HAL TrustHAM:HA4 -1.23%32 Gross Margin % is 44.23% as of Dec. 2025, which is 5% above its 10-year median of 42.03. GuruFocus rates HAM:HA4 with a GF Score™ of 32/100 and a GF Value™ of €128.29 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 550 Asset Management companies, HAL Trust ranks worse than 66.18% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. HAL Trust's Gross Profit for the
six
months ended in Dec. 2025 was €2,689 Mil. HAL Trust's Revenue for the
six
months ended in Dec. 2025 was €6,080 Mil. Therefore, HAL Trust's Gross Margin % for the quarter that ended in Dec. 2025 was 44.23%.
The historical rank and industry rank for HAL Trust's Gross Margin % or its related term are showing as below:
HAM:HA4'
s Gross Margin % Range Over the Past 10 Years
Min: 33.98 Med: 42.03 Max: 51
Current: 41.27
During the past 13 years, the highestGross Margin % of HAL Trust was 51.00%. The lowest was 33.98%. And the median was 42.03%.
HAM:HA4's Gross Margin % is ranked worse than 66.18% of 550
companies
in the Asset Management industry
Industry Median: 57.9
vs HAM:HA4: 41.27
HAL Trust had a gross margin of 44.23% for the quarter that ended in Dec. 2025 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for HAL Trust was -0.70% per year.
HAL Trust (HAM:HA4) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
HAL Trust had a gross margin of 44.23% for the quarter that ended in Dec. 2025 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
HAL Trust Gross Margin % Related Terms
HAL Trust Gross Margin % Historical Data
* Premium members only.
The historical data trend for HAL Trust's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
HAM:HA4 vs BLK, BX, KKR: Gross Margin % Comparison
For the Asset Management subindustry, HAL Trust's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
HAL Trust Gross Margin % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, HAL Trust's Gross Margin % distribution charts can be found below:
* The bar in red indicates where HAL Trust's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
HAL Trust (HAM:HA4) has a Gross Margin % of 44.23% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on HAL Trust and its competitors. This is near median its historical median of 42.03. Over the past decade, HAL Trust's Gross Margin % has ranged from 33.98 to 51.00. According to the industry distribution chart, HAL Trust ranks #364 out of 550 companies in the Asset Management industry, placing it in the top 66.2%.
Is HAL Trust's Gross Margin % too high?
HAL Trust's current Gross Margin % of 44.23% is near median its 10-year median of 42.03. Over the past 10 years, this metric has ranged from a low of 33.98 to a high of 51.00. The Asset Management industry median Gross Margin % is 57.90. HAL Trust's value of 44.23% is 23.6% below this industry median. Based on the distribution chart, HAL Trust ranks #364 out of 550 companies in the Asset Management industry, which is below the industry midpoint. Overall, HAL Trust has a GF Score™ of 32/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does HAL Trust's Gross Margin % compare to BLK and BX?
According to the Asset Management industry distribution chart, HAL Trust ranks #364 out of 550 companies for Gross Margin %. This places HAL Trust in the lower half of its industry. The industry median Gross Margin % is 57.90. HAL Trust's value of 44.23% is 23.6% below this benchmark. Historically, HAL Trust's own Gross Margin % has ranged from 33.98 to 51.00 over the past decade. While the company's 10-year median is 42.03 vs. the industry median of 57.90, HAL Trust has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for an Asset Management company?
The median Gross Margin % among Asset Management companies is 57.90, based on 550 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. HAL Trust's current Gross Margin % of 44.23% is 23.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on HAL Trust and its competitors. For the Asset Management industry, the median Gross Margin % is 57.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HAL Trust's current Gross Margin % is 44.23%, which is near median its own 10-year median of 42.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HAL Trust stock overvalued right now?
Based on GuruFocus' analysis, HAL Trust (HAM:HA4) is currently considered Modestly Overvalued. The stock's GF Value™ is €128.29, compared to a current price of €160.20 — trading 24.9% above its estimated fair value. The current Gross Margin % is 44.23%, which is near median its 10-year median of 42.03 and 23.6% below the Asset Management industry median of 57.90. HAL Trust's overall GF Score™ is 32/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For HAL Trust (HAM:HA4), the current Gross Margin % is 44.23% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is HAL Trust (HAM:HA4) Overvalued in 2026?
Based on GuruFocus' analysis, HAL Trust stock appears to be overvalued.
The current stock price of €160.20 is trading 24.9% above its estimated GF Value™ of €128.29.
GuruFocus considers HAL Trust to be Modestly Overvalued.
Key valuation signals for HAM:HA4:
Gross Margin %: 44.23% (near median its 10-year median of 42.03)
GF Value™: €128.29 vs. price of €160.20 (24.9% above fair value)
Industry Position: 23.6% below the Asset Management median (#364 of 550)
No single metric tells the full story. See the HAM:HA4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HAL Trust is an investment company. The company's reportable segments include Unquoted, Quoted interests, Real estate, and Liquid portfolio. It generates majority of its revenue from the Quoted interests segment which comprises both the company's consolidated and unconsolidated interests in publicly traded entities that are not in scope of the Liquid portfolio segment. Geographically, the company operates in Europe, USA & Canada, Asia, and Other. It generates maximum revenue from Europe.
32GF Score
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