Jan 2026; CEO from 16 Feb 2026 | President & CEO Fiskars Group 2020–2025; executive roles at Fazer and Amcor; business development/sourcing at Huhtamaki; early career Pöyry Forest Industry; former board role Ahlstrom-Munksjö. MSc (Tech), Åbo Akademi. Age 52 (MarketScreener). Based in Brussels |
Erik Van den Enden | Chief Financial Officer | Appointed Jun 2026; effective 1 Sep 2026 | MBA, MGM, Ir.; described as seasoned CFO with strategy background; prior employers n/d in materials reviewed |
Fred Marx | Acting CFO (to 31 Aug 2026) | Acting from ~16 Apr 2026 | MBA, BS (Finance); US-based |
John Marsden | Chief Operations & Supply Chain Officer | n/d (MarketScreener indicates since 2019) | MEng; Malaysia-based |
Augusto Accorsi | Chief Commercial Officer, EMEA/APAC | — | MBA; Belgium-based |
Sean Sweeney | Chief Commercial Officer, Americas | — | BA, MT; US-based |
Rob Hughes | Chief Product & Marketing Officer | — | BBA; US-based |
Deanna Johnston | Chief Information Officer | n/d (led KBU integration) | BBA; US-based |
Charlotte Doll | Chief Human Resources Officer | — | BS; US-based |
Philippe Rommel | Chief Legal Officer | — | JD, LLM; Belgium-based |
Catherine Stribley | Company Secretary | Since Apr 2017 (joined 2010) | B.Com/LLB (Hons), FGIA |
Board of Directors
| Director | Role | Appointed | Independence | Committees | Background |
|---|---|---|---|---|---|
Nigel D Garrard | Chair | NED Mar 2020; Chair Oct 2023 | Independent | Chair Governance; Chair Share Buyback Sub-Cttee; HR; M&A Sub-Cttee | Ex-MD & CEO Orora (2013–2019); Chair ALS; NED Treasury Wine Estates |
Nathalie Ahlström | MD & CEO | Feb 2026 | Executive | — | See above |
Leslie A Desjardins | NED | Nov 2015 | Independent | Audit & Compliance; HR; Governance; M&A; Buyback | Ex-CFO Amcor; GM executive roles; retiring at 2026 AGM |
Debra L Goodin | NED | Dec 2022 | Independent | Chair Audit & Compliance; HR; Governance; Buyback | Chair Port of Melbourne; ex-Chair Atlas Arteria |
William G Reilly | NED | Oct 2017 | Independent | Sustainability & Risk; HR; Governance; M&A | Former Ansell General Counsel (2000s); not seeking re-election at 2026 AGM |
Christina M Stercken | NED | Oct 2017 | Independent | Chair Sustainability & Risk; Chair M&A Sub-Cttee; Audit; Governance | Ex-Siemens M&A; Landis+Gyr, TeamViewer boards |
Christine Y Yan | NED | Apr 2019 | Independent | Chair HR; Sustainability & Risk; Governance | Ex-Stanley Black & Decker; boards of onsemi, Modine, Cabot |
Randy Stone | NED | 1 Aug 2025 | Independent | Audit; Sustainability & Risk; Governance | Ex-Avantor and DuPont; CTS Corp board |
Jonas Samuelson | NED | 1 Mar 2026 | Independent | Audit; Governance | Ex-President & CEO Electrolux (2016–2025); boards of Volvo Cars, Perrigo, Axel Johnson |
Major Shareholders
| Holder category | Detail |
|---|---|
Director interests (AR, date of report) | Garrard 18,000; Desjardins 15,412; Goodin 7,798; Reilly 51,480; Stercken 15,186; Stone 747; Yan 17,675; Ahlström 0; Samuelson 0; Salmon 232,607 (at retirement) |
Aggregate insider ownership | <0.3% of issued capital (derived from director holdings ≈ 0.36m shares incl. Salmon / ~140m) |
Substantial-holder activity (2024–2026) | State Street Corporation (changes notified); Australian Retirement Trust (ceased Nov 2024); United Super Pty Ltd (Cbus) — 7,063,768 shares at 6 May 2026, ceased to be substantial on 12 Aug 2026 (7,007,939 shares, ≈5%); multiple "becoming/ceasing" notices Sep 2024–Feb 2026 (holders not all identifiable from listings reviewed) |
Top 10 institutional holders with stakes | Not publicly verifiable from materials reviewed. The FY26 AR "Shareholders" section (pp.165–167) lists the top 20 registered holders, which for ASX companies are typically custodial nominees (e.g., HSBC Custody Nominees, J P Morgan Nominees, Citicorp Nominees, BNP Paribas Nominees) rather than beneficial institutions. |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Positioning vs Ansell |
|---|---|---|
Top Glove (Malaysia) | Exam/SU | World's largest glove maker by volume; commodity cost leader; competes on price |
Hartalega (Malaysia) | Exam/SU (nitrile), some cleanroom | Low-cost high-automation nitrile; limited branded end-user specification |
Kossan Rubber (Malaysia) | Exam/SU, cleanroom | Volume nitrile/latex; cleanroom exposure |
Sri Trang Gloves (Thailand) | Exam/SU | Vertically integrated in natural rubber |
Mölnlycke Health Care (Sweden; Biogel) | Surgical gloves | Premium surgical competitor; strong in synthetic/indicator gloves |
Cardinal Health / Medline (US) | Surgical and exam (private label, distribution) | Distributor-manufacturers; channel power in US hospitals |
Owens & Minor (Halyard heritage) | Exam/surgical | US healthcare channel competitor |
Protective Industrial Products (PIP), incl. ex-Honeywell PPE assets | Mechanical, single-use, eye/body | Broad-line industrial PPE; Honeywell agreed to sell its PPE business to PIP in 2025 (reported) — consolidates a major rival |
3M | Eye, respiratory, body PPE | Broader PPE scope; limited glove overlap |
DuPont (Tyvek/Tychem) | Chemical/limited-use body protection, cleanroom garments | Material-science leader in garments |
Showa (Japan) | Mechanical, chemical, single-use (incl. biodegradable nitrile) | Innovation competitor in hand protection |
MAPA Professional (Hutchinson/TotalEnergies) | Chemical and mechanical gloves (Europe) | Strong EMEA chemical presence |
Lakeland Industries (US) | Chemical/fire protective clothing | Niche body-protection competitor |
Superior Glove, Mechanix Wear, Ejendals, uvex | Mechanical/specialty gloves | Regional and specialty competitors |
Contec, Valutek, Berkshire (cleanroom consumables) | Cleanroom | Niche cleanroom consumables competitors |
Competitor Detail
| Metric | Ansell (FY26) |
|---|---|
Revenue | US$2,140.2m |
Revenue growth | +6.8% reported / +5.0% organic |
EBIT margin | 15.0% adjusted |
Business model | Branded, specification-led, hybrid owned/outsourced |
