Craytheon

Harvey Norman Holdings Ltd · Financials

ASX: HVN · Consumer Cyclical · Specialty Retail

A$4.69
At close 24 Jul 2026

Income Statement, FY16–FY25

Revenue, costs and profitability, exactly as reported in each year's audited accounts. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue
Total Revenue 2.8B 2.9B 2.8B 2.2B 2.3B 4.1B 4.1B 4.0B 3.9B 4.1B
Costs and Expenses
Cost of Revenue (1.2B) (1.2B) (1.3B) (1.5B) (1.6B) (2.0B) (2.0B) (2.0B) (1.9B) (2.0B)
Gross Profit 564M 598M 1.5B 723M 1.7B 2.2B 2.1B 1.9B 2.0B 2.1B
Operating Expenses (1.6B) (1.7B) (1.5B) (1.7B) (1.1B) (1.5B) (1.5B) (1.6B) (1.6B) (1.7B)
Operating Income 239M 503M 455M 293M 323M 846M 733M 475M 361M 405M
Other Income/Expenses
Interest Expense (29M) (20M) (26M) (29M) (60M) (50M) (52M) (92M) (111M) (118M)
Profit Before Taxes 494M 640M 530M 575M 654M 1.2B 1.1B 766M 542M 753M
Income Tax 142M 187M 150M 166M 175M 336M 323M 229M 184M 228M
Net Income 349M 449M 375M 402M 481M 841M 812M 540M 352M 518M
Per Share Data
Basic EPS 0.3 0.39 0.32 0.34 0.39 0.68 0.65 0.43 0.28 0.42
Diluted EPS 0.3 0.39 0.32 0.34 0.39 0.67 0.65 0.43 0.28 0.42
Shares Outstanding (in millions)
Basic Shares 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B
Diluted Shares 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B 1.2B

Balance Sheet, FY16–FY25

Assets, liabilities and shareholders' equity at each financial year end. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Current Assets
Cash & Cash Equivalents 140M 80M 171M 215M 313M 264M 249M 219M 273M 280M
Short-term Investments – – – 37M 30M 41M – 4M 3M –
Accounts Receivable 1.1B 641M 725M 742M 512M 889M 1.1B 993M 941M 928M
Inventories 316M 316M 345M 396M 392M 479M 524M 546M 558M 628M
Total Current Assets 1.6B 1.1B 1.3B 1.5B 1.3B 1.7B 1.9B 1.8B 1.8B 1.9B
Non-Current Assets
Property, Plant & Equipment (Net) 581M 625M 660M 696M 663M 730M 779M 892M 946M 1.0B
Investments 2.0B 2.2B 2.4B 2.5B 2.6B 2.9B 3.3B 3.5B 3.7B 4.0B
Intangible Assets 81M 75M 69M 65M 63M 64M 58M 57M 74M 85M
Goodwill – – – – – – – – – –
Total Non-Current Assets 2.8B 3.1B 3.3B 3.3B 4.5B 4.9B 5.3B 5.8B 6.1B 6.5B
Total Assets 4.4B 4.2B 4.6B 4.8B 5.8B 6.7B 7.2B 7.7B 7.9B 8.4B
Current Liabilities
Short-term Debt & Overdrafts 453M 387M 422M 495M 103M 360M 261M 67M 84M 580M
Trade Payables 714M 239M 290M 284M 352M 356M 358M 353M 379M 400M
Total Current Liabilities 1.3B 743M 830M 899M 785M 1.1B 990M 739M 796M 1.4B
Non-Current Liabilities
Long-term Debt 201M 334M 503M 347M 195M 200M 439M 783M 860M 358M
Total Non-Current Liabilities 464M 633M 810M 702M 1.6B 1.6B 2.0B 2.5B 2.6B 2.2B
Total Liabilities 1.7B 1.4B 1.6B 1.6B 2.4B 2.8B 3.0B 3.2B 3.4B 3.5B
Shareholders' Equity
Share Capital 385M 386M 388M 552M 718M 718M 718M 718M 718M 718M
Retained Earnings 2.1B 2.2B 2.3B 2.4B 2.5B 2.9B 3.3B 3.4B 3.5B 3.7B
Total Shareholders' Equity 2.7B 2.8B 2.9B 3.2B 3.4B 3.9B 4.3B 4.4B 4.5B 4.8B
Total Liabilities & Equity 4.4B 4.2B 4.6B 4.8B 5.8B 6.7B 7.2B 7.7B 7.9B 8.4B

Cash Flow, FY16–FY25

Cash generated and spent across operating, investing and financing activities. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Activities
Net Income 349M 449M 375M 402M 481M 841M 812M 540M 352M –
Cash from Operating Activities 438M 425M 454M 373M 1.1B 544M 597M 680M 687M 694M
Investing Activities
Investments in PPE (68M) (89M) (94M) (94M) (94M) (100M) (95M) (188M) (192M) (184M)
Cash from Investing Activities (180M) (199M) (303M) (66M) (137M) (254M) (179M) (333M) (301M) (223M)
Financing Activities
Debt Repayments 349K 57M 197M (68M) (530M) 138M 3M 957K 91M 12M
Share Repurchases – – – – – – – – – –
Dividends Paid (267M) (345M) (267M) (342M) (323M) (473M) (436M) (380M) (274M) (299M)
Cash from Financing Activities (307M) (287M) (68M) (246M) (811M) (335M) (433M) (379M) (334M) (446M)
Cash Position
Cash at Beginning of Period 153M 104M 43M 125M 215M 313M 264M 249M 202M 253M
Cash at End of Period 104M 43M 125M 186M 313M 264M 249M 219M 253M 279M
Free Cash Flow
Free Cash Flow (Reported) 370M 336M 360M 279M 963M 444M 502M 493M 494M 511M
Free Cash Flow (Calculated) 370M 336M 360M 279M 963M 444M 502M 493M 494M 511M

Analysis

How have Harvey Norman's (HVN) revenue, margins and earnings per share changed each year?

Revenue has ranged between $2.2B and $4.1B over the reported decade, falling from $2.8B in FY2016 to a low of $2.2B in FY2019, before jumping to $4.1B in FY2021 and holding near that level through FY2022 ($4.1B) and FY2025 ($4.1B). Gross profit margin moved from around 20.0% in FY2016-FY2017 to a markedly higher range of 48.7%-72.9% from FY2018 onward, reaching its highest point of 72.9% in FY2020.

Operating income margin has ranged from a low of 8.5% (FY2016) to a high of 20.4% (FY2021), sitting at 9.8% in the most recent FY2025 results, while net income margin has moved between 9.0% (FY2024) and 20.9% (FY2020). Diluted EPS rose from $0.30 in FY2016 to $0.67 in FY2021, before declining to $0.28 in FY2024 and recovering to $0.42 in FY2025, a pattern that broadly tracks the margin swings over the same years.

Updated 4 Jul 2026

How resilient is Harvey Norman's (HVN) balance sheet?

Harvey Norman Holdings' total assets have grown from $4.4B in FY2016 to $8.4B in FY2025, while total liabilities rose from $1.7B to $3.5B over the same period. Shareholder equity climbed from $2.7B to $4.8B, meaning equity has consistently covered more than half of the asset base, moving from about 60.7% of total assets in FY2016 to 57.4% in FY2025.

Debt levels have moved in step with the broader balance sheet. Short-term debt and bank overdrafts stood at $580.0M in FY2025, up from $453.0M in FY2016, while long-term loans rose from $201.0M to $358.2M. Combined debt of roughly $938.2M against $4.8B of equity in FY2025 represents about 19.5% of equity, actually lower than the 24.3% ratio seen in FY2016. Cash and cash equivalents ended FY2025 at $279.7M, up from $139.9M in FY2016, though it has fluctuated year to year, peaking at $313.2M in FY2020.

Retained earnings have risen steadily every year in the reported record, from $2,125.2M in FY2016 to $3,711.7M in FY2025, an increase of about 74.6%, and account for the bulk of the growth in shareholder equity over the period. Taken together, the expanding equity base, a declining debt-to-equity ratio and consistently rising retained earnings point to a balance sheet that has strengthened relative to its liabilities over the past decade of reported figures.

Updated 5 Jul 2026

How much free cash flow does Harvey Norman (HVN) generate?

Operating cash flow has ranged from $372.8M (FY2019) to a high of $1.1B in FY2020, most recently registering $694.3M in FY2025, up from $437.7M in FY2016. Capital expenditure has grown over the period, from $68.2M in FY2016 to a peak of $192.2M in FY2024 before easing to $183.6M in FY2025, resulting in free cash flow that moved from $369.5M in FY2016 to $510.7M in FY2025, with a low point of $278.6M in FY2019 and a high of $963.1M in FY2020.

Dividends paid to shareholders have ranged between $266.9M (FY2016) and $473.5M (FY2021), with $299.0M paid out in FY2025. No stock buybacks are recorded in any of the reported years, indicating that shareholder returns over this period have come solely through dividend payments rather than share repurchases.

Updated 4 Jul 2026

AI-assisted analysis generated from Craytheon's verified financial data · 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.