Latest Ratios: P/E Ratio 17.7x · EV/EBITDA 9.9x · ROE 39.4%. (1996–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $100.8B | $100.9B | $70.0B | $76.2B | $71.8B | $71.5B | $74.2B | $94.3B | $76.0B | $70.1B | $75.6B |
| Enterprise Value | $119.9B | $115.2B | $83.3B | $95.4B | $89.0B | $98.4B | $102.7B | $128.5B | $98.2B | $83.4B | $89.5B |
| P/E Ratio → | 17.69 | 17.64 | 27.27 | 15.44 | 4.80 | 16.33 | 12.87 | 20.25 | 20.99 | 45.47 | 83.72 |
| P/S Ratio | 2.26 | 3.09 | 2.23 | 2.51 | 2.45 | 2.89 | 3.05 | 2.79 | 2.47 | 2.32 | 2.71 |
| P/B Ratio | 4.87 | 6.34 | 5.35 | 4.67 | 7.11 | 2.47 | 2.61 | 3.88 | 20.69 | 20.09 | 15.24 |
| P/FCF | 11.11 | 17.33 | 19.61 | 12.17 | 10.63 | 13.49 | 11.42 | 16.10 | 11.47 | 14.86 | 18.24 |
| P/OCF | 10.57 | 14.13 | 10.69 | 9.65 | 8.79 | 8.99 | 8.79 | 11.76 | 9.02 | 10.13 | 11.64 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.53 | 2.66 | 3.15 | 3.04 | 3.99 | 4.22 | 3.81 | 3.19 | 2.76 | 3.21 |
| EV / EBITDA | 9.94 | 10.82 | 12.68 | 10.55 | 10.38 | 15.19 | 12.79 | 13.82 | 13.38 | 13.87 | 20.47 |
| EV / EBIT | 10.77 | 14.25 | 20.24 | 14.05 | 13.79 | 22.56 | 17.06 | 18.09 | 17.87 | 19.56 | 33.70 |
| EV / FCF | — | 19.79 | 23.33 | 15.25 | 13.18 | 18.58 | 15.81 | 21.93 | 14.82 | 17.68 | 21.59 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.4% | 72.4% | 71.2% | 71.8% | 67.4% | 66.9% | 67.4% | 64.9% | 66.8% | 65.7% | 66.7% |
| Operating Margin | 25.5% | 25.5% | 12.8% | 22.2% | 21.9% | 17.6% | 24.6% | 20.6% | 17.8% | 13.5% | 9.3% |
| Net Profit Margin | 17.5% | 17.5% | 8.2% | 16.2% | 51.0% | 17.8% | 23.6% | 13.8% | 11.8% | 5.1% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.4% | 39.4% | 17.5% | 37.3% | 76.7% | 15.3% | 21.8% | 33.2% | 101.2% | 36.3% | 13.2% |
| ROA | 9.5% | 9.5% | 3.8% | 7.3% | 17.9% | 4.0% | 5.3% | 5.7% | 6.3% | 2.7% | 1.6% |
| ROIC | 22.1% | 22.1% | 9.7% | 16.1% | 11.6% | 5.8% | 7.8% | 12.4% | 19.3% | 17.2% | 10.1% |
| ROCE | 21.5% | 21.5% | 9.3% | 15.7% | 11.4% | 5.6% | 7.8% | 12.7% | 16.8% | 11.7% | 6.5% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.11 | 1.11 | 1.30 | 1.41 | 2.08 | 1.13 | 1.30 | 1.66 | 7.10 | 4.90 | 3.79 |
| Debt / EBITDA | 1.66 | 1.66 | 2.58 | 2.54 | 2.45 | 5.05 | 4.62 | 4.35 | 3.55 | 2.84 | 4.30 |
| Net Debt / Equity | — | 0.90 | 1.02 | 1.18 | 1.71 | 0.93 | 1.00 | 1.41 | 6.04 | 3.80 | 2.80 |
| Net Debt / EBITDA | 1.34 | 1.34 | 2.02 | 2.13 | 2.01 | 4.16 | 3.55 | 3.68 | 3.02 | 2.21 | 3.18 |
| Debt / FCF | — | 2.45 | 3.72 | 3.07 | 2.56 | 5.09 | 4.39 | 5.84 | 3.35 | 2.81 | 3.35 |
| Interest Coverage | 11.77 | 11.77 | 6.26 | 8.76 | 7.54 | 5.57 | 6.75 | 7.79 | 7.39 | 5.81 | 3.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.78 | 0.88 | 0.91 | 0.79 | 0.91 | 0.81 | 0.75 | 0.60 | 0.88 |
| Quick Ratio | 0.54 | 0.54 | 0.52 | 0.62 | 0.68 | 0.54 | 0.64 | 0.56 | 0.51 | 0.39 | 0.61 |
| Cash Ratio | 0.16 | 0.16 | 0.17 | 0.25 | 0.35 | 0.18 | 0.29 | 0.20 | 0.18 | 0.15 | 0.26 |
| Asset Turnover | — | 0.54 | 0.53 | 0.40 | 0.49 | 0.23 | 0.22 | 0.32 | 0.53 | 0.54 | 0.47 |
| Inventory Turnover | 1.52 | 1.52 | 1.60 | 1.22 | 1.86 | 1.04 | 0.97 | 1.51 | 1.87 | 1.86 | 1.82 |
| Days Sales Outstanding | — | 86.54 | 69.79 | 113.58 | 77.40 | 160.77 | 148.82 | 102.40 | 74.87 | 68.83 | 77.44 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 2.5% | 3.5% | 3.7% | 6.0% | 5.6% | 5.4% | 4.2% | 5.2% | 5.6% | 6.4% |
| Payout Ratio | 43.9% | 43.9% | 94.9% | 56.7% | 28.6% | 91.2% | 69.2% | 85.1% | 108.4% | 255.0% | 531.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 5.7% | 3.7% | 6.5% | 20.8% | 6.1% | 7.8% | 4.9% | 4.8% | 2.2% | 1.2% |
| FCF Yield | 9.0% | 5.8% | 5.1% | 8.2% | 9.4% | 7.4% | 8.8% | 6.2% | 8.7% | 6.7% | 5.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.2% | 2.5% | 3.5% | 3.7% | 6.0% | 5.6% | 5.4% | 4.2% | 5.2% | 5.7% | 6.5% |
| Shares Outstanding | — | $2.1B | $2.1B | $2.1B | $2.0B | $1.6B | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GSK stock.
GSK plc's current P/E ratio is 17.7x. The historical average is 27.3x. This places it at the 30th percentile of its historical range.
GSK plc's current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.7x.
GSK plc's return on equity (ROE) is 39.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 61.5%.
Based on historical data, GSK plc is trading at a P/E of 17.7x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GSK plc's current dividend yield is 3.23% with a payout ratio of 43.9%.
GSK plc has 72.4% gross margin and 25.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
GSK plc's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Zantac litigation and leverage swings
Discount Multiples Reflect Legacy Caution
Based on reported figures, GSK trades at a trailing P/E of 13.53 and EV/EBITDA of 8.42, below AstraZeneca's 14.29 P/E and Novartis's 22.52, a discount that may reflect investor caution toward litigation and growth durability.
The trailing P/E of 13.53 and forward P/E of 13.95 sit close together, which suggests the market expects earnings to be broadly flat rather than compounding. Relative to AstraZeneca and Novartis, GSK's multiples appear compressed, and this gap may reflect the market discounting its legacy litigation exposure and slower top-line momentum rather than a mispricing of the vaccine franchise. A P/B of 4.86 remains elevated, indicating the valuation relies on intangible and specialty asset value rather than tangible book, which warrants further scrutiny.
Gross Margin Stable, Operating Margin Volatile
As reported in quarterly statements, GSK's gross margin held between 68.5% and 75.4% over ten quarters, while operating margin swung from 2.4% to 30.3%, indicating that opex timing rather than product economics drives headline earnings.
The consistency of gross margin in the low-to-mid 70s points to a durable specialty and vaccine mix that supports pricing. The much wider swing in operating margin, however, suggests that R&D and legal provisions are lumpy and may distort the underlying earning power of the business. Investors should monitor adjusted operating margin excluding these items to better judge the run-rate profitability, as the 2026Q3 print of 28.9% may overstate sustainable levels.
Leverage Re-expanding After Mid-Period Trough
Based on reported figures, GSK's debt-to-equity ratio moved between 1.06 and 1.35 across ten quarters, reaching 1.29 in 2026Q3 after a trough, while interest coverage ranged widely from 1.41x to 15.71x.
The re-expansion of leverage in 2026Q3 suggests debt-funded activity or equity erosion from earnings volatility, rather than a steady deleveraging path. Interest coverage's wide range indicates that debt service comfort depends heavily on the quarter's operating profit, and the 1.41x reading in 2024Q3 shows how thin the cushion can become. Refinancing and litigation-related risk warrant monitoring given the net debt position implied by the reported figures.
Current Ratio Below Unity Persistently
Based on reported figures, GSK's current ratio stayed between 0.78 and 0.87 across all ten quarters, and the quick ratio near 0.52 to 0.58 suggests short-term obligations consistently exceed liquid current assets.
A current ratio below 1.0 in every reported quarter is common for large pharma with strong cash generation and access to capital markets, so it is not alarming on its own. Under severe stress, however, the thin liquid cushion would depend on operating cash flow and refinancing access rather than balance sheet reserves. The quick ratio's stability near 0.55 indicates that the position has not deteriorated, but it offers limited buffer against a sudden litigation settlement.
Net Margin Overstates Earnings Quality
The most commonly misapplied metric here is net margin, since reported net margin ranged from -0.7% to 23.6% across quarters, a swing driven by non-recurring legal and restructuring items rather than core operations.
Net margin is frequently treated as a proxy for earning power in pharma, but for GSK it appears heavily distorted by provisions, impairments, and the Haleon-related adjustments that sit outside the core business. A more informative measure would be free cash flow margin or adjusted operating margin, which reported figures show is steadier at 8.5% to 27.4%. Investors should treat headline net margin as an unreliable signal of underlying profitability.