NYSE · Healthcare

GSK plc

GSK · Drug Manufacturers - General

$50.90

▼ -0.71 (-1.38%)

Data cached · refreshes every 10 min

Mr. Market is currently offering GSK plc at $50.90.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 72.4%

Operating Margin 25.5%

Net Income Margin 17.5%

Fin. Health F

Years to Pay Off Debt 3.1 yrs

Working Capital vs Long-Term Debt -$17.9B

Working Capital -$3.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.20x

Cash Flow C

Free Cash Flow $4.8B

CapEx % of Net Income 52.2%

Owner Earnings $11.0B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $101.6B

Enterprise Value $222.7B

P/E (TTM) 13.26

Dividend Yield 1.30%

Exchange NYSE

Key Margins

Gross Profit 72.4%

Operating Margin 25.5%

Net Margin 17.5%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 66841

Country United Kingdom

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering GSK plc at $50.90.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $50.90, the stock trades at a 125% premium to its Graham Number of $22.64. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About GSK plc

GSK plc, together with its subsidiaries, engages in the research, development, and manufacture of vaccines, specialty medicines, and general medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through Commercial Operations and Total R&D segments. The company offers specialty medicines that include oncology, respiratory/immunology, inflammation, and inhaled medicines for HIV, respiratory eosinophildriven diseases, lupus and lupus nephritis, ovarian cancer, and endometrial cancer. It also provides vaccines for Shingles, Meningitis, RSV, Seasonal Influenza, Hepatitis, Diphtheria, Tetanus, Acellular Pertussis, Rotavirus, Pertussis, Polio, Haemophilus, Invasive Diseases, Pneumonia, Acute Otitis Media, Measles, Mumps, Rubella and Chickenpox, and Human Papilloma Virus. Additionally, the company offers general medicines for asthma, COPD, bacterial infection, benign prostatic hyperplasia, allergic rhinitis, and inflammatory skin conditions. It also focuses on the discovery, development, and commercialization of oral small molecule therapies for patients with unmet needs in oncology and inflammatory diseases. It has a collaboration agreement with CureVac to develop mRNA vaccines for infectious diseases. The company has a strategic alliance with AN2 Therapeutics, Inc. for the development of new therapies for TB. GSK plc was formerly known as GlaxoSmithKline plc and changed its name to GSK plc in May 2022. The company was founded in 1715 and is headquartered in London, United Kingdom.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	72.4% ▲	71.2%	71.8%	67.4%	N/A
Operating Margin %	25.5% ▲	17.7%	24.2%	22.9%	N/A
Net Income %	17.5% ▲	8.2%	16.2%	51.0%	N/A
Diluted EPS	2.78 ▲	1.24	2.40	7.32	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$61.1B	$59.5B	$59.0B	$60.1B	N/A
Total Debt	$17.7B ↑	$17.0B	$18.0B	$21.0B	N/A
Working Capital	-$3.9B ▲	-$4.7B	-$2.4B	-$2.0B	N/A
Years to Pay Debt	3.10	6.60	3.66	1.40	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.8B ▲	$3.6B	$4.4B	$5.1B	N/A
Owner Earnings	$11.0B	$8.1B	$9.6B	$19.4B	N/A
CapEx % of Net Income	52.2%	115.8%	47.6%	15.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-45,826	-220,717	-67,625	-34,398
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	10,707,000	8,127,000	9,624,000	8,874,000
Total Unusual Items	-305,000	-1,459,000	-541,000	-273,000
Total Unusual Items Excluding Goodwill	-305,000	-1,459,000	-541,000	-273,000
Net Income From Continuing Operation Net Minority Interest	5,716,000	2,575,000	4,928,000	4,256,000
Reconciled Depreciation	2,314,000	2,551,000	2,294,000	2,147,000
Reconciled Cost Of Revenue	9,017,000	9,048,000	8,565,000	9,554,000
EBITDA	10,402,000	6,668,000	9,083,000	8,601,000
EBIT	8,088,000	4,117,000	6,789,000	6,454,000
Net Interest Income	-633,000	-603,000	-735,000	-826,000
Interest Expense	687,000	640,000	725,000	826,000
Interest Income	56,000	60,000	48,000	31,000
Normalized Income	5,975,174	3,813,283	5,401,375	4,494,602
Net Income From Continuing And Discontinued Operation	5,716,000	2,575,000	4,928,000	14,956,000
Total Expenses	24,329,000	25,834,000	22,983,000	22,595,000
Rent Expense Supplemental		30,000	27,000	17,000	20,000
Total Operating Income As Reported	7,932,000	4,021,000	6,745,000	6,433,000
Diluted Average Shares	2,058,500	2,071,000	2,055,500	2,042,000
Basic Average Shares	2,025,500	2,038,500	2,026,000	2,013,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,716,000	2,575,000	4,928,000	14,956,000
Net Income Common Stockholders	5,716,000	2,575,000	4,928,000	14,956,000
Net Income	5,716,000	2,575,000	4,928,000	14,956,000
Minority Interests	-573,000	-376,000	-380,000	-665,000
Net Income Including Noncontrolling Interests	6,289,000	2,951,000	5,308,000	15,621,000
Net Income Discontinuous Operations		0	0	10,700,000	1,580,000
Net Income Continuous Operations	6,289,000	2,951,000	5,308,000	4,921,000
Tax Provision	1,112,000	526,000	756,000	707,000
Pretax Income	7,401,000	3,477,000	6,064,000	5,628,000
Special Income Charges	-813,000	-1,233,000	-704,000	-1,231,000
Other Special Charges	232,000	-518,000	-87,000	-376,000
Restructuring And Mergern Acquisition	581,000	1,751,000	791,000	1,607,000
Net Non Operating Interest Income Expense	-633,000	-603,000	-735,000	-826,000
Total Other Finance Cost	2,000	23,000	58,000	31,000
Interest Expense Non Operating	687,000	640,000	725,000	826,000
Interest Income Non Operating	56,000	60,000	48,000	31,000
Operating Income	8,338,000	5,542,000	7,345,000	6,729,000
Operating Expense	15,312,000	16,786,000	14,418,000	13,041,000
Other Operating Expenses		9,000
Research And Development	7,525,000	6,401,000	6,223,000	5,488,000
Selling General And Administration	9,088,000	11,015,000	9,385,000	8,372,000
General And Administrative Expense	9,088,000	11,015,000	9,385,000	8,372,000
Gross Profit	23,650,000	22,328,000	21,763,000	19,770,000
Cost Of Revenue	9,017,000	9,048,000	8,565,000	9,554,000
Total Revenue	32,667,000	31,376,000	30,328,000	29,324,000
Operating Revenue	32,667,000	31,376,000	30,328,000	29,324,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	302,895	233,485	255,885	217,125
Ordinary Shares Number	4,012,550	4,080,818	4,056,261	4,094,219
Share Issued	4,315,445	4,314,304	4,312,146	4,311,343
Net Debt	13,740,000	12,191,000	14,065,000	16,456,000
Total Debt	17,720,000	16,986,000	18,018,000	20,987,000
Tangible Book Value	-7,389,000	-8,826,000	-8,232,000	-10,766,000
Invested Capital	33,267,000	29,555,000	30,158,000	30,577,000
Working Capital	-3,881,000	-4,700,000	-2,424,000	-2,041,000
Net Tangible Assets	-7,389,000	-8,826,000	-8,232,000	-10,766,000
Capital Lease Obligations	830,000	1,102,000	1,207,000	1,008,000
Common Stock Equity	16,377,000	13,671,000	13,347,000	10,598,000
Total Capitalization	30,392,000	27,374,000	27,501,000	26,792,000
Total Equity Gross Minority Interest	15,956,000	13,086,000	12,795,000	10,096,000
Minority Interest	-421,000	-585,000	-552,000	-502,000
Stockholders Equity	16,377,000	13,671,000	13,347,000	10,598,000
Other Equity Interest	-282,000	-397,000	-288,000	-353,000
Retained Earnings	10,209,000	7,796,000	7,239,000	4,363,000
Additional Paid In Capital	3,498,000	3,473,000	3,451,000	3,440,000
Capital Stock	1,349,000	1,348,000	1,348,000	1,347,000
Common Stock	1,349,000	1,348,000	1,348,000	1,347,000
Total Liabilities Net Minority Interest	45,162,000	46,377,000	46,210,000	50,050,000
Total Non Current Liabilities Net Minority Interest	23,771,000	24,680,000	25,142,000	27,240,000
Other Non Current Liabilities	5,385,000	6,108,000	5,609,000	5,779,000
Derivative Product Liabilities	67,000	0		0	1,000
Non Current Pension And Other Postretirement Benefit Plans	1,687,000	1,864,000	2,340,000	2,579,000
Non Current Accrued Expenses	6,000	6,000	4,000	11,000
Tradeand Other Payables Non Current	896,000	929,000	924,000	932,000
Non Current Deferred Revenue	121,000	165,000	254,000	83,000
Non Current Deferred Taxes Liabilities	291,000	382,000	311,000	289,000
Long Term Debt And Capital Lease Obligation	14,708,000	14,637,000	15,205,000	17,035,000
Long Term Capital Lease Obligation	693,000	934,000	1,051,000	841,000
Long Term Debt	14,015,000	13,703,000	14,154,000	16,194,000
Long Term Provisions	610,000	589,000	495,000	532,000
Current Liabilities	21,391,000	21,697,000	21,068,000	22,810,000
Other Current Liabilities	1,348,000	1,172,000	1,053,000	1,289,000
Current Debt And Capital Lease Obligation	3,012,000	2,349,000	2,813,000	3,952,000
Current Capital Lease Obligation	137,000	168,000	156,000	167,000
Current Debt	2,875,000	2,181,000	2,657,000	3,785,000
Pensionand Other Post Retirement Benefit Plans Current	138,000	125,000	126,000	126,000
Current Provisions	938,000	1,946,000	744,000	652,000
Payables	4,471,000	4,585,000	4,563,000	4,755,000
Other Payable	438,000	420,000	346,000	418,000
Total Tax Payable	498,000	703,000	500,000	471,000
Accounts Payable	3,535,000	3,462,000	3,717,000	3,866,000
Total Assets	61,118,000	59,463,000	59,005,000	60,146,000
Total Non Current Assets	43,608,000	42,466,000	40,361,000	39,377,000
Defined Pension Benefit	1,115,000	898,000	634,000	229,000
Non Current Deferred Taxes Assets	6,520,000	6,757,000	6,049,000	5,658,000
Financial Assets	0	1,000	0	0
Investmentin Financial Assets	1,053,000	1,136,000	1,164,000	1,501,000
Available For Sale Securities	790,000	848,000	940,000	1,174,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	263,000	288,000	224,000	327,000
Long Term Equity Investment	89,000	96,000	55,000	74,000
Investmentsin Joint Venturesat Cost	0	0	0	10,000
Investmentsin Associatesat Cost	89,000	96,000	55,000	64,000
Goodwill And Other Intangible Assets	23,766,000	22,497,000	21,579,000	21,364,000
Other Intangible Assets	16,748,000	15,515,000	14,768,000	14,318,000
Goodwill	7,018,000	6,982,000	6,811,000	7,046,000
Net PPE	10,048,000	10,073,000	9,957,000	9,620,000
Accumulated Depreciation	-10,892,000	-10,483,000	-10,259,000	-10,518,000
Gross PPE	20,940,000	20,556,000	20,216,000	20,138,000
Construction In Progress	2,511,000	2,320,000	2,120,000	1,850,000
Other Properties	6,000	8,000	4,000	6,000
Machinery Furniture Equipment	11,735,000	11,217,000	10,886,000	11,073,000
Buildings And Improvements	531,000	636,000	751,000	561,000
Land And Improvements	6,157,000	6,375,000	6,455,000	6,648,000
Current Assets	17,510,000	16,997,000	18,644,000	20,769,000
Hedging Assets Current	121,000	109,000	130,000	190,000
Assets Held For Sale Current	300,000	3,000	76,000	98,000
Restricted Cash	247,000	177,000	190,000	200,000
Prepaid Assets	385,000	390,000	355,000	343,000
Inventory	5,924,000	5,669,000	5,498,000	5,146,000
Finished Goods	1,617,000	1,625,000	1,455,000	1,284,000
Work In Process	3,699,000	2,683,000	2,449,000	2,286,000
Raw Materials	608,000	1,361,000	1,594,000	1,576,000
Other Receivables	662,000	436,000	560,000	766,000
Taxes Receivable	799,000	936,000	938,000	897,000
Accounts Receivable	5,913,000	5,563,000	5,905,000	5,452,000
Allowance For Doubtful Accounts Receivable		-99,000	-85,000	-91,000	-150,000
Gross Accounts Receivable	5,913,000	5,563,000	5,990,000	5,543,000
Cash Cash Equivalents And Short Term Investments	3,159,000	3,714,000	4,992,000	7,677,000
Other Short Term Investments	9,000	21,000	2,246,000	4,154,000
Cash And Cash Equivalents	3,150,000	3,693,000	2,746,000	3,523,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,756,000	3,572,000	4,424,000	5,145,000
Repurchase Of Capital Stock	-1,377,000	0	0
Repayment Of Debt	-1,688,000	-2,507,000	-2,593,000	-6,668,000
Issuance Of Debt	3,194,000	1,341,000	223,000	2,046,000
Issuance Of Capital Stock	15,000	20,000	10,000	25,000
Capital Expenditure	-2,985,000	-2,982,000	-2,344,000	-2,258,000
End Cash Position	3,207,000	3,403,000	2,858,000	3,425,000
Beginning Cash Position	3,403,000	2,858,000	3,425,000	3,819,000
Effect Of Exchange Rate Changes	-19,000	-54,000	-99,000	152,000
Changes In Cash	-177,000	599,000	-468,000	-546,000
Financing Cash Flow	-3,685,000	-4,726,000	-5,641,000	823,000
Net Other Financing Charges	46,000	138,000	341,000	10,458,000
Interest Paid Cff	-679,000	-632,000	-766,000	-848,000
Cash Dividends Paid	-2,564,000	-2,444,000	-2,247,000	-3,467,000
Common Stock Dividend Paid	-2,564,000	-2,444,000	-2,247,000	-3,467,000
Net Common Stock Issuance	-1,362,000	20,000	10,000	25,000
Common Stock Payments	-1,377,000	0	0
Common Stock Issuance	15,000	20,000	10,000	25,000
Net Issuance Payments Of Debt	1,506,000	-1,166,000	-2,370,000	-4,622,000
Net Short Term Debt Issuance	927,000	-626,000	-333,000	1,021,000
Short Term Debt Payments	-288,000	-892,000	-333,000	0
Short Term Debt Issuance	1,215,000	266,000	0	1,021,000
Net Long Term Debt Issuance	579,000	-540,000	-2,037,000	-5,643,000
Long Term Debt Payments	-1,400,000	-1,615,000	-2,260,000	-6,668,000
Long Term Debt Issuance	1,979,000	1,075,000	223,000	1,025,000
Investing Cash Flow	-4,233,000	-1,229,000	-1,595,000	-8,772,000
Net Other Investing Changes		-1,000		-3,791,000	-122,000
Interest Received Cfi	154,000	138,000	115,000	64,000
Dividends Received Cfi	87,000	31,000	231,000	6,000
Net Investment Purchase And Sale	11,000	21,000	72,000	1,000
Sale Of Investment		21,000	72,000	1,000	18,000
Net Business Purchase And Sale	-1,639,000	1,368,000	291,000	-3,136,000
Sale Of Business	189,000	2,356,000	1,882,000	238,000
Purchase Of Business	-1,828,000	-988,000	-1,591,000	-3,374,000
Net Intangibles Purchase And Sale	-1,522,000	-1,452,000	-1,018,000	-919,000
Sale Of Intangibles	115,000	131,000	12,000	196,000
Purchase Of Intangibles	-1,637,000	-1,583,000	-1,030,000	-1,115,000
Net PPE Purchase And Sale	-1,324,000	-1,334,000	-1,286,000	-997,000
Sale Of PPE	24,000	65,000	28,000	146,000
Purchase Of PPE	-1,348,000	-1,399,000	-1,314,000	-1,143,000
Operating Cash Flow	7,741,000	6,554,000	6,768,000	7,403,000
Taxes Refund Paid	-1,202,000	-1,307,000	-1,328,000	-1,310,000
Change In Working Capital	-1,437,000	2,090,000	-364,000	270,000
Change In Other Current Liabilities	465,000	1,834,000	492,000	1,628,000
Change In Other Current Assets	-1,139,000	999,000	-457,000	-962,000
Change In Payable	474,000	-789,000	674,000	489,000
Change In Inventory	-140,000	-294,000	-424,000	-269,000
Change In Receivables	-1,097,000	340,000	-649,000	-616,000
Other Non Cash Items	568,000	398,000	470,000	350,000
Stock Based Compensation	374,000	344,000	307,000	346,000
Deferred Tax	1,112,000	526,000	756,000	707,000
Depreciation And Amortization	2,314,000	2,551,000	2,294,000	2,147,000
Amortization Cash Flow	1,258,000	1,454,000	1,212,000	1,086,000
Depreciation	1,056,000	1,097,000	1,082,000	1,061,000
Gain Loss On Investment Securities	-4,000	-10,000		-1,000	-8,000
Gain Loss On Sale Of PPE	-49,000	-170,000	-12,000	-185,000
Gain Loss On Sale Of Business	9,000	5,000	-1,000	-36,000
Net Income From Continuing Operations	6,289,000	2,951,000	5,308,000	4,921,000

These metrics estimate what GSK plc is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$22.64

Margin of Safety

Market Cap ÷ Company Value

1.90

P/B Ratio

6.20

Warren's Owner Earnings

$11.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$32.7B

vs > $1.5B revenue

❌ Strong Financial Condition

0.82x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.30%

vs Uninterrupted dividends

❌ Earnings Growth

-62.1% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

13.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.20x P/B (P/E×P/B: 82.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-13.85

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$46.42

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	52.2%	115.8%	47.6%	15.1%	N/A
Repurchase of Capital Stock	-$1.4B	$0M	$0M	N/A	N/A
Free Cash Flow	$4.8B ▲	$3.6B ▼	$4.4B ▼	$5.1B •	N/A •
Warren's Owner Earnings	$11.0B	$8.1B	$9.6B	$19.4B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare GSK against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.06%

Low — management has little skin in the game

Return on Equity (ROE)

34.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

9.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+4.3% YoY

Debt is roughly stable

Leadership Team

Julie Belita Brown

CFO & Executive Director

Age 63

Pay: $6,100,146

0.107% of net income

Luke Victor Miels

CEO & Director

Age 51

David Simon Redfern BSc (Hons), CA

President of Corporate Development

Age 59

Top Institutional Holders

Institution	% Owned	Shares
Dodge & Cox Inc.	3.38%	68,517,969
FMR, LLC	3.33%	67,469,409
Fisher Asset Management, LLC	1.64%	33,195,985
Primecap Management Company	1.24%	25,130,160
JTC Employer Solutions Trustee Ltd.	0.71%	14,428,009
Wellington Management Group, LLP	0.62%	12,557,487
Acadian Asset Management. LLC	0.44%	8,964,159
Royal Bank of Canada	0.42%	8,480,546

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.30

Low volatility — more stable than the market

Short Interest

0.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.10x

Moderate leverage

Current Ratio

0.79x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $35.45 Current: $50.90 High: $61.70

Currently at 59% of 52-week range

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