★ 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 owns decentralized safety, environmental-analysis, and healthcare technology businesses. FY2026 revenue rose 15% to GBP 2.6 billion and adjusted EBIT rose 22% to GBP 594.5 million. The filings describe regulated, high-value niches but do not quantify certification exclusivity, qualification time, retention, switching costs, or lifecycle savings. No segment-level moat is recorded without that evidence. Environmental & Analysis also has a sharp concentration risk because one hyperscaler customer supplied about 20% of group revenue. July acquisitions added hospital workflow, radiation-marker, and pathology-management products to Healthcare, but their small scale and limited disclosure do not change the assessment. Acquisition execution, customer concentration, OEM competition, and technology change are the main risks.
Primary segment
Environmental & Analysis
Market structure
Competitive
Market share
—
HHI: —
Coverage
3 segments · 7 tags
Updated 2026-08-23
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 sector revenue was GBP 598.4 million and adjusted profit was GBP 143.1 million before allocation of adjustments. Healthcare revenue rose 4.9% as reported and 6.3% organically, while adjusted profit margin rose 100 basis points to 23.9%. July acquisitions of itemedical, Naslund Medical, and Dreampath Diagnostics are not reflected in these shares. Their small size and limited standalone disclosure do not establish a new moat.
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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