olivLaw · European equity research
Halma plc HLMA.L
United Kingdom · London Stock Exchange · ISIN GB0004052071 · Vertical: Listed companies from United Kingdom
Halma plc is a UK holding group that owns niche technology companies in safety, environmental and analysis, and healthcare. In the year to 31 March 2026 it reported revenue of £2,582.3m, up 14.9%, and extended its record adjusted profit run. The group keeps investing organically and through acquisitions amid an uncertain economic and geopolitical backdrop.
At the close of 05 Nov 2026, Halma plc (HLMA.L) stock was 33.14 GBP (−3.61% on the day), with dividend yield 0.72%, beta 0.90, 52-week range 32.44–48.78 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 32.50 – 35.79
- in the lower half of the band · %B 0.19 · band width 9.6%
- SMA 50 / 200
- 34.98 / 38.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.24 / -0.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.9% | −0.6% | −6.2 pp | — |
| 3 months | −12.8% | −4.2% | −8.7 pp | — |
| 6 months | −28.3% | +4.3% | −32.7 pp | — |
| Year to date | −6.3% | +7.5% | −13.8 pp | — |
| 1 year | −7.2% | +9.9% | −17.1 pp | +5.8% |
| 3 years | +76.9% | +49.8% | +27.1 pp | +26.3% |
| 5 years | +10.8% | +42.8% | −32.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 2.0 bn | 2.2 bn | 2.6 bn |
| Revenue YoY | unavailable | +10.5% | +14.9% |
| Net income | 268.8 m | 296.4 m | 372.3 m |
| Net income YoY | unavailable | +10.3% | +25.6% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 13.2% | 13.2% | 14.4% |
| Free cash flow | 352.2 m | 448.6 m | 425.7 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 143.4 m GBP
- Financial debt
- 756.7 m GBP
- Net debt
- 613.3 m GBP
- Equity
- 2.2 bn GBP
- Total assets
- 3.7 bn GBP
- Debt / equity
- 0.35x
- Current ratio
- 2.14x
- ROE
- 18.3%
- ROA
- 10.7%
- FCF margin
- 16.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 bn | 2.2 bn | 2.6 bn | esef· 25 Jun 2026verified |
| Operating income | 367.7 m | 409.5 m | 525.8 m | esef· 25 Jun 2026verified |
| Interest expense | 30.7 m | 33.3 m | 36.0 m | esef· 25 Jun 2026verified |
| Pre-tax income | 340.3 m | 384.3 m | 490.7 m | esef· 25 Jun 2026verified |
| Income tax | 71.5 m | 87.9 m | 118.4 m | esef· 25 Jun 2026verified |
| Net income | 268.8 m | 296.4 m | 372.3 m | esef· 25 Jun 2026verified |
| Dividend per share | 0.21 | 0.22 | 0.24 | esef· 25 Jun 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 142.4 m | 312.7 m | 143.4 m | esef· 25 Jun 2026verified |
| Receivables | 460.9 m | 485.9 m | 601.0 m | esef· 25 Jun 2026verified |
| Inventories | 304.8 m | 300.3 m | 322.2 m | esef· 25 Jun 2026verified |
| Current assets | 911.7 m | 1.1 bn | 1.1 bn | esef· 25 Jun 2026verified |
| Property, plant & equipment, net | 236.8 m | 283.2 m | — | esef· 24 Jun 2025verified |
| Goodwill | 1.2 bn | 1.3 bn | 1.5 bn | esef· 25 Jun 2026verified |
| Intangibles (excl. goodwill) | 569.0 m | 576.0 m | 745.1 m | esef· 25 Jun 2026verified |
| Total assets | 3.0 bn | 3.3 bn | 3.7 bn | esef· 25 Jun 2026verified |
| Accounts payable | 296.5 m | 343.3 m | 396.9 m | esef· 25 Jun 2026verified |
| Long-term debt | 711.9 m | 703.8 m | 756.7 m | esef· 25 Jun 2026verified |
| Current liabilities | 372.1 m | 457.8 m | 522.4 m | esef· 25 Jun 2026verified |
| Total liabilities | 1.3 bn | 1.4 bn | 1.5 bn | esef· 25 Jun 2026verified |
| Equity | 1.7 bn | 1.9 bn | 2.2 bn | esef· 25 Jun 2026verified |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 385.0 m | 492.4 m | 480.6 m | esef· 25 Jun 2026verified |
| Capex | 32.8 m | 43.8 m | 54.9 m | esef· 25 Jun 2026verified |
| Free cash flow | 352.2 m ≈ | 448.6 m ≈ | 425.7 m ≈ | esef· 25 Jun 2026derived |
| Investing cash flow | -286.3 m | -163.9 m | -498.9 m | esef· 25 Jun 2026verified |
| Financing cash flow | -119.7 m | -155.1 m | -153.7 m | esef· 25 Jun 2026verified |
| Dividends paid | 78.2 m | 83.8 m | 89.7 m | esef· 25 Jun 2026verified |
| Share repurchases | 21.1 m | 7.9 m | 33.5 m | esef· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.7% | 58 (vs peers) | 28% |
| Net margin · Quality | 14.4% | 57 (vs peers) | 17% |
| FCF conversion · Quality | 114.3% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 14.6x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 21.1% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HALMA PUBLIC LIMITED COMPANY (HLMA.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 2.6 bn GBP in 2026; YoY growth 14.9%; net margin 14.4%; ROE 18.3%.
The estimated value range is 2.33–2.88 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.58 GBP, the price of 33.14 GBP leaves a potential of -92.2% (value / price − 1) and a margin of safety of -1,187.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 114.3%
- Interest coverage: 14.6x
- Current ratio: 2.1x
- Payout ratio (FCF): 21.1%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for HLMA.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Halma plc is a UK holding group that owns niche technology companies in safety, environmental and analysis, and healthcare. In the year to 31 March 2026 it reported revenue of £2,582.3m, up 14.9% 1, and extended its record adjusted profit run. The group keeps investing organically and through acquisitions amid an uncertain economic and geopolitical backdrop.
SWOT
Strengths
- A record adjusted profit run and high cash conversion point to a disciplined, self-funding business model 1.
- A portfolio of niche companies with strong market positions and local autonomy reduces reliance on any single sector 1.
- Solid credit facilities and conservative covenants give financial flexibility for investment and acquisitions 1.
Weaknesses
- Revenue concentration in one major customer in the environmental and analysis sector raises exposure if that contract is lost 1.
- Growth relies heavily on the photonics business, which makes the growth profile less diversified 1.
- The acquisition model carries integration risk, and long-term results may depend on the quality of acquired businesses 1.
Opportunities
- Extending existing products into new markets, as some companies have done in veterinary care and hydrogen, could open further growth 1.
- Acquisitions of niche businesses aligned with the group's purpose could add capabilities and access to new markets 1.
- Demand for safety, healthcare and environmental measurement could grow if regulation tightens 1.
Threats
- Economic uncertainty, trade tariffs and macroeconomic volatility could reduce demand or raise costs 1.
- Rising interest rates could increase the cost of debt financing and of future acquisitions 1.
- Rapid technological change, including AI, and data regulation could make existing products obsolete or raise compliance costs 1.
Risks
- Dependence on a major customerhigh
One customer in the environmental and analysis sector accounts for a significant share of revenue, and losing it could affect group results 1.
- Economic and geopolitical uncertaintymedium
Management describes the environment as uncertain, and downside scenarios could reduce trading and put pressure on financial covenants 1.
- Talent and diversitymedium
Failing to attract the right talent at every level could reduce financial performance or damage the group's reputation 1.
- Acquisition and portfolio riskmedium
Integrating acquired businesses could bring unexpected costs or fail to deliver expected results 1.
- Cyber security and IT interruptionlow
Cyber attacks or IT system outages could disrupt production and services to customers 1.
Investment thesis
What would need to be true (bull case)
- If photonics premium growth holds and the guidance for low double-digit organic growth is confirmed, the group could extend its record profit run 1.
- The self-funding model and high cash conversion could allow continued investment in R&D and acquisitions without heavy strain on the balance sheet 1.
- A diversified portfolio of niche companies could limit the effect of a downturn in any single sector on overall results 1.
What would break the thesis
- If the major customer in the environmental sector reduces orders, the impact on revenue could be significant 1.
- A weaker economic and geopolitical environment could slow organic growth and pressure margins 1.
- If acquisitions do not integrate well, the return on invested capital could decline over time 1.
What to watch
- Pace of organic growth and photonics premium growthQ1 2027
- Trajectory of adjusted EBIT margin against fiscal 20262027
- Dependence on the major customer in the environmental and analysis sectornext 10-K
- Use of credit facilities and compliance with leverage covenants2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Halma plc is a holding company incorporated and domiciled in England and Wales, operating through subsidiary companies with branches in a number of countries 1. Its decentralised model gives each company autonomy over its brand, culture and growth strategy, while the group provides capital, expert teams and networks. Investment is made both organically, in R&D, talent and capabilities, and through acquisitions of niche businesses.
Growth is underpinned by a self-funding cycle in which cash from organic growth finances targeted acquisitions and dividends. Management reports record adjusted profit for the 23rd consecutive year and adjusted cash conversion averaging 93% over the past decade 1. Debt is supported by facilities with financial covenants, and the group says it stays within them even in severe downside scenarios.
Segments
Safety
The Safety sector includes companies such as Ampac, which launched the EvacUElite system to meet evolving fire safety requirements and is extending its core market through product innovation 1.
Environmental & Analysis
The Environmental & Analysis sector generated much of the premium growth, through its photonics business, which contributed approximately eight percentage points of organic growth in fiscal 2026, with management estimating about five points for fiscal 2027 1. One customer in this sector represents 20% of group revenue 1.
Healthcare
The Healthcare sector includes companies such as SunTech, which extended its clinical monitoring expertise into veterinary care, and Keeler and MST, whose acquisitions expanded product capabilities and geographic reach 1.
Market context
The group operates in niche markets across safety, environmental, analysis and healthcare, where its companies hold positions built on specialised technical expertise 1. Organic revenue growth of 16.6% in fiscal 2026 was spread across all three sectors, suggesting demand held up across several end markets 1.
Management says the economic and geopolitical environment remains uncertain and that companies face varied conditions in their end markets 1. Even so, the order book and order intake were ahead of revenue at the start of fiscal 2027, and guidance points to low double-digit percentage organic constant currency growth, if market conditions hold 1.
Trends
- Photonics premium growthtailwind
The photonics business in the Environmental & Analysis sector is adding meaningful premium growth, which could support the growth rate if demand stays firm 1.
- AI and data regulationmixed
Artificial intelligence is changing quickly and data and AI regulation is tightening; the group monitors these as short-term emerging risks 1. They could create product opportunities or add compliance costs.
- Economic and geopolitical uncertaintyheadwind
Management describes the economic and geopolitical environment as uncertain, with US tariffs that could lead to inflation and interest rate increases, affecting demand and financing costs 1.
- Consolidation through acquisitionstailwind
The group invests in niche acquisitions, and founder-owned businesses that join gain access to group-level resources; this model can accelerate growth but carries integration risk 1.
Competitive position
Halma operates in specialised niches where competition typically comes from small and mid-sized firms with their own technical expertise, rather than from large generalist rivals 1. Its companies' market positions rest on proprietary technology and customer relationships rather than volume.
The analysed source does not explicitly name listed competitors; only group companies and major customers are mentioned 1. A direct comparison with rivals would require additional sources.
- Niche sensor and analysis instrument makers
Specialist measurement and analysis instrument makers, comparable to the group's photonics business, are indirect competitors, though the source does not name them.
- Fire safety and evacuation system suppliers
In evacuation and fire safety markets, competition comes from specialist firms that the source does not name.
- Clinical monitoring equipment makers
In patient monitoring and veterinary care, competition is fragmented and no dominant players are identified in the source.
- Access control and automotive sensor makers
In door sensor and automatic barrier markets, competition comes from regional manufacturers the source does not name.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202625 Jun 2026
- Annual report 202524 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Halma plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.