Haleon plc
HLN, HLNCF · Perfumes, Cosmetics & Other Toilet Preparations · EDGAR filings ↗
Grade
A86Dominant, scaled consumer-health franchise (Sensodyne, Advil, Centrum) with top-decile margins and cash generation and a durable brand moat.
Strengths
- Top-decile (100th pct) operating margin (21.9%), net margin (15.2%), OCF margin and FCF (~$3.1B, 21% FCF margin)
- Wide brand moat with pricing power, geographic diversification and stable, defensible demand
- Healthy interest coverage (7.1x, 76th pct) and double-digit earnings growth (+22%)
Risks
- ROE ~10% and ROIC ~7.6% are only good (not extreme), reflecting a large goodwill/equity base from the GSK spin
- Sub-1 current/quick ratios and moderate leverage (D/E 0.52)
- Modest organic revenue growth (~5%) in a competitive, FX- and input-cost-exposed market
Notable findings
- Weak liquidityCurrent ratio 0.92 (<1)
- Strong balance sheetStrong balance sheet — $1.8B cash & investments
Key metrics
Gross margin
64.2%
Operating margin
21.9%
Net margin
15.2%
Return on equity
10.2%
Return on assets
5.1%
ROIC
7.6%
Revenue growth (QoQ)
5.3%
Net-income growth
22.2%
Debt / equity
0.5×
Interest coverage
7.1×
Current ratio
0.9×
Free cash flow
$3.1B
Tangible book value
$11.2B
Cash & investments
$1.8B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-13 | 2025-12-31 | 0001104659-26-027443 ↗ |
| 20-F | 2025-03-20 | 2024-12-31 | 0001558370-25-003368 ↗ |
| 20-F | 2024-03-15 | 2023-12-31 | 0001558370-24-003331 ↗ |
| 20-F | 2023-03-20 | 2022-12-31 | 0001558370-23-004167 ↗ |