★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
VOL. XCIV, NO. 247
Stock Profile
Halma plc (HLMA) Moat Analysis
Halma plc
HLMA · London Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Halma is a UK-listed group of life-saving technology companies organised into Safety, Environmental & Analysis, and Healthcare. FY2026 revenue rose 15% to GBP2.582bn and adjusted EBIT rose 22% to GBP594.5m, with growth across all sectors. Current segment disclosures describe attractive regulated and high-value niches but do not quantify certification exclusivity, qualification duration, retention, switching costs or superior lifecycle economics, so no segment-level moat is recorded. Environmental & Analysis also carries material concentration risk: one long-standing hyperscaler customer represented about 20% of Group revenue. Halma acquired Dreampath Diagnostics on July 7, 2026, adding pathology workflow capability to Healthcare without changing FY2026 shares. Key risks are customer concentration, acquisition execution, OEM competition and technology change.
Primary segment
Environmental & Analysis
Market structure
Competitive
Market share
—
HHI: —
Coverage
3 segments · 7 tags
Updated 2026-07-12
Segments
Safety
Safety technologies (fire safety, public safety, worker safety, and protection of critical assets/infrastructure)
Revenue
36.7%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Environmental & Analysis
Environmental monitoring and analysis instruments (water/resource quality, pollution monitoring) plus materials/optoelectronic analysis and photonics components
Revenue
40.2%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Healthcare
Healthcare technologies and medical devices (diagnostics, patient monitoring/analytics, surgical/therapeutic tools, and components sold to medical device OEMs)
Revenue
23.2%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Moat Claims
Safety
Safety technologies (fire safety, public safety, worker safety, and protection of critical assets/infrastructure)
FY2026 (year ended 31 Mar 2026): sector revenue GBP 947.5m and sector adjusted profit GBP 253.6m before allocation of adjustments. Shares use sector revenue total before immaterial inter-segment elimination and sector adjusted profit. Safety revenue rose 5.0% reported and 6.5% organic; adjusted profit margin rose to 26.8%.
Insufficient segment-specific evidence to assign a moat claim.
Environmental & Analysis
Environmental monitoring and analysis instruments (water/resource quality, pollution monitoring) plus materials/optoelectronic analysis and photonics components
FY2026 (year ended 31 Mar 2026): sector revenue GBP 1.0377B and sector adjusted profit GBP 250.6m before allocation of adjustments. Shares use sector revenue total before immaterial inter-segment elimination and sector adjusted profit. Revenue rose 33.6%, driven by Optical Solutions/photonics premium growth; one hyperscaler customer represented 20% of Group revenue.
Insufficient segment-specific evidence to assign a moat claim.
Healthcare
Healthcare technologies and medical devices (diagnostics, patient monitoring/analytics, surgical/therapeutic tools, and components sold to medical device OEMs)
FY2026 (year ended 31 Mar 2026): sector revenue GBP 598.4m and sector adjusted profit GBP 143.1m before allocation of adjustments. Shares use sector revenue total before immaterial inter-segment elimination and sector adjusted profit. Healthcare revenue rose 4.9% reported and 6.3% organic, with adjusted profit margin up 100 bps to 23.9%. Halma acquired Dreampath Diagnostics on 7 July 2026; the standalone Healthcare business is not reflected in FY2026 shares.
Insufficient segment-specific evidence to assign a moat claim.
Evidence
No evidence sources linked yet.
Risks & Indicators
Erosion risks
No risks listed yet.
Leading indicators
No indicators listed yet.
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