Ansell Limited

ANN.AX

Medical - Instruments & Supplies · Healthcare

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

Ansell Limited makes protective gloves, clothing, and other safety gear worn by people in hospitals, factories, and laboratories. Its main products include surgical gloves, exam gloves, and industrial protective suits sold to healthcare workers, manufacturers, and chemical handlers around the world. Ansell is one of the largest dedicated protective equipment companies globally, with well-known brands like GAMMEX and HyFlex.

Ansell earns money by selling its products directly to hospitals, distributors, and industrial companies, operating across two main segments: Health & Protection and Industrial & Protection. The company sells in over 55 countries, with significant revenue from North America, Europe, and Asia, and generates roughly $1.6 billion in annual sales. Its moat comes from strong brand recognition, regulatory certifications that take years to obtain, and deep customer relationships in safety-critical industries. The key risk is that demand for its healthcare gloves remains well below the spike seen during the COVID-19 pandemic, and the company must grow its industrial segment to offset that ongoing pressure.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-23.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$239M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Ansell Limited is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

40.8%

Healthy — 40.8% gross margin

Profit after running costs

Operating Margin

13.6%

Healthy — 13.6% operating margin

Return on the money invested

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

Profit growth

EPS YoY

+18.5%

Earnings growing fast (+18.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

174%

Turns 174% of profit into real cash

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.42

Conservative — low debt load (0.42)

Covers its interest

Interest Cover

5.01x

Adequate interest coverage (5.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

26.2x

no trend

Growth-priced — P/E 26.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.2 → 16.8)

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Dividends

Dividend

Dividend Yield

2.26%

no trend

Moderate income — 2.26% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+17.8%

no trend

Dividend growing fast (17.8% YoY)

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