Harmoney Corp Ltd (HMY) AI Stock Analysis

• Market Cap: AU$92.09M
• Dividend Yield: N/A
• Average Volume (3M): 84.84K
• Price to Earnings (P/E): 16.3
• Beta (1Y): 0.61
• Revenue Growth: 7.92%
• EPS Growth: N/A
• Country: AU
• Employees: 75
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 0.03
• Shares Outstanding: 104,056,720
• 10 Day Avg. Volume: 44,511
• 30 Day Avg. Volume: 84,840
• PEG Ratio: -0.08
• Price to Book (P/B): 1.59
• Price to Sales (P/S): 0.45
• P/FCF Ratio: 1.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$1.34
• Price Target Upside: 48.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: AU$0.92 ▲(1.67% Upside)

Harmoney Corp Ltd's overall stock score is driven by strong financial performance, particularly in revenue growth and cash flow generation. However, high leverage and a bearish technical outlook weigh on the score. The stock's valuation is reasonable, but the lack of a dividend yield limits its attractiveness for income-focused investors.

Positive Factors

Strong recent revenue growth

A 63.54% year‑over‑year revenue increase signals durable demand and successful scaling of Harmoney's P2P lending marketplace. Sustained high origination growth expands loan volumes, deepens network effects, and supports long‑term revenue visibility if credit performance remains controlled.

Very high gross and operating margins

Exceptionally high gross and operating margins reflect a highly scalable, low variable‑cost fintech platform. This structural margin advantage allows reinvestment in technology, marketing, and risk controls while preserving profitability as volumes grow, supporting durable economic returns over time.

Strong free cash flow generation

Robust FCF growth and high operating cash flow relative to net income indicate high‑quality earnings and cash conversion. Durable cash generation gives flexibility to fund growth, pay down debt, or invest in platform enhancements without immediate equity raises, improving financial resilience.

Negative Factors

High financial leverage

A very high debt‑to‑equity ratio creates persistent refinancing, interest‑rate and liquidity risks. Dependence on external funding constrains strategic flexibility, raises financing costs in stress, and can amplify downside in credit cycles, making capital structure management a long‑term priority.

Low net profit margin

Despite strong top‑line and operating margins, a low net margin suggests significant non‑operating costs (interest, provisions) or tax impacts that erode shareholder returns. Persistently thin net profits limit retained earnings and the ability to self‑fund expansion or build capital cushions.

Low equity ratio and modest ROE

A very low equity ratio means a small capital base relative to assets, reducing loss absorption capacity and increasing reliance on debt or equity raises to scale loan assets. Modest ROE signals returns aren't yet sufficiently high to offset capital constraints, raising dilution or funding risk.

Harmoney Corp Ltd Business Overview & Revenue Model

Company Description

Harmoney Corp Limited provides online unsecured personal loans in Australia and New Zealand. The company's personal loans are used for various purposes, including debt consolidation, home improvement, wedding, car, holiday, education, business, and medical expenses. It distributes its loan products through Stellare, a digital lending platform. The company was incorporated in 2014 and is headquartered in Newmarket, New Zealand.

How the Company Makes Money

Harmoney generates revenue primarily through the origination and servicing of personal loans. The company charges borrowers an origination fee, which is typically a percentage of the loan amount, as well as ongoing servicing fees for managing the loans throughout their term. Additionally, Harmoney earns interest on the loans it facilitates, which is paid by the borrowers. The company also benefits from a growing investor base, allowing it to fund more loans and scale its operations. Partnerships with financial institutions and technology providers enhance Harmoney's platform capabilities and expand its market reach, contributing to its overall earnings.

Harmoney Corp Ltd Financial Statement Overview

Summary

Harmoney Corp Ltd demonstrates strong revenue growth and operational efficiency, with robust gross profit and EBIT margins. However, the company faces challenges with high leverage and a relatively low net profit margin. The cash flow position is strong, with significant free cash flow growth and efficient cash generation. Overall, the company is on a positive growth trajectory but needs to manage its leverage carefully to mitigate financial risks.

Income Statement

Harmoney Corp Ltd has shown a strong revenue growth rate of 63.54% in the latest year, indicating a positive trajectory. The gross profit margin is robust at 90.49%, reflecting efficient cost management. However, the net profit margin is relatively low at 4.18%, suggesting challenges in translating revenue growth into net profitability. The EBIT and EBITDA margins are healthy, at 57.32% and 58.56% respectively, highlighting operational efficiency.

Balance Sheet

The company has a high debt-to-equity ratio of 23.97, indicating significant leverage, which could pose financial risks. The return on equity is modest at 14.86%, showing moderate profitability relative to shareholder equity. The equity ratio is low at 3.93%, suggesting a heavy reliance on debt financing.

Cash Flow

Free cash flow growth is strong at 25.01%, and the operating cash flow to net income ratio is 6.84, indicating good cash generation relative to net income. The free cash flow to net income ratio is 5.92, reflecting effective cash management and the ability to generate cash from operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	132.25M	131.83M	133.05M	106.62M	77.26M	35.65M
Gross Profit	58.58M	119.30M	133.05M	93.09M	61.72M	29.92M
EBITDA	77.61M	77.19M	65.06M	37.69M	657.00K	-18.69M
Net Income	5.52M	5.52M	-13.19M	-7.58M	-18.91M	-26.96M
Balance Sheet
Total Assets	945.24M	945.24M	856.77M	788.35M	636.45M	390.64M
Cash, Cash Equivalents and Short-Term Investments	56.66M	56.66M	41.24M	43.45M	56.73M	76.26M
Total Debt	890.24M	890.24M	811.36M	724.01M	563.72M	584.86M
Total Liabilities	908.11M	908.11M	816.93M	734.59M	577.40M	315.15M
Stockholders Equity	37.13M	37.13M	39.84M	53.76M	59.05M	75.49M
Cash Flow
Free Cash Flow	30.33M	32.66M	19.58M	18.92M	-1.28M	-5.27M
Operating Cash Flow	35.04M	37.73M	24.29M	23.94M	5.04M	-1.58M
Investing Cash Flow	-99.35M	-106.98M	-52.37M	-186.65M	-327.27M	-183.23M
Financing Cash Flow	79.14M	85.22M	22.43M	148.51M	309.14M	225.49M

Harmoney Corp Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HMY, the sentiment is Positive. The current price of 0.9 is above the 20-day moving average (MA) of 0.88, above the 50-day MA of 0.86, and above the 200-day MA of 0.72, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 54.58 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:HMY.

Harmoney Corp Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
EPY	65 Neutral	AU$47.92M	17.62	3.91%	4.27%	-6.67%	22.09%
HMY	58 Neutral	AU$92.09M	16.27	15.56%	―	7.92%	―
PNC	52 Neutral	AU$112.89M	16.59	12.72%	―	-0.51%	―
WZR	42 Neutral	AU$56.27M	-6.15	-19.44%	―	-2.35%	13.33%
MME	42 Neutral	AU$91.28M	-1.38	-42.59%	―	-9.56%	-392.31%
BTN	38 Underperform	AU$29.80M	-8.21	-26.29%	―	8.28%	84.45%

Harmoney Corp Ltd Corporate Events

Harmoney Grants 3.12m Performance Rights to Director Under Long-Term Incentive Plan

Harmoney Corp Limited has disclosed a change in director David Stevens’ interests following the issue of 3.12 million performance rights to him under the company’s Long Term Incentive Plan. The performance rights, granted for nil consideration, increase Stevens’ equity-based exposure to the company, aligning his remuneration more closely with shareholder returns and signalling an emphasis on long-term performance incentives within Harmoney’s executive compensation framework.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Issues 5.9m Unquoted Performance Rights Under Employee Incentive Scheme

Harmoney Corp Limited has notified the market of the issue of 5,875,000 new unquoted performance rights under its employee incentive scheme, with an issue date of 17 December 2025. The new performance rights, which form a class of securities not intended to be quoted on the ASX, indicate the company’s continued use of equity-based remuneration to align staff incentives with long-term performance and shareholder value, potentially strengthening talent retention and management focus on strategic goals.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Issues 3.1 Million Unquoted Performance Rights Under Employee Incentive Plan

Harmoney Corp Limited has notified the market that it will issue 3,120,000 unquoted performance rights under its employee incentive scheme, effective 17 December 2025. These additional equity-based awards, which are not intended to be quoted on the ASX, underscore the company’s continued use of long-term incentive structures to attract, retain and motivate key staff, potentially leading to future share dilution but aligning employee interests more closely with those of shareholders.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Ltd Announces Successful Shareholder Meeting Outcomes

Harmoney Corp Ltd held its 2025 annual meeting of shareholders online, where four resolutions were voted on and passed, including the election of John Quirk and Monique Cairns as directors and the approval of performance rights for CEO David Stevens. The resolutions reflect strong shareholder support and are expected to enhance the company’s governance and strategic direction. This meeting underscores Harmoney’s commitment to maintaining robust leadership and operational efficiency, potentially strengthening its market position and stakeholder confidence.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Achieves Record Profitability with Stellare® 2.0 Rollout

Harmoney Corp Limited has announced record post-IPO profitability and a significant increase in Cash Net Profit After Tax, driven by the successful rollout of its Stellare® 2.0 platform. This achievement has resulted in strong customer growth and operational efficiency, with a notable increase in investor confidence as reflected in the company’s share register. The company reaffirms its guidance for FY26, projecting continued financial growth and operational momentum.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Director Increases Shareholding

Harmoney Corp Limited has announced a change in the director’s interest in securities. John Edward Quirk, a director of the company, has increased his direct interest by acquiring 27,000 ordinary shares, bringing his total holding to 122,000 shares. This on-market purchase reflects a personal investment decision by the director, which may indicate confidence in the company’s future performance.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Secures $15 Million Facility with Major Australian Bank

Harmoney Corp Limited has secured a $15 million revolving corporate debt facility with a leading ‘Big-4’ Australian bank, aimed at supporting loan book growth and general corporate purposes. This new facility, which replaces a previous $22.5 million debt at a lower margin, underscores Harmoney’s strong profit growth and credit quality. The facility, notable for its rarity in the non-bank financial sector, is expected to significantly reduce funding costs and enhance the company’s financial stability, reflecting positively on its growth and profitability.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Limited Announces 2025 Annual Shareholder Meeting

Harmoney Corp Limited has announced its upcoming annual meeting of shareholders, which will be held online on December 17, 2025. The meeting will include addresses from the Chairman and CEO, and will cover resolutions such as the election of directors John Quirk and Monique Cairns, the authorization for the Board to set the auditor’s remuneration, and the approval of performance rights for CEO David Stevens under the Long Term Incentive Plan. These resolutions are significant for the company’s governance and strategic direction, impacting its leadership structure and executive incentives.

The most recent analyst rating on (AU:HMY) stock is a Buy with a A$1.34 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Ltd Unveils 1Q26 Financial Results and New Auto Loan Product

Harmoney Corp Ltd has announced its financial results for the first quarter of 2026, highlighting a new secured auto loan product. This development is part of their strategy to enhance their capitalisation and funding capabilities, potentially strengthening their market position and offering new opportunities for stakeholders.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Reaffirms FY26 Profit Guidance Amid Strong Loan Growth and Product Innovation

Harmoney Corp Limited has reaffirmed its FY26 profit guidance of $12 million Cash NPAT, marking a significant 111% increase from FY25. The company reported strong loan book growth in both Australia and New Zealand, with a notable increase in net interest margin to 10.3%. The launch of a secured vehicle loan product, enabled by the Stellare® 2.0 platform, is expected to attract significant customer interest. Despite a slight rise in credit losses, the company’s cost-to-income ratio remains stable at 19%, supported by its automated platform. Harmoney’s strategic initiatives, including refinancing its corporate debt and expanding its educational marketing, are poised to strengthen its market position and offer growth opportunities.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp to Present 1Q26 Results in Investor Webinar

Harmoney Corp Limited announced an upcoming online investor presentation to discuss its first-quarter results for the period ending September 30, 2025. The presentation, hosted by CEO David Stevens and CFO Simon Ward, will provide insights into the company’s performance and include a Q&A session. This initiative is part of Harmoney’s efforts to engage with investors and stakeholders, reflecting its commitment to transparency and communication. The results and discussions could impact the company’s market positioning and stakeholder confidence, given its focus on leveraging technology for efficient lending operations.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

Harmoney Corp Updates Long Term Incentive Plan to Align Employee and Shareholder Interests

Harmoney Corp Limited has updated its Long Term Incentive Plan, initially adopted in 2020, to enhance employee engagement and align their interests with shareholders. The plan allows the board to allocate rights to employees, providing them with the opportunity to become shareholders and rewarding their contributions to the company’s performance. This initiative is aimed at attracting, motivating, and retaining employees by offering them a stake in the company’s success, thereby aligning their interests with those of the shareholders.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.