GlaxoSmithKline PLC (GSK) — Working Capital to Net Assets Ratio
GlaxoSmithKline PLC (GSK) has a Working Capital to Net Assets ratio of -22.2% as of September 2025. Working capital of GBX-3.49 Billion (current assets of GBX17.84 Billion minus current liabilities of GBX21.33 Billion) is measured against net assets of GBX15.75 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See GlaxoSmithKline PLC (GSK) financial flexibility to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
GlaxoSmithKline PLC Working Capital to Net Assets (1986–2024)
This chart shows how GlaxoSmithKline PLC's Working Capital to Net Assets ratio has evolved across 40 annual periods from 1986 to 2024. As of September 2025, the ratio stands at -22.2%, reflecting working capital of GBX-3.49 Billion against net assets of GBX15.75 Billion GBX. See GSK defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for GlaxoSmithKline PLC (1986–2024)
The table below presents the year-by-year Working Capital to Net Assets ratio for GlaxoSmithKline PLC from 1986 to 2024, covering 40 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see market value of GlaxoSmithKline PLC.
| Year | WC/NA Ratio | Working Capital (GBX) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2024 | -35.9% | GBX-4.70 Billion | GBX13.09 Billion | GBX17.00 Billion | GBX21.70 Billion | ▼ -17.0 pp |
| 2023 | -18.9% | GBX-2.42 Billion | GBX12.79 Billion | GBX18.64 Billion | GBX21.07 Billion | ▲ +1.3 pp |
| 2022 | -20.2% | GBX-2.04 Billion | GBX10.10 Billion | GBX20.77 Billion | GBX22.81 Billion | ▲ +3.2 pp |
| 2021 | -23.4% | GBX-5.00 Billion | GBX21.34 Billion | GBX18.67 Billion | GBX23.67 Billion | ▼ -14.3 pp |
| 2020 | -9.1% | GBX-1.90 Billion | GBX20.81 Billion | GBX20.25 Billion | GBX22.15 Billion | ▲ +15.7 pp |
| 2019 | -24.8% | GBX-4.56 Billion | GBX18.36 Billion | GBX19.49 Billion | GBX24.05 Billion | ▲ +126.7 pp |
| 2018 | -151.5% | GBX-5.56 Billion | GBX3.67 Billion | GBX16.93 Billion | GBX22.49 Billion | ▲ +154.1 pp |
| 2017 | -305.6% | GBX-10.66 Billion | GBX3.49 Billion | GBX15.91 Billion | GBX26.57 Billion | ▼ -259.4 pp |
| 2016 | -46.1% | GBX-2.29 Billion | GBX4.96 Billion | GBX16.71 Billion | GBX19.00 Billion | ▼ -81.8 pp |
| 2015 | 35.7% | GBX3.17 Billion | GBX8.88 Billion | GBX16.59 Billion | GBX13.42 Billion | ▲ +7.7 pp |
| 2014 | 28.0% | GBX1.38 Billion | GBX4.94 Billion | GBX14.68 Billion | GBX13.29 Billion | ▲ +8.2 pp |
| 2013 | 19.8% | GBX1.55 Billion | GBX7.81 Billion | GBX15.23 Billion | GBX13.68 Billion | ▲ +21.7 pp |
| 2012 | -1.8% | GBX-123.00 Million | GBX6.75 Billion | GBX13.69 Billion | GBX13.81 Billion | ▼ -14.9 pp |
| 2011 | 13.1% | GBX1.16 Billion | GBX8.83 Billion | GBX16.17 Billion | GBX15.01 Billion | ▼ -22.0 pp |
| 2010 | 35.1% | GBX3.42 Billion | GBX9.74 Billion | GBX16.04 Billion | GBX12.62 Billion | ▼ -15.7 pp |
| 2009 | 50.8% | GBX5.45 Billion | GBX10.74 Billion | GBX17.57 Billion | GBX12.12 Billion | ▼ -36.4 pp |
| 2008 | 87.2% | GBX7.25 Billion | GBX8.32 Billion | GBX17.27 Billion | GBX10.02 Billion | ▲ +54.1 pp |
| 2007 | 33.1% | GBX3.28 Billion | GBX9.91 Billion | GBX13.63 Billion | GBX10.35 Billion | ▼ -5.5 pp |
| 2006 | 38.6% | GBX3.73 Billion | GBX9.65 Billion | GBX10.99 Billion | GBX7.26 Billion | ▼ -9.8 pp |
| 2005 | 48.4% | GBX3.67 Billion | GBX7.57 Billion | GBX13.18 Billion | GBX9.51 Billion | ▲ +11.1 pp |
| 2004 | 37.3% | GBX2.22 Billion | GBX5.94 Billion | GBX10.78 Billion | GBX8.56 Billion | ▼ -34.2 pp |
| 2003 | 71.6% | GBX4.15 Billion | GBX5.80 Billion | GBX12.62 Billion | GBX8.47 Billion | ▲ +45.3 pp |
| 2002 | 26.3% | GBX1.94 Billion | GBX7.39 Billion | GBX10.75 Billion | GBX8.81 Billion | ▲ +19.5 pp |
| 2001 | 6.8% | GBX568.48 Million | GBX8.40 Billion | GBX10.02 Billion | GBX9.45 Billion | ▼ -17.6 pp |
| 2000 | 24.4% | GBX2.18 Billion | GBX8.96 Billion | GBX11.27 Billion | GBX9.08 Billion | ▼ -1.2 pp |
| 1999 | 25.6% | GBX817.00 Million | GBX3.19 Billion | GBX6.08 Billion | GBX5.26 Billion | ▼ -23.7 pp |
| 1998 | 49.3% | GBX1.36 Billion | GBX2.77 Billion | GBX5.51 Billion | GBX4.14 Billion | ▲ +0.8 pp |
| 1997 | 48.5% | GBX916.00 Million | GBX1.89 Billion | GBX4.80 Billion | GBX3.89 Billion | ▲ +31.6 pp |
| 1996 | 16.9% | GBX214.00 Million | GBX1.27 Billion | GBX4.37 Billion | GBX4.15 Billion | ▲ +553.5 pp |
| 1995 | -536.7% | GBX-1.19 Billion | GBX221.00 Million | GBX4.28 Billion | GBX5.47 Billion | ▼ -635.4 pp |
| 1995 | 98.8% | GBX567.72 Million | GBX574.69 Million | GBX3.74 Billion | GBX3.17 Billion | ▲ +49.9 pp |
| 1994 | 48.9% | GBX2.52 Billion | GBX5.15 Billion | GBX4.65 Billion | GBX2.13 Billion | ▲ +0.8 pp |
| 1993 | 48.1% | GBX2.24 Billion | GBX4.66 Billion | GBX4.44 Billion | GBX2.20 Billion | ▲ +0.2 pp |
| 1992 | 47.8% | GBX1.74 Billion | GBX3.64 Billion | GBX3.31 Billion | GBX1.57 Billion | ▼ -1.2 pp |
| 1991 | 49.0% | GBX1.61 Billion | GBX3.28 Billion | GBX3.63 Billion | GBX2.03 Billion | ▼ -3.0 pp |
| 1990 | 52.0% | GBX1.46 Billion | GBX2.81 Billion | GBX2.86 Billion | GBX1.41 Billion | ▼ -9.4 pp |
| 1989 | 61.3% | GBX1.42 Billion | GBX2.31 Billion | GBX2.28 Billion | GBX863.00 Million | ▼ -0.5 pp |
| 1988 | 61.9% | GBX1.12 Billion | GBX1.80 Billion | GBX1.99 Billion | GBX869.00 Million | ▼ -2.7 pp |
| 1987 | 64.6% | GBX946.00 Million | GBX1.46 Billion | GBX1.66 Billion | GBX711.00 Million | ▲ +4.4 pp |
| 1986 | 60.2% | GBX662.00 Million | GBX1.10 Billion | GBX1.22 Billion | GBX559.00 Million | — |