Nine Australian companies have featured in Forbes Asia’s Best Under A Billion 2026, an annual list recognising outstanding small and mid-sized public companies across the Asia-Pacific region.
Now in its 25th year, Forbes Asia’s Best Under A Billion recognises companies with a track record of long-term sustainable performance across a variety of metrics. Selected from a pool of more than 19,000 publicly listed companies with annual sales between US$10 million and US$1 billion, this year’s cohort was assessed on financial metrics including revenue growth, earnings-per-share growth, return on equity and debt, alongside qualitative factors such as corporate governance and management quality.
Australia had nine companies on this year’s list, ranking ninth among the 17 countries and territories represented. That was down from 15 Australian companies in last year’s edition.
Here are the Australian companies featured on this year’s list:
Cogstate
Sales: US$53 million
Net income: US$10 million
Market value: US$342 million
Cogstate develops digital cognitive testing tools and electronic clinical outcome assessment (eCOA) solutions. The Australian company started in sports medicine and then expanded to work with pharmaceutical companies on clinical trials of new treatments. Cogstate, founded in 1999, is headquartered in Melbourne.
IPD Group
Sales: US$230 million
Net income: US$17 million
Market value: US$354 million
IPD Group supplies electrical and automation products as well as providing engineering services to the data center, EV charging, power generation and hospitality industries. Founded in 2005, IPD Group is headquartered in Wetherill Park, a Sydney suburb.
Metals X
Sales: US$184 million
Net income: US$67 million
Market value: US$862 million
Metals X of Australia is a tin miner and producer that owns a 50% stake in the Renison tin mine in Tasmania, one of the world’s largest with reserves of about 7.5 million metric tons. Founded in 2004, Metals X is headquartered in South Perth.
Pro Medicus
Sales: US$138 million
Net income: US$75 million
Market value: US$14 billion
Pro Medicus sells radiology software and services to hospitals, imaging centers and healthcare groups. Its products include radiology information systems and image archiving tools. Founded in 1983, the Richmond, Australia-based company has offices in Berlin and San Diego, California.
Smartgroup
Sales: US$212 million
Net income: US$51 million
Market value: US$1 billion
Sydney-based Smartgroup provides employee management services, including salary packaging and vehicle leasing. Founded in 1999, it served nearly 600,000 salary packaging customers and managed about 85,000 vehicle leases last year.
Supply Network
Sales: US$226 million
Net income: US$26 million
Market value: US$964 million
Supply Network owns Multispares, a distributor of replacement parts for trucks and buses in Australia and New Zealand. Founded in 1986, the company is headquartered in Pemulwuy, a Sydney suburb.
Technology One
Sales: US$385 million
Net income: US$89 million
Market value: US$7 billion
Brisbane-based Technology One provides cloud-based business software through a software-as-a-service model. Founded in 1987, it claims to have over 1,300 customers, including companies, government agencies and educational institutions.
Vita Life Sciences
Sales: US$60 million
Net income: US$7 million
Market value: US$94 million
Vita Life Sciences produces vitamins and dietary supplements. Its VitaHealth brand is sold in over 3,000 retailers across China and Southeast Asia, while its Herbs of Gold brand is available in Australia, China, Malaysia and Singapore. Founded in 1947, the company is headquartered in Kirrawee, a Sydney suburb.
Vysarn
Sales: US$69 million
Net income: US$7 million
Market value: US$350 million
Perth-based Vysarn provides water-related services, including drilling, water testing and hydrogeological consulting. Founded in 2007, its customers include mining companies, government agencies and property developers across Western Australia.
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