olivLaw · European equity research
Haleon plc HLN.L
United Kingdom · London Stock Exchange · ISIN GB00BMX86B70 · Vertical: Listed companies from United Kingdom
Haleon plc is a global consumer health group that develops and markets products in oral health, vitamins, minerals and supplements, pain relief, respiratory health, digestive health and skin health across more than 100 countries. For investors it is of interest because of its place in the group's capital structure and its debt profile, with investment grade credit ratings at both major agencies.
At the close of 05 Nov 2026, Haleon plc (HLN.L) stock was 3.41 GBP (+0.92% on the day), with market capitalisation 30.5 bn GBP, P/E 18.4 on diluted EPS of 0.19 GBP over the last 12 months, beta 0.19, 52-week range 3.18–4.11 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)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 3.13 – 4.02
- in the lower half of the band · %B 0.31 · band width 24.9%
- SMA 50 / 200
- 3.49 / 3.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.00
- MACD below 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 | +2.0% | −0.6% | +2.7 pp | — |
| 3 months | −8.1% | −4.2% | −3.9 pp | — |
| 6 months | +2.7% | +4.3% | −1.7 pp | — |
| Year to date | −9.1% | +7.5% | −16.6 pp | — |
| 1 year | −4.6% | +9.9% | −14.5 pp | +5.8% |
| 3 years | +5.6% | +49.8% | −44.3 pp | +26.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 20.3, median 26.3, max 28.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 10.9 bn | 11.3 bn | 11.2 bn | 11.0 bn |
| Revenue YoY | unavailable | +4.1% | −0.6% | −1.8% |
| Net income | 1.1 bn | 1.0 bn | 1.4 bn | 1.7 bn |
| Net income YoY | unavailable | −1.0% | +37.5% | +15.6% |
| Diluted EPS | 0.12 | 0.11 | 0.16 | 0.19 |
| Diluted EPS YoY | unavailable | −1.7% | +38.9% | +17.8% |
| net % | 9.8% | 9.3% | 12.8% | 15.1% |
| Free cash flow | 1.8 bn | 1.9 bn | 2.1 bn | 2.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn GBP
- Financial debt
- 7.8 bn GBP
- Net debt
- 6.4 bn GBP
- Equity
- 16.5 bn GBP
- Total assets
- 32.6 bn GBP
- Debt / equity
- 0.47x
- Current ratio
- 0.92x
- ROE
- 10.2%
- ROA
- 5.0%
- FCF margin
- 21.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 10.9 bn | 11.3 bn | 11.2 bn | 11.0 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 4.3 bn | 4.6 bn | 4.4 bn | 4.0 bn | esef· 18 Mar 2026verified |
| Gross profit | 6.6 bn | 6.7 bn | 6.8 bn | 7.1 bn | esef· 18 Mar 2026verified |
| Research & development | 300.0 m | 311.0 m | 298.0 m | 316.0 m | esef· 18 Mar 2026verified |
| Operating income | 1.8 bn | 2.0 bn | 2.2 bn | 2.4 bn | esef· 18 Mar 2026verified |
| Interest expense | 258.0 m | 402.0 m | 384.0 m | 340.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 1.6 bn | 1.6 bn | 1.9 bn | 2.2 bn | esef· 18 Mar 2026verified |
| Income tax | 499.0 m | 517.0 m | 435.0 m | 472.0 m | esef· 18 Mar 2026verified |
| Net income | 1.1 bn | 1.0 bn | 1.4 bn | 1.7 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 0.12 | 0.11 | 0.16 | 0.19 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 684.0 m | 1.0 bn | 2.3 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Receivables | — | 1.9 bn | 2.1 bn | 2.1 bn | esef· 18 Mar 2026verified |
| Inventories | — | 1.4 bn | 1.2 bn | 1.0 bn | esef· 18 Mar 2026verified |
| Current assets | — | 4.8 bn | 5.7 bn | 4.6 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | — | 1.8 bn | 1.8 bn | 1.9 bn | esef· 18 Mar 2026verified |
| Total assets | — | 34.1 bn | 34.3 bn | 32.6 bn | esef· 18 Mar 2026verified |
| Accounts payable | — | 3.5 bn | 3.7 bn | 3.7 bn | esef· 18 Mar 2026verified |
| Long-term debt | — | 8.8 bn | 8.6 bn | 7.8 bn | esef· 18 Mar 2026verified |
| Current liabilities | — | 4.6 bn | 5.8 bn | 4.9 bn | esef· 18 Mar 2026verified |
| Total liabilities | — | 17.3 bn | 18.1 bn | 16.1 bn | esef· 18 Mar 2026verified |
| Equity | 16.5 bn | 16.7 bn | 16.2 bn | 16.5 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 9.2 bn | 9.2 bn | 9.1 bn | 9.0 bn | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.1 bn | 2.1 bn | 2.3 bn | 2.6 bn | esef· 18 Mar 2026verified |
| Capex | 304.0 m | 234.0 m | 250.0 m | 322.0 m | esef· 18 Mar 2026verified |
| Free cash flow | 1.8 bn ≈ | 1.9 bn ≈ | 2.1 bn ≈ | 2.3 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -8.8 bn | -134.0 m | 528.0 m | -346.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | 6.9 bn | -1.6 bn | -1.5 bn | -3.1 bn | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 0 | 503.0 m | — | esef· 15 Apr 2025verified |
≈ 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: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 30.5 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality54
- Growth52
- Balance sheet56
- Returns24
- Valuation57
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
Unattractive profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.3% | 25 (vs peers) | 14% |
| Net margin · Quality | 15.1% | 57 (vs peers) | 8% |
| FCF conversion · Quality | 138.7% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 0.5% | 4 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 17.2% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.1x | 86 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 18.4x | 28 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.6% | 95 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.6% | 24 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 2/3 factors with a value
- Growth52/100 · 2/2 factors with a value
- Quality54/100 · 3/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation57/100 · 2/3 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
HALEON PLC (HLN.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.0 bn GBP in 2025; YoY growth -1.8%; net margin 15.1%; ROE 10.2%.
The estimated value range is 2.15–3.30 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.68 GBP, the price of 3.41 GBP leaves a potential of -21.5% (value / price − 1) and a margin of safety of -27.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 138.7%
- EPS CAGR 3Y: 17.2%
- Interest coverage: 7.1x
- FCF yield: 7.6%
What contradicts it
- ROIC: 8.3%
- Revenue CAGR 3Y: 0.5%
- Current ratio: 0.9x
- P/E (TTM): 18.4x
- Shareholder yield (distributions): 1.6%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
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% |
| HLN.LHaleon PLC | 30.5 bn | 18.4 | 10.2% | 15.1% | −1.8% | −8% / +3% |
| 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% |
1- and 3-year price returns: for HLN.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.94 Total return -43% · Per year -43% | 3.44 Total return 1% · Per year 1% | 5.20 Total return 53% · Per year 53% |
| 3 years | 1.74 Total return -49% · Per year -20% | 3.48 Total return 2% · Per year 1% | 5.79 Total return 70% · Per year 19% |
| 5 years | 1.56 Total return -54% · Per year -15% | 3.52 Total return 3% · Per year 1% | 6.44 Total return 89% · Per year 14% |
- Exit P/E± 0.87
- Net margin± 0.61
- Annual revenue growth± 0.52
- Annual dilution± 0.05
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
Haleon plc is a global consumer health group that develops and markets products in oral health, vitamins, minerals and supplements, pain relief, respiratory health, digestive health and skin health across more than 100 countries 1. For investors it is of interest because of its place in the group's capital structure and its debt profile, with investment grade credit ratings at both major agencies 1.
SWOT
Strengths
- Broad portfolio of consumer health products covering several complementary categories.
- Global presence with activity in more than 100 countries.
- Investment grade credit rating with stable outlook at both major agencies.
Weaknesses
- Dependence on results from overseas operations exposes the company to currency fluctuations.
- The holding structure of the parent depends on cash flows generated by operating subsidiaries.
- Significant financial debt requires periodic refinancing and careful management of interest costs.
Opportunities
- Growing consumer interest in prevention and self-care products could support long-term sales.
- Expansion into emerging markets within the global network could add further growth.
- Lower financing costs, if ratings remain stable, could improve margins.
Threats
- Competitive pressure from over-the-counter producers could reduce margins.
- Regulatory changes for consumer health products could raise compliance costs.
- Currency volatility could affect reported results.
Risks
- Currency riskmedium
Exposure to foreign currencies from global activity could affect results reported in pounds sterling if exchange rates move unfavourably.
- Refinancing riskmedium
Long-term and short-term debt must be rolled over periodically, and market conditions could make refinancing more expensive.
- Counterparty risklow
Financial assets and derivative instruments expose the company to default risk from banks and customers, although the source indicates a limited exposure.
- Interest rate risklow
If interest rates rise, the floating-rate portion of debt could generate higher financing costs.
- Dependence on subsidiariesmedium
The parent company relies on cash flows from subsidiaries, and a decline in these could limit distributions to shareholders.
Investment thesis
What would need to be true (bull case)
- The credit rating was upgraded in 2025, which could support lower financing costs and a stronger financial position.
- The diversified consumer health portfolio and global presence could reduce dependence on a single category.
- If the strengthening of the balance sheet continues, the group could have more flexibility for distributions to shareholders.
What would break the thesis
- Exposure to exchange rates could reduce reported results in pounds sterling if local currencies weaken.
- Competition in high-volume segments could compress margins if rivals reduce prices.
- If regulation of health products becomes stricter, compliance costs could rise.
What to watch
- Evolution of credit ratings and cost of financing2026
- Results by product category, especially oral health and VMSnext 10-K
- Impact of exchange rates on reported results2026
- Dividend and share buyback policy2026
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
Haleon is a group of companies focused on developing and marketing consumer health products, including oral health, vitamins, minerals and supplements, pain relief, respiratory health, digestive health and skin health 1. The principal activity of the parent company, Haleon plc, is to act as the parent holding company of the group, while operations are carried out through subsidiaries, branches and offices in many jurisdictions 1. The company is incorporated in England, with its registered office in Weybridge, Surrey 1.
Segments
Oral health
Oral health is the first category listed in the description of the group's activity and is one of Haleon's product lines 1.
Vitamins, minerals and supplements
The vitamins, minerals and supplements (VMS) category is the second product line named in the annual report, alongside pain relief and other consumer health categories 1.
Pain relief and respiratory, digestive and skin health
Pain relief, respiratory health, digestive health and skin health together make up the rest of the portfolio, as described in the financial statements 1.
Market context
Trends
- Improved credit ratingtailwind
In April 2025 the group's long-term rating at Moody's was upgraded, and at the end of 2025 ratings stood at BBB+ with S&P and A3 with Moody's, both with stable outlooks, which could lower financing costs if the trend holds 1.
- Fixed-rate debt structuremixed
Most debt carries fixed rates, and the group uses interest rate swaps to manage exposure, which could cushion financing costs if interest rates rise 1.
- Foreign exchange exposureheadwind
International activity exposes the group to currency movements, and the company uses forward contracts and currency swaps to reduce transaction and translation risk 1. If local currencies weaken, results reported in pounds sterling could be affected.
- Share buyback and dividend policymixed
In 2025 the parent company paid dividends of 612 million pounds and repurchased shares, indicating a focus on returning capital to shareholders 1.
Competitive position
The consumer health sector is competitive, and Haleon competes across several categories including oral health, pain relief and supplements. The sources provided do not name competitors explicitly, so the list below is limited to general industry references without confirming relative positions.
The group's competitive position appears to rest on its broad portfolio of consumer brands and its global presence in more than 100 countries 1. Competitive pressure could increase in high-volume categories if rivals cut prices.
- Other consumer health producers
Companies active in the same over-the-counter and supplement categories, not named explicitly in the source provided.
- Over-the-counter pain relief producers
Competitors in the pain relief segment, a category in Haleon's portfolio, not named in the source.
- Supplement suppliers
Competition in the vitamins, minerals and supplements category, where the group has a dedicated line.
- Oral care brands
Direct competitors in oral health, the first category in the portfolio.
News & filings
In the press
- Haleon Turns to Weight-Loss Drug Users for its Next U.S. Growth OpportunityYahoo Finance — News · 22 Sept 2026 · EN
- Advil-maker Haleon boosts sales by targeting consumers on weight-loss drugsCNBC — Top News · 16 Sept 2026 · EN
- Jefferies raises Haleon price target to 410p on margin strengthYahoo Finance — News · 24 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Haleon plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.