Cash flow Hennes & Mauritz AB

Stocks

HM B

SE0000106270

Apparel & Accessories Retailers

Market Closed - Nasdaq Stockholm Other stock markets 20:00:00 10/07/2026 +04			5-day change	1st Jan Change
166.00 ^SEK	+0.55%		-0.42%	-10.70%

07-10	H&M : Bernstein keeps a Sell rating	ZD
07-09	BofA cuts H&M price target	FW

f56a10935d2f3cd6fe3.ckd60yikUflLAP4eqaA8glqjgEwomcrn5OeQkkf9LLQ.JyALoGrIYc9-UpB43eJV0hT29D8c-7KByZDV4AXMVYEVMDKnQOsppnJIxg

Published financial data: HENNES & MAURITZ AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: November	2021	2022	2023	2024	2025
Revenues	199B	224B	236B	234B	228B
Total Revenues	199B	224B	236B	234B	228B
Cost of Goods Sold, Total	93.96B	110B	115B	109B	106B
Gross Profit	105B	113B	121B	125B	122B
Selling General & Admin Expenses, Total	89.75B	106B	107B	108B	103B
Other Operating Expenses, Total	89.75B	106B	107B	108B	103B
Operating Income	15.26B	7.17B	13.57B	17.38B	18.53B
Interest Expense, Total	-1.16B	-1.12B	-2.14B	-2.75B	-2.65B
Interest And Investment Income	203M	162M	616M	890M	460M
Net Interest Expenses	-955M	-953M	-1.53B	-1.86B	-2.19B
Income (Loss) On Equity Invest.	-	-	971M	-78M	-134M
EBT, Excl. Unusual Items	14.3B	6.22B	13.01B	15.44B	16.2B
EBT, Incl. Unusual Items	14.3B	6.22B	13.01B	15.44B	16.2B
Income Tax Expense	3.29B	2.65B	4.29B	3.86B	4.12B
Earnings From Continuing Operations	11.01B	3.57B	8.72B	11.58B	12.08B
Net Income to Company	11.01B	3.57B	8.72B	11.58B	12.08B
Minority Interest	-	-	29M	37M	73M
Net Income - (IS)	11.01B	3.57B	8.75B	11.62B	12.16B
Net Income to Common Incl Extra Items	11.01B	3.57B	8.75B	11.62B	12.16B
Net Income to Common Excl. Extra Items	11.01B	3.57B	8.75B	11.62B	12.16B
Per Share Items
Net EPS - Basic	6.65	2.16	5.37	7.21	7.58
Basic EPS - Continuing Operations	6.65	2.16	5.37	7.21	7.58
Basic Weighted Average Shares Outstanding	1.66B	1.65B	1.63B	1.61B	1.6B
Net EPS - Diluted	6.65	2.16	5.37	7.21	7.58
Diluted EPS - Continuing Operations	6.65	2.16	5.37	7.21	7.58
Diluted Weighted Average Shares Outstanding	1.66B	1.65B	1.63B	1.61B	1.6B
Normalized Basic EPS	5.4	2.35	5.01	6.01	6.36
Normalized Diluted EPS	5.4	2.35	5.01	6.01	6.36
Dividend Per Share	6.5	6.5	6.5	6.8	7.1
Payout Ratio	97.71	299.69	120.85	89.98	89.7
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	24.08B	16.24B	20.79B	23.87B	24.34B
EBITA	15.37B	7.28B	13.71B	17.52B	18.64B
EBIT	15.26B	7.17B	13.57B	17.38B	18.53B
EBITDAR	29.69B	23.18B	29.16B	32.01B	32.32B
Effective Tax Rate - (Ratio)	23.01	42.63	32.95	24.99	25.41
Total Current Taxes	3.38B	3.36B	4.5B	3.68B	4.09B
Total Deferred Taxes	-86M	-708M	-218M	180M	28M
Normalized Net Income	8.94B	3.88B	8.16B	9.69B	10.2B
Interest on Long-Term Debt	779M	872M	1.74B	1.99B	1.98B
Non-Cash Pension Expense	7M	-38M	18M	20M	-22M
Supplemental Operating Expense Items
Selling and Marketing Expenses	80.54B	94.54B	96.44B	97.15B	93.02B
General and Administrative Expenses	9.22B	11.57B	10.9B	10.76B	10.27B
Research And Development Expense From Footnotes	1.45B	1.66B	1.96B	2.09B	2.13B
Net Rental Expense, Total	5.6B	6.94B	8.38B	8.14B	7.98B
Imputed Operating Lease Interest Expense	708M	888M	1.91B	2.31B	2.19B
Imputed Operating Lease Depreciation	4.9B	6.05B	6.47B	5.82B	5.79B

Fiscal Period: November	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	27.47B	21.71B	26.4B	17.34B	20.91B
Total Cash And Short Term Investments	27.47B	21.71B	26.4B	17.34B	20.91B
Accounts Receivable, Total	3.06B	3.01B	3.3B	5.63B	6.41B
Other Receivables	4.92B	7.13B	7.85B	7.26B	5.94B
Total Receivables	7.98B	10.15B	11.15B	12.89B	12.35B
Inventory	37.31B	42.5B	37.36B	40.35B	35.43B
Prepaid Expenses	4.81B	4.49B	4.53B	3.92B	3.3B
Other Current Assets, Total	1.42B	681M	1.09B	1.22B	503M
Total Current Assets	78.99B	79.52B	80.53B	75.73B	72.5B
Gross Property Plant And Equipment	121B	126B	131B	141B	136B
Accumulated Depreciation	-41.83B	-43.71B	-49.72B	-55.14B	-53.95B
Net Property Plant And Equipment	79.66B	82.74B	81.54B	86.22B	82.53B
Long-term Investments	5.09B	3.16B	2.57B	3.29B	2.04B
Goodwill	64M	64M	1.01B	1.01B	1.01B
Other Intangibles, Total	224M	161M	746M	623M	589M
Deferred Tax Assets Long-Term	5.63B	6.54B	5.71B	5.39B	4.68B
Deferred Charges Long-Term	9.27B	8.93B	7.97B	7.09B	6.14B
Other Long-Term Assets, Total	860M	939M	1.2B	859M	775M
Total Assets	180B	182B	181B	180B	170B
Liabilities
Accounts Payable, Total	20.38B	21.09B	21.03B	24.42B	20.83B
Accrued Expenses, Total	22.07B	25.05B	22.73B	20.15B	17.52B
Short-term Borrowings	275M	950M	625M	-	-
Current Portion of Long-Term Debt	161M	185M	2.37B	-	2.34B
Current Portion of Leases	11.7B	12.58B	12.16B	12.48B	11.97B
Current Income Taxes Payable	1.44B	1.84B	1.38B	2.26B	1.79B
Other Current Liabilities	5.15B	6.64B	7.63B	7.35B	7.15B
Total Current Liabilities	61.18B	68.34B	67.93B	66.65B	61.6B
Long-Term Debt	9.18B	9.64B	14.08B	14.12B	18.33B
Long-Term Leases	45.38B	49.28B	48.73B	50.36B	44.9B
Pension & Other Post Retirement Benefits	428M	333M	379M	471M	389M
Deferred Tax Liability Non Current	3.6B	3.27B	2.42B	2.24B	1.95B
Other Non Current Liabilities	-	425M	137M	162M	148M
Total Liabilities	120B	131B	134B	134B	127B
Common Stock, Total	207M	207M	207M	207M	207M
Retained Earnings	57.47B	44.69B	41.12B	39.49B	39.42B
Comprehensive Income and Other	2.34B	5.86B	6.2B	6.44B	3.3B
Total Common Equity	60.02B	50.76B	47.52B	46.14B	42.92B
Minority Interest	-	-	82M	69M	26M
Total Equity	60.02B	50.76B	47.6B	46.21B	42.95B
Total Liabilities And Equity	180B	182B	181B	180B	170B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.66B	1.63B	1.62B	1.6B	1.6B
ECS Total Common Shares Outstanding	1.66B	1.63B	1.62B	1.6B	1.6B
Book Value / Share	36.26	31.15	29.29	28.76	26.78
Tangible Book Value	59.73B	50.53B	45.76B	44.51B	41.32B
Tangible Book Value Per Share	36.09	31.01	28.2	27.74	25.79
Total Debt	66.69B	72.64B	77.97B	76.95B	77.55B
Net Debt	39.22B	50.93B	51.57B	59.61B	56.64B
Debt Equivalent of Unfunded Proj. Benefit Obligation	428M	333M	379M	471M	389M
Debt Equivalent Oper. Leases	44.84B	55.5B	67.01B	65.11B	63.82B
Minority Interest, Total (Incl. Fin. Div)	-	-	82M	69M	26M
Equity Method Investments, Total	686M	503M	209M	259M	126M
Account Code - Inventory Valuation	3	3	3	6	6
Land - (BS)	154M	125M	131M	134M	128M
Buildings, Total	1.16B	1.24B	1.24B	1.27B	1.21B
Machinery, Total	66.29B	65.22B	69.61B	76.03B	74.69B
Full Time Employees	155K	150K	143K	63.14K	63.29K
Part Time Employees	-	-	-	75.42K	69.11K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: November	2021	2022	2023	2024	2025
Net Income	11.01B	3.57B	8.75B	11.62B	12.16B
Depreciation & Amortization - CF	20.75B	20.8B	19.95B	19.37B	18.18B
Amortization of Goodwill and Intangible Assets - (CF)	117M	110M	145M	133M	114M
Depreciation & Amortization, Total	20.87B	20.91B	20.1B	19.5B	18.3B
Amortization of Deferred Charges, Total - (CF)	1.45B	1.66B	1.96B	2.09B	2.13B
Asset Writedown & Restructuring Costs	-	-	896M	654M	714M
Other Operating Activities, Total	-1.7B	-81M	-2.6B	2.87B	453M
Change In Accounts Receivable	-736M	-452M	-594M	-2.3B	-3.08B
Change In Inventories	1.26B	-3.73B	5.25B	-3.04B	3.78B
Change in Other Net Operating Assets	12.46B	2.6B	189M	346M	-3.33B
Cash from Operations	44.62B	24.48B	33.95B	31.76B	31.12B
Capital Expenditure	-2.73B	-4.53B	-7.99B	-10.06B	-9.24B
Sale (Purchase) of Intangible assets	-737M	-1.48B	-978M	-1.39B	-1.44B
Investment in Marketable and Equity Securities, Total	-614M	-802M	-655M	-126M	64M
Cash from Investing	-4.08B	-6.81B	-9.62B	-11.57B	-10.62B
Short Term Debt Issued, Total	-	680M	-	-	353M
Long-Term Debt Issued, Total	5.13B	-	6.31B	-	6.94B
Total Debt Issued	5.13B	680M	6.31B	-	7.3B
Short Term Debt Repaid, Total	-7.67B	-	-408M	-2.97B	-
Long-Term Debt Repaid, Total	-16.88B	-12.14B	-12.87B	-12.88B	-12.48B
Total Debt Repaid	-24.55B	-12.14B	-13.28B	-15.84B	-12.48B
Repurchase of Common Stock	-	-3B	-1.08B	-2.93B	-254M
Common Dividends Paid	-10.76B	-10.69B	-10.58B	-10.46B	-10.91B
Common & Preferred Stock Dividends Paid	-10.76B	-10.69B	-10.58B	-10.46B	-10.91B
Other Financing Activities, Total	-	-	-	24M	31M
Cash from Financing	-30.18B	-25.15B	-18.62B	-29.2B	-16.31B
Foreign Exchange Rate Adjustments	574M	1.72B	-1.02B	-35M	-629M
Miscellaneous Cash Flow Adjustments	1M	-	-	-	-
Net Change in Cash	10.93B	-5.76B	4.69B	-9.06B	3.57B
Supplemental Items
Cash Interest Paid	380M	243M	399M	760M	671M
Cash Income Tax Paid (Refund)	4.97B	3.5B	5.56B	1.72B	3.89B
Levered Free Cash Flow	38.93B	19.81B	22.06B	16.44B	19.58B
Unlevered Free Cash Flow	39.65B	20.51B	23.4B	18.16B	21.24B
Change In Net Working Capital	-11.26B	539M	-1.83B	2.85B	85M
Net Debt Issued / Repaid	-19.43B	-11.46B	-6.96B	-15.84B	-5.18B

Fiscal Period: November	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.38	2.48	4.67	6.01	6.61
Return on Total Capital	7.29	3.58	6.81	8.74	9.51
Return On Equity %	19.21	6.44	17.74	24.72	27.11
Return on Common Equity	19.21	6.44	17.81	24.84	27.3
Margin Analysis
Gross Profit Margin %	52.78	50.67	51.22	53.44	53.36
SG&A Margin	45.11	47.46	45.47	46.02	45.25
EBITDA Margin %	12.1	7.27	8.81	10.18	10.66
EBITA Margin %	7.73	3.26	5.81	7.47	8.17
EBIT Margin %	7.67	3.21	5.75	7.41	8.12
Income From Continuing Operations Margin %	5.53	1.6	3.7	4.94	5.29
Net Income Margin %	5.53	1.6	3.71	4.96	5.33
Net Avail. For Common Margin %	5.53	1.6	3.71	4.96	5.33
Normalized Net Income Margin	4.49	1.74	3.46	4.13	4.47
Levered Free Cash Flow Margin	19.57	8.86	9.35	7.01	8.58
Unlevered Free Cash Flow Margin	19.93	9.17	9.92	7.75	9.31
Asset Turnover
Asset Turnover	1.12	1.24	1.3	1.3	1.3
Fixed Assets Turnover	2.33	2.75	2.87	2.8	2.71
Receivables Turnover (Average Receivables)	64.76	73.62	74.75	52.5	37.91
Inventory Turnover (Average Inventory)	2.49	2.76	2.88	2.81	2.81
Short Term Liquidity
Current Ratio	1.29	1.16	1.19	1.14	1.18
Quick Ratio	0.58	0.47	0.55	0.45	0.54
Operating Cash Flow to Current Liabilities	0.73	0.36	0.5	0.48	0.51
Days Sales Outstanding (Average Receivables)	5.64	4.96	4.88	6.97	9.63
Days Outstanding Inventory (Average Inventory)	146.67	132.07	126.57	130.25	129.89
Average Days Payable Outstanding	58.62	65.55	69.87	74.14	81.31
Cash Conversion Cycle (Average Days)	93.68	71.47	61.58	63.08	58.21
Long Term Solvency
Total Debt/Equity	111.12	143.1	163.8	166.53	180.56
Total Debt / Total Capital	52.63	58.87	62.09	62.48	64.36
LT Debt/Equity	90.9	116.09	131.96	139.53	147.23
Long-Term Debt / Total Capital	43.06	47.75	50.02	52.35	52.48
Total Liabilities / Total Assets	66.62	72.12	73.74	74.36	74.78
EBIT / Interest Expense	13.17	6.43	6.33	6.31	6.98
EBITDA / Interest Expense	31.2	25.19	15.71	13.4	13.88
(EBITDA - Capex) / Interest Expense	28.84	21.13	11.98	9.75	10.4
Total Debt / EBITDA	1.85	2.59	2.32	2.09	2.11
Net Debt / EBITDA	1.09	1.81	1.53	1.62	1.54
Total Debt / (EBITDA - Capex)	2	3.08	3.04	2.87	2.81
Net Debt / (EBITDA - Capex)	1.17	2.16	2.01	2.22	2.05
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.38	12.36	5.58	-0.66	-2.64
Gross Profit, 1 Yr. Growth %	12.25	7.88	6.64	3.64	-2.78
EBITDA, 1 Yr. Growth %	73.31	-32.54	38.08	14.16	1.95
EBITA, 1 Yr. Growth %	377.09	-52.65	81.65	27.76	6.43
EBIT, 1 Yr. Growth %	392.26	-53.01	82.39	28.14	6.59
Earnings From Cont. Operations, 1 Yr. Growth %	785.76	-67.61	144.62	32.9	4.32
Net Income, 1 Yr. Growth %	785.76	-67.61	145.43	32.89	4.62
Normalized Net Income, 1 Yr. Growth %	596.88	-56.53	110.04	18.73	5.27
Diluted EPS Before Extra, 1 Yr. Growth %	785.76	-67.51	148.56	34.32	5.12
Accounts Receivable, 1 Yr. Growth %	-0.88	-1.47	9.52	70.58	13.85
Inventory, 1 Yr. Growth %	-2.36	13.91	-12.09	8	-12.2
Net Property, Plant and Equip., 1 Yr. Growth %	-12.63	3.86	-1.45	5.74	-4.28
Total Assets, 1 Yr. Growth %	3.1	1.26	-0.43	-0.58	-5.52
Tangible Book Value, 1 Yr. Growth %	9.86	-15.4	-9.44	-2.55	-7.16
Common Equity, 1 Yr. Growth %	9.88	-15.43	-6.38	-2.71	-6.98
Cash From Operations, 1 Yr. Growth %	72.27	-45.14	37.2	-6.46	-2
Capital Expenditures, 1 Yr. Growth %	-24.38	66.01	76.41	25.97	-8.15
Levered Free Cash Flow, 1 Yr. Growth %	123.53	-48.87	19.13	-25.9	19.11
Unlevered Free Cash Flow, 1 Yr. Growth %	117.54	-48.04	21.78	-22.81	16.96
Dividend Per Share, 1 Yr. Growth %	-	0	0	4.62	4.41
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-7.54	9.33	8.92	2.41	-1.66
Gross Profit, 2 Yr. CAGR %	-7.4	10.04	7.3	5.13	0.38
EBITDA, 2 Yr. CAGR %	-6.29	8.13	-7.1	25.93	7.89
EBITA, 2 Yr. CAGR %	-6.29	50.3	-5.56	52.34	16.61
EBIT, 2 Yr. CAGR %	-6.22	52.1	-5.7	52.88	16.87
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.5	69.38	-10.99	80.23	17.75
Net Income, 2 Yr. CAGR %	-9.5	69.38	-10.84	80.52	17.91
Normalized Net Income, 2 Yr. CAGR %	-9.32	74.05	-4.45	57.92	11.8
Diluted EPS Before Extra, 2 Yr. CAGR %	-9.5	69.65	-10.13	82.65	18.83
Accounts Receivable, 2 Yr. CAGR %	-27.87	-1.17	3.88	36.69	39.36
Inventory, 2 Yr. CAGR %	-0.69	5.46	0.07	-2.56	-2.62
Net Property, Plant and Equip., 2 Yr. CAGR %	39.57	-4.74	1.17	2.08	0.61
Total Assets, 2 Yr. CAGR %	22.15	2.18	0.41	-0.5	-3.08
Tangible Book Value, 2 Yr. CAGR %	2.73	-3.59	-12.47	-6.15	-4.88
Common Equity, 2 Yr. CAGR %	2.55	-3.6	-11.02	-4.65	-4.87
Cash From Operations, 2 Yr. CAGR %	24.07	-2.79	-12.77	13.28	-4.26
Capital Expenditures, 2 Yr. CAGR %	-39.23	12.04	71.13	49.07	7.57
Levered Free Cash Flow, 2 Yr. CAGR %	50.33	6.66	-24.54	-5.78	-6.06
Unlevered Free Cash Flow, 2 Yr. CAGR %	50.82	6.07	-23	-2.78	-4.98
Dividend Per Share, 2 Yr. CAGR %	-	-	0	2.28	4.51
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.85	-1.34	8.07	5.63	0.7
Gross Profit, 3 Yr. CAGR %	-1.8	-2.56	8.93	6.07	2.43
EBITDA, 3 Yr. CAGR %	-0.79	-16.02	14.37	-0.29	17.37
EBITA, 3 Yr. CAGR %	-0.6	-25.36	62.05	4.45	35.17
EBIT, 3 Yr. CAGR %	-0.51	-25.51	63.58	4.45	35.56
Earnings From Cont. Operations, 3 Yr. CAGR %	-4.53	-35.75	91.45	1.71	50.21
Net Income, 3 Yr. CAGR %	-4.53	-35.75	91.67	1.82	50.51
Normalized Net Income, 3 Yr. CAGR %	-2.94	-29.03	85.3	2.73	37.95
Diluted EPS Before Extra, 3 Yr. CAGR %	-4.53	-35.68	92.68	2.72	51.93
Accounts Receivable, 3 Yr. CAGR %	-21.52	-19.96	2.27	22.56	28.61
Inventory, 3 Yr. CAGR %	-0.37	3.96	-0.75	2.65	-5.88
Net Property, Plant and Equip., 3 Yr. CAGR %	23.36	26.48	-3.66	2.67	-0.08
Total Assets, 3 Yr. CAGR %	14.81	14.75	1.3	0.08	-2.2
Tangible Book Value, 3 Yr. CAGR %	1	-3.71	-5.58	-9.34	-6.49
Common Equity, 3 Yr. CAGR %	0.83	-3.83	-4.54	-8.39	-5.44
Cash From Operations, 3 Yr. CAGR %	27.98	-5.48	9.44	-10.72	7.94
Capital Expenditures, 3 Yr. CAGR %	-34.17	-15.05	30.35	54.52	26.85
Levered Free Cash Flow, 3 Yr. CAGR %	81.1	4.77	8.21	-24.86	1.88
Unlevered Free Cash Flow, 3 Yr. CAGR %	81.38	5.57	8.69	-22.8	3.4
Dividend Per Share, 3 Yr. CAGR %	-12.64	-	-	1.52	2.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.69	2.25	2.33	0.15	4.07
Gross Profit, 5 Yr. CAGR %	-0.22	0.94	1.74	0.46	5.42
EBITDA, 5 Yr. CAGR %	-5.09	-10.82	-3.36	-2.74	11.86
EBITA, 5 Yr. CAGR %	-8.57	-18.92	-2.61	0.01	42.06
EBIT, 5 Yr. CAGR %	-8.53	-19.01	-2.62	0.04	43
Earnings From Cont. Operations, 5 Yr. CAGR %	-9.99	-26.1	-7.17	-2.93	57.6
Net Income, 5 Yr. CAGR %	-9.99	-26.1	-7.11	-2.87	57.79
Normalized Net Income, 5 Yr. CAGR %	-9.87	-21.47	-3.55	-2.27	51.39
Diluted EPS Before Extra, 5 Yr. CAGR %	-9.99	-26.06	-6.81	-2.35	58.78
Accounts Receivable, 5 Yr. CAGR %	-8.92	-10.66	-12.21	-0.86	15.75
Inventory, 5 Yr. CAGR %	3.29	4.74	-0.19	1.3	-1.5
Net Property, Plant and Equip., 5 Yr. CAGR %	15.54	15.75	13.95	16.09	-1.97
Total Assets, 5 Yr. CAGR %	12.77	11.31	8.82	8.39	-0.47
Tangible Book Value, 5 Yr. CAGR %	-0.24	-3.06	-4.62	-4.69	-5.34
Common Equity, 5 Yr. CAGR %	-0.4	-3.2	-4.09	-4.16	-4.71
Cash From Operations, 5 Yr. CAGR %	13.42	2.54	9.78	1.84	3.74
Capital Expenditures, 5 Yr. CAGR %	-25.31	-15.18	-3.53	6.38	20.71
Levered Free Cash Flow, 5 Yr. CAGR %	40.33	30.12	27.48	-0.93	2.37
Unlevered Free Cash Flow, 5 Yr. CAGR %	40.83	30.9	28.63	0.82	3.11
Dividend Per Share, 5 Yr. CAGR %	-7.79	-7.79	-7.79	-	-