Harmoney Corp Ltd (HMY) AI Stock Analysis

• Market Cap: AU$84.81M
• Dividend Yield: N/A
• Average Volume (3M): 84.84K
• Price to Earnings (P/E): 3.9
• Beta (1Y): 0.91
• Revenue Growth: 7.92%
• EPS Growth: N/A
• Country: AU
• Employees: 75
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 0.06
• 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$1.49
• Price Target Upside: 79.02% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): AU$155.40M

• Rating: 58 Neutral
• Price Target: AU$0.92 ▲(10.84% Upside)
• Action: Reiterated Date: 11/25/25
• Date: Action: Reiterated 11/25/25

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

High revenue growth

Sustained top-line growth near 63.5% indicates accelerating loan originations and customer adoption of the digital platform. Over a multi-quarter horizon this scale expansion supports network effects, spreads fixed costs over a larger base and underpins durable revenue momentum if underwriting standards and funding access remain stable.

Robust operating margins

Very high gross and operating margins reflect a scalable digital-lending model with low incremental servicing costs. These structural efficiencies provide buffer to absorb credit costs and fund product development, supporting long-term cash conversion and reinvestment potential if margins are preserved as volumes grow.

Strong free cash flow generation

Double-digit free cash flow growth and high operating-cash-to-net-income ratios show the business converts reported profits into liquidity. Persistent cash generation enhances flexibility for deleveraging, funding growth or reserves, and provides a durable foundation for managing credit cycles and funding cost variability.

Negative Factors

High financial leverage

Extremely high debt-to-equity signals heavy reliance on external financing and limited equity buffer. Over several quarters this magnifies refinancing and interest-rate risks, constrains strategic flexibility and raises sensitivity to any deterioration in loan performance or liquidity stress, increasing solvency risk.

Low net profit margin

Despite strong revenue and operating margins, the low net margin implies substantial post-operating costs—interest, provisions or taxes—eroding retained earnings. This limits the firm's ability to self-fund growth or build reserves over time, leaving profitability vulnerable to credit losses or rising funding costs.

Concentration in unsecured consumer lending

A business model focused on unsecured consumer loans concentrates credit risk and cyclicality. Structural exposure to consumer credit cycles and potential regulatory scrutiny increases earnings volatility and requires consistently strong underwriting and provisions to remain resilient across economic downturns.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	151.22M	131.83M	133.05M	106.62M	77.26M	35.65M
Gross Profit	74.60M	119.30M	133.05M	93.09M	61.72M	29.92M
EBITDA	76.14M	77.19M	65.06M	37.69M	657.00K	-18.69M
Net Income	10.53M	5.52M	-13.19M	-7.58M	-18.91M	-26.96M
Balance Sheet
Total Assets	1.05B	945.24M	856.77M	788.35M	636.45M	390.64M
Cash, Cash Equivalents and Short-Term Investments	58.15M	56.66M	41.24M	43.45M	56.73M	76.26M
Total Debt	997.33M	890.24M	811.36M	724.01M	563.72M	584.86M
Total Liabilities	1.00B	908.11M	816.93M	734.59M	577.40M	315.15M
Stockholders Equity	49.54M	37.13M	39.84M	53.76M	59.05M	75.49M
Cash Flow
Free Cash Flow	34.21M	32.66M	19.58M	18.92M	-1.28M	-5.27M
Operating Cash Flow	39.37M	37.73M	24.29M	23.94M	5.04M	-1.58M
Investing Cash Flow	-135.32M	-106.98M	-52.37M	-186.65M	-327.27M	-183.23M
Financing Cash Flow	99.44M	85.22M	22.43M	148.51M	309.14M	225.49M

Harmoney Corp Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.83
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 0.83 is below the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.85, and above the 200-day MA of 0.78, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.51 is Neutral, neither overbought nor oversold. The STOCH value of 30.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$41.45M	-179.71	3.91%	4.27%	-6.67%	22.09%
HMY	58 Neutral	AU$84.81M	3.91	15.56%	―	7.92%	―
PNC	52 Neutral	AU$104.94M	2.59	23.10%	―	-0.51%	―
WZR	43 Neutral	AU$43.96M	-2.58	-19.44%	―	-2.35%	13.33%
MME	43 Neutral	AU$70.69M	-1.10	-43.76%	―	-9.56%	-392.31%
BTN	40 Underperform	AU$14.16M	-3.94	-36.66%	―	8.28%	84.45%

Harmoney Corp Ltd Corporate Events

Harmoney Sets Date for 1H26 Results and Investor Presentation

Harmoney Corp Ltd has scheduled the release of its first-half 2026 financial results for after the ASX market close on Thursday 19 February 2026, with a detailed results presentation to be delivered via teleconference and webcast the following morning by CEO David Stevens and CFO Simon Ward. The company is also actively directing investors to its Investor Hub, a dedicated platform hosting announcements, research, and multimedia content and enabling shareholders to link their holdings and submit questions about the results, underscoring a broader push to deepen investor engagement and transparency as it continues to scale its digital lending operations in Australia and New Zealand.

The most recent analyst rating on (AU:HMY) stock is a Hold with a A$0.94 price target. To see the full list of analyst forecasts on Harmoney Corp Ltd stock, see the AU:HMY Stock Forecast page.

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.