Happy Belly Food Group (TSE:HBFG)
:HBFG
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Happy Belly Food Group
(HBFG)
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Rating:44Neutral
Price Target:
C$1.50
▼(-10.71% Downside)
Action:Reiterated
Date:05/17/26
The score is primarily constrained by continued large losses, high leverage, and negative free cash flow despite improving operating cash flow and strong revenue growth. Technicals are weak with the stock trading below major moving averages and negative MACD, while oversold momentum indicators provide only limited support. Valuation offers limited insight due to a negative P/E and no dividend yield data.
Positive Factors
Robust Revenue Growth
Sustained top-line expansion provides a durable foundation for scaling the business and absorbing fixed costs. Continued revenue momentum supports market share gains and gives management runway to improve unit economics and pursue reinvestment without relying solely on financing.
Negative Factors
Negative Free Cash Flow
Persistent negative free cash flow indicates the business still consumes cash after capital needs, requiring external funding or asset sales to sustain operations. Over months, continued FCF deficits can force dilution or higher-cost financing, constraining strategic options.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust Revenue Growth
Sustained top-line expansion provides a durable foundation for scaling the business and absorbing fixed costs. Continued revenue momentum supports market share gains and gives management runway to improve unit economics and pursue reinvestment without relying solely on financing.
Read all positive factors
Happy Belly Food Group (HBFG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$181.76M
Dividend YieldN/A
Average Volume (3M)149.78K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth119.70%
EPS Growth-368.06%
CountryCA
EmployeesN/A
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)-0.08
Shares Outstanding130,764,270
10 Day Avg. Volume144,384
30 Day Avg. Volume149,781
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)119.33
Price to Sales (P/S)12.97
P/FCF Ratio-979.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.30Price Target Upside36.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)C$35.14M
Happy Belly Food Group Business Overview & Revenue Model
Company Description
Happy Belly Food Group Inc., a health and wellness company, provides plant-based food products in Canada. It offers breakfast cereal and other plant-based food products under the Holy Crap and Yamchops brands. The company was formerly known as Pla...
How the Company Makes Money
null...
Happy Belly Food Group Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
31
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 22.09M | 9.07M | 5.41M | 2.73M | 1.20M |
| Gross Profit | 12.08M | 5.46M | 2.96M | 1.21M | 606.57K |
| EBITDA | -5.19M | -938.00K | -678.00K | -1.94M | -26.00M |
| Net Income | -7.24M | -2.36M | -1.92M | -2.74M | -26.58M |
Balance Sheet | |||||
| Total Assets | 14.36M | 9.34M | 5.85M | 4.28M | 3.67M |
| Cash, Cash Equivalents and Short-Term Investments | 3.05M | 3.56M | 1.58M | 1.16M | 1.01M |
| Total Debt | 6.35M | 5.20M | 5.34M | 2.90M | 338.02K |
| Total Liabilities | 11.72M | 6.91M | 6.41M | 3.50M | 592.71K |
| Stockholders Equity | 2.40M | 2.18M | -723.22K | 716.50K | 3.05M |
Cash Flow | |||||
| Free Cash Flow | -292.28K | -1.03M | -1.08M | -1.74M | -4.18M |
| Operating Cash Flow | 983.31K | -888.54K | -722.92K | -1.62M | -4.18M |
| Investing Cash Flow | -1.36M | -12.73K | -350.68K | -31.03K | -664.55K |
| Financing Cash Flow | -89.90K | 3.12M | 1.24M | 1.82M | 1.64M |
Happy Belly Food Group Technical Analysis
Negative
1.68
Price Trends
1.61
Negative
1.74
Negative
1.64
Negative
Market Momentum
-0.04
Positive
27.74
Positive
4.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HBFG, the sentiment is Negative. The current price of 1.68 is above the 20-day moving average (MA) of 1.62, above the 50-day MA of 1.61, and above the 200-day MA of 1.64, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 27.74 is Positive, neither overbought nor oversold. The STOCH value of 4.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HBFG.
Happy Belly Food Group Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$16.92B | 19.22 | 9.50% | 1.89% | 0.74% | ― | |
67 Neutral | C$3.62B | 20.25 | 36.56% | 4.95% | -13.45% | 465.50% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
55 Neutral | C$400.42M | 9.90 | 7.08% | 4.83% | 14.02% | -47.59% | |
44 Neutral | C$181.76M | -11.48 | -92.94% | ― | 119.70% | -368.06% | |
| ― | C$54.20M | -17.00 | 81.87% | ― | ― | ― | |
43 Neutral | C$4.69B | 364.63 | 2.21% | 3.34% | 17.36% | -65.87% |
* Consumer Defensive Sector Average
TSE:HBFG
Happy Belly Food Group
1.39
0.26
23.01%
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Happy Belly Food Group Corporate Events
Business Operations and StrategyFinancial Disclosures
Happy Belly Sets April 30, May 12 Dates for 2025 Year-End and Q1 2026 Results
Neutral
Apr 15, 2026
Happy Belly Food Group said it plans to release its audited financial results for the year ended Dec. 31, 2025 on April 30, 2026 after markets close, followed by its first-quarter 2026 results on May 12, 2026. The staggered disclosure timetable pr...
Business Operations and Strategy
Happy Belly’s Yolks Breakfast Signs Second Quebec Franchise in Laval
Positive
Apr 13, 2026
Happy Belly Food Group’s Yolks Breakfast brand has signed a second franchise agreement in Quebec, securing a new location in Laval following its initial opening in Montreal’s Dollard-des-Ormeaux. The move targets Laval’s favourab...
Business Operations and Strategy
Happy Belly’s Heal Wellness Opens Flagship Toronto Site as Franchise Pipeline Grows
Positive
Apr 10, 2026
Happy Belly Food Group’s Heal Wellness brand is expanding its footprint in Toronto with a new quick-service restaurant at the high-traffic intersection of Bloor Street West and Spadina Avenue in the Bloor Annex. Operated by an experienced mu...
Business Operations and Strategy
Happy Belly’s Rosie’s Burgers Adds 15th Canadian Location in Whitby Amid Rapid Franchise Expansion
Positive
Apr 9, 2026
Happy Belly Food Group has announced the grand opening of a new Rosie’s Burgers restaurant in Whitby, Ontario, set to open on April 11, 2026, marking the brand’s 15th location in Canada. Rosie’s, known for its nostalgic smash bur...
Business Operations and Strategy
Happy Belly Signs First U.S. Heal Wellness Franchise in Texas Growth Push
Positive
Apr 7, 2026
Happy Belly Food Group has signed its first U.S. franchise agreement for its Heal Wellness brand in Lubbock, Texas, advancing the concept’s expansion beyond Canada. The new quick-service location, now under construction and set near Texas Te...
Business Operations and Strategy
Happy Belly’s Heal Wellness Expands in Ottawa as Franchise Pipeline Grows
Positive
Mar 23, 2026
Happy Belly Food Group’s Heal Wellness brand has opened a new location in Ottawa’s Barrhaven Town Centre, a high-traffic, family-oriented suburb with strong residential density and demographics aligned with wellness-focused, convenient...
Business Operations and Strategy
Happy Belly’s Rosie’s Burgers Opens 14th Location as National Expansion Accelerates
Positive
Mar 13, 2026
Happy Belly Food Group’s Rosie’s Burgers chain, a boutique quick-service brand known for smash burgers, fries, poutine, onion rings, and classic milkshakes, is opening a new restaurant on Chebucto Road in Halifax, Nova Scotia. The site...
Business Operations and Strategy
Happy Belly’s Rosie’s Burgers Enters Quebec With Mile End Opening
Positive
Mar 6, 2026
Happy Belly Food Group has opened its first Rosie’s Burgers location in Quebec, launching the brand in Montreal’s Mile End neighborhood and bringing its national footprint to 13 restaurants across four provinces. Management says the ch...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Happy Belly Divests Holy Crap Foods to Fuel QSR Expansion and Refreshes Board
Positive
Mar 5, 2026
Happy Belly Food Group has completed the sale of its wholly owned cereal and oatmeal subsidiary Holy Crap Foods for C$1 million in cash plus working capital adjustments, converting what management called a non-core asset into capital for restauran...
Business Operations and Strategy
Happy Belly’s Yolks Breakfast Expands Footprint With New Vaughan Franchise
Positive
Mar 5, 2026
Happy Belly Food Group’s Yolks Breakfast brand has signed a new franchise agreement and secured a real-estate location in Vaughan, Ontario, with an opening targeted for summer 2026. The chef-driven boutique concept, which serves breakfast, b...
Business Operations and Strategy
Happy Belly’s iQ Food Co. Enters Western Canada With First Calgary Location
Positive
Mar 5, 2026
Happy Belly Food Group’s iQ Food Co. has secured its first Western Canada restaurant location in Calgary, Alberta, marking the brand’s inaugural expansion beyond Ontario and a key milestone in its national growth strategy. The Calgary ...
Business Operations and Strategy
Happy Belly’s Heal Wellness Adds 33rd Location as Expansion Accelerates
Positive
Feb 20, 2026
Happy Belly Food Group’s Heal Wellness brand is opening its 33rd location in Oakville, Ontario, a high-traffic lakeside community in the Greater Toronto Area, on February 21, 2026, further deepening its presence in health-focused quick-servi...
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.