Company Reports

ALS' seasonally adjusted Australian mineral exploration expenditure rose 18% year on year in the June 2026 quarter, while drilling meters increased nearly 20% to the highest quarterly level since September 2021.

ALS is a global provider of analytical testing and inspection services. While dominating the fragmented Australian market and being a large global player in commodity and environmental testing, it is nonetheless trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

Materials testing specialist ALS reported a 24% increase in underlying fiscal 2026 NPAT to AUD 363 million. Revenue rose 11% to AUD 3.3 billion while the underlying EBITDA margin lifted by 9 basis points to 22.1%. The final dividend increased 17% to AUD 23.1 cents, franked to 30%.

Materials testing specialist ALS reports fiscal 2026 earnings on May 18, 2026. We forecast underlying NPAT of AUD 354 million, or AUD 0.70 EPS, a 15% increase on fiscal 2025. Our AUD 0.41 DPS forecast assumes an AUD 0.22 final and equates to a 2% yield at the current share price.

ALS is a global provider of analytical testing and inspection services. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is regardless trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

Materials testing specialist ALS reported a 19% increase in underlying first-half fiscal 2026 net profit after tax to AUD 170 million. Revenue rose 13% to AUD 1.7 billion, and the underlying EBITDA margin lifted by 18 basis points to 21.3%. Interim dividend rose 3% to AUD 19.4 cents, franked to 30%.

ALS is a global provider of analytical testing and inspection services. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is regardless trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

ALS is a global provider of analytical testing and inspection services. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is regardless trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

We revise a number of key assumptions important to our fair value estimate for materials testing specialist ALS. Key among these is a higher growth trajectory for the life sciences segment. We also reduce our weighted average cost of capital estimate.

ALS is a global provider of analytical testing and inspection services; it also has a small Australian-focused distribution business. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

Materials testing specialist ALS posted a 1% decline in underlying fiscal 2025 net profit after tax to AUD 293 million. It will raise up to AUD 390 million in a fully underwritten placement and share purchase plan to upgrade four major hub laboratories and maintain balance sheet flexibility.

Materials testing specialist ALS says there is no immediate and/or material impact on input costs as a direct result of the announced US tariffs. Based on unaudited results, underlying fiscal 2025 net profit after tax is expected to be AUD 310 million-AUD 313 million.

ALS is a global provider of analytical testing and inspection services; it also has a small Australian-focused distribution business. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

Materials testing specialist ALS Limited is due to report fiscal 2025 results on May 27, 2025. It has not changed guidance for modest improvement in underlying fiscal 2025 net profit after tax and dividends, and mid-single-digit percent organic revenue growth.

ALS is a global provider of analytical testing and inspection services; it also has a small Australian-focused distribution business. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

ALS is a global provider of analytical testing and inspection services; it also has a small Australian-focused distribution business. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.

Narrow-moat materials testing specialist ALS reported a 9% decline in underlying first-half fiscal 2025 net profit after tax to AUD 144 million, around 5% below our AUD 150 million forecast. We read no long-term implication from the miss due to higher-than-expected depreciation, up 21% to AUD 68 million. ALS had previously said that underlying NPAT was expected to be down by around 5% against the previous corresponding period.

Narrow-moat-rated ALS says its first-half fiscal 2025 underlying net profit after tax is expected to be down by around 5% compared with the previous corresponding period. The market views the materials testing specialist as a growth story and was not impressed with the implication. The shares were down as much as 11% on the open, though recovering during the day.

We upgrade ALS Limited’s moat rating to narrow from no moat, and accordingly, our fair value estimate rises by 12% to AUD 10.20 per share. We estimate returns on invested capital, including goodwill, will exceed its weighted average cost of capital for at least the next 10 years. The upgraded moat rating reflects our changed view on the competitive cost advantage of the core product testing functions. We think smaller competitors generally lack the scale to compete with larger players like ALS and its research and development, capital equipment investment, and capacity. ALS’ scale is sufficient to enable it to leverage its network of industry experts and testing sites to offer a broad service and to bid for larger contracts at lower cost than smaller rivals in a fragmented market.

ALS is a global provider of analytical testing and inspection services; it also has a small Australian-focused distribution business. While dominating the fragmented Australian market, and being a large global player in commodity and environmental testing, it is trumped by the majors, Bureau Veritas, SGS, and Intertek in nondestructive testing and inspection.