Top Glove Bhd (TGLVY) AI Stock Analysis

• Market Cap: $1.13B
• Dividend Yield: 0.65%
• Average Volume (3M): 2.26K
• Price to Earnings (P/E): 34.6
• Beta (1Y): -0.30
• Revenue Growth: 26.85%
• EPS Growth: 8150.00%
• Country: US
• Employees: 11,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): <0.01
• Shares Outstanding: 2,054,432,400
• 10 Day Avg. Volume: 5,160
• 30 Day Avg. Volume: 2,259
• PEG Ratio: -0.16
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 1.59
• P/FCF Ratio: 35.45
• Enterprise Value/Market Cap: 4.47
• Enterprise Value/Revenue: 1.41
• Enterprise Value/Gross Profit: 2.81
• Enterprise Value/Ebitda: 10.24
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $0.50 ▼(-17.17% Downside)
• Action: Reiterated Date: 03/22/26
• Date: Action: Reiterated 03/22/26

The score is driven primarily by improving fundamentals and a strong balance sheet that supports the recovery, but it is held back by a technically weak price trend (trading below key moving averages) and a valuation that looks elevated versus still-modest and recently volatile profitability.

Positive Factors

Diversified global product & channel mix

Top Glove's broad product range (latex, nitrile, synthetic) and global sales to healthcare, industrial, food and general hygiene markets provide durable demand diversification. This structural breadth supports stable volumes, cross-market pricing flexibility and better utilization through cycles over months to years.

Conservative balance sheet / low leverage

A low-debt capital structure gives Top Glove flexibility to absorb cyclical swings in glove demand, fund working capital or targeted capex, and avoid distress financing. Over a 2–6 month horizon this supports operational continuity and strategic optionality versus more highly levered peers.

Recovery to profitability and positive free cash flow

The return to net profitability and positive operating and free cash flow in the trailing twelve months shows underlying business recovery and improved cash generation. If sustained, this enhances self-funding for capex, stabilizes operations, and strengthens balance sheet resilience across the medium term.

Negative Factors

Volatile multi-year earnings

Top Glove's earnings have swung materially across recent years, reflecting demand swings and price volatility. Such profit volatility makes forecasting cash flows and margins difficult, complicates capital allocation and covenant planning, and raises execution risk over the next several quarters.

Inconsistent cash conversion

Although FCF turned positive in TTM, conversion remains inconsistent and historically weak. Earnings that do not reliably convert to cash limit durable dividend capacity, constrain reinvestment without new financing, and increase sensitivity to working-capital swings over the medium term.

High exposure to commodity and input cost swings

Margins are structurally exposed to volatile input costs (rubber, nitrile, chemicals, energy) and logistics/FX. Without strong pricing power or hedging, sustained input cost inflation can compress margins and profitability durability, posing a persistent risk to operating performance over months.

Top Glove Bhd Business Overview & Revenue Model

Company Description

Top Glove Bhd (TGLVY) is a leading global manufacturer of disposable rubber gloves, headquartered in Malaysia. Established in 1991, the company operates primarily in the healthcare and industrial sectors, producing a wide range of gloves including latex, nitrile, and vinyl gloves. Top Glove serves various markets, including medical, dental, and food industries, and has expanded its product offerings to include other personal protective equipment (PPE) and ancillary products, positioning itself as a key player in the global healthcare supply chain.

How the Company Makes Money

Top Glove makes money primarily by manufacturing and selling disposable gloves to customers worldwide. Revenue is generated from (1) product sales across different glove categories (e.g., nitrile and natural rubber/latex gloves) and use-cases (medical and non-medical/industrial), typically priced per carton/case or per unit under customer purchase orders and supply agreements; (2) geographic and channel mix, where the company sells to a range of buyers such as healthcare distributors, hospitals and procurement groups, industrial distributors, retailers/brand owners, and other institutional customers, using direct sales teams and third-party distributors depending on market; and (3) value/volume mix, where earnings are influenced by demand levels and average selling prices, and by the company’s ability to run high plant utilization and manage unit costs. Profitability is materially affected by input and operating factors typical for glove manufacturing—raw materials (e.g., nitrile butadiene rubber and natural rubber latex), chemicals, packaging, energy, labor, logistics, and foreign exchange—as well as regulatory compliance requirements for medical gloves and customer qualification processes. Specific details on significant partnerships are not available: null.

Top Glove Bhd Financial Statement Overview

Summary

Financials show an early-stage recovery: TTM returned to profitability with improved revenue growth versus the last two annual periods, and operating/free cash flow turned positive. Strength is supported by a conservatively levered balance sheet, but profitability remains modest and results have been volatile across the cycle, with cash-flow durability still being re-established.

Income Statement

TTM (Trailing-Twelve-Months) results show a clear rebound back to profitability, with positive operating profit and net income and improved revenue growth versus the last two annual periods. Profitability is still modest (low single-digit net margin), and the multi-year pattern is volatile—following very strong 2021 results, the company saw a steep revenue drop and losses in 2023–2024 before recovering in 2025 and TTM.

Balance Sheet

The balance sheet remains a key strength: leverage is low with debt at well under a quarter of equity in both annual and TTM periods, giving the company flexibility through industry cycles. Equity has been relatively stable despite earnings volatility, but returns on equity are currently low (low single digits in TTM/2025), reflecting that profitability has not yet fully normalized versus the asset/equity base.

Cash Flow

Cash generation has improved materially in TTM (Trailing-Twelve-Months), with positive operating cash flow and positive free cash flow, and free cash flow growth accelerating versus 2025. That said, cash conversion is not yet consistently strong (free cash flow running below net income in TTM), and the prior two annual periods showed weak-to-negative free cash flow, highlighting that cash flow durability is still being re-established.

Breakdown	TTM	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	3.58B	3.49B	2.51B	2.26B	5.57B	16.36B
Gross Profit	1.80B	89.01M	265.32M	64.32M	953.38M	11.10B
EBITDA	493.50M	455.66M	266.09M	-544.66M	711.00M	10.35B
Net Income	141.67M	132.18M	-18.27M	-878.61M	275.73M	7.76B
Balance Sheet
Total Assets	6.32B	6.27B	6.96B	7.06B	8.12B	9.78B
Cash, Cash Equivalents and Short-Term Investments	684.06M	560.67M	933.23M	942.82M	946.75M	2.51B
Total Debt	857.67M	849.86M	422.09M	581.85M	417.07M	482.38M
Total Liabilities	1.55B	1.49B	1.12B	1.14B	1.32B	2.56B
Stockholders Equity	4.74B	4.76B	5.81B	5.89B	6.75B	7.17B
Cash Flow
Free Cash Flow	247.40M	156.31M	-122.54M	-244.10M	-774.72M	6.49B
Operating Cash Flow	351.73M	300.16M	20.70M	121.04M	178.81M	7.83B
Investing Cash Flow	82.52M	450.90M	247.46M	-383.26M	132.42M	-1.25B
Financing Cash Flow	-414.87M	-803.47M	-181.66M	94.75M	-740.35M	-6.90B

Top Glove Bhd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TGLVY, the sentiment is Negative. The current price of 0.6 is above the 20-day moving average (MA) of 0.57, above the 50-day MA of 0.56, and above the 200-day MA of 0.58, indicating a bearish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 31.91 is Neutral, neither overbought nor oversold. The STOCH value of 38.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TGLVY.

Top Glove Bhd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COO	69 Neutral	$13.65B	30.60	4.83%	―	5.06%	-4.47%
BDX	68 Neutral	$43.89B	28.46	6.93%	2.13%	8.23%	-2.04%
ATR	65 Neutral	$7.79B	20.41	14.67%	1.50%	2.50%	25.05%
TGLVY	59 Neutral	$1.13B	34.63	3.01%	0.65%	26.85%	8150.00%
ICUI	57 Neutral	$3.10B	4,802.44	0.04%	―	-0.81%	93.27%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BAX	46 Neutral	$8.31B	-10.24	-13.78%	2.75%	-21.20%	-325.40%