ALS (ALQ) AI Stock Analysis

• Market Cap: AU$12.11B
• Dividend Yield: 1.75%
• Average Volume (3M): 1.43M
• Price to Earnings (P/E): 43.3
• Beta (1Y): 0.89
• Revenue Growth: 18.18%
• EPS Growth: 4272.22%
• Country: AU
• Employees: 19,565
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): 0.35
• Shares Outstanding: 507,542,540
• 10 Day Avg. Volume: 1,514,219
• 30 Day Avg. Volume: 1,429,263
• PEG Ratio: 0.02
• Price to Book (P/B): 5.83
• Price to Sales (P/S): 2.49
• P/FCF Ratio: 30.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$22.83
• Price Target Upside: -4.30% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: AU$25.00 ▲(4.78% Upside)

ALS's strong financial performance is the most significant factor, supported by robust revenue growth and profitability. Technical analysis indicates a bullish trend, though caution is advised due to overbought signals. The valuation suggests the stock may be overvalued, which slightly offsets the positive financial and technical outlook.

Positive Factors

Revenue & Profitability

Consistent revenue growth and higher net margins indicate durable demand and improving operational control. High gross margins imply strong pricing or low direct costs in lab services, supporting sustainable profitability across commodity and environmental cycles over the medium term.

Cash Generation

Positive free cash flow growth and healthy operating cash flow relative to earnings provide steady internal funding for capex, working capital and strategic initiatives. Reliable cash generation strengthens resilience across commodity cycles and supports long-term investment flexibility.

Diversified TIC Business Model

A global laboratory and field-services footprint across mining, environmental and specialized testing creates recurring compliance revenue and project work. Cross-industry exposure and multiple end-markets reduce single-cycle dependence and support steadier long-term demand.

Negative Factors

Elevated Leverage

Although leverage has improved, a relatively high debt load increases fixed obligations and limits financial flexibility. In a prolonged slowdown or rising rates environment, higher leverage can constrain capital allocation, acquisitions, or dividend policy over the medium term.

Cash Conversion Efficiency

Modest free cash flow growth versus earnings gains suggests working capital demands or capex are limiting cash conversion. Persistently weak conversion reduces available internal funding for growth or returns and may necessitate external financing, raising long-term risk.

Operational Margin Pressure

A decline in EBIT margin signals rising operating costs or constrained pricing. If cost pressures persist—from labor, inputs or logistics—this can erode operating leverage and long-term return on sales, making sustained margin recovery critical for durable profitability.

ALS Business Overview & Revenue Model

Company Description

ALS Limited provides professional technical services primarily in the areas of testing, measurement, and inspection in Africa, Asia/Pacific, Europe, the Middle East, North Africa, and the Americas. The company operates through three segments: Life Sciences, Commodities, and Industrial. The Commodities segment offers assaying and analytical testing, and metallurgical services for the mining and mineral exploration companies in geochemistry, metallurgy, inspection, and coal quality streams. Its testing and consulting services cover the resource life cycle, including exploration, feasibility, optimization, production, design, development, trade, and rehabilitation. This segment also provides coal sampling, analysis and certification, formation evaluation, and related analytical testing services. The Life Sciences segment offers analytical testing and sampling, and remote monitoring services for the environmental, food, pharmaceutical, and consumer products markets; and microbiological, physical, and chemical testing services. This segment also provides analytical testing data to assist consulting and engineering firms, industries, and governments. The Industrial segment offers diagnostic testing and engineering solutions for the energy, resources, transportation, and infrastructure sectors. This segment serves asset owners, operators, constructors, and equipment manufacturers in the power, petrochemical, mining, minerals processing, water, infrastructure, and transportation industries. The company was formerly known as Campbell Brothers Limited and changed its name to ALS Limited in August 2012. ALS Limited was founded in 1863 and is headquartered in Milton, Australia.

How the Company Makes Money

ALS generates revenue through a diversified model that includes several key streams. Primarily, it earns money from laboratory testing services, where clients pay for the analysis of samples related to soil, water, air, and food safety. Additionally, the company provides inspection and certification services, which involve auditing and validating compliance with industry standards. ALS also offers technical consulting and advisory services, helping clients navigate regulatory frameworks and optimize their operations. Strategic partnerships with various industries enhance its service offerings and expand its client base, contributing to stable revenue growth. Seasonal fluctuations in demand for certain services can impact earnings, but the company's broad portfolio helps mitigate risks associated with specific market trends.

ALS Financial Statement Overview

Summary

ALS exhibits robust financial health with strong revenue growth and profitability. The balance sheet shows improved leverage, though it remains a point of attention. Cash flow generation is solid, supporting the company's operational and strategic initiatives.

Income Statement

ALS has demonstrated strong revenue growth with a 10.95% increase in the latest year, supported by a high gross profit margin of 89.80%. The net profit margin improved significantly to 8.54%, indicating enhanced profitability. However, the EBIT margin slightly decreased, suggesting some operational cost pressures.

Balance Sheet

The company's debt-to-equity ratio has improved, indicating better leverage management, but remains relatively high. Return on equity is strong at 21.30%, reflecting efficient use of equity. The equity ratio is stable, suggesting a balanced asset structure.

Cash Flow

ALS has shown positive free cash flow growth of 4.58%, and the operating cash flow to net income ratio is healthy, indicating good cash generation relative to earnings. However, the free cash flow to net income ratio suggests room for improvement in cash conversion efficiency.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.19B	3.00B	2.46B	2.28B	1.95B	1.76B
Gross Profit	810.60M	2.69B	2.19B	828.60M	693.90M	561.70M
EBITDA	678.20M	675.00M	641.40M	591.30M	439.10M	415.40M
Net Income	271.10M	256.20M	12.90M	291.20M	190.50M	169.60M
Balance Sheet
Total Assets	4.11B	4.06B	3.70B	3.33B	2.84B	2.48B
Cash, Cash Equivalents and Short-Term Investments	211.20M	268.00M	299.90M	179.60M	122.80M	168.60M
Total Debt	1.76B	2.09B	1.87B	1.45B	1.24B	967.70M
Total Liabilities	2.43B	2.77B	2.50B	1.95B	1.71B	1.40B
Stockholders Equity	1.68B	1.28B	1.18B	1.37B	1.12B	1.07B
Cash Flow
Free Cash Flow	194.00M	244.60M	198.40M	293.80M	167.90M	184.70M
Operating Cash Flow	441.80M	409.60M	350.10M	439.90M	286.80M	265.80M
Investing Cash Flow	-253.50M	-327.70M	-226.80M	-267.00M	-405.90M	-120.50M
Financing Cash Flow	-251.40M	-120.00M	-3.10M	-121.20M	77.40M	-379.90M

ALS Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.86
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ALQ, the sentiment is Positive. The current price of 23.86 is above the 20-day moving average (MA) of 22.41, above the 50-day MA of 21.93, and above the 200-day MA of 18.99, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 75.66 is Negative, neither overbought nor oversold. The STOCH value of 87.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ALQ.

ALS Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VNT	73 Outperform	AU$5.26B	21.40	42.87%	3.56%	1.48%	25.46%
ALQ	66 Neutral	AU$12.11B	43.31	18.38%	1.75%	18.18%	4272.22%
MND	65 Neutral	AU$3.00B	35.28	17.57%	2.65%	7.20%	32.60%
DOW	64 Neutral	€5.39B	39.99	6.66%	3.11%	-4.53%	97.67%
MGH	64 Neutral	AU$2.04B	26.96	9.26%	1.30%	15.14%	-7.23%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NWH	56 Neutral	AU$2.58B	92.74	4.71%	3.20%	12.18%	-73.81%

ALS Corporate Events

ALS Issues New Unquoted Performance Rights Under Employee Incentive Scheme

ALS Limited has notified the market of the issue of 6,068 unquoted performance rights under its employee incentive scheme, which are not intended to be quoted on the ASX. The new securities, to be issued on 29 October 2025, underscore the company’s ongoing use of equity-based remuneration to align employee interests with shareholders, modestly increasing its pool of unquoted incentive securities without affecting its quoted share capital.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$26.00 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Announces Lapse of 27,926 Performance Rights

ALS Limited has disclosed that 27,926 performance rights (ASX code: ALQAA) have lapsed after the conditional rights to securities failed to meet, or became incapable of meeting, the required vesting conditions. The cessation of these securities, effective 24 November 2025, modestly reduces the company’s pool of potential equity-based incentives, signalling that certain performance hurdles tied to these rights were not achieved and slightly tightening the company’s issued capital profile.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$26.00 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Announces Quotation of New Securities

ALS Limited has announced an application for the quotation of 342,915 fully paid ordinary securities under the ASX code ALQ, issued through a dividend or distribution plan on December 17, 2025. This move underscores the company’s proactive steps towards enhancing shareholder value and capital operations, reflecting its commitment to maintaining robust financial strategies within the market landscape.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$26.00 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Updates Dividend Distribution with DRP Price Calculation

ALS Limited has announced an update to its previous dividend distribution announcement, specifying that the Dividend Reinvestment Plan (DRP) price has been calculated. The dividend, which pertains to a six-month period ending on September 30, 2025, will be paid as a cash payment directly credited to shareholders’ nominated bank accounts. This update reflects ALS Limited’s continued commitment to providing shareholder value and maintaining transparent communication with its stakeholders.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$26.00 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Announces Interim Dividend and DRP Details

ALS Limited has announced a partially franked interim dividend of 19.4 cents per share, payable on 17 December 2025, for shareholders registered by 27 November 2025. The dividend reinvestment plan will allocate shares at $21.97, based on the average share price from early December, with new shares issued to participants, potentially impacting shareholder value and market perception positively.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$26.00 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Director Adjusts Shareholding for Tax Obligations

ALS Limited announced a change in the interest of its director, Malcolm Deane, who disposed of 7,356 ordinary shares through an on-market trade to meet taxation obligations. This transaction reduced Deane’s holding to 63,376 ordinary shares, while his performance and service rights remained unchanged. The disposal of shares is a routine adjustment for tax purposes and does not indicate any strategic shift or operational change within the company.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$26.00 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Announces H1 FY26 Financial Results and Reporting Changes

ALS Limited has released its H1 FY26 financial results for the six months ending September 30, 2025. The company has announced a reclassification of specific amounts in its financial reporting to provide a clearer representation of its core operating performance, starting in H2 FY26. This change aims to simplify the understanding of its financial results and enhance transparency for stakeholders.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$23.50 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Reports Strong H1 FY26 Performance with Notable Growth in Commodities

ALS reported a strong financial performance for the first half of the fiscal year 2026, with a 14.7% increase in underlying EBIT and a 13.3% rise in revenue, driven by robust growth in the commodities sector. The company maintained resilient margins despite price discounting in previous quarters and achieved significant organic growth in its minerals and life sciences segments. ALS’s strategic capital deployment and balance sheet strength position it well for continued growth, with a declared interim dividend reflecting confidence in its financial health.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$23.50 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Announces Dividend Distribution for Shareholders

ALS Limited has announced a dividend distribution of AUD 0.194 per share for its ordinary fully paid shares, covering the six-month period ending September 30, 2025. The dividend will be paid on December 17, 2025, with an ex-date of November 26, 2025, and a record date of November 27, 2025, reflecting the company’s ongoing commitment to returning value to shareholders.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$23.50 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Releases Interim Financial Report for 2025

ALS Limited has released its condensed interim financial report for the half year ending 30 September 2025. The report provides a comprehensive overview of the company’s financial performance, including profit and loss, balance sheet, and cash flow statements. This release is crucial for stakeholders as it offers insights into the company’s operational efficiency and financial health during the period.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$23.50 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Addresses ASX Compliance Query on Performance Rights Lodgement

ALS Limited addressed a query from the ASX regarding the late lodgement of performance rights granted to Mr. Malcolm Deane. The company attributed the delay to human error within its Corporate Governance team and confirmed that necessary compliance procedures are in place. ALS has reviewed and enhanced its processes, embedding key regulatory obligations into new software and providing training to ensure future compliance. The company emphasizes its commitment to regulatory adherence and does not see the need for additional steps beyond enforcing existing protocols.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$23.50 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.

ALS Limited Announces Director’s Acquisition of Performance Rights

ALS Limited announced a change in the director’s interest, with Malcolm Deane acquiring 146,884 Performance Rights under the company’s 2025 Long-Term Incentive Plan, following shareholder approval at the 2025 AGM. This acquisition increases Deane’s total holdings and reflects ALS’s commitment to aligning executive interests with company performance, potentially impacting stakeholder confidence and the company’s market positioning.

The most recent analyst rating on (AU:ALQ) stock is a Buy with a A$23.50 price target. To see the full list of analyst forecasts on ALS stock, see the AU:ALQ Stock Forecast page.