Stealth Global's Record Growth
Stealth Global Reports Record FY2026 Sales and Soaring Profit After HBT Acquisition
Key Points
Since acquiring Hardware & Building Traders (HBT) in November 2025, Stealth has expanded its network to more than 1,200 locations, adding 1,165 stores; the supplier base grew by about 490 to over 1,300, and product categories increased from 13 to 29.
FY27 is expected to show strong momentum with run-rate sales above $265 million (a ~56% uplift on FY26 if fully commenced), and more than $100 million in new annualised sales secured to start in the first half of FY27.
Statutory margins improved: EBITDA as a percentage of sales reached 8.7%, NPAT margin rose to 3.5%, with gearing at 12.6% and net debt to EBITDA of 0.5x (the lowest leverage in five years).
Stealth has formalised ASX-compliant governance, with the corporate governance statement current as of August 2026 and a lodged Appendix 4G; governance materials cover board charters, director appointments, and accountability of the company secretary.
FY2026 saw distribution acceleration with Stealth launching on Woolworths, JB Hi-Fi and Amazon marketplaces, expanding its product reach alongside the HBT integration.
Stealth Global Holdings (ASX: SGI) posted record FY2026 results, with sales hitting $165.1 million and net profit after tax surging 86.3% to $5.8 million, according to Kalkine. The performance was driven by the November 2025 acquisition of Hardware & Building Traders (HBT) for $22 million, which more than tripled Stealth's store network to over 1,200 locations overnight.
TipRanks noted the stock experienced sharp volatility following the results, which included a successful oversubscribed capital raise. Analysts are watching closely, with Buy ratings and price targets around A$1.60 reflecting confidence in Stealth's bold $500 million sales target by FY2028.
HBT Deal Transforms Stealth Into a National Powerhouse
The $22 million HBT acquisition closed in November 2025 and immediately reshaped Stealth's footprint. The company added 1,165 stores, pushing its network past 1,200 locations. Its supplier base grew by roughly 490 to more than 1,300 suppliers. Product categories jumped from 13 to 29, according to Kalkine.
Integration moved quickly. Stealth delivered centralised billing and unified procurement within months. The deal also broadened Stealth's addressable market to around $120 billion. Management described the HBT purchase as a turning point for the business, unlocking scale that was previously out of reach for an independent distributor.
Margins Strengthen as Debt Falls to Five-Year Low
Stealth's statutory EBITDA rose 46.2% to $14.4 million in FY2026, while statutory revenue climbed 3.0% to $146.0 million, up from $141.7 million a year earlier, per Kalkine. The EBITDA margin reached 8.7% of sales, and the NPAT margin improved to 3.5%.
The company's cash balance surged 122.5% to $32.1 million. Gearing fell to 12.6%, and net debt sat at just 0.5 times EBITDA — the lowest leverage ratio in five years. Stealth declared a final dividend of 1.5 cents per share, fully franked, rewarding shareholders after years of investment in growth.
$500 Million FY2028 Target Backed by Early FY27 Momentum
Stealth is aiming for $500 million in sales by FY2028 — a target that would represent a tripling of FY2026 revenue. Management backed the ambition with hard numbers. Run-rate sales for FY27 are already above $265 million, a roughly 56% uplift on FY2026, according to Kalkine.
More than $100 million in new annualised sales has been secured to kick off the first half of FY27. A further $130 million in opportunities is in the pipeline for the full year. Stealth also launched on Woolworths, JB Hi-Fi, and Amazon marketplaces in FY2026, adding new digital channels alongside its physical network expansion.
Governance Updated and Analysts Back the Growth Story
Stealth formalised its ASX-compliant governance structure in August 2026, lodging an Appendix 4G and publishing an updated corporate governance statement. The documents cover board charters, director appointments, and company secretary accountability, signalling a maturing corporate structure to match its expanded size.
TipRanks reported that analyst sentiment remains firmly positive, with Buy ratings and price targets near A$1.60. The combination of record profits, a debt-light balance sheet, and a clear path to $500 million in sales has given investors reason to stay bullish heading into FY2027.
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