HLNNYSEPerfumes, Cosmetics & Other Toilet PreparationsFiscal year ends December 31Also trades as HLNCF
Haleon plc
Financials through fiscal 2025, year ended Dec 31, 2025
$10.14+0.01 (+0.10%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2020 to 2025
Gross margin
64.2%+4.4 pts over 5 years
Operating margin
21.9%+5.7 pts over 5 years
Net margin
15.1%+3.5 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 | -1.8% | +0.5% | +2.2% | – | |
| Gross profit | +3.8% | +2.5% | +3.7% | – | |
| Operating income | +9.3% | +9.7% | +8.6% | – | |
| Net income | +15.6% | +16.3% | +7.8% | – | |
| EPS, diluted | +17.8% | +17.2% | +8.3% | – | |
| Free cash flow | +12.7% | +9.5% | +14.3% | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 10.2% | |
| Return on assets | – | – | 5.0% | |
| Current ratio | – | – | 0.92 | |
| Debt to equity | – | – | 0.52 | |
| Net debt to EBITDA | – | – | 2.63× | |
| Interest coverage | 59.2× | 59.2× | 7.1× | |
| Inventory turnover | – | – | 3.6× | |
| Capex to revenue | 2.2% | 2.2% | 2.9% | |
| Diluted shares | 9.23B | 9.23B | 9.03B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Haleon generated £10.45B from operations and spent £1.38B on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
£10.45B
Used
£1.38B
Capital expenditure£1.34B97%Dividends£00%Share buybacks£38.00M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.1%
×Asset turnover0.33×
×Equity multiplier2.05×
=Return on equity, FY202510.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.1% | 0.33× | 2.05× | 10.2% |
| FY2024 | 12.8% | 0.33× | 2.09× | 8.8% |
| FY2023 | 9.3% | 0.33× | 2.09× | 6.4% |
| FY2022 | 9.8% | 0.31× | 1.62× | 5.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero£1.67B
- Cash generatingOperating cash flow above zero£2.63B
- Return on assets improvedROA up on the prior year4.2% → 4.9%
- Earnings backed by cashOperating cash flow above net income£2.63B vs £1.67B
- Less leverageLong-term debt to assets fell25.2% → 23.8%
- Better liquidityCurrent ratio rose0.98 → 0.92
- No dilutionShare count did not rise9.18B → 9.03B
- Gross margin improvedGross margin up on the prior year60.75% → 64.19%
- More efficientAsset turnover rose0.33 → 0.32