S&P/ASX 200 Index (ASX: XJO) dividend stock ALS Ltd (ASX: ALQ) has a lengthy track record of outperforming the benchmark index.
In late morning trade on Friday, shares are up 0.1%, changing hands for $16.45 apiece.
If you're not familiar with ALS, the testing services company provides environmental monitoring, food and pharmaceutical quality assurance, mining and mineral exploration and commodity certification.
As for the length track record of outperformance, over the past five years the ALS share price is up 127%, easily outpacing the five-year 42% gains posted by the ASX 200.
Over the past 12 months, the ALS share price has gained 12.9%, again beating the 9.3% gains delivered by the benchmark index.
As for 2025, shares in the ASX 200 dividend stock are up 8.2% compared to the 4.2% gains posted by benchmark index.
And we haven't included the passive income the company has returned to shareholders.
Over the past year, ALS had paid out 38.6 cents a share in partly franked dividends. That sees the testing services company trading on a 2.4% trailing dividend yield.
Now, here's why the analysts over at Macquarie Group Ltd (ASX: MQG) forecast another year of outperformance ahead for ALS shares.
ASX 200 dividend stock tipped to outperform
In a new research report released on Wednesday, Macquarie forecast that ALS will deliver 12% compound annual earnings per share (EPS) growth over the next three years.
The broker noted that this "compares favourably to market & peers".
Macquarie also pointed to the successful $350 million capital raise conducted by the ASX 200 dividend stock in late May.
The analysts said the money will be used to fund four organic lab capacity expansions at a cost of $230 million. It also bolsters ALS' balance sheet capacity by $120 million "to support future bolt-on growth initiatives".
Macquarie added the ALS provides FY 2026 building blocks include 5% to 7% organic revenue growth guidance, up from 4.9% in FY 2025.
And while ALS trades at 5% premium to its global peers, Macquarie said it has also done so in prior minerals up-cycles.
Adding the dots, the broker maintained its outperform rating on the ASX 200 dividend stock with an $18.20 12-month price target.
That represents a potential upside of 10.9% from current levels, not including the two upcoming dividend payouts.
While it's too early to guess what kind of returns the ASX 200 will deliver over the next 12 months, it could well mean another year of outperformance ahead for ALS shares.
