HNORY (Harvey Norman Holdings) EBIT: $574 Mil (TTM As of Dec. 2025)


HNORY Harvey Norman Holdings Ltd HNORY
72 GF Score
Price $15.62
GF Value $10.78
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Harvey Norman Holdings EBIT?

Harvey Norman Holdings HNORY 72 EBIT is $574 Mil as of Dec. 2025. GuruFocus rates HNORY with a GF Score™ of 72/100 and a GF Value™ of $10.78 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Harvey Norman Holdings's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was $328 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was $574 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Harvey Norman Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was 2.50%. Harvey Norman Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 38.72%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Harvey Norman Holdings's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 10.65%.

Harvey Norman Holdings  (OTCPK:HNORY) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Harvey Norman Holdings's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=182.688 * ( 1 - 29.83% )/( (5009.008 + 5252.012)/ 2 )
=128.1921696/5130.51
=2.50 %

where

Invested Capital(Q: Jun. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=5451.32 - 260.223 - ( 182.089 - max(0, 893.145 - 1229.217+182.089))
=5009.008

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=5829.163 - 321.108 - ( 256.043 - max(0, 838.643 - 1379.49+256.043))
=5252.012

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Harvey Norman Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=655.762/( ( (1043.974 + max(618.755, 0)) + (1076.959 + max(647.824, 0)) )/ 2 )
=655.762/( ( 1662.729 + 1724.783 )/ 2 )
=655.762/1693.756
=38.72 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(586.202 + 408.588 + 34.144) - (260.223 + 38.779 + 111.177)
=618.755

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(607.096 + 457.272 + 59.079) - (321.108 + 38.278 + 116.237)
=647.824

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Harvey Norman Holdings's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=573.943/5387.004
=10.65 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Harvey Norman Holdings EBIT Related Terms

Harvey Norman Holdings EBIT Historical Data

* Premium members only.

The historical data trend for Harvey Norman Holdings's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Harvey Norman Holdings EBIT Chart

Harvey Norman Holdings Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 911.16 808.75 548.62 394.81 526.20

Harvey Norman Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 207.07 189.39 272.51 246.06 327.88

HNORY vs CASY, WSM, ULTA: EBIT Comparison

For the Specialty Retail subindustry, Harvey Norman Holdings's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Harvey Norman Holdings EV-to-EBIT vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Harvey Norman Holdings's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Harvey Norman Holdings's EV-to-EBIT falls into.


HNORY
72GF Score
Harvey Norman Holdings Ltd HNORY
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
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Harvey Norman Holdings EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $574 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of $574 Mil mean?
Harvey Norman Holdings (HNORY) has a EBIT of $574 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Harvey Norman Holdings.
Is Harvey Norman Holdings' EBIT too high?
Harvey Norman Holdings' current EBIT is $574 Mil. Overall, Harvey Norman Holdings has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Harvey Norman Holdings' EBIT compare to CASY and WSM?
Harvey Norman Holdings' EBIT of $574 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Retail - Cyclical company?
A good EBIT depends on the Retail - Cyclical industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Harvey Norman Holdings. Harvey Norman Holdings's current EBIT is $574 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harvey Norman Holdings stock overvalued right now?
Based on GuruFocus' analysis, Harvey Norman Holdings (HNORY) is currently considered Significantly Overvalued. The stock's GF Value™ is $10.78, compared to a current price of $15.62 — trading 44.9% above its estimated fair value. The current EBIT is $574 Mil. Harvey Norman Holdings' overall GF Score™ is 72/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Harvey Norman Holdings (HNORY), the current EBIT is $574 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Harvey Norman Holdings (HNORY) Overvalued in 2026?

Based on GuruFocus' analysis, Harvey Norman Holdings stock appears to be overvalued. The current stock price of $15.62 is trading 44.9% above its estimated GF Value™ of $10.78. GuruFocus considers Harvey Norman Holdings to be Significantly Overvalued.

Key valuation signals for HNORY:

  • EBIT: $574 Mil
  • GF Value™: $10.78 vs. price of $15.62 (44.9% above fair value)
  • GF Score™: 72/100 with 5 warning signs

No single metric tells the full story. See the HNORY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Harvey Norman Holdings Business Description

Address A1 Richmond Road, Homebush West, Sydney, NSW, AUS, 2140
Harvey Norman Holdings Limited is the franchisor of Harvey Norman, a leading Australia-based retailer that sells goods from the electrical, computer, furniture, entertainment, and bedding sectors. The majority of earnings are generated in Australia, with the international divisions gradually growing in significance.
72GF Score

Get the complete analysis for HNORY

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$15.62
Price
$10.78
GF Value