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Haleon

HLN.L
53
Drug Manufacturers - Specialty & Generic · Healthcare
Also trades as: HLN USD 10.37 (+3.49%)
Price
379.80 GBp
-2.90 (-0.76%)
Market Cap
£33.40B
Exchange
London Stock Exchange
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Mixed
7/20
Cash Flow
Good
6/10
Stability
Exceptional
9/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Strong
4/5

53 of 100 counted points = Winston Score 53.

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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: 9.23B (2021) → 9.01B (2025)

§Winston Score History

The full picture

Haleon is a consumer health company that makes everyday health products people buy at pharmacies and supermarkets. Its brands include Sensodyne toothpaste, Panadol pain relief, Voltaren joint gel, and Centrum vitamins — products used by ordinary consumers around the world. It was spun out of GSK in 2022 and is now one of the largest standalone consumer health companies globally.

Haleon earns money by selling its branded products directly to retailers and pharmacies, who then sell them to consumers. It operates across more than 100 countries, with strong positions in both developed markets like the US and Europe and fast-growing markets in Asia and Latin America. Its main competitive advantage is owning trusted, well-known brands that consumers repeatedly buy out of habit. The key growth opportunity is expanding in emerging markets, while the main risk is its heavy debt load — taken on during the GSK spinoff — which limits financial flexibility and keeps its return on invested capital relatively low.

Growth Profile

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

Revenue Growth

+2.2% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-4.7% YoY

Quarterly reporting periods ended:

30 Jun 2025: £0.0446

30 Jun 2026: £0.0425

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

£315M/ year

↑ Rising (+6% vs prior year)

2.9% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£895M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth context

Haleon is growing revenue at 2% 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
66.1%
Premium pricing power — 66.1% gross margin
Profit after running costs
Operating Margin
20.9%
Excellent — 20.9% operating margin
Return on the money invested
ROCE
9.7%
Below par — 9.7% 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
+1.2%
Nearly flat sales (+1.2% YoY)
Profit growth
EPS YoY
+8.2%
Earnings growing (+8.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
94%
Modest — 94% of profit becomes cash
Spare cash per sale
FCF Margin
10.6%
Modest free cash flow (10.6%)

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
0.50
Conservative — low debt load (0.50)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
20.9x
Growth-priced — P/E 20.9

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

Cheaper or dearer next year
P/E vs Forward
+7.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.9 → 13.7)

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Dividends

Dividend
Dividend Yield
2.15%
Moderate income — 2.15% yield

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

Dividend record
Dividend Growth
+24.1%
Dividend growing fast (24.1% YoY)
Payout Ratio
39%
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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