Stock

GSK

GSK.L

Drug Manufacturers - General · Healthcare

Also trades as: GSK USD 51.21 (+2.38%)

Price

1,892.00 GBp

-22.00 (-1.15%)

Market Cap

£75.81B

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Exceptional

27/30

Growth

Strong

14/20

Cash Flow

Exceptional

9/10

Stability

Good

6/10

Valuation

Strong

8/10

Ownership

Mixed

6/15

Dividends

Good

3/5

73 of 100 counted points = Winston Score 73.

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Share count rising — dilution

+27.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.24B (2021) → 4.12B (2025)

§Winston Score History

The full picture

GSK plc is a British pharmaceutical company that makes medicines, vaccines, and specialty health products. Its key products include the shingles vaccine Shingrix, HIV treatments sold through its ViiV Healthcare unit, and respiratory drugs. GSK sells to hospitals, pharmacies, governments, and healthcare systems around the world.

GSK earns money by selling prescription medicines and vaccines, with no single subscription model — revenue comes from product sales and licensing deals. The company operates globally, with major markets in the US, Europe, and emerging economies, and reported a market cap of around $74 billion. Its moat comes from patents, a large clinical pipeline, and the scale needed to run complex drug trials and manufacturing. The main risk is patent expiration — when key drugs lose protection, cheaper generic versions can quickly erode sales — while its growth depends heavily on continued uptake of Shingrix and new drug approvals from its pipeline.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.3% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-69.4% YoY

Quarterly reporting periods ended:

30 Jun 2025: £0.36

30 Jun 2026: £0.11

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

£7.5B/ year

↑ Rising (+37% vs prior year)

23.0% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

3.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£4.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

GSK is putting 23% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

75.1%

Premium pricing power — 75.1% gross margin

Profit after running costs

Operating Margin

28.5%

Excellent — 28.5% operating margin

Return on the money invested

ROCE

22.3%

Exceptional — 22.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.0%

Slow sales growth (+5.0% YoY)

Profit growth

EPS YoY

+42.1%

Earnings growing fast (+42.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

166%

Turns 166% of profit into real cash

Spare cash per sale

FCF Margin

17.3%

Converts sales into free cash efficiently (17.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.03

Elevated debt (1.03)

Covers its interest

Interest Cover

11.37x

Comfortably covers interest (11.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.8x

Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+6.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.8 → 9.2)

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Dividends

Dividend

Dividend Yield

3.67%

Moderate income — 3.67% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+7.9%

Dividend growing modestly (7.9% YoY)

Payout Ratio

55%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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