Haleon

HLN

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$10.10

-0.01 (-0.10%)

Market Cap

$44.48B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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: 4.62B (2021) → 4.51B (2025)

Haleon is a consumer health company that makes everyday health products people buy at pharmacies and grocery stores. Its brands include Sensodyne toothpaste, Advil pain relievers, Centrum vitamins, and Theraflu cold medicine. These products are sold directly to ordinary consumers around the world, making Haleon one of the largest standalone consumer health companies globally.

Haleon makes money by selling its branded products through retailers, pharmacies, and e-commerce channels. It operates in over 100 countries, with strong sales across North America, Europe, and Asia-Pacific, and generates roughly $13 billion in annual revenue. Its main competitive advantage is its portfolio of trusted, recognizable brand names that consumers repeatedly buy out of habit. The key risk is that Haleon carries significant debt from its 2022 spinoff from GSK, and it also faces ongoing legal liability related to Zantac, a heartburn drug previously sold by its predecessor businesses.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on HLN in the last 12 months.

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Growth Profile

For growth stock investors

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

Revenue Growth

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+18.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$308M/ year

→ Flat (+3% vs prior year)

2.8% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

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

Revenue declining

Haleon's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Gross Margin

65.0%

Premium pricing power — 65.0% gross margin

Operating Margin

22.7%

Excellent — 22.7% operating margin

ROCE

5.0%

Weak — 5.0% 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 YoY

+13.7%

Fast-growing sales (13.7% YoY)

EPS YoY

+40.6%

Earnings growing fast (40.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

94%

Modest — 94% of profit becomes cash

FCF Margin

11.9%

Modest free cash flow (11.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.52

Conservative — low debt load (0.52)

Interest Cover

8.34x

Comfortably covers interest (8.3x)

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

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Valuation

P/E Ratio (TTM)

16.3x

Fair value — P/E 16.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-2.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.01%

Moderate income — 2.01% yield

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

Dividend Growth

N/A

no trend

Data not available

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