GlaxoSmithKline PLC (GSK) — Tangible Net Worth Ratio
GlaxoSmithKline PLC (GSK) has a Tangible Net Worth Ratio of -7.1% as of September 2025. This metric is calculated by deducting intangible assets (GBX16.86 Billion) from net assets (GBX15.75 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. See GSK working capital efficiency to evaluate short-term liquidity relative to the company's equity base.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
GlaxoSmithKline PLC Tangible Net Worth Ratio (1986–2024)
This chart shows how GlaxoSmithKline PLC's Tangible Net Worth Ratio has changed across 40 annual periods from 1986 to 2024. As of September 2025, the ratio stands at -7.1%, reflecting net assets of GBX15.75 Billion with intangible assets of GBX16.86 Billion GBX. See GSK cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Tangible Net Worth Ratio for GlaxoSmithKline PLC (1986–2024)
The table below presents the year-by-year Tangible Net Worth Ratio for GlaxoSmithKline PLC from 1986 to 2024, covering 40 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. For the full company profile including market capitalisation, see GSK market cap.
| Year | Tangible NW Ratio | Net Assets (GBX) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2024 | -18.6% | GBX13.09 Billion | GBX15.52 Billion | GBX59.46 Billion | ▼ -3.1 pp |
| 2023 | -15.4% | GBX12.79 Billion | GBX14.77 Billion | GBX59.01 Billion | ▲ +26.4 pp |
| 2022 | -41.8% | GBX10.10 Billion | GBX14.32 Billion | GBX60.15 Billion | ▼ -0.9 pp |
| 2021 | -40.9% | GBX21.34 Billion | GBX30.08 Billion | GBX79.10 Billion | ▲ +2.4 pp |
| 2020 | -43.3% | GBX20.81 Billion | GBX29.82 Billion | GBX80.43 Billion | ▲ +25.3 pp |
| 2019 | -68.6% | GBX18.36 Billion | GBX30.95 Billion | GBX79.69 Billion | ▲ +299.8 pp |
| 2018 | -368.5% | GBX3.67 Billion | GBX17.20 Billion | GBX58.07 Billion | ▲ +34.9 pp |
| 2017 | -403.4% | GBX3.49 Billion | GBX17.56 Billion | GBX56.38 Billion | ▼ -125.0 pp |
| 2016 | -278.3% | GBX4.96 Billion | GBX18.78 Billion | GBX59.08 Billion | ▼ -190.5 pp |
| 2015 | -87.8% | GBX8.88 Billion | GBX16.67 Billion | GBX53.45 Billion | ▼ -19.2 pp |
| 2014 | -68.6% | GBX4.94 Billion | GBX8.32 Billion | GBX40.65 Billion | ▼ -49.7 pp |
| 2013 | -18.8% | GBX7.81 Billion | GBX9.28 Billion | GBX42.09 Billion | ▲ +31.8 pp |
| 2012 | -50.6% | GBX6.75 Billion | GBX10.16 Billion | GBX41.48 Billion | ▼ -62.2 pp |
| 2011 | 11.6% | GBX8.83 Billion | GBX7.80 Billion | GBX41.08 Billion | ▼ -1.5 pp |
| 2010 | 13.1% | GBX9.74 Billion | GBX8.47 Billion | GBX42.05 Billion | ▼ -10.7 pp |
| 2009 | 23.8% | GBX10.74 Billion | GBX8.18 Billion | GBX42.86 Billion | ▼ -5.6 pp |
| 2008 | 29.4% | GBX8.32 Billion | GBX5.87 Billion | GBX39.39 Billion | ▼ -25.6 pp |
| 2007 | 55.0% | GBX9.91 Billion | GBX4.46 Billion | GBX31.00 Billion | ▼ -10.8 pp |
| 2006 | 65.9% | GBX9.65 Billion | GBX3.29 Billion | GBX25.55 Billion | ▲ +10.6 pp |
| 2005 | 55.3% | GBX7.57 Billion | GBX3.38 Billion | GBX27.20 Billion | ▲ +2.8 pp |
| 2004 | 52.6% | GBX5.94 Billion | GBX2.82 Billion | GBX22.94 Billion | ▼ -18.3 pp |
| 2003 | 70.8% | GBX5.80 Billion | GBX1.69 Billion | GBX21.20 Billion | ▼ -4.7 pp |
| 2002 | 75.5% | GBX7.39 Billion | GBX1.81 Billion | GBX22.33 Billion | ▼ -2.4 pp |
| 2001 | 78.0% | GBX8.40 Billion | GBX1.85 Billion | GBX21.97 Billion | ▼ -9.4 pp |
| 2000 | 87.3% | GBX8.96 Billion | GBX1.14 Billion | GBX21.59 Billion | ▼ -8.2 pp |
| 1999 | 95.5% | GBX3.19 Billion | GBX144.00 Million | GBX10.43 Billion | ▼ -0.7 pp |
| 1998 | 96.2% | GBX2.77 Billion | GBX106.00 Million | GBX9.35 Billion | ▲ +112.9 pp |
| 1997 | -16.7% | GBX1.89 Billion | GBX2.21 Billion | GBX8.44 Billion | ▲ +58.7 pp |
| 1996 | -75.5% | GBX1.27 Billion | GBX2.22 Billion | GBX8.31 Billion | ▲ +699.7 pp |
| 1995 | -775.1% | GBX221.00 Million | GBX1.93 Billion | GBX8.54 Billion | ▼ -875.1 pp |
| 1995 | 100.0% | GBX574.69 Million | GBX0.00 | GBX8.10 Billion | ▲ +23.1 pp |
| 1994 | 76.9% | GBX5.15 Billion | GBX1.19 Billion | GBX7.89 Billion | ▲ +2.6 pp |
| 1993 | 74.3% | GBX4.66 Billion | GBX1.20 Billion | GBX7.46 Billion | ▲ +1.4 pp |
| 1992 | 72.9% | GBX3.64 Billion | GBX986.00 Million | GBX5.68 Billion | ▲ +0.4 pp |
| 1991 | 72.5% | GBX3.28 Billion | GBX901.00 Million | GBX5.74 Billion | ▼ -27.5 pp |
| 1990 | 100.0% | GBX2.81 Billion | GBX0.00 | GBX4.49 Billion | ▲ +0.0 pp |
| 1989 | 100.0% | GBX2.31 Billion | GBX0.00 | GBX3.47 Billion | ▲ +0.0 pp |
| 1988 | 100.0% | GBX1.80 Billion | GBX0.00 | GBX2.87 Billion | ▲ +0.0 pp |
| 1987 | 100.0% | GBX1.46 Billion | GBX0.00 | GBX2.36 Billion | ▲ +0.0 pp |
| 1986 | 100.0% | GBX1.10 Billion | GBX0.00 | GBX1.80 Billion | — |