Global Penny Stocks To Watch In October 2026

Global markets have experienced a mix of volatility and growth, with major indices showing varied performance amid geopolitical tensions and economic shifts. In this context, the concept of penny stocks—often associated with smaller or newer companies—remains relevant for investors seeking potential growth opportunities. While the term may seem outdated, these stocks can still offer significant returns when backed by strong financial health. Let's explore several penny stocks that stand out for their financial strength and potential to provide outsized gains.

Let's uncover some gems from our specialized screener.

Al Waha Capital PJSC (ADX:WAHA)

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: Al Waha Capital PJSC, formerly Oasis International Leasing Company P.J.S.C, is a private equity firm specializing in emerging markets and growth investments with a market cap of AED3.88 billion.

Operations: The company's revenue is primarily derived from its Public Markets segment, which generated AED879.28 million, followed by Private Investments (Excluding Waha Land) at AED443.10 million, and Corporate at AED4.85 million.

Market Cap: AED3.88B

Al Waha Capital PJSC has demonstrated strong financial performance with significant earnings growth of 196.3% over the past year, driven largely by a substantial one-off gain of AED333.3 million. Its net income for the second quarter increased to AED280.82 million, indicating robust profitability despite a slight dip in revenue compared to the previous year. The company maintains a stable debt position with a satisfactory net debt to equity ratio of 4.2%, and its interest payments are well covered by EBIT at 14.4 times coverage. However, short-term assets do not cover long-term liabilities, suggesting potential liquidity concerns in the future.

• Click here and access our complete financial health analysis report to understand the dynamics of Al Waha Capital PJSC.
• Gain insights into Al Waha Capital PJSC's historical outcomes by reviewing our past performance report.

Fuan Pharmaceutical (Group) (SZSE:300194)

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Fuan Pharmaceutical (Group) Co., Ltd. engages in the research, development, production, and sale of chemical drugs both in China and internationally, with a market cap of CN¥4.79 billion.

Operations: The company generates revenue of CN¥1.66 billion from its pharmaceutical industry segment.

Market Cap: CN¥4.79B

Fuan Pharmaceutical (Group) Co., Ltd. has shown mixed financial performance recently. The company reported a decrease in revenue to CN¥839.3 million for the first half of 2026, down from CN¥920.51 million the previous year, with net income also declining to CN¥95.77 million from CN¥113.12 million. Despite these challenges, Fuan's short-term assets significantly exceed both its short and long-term liabilities, indicating strong liquidity management. Its debt is well covered by operating cash flow and it has reduced its debt-to-equity ratio over five years, though profit margins have contracted due to a large one-off loss impacting recent results.

• Unlock comprehensive insights into our analysis of Fuan Pharmaceutical (Group) stock in this financial health report.
• Examine Fuan Pharmaceutical (Group)'s past performance report to understand how it has performed in prior years.

Oil Refineries (TASE:ORL)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Oil Refineries Ltd. produces and sells finished petroleum products, intermediate products, and aromatics across Israel, Asia, Europe, and internationally with a market cap of ₪6.44 billion.

Operations: The company's revenue is primarily derived from its refining segment, which accounts for $7.06 billion, followed by the polymers segment contributing $626 million.

Market Cap: ₪6.44B

Oil Refineries Ltd. has shown significant financial improvement, reporting a net income of US$263 million for Q2 2026, reversing a net loss from the previous year. This profitability comes despite a declining earnings trend over five years and reliance on one-off gains impacting recent results. The company's short-term assets exceed its liabilities, suggesting sound liquidity management. However, its interest coverage is below optimal levels at 2.7x EBIT, and the net debt-to-equity ratio remains high at 43.5%. Trading below estimated fair value by 23%, Oil Refineries continues to navigate its financial challenges while maintaining dividend payouts.

• Jump into the full analysis health report here for a deeper understanding of Oil Refineries.
• Assess Oil Refineries' previous results with our detailed historical performance reports.

Summing It All Up

• Jump into our full catalog of 3,520 Global Penny Stocks here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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