Haleon plc key statistics and ratios

In fiscal 2025, Haleon plc had return on equity of 10.4%, an operating margin of 21.9%, debt equal to 52.4% of equity and a current ratio of 0.92. 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.

Haleon plc: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	59.7%	62.3%	60.6%	59.7%	60.7%	64.2%
Operating margin	16.2%	17.2%	16.8%	17.7%	19.6%	21.9%
Net margin	11.6%	14.6%	9.8%	9.3%	12.8%	15.1%
Free-cash-flow margin	12.0%	11.8%	16.2%	16.5%	18.3%	21.0%
Return on equity	4.1%	5.4%	4.7%	6.4%	8.9%	10.4%
Return on assets	—	4.1%	3.0%	3.1%	4.3%	5.1%
Asset turnover	—	0.28	0.30	0.33	0.33	0.34
Current ratio	—	1.24	0.93	1.04	0.98	0.92
Debt to equity	0.0%	0.6%	63.9%	56.9%	62.6%	52.4%
Effective tax rate	25.8%	12.0%	30.8%	31.8%	22.8%	21.9%
R&D as % of revenue	3.1%	2.7%	2.8%	2.8%	2.7%	2.9%
Capital spending as % of revenue	2.2%	2.4%	2.8%	2.1%	2.2%	2.9%
Free cash flow ÷ net income	103.5%	81.2%	165.9%	177.9%	142.2%	138.7%
Dividends and buybacks ÷ free cash flow	—	—	—	2.0%	—	—

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

2 of 6 checks passed · December 31, 2025

What it owns · $43.9bn

Short-term assets $6.1bnLonger-term assets $37.8bn

What it owes, and who funded it · $43.8bn

Short-term liabilities $6.6bnLonger-term liabilities $15.1bnShareholders' equity $22.1bn

Short-term assets cover short-term liabilities $6.1bn of assets due within a year against $6.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities $6.1bn short-term assets against $15.1bn of longer-dated liabilities.
More cash than debt $1.8bn of cash against $10.5bn of debt.
Debt below 40% of shareholders' equity Debt is 47% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $3.5bn of operating cash flow against $10.5bn of debt.
Operating profit covers interest at least five times over Operating income of $3.2bn against $9m of interest.

From Haleon 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

Head to head: HLN vs VTRS HLN vs UPC BHC vs HLN HLN vs ZTS

More: Pharmaceuticals stocks compared, Health Care sector, rankings of US companies

Figures from Haleon 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 Haleon plc.