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Harvey Norman Holdings Ltd
(Sydney:HVN)
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Rating:63Neutral
Price Target:
AU$4.50
▼(-1.53% Downside)
Action:Reiterated
Date: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
Strong Revenue Growth
Sustained ~23% top-line growth signals structural demand recovery and effective merchandising/franchise execution. Over 2–6 months this underpins scale benefits, supports inventory turns and supplier leverage, and provides a base for reinvestment into stores and omnichannel capabilities.
Negative Factors
Rising Total Debt
Although leverage (D/E 0.48) is moderate today, a rising absolute debt stock can increase interest burden and limit optionality if sales slow or interest rates rise. Over months this constrains capital allocation and heightens refinancing and covenant risk versus peers.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained ~23% top-line growth signals structural demand recovery and effective merchandising/franchise execution. Over 2–6 months this underpins scale benefits, supports inventory turns and supplier leverage, and provides a base for reinvestment into stores and omnichannel capabilities.
Read all positive factors
Harvey Norman Holdings Ltd (HVN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.08B
Dividend Yield3.73%
Average Volume (3M)2.28M
Price to Earnings (P/E)10.8
Beta (1Y)0.78
Revenue Growth9.50%
EPS Growth29.80%
CountryAU
Employees6,649
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.45
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$4.96Price Target Upside8.45% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.36
Revenue Forecast (FY)AU$4.61B
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. The company franchises and sells products in various categories, including electrical goods, furniture, computerized communication...
How the Company Makes Money
HVN primarily makes money through a combination of (1) retail and franchise-related earnings and (2) property-related income. Retail and franchise earnings are generated from selling household consumer goods across its branded networks (Harvey Nor...
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
Positive
4.57
Price Trends
4.56
Positive
4.98
Negative
5.95
Negative
Market Momentum
0.09
Negative
62.68
Neutral
51.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HVN, the sentiment is Positive. The current price of 4.57 is below the 20-day moving average (MA) of 4.70, above the 50-day MA of 4.56, and below the 200-day MA of 5.95, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 62.68 is Neutral, neither overbought nor oversold. The STOCH value of 51.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$8.95B | 18.43 | 29.31% | 2.54% | 8.60% | 4.98% | |
63 Neutral | AU$6.08B | 10.84 | 11.55% | 3.73% | 9.50% | 29.80% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$404.89M | -10.34 | -69.14% | 4.00% | 4.41% | -2505.17% | |
61 Neutral | AU$1.36B | 20.88 | 25.20% | 2.63% | 4.23% | -0.64% | |
61 Neutral | AU$246.49M | 13.37 | 8.37% | 5.85% | 5.66% | -42.42% | |
55 Neutral | AU$717.93M | 93.94 | 5.66% | ― | 18.85% | 20.89% |
* Consumer Cyclical Sector Average
AU:HVN
Harvey Norman Holdings Ltd
4.87
-0.22
-4.40%
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-69.60%
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16.41
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1.44
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-28.36%
AU:JBH
JB Hi-Fi Limited
83.60
-22.39
-21.12%
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.