This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Austal Limited (ASX: ASB / OTC: AUTLF) is a major military shipbuilder. Its US subsidiary, Austal USA in Mobile, Alabama, is a prime contractor to the US Navy, having delivered 19 Independence-class Littoral Combat Ships and 15 Expeditionary Fast Transport (EPF) vessels. USA Shipbuilding revenue reached $1.098 billion in FY2025 (up from $854M in FY2024). In January 2024, the Navy awarded Austal an $867 million contract to design and build three Bethesda-class Expeditionary Medical Ships (EMS). The company also secured a $450 million contract from General Dynamics Electric Boat for shipyard infrastructure and a $150 million Navy contract for facility upgrades. Austal is listed in the SIPRI Top 100 arms-producing companies. The company's Australian operations also include naval shipbuilding under the Commonwealth Strategic Shipbuilding Agreement. Defense shipbuilding constitutes the overwhelming majority of Austal's revenue.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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