H&M HM B
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Updated: 2 Sep 2026
Base analysis: 5 Apr 2026
The news check keeps the assessment current.
General analysis — not personal advice.
HOLD
Clear
Hold the current position; wait for the Q2 report before adding.
The hold signal remains as the company is financially stable with margin improvements but lacks clear evidence of returning sales growth.
Market sentiment
Negative ↓
Trend: Declining
Sentiment has weakened slightly further due to AMF's divestment, underscoring concerns over growth and inventory management, despite support from Persson purchases.
Risk assessment
Low
Dilution:
Low
Strong cash and buybacks reduce funding needs
Jurisdiction:
Low
Sweden-listed; global but mostly stable markets
Execution:
Medium
Turnaround depends on brand and sales recovery
HOLD is the call. Negative is the market mood. Low risk means less can go wrong.
About the company
H&M (HM B) is a global fashion and homeware retailer operating both e-commerce and physical stores. The company is profitable and financially solid, focusing on margin improvement, cost control, and brand elevation rather than rapid growth. The key challenge remains weak sales growth in a highly competitive market.
Sector:
Apparel and home retail
Type:
Retail
Next report (Q3)
24 Sep 2026
Catalysts
24 Sep 2026
Nine-month report (Q3)
High
Date TBA
Nordstrom Marketplace launch in USA
Bull case
Dividends and a strong balance sheet can provide share price support while margin improvements continue through cost control.
Bear case
Weak sales in local currencies and AMF's large divestments risk dominating the narrative around growth and inventory management.
Why this signal
The hold signal remains as the company is financially stable with margin improvements but lacks clear evidence of returning sales growth.
Recent news
- Ramsbury Invest (the Persson family) purchased approximately 4 million B-shares for SEK 692 million in August, while AMF Fonder sold nearly 12 million shares for about SEK 2 billion and sharply reduced its holding. Handelsbanken downgraded to Hold on 26 August with an unchanged target price of SEK 190.
Key figures
Revenue
Q2 2026
SEK 54.8B
Net income
Q2 2026
SEK 4.0B
Gross margin
Q2 2026
56.6%
Exchange
Stockholm
Type
Retail
Sector
Apparel and home retail
Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.