Harvey Norman Holdings Ltd (AU:HVN)
ASX:HVN
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Harvey Norman Holdings Ltd
(Sydney:HVN)
Select Model
Select Model
Rating:63Neutral
Price Target:
AU$5.50
▲(15.79% Upside)
Action:ReiteratedDate:03/25/26
The score is driven by solid financial performance and very attractive valuation (low P/E and strong dividend yield), but is meaningfully held back by weak technical conditions (price below all key moving averages and negative momentum indicators).
Positive Factors
Revenue Growth
Sustained ~23% top-line expansion indicates structural demand recovery across core categories. For a multi-channel retailer with property assets and franchises, this level of revenue growth supports scale benefits, improves supplier leverage and underpins durable cash generation over the medium term.
Negative Factors
Rising Debt
Although leverage remains moderate, the trend of rising total debt increases interest and refinancing exposure. In a retail/property group, higher debt heightens sensitivity to property value cycles and consumer slowdowns, potentially limiting strategic flexibility or capital returns if cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained ~23% top-line expansion indicates structural demand recovery across core categories. For a multi-channel retailer with property assets and franchises, this level of revenue growth supports scale benefits, improves supplier leverage and underpins durable cash generation over the medium term.
Read all positive factors
Harvey Norman Holdings Ltd (HVN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.92B
Dividend Yield3.73%
Average Volume (3M)2.28M
Price to Earnings (P/E)6.7
Beta (1Y)0.78
Revenue Growth5.09%
EPS Growth46.94%
CountryAU
Employees6,500
SectorConsumer Cyclical
Sector Strength84
IndustryDepartment Stores
Share Statistics
EPS (TTM)0.26
Shares Outstanding1,246,006,700
10 Day Avg. Volume1,964,659
30 Day Avg. Volume2,277,019
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.37
Price to Sales (P/S)1.59
P/FCF Ratio12.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$6.59Price Target Upside38.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.39
Revenue Forecast (FY)AU$4.67B
Harvey Norman Holdings Ltd Business Overview & Revenue Model
Company Description
Harvey Norman Holdings Limited engages in the integrated retail, franchise, property, and digital system businesses. It franchises and sells products in various categories, including electrical goods, furniture, computerized communications, beddin...
How the Company Makes Money
HVN makes money primarily through (1) retail and franchise-related earnings and (2) property-related income and investment returns. Retail/franchise earnings are generated from selling products such as furniture, bedding, home appliances, consumer...
Harvey Norman Holdings Ltd Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.35B | 4.12B | 3.92B | 3.98B | 4.14B | 4.15B |
| Gross Profit | 2.01B | 2.10B | 1.99B | 1.94B | 2.12B | 2.16B |
| EBITDA | 1.04B | 1.06B | 837.26M | 1.08B | 1.39B | 1.37B |
| Net Income | 560.53M | 518.02M | 352.45M | 539.52M | 811.53M | 841.41M |
Balance Sheet | ||||||
| Total Assets | 8.77B | 8.37B | 7.93B | 7.67B | 7.25B | 6.67B |
| Cash, Cash Equivalents and Short-Term Investments | 385.35M | 279.69M | 273.47M | 218.75M | 248.80M | 305.71M |
| Total Debt | 3.73B | 2.29B | 2.28B | 2.18B | 1.90B | 1.74B |
| Total Liabilities | 3.82B | 3.53B | 3.39B | 3.21B | 2.95B | 2.78B |
| Stockholders Equity | 4.91B | 4.80B | 4.50B | 4.43B | 4.26B | 3.86B |
Cash Flow | ||||||
| Free Cash Flow | 498.02M | 510.74M | 494.37M | 492.60M | 502.38M | 443.57M |
| Operating Cash Flow | 639.09M | 694.30M | 686.53M | 680.26M | 597.30M | 543.87M |
| Investing Cash Flow | -224.32M | -222.54M | -301.18M | -333.48M | -178.79M | -254.12M |
| Financing Cash Flow | -328.34M | -445.62M | -334.25M | -379.07M | -432.87M | -335.47M |
Harvey Norman Holdings Ltd Technical Analysis
Negative
4.75
Price Trends
5.62
Negative
6.23
Negative
6.25
Negative
Market Momentum
-0.24
Negative
28.84
Positive
10.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HVN, the sentiment is Negative. The current price of 4.75 is below the 20-day moving average (MA) of 4.94, below the 50-day MA of 5.62, and below the 200-day MA of 6.25, indicating a bearish trend. The MACD of -0.24 indicates Negative momentum. The RSI at 28.84 is Positive, neither overbought nor oversold. The STOCH value of 10.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:HVN.
Harvey Norman Holdings Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | AU$7.90B | 8.60 | 29.31% | 2.54% | 10.03% | 5.38% | |
63 Neutral | AU$5.92B | 6.72 | 11.55% | 3.73% | 5.09% | 46.94% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$380.47M | 11.07 | -69.14% | 4.00% | 6.24% | -23341.18% | |
61 Neutral | AU$1.35B | 12.30 | 25.20% | 2.63% | 5.79% | -31.70% | |
61 Neutral | AU$234.08M | 6.10 | 8.37% | 5.85% | 3.99% | -18.35% | |
55 Neutral | AU$811.85M | 71.03 | 5.66% | ― | 20.66% | 543.24% |
* Consumer Cyclical Sector Average
AU:HVN
Harvey Norman Holdings Ltd
4.75
0.20
4.37%
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Harvey Norman Holdings Ltd Corporate Events
Harvey Norman lifts half-year profit and dividend on strong sales and tight cost control
Feb 27, 2026
Harvey Norman reported a strong half-year result to 31 December 2025, with profit before tax rising 16.5% to $466.31 million on the back of 6.9% growth in system sales to $5.16 billion and tighter cost control. Earnings improved across franchising...
Harvey Norman Sets 2026 Dividend Timetable in Half-Year Appendix 4D
Feb 27, 2026
Harvey Norman Holdings has released its Appendix 4D half-year report for the period ended 31 December 2025, outlining its financial performance and position ahead of key 2026 dividend dates. The company has confirmed its timetable for announcing t...
Harvey Norman Faces Class Action Over Latitude Interest-Free Plans
Feb 23, 2026
Harvey Norman Holdings Ltd has been named as the second defendant in a newly filed class action related to the promotion of Latitude Finance Australia interest-free payment plans. The claim seeks restitution, damages, declarations rendering certai...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.