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LuxExperience (LUXE)
NYSE:LUXE
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LuxExperience
(NYSE:LUXE)
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Select Model
Rating:65Neutral
Price Target:
$8.50
▼(-11.73% Downside)
Action:DowngradedDate:02/12/26
The score is driven primarily by mixed fundamentals: a sharp profitability and margin rebound is tempered by weak cash conversion and negative free cash flow. Valuation is very compelling on P/E, but technicals remain weak (below key moving averages with negative MACD). The latest earnings call adds support via improving KPIs and tightened guidance, though profitability remains near breakeven and transformation cash needs stay significant.
Positive Factors
Profitability rebound and margins
A material swing to sustained high margins and solid revenue growth indicates improved unit economics and pricing power. Durable margin expansion supports reinvestment and operating leverage, making future profitability less dependent on short-term promotions if management preserves premium positioning.
Mytheresa strong growth and high margins
Mytheresa's high-margin, accelerating U.S. growth and rising AOV reflect a durable competitive position in premium online luxury. Consistent customer engagement and margin expansion from this flagship segment underpin the group's long-term revenue quality and provide a foundation to offset weaker units over multiple years.
Manageable leverage and strong ROE
Low-to-moderate leverage combined with very strong ROE gives financial flexibility to fund the transformation and absorb temporary cash burn. A solid equity base reduces solvency risk and supports investment in tech, inventory and selective marketing over the medium term without forcing dilutive financing immediately.
Negative Factors
Negative operating and free cash flow
Earnings-to-cash conversion is weak: reported net income is not translating into positive operating cash flow or free cash flow. Persisting negative cash generation raises funding risk, limits organic reinvestment capacity, and increases reliance on existing liquidity or external financing over the coming 2–3 quarters.
YOOX structural underperformance
The off-price YOOX business shows sustained top-line declines and negative profitability, indicating structural channel or mix challenges. Restoring margin there requires inventory, marketing and operational fixes that consume cash and management attention, weakening consolidated earnings durability until turnaround completes.
Large multi-year transformation cash needs
Substantial, multi-year transformation spending materially raises execution and funding risk. Even if fully funded today, such outflows intensify the need for consistent operating cash recovery; delays or weaker sales could force additional financing, slowing strategic initiatives and compressing long-term returns.
LuxExperience (LUXE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.35B
Dividend YieldN/A
Average Volume (3M)259.74K
Price to Earnings (P/E)2.1
Beta (1Y)1.53
Revenue Growth97.28%
EPS GrowthN/A
CountryUS
Employees1,817
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)0.10
Shares Outstanding137,261,610
10 Day Avg. Volume226,887
30 Day Avg. Volume259,736
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.50
Price to Sales (P/S)0.54
P/FCF Ratio-19.50
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue0.53
Enterprise Value/Gross Profit1.15
Enterprise Value/Ebitda1.97
Forecast
1Y Price Target
$10.52Price Target Upside9.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.56
Revenue Forecast (FY)$2.49B
LuxExperience Business Overview & Revenue Model
Company DescriptionLuxExperience B.V., through its subsidiary, operates an online shopping platform in Germany, the United States, rest of Europe, and internationally. The company offers womenswear, menswear, kidswear, fine jewelry, watches, and lifestyle products under the Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and the OUTNET brand name. The company was formerly known as MYT Netherlands Parent B.V. and changed its name to LuxExperience B.V. in May 2025. LuxExperience B.V. was founded in 1987 and is based in Munich, Germany.
How the Company Makes MoneyLuxExperience generates revenue through multiple streams, primarily by charging service fees for its bespoke travel planning and concierge services. The company earns commissions from luxury hotels, airlines, and other travel-related services that it books on behalf of its clients. Additionally, LUXE may offer subscription services for exclusive membership access to special deals, events, and personalized services, providing a steady income from loyal customers. Partnerships with luxury brands and exclusive venues enhance its offerings, allowing for affiliate revenue through cross-promotions and joint marketing efforts. Overall, LUXE's revenue model is centered around delivering high-value services and products that command premium pricing.
LuxExperience Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call conveyed clear and measurable progress in the company's transformation: Mytheresa delivered strong top-line growth, margin expansion and customer engagement; NET‑A‑PORTER/MR PORTER and YOOX both showed meaningful sequential improvements in key KPIs (AOV, NPS, SG&A reduction and EBITDA trajectory). Group-level metrics improved with net sales growth on a constant currency basis, a positive adjusted EBITDA in Q2 (+2%) and a strong operating cash inflow in the quarter. However, material work remains: YOOX and the luxury segment are not fully restored to sustained profitability, shipping duties and seasonality are headwinds, and the multi-year transformation requires substantial ongoing cash outflows. On balance, the highlights—notably Mytheresa's outperformance, group return to adjusted EBITDA positivity, tightened guidance and visible cost actions—outweigh the remaining lowlights, indicating momentum is building and the company is on track with its plan.Q2-2026 Updates
Positive Updates
Mytheresa: Strong Top-Line and Margin Expansion
Mytheresa net sales +8.8% YoY in Q2; U.S. net sales +22.9% (U.S. now 23.3% of total). Average order value (LTM) +12% to EUR 824. Gross profit margin expanded +140 bps to 52.3%. Top customer base +13.5% and average spend per top customer (GMV) +12.5%. Adjusted EBITDA margin rose 200 bps to 9.3% with adjusted EBITDA of EUR 22.6m. Inventory down -2.5% YoY.
Group-Level Revenue Growth and Return to Profitability
Group net sales +1.1% reported and +5.7% constant currency in Q2; GMV +0.2% reported and +4.7% cc. For the first time since acquisition, group adjusted EBITDA margin positive at +2%. SG&A cost ratio reduced by 270 bps (from 21.8% to 19.1%). Operating cash flow in the quarter +EUR 118.5m; H1 operating cash burn only -EUR 30m. Cash and cash equivalents EUR 543.6m; total available funds EUR 724.2m.
NET‑A‑PORTER & MR PORTER: Sequential Recovery and Engagement Gains
Combined net sales declined just -1% YoY in Q2 (improved from -10.8% in Q1) and were +6.0% on a constant currency basis. GMV -1.9% reported (cc +4.9%). Average order value (LTM) +13.6% to EUR 861; average spend per 'extremely important people' (EIP) +3.6%. NPS rose to 65.3% (up ~1,200 bps YoY). SG&A ratio improved to 22.7% of GMV (down materially from prior quarter). Adjusted EBITDA nearly broke even at -0.7%, a strong sequential improvement from -6.9% in Q1.
YOOX: Stabilization and Early Turnaround Signals
YOOX net sales improved sequentially though still down YoY: net sales -7.3% YoY (Q1 was -16.6%); GMV -12.1% (improved from -19.3% in Q1). Europe-focused net sales +13.9% YoY. Average order value (LTM) +11.4% to EUR 255; top customer average spend (GMV) +4.1%. NPS rose to 50.2% (from 29.9% YoY). SG&A ratio decreased to 26.9% of GMV (from 29% prior quarter). Adjusted EBITDA improved from -18.1% in Q1 to -6.0% in Q2. Inventory down -8% YoY.
Brand Partnerships, Exclusives and Customer Experiences
Multiple high-impact exclusive capsule launches and money-can't-buy physical experiences across Mytheresa, NET‑A‑PORTER and MR PORTER (e.g., Dolce & Gabbana exclusives, Moncler Grenoble events, Studio Nicholson prelaunchs, Tom Ford/Claridges dinner). These initiatives support desirability, premium full-price selling and customer engagement.
Operational Transformation Progress and Confirmed Medium-Term Targets
Concrete cost and operational actions: warehouse closures, studio and customer care consolidation, IT replatforming on track, layoff programs executed. Management reaffirms medium-term targets: EUR 4.0bn net sales and adjusted EBITDA margin 7%–9% (medium term, FY29/30). Guidance tightened for FY26: GMV/net sales now EUR 2.5–2.7bn (raised low end) and adjusted EBITDA margin narrowed to -1% to +1% (raised low end).
Negative Updates
YOOX: Continued Top‑Line Declines and Negative Profitability
Despite sequential improvement, YOOX GMV declined -12.1% YoY in Q2 and net sales declined -7.5% YoY. Adjusted EBITDA remains negative at -6.0% (improved from -18.1% in Q1), indicating the off‑price business still requires material work to return to profitability.
NET‑A‑PORTER & MR PORTER Not Fully Recovered
Luxury segment net sales declined -1% YoY (though cc +6%). Adjusted EBITDA still slightly negative at -0.7% (near break-even), and reported gross profit margin decreased to 46.1% due to one-time effects—underlying recovery is visible but profitability is not yet fully restored.
Group Profitability Still Modest and Guidance Near Breakeven
Group adjusted EBITDA margin is positive but modest at +2% in Q2. Full-year FY26 adjusted EBITDA guidance remains narrow and essentially breakeven (-1% to +1%), reflecting that overall profitability is still limited and dependent on continued execution.
Transformation Cash Outflows and Q3 Cash Headwinds
Management expects Q3 operating cash flow to be negative and full-year operating cash burn to remain below EUR 150m (FY26 is a transition year). The multi-year transformation requires total cash outflows of EUR 350–450m, implying ongoing cash consumption and execution risk.
Shipping/Duty Cost Pressure and Margin Headwinds
Mytheresa shipping and payment cost ratio rose ~150 bps YoY in Q2 driven by new U.S. duties (management covers duties for U.S. customers). Although excluding duties the ratio improved, duties are a tangible headwind that increases operating costs and could pressure margins if trends continue.
Seasonality and External Retail Disruptions
Business seasonality leaves Q1 and Q3 weaker; management warns of softer Q3. Potential disruption in the U.S. department store channel (Chapter 11 proceedings) could spur competitor promotions and create short‑term volatility or pricing pressure in parts of the market.
Working Capital and Inventory Rebalancing Needs
NET‑A‑PORTER & MR PORTER previously underbought inventory and require investment to support growth (management expects to increase inventory and working capital for upcoming seasons), which will consume cash and is necessary to sustain the turnaround.
Company Guidance
Guidance highlights: for full‑year fiscal 2026 LuxExperience narrowed guidance to GMV and net sales of EUR 2.5–2.7 billion (was EUR 2.4–2.7bn) and an adjusted EBITDA margin of -1% to +1% (was -2% to +1%); Q3 is expected to be softer than Q4; Mytheresa is expected to deliver high‑single‑digit growth in H2 and for the full year with an H2 adjusted EBITDA around the H1 level (~6.5%); NET‑A‑PORTER/MR PORTER are expected to show positive growth late in the year but a low single‑digit GMV decline for FY26 overall; YOOX is guided to low‑teens top‑line decline in FY26 but to return to adjusted EBITDA profitability in 12–15 months and to top‑line growth in FY27. Additional financial guidance/targets: group Q2 adjusted EBITDA was +2%, H1 GMV €1,274m and net sales €1,202m, Q2 operating cash flow +€118.5m, H1 operating cash burn -€30m, full‑year operating cash burn expected well below €150m with Q3 cash outflow from layoff payments, break‑even on operating cash in ~2 years, total transformation cash outflow €350–450m (fully funded), and medium‑term targets unchanged of €4.0 billion net sales with a 7–9% adjusted EBITDA margin (medium term = FY29/30); cash and cash investments stood at €543.6m (total available funds €724.2m) and THE OUTNET sale is expected to close this quarter (already classified as discontinued).LuxExperience Financial Statement Overview
Summary
Strong profitability rebound and healthy TTM margins with solid revenue growth, but this is materially offset by negative operating cash flow and negative free cash flow despite high net income, raising cash-conversion and funding-risk concerns.Income Statement
Profitability has improved dramatically versus prior annual periods: net income swung from losses in 2021–2024 to strong profitability in 2025, and TTM (Trailing-Twelve-Months) shows healthy margins (about 46% gross margin and ~23% net margin). Revenue growth is also solid in TTM (Trailing-Twelve-Months) at ~25.7%. The main weakness is volatility: annual results moved from multi-year losses to a sharp step-up in 2025, which raises questions about sustainability versus a one-off inflection.82
Very Positive
Balance Sheet
Leverage looks manageable with low-to-moderate debt relative to equity (TTM (Trailing-Twelve-Months) debt-to-equity ~0.27), and equity is sizable. Returns on equity are very strong in 2025/TTM (Trailing-Twelve-Months) (roughly 41%–44%), reflecting the sharp profitability rebound. Offsetting this, the balance sheet has also scaled up quickly versus 2024 (assets and equity expanded materially), and the increased debt level versus earlier years adds some incremental financial risk if earnings normalize lower.76
Positive
Cash Flow
Cash generation is the key concern: operating cash flow is negative in both 2025 annual and TTM (Trailing-Twelve-Months) (around -$30M), and free cash flow is also negative. This is especially notable given strong reported net income, implying earnings are not currently converting into cash. While free cash flow improved versus the large burn in 2023, the trend in 2025/TTM (Trailing-Twelve-Months) remains weak and increases funding risk if negative cash flow persists.34
Negative
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.04B | 1.25B | 840.85M | 766.00M | 687.78M | 612.10M |
| Gross Profit | 941.92M | 600.00M | 384.53M | 379.98M | 353.02M | 287.04M |
| EBITDA | 552.15M | 646.40M | -3.98M | 3.33M | 11.95M | -1.51M |
| Net Income | 474.64M | 552.30M | -24.91M | -17.02M | -9.32M | -32.60M |
Balance Sheet | ||||||
| Total Assets | 2.22B | 2.27B | 696.51M | 693.97M | 614.78M | 521.94M |
| Cash, Cash Equivalents and Short-Term Investments | 44.39M | 603.60M | 15.11M | 30.14M | 113.51M | 76.76M |
| Total Debt | 338.83M | 218.80M | 49.77M | 57.67M | 22.01M | 14.15M |
| Total Liabilities | 953.76M | 923.30M | 260.87M | 250.54M | 183.11M | 136.22M |
| Stockholders Equity | 1.27B | 1.35B | 435.64M | 443.43M | 431.67M | 385.72M |
Cash Flow | ||||||
| Free Cash Flow | -38.46M | -34.50M | -1.79M | -77.81M | 42.88M | -19.56M |
| Operating Cash Flow | -30.70M | -30.60M | 10.02M | -55.05M | 54.80M | -16.62M |
| Investing Cash Flow | 491.80M | 618.70M | -11.81M | -22.76M | -11.92M | -2.89M |
| Financing Cash Flow | -52.72M | 100.00K | -13.28M | -5.44M | -6.05M | 86.93M |
LuxExperience Technical Analysis
Positive
9.63
Price Trends
8.64
Positive
8.80
Positive
8.65
Positive
Market Momentum
0.43
Negative
62.27
Neutral
41.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LUXE, the sentiment is Positive. The current price of 9.63 is above the 20-day moving average (MA) of 8.84, above the 50-day MA of 8.64, and above the 200-day MA of 8.65, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 62.27 is Neutral, neither overbought nor oversold. The STOCH value of 41.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LUXE.
LuxExperience Risk Analysis
LuxExperience disclosed 76 risk factors in its most recent earnings report. LuxExperience reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
We qualify as a foreign private issuer and, as a result, we are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company. Q2, 2023
2.
We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses. Q2, 2023
LuxExperience Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $402.41M | 26.33 | 4.40% | 6.79% | 0.63% | -7.37% | |
65 Neutral | $1.35B | 2.15 | 56.42% | ― | 97.28% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $266.65M | -3.79 | -48.62% | ― | -12.89% | 45.32% | |
54 Neutral | $1.35B | -8.67 | ― | ― | 14.30% | 23.73% | |
51 Neutral | $151.17M | -6.51 | -2.88% | 14.29% | 1.32% | -175.81% | |
42 Neutral | $190.62M | -0.86 | -2353.49% | ― | -23.54% | -49.41% |
* Consumer Cyclical Sector Average
LUXE
LuxExperience
9.63
-1.06
-9.92%
FOSL
Fossil Group
4.84
3.34
222.67%
MOV
Movado Group
25.51
7.49
41.56%
REAL
RealReal
12.02
5.49
84.07%
LANV
Lanvin Group Holdings
1.71
-0.18
-9.52%
BRLT
Brilliant Earth Group
1.48
0.27
22.31%
LuxExperience Corporate Events
LuxExperience Issues Revised Q2 2026 Earnings and Interim Report as Segment Mix Shifts
Feb 11, 2026
On February 11, 2026, LuxExperience B.V. furnished its interim report for the three and six months ended December 31, 2025, alongside a revised earnings press release for the second quarter of fiscal 2026. The revision corrects certain line items in the unaudited condensed consolidated statements of financial position and changes in equity, underscoring the company’s effort to refine its financial disclosures as it integrates newly acquired segments and presents updated segment metrics for its luxury and off-price businesses.
The Q2 figures highlight contrasting trends across segments, with the Luxury | Mytheresa unit posting double-digit growth in GMV, net sales, gross profit and adjusted EBITDA, while seeing declines in active customers and order volumes, and the Luxury | NAP & MRP unit experiencing softening GMV, sales and customer activity despite higher average order values. Management also reclassified THE OUTNET as a discontinued operation, signaling a portfolio reshaping that may streamline reporting and sharpen strategic focus for stakeholders evaluating LuxExperience’s performance in a consolidating online luxury retail market.
The most recent analyst rating on (LUXE) stock is a Buy with a $8.50 price target. To see the full list of analyst forecasts on LuxExperience stock, see the LUXE Stock Forecast page.
LuxExperience Appoints Francis Belin as New Mytheresa CEO
Nov 25, 2025
LuxExperience B.V. announced the appointment of Francis Belin as the new CEO of its Mytheresa segment, effective January 1, 2026. Belin, who has a strong background in the luxury industry, is expected to drive Mytheresa’s global expansion and enhance its market position. This leadership change follows the successful tenure of Michael Kliger, who transformed Mytheresa into a leading luxury digital platform over the past decade. The appointment is seen as a strategic move to continue delivering exceptional value to Mytheresa’s customers and partners, with Belin’s experience in international growth and customer-centric focus being key assets.
The most recent analyst rating on (LUXE) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on LuxExperience stock, see the LUXE Stock Forecast page.
LuxExperience Reports Mixed Q3 2025 Results with Segment Variations
Nov 19, 2025
On November 19, 2025, LuxExperience B.V. released its interim financial report for the three months ending September 30, 2025. The report highlights significant growth in the Luxury | Mytheresa segment, with a 13.5% increase in Gross Merchandise Value (GMV) and a 12.2% rise in net sales compared to the previous year. However, the Luxury | NAP & MRP and Off-Price | YOOX segments experienced declines in GMV and net sales, reflecting challenges in these areas. The company also noted that THE OUTNET has been classified as a discontinued operation. These results indicate a mixed performance across different segments, impacting the company’s strategic positioning and financial outlook.
The most recent analyst rating on (LUXE) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on LuxExperience stock, see the LUXE Stock Forecast page.
LuxExperience B.V. Announces Annual General Meeting for December 2025
Nov 19, 2025
LuxExperience B.V. has announced its upcoming annual general meeting of shareholders, scheduled for December 17, 2025. This meeting will address various company matters, including the review of the Dutch Statutory Annual Report for the financial year ending June 30, 2025. The announcement highlights the company’s commitment to transparency and governance, potentially impacting its operations and stakeholder relations positively.
The most recent analyst rating on (LUXE) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on LuxExperience stock, see the LUXE Stock Forecast page.
LuxExperience Reports Strong Q1 FY26 Results Amid Strategic Transformation
Nov 19, 2025
On November 19, 2025, LuxExperience B.V. announced its financial results for the first quarter of fiscal year 2026, ending September 30, 2025. The company reported strong performance in its Mytheresa segment, with a 12% increase in net sales and more than doubling its adjusted EBITDA. Despite a slight decline in overall GMV and net sales, LuxExperience is undergoing a transformation plan, including the sale of THE OUTNET assets to focus on its YOOX business. This strategic move is expected to enhance the company’s operational efficiency and market positioning in the luxury digital retail sector.
The most recent analyst rating on (LUXE) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on LuxExperience stock, see the LUXE Stock Forecast page.
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.