Halma PLC (HLMA) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Halma PLC stock £25.46, price £33.14, that is 23.2% below the price, quality 70 out of 100. Rating: overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range £17.69 – £48.58 · fair‑value band £11.58 – £34.50 · the £33.14 price screens above the £25.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Halma plc, together with its subsidiaries, provides technology solutions in the safety, health, and environmental markets in the United States, Mainland Europe, the United Kingdom, the Asia Pacific, Africa, the Middle East, and internationally.
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It operates in three segments: Safety, Environmental & Analysis, and Healthcare. The Safety segment provides products that protect people, assets, and infrastructure, and electrical systems used in public and commercial spaces and in industrial and logistics operations.
This segment serves fire safety, power safety, industrial safety, and urban safety markets. Its Environmental & Analysis segment offers technologies that monitor the environment used in optical analysis, water analysis and treatment system, and environmental monitoring technologies.
The Healthcare segment provides technologies and digital solutions for life sciences, health assessment and analytics, and therapeutic solutions. The company was incorporated in 1894 and is headquartered in Amersham, the United Kingdom.
Stock analysis
Halma PLC (HLMA) currently trades at £33.14, while our model-based Fair Value estimate is £25.46, 23% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of £27.60 per share, and 0 of the 11 models we run sit above the £33.14 price.
Bear case: the Dividend Discount group reads lowest at £3.51, and 11 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: £11.58 (bear) to £34.50 (bull), the price of £33.14 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 70/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Halma PLC reported revenue of £2.6B in FY2026 versus £1.5B in FY2022, a compound +14.1%/yr. Reported net income was £372M in FY2026, compounding +11.1%/yr from FY2022.
Key figures
Market cap £12.6B Large · P/E ratio 33.5 · P/S ratio 4.87 · EPS (TTM) £0.9800 · Dividend yield 0.7% · Net margin 14.4% · Return on equity 18.3% · Return on assets (EBIT) 12.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at −23%, HLMA screens richer than that median.
Fair Value models
Bear£11.58Fair Value £25.46Bull£34.50
Price £33.14 · Downside -23.2%
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 2026 figures (about 7 months old). Earnings retained since then (£0.4418 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.9%
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.
+11.7%
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.
+14.4%
Start year 2021 (pandemic). Over 10 years: +12.3% a year
Revenue growth 40 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.
+11.7%
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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.
+13.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.8%
Dividend (yield on the price)0.7%
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.12.8% vs 13.1%, steady
Profit margin 2021 to 2026 ⓘ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.19% → 20%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than 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).
+18.9%
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.
+9.7%
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 +16.2% a year for the price and +7.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (88 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: The portfolio of life-saving technologies supports compounding through active acquisitions and disposals with stable margins, yet limited evidence of durable advantage leaves integration at scale as the central vulnerability.
Main risk: Loss of demand or reduced orders from its largest hyperscaler customer, which accounts for around 20 percent of group revenue, could reduce sales and pressure margins in the photonics and environmental segments.
Bull case: Halma could diversify its customer base further through acquisitions and organic growth in other sectors while deepening its relationship with the hyperscaler to secure long-term contracts and expand into adjacent data-centre applications.
Bear case: If the hyperscaler reduces orders sharply due to technology shifts or supplier changes, Halma could face a material revenue shortfall and margin compression that its decentralised model struggles to offset quickly across the portfolio.
Halma compounds through a portfolio of life-saving technologies in safety, environmental and healthcare markets while actively reshaping it via acquisitions and disposals. Recent first-half progress has prompted higher full-year margin expectations even as organic revenue growth guidance stays in the low double digits. Will the gains from this disciplined portfolio approach and operational focus outpace the risks of integrating deals at scale amid currency headwinds?
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.Conglomerates · 306 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−23.2% · Below median
Profitability
Return on equity (12 months)18.3% · Top 25%
Return on assets10.0% · Top 25%
Net margin (12 months)14.4% · Top 25%
Operating margin (12 months)20.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.6% · Above median
Dividend yield (12 months)0.7% · Bottom 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Conglomerates median · lower = cheaper
P/E (12 months)33.5× · Priciest 25%
P/B5.80× · 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). "Halma PLC Fair Value". https://www.fairvalue-calculator.com/stock/HLMA
Frequently asked questions
Is Halma PLC (HLMA) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of £25.46 versus a price of £33.14, about 23% lower (overvalued).
What is the fair value of HLMA?
Our model-based fair value for Halma PLC is £25.46 (as of Nov 3, 2026), built from audited fundamentals. The current price: £33.14.
What is the quality score of HLMA?
Halma PLC has a Quality Score of 70/100. 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 Halma PLC (HLMA)?
Our model-based price target is the fair value of £25.46 (as of Nov 3, 2026) from 11 valuation models. Cautious scenario £11.58, optimistic scenario £34.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Halma PLC stock forecast for 2026?
Our models put fair value at £25.46, about 23% lower versus a price of £33.14 (overvalued). Cautious scenario £11.58, optimistic scenario £34.50. The calculation is refreshed regularly with new filings.
What is the revenue of Halma PLC (HLMA)?
Halma PLC reported trailing-twelve-month revenue of about £2.6B (latest available figure, as of Nov 3, 2026).
Does Halma PLC pay a dividend?
Halma PLC currently shows a dividend yield of 0.75% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Halma PLC (HLMA)?
For today's price to be fair in a discounted-cash-flow model, Halma PLC would have to grow free cash flow by +18.9 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.4 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of HLMA use?
Our models discount Halma PLC at 9.7 %: a base by market capitalisation (large), damped by beta 0.96, 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 Halma PLC that is +18.9 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Halma PLC (HLMA) delivered so far?
Over the past 5 years revenue at Halma PLC grew +14.4 % a year. The price currently implies +18.9 % per year free-cash-flow growth a 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 Halma PLC (HLMA) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Halma PLC (+18.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Halma PLC (HLMA)?
The free-cash-flow yield on the price is 3.17 %: that much free cash flow Halma PLC produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Halma PLC (HLMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Halma PLC it is £25.46 per share (as of Nov 3, 2026), against a price of £33.14. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Halma PLC stock overvalued or undervalued in 2026?
As of Nov 3, 2026, HLMA trades above its calculated fair value: price £33.14, fair value £25.46, a gap of about −23% (overvalued). 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 HLMA?
No. The price is what the market pays today (£33.14); the fair value is what the company's own numbers justify (£25.46). For Halma PLC the two are £7.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Halma PLC worth?
The market values Halma PLC at about £12.6B (market capitalisation, as of Nov 3, 2026). Per share that is £33.14; our models calculate a fair value of £25.46 per share.
What do the bullish and bearish scenarios say about HLMA?
Our models span a range for Halma PLC: cautious scenario £11.58, base £25.46, optimistic £34.50 per share (as of Nov 3, 2026, price £33.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HLMA?
Halma PLC trades at a price-to-earnings ratio of 33.5 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £25.46 is built from several models across several years. Other multiples: PEG 1.8, P/B 5.8, P/S 4.9, EV/EBITDA 21.2.
What is the PEG ratio of HLMA?
The PEG ratio of Halma PLC is 1.80 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Halma PLC (HLMA)?
Balance-sheet figures for Halma PLC (as of Nov 3, 2026): return on equity 18.3%, debt of 0.35 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is HLMA from its 52-week high?
Halma PLC trades at £33.14, about 32% below its 52-week high of £48.58 and 2% above the low of £32.44 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of £25.46 is for.
Which stocks are comparable to Halma PLC?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, CITIC Limited, 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 Halma PLC stock attractive at the current price?
The data as of Nov 3, 2026: price £33.14, calculated fair value £25.46 (−23%), Quality Score 70/100, from 11 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 HLMA calculated?
We run Halma PLC through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £25.46, 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 15.5% above its aggregate fair value. Halma PLC itself currently trades above fair value. 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 Halma PLC (HLMA)?
The closing price on Nov 5, 2026 was £33.14. Our model-based fair value is £25.46, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Halma PLC right now?
The model range is unusually wide (£11.58 to £34.50). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (70/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Halma PLC (HLMA) come from?
Earnings per share at Halma PLC grew +11.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +11.9 %, EBIT margin +0.5 %, tax rate −0.4 %, residual (interest, one-offs) −0.1 %. 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 Halma PLC
How large is the market capitalisation of Halma PLC (HLMA)?
The market capitalisation of Halma PLC is £12.6B. 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 Halma PLC (HLMA)?
The price-to-sales ratio of Halma PLC is 4.87 (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 Halma PLC (HLMA)?
Earnings per share at Halma PLC are £0.9800 (price ÷ EPS = P/E 33.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Halma PLC (HLMA)?
The dividend yield of Halma PLC is 0.7% (payout 25.2%). 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 Halma PLC (HLMA)?
The net margin of Halma PLC is 14.4% (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 Halma PLC (HLMA)?
The return on equity (ROE) of Halma PLC is 18.3% (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 Halma PLC (HLMA)?
On an EBIT basis the return on assets of Halma PLC is 12.7% (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 Halma PLC (HLMA)?
The operating margin of Halma PLC is 20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Halma PLC (HLMA)?
Revenue at Halma PLC is growing +14.6% versus a year earlier (3y avg +11.7%). 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 Halma PLC (HLMA)?
Earnings per share at Halma PLC are growing +16.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Halma PLC (HLMA) carry?
The net debt of Halma PLC is £770M (fiscal year 2026, ≈ 1.9 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 3, 2026