Latest Ratios: P/E Ratio 20.5x · EV/EBITDA 14.5x · ROE 10.0%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $43.7B | $45.6B | $43.8B | $38.1B | $37.0B | — | — | — |
| Enterprise Value | $53.4B | $52.8B | $51.7B | $46.5B | $46.7B | — | — | — |
| P/E Ratio → | 20.46 | 28.08 | 29.81 | 34.29 | 33.33 | — | — | — |
| P/S Ratio | 3.04 | 4.22 | 3.90 | 3.37 | 3.40 | — | — | — |
| P/B Ratio | 2.02 | 2.77 | 2.70 | 2.28 | 2.25 | — | — | — |
| P/FCF | 16.64 | 23.11 | 21.34 | 21.61 | 21.30 | — | — | — |
| P/OCF | 14.35 | 19.93 | 19.02 | 18.15 | 17.91 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.90 | 4.60 | 4.12 | 4.30 | — | — | — |
| EV / EBITDA | 14.45 | 19.05 | 21.51 | 20.19 | 22.12 | — | — | — |
| EV / EBIT | 16.55 | 21.82 | 22.29 | 22.79 | 24.64 | — | — | — |
| EV / FCF | — | 26.80 | 25.19 | 26.38 | 26.92 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.8% | 64.8% | 61.9% | 61.6% | 60.6% | 62.3% | 59.7% | 56.6% |
| Operating Margin | 22.4% | 22.4% | 19.6% | 17.7% | 16.8% | 17.2% | 16.2% | 10.6% |
| Net Profit Margin | 15.1% | 15.1% | 12.8% | 9.3% | 9.8% | 14.6% | 11.6% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 8.8% | 6.3% | 4.9% | 5.3% | 4.3% | 2.4% |
| ROA | 4.9% | 4.9% | 4.2% | 3.0% | 3.1% | 4.1% | 3.3% | 1.8% |
| ROIC | 7.6% | 7.6% | 6.7% | 5.8% | 5.1% | 4.6% | 4.4% | 2.4% |
| ROCE | 8.6% | 8.6% | 7.6% | 6.7% | 6.0% | 5.4% | 5.2% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.62 | 0.57 | 0.63 | 0.04 | 0.02 | 0.02 |
| Debt / EBITDA | 3.10 | 3.10 | 4.21 | 4.10 | 4.94 | 0.52 | 0.26 | 0.55 |
| Net Debt / Equity | — | 0.44 | 0.49 | 0.50 | 0.59 | 0.02 | 0.01 | 0.01 |
| Net Debt / EBITDA | 2.62 | 2.62 | 3.29 | 3.65 | 4.62 | 0.30 | 0.08 | 0.26 |
| Debt / FCF | — | 3.69 | 3.86 | 4.77 | 5.62 | 0.55 | 0.14 | 0.56 |
| Interest Coverage | 7.28 | 7.28 | 5.60 | 4.82 | 5.25 | 102.38 | 62.31 | 31.96 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.92 | 0.92 | 0.98 | 1.04 | 0.93 | 1.24 | 1.25 | 1.36 |
| Quick Ratio | 0.71 | 0.71 | 0.78 | 0.73 | 0.62 | 1.01 | 1.01 | 1.08 |
| Cash Ratio | 0.27 | 0.27 | 0.39 | 0.23 | 0.16 | 0.10 | 0.08 | 0.08 |
| Asset Turnover | — | 0.33 | 0.33 | 0.33 | 0.31 | 0.28 | 0.29 | 0.24 |
| Inventory Turnover | 3.71 | 3.71 | 3.60 | 3.08 | 3.18 | 3.78 | 4.20 | 3.04 |
| Days Sales Outstanding | — | 71.70 | 61.87 | 43.66 | 49.99 | 146.27 | 49.74 | 171.91 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.3% | 1.3% | 1.0% | 7.3% | — | — | — |
| Payout Ratio | 36.7% | 36.7% | 39.5% | 37.0% | 253.0% | 82.6% | 207.1% | 175.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 3.6% | 3.4% | 2.9% | 3.0% | — | — | — |
| FCF Yield | 6.0% | 4.3% | 4.7% | 4.6% | 4.7% | — | — | — |
| Buyback Yield | 2.0% | 1.4% | 0.3% | 0.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.8% | 2.7% | 1.6% | 1.1% | 7.3% | — | — | — |
| Shares Outstanding | — | $4.5B | $4.6B | $4.6B | $4.6B | $4.6B | $4.6B | $4.6B |
Technical share overhang pressure
Based on current market data, Haleon trades at a 19.45x TTM P/E, which appears to price in a defensive premium relative to broader consumer staples, though the 2.30 PEG ratio suggests investors are paying a significant multiple for the company's projected earnings growth trajectory.
The valuation reflects a market expectation of stability derived from the company's medicated product portfolio. However, the forward P/E of 21.97 indicates that the market may be anticipating margin expansion or earnings growth that has yet to materialize in the recent quarterly revenue figures.
As reported in financial statements, Haleon's ROIC of 3.9% in 2025Q4 highlights a period of capital under-utilization, suggesting that the firm is still in the early stages of optimizing its asset base following the complex demerger from its former pharmaceutical parent companies.
The low ROIC relative to peers like Kenvue suggests that the company has not yet fully realized the efficiency gains expected from its standalone operational structure. Investors should monitor whether management can improve asset turnover, which currently sits at a modest 0.17, to drive higher returns on invested capital.
According to recent SEC filings, Haleon's cash conversion cycle has shifted to -371 days in 2025Q4, a figure heavily influenced by extended days payable outstanding, which warrants further investigation into the sustainability of these supplier payment terms as a primary source of liquidity.
While a negative CCC is often a sign of strong bargaining power, the extreme nature of these figures suggests that the company may be relying on aggressive payment stretching to manage its cash position. This strategy may be difficult to maintain if supplier relationships or regulatory environments shift in the coming quarters.
Based on reported figures, the current ratio of 0.92 in 2025Q4 indicates a tight liquidity position, suggesting that the company maintains minimal headroom to absorb unexpected operational shocks without relying on external financing or revolving credit facilities to meet its short-term obligations.
The quick ratio of 0.71 further underscores this vulnerability, as it highlights a significant dependence on inventory turnover to generate the cash necessary for debt service. This liquidity profile appears less robust than that of more diversified consumer health peers, necessitating close monitoring of cash flow volatility.
Investors frequently misapply standard P/E multiples to Haleon by ignoring the unique 'medicated' nature of its portfolio, which obscures the company's lower price elasticity compared to traditional food and beverage firms that typically dominate the consumer staples sector valuation benchmarks.
By treating Haleon as a standard CPG entity, the market may be underestimating the resilience of its revenue during economic downturns. A more appropriate analytical framework would focus on EV/EBITDA adjusted for the specific regulatory and clinical barriers that protect its core brands from private label competition.
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Quick answers to the most common questions about buying HLN stock.
Haleon plc's current P/E ratio is 20.5x. The historical average is 31.4x.
Haleon plc's current EV/EBITDA is 14.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.7x.
Haleon plc's return on equity (ROE) is 10.0%. The historical average is 6.0%.
Based on historical data, Haleon plc is trading at a P/E of 20.5x. Compare with industry peers and growth rates for a complete picture.
Haleon plc's current dividend yield is 1.80% with a payout ratio of 36.7%.
Haleon plc has 64.8% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Haleon plc's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.