Halma PLC HALMY

Information TechnologyElectronic Equipment & PartsUnited Kingdom

Last close 92.26 USD on Nov 1, 2026, −2.5% year to date

Quant rating

Quant rating B Rank 76 of 200 in Information Technology

Growth B 38 of 200
Valuation B 60 of 200
Quality C 119 of 200
Revisions B 43 of 200
Momentum C 94 of 200

Wall Street consensus Buy (2.11)Average target 59.17 USD −35.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.5B
Enterprise value: 18.5B
52-week range: 85.90 – 134.00
3-year range: 44.70 – 134.00
Dividend yield: 0.73%
Beta (5 years): 1.71
Shares outstanding: 380M
Next earnings: Nov 19, 2026

About the company

Halma plc is a global life-saving technology company. Its segments include Safety, Environment & Analysis, and Healthcare. The Safety segment provides products that protect people, assets and infrastructure in commercial, industrial and public spaces. This segment's solutions include fire safety solutions, public safety technologies, worker safety solutions, and infrastructure and asset safety technologies. The Environmental & Analysis segment provides solutions that monitor the environment and improve the availability of life-critical natural resources, which are used in materials analysis and optoelectronic applications. This segment includes optical analysis, water analysis & treatment systems, and environmental monitoring technologies. The Healthcare segment provides technologies to help quality of life for patients and improve the quality of care delivered by healthcare providers. It also designs and manufactures high-performance notification, initiation and detection devices.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,414	2,904	2,568	2,285	2,003	–
Revenue growth	17.6%	13.1%	12.4%	14.1%	10.3%	13.5%
EPS (basic, normalized)	1.53	1.28	1.05	0.98	0.81	–
EPS growth	19.3%	22.0%	7.8%	20.8%	–	–
Gross margin	50.0%	50.7%	49.7%	50.0%	50.3%	50.1%
Net margin	14.4%	13.2%	13.2%	12.7%	16.2%	13.9%
ROE	18.3%	16.3%	16.1%	15.6%	19.2%	17.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,414	+17.6%	5.4x	887	+25.5%	20.9x	1.53	+19.3%	60.3x
2027	3,933	+15.2%	4.7x	1,009	+13.8%	18.4x	1.77	+15.9%	52.1x
2028	4,321	+9.9%	4.3x	1,105	+9.4%	16.8x	1.96	+10.4%	47.1x
2029	4,682	+8.4%	4.0x	1,199	+8.6%	15.5x	2.15	+9.6%	43.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,933	0.0%	+1.1%	+4.3%	1.77	+0.6%	+3.7%	+6.9%
2028	4,321	+0.1%	+1.9%	+6.7%	1.96	+0.6%	+3.5%	+8.0%
2029	4,682	+0.2%	+1.8%	+13.9%	2.15	+0.7%	+2.9%	+12.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	157	–	168	178
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	0.05	0.05	0.05	0.06
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HALMY Halma PLC	17.5B	–	14.4%	6.04x	52.1x	47.1x	18.4x	16.8x
JBL Jabil Inc.	28.1B	0.62x	2.9%	17.66x	15.4x	12.3x	8.6x	7.2x
LNTCY Lens Technology Co., Ltd.	19.6B	0.60x	5.4%	2.54x	84.0x	48.4x	13.6x	11.1x
ZBRA Zebra Technologies Corp	17.1B	2.23x	7.8%	4.98x	17.3x	16.2x	13.6x	13.1x
KGBLY Kingboard Laminates Holdings Ltd	13.9B	–	12.0%	5.96x	519.7x	332.5x	9.2x	5.9x
FN Fabrinet	11.7B	−1.54x	10.2%	4.78x	18.0x	15.1x	14.2x	11.7x
Mean		0.48x	8.8%	6.99x	117.7x	78.6x	12.9x	11.0x
Median		0.61x	9.0%	5.47x	35.0x	31.7x	13.6x	11.4x

Technical analysis

1M−0.8%
3M−2.9%
1Y−2.4%
3Y+116.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Halma PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,414	2,904	2,568	2,285	2,003	1,816
Cost of revenue	1,709	1,431	1,292	1,142	996	913
Gross profit	1,706	1,473	1,275	1,143	1,007	904
Selling, general & administrative expenses	921	844	740	676	581	507
Research & development	–	–	–	–	–	–
Depreciation/amortization	83.6	73.5	62.5	60.1	56.1	58.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	14.0	22.2	8.3	26.0	−40.6	−23.3
Other operating expenses	0	0	0	0	0	0
Operating income	687	533	465	380	411	362
Net interest income (expense)	−35.3	−38.1	−37.2	−22.1	−10.6	−13.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.9	1.7	2.0	1.2	−0.5	0
Net income before taxes	649	496	430	360	400	348
Provision for taxes	157	114	90.3	70.5	75.6	68.3
Minority interest	0	0	0	0.2	0.3	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	492	383	339	289	324	280
Extraordinary items	–	–	–	0	−3.4	–
Net income	492	383	339	289	321	280
EBIT, normalized	700	559	477	407	376	344
EBITDA, normalized	873	714	610	532	492	468
Basic EPS, normalized	1.53	1.28	1.05	0.98	0.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Halma PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	190	405	180	209	207	185
Receivables	786	604	546	471	396	349
Total inventory	426	388	385	385	300	231
Prepaid expenses	48.9	42.2	39.5	37.0	31.4	24.0
Other current assets	30.3	1.4	0.9	1.8	0.9	2.3
Total current assets	1,480	1,441	1,151	1,105	936	791
Property, plant & equipment	410	366	299	275	255	249
Goodwill	1,995	1,632	1,529	1,382	1,193	1,114
Intangibles	985	744	718	582	427	400
Long-term investments	28.3	16.1	25.0	25.9	10.8	12.8
Note receivable	–	0	18.6	18.1	19.3	19.2
Other long-term assets	9.7	10.9	46.6	51.1	44.0	1.8
Total assets	4,909	4,209	3,787	3,439	2,885	2,588
Liabilities
Accounts payable	198	170	148	144	135	117
Payable/accrued	–	–	–	–	–	–
Accrued expenses	243	197	170	148	141	108
Short-term debt	1.9	0.6	0.4	1.2	0.9	4.1
Current portion of long-term debt	96.1	75.2	24.6	23.7	115	18.3
Other current liabilities	153	149	127	104	86.3	94.2
Total current liabilities	691	591	470	421	478	342
Long-term debt	1,110	1,021	980	920	452	515
Minority interest	0	0	0	0.1	0.5	0.8
Other liabilities	242	144	145	126	113	122
Total liabilities	2,042	1,756	1,595	1,467	1,043	980
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	50.2	49.1	48.0	46.9	49.9	52.4
Additional paid-in capital	31.2	30.5	29.8	29.1	31.0	32.5
Retained earnings (accumulated deficit)	2,743	2,320	2,030	1,752	1,648	1,450
Treasury stock	−73.9	−60.6	−73.2	−56.9	−40.3	−28.8
Other equity	116	115	158	201	153	102
Total equity	2,867	2,454	2,192	1,972	1,842	1,608
Total liabilities & shareholders' equity	4,909	4,209	3,787	3,439	2,885	2,588

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Halma PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	695	529	464	380	366	332
Depreciation, depletion & amortization	173	155	133	125	117	126
Deferred taxes	–	–	–	–	–	–
Non-cash items	23.0	31.8	21.6	6.7	−3.9	−9.4
Changes in working capital	−256	−80.1	−133	−194	−167	−65.6
Cash from operations	635	636	486	318	312	383
Investing activities
Capital expenditures	−93.9	−76.7	−65.1	−56.6	−52.5	−58.1
Other investing cash flows	−566	−135	−296	−398	−124	−30.3
Cash from investing	−660	−212	−361	−455	−177	−88.5
Financing activities
Financing cash flow items	−43.1	−39.1	−37.7	−26.6	−10.8	−13.8
Cash dividends paid	−119	−108	−98.7	−90.4	−90.2	−87.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−41.5	−53.0	−14.6	266	−6.6	−151
Cash from financing	−203	−200	−151	149	−108	−253
Foreign exchange effects	3.6	−4.0	−6.4	2.1	6.3	−5.8
Net change in cash	−224	220	−32.9	14.6	33.6	35.4
Free cash flow	542	559	421	262	259	324

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.