Haleon (MEX:HLNN) Beneish M-Score: -2.60 (As of Jun. 24, 2026)


MEX:HLNN Haleon PLC MEX:HLNN
74 GF Score
Price MXN99.17
GF Value MXN107.88
! 3 Warning Signs
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What is Haleon Beneish M-Score?

Haleon MEX:HLNN 74 Beneish M-Score is -2.60 as of Jun. 24, 2026. GuruFocus rates MEX:HLNN with a GF Score™ of 74/100 and a GF Value™ of MXN107.88. The stock has 3 warning signs investors should review. Among 911 Drug Manufacturers companies, Haleon ranks better than 59.39% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Haleon's Beneish M-Score or its related term are showing as below:

MEX:HLNN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.71   Med: -2.6   Max: -2.43
Current: -2.6

During the past 7 years, the highest Beneish M-Score of Haleon was -2.43. The lowest was -3.71. And the median was -2.60.

Haleon Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Haleon's Beneish M-Score 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.

Haleon Beneish M-Score Chart

Haleon Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.43 -3.71 -2.70 -2.53 -2.60

Haleon Semi-Annual Data
Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.70 0.00 -2.53 0.00 -2.60

MEX:HLNN vs ZTS, UTHR, VTRS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Haleon's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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.

Haleon Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Haleon's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Haleon's Beneish M-Score falls into.


MEX:HLNN
74GF Score
Haleon PLC MEX:HLNN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Haleon Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Haleon for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0318+0.528 * 0.9464+0.404 * 1.0283+0.892 * 0.8977+0.115 * 0.9449
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9983+4.679 * -0.029635-0.327 * 0.9244
=-2.68

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was MXN46,497 Mil.
Revenue was MXN265,867 Mil.
Gross Profit was MXN170,656 Mil.
Total Current Assets was MXN109,673 Mil.
Total Assets was MXN786,514 Mil.
Property, Plant and Equipment(Net PPE) was MXN48,136 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN8,677 Mil.
Selling, General, & Admin. Expense(SGA) was MXN105,190 Mil.
Total Current Liabilities was MXN118,905 Mil.
Long-Term Debt & Capital Lease Obligation was MXN186,758 Mil.
Net Income was MXN40,181 Mil.
Gross Profit was MXN0 Mil.
Cash Flow from Operations was MXN63,490 Mil.
 Total Receivables was MXN50,201 Mil.
Revenue was MXN296,172 Mil.
Gross Profit was MXN179,923 Mil.
Total Current Assets was MXN150,762 Mil.
Total Assets was MXN904,758 Mil.
Property, Plant and Equipment(Net PPE) was MXN50,650 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN8,543 Mil.
Selling, General, & Admin. Expense(SGA) was MXN117,383 Mil.
Total Current Liabilities was MXN153,241 Mil.
Long-Term Debt & Capital Lease Obligation was MXN227,145 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(46496.647 / 265867.297) / (50201.331 / 296172.033)
=0.174887 / 0.169501
=1.0318

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(179923.258 / 296172.033) / (170656.434 / 265867.297)
=0.607496 / 0.641886
=0.9464

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (109673.273 + 48135.72) / 786514.044) / (1 - (150762.19 + 50649.557) / 904757.706)
=0.799356 / 0.777386
=1.0283

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=265867.297 / 296172.033
=0.8977

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(8542.663 / (8542.663 + 50649.557)) / (8677.446 / (8677.446 + 48135.72))
=0.144321 / 0.152737
=0.9449

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(105189.926 / 265867.297) / (117382.524 / 296172.033)
=0.395648 / 0.396332
=0.9983

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((186757.916 + 118905.111) / 786514.044) / ((227145.203 + 153240.617) / 904757.706)
=0.38863 / 0.420428
=0.9244

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(40181.395 - 0 - 63489.978) / 786514.044
=-0.029635

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Haleon has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.60 mean?
Haleon (MEX:HLNN) has a Beneish M-Score of -2.60 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Haleon and its competitors. According to the industry distribution chart, Haleon ranks #370 out of 911 companies in the Drug Manufacturers industry, placing it in the top 40.6%.
Is Haleon's Beneish M-Score too high?
Haleon's current Beneish M-Score is -2.60. Based on the distribution chart, Haleon ranks #370 out of 911 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Haleon has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Haleon's Beneish M-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, Haleon ranks #370 out of 911 companies for Beneish M-Score. This puts Haleon in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Haleon and its competitors. Haleon's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Haleon stock overvalued right now?
Haleon (MEX:HLNN) has a current Beneish M-Score of -2.60. The stock's GF Value™ is MXN107.88, compared to a current price of MXN99.17 — trading 8.1% below its estimated fair value. The current Beneish M-Score is -2.60. Haleon's overall GF Score™ is 74/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Haleon (MEX:HLNN), the current Beneish M-Score is -2.60 as of Jun. 24, 2026. 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 Haleon (MEX:HLNN) Overvalued in 2026?

Based on GuruFocus' analysis, Haleon stock appears to be undervalued. The current stock price of MXN99.17 is trading 8.1% below its estimated GF Value™ of MXN107.88.

Key valuation signals for MEX:HLNN:

  • Beneish M-Score: -2.60
  • GF Value™: MXN107.88 vs. price of MXN99.17 (8.1% below fair value)
  • GF Score™: 74/100 with 3 warning signs

No single metric tells the full story. See the MEX:HLNN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Haleon Business Description

Address The Heights, Building 5, First Floor, Weybridge, Surrey, GBR, KT13 0NY
Haleon is one of the largest consumer health companies in the world. Formed by a combination of consumer health divisions of GSK, Pfizer, and Novartis, Haleon separated from GSK and went public in July 2022. The firm generates 60% of sales from global power brands including Sensodyne, Advil, Centrum, and Poligrip, that play in many geographies and are often leaders in their respective categories. It also has a number of local brands, including Emergen-C, Eno, Tums, and Caltrate, that are more tailored to regional needs and have strong local brand equity. Overall, Haleon's brands tackle a variety of silos within consumer health including oral care, digestive health, pain relief, and nutrition.
74GF Score

Get the complete analysis for MEX:HLNN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN99.17
Price
MXN107.88
GF Value