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Australian retail chain selling furniture, electrical goods and computers through a franchise-store model, with a large property portfolio.
Australian retail chain selling furniture, electrical goods and computers through a franchise-store model, with a large property portfolio.
Franchisees run most stores and pay the company franchise fees and rent, so it earns from that and from owning the property, plus its own company-run stores overseas. Founder Gerry Harvey remains the major shareholder.
In one line: Australia's Best Buy/Bob's Discount Furniture combined.
Moat: narrow (brand, scale, installed base). Large-format retail brand recognition plus significant owned real estate underpinning store network.
Headquarters: Sydney, Australia · Founded: 1961
Size Harvey Norman (HVN.AX) is an Australia Consumer Discretionary company (Department Stores) with a market value of $3.84B, the 83rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$4.45 on 6 Nov 2026.
Performance Over six months the shares gained 1.8%, against +7.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +0.7%); the operating margin is 18.1% (peer median 8.8%).
Valuation It trades at 13.8× forward earnings against a peer median of 15.3× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +4 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 1.6 points below its cost of capital (9.1% WACC).
Next results Next results expected around 26 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$4.31B | A$4.31B | A$4.12B | A$3.92B | A$3.98B |
| Revenue growth | — | +5% | +5% | -2% | — |
| Gross profit | A$2.02B | A$2.02B | A$1.92B | A$1.82B | A$1.94B |
| EBITDA | A$963M | A$963M | A$899M | A$810M | A$939M |
| Net income | A$528M | A$528M | A$518M | A$352M | A$540M |
| Free cash flow | A$387M | A$387M | A$511M | A$494M | A$493M |
| Capital expenditure | A$151M | A$151M | A$184M | A$192M | A$188M |
| Total debt | n/a | A$2.59B | A$2.30B | A$2.28B | A$2.18B |
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 |
|---|---|---|---|---|---|---|
| Harvey Norman HVN.AX | $3.84B | +2% | +5% | 18% | 13.8× | 4.7% |
| JB Hi-Fi JBH.AX | $5.86B | +8% | +5% | 7% | 18.1× | 6.7% |
| Nick Scali NCK.AX | $842M | +1% | +4% | 23% | 9.0× | 7.5% |
| Wesfarmers WES.AX | $64.0B | +14% | +3% | 9% | 30.5× | 20.6% |
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 | HVN.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.6% | -1.8% | 2nd highest of 21 |
| 6-month return | +1.8% | +7.0% | 10th lowest of 21 |
| Distance from 52-week high | -42.2% | -21.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.7% | +0.7% | 6th highest of 21 |
| Operating margin | 18.1% | 8.8% | 2nd highest of 21 |
| Forward P/E | 13.8× | 15.3× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.7% | 1.0% | 4th most demanding of 18 |
| Growth delivered (Del g) | +0.8% | +4.4% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | +3.9 pp | -5.7 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | -1.6 pp | -0.2 pp | 6th lowest of 21 |
| EV / EBITDA | 8.2× | 9.4× | 4th cheapest of 13 |
| Net debt / EBITDA | 2.4× | 3.1× | 7th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harvey Norman HVN.AX | Australia | $3.84B | +2% | +5% | 18% | 13.8× | 4.7% | +0.8% |
| Takashimaya 8233.T | Japan | $3.98B | +14% | +2% | 11% | 15.6× | 2.4% | -6.3% |
| CCOOP 000564.SZ | China | $3.55B | -23% | +19% | -46% | n/a | n/a | n/a |
| J Front Retailing 3086.T | Japan | $4.46B | +24% | -3% | 11% | 22.1× | 5.9% | +6.9% |
| Ollie's Bargain Outlet OLLI | United States | $5.37B | +10% | +14% | 12% | 19.8× | 1.5% | +7.9% |
| Kohl's KSS | United States | $2.61B | +59% | -3% | 4% | 15.3× | 0.0% | -0.5% |
| Ceconomy CEC.DE | Germany | $2.47B | +9% | +4% | 1% | 7.8× | 2.9% | +2.1% |
| Macy's M | United States | $6.03B | +18% | 0% | 4% | 10.8× | -1.1% | +4.6% |
| Tokyu 9005.T | Japan | $6.14B | -3% | +5% | 9% | 10.0× | n/a | n/a |
| H2O Retailing 8242.T | Japan | $2.10B | +17% | 0% | 5% | 12.3× | -9.7% | -1.6% |
| Isetan Mitsukoshi 3099.T | Japan | $7.16B | +14% | 0% | 15% | 17.5× | 7.4% | -7.7% |
| Beijing United Information Technology 603613.SS | China | $2.05B | -30% | -4% | 5% | n/a | n/a | n/a |
| Easyhome New Retail 000785.SZ | China | $1.97B | -18% | -23% | 3% | 19.3× | 1.0% | +4.4% |
| Canadian Tire CTC-A.TO | Canada | $7.57B | +7% | +1% | 9% | 14.1× | 1.9% | +1.9% |
| Seria 2782.T | Japan | $1.91B | +18% | +13% | 9% | 15.2× | -2.1% | +5.0% |
| Lotte Shopping 023530.KS | South Korea | $1.87B | -33% | +1% | 5% | 7.9× | 5.8% | -3.2% |
| Wangfujing 600859.SS | China | $1.65B | -21% | -10% | 5% | 244.5× | -13.6% | -2.4% |
| Shinsegae 004170.KS | South Korea | $1.59B | -38% | +7% | 9% | 5.8× | -2.2% | +7.8% |
| Dillard's DDS | United States | $9.41B | +7% | 0% | 11% | 17.4× | 1.6% | +8.2% |
| Anhui Anfu Battery Technology 603031.SS | China | $1.43B | -39% | +4% | 23% | 23.0× | -0.2% | +21.9% |
| Hyundaideptst 069960.KS | South Korea | $1.29B | -23% | -3% | 9% | 7.0× | -17.1% | +13.2% |