HLN vs UTHR: Haleon and United Therapeutics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Haleon is the larger company, worth $42.1B, about 1.8 times United Therapeutics.
- Haleon grew revenue faster over the last year (-1.8% vs -1.9%).
- United Therapeutics keeps more of each dollar of revenue as operating profit (44.4% vs 21.9%).
- On earnings, Haleon is the cheaper stock (19.4x vs 19.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HLN | UTHR |
|---|---|---|
| Market cap | $42.1B | $22.8B |
| Share price | $9.32 | $549.16 |
| Revenue (last fiscal year) | $11.0B | $3.2B |
| Free cash flow (last fiscal year) | $2.2B | $1.0B |
| Revenue growth, last year | -1.8% | -1.9% |
| Revenue growth per year, last 5 fiscal years | +3.7% | +17.2% |
| Operating margin | 21.9% | 44.4% |
| Net margin | 15.1% | 41.6% |
| Return on equity | 10.2% | 20.5% |
| P/E (trailing) | 19.4x | 19.8x |
| Price / free cash flow | 21.4x | 21.9x |
| EV / EBITDA | 12.8x | 11.7x |
| FCF growth the price implies | — | 6.2% |
| Dividend yield | 0.75% | — |
| Debt / equity | 0.98x | 0.13x |
| Fundamental grade | C | B |
| Superinvestors holding it | 8 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Haleon
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.5B | $1.1B | 17.2% |
| 2022 | $10.9B | $1.7B | 16.8% |
| 2023 | $11.3B | $1.8B | 17.7% |
| 2024 | $11.2B | $2.0B | 19.6% |
| 2025 | $11.0B | $2.2B | 21.9% |
United Therapeutics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.7B | $477M | 33.0% |
| 2022 | $1.9B | $664M | 50.6% |
| 2023 | $2.3B | $748M | 50.9% |
| 2024 | $2.9B | $1.1B | 47.9% |
| 2025 | $3.2B | $1.0B | 46.9% |
Where the revenue comes from
Haleon · by products, 2025
Oral Health$3.5B31%
Pain Relief$2.6B23%
Respiratory Health$1.9B17%
Vitamins, Minerals and Supplements$1.7B15%
Digestive Health$987M9%
Therapeutic Skin Health and Other$460M4%
United Therapeutics · by products, 2025
Tyvaso DPI$1.3B41%
Nebulized Tyvaso$586M18%
Remodulin$527M17%
Orenitram$497M16%
Unituxin$227M7%
Adcirca$30M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HLN in InvestinglyQuestions
Which is bigger, Haleon or United Therapeutics?
Haleon (HLN), at $42.1B against $22.8B.
Is HLN or UTHR cheaper?
By trailing P/E, Haleon (19.4x) is cheaper than United Therapeutics (19.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, HLN or UTHR?
Haleon: revenue grew -1.8% over the last year, against -1.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.