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Swedish fast-fashion retailer selling affordable clothing and accessories through stores and e-commerce across dozens of countries.
Swedish fast-fashion retailer selling affordable clothing and accessories through stores and e-commerce across dozens of countries.
Designs its own clothing but owns no factories, buying from independent suppliers, mainly in Asia, and selling through its own stores and websites, so profit depends on how much sells at full price before markdowns. The Persson family, descendants of the founder, controls the company through its voting shares.
Moat: narrow (brand, scale, distribution). Large global store and sourcing scale, but fast fashion is intensely competitive with thin differentiation.
Headquarters: Stockholm, Sweden · Founded: 1947 · Employees: 132,000
Size H&M Hennes & Mauritz (HM-B.ST) is a Sweden Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $29.1B, the 13th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 178.75 on 6 Nov 2026.
Performance Over six months the shares gained 12.1%, against +8.3% for the median peer and +8.2% for the Sweden market (cap-weighted) — 5th highest of 11 in its peer set.
Growth Revenue fell 4.5% over the last twelve months (peer median +14.1%); the operating margin is 9.3% (peer median 12.4%).
Valuation It trades at 22.3× forward earnings against a peer median of 21.4× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.7 points above its cost of capital (8.0% WACC).
Credit H&M Hennes & Mauritz has 1 bond outstanding ($557M), rated BBB by the agencies and trading like BBB- at a weighted spread of 125 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 221B | SEK 228B | SEK 234B | SEK 236B | SEK 224B |
| Revenue growth | — | -3% | -1% | +6% | — |
| Gross profit | SEK 103B | SEK 103B | SEK 105B | SEK 100B | SEK 92.4B |
| EBITDA | SEK 39.8B | SEK 39.9B | SEK 39.9B | SEK 36.8B | SEK 29.7B |
| Net income | SEK 13.2B | SEK 12.2B | SEK 11.6B | SEK 8.74B | SEK 3.57B |
| Free cash flow | SEK 27.1B | SEK 21.9B | SEK 21.7B | SEK 26.0B | SEK 19.9B |
| Capital expenditure | SEK 8.93B | SEK 10.7B | SEK 11.4B | SEK 8.96B | SEK 6.01B |
| Total debt | SEK 79.4B | SEK 77.5B | SEK 77.0B | SEK 78.0B | SEK 72.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| H&M Hennes & Mauritz HM-B.ST | $29.1B | +12% | -4% | 9% | 22.3× | 4.5% |
| Industria de Diseno Textil ITX.MC | $206B | +20% | +6% | 20% | 27.3× | 15.3% |
| Fast Retailing 9983.T | $155B | +6% | +17% | 18% | 41.2× | 23.8% |
| Next NXT.L | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% |
| Associated British Foods ABF.L | $18.7B | +11% | +1% | 7% | 13.5× | 7.8% |
| Gap GAP | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% |
| Zalando ZAL.DE | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% |
| Marks and Spencer MKS.L | $12.1B | +40% | +21% | 5% | 13.1× | 6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HM-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +9.6% | 6th highest of 11 |
| 6-month return | +12.1% | +8.3% | 5th highest of 11 |
| Distance from 52-week high | -8.0% | -9.8% | 4th highest of 11 |
| Revenue growth (TTM) | -4.5% | +14.1% | lowest of 11 |
| Operating margin | 9.3% | 12.4% | 4th lowest of 11 |
| Forward P/E | 22.3× | 21.4× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 4.5% | 18.2% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +4.1% | +14.9% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | +0.4 pp | -1.4 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +9.7 pp | +5.0 pp | 4th highest of 11 |
| EV / EBITDA | 8.5× | 14.6× | 2nd cheapest of 10 |
| Net debt / EBITDA | 1.3× | 1.2× | 4th most indebted of 10 |
| Bond spread | 125 bp | 108 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| H&M Hennes & Mauritz HM-B.ST | Sweden | $29.1B | +12% | -4% | 9% | 22.3× | 4.5% | +4.1% |
| Tapestry TPR | United States | $26.4B | 0% | +14% | 24% | 15.8× | 9.0% | +6.9% |
| Trent TRENT.NS | India | $17.4B | +8% | +18% | 12% | 75.1× | 60.1% | +50.6% |
| Allegro.eu ALE.WA | Poland | $15.5B | +97% | +8% | 20% | 30.8× | 22.1% | +23.4% |
| Burlington Stores BURL | United States | $15.5B | -19% | +11% | 8% | 20.5× | 18.2% | +14.9% |
| Lpp LPP.WA | Poland | $13.0B | +36% | +15% | 13% | 17.4× | 17.5% | +24.1% |
| Aritzia ATZ.TO | Canada | $12.5B | +9% | +40% | 16% | 27.1× | 22.0% | +34.0% |
| Ross Stores ROST | United States | $73.8B | +3% | +14% | 13% | 27.0× | 11.0% | +12.7% |
| Meesho MEESHO.NS | India | $11.4B | +17% | +34% | -9% | n/a | n/a | n/a |
| Victoria's Secret & VSXY | United States | $8.62B | +125% | +10% | 8% | 21.4× | 20.0% | +3.9% |
| Gap GAP | United States | $7.55B | -8% | +1% | 11% | 8.4× | -2.3% | +2.2% |
H&M Hennes & Mauritz has 1 bond outstanding with $557M face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 4.37%, a spread of 125 bp over government bonds.