When considering geographic diversification, many investors' first instinct is to look at a company's headquarters. However, in today's globalized market, the origin of a company's earnings is frequently far more critical than its official domicile. Here are three ASX-listed stocks that can significantly enhance your international exposure.
Codan Ltd (ASX: CDA): A Global Earnings Powerhouse
Codan is an Australian technology firm renowned for its robust communications and electronics equipment, which serves government, corporate, NGO, and consumer markets worldwide. Its metal detector brand, Minelab, is widely regarded as the industry benchmark for both commercial and private prospecting activities.
The company maintains operations in over 150 countries across North America, Africa, Europe, and Asia, providing investors with access to a wide array of international markets.
Codan's share price surged to an all-time high in late January 2026, propelled by impressive growth and revenue figures from both its communications and metal detector segments. Its metal detector business alone expanded by 46% in the first half of FY26, with sales in Africa being a primary growth driver.
Although this rapid growth may moderate if gold prices continue their descent, the company's exposure to defense spending and its sterling reputation for quality are likely to sustain momentum within its communications division.
Furthermore, Codan maintains a low debt profile and adheres to a disciplined corporate strategy, creating an ideal foundation for sustained long-term expansion. In my view, Codan represents a sturdy investment for long-term investors seeking geographic diversity, even at its current valuation.
Ramsay Health Care Ltd (ASX: RHC): A Turnaround Play in a Resilient Market
While Ramsay has a substantial presence in Australia, its significant operations throughout Europe and the UK generate crucial global revenue streams within the sturdy healthcare sector.
In its home market, Ramsay stands as the largest private hospital operator. In the UK, it delivers similar services on a smaller scale, complemented by mental health services through its Elysium Healthcare subsidiary. The company also holds a controlling interest in Ramsay Santé, a European entity that provides healthcare across France, Sweden, Norway, Denmark, and Italy.
From a performance perspective, Ramsay currently represents a turnaround opportunity. Its share price has declined approximately 45% over the past five years, potentially signaling a loss of investor confidence. Nonetheless, the stock has gained about 9% in the last year, and some analysts argue it is undervalued, citing strong fundamentals, margin recovery, and revenue growth in Q1 FY2026.
This stock is an option worthy of consideration for investors aiming to diversify their portfolio with a value play in a market benefiting from long-term growth tailwinds.
Cochlear Ltd (ASX: COH): Local Success Story with Global Reach
Cochlear serves as a prime example of an ASX-listed company with an extensive international footprint. This Australian innovation is now a global leader in implantable hearing solutions. Although its headquarters remain in Sydney, the majority of its revenue is generated overseas.
Its most profitable market is the Americas. This is followed by its operations in Europe, the Middle East, Africa, and the Asia-Pacific region, endowing Cochlear with diverse global revenue streams and remarkable earnings resilience.
Historically, Cochlear's share price has been a model of solid and reliable performance. However, in 2025, it experienced a decline, starting the year around $300 per share and closing near $260. While the company continues to perform well, investors may be growing impatient with its relatively slow growth given its high valuation.
For those seeking an ASX stock with substantial global revenue, Cochlear remains an excellent choice. Given its track record of success and solid long-term prospects, the current share price weakness could present a buying opportunity.
