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Haleon

HLN
37
Drug Manufacturers - Specialty & Generic · Healthcare
Also trades as: HLN.L
Price
$10.00
+0.13 (+1.32%)
Market Cap
$44.04B
Exchange
New York Stock Exchange
Winston Score
37
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Data not available
Stability
Mixed
Valuation
Good
Dividends
Weak

Share count falling — buybacks

2.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 4.62B (2021) → 4.51B (2025)

Winston Score History

The full picture

Haleon is a consumer health company that makes everyday health products people buy at pharmacies and grocery stores. Its brands include Sensodyne toothpaste, Advil pain relievers, Centrum vitamins, and Theraflu cold medicine. These products are sold directly to ordinary consumers around the world, making Haleon one of the largest standalone consumer health companies globally.

Haleon makes money by selling its branded products through retailers, pharmacies, and e-commerce channels. It operates in over 100 countries, with strong sales across North America, Europe, and Asia-Pacific, and generates roughly $13 billion in annual revenue. Its main competitive advantage is its portfolio of trusted, recognizable brand names that consumers repeatedly buy out of habit. The key risk is that Haleon carries significant debt from its 2022 spinoff from GSK, and it also faces ongoing legal liability related to Zantac, a heartburn drug previously sold by its predecessor businesses.

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Growth Profile

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

Revenue Growth

+3.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-5.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£308M/ year

Flat (+3% vs prior year)

2.8% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£898M cash & investments

Quarterly Free Cash Flow

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

Growth context

Haleon is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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
66.0%
Premium pricing power — 66.0% gross margin
Profit after running costs
Operating Margin
23.8%
Excellent — 23.8% operating margin
Return on the money invested
ROCE
5.5%
Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
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
N/A
Data not available
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.50
Conservative — low debt load (0.50)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
20.0x
Growth-priced — P/E 20.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+5.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.0 → 14.1)

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Dividends

Dividend
Dividend Yield
1.95%
Small dividend — 1.95% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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