Is the business good?
How good a business is HALO?
Halozyme Therapeutics, Inc. earns 20% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
20%
Return on invested capital · cost of capital 9.0% · 11 points above what the capital costs: growth creates value
- Operating margin
- 34%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Cash conversion
- 1.91×
Cash conversion · 1.02× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −3.0%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 54% |
| FY2021 | 62% |
| FY2022 | 41% |
| FY2023 | 41% |
| FY2024 | 54% |
| FY2025 | 34% |
Details›
- Gross margin12 months to Q1 2026
- 83%
- Operating margin12 months to Q1 2026
- 34%
- Net margin12 months to Q1 2026
- 23%
- Free cash flow margin
- 44%
- Revenue, trailing twelve months
- $1.51B
- Free cash flow, trailing twelve months
- $668M
- Net income, trailing twelve months
- $349M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 20%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.