HALO
Halozyme Therapeutics, Inc.
HALO's fundamentals are mixed: revenue grew 45%, but its operating margin fell 22 points to 37%. At 25x earnings, it's trading above its usual 21x. Analysts expect strong earnings growth.
HALO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Under pressure |
HALO's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
HALO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $101 | — |
| Cheap | 15x | $60.40 | -40% |
| Fair | 21x | $84.87 | -16% |
| Current | 25x | $101 | — |
| Expensive | 35x | $139 | +38% |
Historical ranges are pointers, not guarantees.
HALO's PE is in its fair range at 25x. If earnings grow as analysts expect, today's price would be 10x next year's earnings, in its cheap range.
HALO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for HALO, with profitability improving.
HALO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.06 | +151% |
| Q3 2026 | $4.00 | -16% |
| Q2 2026 | $3.42 | -22% |
| Q1 2026 | $2.85 | -24% |
| Q4 2025 | $2.56 | -25% |
| Q3 2025 | $4.75 | +58% |
| Q2 2025 | $4.37 | +70% |
| Q1 2025 | $3.76 | +56% |
| Q4 2024 | $3.43 | +63% |
HALO earned $4.00 per share over the past year, down 16% from the year before.
HALO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $493M | +39% |
| Q2 2026 | $481M | +48% |
| Q1 2026 | $376.7M | +42% |
| Q4 2025 | $451.8M | +52% |
| Q3 2025 | $354.3M | +22% |
| Q2 2025 | $325.7M | +41% |
| Q1 2025 | $264.9M | +35% |
| Q4 2024 | $298M | +30% |
HALO's revenue has grown year over year for 19 quarters in a row: $493M last quarter, up 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 60% | -1.7 points |
| Q2 2026 | 60% | -2.4 points |
| Q1 2026 | 49% | -4.5 points |
| Q4 2025 | -21% | -80 points |
| Q3 2025 | 62% | +5.3 points |
| Q2 2025 | 62% | +12 points |
| Q1 2025 | 53% | +4.7 points |
| Q4 2024 | 59% | +15 points |
HALO's operating margin was 60% last quarter, down 1.7 points from the same quarter a year ago.
HALO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $255.2M | +45% |
| Q2 2026 | $236.7M | +141% |
| Q1 2026 | $176.3M | +15% |
| Q4 2025 | $217.6M | +24% |
| Q3 2025 | $175.6M | +54% |
| Q2 2025 | $98.1M | +84% |
| Q1 2025 | $153.3M | +22% |
| Q4 2024 | $175.4M | +76% |
HALO generated $886M in free cash flow over the past year, up 47% from the year before.
HALO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +1.4M shares |
| 1 year | +0.2% | +280K shares |
| 3 years | -8.6% | -11.5M shares |
| 5 years | -16% | -24.1M shares |
| Available history | -13% | -18.4M shares |
HALO has 123M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $67.3M |
| Q4 2025 | — |
| Q3 2025 | $38.9M |
| Q4 2024 | $250M |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $252.3M |
HALO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 1.5x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.2x | Moderate |
| Q4 2024 | 2.5x | Moderate |
HALO's net debt is about 3.2 years of its operating earnings (EBITDA), up from 1.5 years a year ago.
HALO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.3 | Neutral |
| Stochastic | 47.7 | Neutral |
HALO's weekly RSI is 51 (neutral) and its Stochastic is 48 (neutral).
HALO PE vs Healthcare Sector
| Metric | HALO | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 26x | 2.6% below |
| PE % | 65 | 29 | 36 pts above |
HALO is trading at 25x earnings, in line with the Healthcare sector's median of 26x.
HALO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $114.6 | 12% below |
| 20 week MA | $103.0 | 2.3% below |
| 50 week MA | $82.3 | 22% above |
| 100 week MA | $71.8 | 40% above |
| 200 week MA | $57.6 | 75% above |
HALO has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 75% above its 200-week average.
HALO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.0 | $42.9 | +139% |
| 2021 | $42.9 | $40.2 | -6.2% |
| 2022 | $40.2 | $57.5 | +43% |
| 2023 | $57.5 | $37.0 | -36% |
| 2024 | $37.0 | $48.1 | +30% |
| 2025 | $48.1 | $68.9 | +43% |
| 2026 YTD | $68.9 | $100.7 | +46% |
HALO has finished higher in four of the last six years. It's up 46% so far in 2026.