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Top Glove Corporation Bhd.

TGLVY
69
Medical - Instruments & Supplies · Healthcare
Price
$0.55
+0.00 (+0.00%)
Market Cap
$1.10B
Exchange
Other OTC
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 5, 2026 · filings through May 31, 2026

§How the score breaks down

Quality
Good
Growth
Strong
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong
Dividends
Mixed
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Share count rising — dilution

+20.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.01B (2021) → 2.43B (2025)

§Winston Score History

The full picture

Top Glove is a Malaysia-based company that makes rubber and synthetic gloves, primarily for healthcare workers, laboratories, and food-handling industries. It produces examination gloves, surgical gloves, and industrial gloves. The company is one of the world's largest glove manufacturers by volume.

Top Glove earns revenue by selling disposable gloves in bulk to hospitals, distributors, and businesses across more than 180 countries. Its scale and large production capacity give it a cost advantage over smaller competitors. The company saw enormous demand during the COVID-19 pandemic, but revenue and margins dropped sharply as demand normalized and competition increased. Going forward, long-term growth depends on rising global healthcare spending and hygiene awareness, but overcapacity in the glove industry and thin margins remain key risks.

Growth Profile

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

Revenue Growth

+31.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+134.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

0 MYR/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

38.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

778M MYR cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Top Glove Corporation Bhd. is growing revenue at 32% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
13.2%
Healthy — 13.2% operating margin
Return on the money invested
ROCE
4.5%
Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+12.8%
Fast-growing sales (+12.8% YoY)
Profit growth
EPS YoY
+192.5%
Earnings growing fast (+192.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
202%
Turns 202% of profit into real cash
Spare cash per sale
FCF Margin
7.2%
Modest free cash flow (7.2%)

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
0.17
Conservative — low debt load (0.17)
Covers its interest
Interest Cover
13.81x
Comfortably covers interest (13.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
27.0x
Growth-priced — P/E 27.0

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

Cheaper or dearer next year
P/E vs Forward
+6.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.0 → 20.8)

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Dividends

Dividend
Dividend Yield
3.40%
Moderate income — 3.40% yield

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

Dividend record
Dividend Growth
-68.6%
Dividend cut (-68.6% YoY) — warning sign

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