The company has demonstrated a disciplined deleveraging strategy, successfully reducing total debt to $8.6 billion by 2025Q4, resulting in a more conservative debt-to-equity ratio of 0.52.
| Total Current Assets | 4.54B | 5.72B | 4.82B | 4.06B | 5.25B | 5.01B | 5.81B |
| Cash & Short-Term Investments | 1.32B | 2.25B | 1.04B | 684M | 414M | 334M | 340M |
| Cash Only | 1.32B | 2.19B | 1.04B | 684M | 414M | 334M | 340M |
| Short-Term Investments | 0 | 55M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.12B | 1.9B | 1.35B | 1.49B | 3.83B | 1.35B | 3.99B |
| Days Sales Outstanding | 71.7 | 61.87 | 43.66 | 49.99 | 146.27 | 49.74 | 171.91 |
| Inventory | 1.02B | 1.19B | 1.41B | 1.35B | 951M | 949M | 1.21B |
| Days Inventory Outstanding | 98.26 | 101.37 | 118.39 | 114.93 | 96.55 | 86.99 | 120.18 |
| Other Current Assets | 77.86M | 223M | 907M | 434M | 5M | 2.32B | 237M |
| Total Non-Current Assets | 28.03B | 28.6B | 29.24B | 30.76B | 29.2B | 29.12B | 29.9B |
| Property, Plant & Equipment | 1.99B | 1.92B | 1.9B | 1.9B | 1.66B | 1.6B | 1.62B |
| Fixed Asset Turnover | 5.41x | 5.85x | 5.94x | 5.72x | 5.74x | 6.17x | 5.23x |
| Goodwill | 0 | 8.2B | 8.32B | 8.4B | 8.25B | 8.27B | 8.17B |
| Intangible Assets | 0 | 18.01B | 18.54B | 20.04B | 18.95B | 18.95B | 19.84B |
| Long-Term Investments | 75.87M | 82M | 65M | 44M | 23M | 0 | 3M |
| Other Non-Current Assets | 104.82M | 383M | 415M | 157M | 8M | 51M | 10M |
| Total Assets | 32.57B | 34.31B | 34.05B | 34.81B | 34.45B | 34.13B | 35.71B |
| Asset Turnover | 0.33x | 0.33x | 0.33x | 0.31x | 0.28x | 0.29x | 0.24x |
| Asset Growth % | -5.08% | 0.76% | -2.18% | 1.06% | 0.94% | -4.43% | - |
| Total Current Liabilities | 4.92B | 5.81B | 4.64B | 4.37B | 4.24B | 4.01B | 4.27B |
| Accounts Payable | 3.72B | 1.97B | 1.85B | 1.83B | 1.58B | 1.83B | 1.9B |
| Days Payables Outstanding | 357.57 | 168.06 | 155.97 | 156.45 | 160.32 | 167.47 | 188.36 |
| Short-Term Debt | 834.53M | 1.44B | 608M | 393M | 874M | 348M | 481M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 23M | 11M | 11M | 7M |
| Other Current Liabilities | 99.82M | 693M | 1.57B | 1.61B | 1.43B | 958M | 913M |
| Current Ratio | 0.92x | 0.98x | 1.04x | 0.93x | 1.24x | 1.25x | 1.36x |
| Quick Ratio | 0.71x | 0.78x | 0.73x | 0.62x | 1.01x | 1.01x | 1.08x |
| Cash Conversion Cycle | -187.61 | -4.83 | 6.08 | 8.46 | 82.51 | -30.74 | 103.73 |
| Total Non-Current Liabilities | 11.19B | 12.28B | 12.69B | 13.99B | 3.73B | 3.89B | 4.03B |
| Long-Term Debt | 7.76B | 8.54B | 8.71B | 9.89B | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 73M | 89M | 117M | 87M | 105M | 121M |
| Deferred Tax Liabilities | 3.22B | 3.35B | 3.49B | 3.6B | 3.36B | 0 | 3.51B |
| Other Non-Current Liabilities | 217.62M | 311M | 424M | 384M | 0 | 3.79B | 0 |
| Total Liabilities | 16.12B | 18.09B | 17.33B | 18.36B | 7.97B | 7.91B | 8.3B |
| Total Debt | 8.59B | 10.1B | 9.46B | 10.44B | 991M | 487M | 642M |
| Net Debt | 7.27B | 7.91B | 8.41B | 9.76B | 577M | 153M | 302M |
| Debt / Equity | 0.52x | 0.62x | 0.57x | 0.63x | 0.04x | 0.02x | 0.02x |
| Debt / EBITDA | 3.10x | 4.21x | 4.10x | 4.94x | 0.52x | 0.26x | 0.55x |
| Net Debt / EBITDA | 2.62x | 3.29x | 3.65x | 4.62x | 0.30x | 0.08x | 0.26x |
| Interest Coverage | 7.28x | 5.60x | 4.82x | 5.25x | 102.38x | 62.31x | 31.96x |
| Total Equity | 16.46B | 16.22B | 16.73B | 16.46B | 26.48B | 26.22B | 27.41B |
| Equity Growth % | 1.42% | -3.02% | 1.65% | -37.85% | 0.98% | -4.34% | - |
| Book Value per Share | 3.65 | 3.54 | 3.61 | 3.56 | 5.73 | 5.68 | 5.94 |
| Total Shareholders' Equity | 16.4B | 16.17B | 16.61B | 16.33B | 26.36B | 26.11B | 27.32B |
| Common Stock | 89.84M | 91M | 92M | 92M | 1M | 1M | 1M |
| Retained Earnings | 27.8B | 27.27B | 27.47B | 26.73B | 37.99B | 37.76B | 5.11B |
| Treasury Stock | 0 | -116M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -10.96B | 1.2B | -11.63B | -11.65B | 1.37B |
| Minority Interest | 58.9M | 58M | 123M | 126M | 125M | 111M | 91M |
Technical share overhang pressure
As reported in financial statements, Haleon has successfully reduced its total debt from $10.4 billion in 2022Q4 to $8.6 billion by 2025Q4, signaling a disciplined commitment to strengthening the balance sheet following the complexities of its initial separation from former parent entities.
The consistent reduction in debt levels suggests that management is prioritizing financial flexibility to mitigate the risks associated with its post-demerger capital structure. This trajectory appears to be enhancing the company's long-term solvency profile, though investors should monitor whether this deleveraging pace remains sustainable alongside ongoing shareholder return initiatives.
Based on reported figures, Haleon's debt-to-equity ratio has improved to 0.52 as of 2025Q4, reflecting a more conservative leverage profile that appears to be a core component of the firm's strategy to reduce interest expense and improve its overall creditworthiness in a volatile rate environment.
The current leverage metrics suggest that the company is successfully transitioning away from the high-debt burden inherited at the time of its spin-off. This reduction in financial leverage may imply a lower risk of liquidity constraints, provided that the company maintains its current cash flow generation capabilities.
According to recent SEC filings, Haleon's current ratio stands at 0.92 as of 2025Q4, which indicates a relatively lean liquidity position that warrants further investigation into the company's ability to meet short-term obligations without relying on external financing or revolving credit facilities.
A current ratio consistently below 1.0 suggests that the company operates with minimal working capital headroom, which may imply a reliance on the rapid turnover of inventory to fund daily operations. While this is common in high-volume consumer goods, it leaves little room for error should supply chain disruptions or sudden demand shifts occur.
As indicated by the balance sheet data, equity has remained relatively stable at $16.4 billion in 2025Q4, suggesting that the company's retained earnings are effectively offsetting the impact of share repurchases and potential dilution from ongoing stock-based compensation programs following the demerger.
The stability of the equity base appears to reflect a balanced approach to capital allocation, where the firm is reinvesting in the business while simultaneously returning value to shareholders. Investors should monitor whether future equity growth is driven by organic earnings retention or if external factors continue to influence the share count.
Quick answers to the most common questions about buying HLN stock.
As of 2025, Haleon plc (HLN) had total assets of $32.57B including $4.54B in current assets.
Haleon plc (HLN) carries total debt of $8.59B, offset by $1.32B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Haleon plc (HLN) has total shareholders' equity (book value) of $16.40B ($3.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Haleon plc (HLN) reported a current ratio of 0.92x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.