GSKNYSEPharmaceutical PreparationsAlso trades as GLAXF
GSK plc
Financials through fiscal 2025, year ended Dec 31, 2025
$49.46−0.05 (-0.10%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
72.4%+5.0 pts over 5 years
Operating margin
24.3%−0.3 pts over 5 years
Net margin
17.5%−6.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.1% | +3.7% | +6.0% | +3.2% | |
| Gross profit | +5.9% | +6.2% | +7.6% | +4.6% | |
| Operating income | +97.3% | +7.2% | +5.8% | -2.6% | |
| Net income | +122.0% | -27.4% | -0.1% | -3.8% | |
| EPS, diluted | +123.2% | -27.6% | -0.5% | -4.3% | |
| Free cash flow | +24.0% | +0.7% | -3.0% | +18.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 44.2% | 38.0% | |
| Return on assets | – | 7.2% | 9.5% | |
| Current ratio | 0.88 | 0.91 | 0.82 | |
| Debt to equity | 16.72 | 1.86 | 1.08 | |
| Net debt to EBITDA | 3.18× | 2.60× | 1.40× | |
| Interest coverage | 3.5× | 6.8× | 11.3× | |
| Inventory turnover | – | 1.3× | 1.6× | |
| Capex to revenue | 5.5% | 4.1% | 4.1% | |
| Diluted shares | 3.93B | 4.03B | 4.12B |
Where the cash went
Fiscal 2021 to 2025, five years combined
GSK generated £36.42B from operations and spent £22.25B on capital expenditure, dividends and share buybacks. 28% of that went back into the business.
Generated
£36.42B
Used
£22.25B
Capital expenditure£6.15B28%Dividends£14.72B66%Share buybacks£1.38B6%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin17.5%
×Asset turnover0.54×
×Equity multiplier4.01×
=Return on equity, FY202538.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.5% | 0.54× | 4.01× | 38.0% |
| FY2024 | 8.2% | 0.53× | 4.38× | 19.1% |
| FY2023 | 16.2% | 0.51× | 4.98× | 41.2% |
| FY2022 | 51.0% | 0.42× | 5.43× | 116.6% |
| FY2021 | 17.8% | 0.31× | 5.38× | 29.6% |
| FY2020 | 23.6% | 0.30× | 6.16× | 44.2% |
| FY2019 | 13.8% | 0.49× | 9.07× | 61.2% |
| FY2018 | 11.8% | 0.54× | 30.82× | 195.2% |
| FY2017 | 5.1% | 0.52× | 109.34× | 290.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero£5.72B
- Cash generatingOperating cash flow above zero£7.74B
- Return on assets improvedROA up on the prior year4.4% → 9.6%
- Earnings backed by cashOperating cash flow above net income£7.74B vs £5.72B
- Less leverageLong-term debt to assets fell24.6% → 24.1%
- Better liquidityCurrent ratio rose0.78 → 0.82
- No dilutionShare count did not rise4.14B → 4.12B
- Gross margin improvedGross margin up on the prior year71.16% → 72.40%
- More efficientAsset turnover rose0.53 → 0.55