GlaxoSmithKline Pakistan Limited (GLAXO) financial ratios

GlaxoSmithKline Pakistan Limited earned a net margin of 15.2% in FY2025 against a five-year average of 9.5% (Pharmaceuticals median 9.4%). Return on equity was 32.4%, compared with a sector median of 21.7%. The current ratio stood at 2.32× and debt was 1.1% of equity. Cash took about 142 days to cycle through receivables, inventory and payables.

FY2025 vs the Pharmaceuticals median

Gross margin: 37.0%; Sector median 37.0%
Operating margin: 24.9%; Sector median 17.3%
Net margin: 15.2%; Sector median 9.4%
Return on equity (ROE): 32.4%; Sector median 21.7%
Return on assets (ROA): 20.9%; Sector median 11.7%
Current ratio: 2.32×; Sector median 1.79×
Debt to equity: 1.1%; Sector median 5.8%
Asset turnover: 1.38×; Sector median 1.26×
Dividend payout ratio: 38.1%; Sector median 32.8%

Median of the 14 companies in the sector with the figure for their latest fiscal year.

GLAXO financial ratios (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 * Jan – Dec 2016	FY2015 * Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 * Jan – Dec 2010	FY2009 * Jan – Dec 2009	FY2008 * Jan – Dec 2008	FY2007 * Jan – Dec 2007	FY2006 Jan – Dec 2006
Profitability
Gross margin	37.0%	25.1%	6.9%	17.5%	26.9%	22.0%	21.0%	24.8%	27.1%	27.1%	26.9%	25.3%	24.6%	26.0%	26.8%	26.0%	26.1%	28.8%	37.2%	39.1%
EBITDA margin	27.0%	18.6%	5.2%	25.7%	22.2%	16.3%	15.0%	15.9%	18.0%	17.3%	12.6%	11.6%	8.4%	10.8%	12.0%	11.7%	11.9%	15.4%	21.0%	32.0%
Operating margin	24.9%	16.7%	3.3%	9.9%	20.1%	14.0%	12.9%	13.9%	15.4%	15.2%	10.5%	9.7%	6.4%	9.1%	10.3%	9.7%	10.0%	13.7%	19.4%	30.4%
Pre-tax margin	25.3%	17.1%	4.4%	12.2%	20.3%	14.0%	12.6%	13.8%	15.0%	15.8%	14.8%	11.1%	7.2%	10.0%	10.3%	10.2%	10.2%	22.4%	25.1%	26.1%
Net margin	15.2%	10.7%	1.1%	5.9%	14.6%	9.6%	8.3%	9.5%	9.2%	9.6%	10.5%	6.7%	4.2%	5.7%	5.2%	5.6%	2.2%	6.8%	6.4%	6.9%
Effective tax rate	39.9%	37.6%	75.5%	51.8%	27.9%	31.2%	33.9%	31.1%	38.5%	39.2%	28.6%	39.6%	41.3%	42.9%	49.0%	45.3%	78.0%	69.7%	74.3%	73.5%
Returns
Return on equity (ROE)	32.4%	26.2%	2.5%	11.7%	27.8%	20.1%	19.3%	22.4%	22.4%	19.9%	20.1%	13.2%	9.3%	11.9%	10.5%	9.9%	4.0%	11.0%	8.7%	9.8%
Return on assets (ROA)	20.9%	15.7%	1.4%	7.5%	18.9%	13.7%	13.4%	14.7%	14.1%	12.8%	12.8%	8.3%	6.2%	8.4%	7.5%	7.2%	3.0%	8.7%	7.0%	7.9%
Return on invested capital (ROIC)	32.2%	26.0%	2.5%	11.7%	27.8%	20.1%	19.6%	22.6%	22.1%	20.8%	21.1%	14.5%	9.3%	11.9%	10.5%	10.0%	4.1%	11.1%	8.8%	9.9%
Liquidity
Current ratio	2.32×	2.06×	1.74×	1.82×	2.28×	2.02×	2.04×	2.09×	1.54×	1.66×	1.60×	1.84×	1.91×	2.26×	2.48×	2.48×	2.58×	3.81×	3.96×	4.20×
Quick ratio	1.43×	1.18×	0.85×	0.94×	1.43×	1.18×	0.96×	0.98×	0.66×	0.80×	0.80×	0.73×	0.75×	0.96×	1.00×	1.31×	1.28×	2.08×	2.70×	2.94×
Leverage
Debt to equity	1.1%	0.6%	0.7%	0.3%	0.3%	0.2%	0.3%	—	—	—	—	—	—	—	—	0.0%	0.0%	—	—	—
Debt to capital	1.1%	0.6%	0.7%	0.3%	0.3%	0.2%	0.3%	—	—	—	—	—	—	—	—	0.0%	0.0%	—	—	—
Debt to assets	0.7%	0.4%	0.4%	0.2%	0.2%	0.2%	0.2%	—	—	—	—	—	—	—	—	0.0%	0.0%	—	—	—
Assets to equity	1.55×	1.67×	1.72×	1.57×	1.47×	1.47×	1.44×	1.53×	1.59×	1.55×	1.57×	1.59×	1.50×	1.42×	1.39×	1.37×	1.32×	1.26×	1.25×	1.24×
Efficiency
Asset turnover	1.38×	1.47×	1.35×	1.27×	1.30×	1.42×	1.61×	1.54×	1.52×	1.34×	1.21×	1.23×	1.48×	1.46×	1.43×	1.29×	1.34×	1.29×	1.08×	1.14×
Receivable days days	66	58	58	44	26	28	26	26	22	17	24	31	27	24	24	31	36	28	19	12
Inventory days days	116	104	96	97	91	86	82	93	96	101	126	144	115	118	118	122	124	116	128	128
Payable days days	40	44	32	19	30	30	28	35	41	52	53	56	47	59	61	42	34	23	31	28
Cash conversion cycle days	142	118	122	123	86	84	80	84	77	65	97	119	95	83	81	110	125	121	117	112
Dividends
Dividend payout ratio	38.1%	48.7%	0.0%	0.0%	41.6%	61.3%	62.8%	68.1%	73.5%	72.2%	50.6%	103.6%	95.4%	79.4%	83.9%	78.7%	227.0%	178.3%	187.5%	156.5%
Earnings retention rate	0.62×	0.51×	1.00×	1.00×	0.58×	0.39×	0.37×	0.32×	0.27×	0.28×	0.49×	(0.04×)	0.05×	0.21×	0.16×	0.21×	(1.27×)	(0.78×)	(0.88×)	(0.56×)

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

GLAXO: frequently asked questions

What is GLAXO's EPS?

GlaxoSmithKline Pakistan Limited reported basic earnings per share of Rs 31.48 for FY2025 (Jan – Dec 2025). Over the trailing twelve months (TTM to Jun 2026) EPS was Rs 32.69.

What is GLAXO's P/E ratio?

At the closing price of Rs 312.45 on 16 Oct 2026, GLAXO trades at a P/E of 9.6× based on EPS of Rs 32.69 (TTM to Jun 2026).

Does GLAXO pay dividends?

Yes. GlaxoSmithKline Pakistan Limited declared a dividend of Rs 17.00 per share for FY2025. It has paid a dividend in each of the last 2 years. At Rs 312.45 that is a dividend yield of 5.4%.

What was GLAXO's revenue and profit in FY2025?

GlaxoSmithKline Pakistan Limited reported revenue of Rs 65.9 bn and profit attributable to shareholders of Rs 10.0 bn for FY2025 (Jan – Dec 2025).

What is GLAXO's book value per share?

GlaxoSmithKline Pakistan Limited's book value per share was Rs 105.74 at the end of FY2025. The shares trade at 2.89× book value.

Information only, not investment advice.