Pandora (PNDRY)
OTHER OTC:PNDRY
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Pandora
(OTC:PNDRY)
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Rating:63Neutral
Price Target:
$10.00
▼(-32.66% Downside)
Action:ReiteratedDate:02/08/26
The score is driven primarily by strong underlying profitability and cash generation, tempered by elevated leverage and a sharp 2025 revenue downturn. Technical signals are weak (below key moving averages with negative MACD), while valuation is supportive with a low P/E and solid dividend yield. The latest earnings call adds a mixed outlook: cautious near-term growth and margin pressure from headwinds and transition costs, partially mitigated by strong hedging and a defined plan to reduce commodity risk over the medium term.
Positive Factors
High profitability and cash generation
Pandora’s gross margins (~76%–80%) and EBITDA margins (~26%–33%) have remained high with free cash flow historically covering a large portion of net income (~73%–91%). That durable cash generation underpins dividend capacity, funds transition capex, and cushions cyclical volatility over the medium term.
Negative Factors
Elevated financial leverage
Leverage rising to roughly 2.8x reduces financial flexibility, increasing vulnerability to revenue shocks or prolonged softness. With a modest equity base, higher interest and amortization obligations constrain capacity for opportunistic investments or larger buybacks during an adverse 2–6 month earnings environment.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and cash generation
Pandora’s gross margins (~76%–80%) and EBITDA margins (~26%–33%) have remained high with free cash flow historically covering a large portion of net income (~73%–91%). That durable cash generation underpins dividend capacity, funds transition capex, and cushions cyclical volatility over the medium term.
Read all positive factors
Pandora (PNDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.60B
Dividend YieldN/A
Average Volume (3M)3.18K
Price to Earnings (P/E)10.3
Beta (1Y)1.07
Revenue Growth8.46%
EPS Growth9.46%
CountryUS
Employees37,000
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)0.73
Shares Outstanding632,000,000
10 Day Avg. Volume0
30 Day Avg. Volume3,181
Financial Highlights & Ratios
PEG Ratio2.05
Price to Book (P/B)10.21
Price to Sales (P/S)1.66
P/FCF Ratio9.13
Enterprise Value/Market Cap9.66
Enterprise Value/Revenue1.66
Enterprise Value/Gross Profit2.10
Enterprise Value/Ebitda5.16
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.16
Revenue Forecast (FY)$5.09B
Pandora Business Overview & Revenue Model
Company Description
Pandora A/S engages in the designing, manufacturing, and marketing of jewelry products. The company operates in two segments, Core and Fuel With More. It offers charms, bracelets, rings, earrings, necklaces, and pendants; and lab-grown diamonds. T...
How the Company Makes Money
Pandora makes money primarily by selling branded jewelry to consumers through multiple channels. Its key revenue streams include (1) direct-to-consumer sales via company-owned retail stores and its own e-commerce sites, where Pandora captures the ...
Pandora Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call balances clear near-term challenges — notably weak like‑for‑like growth, significant silver/commodity-driven cost pressure, regional softness and transitional one‑off costs — with several strong mitigants: robust profitability and margins in 2025, high hedging coverage for 2026, active cost programs, a capital return track record, and a concrete strategic response (design-led repositioning and the PANDORA EVERSHINE platinum‑plated plan) designed to materially reduce silver exposure and restore margin resilience over the medium term. Near-term execution and transition costs create measurable downside risk in 2026–2027, but the company has articulated a credible roadmap to regain >21% EBIT margin midterm and to preserve the accessible positioning of the brand.Positive Updates
Solid Profitability Maintained
EBIT margin remained around 24% for FY2025 despite headwinds; Q4 gross margin was 78% (down 170 bps YoY) and the company offset much of the commodity, FX and tariff pressures through pricing and cost efficiencies.
Negative Updates
Soft Top-Line and Like‑for‑Like Growth
Q4 like‑for‑like growth was 0% and FY ended with only +2% LFL, below company expectations. 2026 like‑for‑like guidance is cautious at -3% to 0% (organic growth -1% to +2%).
Read all updates
Q4-2025 Updates
Positive
Negative
Solid Profitability Maintained
EBIT margin remained around 24% for FY2025 despite headwinds; Q4 gross margin was 78% (down 170 bps YoY) and the company offset much of the commodity, FX and tariff pressures through pricing and cost efficiencies.
Read all positive updates
Company Guidance
Pandora guided 2026 organic growth of -1% to +2% (like‑for‑like -3% to 0% plus a 2ppt network expansion), with current trading around flat LFL; FY‑2025 finished at +2% LFL (Q4 0%) and EBIT margin ~24%. For 2026 management targets an EBIT margin around 21–24% (Anders noted ~21–22% excluding headwinds) and expects 250–350bps of external headwinds (commodities ~150–250bps, tariffs ~150bps), having hedged 90–100% of 2026 silver/gold exposure; Q4 gross margin was 78% (down 170bps YoY) and Q4 EBIT margin only ~100bps lower YoY despite ~440bps total shown headwinds in the bridge. The company plans to cut silver exposure by ~80% (first ~30ppt in 2027, ~20ppt in 2028), deliver mid‑term EBIT >21% (2027: >14% at $82/oz silver before transition one‑offs, ≥12% including one‑offs), incur ~DKK600m of one‑off CapEx (DKK300–500m this year), continue converting ~800 stores to the new format, proposes a DKK22/share dividend (up 10%) after returning ~DKK6bn in cash last year, and will pause large buybacks until the platinum‑plating transition is clearer.Pandora Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
54
Neutral
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.55B | 31.68B | 28.14B | 26.46B | 23.39B |
| Gross Profit | 24.81B | 25.29B | 22.12B | 20.19B | 17.80B |
| EBITDA | 10.49B | 10.20B | 8.96B | 8.77B | 7.50B |
| Net Income | 5.24B | 5.23B | 4.74B | 5.03B | 4.16B |
Balance Sheet | |||||
| Total Assets | 29.60B | 27.76B | 23.80B | 22.01B | 18.54B |
| Cash, Cash Equivalents and Short-Term Investments | 1.30B | 2.39B | 1.40B | 794.00M | 1.04B |
| Total Debt | 19.22B | 13.40B | 11.17B | 7.59B | 3.93B |
| Total Liabilities | 24.32B | 22.25B | 18.44B | 14.85B | 11.54B |
| Stockholders Equity | 5.28B | 5.51B | 5.36B | 7.17B | 7.00B |
Cash Flow | |||||
| Free Cash Flow | 5.91B | 7.04B | 5.90B | 3.24B | 5.64B |
| Operating Cash Flow | 7.36B | 8.72B | 7.38B | 4.43B | 6.23B |
| Investing Cash Flow | -2.29B | -1.89B | -1.80B | -1.78B | -631.00M |
| Financing Cash Flow | -6.12B | -5.70B | -4.93B | -3.10B | -7.48B |
Pandora Technical Analysis
Neutral
14.85
Price Trends
9.47
Negative
11.16
Negative
14.39
Negative
Market Momentum
-0.06
Negative
51.25
Neutral
72.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PNDRY, the sentiment is Neutral. The current price of 14.85 is above the 20-day moving average (MA) of 8.88, above the 50-day MA of 9.47, and above the 200-day MA of 14.39, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 51.25 is Neutral, neither overbought nor oversold. The STOCH value of 72.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PNDRY.
Pandora Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $8.75B | 11.94 | 28.33% | 2.58% | -1.23% | 109.67% | |
68 Neutral | $5.87B | 13.74 | 17.66% | ― | 11.09% | 51.51% | |
63 Neutral | $5.60B | 10.29 | 134.53% | ― | 8.46% | 9.46% | |
63 Neutral | $3.00B | 17.00 | 10.53% | 2.18% | 2.76% | -7.83% | |
62 Neutral | $4.97B | 8.44 | 14.20% | 3.23% | -2.83% | 184.32% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
51 Neutral | $3.75B | 12.94 | 16.38% | 1.46% | -0.40% | -68.99% |
* Consumer Cyclical Sector Average
PNDRY
Pandora
9.52
-7.66
-44.57%
COLM
Columbia Sportswear
57.26
-6.97
-10.85%
M
Macy's
18.86
7.99
73.52%
SIG
Signet Jewelers
93.63
36.24
63.16%
URBN
Urban Outfitters
68.60
21.85
46.74%
LEVI
Levi Strauss & Co
22.75
8.13
55.61%
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.