H & M Hennes & Mauritz AB (HM-B) Fair Value & Analysis
Consumer Cyclical · SE · Market cap 262B SEK (≈ $27.4B) · ISIN SE0000106270
What is H & M Hennes & Mauritz AB really worth?
A solid business, currently priced close to our fair value of kr 165.47.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 24 valuation models · updated today
Share price −1.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (kr 110.57 to kr 224.94) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range kr 83.51 – kr 190.08 · fair‑value band kr 110.57 – kr 224.94 · the kr 175.50 price screens above the kr 165.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
H & M Hennes & Mauritz AB (HM-B) currently trades at kr 175.50, while our model-based Fair Value estimate is kr 165.47, implying the stock looks roughly 6.1% fairly valued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of kr 226.93 per share, and 13 of the 24 models we run sit above the kr 175.50 price. Bear case: the Asset-Based group reads lowest at kr 20.51, and 11 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, H & M Hennes & Mauritz AB generated revenue of 223B SEK at a net margin of 5.5%. Revenue declined 10.3% year over year. It earns a return on equity of 27.9%. Net debt stands at 102B SEK. Fundamentals as of Sep 5, 2026
Our scenario range runs from kr 110.57 (bear case) to kr 224.94 (bull case); at kr 175.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −24% fair-value upside, at −6%, HM-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 9 months have passed since. In that time the company retained roughly kr 0.4357 per share, which is 0.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (kr 226.93) versus Asset-Based (kr 20.51). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 69 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
H & M Hennes & Mauritz AB (publ) provides clothing, accessories, footwear, cosmetics, home textiles, and homeware for women, men, and children worldwide.
Full company description
H & M Hennes & Mauritz AB (publ) provides clothing, accessories, footwear, cosmetics, home textiles, and homeware for women, men, and children worldwide. It offers sportswear, shoes, bags, accessories, ready-to-wear, activewear, and jeans; interior products, including bed linens, towels and tablecloths, tableware, furniture, and lighting; and beauty products, such as make-up and fragrance collections. The company provides its products under the H&M, H&M HOME, H&M Move, H&M Beauty, COS, Cheap Monday, Weekday, Monki, & Other Stories, ARKET, and Singular Society brand names. In addition, it operates Sellpy, a broad digital platform for second-hand fashion and other products; Smartex.ai, a platform that detects faults in real time and helps in textile production; Syre, a platform which focuses on scaling textile-to-textile recycling primarily polyester; and A Retro Tale offers selected vintage and secondhand accessories, as well as provides collecting and sorting solutions to extend the useful life of no longer used garments through reuse and recycling under Looper Textile name. Further, the company operates seasonal vegetarian cafés and coffee shops. It offers its products through online and physical stores. H & M Hennes & Mauritz AB (publ) was incorporated in 1943 and is headquartered in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
H & M Hennes & Mauritz AB reported revenue of 228B SEK in FY2025 versus 199B SEK in FY2021, a compound +3.5%/yr. Reported net income was 12.2B SEK in FY2025, compounding +2.5%/yr from FY2021.
of which total revenue +3.2 % · buybacks/dilution +0.3 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Apparel Manufacturing · 214 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Apparel Manufacturing median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Ralph Lauren Corporation RL | $396.35 | $220.38 | −44% |
| Moncler S.p.A MONC | €46.15 | €50.69 | +10% |
| Gildan Activewear Inc GIL | C$75.50 | C$45.60 | −40% |
| LPP SA LPP | 21,340 PLN | 17,754 PLN | −17% |
| Levi Strauss & Co LEVI | $21.05 | $15.20 | −28% |
| V.F. Corporation VFC | $13.67 | $10.44 | −24% |
| Bosideng International Holdings 3998 | HK$4.42 | HK$5.92 | +34% |
| Youngor Fashion Co 600177 | ¥7.91 | ¥5.59 | −29% |
| Kontoor Brands, Inc KTB | $82.01 | $85.76 | +5% |
| Page Industries Limited PAGEIND | ₹35,155 | ₹12,395 | −65% |
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