Morningstar

Halma PLC

HLMA: XLON (GBR)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We've Upgraded Our Halma Moat Rating to Wide

Sep 17, 2026

Business Strategy and Outlook

Halma’s industry-leading profitability is underpinned by acquiring small to medium-size businesses in niche markets with relatively small total addressable markets. Consequently, Halma enjoys a leading market share in many of its product categories and may only have a handful of competitors in other areas. A strong emphasis on research and development, which accounts for 5% of sales, will allow Halma to maintain its market position through a combination of new product releases and product differentiation.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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