Halozyme Therapeutics, Inc. (HALO) Key Metrics
HALO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.83B
- Enterprise value
- $14.68B
- P/E (TTM)
- 35.6 10-yr median 26.3
- Forward P/E
- 11.5
- PEG ratio
- —
- Price / sales
- 8.3 10-yr median 10.5
- Price / book
- 88.9 10-yr median 30.0
- EV / EBITDA
- 15.9 10-yr median 21.7
- Dividend yield
- —
- Beta
- 0.88
HALO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHALO valuation Price multiples at each fiscal year-end price.
HALO returns How much profit the business earns on the capital it uses.
HALO per-share figures Results divided by the shares outstanding at year-end.
HALO financial health Debt, liquidity and how easily interest is covered.
HALO efficiency & capital use Working capital cycle and where the cash goes.
HALO valuation history
HALO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HALO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HALO cash returned to shareholders
HALO price vs earnings per share
HALO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.34B | $6.19B | $4.96B | $8.00B | $5.90B | $6.04B | $2.56B | $2.10B | $2.82B | $1.26B |
| Enterprise value | $10.34B | $7.10B | $6.12B | $9.14B | $6.04B | $6.07B | $2.54B | $1.87B | $2.55B | $1.28B |
| P/E ratio | 26.3 | 13.9 | 17.6 | 39.6 | 14.7 | 46.8 | — | — | 44.7 | — |
| Price / sales | 6.0 | 6.1 | 6.0 | 12.1 | 13.3 | 22.6 | 13.1 | 13.8 | 8.9 | 8.6 |
| Price / book | 170.8 | 17.0 | 59.2 | 47.1 | 30.0 | 40.0 | 27.9 | 8.4 | 13.5 | — |
| Price / free cash flow | 12.9 | 13.2 | 13.3 | 34.0 | 19.8 | 114.1 | — | — | 21.2 | — |
| Price / operating cash flow | 12.8 | 12.9 | 12.8 | 33.3 | 19.7 | 109.0 | — | — | 21.0 | — |
| EV / sales | 7.4 | 7.0 | 7.4 | 13.9 | 13.6 | 22.7 | 13.0 | 12.3 | 8.1 | 8.7 |
| EV / EBITDA | 18.0 | 10.8 | 13.5 | 29.0 | 21.7 | 41.1 | — | — | 30.7 | — |
| EV / free cash flow | 16.0 | 15.2 | 16.4 | 38.9 | 20.3 | 114.7 | — | — | 19.2 | — |
| Earnings yield | 3.8% | 7.2% | 5.7% | 2.5% | 6.8% | 2.1% | −2.8% | −3.8% | 2.2% | −8.1% |
| Free cash flow yield | 7.7% | 7.6% | 7.5% | 2.9% | 5.0% | 0.9% | −3.5% | −2.6% | 4.7% | −4.2% |
| Dividend yield | — | — | 0.3% | — | 0.2% | 1.0% | 0.6% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 4.1% | 4.0% | 8.4% | 2.5% | 6.1% | 3.5% | 8.4% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $67.30 | $47.81 | $36.96 | $56.90 | $40.21 | $42.71 | $17.73 | $14.63 | $20.26 | $9.88 |
| Per share | ||||||||||
| Revenue per share | $11.27 | $7.84 | $6.18 | $4.69 | $3.02 | $1.89 | $1.36 | $1.06 | $2.28 | $1.15 |
| Earnings per share | $2.56 | $3.43 | $2.10 | $1.44 | $2.74 | $0.91 | −$0.50 | −$0.56 | $0.45 | −$0.81 |
| Operating cash flow per share | $5.26 | $3.70 | $2.90 | $1.71 | $2.04 | $0.39 | −$0.59 | −$0.34 | $0.96 | −$0.39 |
| Free cash flow per share | $5.20 | $3.62 | $2.78 | $1.67 | $2.03 | $0.37 | −$0.62 | −$0.38 | $0.95 | −$0.42 |
| Cash per share | $1.15 | $4.61 | $2.50 | $2.58 | $5.05 | $2.60 | $2.92 | $2.47 | $3.37 | $1.60 |
| Book value per share | $0.39 | $2.81 | $0.62 | $1.21 | $1.34 | $1.07 | $0.64 | $1.73 | $1.50 | −$0.25 |
| Tangible book value per share | −$12.21 | −$3.51 | −$6.01 | −$5.59 | $1.34 | $1.07 | $0.64 | $1.73 | $1.50 | −$0.25 |
| Dividends per share | — | — | $0.10 | — | $0.09 | $0.45 | $0.10 | — | $0.00 | $0.00 |
| Capex per share | $0.06 | $0.08 | $0.11 | $0.03 | $0.01 | $0.02 | $0.03 | $0.03 | $0.01 | $0.02 |
| Debt per share | $17.29 | $11.63 | $11.17 | $10.71 | $5.97 | $2.81 | $2.79 | $0.88 | $1.46 | $1.69 |
| Shares outstanding | 123.9M | 129.4M | 134.2M | 140.6M | 146.8M | 141.5M | 144.3M | 143.6M | 139.1M | 128.0M |
| Change in shares outstanding | −4.3% | −3.6% | −4.6% | −4.2% | +3.8% | −2.0% | +0.5% | +3.3% | +8.7% | +1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 153.6% | 198.4% | 222.1% | 110.2% | 231.4% | 106.3% | −42.4% | −35.1% | 71.6% | — |
| Return on invested capital (ROIC) | 32.8% | 34.9% | 21.3% | 26.4% | 107.6% | 113.7% | −113.8% | — | — | — |
| Return on assets (ROA) | 13.8% | 23.4% | 15.8% | 13.7% | 47.8% | 22.5% | −14.4% | −16.7% | 16.1% | −46.5% |
| Return on tangible assets | 32.9% | 35.7% | 33.4% | 22.8% | 36.5% | 22.3% | −12.8% | −18.2% | 12.1% | −39.4% |
| Free cash flow margin | 46.2% | 46.1% | 45.0% | 35.6% | 67.2% | 19.8% | −45.6% | −35.7% | 41.9% | −36.5% |
| Income quality (OCF / net income) | 2.06 | 1.08 | 1.38 | 1.19 | 0.74 | 0.43 | — | — | 2.13 | — |
| Financial health | ||||||||||
| Total debt | $2.14B | $1.51B | $1.50B | $1.51B | $876.7M | $397.2M | $402.6M | $126.4M | $202.4M | $216.6M |
| Cash & short-term investments | $142.8M | $596.1M | $336.0M | $362.8M | $740.9M | $368.0M | $421.3M | $354.5M | $469.2M | $205.0M |
| Net debt | $2.00B | $909.7M | $1.16B | $1.14B | $135.8M | $29.2M | −$18.7M | −$228.1M | −$266.9M | $11.6M |
| Debt / equity | 43.89 | 4.14 | 17.89 | 8.87 | 4.45 | 2.63 | 4.39 | 0.51 | 0.97 | — |
| Debt / assets | 0.85 | 0.73 | 0.86 | 0.82 | 0.79 | 0.68 | 0.71 | 0.29 | 0.39 | 0.83 |
| Net debt / EBITDA | 3.49 | 1.39 | 2.57 | 3.62 | 0.49 | 0.20 | — | — | −3.21 | — |
| Current ratio | 4.66 | 7.80 | 6.64 | 5.65 | 7.91 | 1.32 | 6.35 | 2.86 | 3.89 | 4.70 |
| Quick ratio | 3.66 | 6.78 | 5.50 | 4.88 | 7.45 | 1.17 | 6.00 | 2.71 | 3.85 | 4.43 |
| Interest coverage | 44.3 | 30.5 | 18.0 | 15.8 | 36.7 | 7.1 | -5.8 | -3.8 | 3.7 | -4.2 |
| Working capital | $648.1M | $946.2M | $633.9M | $608.2M | $809.1M | $133.4M | $457.8M | $278.5M | $379.0M | $201.9M |
| Invested capital | $2.05B | $1.27B | $1.25B | $1.31B | $332.7M | $180.3M | $73.1M | $20.7M | −$58.5M | −$20.8M |
| Tangible asset value | −$1.51B | −$454.8M | −$805.9M | −$785.9M | $197.0M | $151.0M | $91.8M | $248.9M | $208.4M | −$32.5M |
| Net current asset value | −$1.65B | −$614.3M | −$903.0M | −$932.7M | $18.8M | $125.9M | $69.3M | $236.5M | $198.8M | −$37.5M |
| Graham number | $4.76 | $14.73 | $5.43 | $6.25 | $9.10 | $4.68 | — | — | $3.91 | — |
| Graham net-net per share | −$15.45 | −$6.19 | −$8.00 | −$7.72 | −$0.49 | $0.30 | $0.04 | $1.37 | $1.27 | −$0.55 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $13.5M | — | $12.5M | $63.4M | $14.2M | — | $0 | $0 |
| Share buybacks (net) | $342.4M | $250.0M | $402.4M | $200.0M | $350.1M | $150.1M | $200.0M | $0 | $0 | $0 |
| Dividend payout ratio | — | — | 4.8% | — | 3.1% | 49.1% | — | — | 0.0% | — |
| Dividends + buybacks / free cash flow | 53.1% | 53.4% | 111.4% | 85.0% | 121.7% | 403.2% | — | — | 0.0% | — |
| Capex / revenue | 0.5% | 1.1% | 1.8% | 0.7% | 0.3% | 0.9% | 2.1% | 3.1% | 0.4% | 2.1% |
| Capex / operating cash flow | 1.1% | 2.2% | 3.9% | 2.0% | 0.5% | 4.5% | — | — | 1.0% | — |
| Capex / depreciation | 0.08 | 0.13 | 0.18 | 0.10 | 0.49 | 0.76 | 0.99 | 1.95 | 0.62 | 1.30 |
| Stock-based compensation / revenue | 3.7% | 4.3% | 4.4% | 3.7% | 4.7% | 6.4% | 17.7% | 23.5% | 9.7% | 17.4% |
| R&D / revenue | 5.8% | 7.8% | 9.2% | 10.1% | 8.0% | 12.8% | 71.8% | 98.9% | 47.6% | 102.8% |
| SG&A / revenue | 14.8% | 15.2% | 18.0% | 21.7% | 11.4% | 17.1% | 39.4% | 40.0% | 17.0% | 31.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 98.0 | 97.5 | 102.4 | 89.0 | 77.7 | 107.2 | 83.3 | 62.7 | 21.8 | 59.8 |
| Days of inventory on hand | 253.9 | 308.5 | 216.1 | 201.8 | 257.0 | 379.2 | 208.3 | 500.0 | 115.8 | 132.5 |
| Days payables outstanding | 24.8 | 25.3 | 28.0 | 25.2 | 7.8 | 35.2 | 42.1 | 216.5 | 67.5 | 44.4 |
| Cash conversion cycle (days) | 327.1 | 380.8 | 290.5 | 265.6 | 326.9 | 451.2 | 249.5 | 346.1 | 70.1 | 148.0 |
| Receivables turnover | 3.73 | 3.74 | 3.56 | 4.10 | 4.70 | 3.41 | 4.38 | 5.83 | 16.75 | 6.10 |
| Payables turnover | 14.69 | 14.45 | 13.04 | 14.49 | 46.94 | 10.37 | 8.66 | 1.69 | 5.41 | 8.22 |
| Inventory turnover | 1.44 | 1.18 | 1.69 | 1.81 | 1.42 | 0.96 | 1.75 | 0.73 | 3.15 | 2.75 |
| Asset turnover | 0.61 | 0.53 | 0.46 | 0.45 | 0.53 | 0.47 | 0.39 | 0.32 | 0.81 | 0.66 |
| Average receivables | $374.9M | $271.3M | $232.6M | $161.0M | $94.4M | $78.6M | $44.7M | $26.1M | $18.9M | $24.0M |
| Average payables | $15.6M | $11.0M | $14.8M | $9.6M | $1.7M | $4.2M | $5.3M | $6.0M | $5.8M | $4.0M |
| Average inventory | $159.2M | $134.7M | $113.9M | $77.0M | $57.3M | $45.1M | $26.0M | $13.9M | $9.9M | $12.1M |
| Intangibles / total assets | 61.8% | 39.7% | 51.3% | 51.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from HALO's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HALO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Halozyme Therapeutics traded at 26.3 times earnings, against a 10-year median of 26.3. Based on the latest twelve months, the trailing P/E is 35.6 and the forward P/E is 11.5. Halozyme Therapeutics earned a return on equity of 153.6% and a return on invested capital of 32.8% in fiscal 2025. It ended the year with $2.1 billion of debt and $142.8 million in cash and short-term investments, net debt of $2.0 billion. It returned $342.4 million to shareholders: $0 in dividends and $342.4 million in share buybacks, 53% of free cash flow. The share count fell 3.2% from 128.0M to 123.9M over 9 years.
See the HALO income statement, the HALO chart for price history, or the HALO stock overview for the latest quote and news.
HALO key metrics FAQ
What is Halozyme Therapeutics's P/E ratio?
Halozyme Therapeutics's trailing P/E ratio is 35.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.5. At the end of fiscal 2025 it was 26.3, compared with a 10-year median of 26.3.
What is Halozyme Therapeutics's EV/EBITDA?
Halozyme Therapeutics's enterprise value was 18.0 times EBITDA at the end of fiscal 2025 (enterprise value $10.3 billion, EBITDA $573.1 million); the current EV/EBITDA is 15.9.
What is Halozyme Therapeutics's return on equity?
Halozyme Therapeutics's return on equity (ROE) was 153.6% in fiscal 2025: net income of $316.9 million on average shareholders' equity of $206.3 million. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Halozyme Therapeutics's ROIC?
Halozyme Therapeutics's return on invested capital was 32.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Halozyme Therapeutics have?
Halozyme Therapeutics had total debt of $2.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 43.89 and $2.0 billion of net debt (3.49 times EBITDA).
Does Halozyme Therapeutics buy back its shares?
Yes. Halozyme Therapeutics spent $342.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.3% over the year, to 123.9M..
What is Halozyme Therapeutics's free cash flow yield?
Halozyme Therapeutics generated $644.6 million of free cash flow in fiscal 2025, a free cash flow yield of 7.7% on its market value at year-end ($8.3 billion).
What is Halozyme Therapeutics's current ratio?
Halozyme Therapeutics's current ratio was 4.66 at the end of fiscal 2025: current assets were 4.66 times current liabilities.