GSK plc (GSK) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of GSK plc stock £25.96, price £19.01, upside +36.6%, quality 73 out of 100. Rating: undervalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range £11.07 – £22.09 · fair‑value band £16.57 – £34.38 · the £19.01 price screens below the £25.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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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.
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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.
Stock analysis
GSK plc (GSK) currently trades at £19.01, while our model-based Fair Value estimate is £25.96, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of £27.49 per share, and 17 of the 23 models we run sit above the £19.01 price.
Bear case: the Dividend Discount group reads lowest at £13.23, and 6 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: £16.57 (bear) to £34.38 (bull), the price of £19.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Healthcare sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
GSK plc reported revenue of £32.7B in FY2025 versus £24.7B in FY2021, a compound +7.2%/yr. Reported net income was £5.7B in FY2025, compounding +6.9%/yr from FY2021.
Key figures
Market cap £77.2B Large · P/E ratio 17.8 · P/S ratio 2.30 · EPS (TTM) £1.07 · Dividend yield 3.6% · Net margin 13.0% · Return on equity 28.3% · Return on assets (EBIT) 10.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 86 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 14% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −12% fair-value upside, at 37%, GSK screens cheaper than that median.
Fair Value models
Bear£16.57Fair Value £25.96Bull£34.38
Price £19.01 · Upside +36.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (£0.3300 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+4.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.9%
Start year 2020 (pandemic). Over 10 years: +3.2% a year
Revenue growth 39 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.5%
Dividend (yield on the price)3.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.5% vs 7.0%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.24% → 22%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −0.6% a year for the price and +1.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: GSK's wide moat from pricing power and pharma scale underpins its position, yet limited signals on ownership and human capital reduce overall durability.
Main risk: Generic competition after dolutegravir patent expiry around 2028 could erode revenues and margins in the HIV franchise which is a major contributor to GSK sales.
Bull case: Specialty medicines and new pipeline assets from partnerships could offset revenue losses from dolutegravir generics and allow GSK to maintain growth through diversified biologics production.
Bear case: If patent losses and legal charges coincide with pipeline delays, GSK might face sustained margin pressure and reduced ability to invest in new facilities and partnerships.
GSK delivered strong Q3 sales growth led by specialty medicines and new oncology launches while reaffirming its full-year guidance. The business faces the upcoming dolutegravir patent cliff from 2028 yet continues to build its late-stage pipeline with multiple phase III starts planned. Will the oncology and specialty momentum generate enough to keep operating margins stable through the transition?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - General · 72 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Above median
Fair Value upside+36.6% · Top 25%
Profitability
Return on equity (12 months)28.3% · Top 25%
Return on assets9.4% · Above median
Net margin (12 months)13.0% · Above median
Operating margin (12 months)32.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.0% · Below median
Dividend yield (12 months)3.6% · Top 25%
Balance sheet
Debt / equity0.86× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - General median · lower = cheaper
P/E (12 months)17.8× · Cheaper than median
P/B4.72× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "GSK plc Fair Value". https://www.fairvalue-calculator.com/stock/GSK.LSE
Frequently asked questions
Is GSK plc (GSK) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of £25.96 versus a price of £19.01, about +37% upside (undervalued).
What is the fair value of GSK?
Our model-based fair value for GSK plc is £25.96 (as of Nov 11, 2026), built from audited fundamentals. The current price: £19.01.
What is the quality score of GSK?
GSK plc has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for GSK plc (GSK)?
Our model-based price target is the fair value of £25.96 (as of Nov 11, 2026) from 23 valuation models. Cautious scenario £16.57, optimistic scenario £34.38. It is a calculation from audited fundamentals, not an analyst target.
What is the GSK plc stock forecast for 2026?
Our models put fair value at £25.96, about +37% upside versus a price of £19.01 (undervalued). Cautious scenario £16.57, optimistic scenario £34.38. The calculation is refreshed regularly with new filings.
What is the revenue of GSK plc (GSK)?
GSK plc reported trailing-twelve-month revenue of about £33.5B (latest available figure, as of Nov 11, 2026).
Does GSK plc pay a dividend?
GSK plc currently shows a dividend yield of 3.63% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of GSK plc (GSK) and when is the ex-dividend date?
GSK plc pays a dividend of £0.69 per share a year, a dividend yield of 3.6%. The last ex-dividend date was Nov 12, 2026. A dividend has been paid every year since at least 1993. The payout ratio is 64.5% of earnings. Free cash flow covers the dividend 2.15 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into GSK plc (GSK)?
For today's price to be fair in a discounted-cash-flow model, GSK plc would have to grow free cash flow by +1.7 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.9 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of GSK use?
Our models discount GSK plc at 8.6 %: a base by market capitalisation (large), damped by beta 0.28, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For GSK plc that is +1.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has GSK plc (GSK) delivered so far?
Over the past 5 years revenue at GSK plc grew -0.9 % a year. The price currently implies free-cash-flow growth of +1.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of GSK plc (GSK) growing?
The median revenue growth in the sector is +5.9 % a year. That is the yardstick for the growth priced into GSK plc (+1.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of GSK plc (GSK)?
The free-cash-flow yield on the price is 7.71 %: that much free cash flow GSK plc produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GSK plc (GSK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GSK plc it is £25.96 per share (as of Nov 11, 2026), against a price of £19.01. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is GSK plc stock overvalued or undervalued in 2026?
As of Nov 11, 2026, GSK trades below its calculated fair value: price £19.01, fair value £25.96, a gap of about +37% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GSK?
No. The price is what the market pays today (£19.01); the fair value is what the company's own numbers justify (£25.96). For GSK plc the two are £6.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is GSK plc worth?
The market values GSK plc at about £77.2B (market capitalisation, as of Nov 11, 2026). Per share that is £19.01; our models calculate a fair value of £25.96 per share.
What do the bullish and bearish scenarios say about GSK?
Our models span a range for GSK plc: cautious scenario £16.57, base £25.96, optimistic £34.38 per share (as of Nov 11, 2026, price £19.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GSK?
GSK plc trades at a price-to-earnings ratio of 17.8 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £25.96 is built from several models across several years. Other multiples: PEG 5.8, P/B 4.7, P/S 2.3, EV/EBITDA 8.0.
What is the PEG ratio of GSK?
The PEG ratio of GSK plc is 5.84 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of GSK plc (GSK)?
Balance-sheet figures for GSK plc (as of Nov 11, 2026): return on equity 28.3%, debt of 0.86 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is GSK from its 52-week high?
GSK plc trades at £19.01, about 14% below its 52-week high of £22.09 and 11% above the low of £17.15 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of £25.96 is for.
Which stocks are comparable to GSK plc?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Merck & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is GSK plc stock attractive at the current price?
The data as of Nov 11, 2026: price £19.01, calculated fair value £25.96 (+37%), Quality Score 73/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GSK calculated?
We run GSK plc through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of £25.96 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. GSK plc currently trades 27% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of GSK plc (GSK)?
The closing price on Nov 12, 2026 was £19.01. Our model-based fair value is £25.96, about +37% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GSK plc right now?
Solid quality (73/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (£16.57 to £34.38) leaves room in how you read the outcome.
Where does the earnings growth of GSK plc (GSK) come from?
Earnings per share at GSK plc grew +0.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.0 %, EBIT margin −0.3 %, tax rate +0.7 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of GSK plc
How large is the market capitalisation of GSK plc (GSK)?
The market capitalisation of GSK plc is £77.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of GSK plc (GSK)?
The price-to-sales ratio of GSK plc is 2.30 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of GSK plc (GSK)?
Earnings per share at GSK plc are £1.07 (price ÷ EPS = P/E 17.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of GSK plc (GSK)?
The dividend yield of GSK plc is 3.6% (payout 64.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of GSK plc (GSK)?
The net margin of GSK plc is 13.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of GSK plc (GSK)?
The return on equity (ROE) of GSK plc is 28.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of GSK plc (GSK)?
On an EBIT basis the return on assets of GSK plc is 10.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of GSK plc (GSK)?
The operating margin of GSK plc is 32.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GSK plc (GSK)?
Revenue at GSK plc is growing +4.0% versus a year earlier (3y avg +3.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at GSK plc (GSK)?
Earnings per share at GSK plc are growing −22.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does GSK plc (GSK) carry?
The net debt of GSK plc is £14.6B (fiscal year 2025, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 11, 2026