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Happy Belly Food Group
(HBFG)
Happy Belly Food Group (HBFG) vs. iShares MSCI Canada ETF (EWC)
Happy Belly Food Group Business Overview & Revenue Model
Happy Belly Food Group Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.28M | 9.07M | 5.41M | 2.73M | 1.20M | 102.13K |
| Gross Profit | 13.21M | 5.46M | 2.96M | 1.21M | 606.57K | 102.13K |
| EBITDA | 102.57K | -938.00K | -678.00K | -1.94M | -26.00M | -4.27M |
| Net Income | -2.19M | -2.36M | -1.92M | -2.74M | -26.58M | -4.38M |
Balance Sheet | ||||||
| Total Assets | 15.52M | 9.34M | 5.85M | 4.28M | 3.67M | 5.29M |
| Cash, Cash Equivalents and Short-Term Investments | 3.35M | 3.56M | 1.58M | 1.16M | 1.01M | 4.14M |
| Total Debt | 8.48M | 5.20M | 5.34M | 2.90M | 338.02K | 70.22K |
| Total Liabilities | 12.15M | 6.91M | 6.41M | 3.50M | 592.71K | 799.24K |
| Stockholders Equity | 2.46M | 2.18M | -723.22K | 716.50K | 3.05M | 4.49M |
Cash Flow | ||||||
| Free Cash Flow | 684.51K | -1.03M | -1.08M | -1.74M | -4.18M | -1.80M |
| Operating Cash Flow | 1.83M | -888.54K | -722.92K | -1.62M | -4.18M | -1.78M |
| Investing Cash Flow | -1.72M | -12.73K | -350.68K | -31.03K | -664.55K | 144.59K |
| Financing Cash Flow | -409.35K | 3.12M | 1.24M | 1.82M | 1.64M | 5.47M |
Happy Belly Food Group Technical Analysis
Happy Belly Food Group Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$4.88B | 63.21 | 3.86% | 3.34% | 13.05% | -33.72% | |
66 Neutral | C$16.72B | -206.22 | -1.32% | 1.89% | 5.37% | -135.85% | |
64 Neutral | C$3.14B | 15.33 | 11.72% | 4.95% | -0.03% | 497.79% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
58 Neutral | C$442.62M | 9.58 | 8.60% | 4.83% | 6.15% | -36.76% | |
45 Neutral | C$232.76M | -97.27 | -95.27% | ― | 212.16% | -46.40% | |
25 Underperform | C$102.10M | -32.02 | ― | ― | 30.02% | 35.29% |
Happy Belly Food Group Corporate Events
Happy Belly Food Group has signed a new franchise agreement and secured a real estate location for a Yolks Breakfast restaurant in the City of Langley, British Columbia, marking the brand’s fifth location in the province and part of eleven signed Yolks sites nationwide. The move builds on a recent Montreal opening and fits into Happy Belly’s asset-light, franchise-focused growth strategy, which now includes 666 contractually committed retail locations across its portfolio, reinforcing the company’s position as one of Canada’s fastest-growing multi-brand restaurant groups and underscoring strong franchisee and landlord demand in high-growth markets like Langley.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has opened the first Quebec location of its Yolks Breakfast brand in Dollard-des-Ormeaux, a high-traffic Montreal suburb, marking the first of 26 contractually committed Yolks sites planned for the province under an area development agreement with experienced local operators. The launch, which brings Yolks to six operating restaurants out of 51 secured nationally and contributes to Happy Belly’s 666 contracted locations across its portfolio, underscores the company’s asset-light franchising and disciplined real estate strategy as it pushes to establish Yolks as a leading breakfast concept in Quebec and reinforces Happy Belly’s positioning as one of Canada’s fastest-growing multi-brand restaurant groups.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Rosie’s Burgers chain is opening its 12th location in Waterloo, Ontario, marking another step in the brand’s national rollout of its boutique quick-service smash burger concept targeting high-traffic, youth-oriented neighbourhoods. The new site, positioned near the University of Waterloo and Wilfrid Laurier University, taps into a dense student and professional demographic, while the company reports over 113 additional Rosie’s locations in development and a total of 666 contracted franchise locations across its brands, underscoring its aggressive growth strategy and ambitions as a leading restaurant consolidator. In a parallel move to bolster its balance sheet and signal investor confidence, long-time supporter K2 & Associates has converted a C$2 million debenture into equity, eliminating related convertible debt and increasing its ownership stake in Happy Belly.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness brand has secured a franchisee and real estate location in Shawnessey Village, a high-traffic retail hub in South Calgary, with the new quick-service restaurant expected to open in the second quarter of 2026. The move strengthens Heal’s footprint in Western Canada and taps into rising consumer demand for functional, wellness-focused QSR concepts, adding to a network of 31 open locations and more than 177 in development, and contributing to Happy Belly’s broader pipeline of 666 contractually committed franchise sites across its emerging brands, underscoring the company’s disciplined, asset-light growth strategy and long-term value ambitions for shareholders.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced the grand opening of a new Rosie’s Burgers location in Calgary’s high-traffic Marda Loop neighbourhood, marking the brand’s 11th restaurant overall and third in Western Canada. The boutique quick-service smash burger chain, known for its nostalgic burgers, fries, poutine and milkshakes, is leveraging Marda Loop’s dense residential base and vibrant retail mix as part of Happy Belly’s broader dual-growth strategy that combines franchised expansion with targeted corporate store openings. With more than 114 additional Rosie’s locations in development and a total of 666 contractually committed franchise sites across its portfolio, the company is signalling accelerated national scaling of its brands and reinforcing its ambitions to cement a leading position as a consolidator in Canada’s restaurant sector.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness chain is opening its 31st location in Red Deer, Alberta, on January 10, 2026, in the high-growth Timberlands retail node, targeting a dense, health-conscious customer base with its lineup of smoothie bowls, açaí bowls, and smoothies. The Red Deer site strengthens Heal’s national footprint and underscores Happy Belly’s disciplined, asset-light franchise strategy, with Heal now part of a broader network of 666 contractually committed franchise locations and 177 additional Heal units in development, supporting the company’s ambition to scale its better-for-you QSR brands and enhance long-term shareholder value.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has appointed Ian Thomas, a former Vice President of Finance and Business Technology at Boston Pizza International, as its Executive Vice President of Finance as it accelerates the growth of its franchising platform. Bringing more than 25 years of senior financial leadership experience in franchised restaurant systems and complex public-private reporting environments, Thomas is expected to strengthen Happy Belly’s financial infrastructure, oversee franchising finance strategy, and support the company’s expansion across its portfolio of restaurant brands in Canada and the U.S., with an emphasis on profitability, scalable systems, and enhanced support for franchisees.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group announced that its multi-unit franchisee for Heal Wellness in Alberta has secured an 11th real estate location, in the Country Hills area of north Calgary, advancing the brand’s asset-light growth strategy in the smoothie and açaí bowl segment. The new site targets a dense, affluent, health-conscious suburban demographic with strong daily traffic and limited direct specialty smoothie-bowl competition, and is expected to open in the second quarter; it contributes to Heal’s network of 30 locations and more than 178 in development, and to Happy Belly’s broader pipeline of 666 contractually committed franchise locations across multiple brands, underscoring the company’s rapid franchised expansion across Canada and the U.S. and its drive to build long-term shareholder value.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness brand has secured its second U.S. real estate location in Texas, in the city of Lubbock, as part of a 10-unit development agreement with a Texas-based multi-unit franchisee. The new site, planned to open in 2026 and following the first U.S. location announced in November 2025, advances the company’s strategy to build Heal into a leading North American smoothie and açaí bowl chain, leveraging Texas’s warm climate, population growth, and strong health-and-wellness culture. With 30 Heal locations currently open and more than 178 in development, contributing to a broader pipeline of 666 committed franchise locations across several brands, the move underscores Happy Belly’s disciplined, franchise-led expansion engine and its effort to strengthen its presence in both Canadian and U.S. quick-service markets.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has entered into a binding letter of intent to sell its Holy Crap Foods cereal and oatmeal brand for C$1 million in cash plus working capital adjustments, in a move to sharpen its focus on its core quick-service restaurant operations. Management plans to redeploy the non-dilutive proceeds into accelerating the development and expansion of its QSR restaurant pipeline in Canada and the United States, reinforcing a strategic pivot away from packaged foods and toward higher-margin, scalable restaurant concepts that it believes can deliver stronger returns on invested capital.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced executive leadership changes aimed at expanding its franchising operations and QSR platforms as part of its ambitious plan to double the size of its franchise network in 2026. The newly aligned leadership team, including promotions to key roles, is intended to enhance operational performance, corporate structure, and brand development, positioning the company for rapid growth and a stronger presence in the industry.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group announced a 10-unit franchise development agreement for its Heal Wellness brand in Colorado, marking a strategic step in its U.S. expansion efforts. The deal underscores the company’s asset-light franchise model aimed at scalable growth, stronger industry positioning within the health and wellness food sector, and long-term shareholder value.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced the grand opening of Heal Wellness’ first location in Atlantic Canada, located in Charlottetown, Prince Edward Island. This expansion reflects the company’s commitment to national growth as it brings its wellness-focused quick-service offerings, including smoothie bowls and açaí bowls, to new markets. Heal Wellness, now with 29 locations in operation and over 168 in development, is strengthening its position as a top smoothie and wellness QSR brand both in Canada and the U.S., contributing to Happy Belly’s broader portfolio of 646 franchise locations under various stages of development.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced a significant expansion for its Smile Tiger Coffee Roasters brand through a 20-unit franchising agreement in Ontario. This move increases Smile Tiger’s development commitments to 45 units across Canada and aligns with Happy Belly’s strategy of leveraging an asset-light franchising model to scale operations. With its in-house coffee roasting, consumer-packaged goods offerings, and cross-brand integration, Smile Tiger positions itself as a versatile player in the growing quick-service beverage industry. The expansion is expected to not only strengthen the brand’s market presence but also create new revenue opportunities and bolster Happy Belly’s portfolio growth.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group announced a franchise agreement and secured real estate for a new Rosie’s Burgers location in Whitby, Ontario, marking another step in its national and international expansion strategy. The move highlights the company’s disciplined growth approach, bringing its nostalgic smash-burger concept to a high-visibility area with strong demographic potential, reinforcing its positioning as a leading food brand consolidator.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced the grand opening of its Heal Wellness brand’s 30th location in Toronto’s Eaton Centre, one of North America’s busiest retail destinations. This milestone reflects Happy Belly’s disciplined expansion strategy, leveraging high-traffic areas to enhance brand visibility and cater to health-conscious urban consumers, while demonstrating the company’s continued growth and value creation for stakeholders.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group announced the signing of a 10-unit development agreement for its Via Cibo Italian fast-casual restaurant chain in Alberta. This move builds on the brand’s existing presence and is part of the company’s disciplined expansion strategy, which aims to grow its franchise system and strengthen its market position in Canada. The agreement signifies confidence in the Alberta market’s growth factors and reaffirms Happy Belly’s commitment to delivering long-term value for stakeholders.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced the grand opening of a new Heal Wellness quick-service restaurant in Calgary’s Bridgeland neighborhood, marking the sixth Heal location in the city and the ninth in Alberta. The opening exemplifies the brand’s regional expansion driven by strong unit economics and increasing consumer demand for wellness-focused food. With 28 Heal Wellness locations currently operating and over 168 under development, this milestone contributes to the broader portfolio of 626 franchise units across Happy Belly’s emerging brands, strengthening its presence in Canada and beyond.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced a new franchise agreement and secured real estate for Heal Wellness in Airdrie, Alberta, marking a significant step in its expansion across the province. The strategic location in a high-visibility retail area is expected to capitalize on Airdrie’s rapid growth and health-conscious demographics, aligning with Heal Wellness’ mission to provide nutritious dining options. This move strengthens Heal Wellness’ position as a leading smoothie bowl and wellness QSR brand in Canada, contributing to Happy Belly’s portfolio of 626 retail franchise locations.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group announced that its Rosie’s Burgers brand has secured its first U.S. real-estate location in Texas, marking the brand’s entry into the U.S. market. This expansion is significant for Happy Belly as it leverages its multi-branded platform and franchise model to scale across borders, enhancing its presence in a high-traffic area near Texas Tech University. The move aligns with Happy Belly’s strategy of combining franchised growth with targeted corporate store openings, reinforcing its commitment to becoming a leading restaurant consolidator.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced the grand opening of its newest Yolks Breakfast location in Toronto’s Bloor West Village, marking the brand’s second Ontario location and fifth nationwide. This expansion aligns with the company’s asset-light franchising strategy and aims to strengthen Yolks’ position in the breakfast category, with plans for further growth in 2026. The new location is part of a strategic move to capitalize on existing infrastructure and a target demographic that resonates with the brand, enhancing both top-line and bottom-line profitability for Happy Belly.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group Inc. has announced that it will release its third-quarter results on November 25, 2025, after market close. This announcement signifies the company’s ongoing commitment to transparency and provides stakeholders with insights into its financial performance, potentially impacting its market positioning and investor relations.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness has secured its first U.S. real-estate location in Lubbock, Texas, marking a significant step in its expansion into the American market. This move aligns with the company’s strategy to leverage Texas’s dynamic consumer market, characterized by a warm climate, strong population growth, and a health-conscious demographic, to establish Heal as a leading smoothie and acai bowl brand in North America. The location’s strategic positioning near Texas Tech University is expected to drive consistent foot traffic and demand, supporting Happy Belly’s asset-light, franchise-driven growth model and reinforcing its mission to become a leading restaurant consolidator.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness brand has secured its first U.S. real-estate location in Lubbock, Texas, marking a significant step in its expansion strategy to become North America’s leading smoothie and acai bowl brand. This move aligns with the brand’s focus on health-conscious consumers in dynamic markets, leveraging Texas’s favorable demographics and economic conditions to drive growth and strengthen its franchise-driven model.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced a new franchise agreement and secured a prime location for Heal Wellness at Toronto’s Eaton Centre, a high-traffic retail destination. This expansion aligns with Heal Wellness’s mission to provide healthy, fresh, and convenient foods, and supports Happy Belly’s broader strategy to consolidate restaurant brands across Canada, with 626 franchise locations in development.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Yolks Breakfast has signed a franchise agreement to enter the Edmonton market, aligning with its Western Canada growth strategy. This move is part of Happy Belly’s broader expansion plan, which emphasizes efficient scaling and securing high-traffic real estate, with the goal of enhancing shareholder value and building a high-performance platform of emerging restaurant brands.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness, a quick-service restaurant brand specializing in smoothie bowls and smoothies, has signed a franchise agreement for Bradford, Ontario. This move aligns with Heal Wellness’ asset-light growth strategy and aims to strengthen its position as a leading wellness QSR brand in Canada, contributing to Happy Belly’s broader portfolio of 626 retail franchise locations.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group’s Heal Wellness has signed a franchise agreement to expand into London, Ontario, as part of its strategy to grow its presence in key Canadian markets. This expansion aligns with Heal’s goal to become North America’s leading smoothie bowl chain, leveraging London’s vibrant community and large student population to drive growth. With 27 locations operating and over 168 in development, Heal’s expansion supports Happy Belly’s broader portfolio of 626 committed retail franchise locations, enhancing its industry positioning and offering potential benefits to stakeholders.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.
Happy Belly Food Group has announced the grand opening of a new iQ Food Co. location in Toronto’s Avenue & Lawrence neighborhood. This marks the seventh location for iQ, a quick-service restaurant known for its healthy, clean-eating menu. The expansion is part of Happy Belly’s strategy to grow its footprint in key urban markets across Canada, with over 75 new franchised locations under development. The new location underscores iQ’s commitment to providing premium healthy dining experiences and catering services to health-conscious consumers, contributing to brand awareness and customer loyalty.
The most recent analyst rating on (TSE:HBFG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Happy Belly Food Group stock, see the TSE:HBFG Stock Forecast page.