GSK plc key statistics and ratios

In fiscal 2025, GSK plc had return on equity of 38.5%, an operating margin of 24.3%, debt equal to 108.2% of equity and a current ratio of 0.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

GSK plc: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	63.0%	66.7%	65.7%	66.8%	64.9%	67.4%	66.9%	67.4%	71.8%	71.2%	72.4%
Operating margin	43.1%	9.3%	13.5%	17.8%	20.6%	24.6%	17.6%	21.9%	22.2%	12.8%	24.3%
Net margin	35.2%	3.3%	5.1%	11.8%	13.8%	23.6%	17.8%	51.0%	16.2%	8.2%	17.5%
Free-cash-flow margin	5.0%	17.8%	17.8%	23.0%	20.0%	30.6%	28.4%	21.3%	18.0%	16.4%	19.6%
Return on equity	98.3%	17.1%	64.9%	101.6%	59.4%	42.1%	30.0%	111.7%	41.1%	19.3%	38.5%
Return on assets	—	1.7%	2.6%	6.4%	6.6%	6.8%	5.6%	20.6%	8.3%	4.4%	9.6%
Asset turnover	—	0.52	0.52	0.55	0.48	0.29	0.31	0.40	0.51	0.54	0.55
Current ratio	—	0.88	0.60	0.75	0.81	0.91	0.79	0.91	0.88	0.78	0.82
Debt to equity	120.8%	>999%	491.9%	689.3%	267.5%	186.1%	160.6%	198.0%	135.0%	124.2%	108.2%
Interest cover (operating income ÷ interest)	—	—	—	—	178.5x	181.2x	161.4x	—	177.5x	87.4x	172.4x
Effective tax rate	20.5%	45.2%	38.5%	15.7%	15.3%	1.3%	2.3%	12.6%	12.5%	15.1%	15.0%
R&D as % of revenue	14.9%	13.0%	14.8%	12.6%	13.5%	19.7%	20.3%	18.7%	20.5%	20.4%	23.0%
Capital spending as % of revenue	5.8%	5.5%	5.1%	4.4%	3.7%	4.1%	3.8%	3.9%	4.3%	4.5%	4.1%
Free cash flow ÷ net income	14.1%	543.2%	350.7%	195.3%	145.4%	129.6%	159.7%	41.9%	110.7%	200.2%	111.8%
Dividends ÷ net income	—	—	−255.0%	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	−72.7%	—	—	—	—	—	0.0%	0.0%	21.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · December 31, 2025

What it owns · $82.2bn

Short-term assets $23.5bnLonger-term assets $58.6bn

What it owes, and who funded it · $82.8bn

Short-term liabilities $28.8bnLonger-term liabilities $32.0bnShareholders' equity $22.0bn

Short-term assets cover short-term liabilities $23.5bn of assets due within a year against $28.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities $23.5bn short-term assets against $32.0bn of longer-dated liabilities.
More cash than debt $4.6bn of cash against $23.8bn of debt.
Debt below 40% of shareholders' equity Debt is 108% of equity.
Debt burden no higher than five years ago Debt to equity moved from 161% to 108% over five years.
A year's operating cash flow covers at least 20% of debt $10.2bn of operating cash flow against $23.8bn of debt.
Operating profit covers interest at least five times over Operating income of $10.5bn against $61m of interest.

From GSK plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from GSK plc's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to GSK plc.