H&M

164.15 SEK

-0.39 %

3,697 following

HM B

NASDAQ Stockholm

Personal Goods

Consumer Goods & Services

-0.39 %
-3.58 %
-14.82 %
-11.70 %
-4.17 %
+18.95 %
+18.47 %
-23.60 %
+6,960.22 %

H&M, Hennes & Mauritz, is a Swedish company that designs, produces and sells clothing and fashion items including accessories and home textiles. The company targets fashion-conscious consumers and collaborates with suppliers worldwide. H&M operates globally through both stores and e-commerce. The company was founded in 1947 and is headquartered in Stockholm, Sweden.

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Market cap
262.46B SEK
Turnover
1.3B SEK
P/E (adj.) (26e)
20.26
EV/EBIT (adj.) (26e)
16.32
P/B (26e)
5.89
EV/S (26e)
1.43
Dividend yield-% (26e)
4.57 %
Coverage
Recommendation
Sell
Target price
155.00 SEK
Updated
2026-03-27
Lucas Mattsson
Lucas Mattsson

Head of Equity Research, Sweden

Latest research

Latest analysis report

Released: 2026-03-27

Latest extensive report

Released: 2023-10-09

Revenue and EBIT-%

Revenue B

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
25/6
2026

Interim report Q2'26

24/9
2026

Interim report Q3'26

4/11
2026

Half year dividend

Risk
Business risk
Valuation risk
Low
High
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H&M Q1'26: Muted sales growth overshadows margin gains
Research by
Lucas Mattsson

H&M Q1'26: Muted sales growth overshadows margin gains

In our view, H&M’s Q1 report did not contain any major surprises. The overall narrative remains unchanged; the company continues to struggle to drive sales growth, while margin improvement is primarily supported by internal initiatives and external factors rather than top-line momentum. In our view, valuation levels remain elevated, and given the ongoing revenue concerns, we continue to view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and our target price to SEK 155 per share.

H&M
Forum discussions
Hi! My name is Lucas, and I cover H&M, among other things. Since our forum has now switched to multilingual mode, you can ask me questions, and I will participate in the discussion here.
10/13/2025, 1:02 PM
by Lucas Mattsson
15
Our own @lucas.mattsson comments on H&M’s development in the article below: H&M at a 14-month high – analyst: What determines the share price | EFN.se
12/18/2025, 12:28 PM
by Isa Hudd
2
Below is news on how H&M is launching a SEK 1 billion share buyback to return money to shareholders and at the same time tidy up its capital structure. The program is, however, small, i.e., only about 0.4% of the company’s value and concerns B-shares. According to the article, the...
11/21/2025, 11:47 AM
by Sijoittaja-alokas
2
Tomi Pätäri has written
9/30/2025, 7:54 PM
by Sijoittaja-alokas
1
Lucas has published a new company report on H&M regarding Q1 In our view, H&M’s Q1 report did not contain any major surprises. The overall picture remains unchanged; the company still faces challenges in growing sales, while profitability improvements are primarily supported by internal...
3/27/2026, 5:55 AM
by Sijoittaja-alokas
0
Here are Lucas’s preliminary comments as the company releases its Q1 results on Thursday, March 26 (Q1: Dec 1, 2025 – Feb 28, 2026) We believe H&M’s Q1 (December-February) revenue growth remained subdued, and we have therefore slightly revised our revenue forecasts downwards. However...
3/19/2026, 8:51 AM
by Sijoittaja-alokas
0
Lucas has published a new company report following H&M’s Q4 H&M’s Q4 results once again exceeded expectations, increasing our confidence that a gradual recovery in profitability is taking shape. Although operational cost control was strong this quarter, sales growth remained modest...
1/30/2026, 7:36 AM
by Sijoittaja-alokas
0
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