Harvey Norman Holdings Ltd
ASX: HVN · Consumer Cyclical · Specialty Retail
- Market cap
- A$5.9B
- P/E (trailing)
- 11.2
- EPS (FY25)
- $0.42
- Dividend / share
- $0.24
- 52-week range
- –
- Intrinsic value
- A$3.85
Share price
ASX: HVN · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$3.85 The median of our 3 model estimates
21.8% above fair value Against the A$4.69 price.
- Discounted cash flow
- A$4.90
- EPS growth model
- A$3.21
- P/E multiple
- A$3.85
Revenue
As reported · financial years
Earnings per share
Diluted · as reported
Profit margins
Gross, operating and net margin by financial year
Good Net margin of 12.6% in FY25: solid profitability for most industries.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Stable -0.0% year-on-year, +1.3% a year over 10 years: share count has been stable over the long run.
Working-capital days
Days of revenue sitting in receivables (DSO) and days of cost sitting in inventory (DIO)
Steady collections DSO of 82 days vs a 91-day norm: collection times are in line with the historical norm.
Financial health
Latest financial year (FY25)
- Return on equity
- 10.8%
- Average
- Current ratio
- 1.38
- Comfortable
- Debt to equity
- 0.48
- Conservative
- Interest coverage
- 3.4×
- Adequate
Verdicts are graded against what's normal for the sector (Consumer Cyclical), not a one-size-fits-all bar. Hover a tile for the reasoning.
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Typical for the ASX 57% of FY25 earnings paid out: in line with the franking-driven payout culture of large Australian companies.
Free cash flow
Cash from operations minus capital spending: what the DCF model projects from
Good 99% of FY25 net profit became free cash: most reported profit turns into cash.
Net debt
Borrowings and leases minus cash: the line shows how many years of operating profit (EBIT) would clear it
Elevated Net debt of $2.0B is 5.0× FY25 operating profit: a sizeable debt load, even allowing for the store leases retailers carry.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $4.1B | $4.1B | $4.0B | $3.9B | $4.1B |
| Net profit | $841.4M | $811.5M | $539.5M | $352.5M | $518.0M |
| EPS (diluted) | $0.67 | $0.65 | $0.43 | $0.28 | $0.42 |
| Dividend / share | $0.38 | $0.35 | $0.30 | $0.22 | $0.24 |
| Net margin | 20.3% | 19.6% | 13.5% | 9.0% | 12.6% |
What does Harvey Norman Holdings (HVN) do?
Harvey Norman Holdings operates as a diversified group that combines franchised retailing with property and finance activities. Its retail network sells household goods across categories such as electronics, furniture, home communications technology, bedding, kitchen and small appliances, bathroomware and tiling, and floor coverings, trading through store complexes under the Harvey Norman, Domayne and Joyce Mayne banners.
Beyond retail, the group owns and leases retail premises to its own franchisees as well as unrelated tenants, buys, develops and on-sells property, places advertising media, and extends consumer and commercial lending to customers. Founded in 1982 and based in Homebush West, New South Wales, the company has traded on the ASX since 1988, employs roughly 6,649 people full-time, and is led by chief executive Kay Lesley Page.
Common questions about HVN
Is HVN undervalued right now? +–
The median of our 3 model estimates puts Harvey Norman Holdings Ltd's fair value at A$3.85 per share against a price of A$4.69, 21.8% above the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does HVN pay a dividend? +–
Harvey Norman Holdings Ltd paid $0.24 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is HVN growing? +–
Revenue has compounded at 12.4% a year over the last five financial years, and 9.8% a year over ten.
What is HVN's P/E ratio? +–
Harvey Norman Holdings Ltd trades on a trailing price-to-earnings ratio of 11.2, based on diluted earnings of $0.42 per share in FY25.
Compare HVN with peers
How has Harvey Norman (HVN) performed financially over the years, and what do valuation models say it is worth?
Harvey Norman Holdings Ltd (ASX: HVN), classified in the specialty retail industry within the consumer cyclical sector, reported revenue ranging from about $2.23 billion in FY2019 to a peak of $4.15 billion in FY2021, after sitting closer to $2.8-2.9 billion from FY2016 to FY2018. Revenue has since held in the $3.9-4.1 billion range from FY2022 through FY2025, with $4.12 billion reported in FY2025.
Net income climbed from $348.6 million in FY2016 to a high of $841.4 million in FY2021, then declined to $352.5 million in FY2024 before recovering to $518.0 million in FY2025. Diluted earnings per share followed a similar arc, from $0.30 in FY2016 to $0.67 in FY2021, down to $0.28 in FY2024 and back up to $0.42 in FY2025. The net income margin ranged from about 9.0% in FY2024 to 20.9% in FY2020, with FY2025 at 12.6%.
With the share price at $4.64 as of 2026-07-03, the valuation models, as of 2026-07-05, place estimated fair value below that level in two of three cases: the DCF model estimates $4.90, the P/E ratio model estimates $3.68, and the EPS growth model estimates $3.07 per share. The company's current P/E ratio of 11.05 sits above its own five-year median P/E of 8.77.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.