Harvey Norman HoldingsHNORY 72 ROA % is 7.58% as of Dec. 2025, which is 12% below its 10-year median of 8.57. 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. Among 1,134 Retail - Cyclical companies, Harvey Norman Holdings ranks better than 73.99% on this metric.
ROA % is calculated as Net Income divided by its average Total Assets over a certain period of time. Harvey Norman Holdings's annualizedNet Income for the quarter that ended in Dec. 2025 was $428 Mil.
Harvey Norman Holdings's average Total Assets over the quarter that ended in Dec. 2025 was $5,640 Mil. Therefore, Harvey Norman Holdings's annualized ROA % for the quarter that ended in Dec. 2025 was 7.58%.
The historical rank and industry rank for Harvey Norman Holdings's ROA % or its related term are showing as below:
HNORY'
s ROA % Range Over the Past 10 Years
Min: 4.52 Med: 8.57 Max: 13.46
Current: 6.62
During the past 13 years, Harvey Norman Holdings's highest ROA % was 13.46%. The lowest was 4.52%. And the median was 8.57%.
HNORY's ROA % is ranked better than 73.99% of 1134
companies
in the Retail - Cyclical industry
Industry Median: 2.715
vs HNORY: 6.62
Harvey Norman Holdings (OTCPK:HNORY) ROA % Explanation
ROA % measures the rate of return on the total assets (shareholder equity plus liabilities). It measures a firm's efficiency at generating profits from shareholders' equity plus its liabilities. ROA % shows how well a company uses what it has to generate earnings. ROA %s can vary drastically across industries. Therefore, ROA % should not be used to compare companies in different industries. For retailers, a ROA % of higher than 5% is expected. For example, Wal-Mart (WMT) has a ROA % of about 8% as of 2012. For banks, ROA % is close to their interest spread. A banks ROA % is typically well under 2%.
Similar to ROE, ROA % is affected by profit margins and asset turnover. This can be seen from the Du Pont Formula:
Note:
The Net Income data used here is two times the semi-annual (Dec. 2025) net income data. The Revenue data used here is two times the semi-annual (Dec. 2025) revenue data.
* 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.
Be Aware
Like ROE, ROA % is calculated with only 12 months data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. ROA % can be affected by events such as stock buyback or issuance, and by goodwill, a company's tax rate and its interest payment. ROA % may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high ROA % may indicate vulnerability in the durability of the competitive advantage.
E.g. Raising $43b to take on KO is impossible, but $1.7b to take on Moody's is. Although Moody's ROA % and underlying economics is far superior to Coca Cola, the durability is far weaker because of lower entry cost.
* 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.
For the Specialty Retail subindustry, Harvey Norman Holdings's ROA %, along with its competitors' market caps and ROA % 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 ROA % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Harvey Norman Holdings's ROA % distribution charts can be found below:
* The bar in red indicates where Harvey Norman Holdings's ROA % falls into.
* 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.
In the calculation of annual ROA %, the net income of the last fiscal year and the average total assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Dec. 2025) net income data.
ROA % is displayed in the 30-year financial page.
Harvey Norman Holdings (HNORY) has a ROA % of 7.58% as of Dec. 2025. Return on assets is the ratio of current-period net income to average two-period total assets. View historical data on Harvey Norman Holdings and its competitors. This is 12% below median its historical median of 8.57. Over the past decade, Harvey Norman Holdings' ROA % has ranged from 4.52 to 13.46. According to the industry distribution chart, Harvey Norman Holdings ranks #295 out of 1134 companies in the Retail - Cyclical industry, placing it in the top 26%.
Is Harvey Norman Holdings' ROA % too high?
Harvey Norman Holdings' current ROA % of 7.58% is 12% below median its 10-year median of 8.57. Over the past 10 years, this metric has ranged from a low of 4.52 to a high of 13.46. The Retail - Cyclical industry median ROA % is 2.72. Harvey Norman Holdings' value of 7.58% is 179.2% above this industry median. Based on the distribution chart, Harvey Norman Holdings ranks #295 out of 1134 companies in the Retail - Cyclical industry, which is above the industry midpoint. 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' ROA % compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Harvey Norman Holdings ranks #295 out of 1134 companies for ROA %. This puts Harvey Norman Holdings in the upper half of its industry. The industry median ROA % is 2.72. Harvey Norman Holdings' value of 7.58% is 179.2% above this benchmark. Historically, Harvey Norman Holdings' own ROA % has ranged from 4.52 to 13.46 over the past decade. While the company's 10-year median is 8.57 vs. the industry median of 2.72, Harvey Norman Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROA % for a Retail - Cyclical company?
The median ROA % among Retail - Cyclical companies is 2.72, based on 1,134 companies in the industry. Companies in the top quartile (top 25%) have a ROA % significantly above this median, while those in the bottom quartile fall well below. However, ROA % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Harvey Norman Holdings's current ROA % of 7.58% is 179.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROA % mean?
A high ROA % can signal that a stock is expensive relative to its fundamentals. Return on assets is the ratio of current-period net income to average two-period total assets. View historical data on Harvey Norman Holdings and its competitors. For the Retail - Cyclical industry, the median ROA % is 2.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harvey Norman Holdings's current ROA % is 7.58%, which is 12% below median its own 10-year median of 8.57. 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 ROA % is 7.58%, which is 12% below median its 10-year median of 8.57 and 179.2% above the Retail - Cyclical industry median of 2.72. 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 ROA % calculated?
ROA % is calculated from a company's financial statements. For Harvey Norman Holdings (HNORY), the current ROA % is 7.58% 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:
ROA %: 7.58% (12% below median its 10-year median of 8.57)
GF Value™: $10.78 vs. price of $15.62 (44.9% above fair value)
Industry Position: 179.2% above the Retail - Cyclical median (#295 of 1134)
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 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
ROA % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HNORY has been successfully added to your 
