Hennes & Mauritz AB (HNNMY) Stock Price & How to Invest
Last updated October 2026
Short answer
HNNMY is an unsponsored US over-the-counter ADR for H&M, the Swedish fast-fashion group behind H&M, COS, Weekday, Monki and & Other Stories. The story in 2026 is margin repair rather than growth: sales are roughly flat in local currencies, but operating margin has climbed toward the double digits on cheaper sourcing and tight costs. Investors are effectively betting that profitability gains outlast the sales stagnation.
HNNMY stock price
As of 2026-10-23, Hennes & Mauritz AB (HNNMY) last closed at $3.47, down 8.7% over the past year. Over the past 52 weeks it has traded between $3.11 and $4.25.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Hennes & Mauritz AB's investor relations page. Walnut is informational, not investment advice.
What does Hennes & Mauritz AB (HNNMY) do?
H & M Hennes & Mauritz AB is the world's second-largest listed fashion retailer by sales after Inditex, the owner of Zara. Founded in Sweden in 1947 and still controlled by the Persson family, the group sells clothing, footwear, accessories and homeware through roughly 4,100 stores in about 75 markets plus online. Brands include H&M, H&M Home, COS, Weekday, Monki, & Other Stories, ARKET and the resale platform Sellpy. HNNMY is an unsponsored American depositary receipt traded over the counter in US dollars; each ADR represents a fraction of one Stockholm-listed B share, so its dollar price is much lower than the SEK quote and moves with both the share and the krona. The primary listing is HM B on Nasdaq Stockholm.
The financial picture is a company getting more profitable without getting bigger. In fiscal 2025 (December to November) net sales were ~SEK 228 billion, down in krona terms but up ~2% in local currencies, while operating profit rose to ~SEK 18.4 billion, an 8.1% margin, and earnings per share reached ~SEK 7.58. The nine months to August 2026 continued the pattern: sales of ~SEK 161.6 billion were flat in local currencies, but operating profit climbed to ~SEK 13.5 billion (8.3% margin) and EPS rose to ~SEK 5.53 from ~SEK 4.86. The third quarter stood out, with operating profit of ~SEK 6.0 billion and a 10.6% margin, beating consensus, helped by a gross margin of 54.0% that included about 1.6 points of one-time tariff and import effects. CEO Daniel Ervér, who took over in early 2024, credits purchasing, cost control and efficiency, and concedes there is more to do on sales. As of October 2026 the stock trades at roughly 21 times trailing earnings with a dividend yield near 4%, a premium to many apparel peers that assumes the margin gains stick and that growth eventually returns. The debate is whether H&M can win back customers from Zara, Shein and Uniqlo or is simply harvesting a shrinking store base more efficiently.
What's driving Hennes & Mauritz AB (HNNMY)?
1. Gross margin and sourcing
The single biggest lever in recent results has been gross margin, which rose to ~53.9% for the nine months to August 2026 from ~52.5% a year earlier, and to ~54.0% in the third quarter. H&M attributes the gains to lower purchasing costs, cheaper freight, better product planning and fewer markdowns. Each percentage point of gross margin on a ~SEK 220 billion revenue base is worth roughly SEK 2.2 billion of gross profit, which is why this line matters so much to the earnings story. The caution is that about 1.6 points of the third-quarter improvement came from one-time tariff and import effects, so the underlying trend is more modest than the headline. Holding margins near 54% as tariff timing normalizes is the near-term test.
2. Cost control and store rationalization
Selling and administrative expenses fell about 1% to ~SEK 24.8 billion in the third quarter even as sales held steady, and H&M operated roughly 2% fewer stores than a year earlier. The group has been closing underperforming locations, particularly in mature European markets and China, while refurbishing flagship stores and shifting space toward higher-productivity formats. This is how operating margin moved from ~7.1% to ~8.3% over the first nine months of fiscal 2026 without sales growth. Management's long-standing ambition is an operating margin above 10% on a full-year basis, a level it hit in the strong summer and autumn quarters but not yet across a whole year. Further gains depend on whether savings can keep outpacing wage and rent inflation.
3. Reigniting sales growth
Local-currency sales have been close to flat for two years: up ~2% in fiscal 2025 and roughly unchanged for the first nine months of fiscal 2026, with September 2026 guided at about +1%. That is the weakest part of the story and the reason the shares have lagged Inditex, which has been growing high single digits. H&M is responding with brand marketing, celebrity and designer collaborations, a sharper focus on fashion content for women's wear, and investments in its online experience and logistics. If the company can return to even 3% to 5% local-currency growth while protecting margins, operating leverage would be meaningful. If it cannot, earnings growth will eventually depend on cost cutting alone, which has natural limits.
4. Cash returns and the balance sheet
H&M generates substantial cash: operating cash flow was ~SEK 26.5 billion for the nine months to August 2026, up ~17%. The company pays an annual dividend that has run around SEK 6.80 per B share in recent years, typically split into two installments, implying a yield near 4% at recent prices, and it has run share buyback programs on top. Net debt excluding leases is modest, and the Persson family holds a controlling stake, which favors steady payouts and long-term ownership over aggressive leverage. For HNNMY holders, dividends arrive converted into dollars, net of Swedish withholding tax and depositary fees, so the received yield can differ from the headline SEK figure.
What are the risks to Hennes & Mauritz AB (HNNMY)?
The core risk is structural: H&M sits between ultra-cheap online players such as Shein and Temu and faster, more fashion-led rivals such as Zara, and it has struggled to show it is winning either fight. Flat local-currency sales for two years mean the earnings recovery is built mostly on margins, and margin gains that come from cheaper freight, purchasing and one-time tariff effects can reverse quickly if freight rates rise, cotton prices climb or US tariff policy shifts again. Consumer spending in Europe, H&M's largest region, is sensitive to inflation and weather, and an unseasonal month can swing quarterly results. Currency adds another layer for HNNMY holders: H&M reports in Swedish krona, earns in dozens of currencies and buys mostly in US dollars, and the ADR's dollar price also moves with SEK/USD. As an unsponsored OTC ADR, HNNMY can have wider bid-ask spreads, lower liquidity and depositary fees, and the company does not file full SEC reports for it. Sustainability scrutiny around fast fashion, supply-chain labor practices and possible EU regulation of textile waste and greenwashing claims also carry reputational and cost risk. Finally, family control limits the influence of outside shareholders on strategy and capital allocation.
Is HNNMY a buy or a sell?
We give no verdict on Hennes & Mauritz AB. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Gross margin and sourcing. The single biggest lever in recent results has been gross margin, which rose to ~53.9% for the nine months to August 2026 from ~52.5% a year earlier, and to ~54.0% in the third quarter.
The case against. The core risk is structural: H&M sits between ultra-cheap online players such as Shein and Temu and faster, more fashion-led rivals such as Zara, and it has struggled to show it is winning either fight.
Read the full bull and bear case on HNNMY, including what would have to change to break either one. Walnut is not an investment adviser.
How is Hennes & Mauritz AB (HNNMY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Hennes & Mauritz AB's investor relations page or your broker.
- Revenue (TTM): ~SEK 221B (~$23B)
- Operating profit (TTM): ~SEK 19.8B (~9% margin)
- Net income (TTM): ~SEK 13.1B
- EPS per B share (TTM): ~SEK 8.25
- P/E (trailing): ~21x
- Market cap: ~$28B
Trailing figures combine the nine months to August 2026 with the fourth quarter of fiscal 2025. Per-share numbers are for one Stockholm B share, not one HNNMY ADR, because each ADR represents only a fraction of a share; the ADR's dollar price and per-ADR earnings are proportionally smaller, so the P/E multiple is the cleaner comparison. At about 21 times trailing earnings and roughly 18 to 21 times forward estimates, H&M trades near Inditex's multiple despite much slower growth, which reflects confidence in the margin recovery and the roughly 4% dividend yield. Figures are approximate and move with the share price and the krona.
Who competes with Hennes & Mauritz AB (HNNMY)?
Global fast-fashion chains
Inditex (Zara, Massimo Dutti, Pull&Bear, Bershka), Fast Retailing (Uniqlo) and Primark are the closest comparisons. Inditex is the benchmark H&M is most often measured against, with faster growth and higher margins from its near-sourced, quick-response supply chain. Uniqlo competes on basics and technical fabrics, and Primark on rock-bottom prices in European high streets.
Ultra-low-cost online platforms
Shein and Temu ship directly from Chinese suppliers at prices H&M's store-based model struggles to match, and they have captured younger, price-sensitive shoppers in Europe and the US. Proposed EU and US changes to duty-free thresholds for small parcels could narrow their price advantage, which is one of the more watched policy variables for H&M's competitive position.
Mid-market and online apparel retailers
Gap Inc. (Old Navy, Gap), Next, Zalando, ASOS, Mango and department-store private labels compete for the same mid-priced wardrobe spend. Zalando and ASOS are important both as online rivals and as channels, while Next is often cited as a model of profitable omnichannel retailing. Premium brands H&M owns, such as COS and ARKET, also face contemporary labels.
What stocks are similar to Hennes & Mauritz AB (HNNMY)?
Other names that sit close to HNNMY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Hennes & Mauritz AB (HNNMY)
There are three common ways to get HNNMY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so HNNMY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where HNNMY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Hennes & Mauritz AB (HNNMY)
H&M is a mature, cash-generative fashion retailer whose earnings are recovering through cost discipline while sales stall; HNNMY gives US investors that exposure, with currency and ADR mechanics layered on top.
More on Hennes & Mauritz AB (HNNMY)
Whether HNNMY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is HNNMY a buy or a sell?, and where the stock could go from here in the HNNMY stock forecast.
For income investors, whether HNNMY pays a dividend and how the payout looks is covered in does HNNMY pay a dividend? And to weigh HNNMY against a peer, read the full side-by-side comparisons: HNNMY vs VRM and HNNMY vs WKHS.
Wondering how HNNMY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Hennes & Mauritz AB with AI
Connect the broker you already use and ask Walnut's AI how HNNMY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is HNNMY?
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HNNMY is the US over-the-counter ticker for an unsponsored American depositary receipt of H & M Hennes & Mauritz AB, the Swedish fashion retailer. The company's primary listing is the B share (HM B) on Nasdaq Stockholm, where most of the trading volume sits. A depositary bank holds Stockholm shares and issues dollar-denominated receipts that US investors can trade through ordinary brokerage accounts during US hours. Because the program is unsponsored, H&M did not set it up itself, and the company reports to investors in Swedish krona rather than through full SEC filings. Each ADR represents a fraction of one B share, which is why HNNMY trades at a low single-digit dollar price while the Stockholm share trades in the high SEK 100s. Owning HNNMY gives economic exposure to the same business, plus currency movements and depositary costs.
How does H&M make money?
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H&M earns nearly all of its revenue by selling clothing, footwear, accessories, cosmetics and homeware to consumers through its own stores and websites, plus a growing share through third-party marketplaces. The flagship H&M brand produces the vast majority of sales, with COS, Weekday, Monki, & Other Stories, ARKET and H&M Home adding higher-priced or niche formats, and Sellpy handling secondhand resale. The company does not own factories; it designs products in-house and buys them from independent suppliers, mostly in Asia, Turkey and Europe. Profit depends on the spread between purchasing cost and selling price (gross margin, recently around 54%), minus store rent, staff, logistics and marketing. Fiscal 2025 revenue was ~SEK 228 billion, with Europe its largest region, followed by North and South America and Asia.
How did H&M perform in its latest quarter?
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In the third quarter of fiscal 2026 (June to August 2026), reported on September 24, net sales were ~SEK 57.2 billion, essentially flat versus a year earlier in krona and up about 1% in local currencies, with roughly 2% fewer stores. Profit was the bright spot: operating profit rose to ~SEK 6.0 billion from ~SEK 4.9 billion, lifting the operating margin to 10.6% from 8.6% and beating the analyst consensus of about SEK 5.1 billion. Gross margin rose to 54.0%, though about 1.6 points came from one-time tariff and import effects. Selling and administrative costs fell about 1%. For the nine months, EPS rose to ~SEK 5.53 from ~SEK 4.86 and operating cash flow grew ~17%. The company guided September 2026 sales up about 1% in local currencies.
What is the ADR ratio and why does it matter?
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Each HNNMY receipt represents a fraction of one Stockholm-listed B share rather than one full share, which is why the ADR's dollar price is far below the krona share price converted to dollars. The ratio matters most when reading per-share data. Earnings per share and dividends that H&M reports, such as nine-month EPS of ~SEK 5.53 or an annual dividend around SEK 6.80, apply to one B share, not one ADR, so a per-ADR figure is proportionally smaller. Some data sites mix the two, producing odd-looking P/E ratios or market caps. Company-level measures such as market capitalization (~$28 billion), revenue and the P/E multiple are unaffected by the ratio and are the safer basis for comparison. The depositary bank's program page lists the exact current ratio and its fees.
Does HNNMY pay a dividend?
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Yes. H&M has a long record of paying dividends and has paid around SEK 6.80 per B share annually in recent years, usually in two installments, one in spring and one in autumn or early winter. At recent Stockholm prices that implies a yield of roughly 4%, among the higher yields in global apparel retail. HNNMY holders receive their proportional share converted into US dollars by the depositary bank, after Swedish withholding tax (statutory 30%, reducible to 15% under the US-Sweden treaty, sometimes only through a reclaim) and any per-ADR depositary fees. As a result the yield actually received can be lower than the headline figure and will vary with the SEK/USD exchange rate on the payment date. Payment timing on the ADR can also lag the Stockholm schedule by several days.
How is H&M valued compared with Inditex?
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As of October 2026, H&M trades at roughly 21 times trailing earnings, based on trailing EPS of about SEK 8.25 per B share and a share price in the mid-SEK 170s, with a market cap near $28 billion. Inditex, which owns Zara, is more than three times larger by market value and has historically traded in a similar low-20s P/E range. The difference is what investors get for that multiple. Inditex has delivered faster sales growth and operating margins near 20%, while H&M's operating margin is around 8% to 9% on a trailing basis with sales roughly flat. H&M's valuation therefore leans heavily on the expectation that margins keep rising toward its 10%-plus ambition, while its dividend yield, closer to 4%, is higher than Inditex's.
Who runs H&M and who controls it?
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Daniel Ervér became chief executive in January 2024, succeeding Helena Helmersson. He previously ran the H&M brand and has made cost discipline, purchasing efficiency and a sharper fashion offering his priorities. Control rests with the founding Persson family. Stefan Persson, son of founder Erling Persson, is a long-time principal owner, and Karl-Johan Persson, a former CEO, chairs the board. Through holding company Ramsbury Invest and direct stakes, the family owns a majority of the capital and, because the A shares carry ten votes each, a large majority of voting power. That structure supports long-term decisions and stable dividends, but outside shareholders, including HNNMY holders who cannot vote directly, have limited influence on strategy, board composition or capital allocation.
What are the main things to watch for H&M?
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Four indicators frame the story. First, local-currency sales growth each quarter and in the monthly sales updates; a sustained move above 3% would signal that product and marketing changes are working. Second, gross margin, especially as one-time tariff effects fade, since it has driven most of the recent profit improvement. Third, operating margin relative to the company's 10%-plus ambition on a full-year basis, last seen at about 8.1% for fiscal 2025 and 8.3% for the first nine months of fiscal 2026. Fourth, external pressures: freight and cotton costs, US tariff policy, EU rules on small-parcel imports that affect Shein and Temu, and the SEK/USD rate, which moves both reported results and the ADR's dollar price. The full-year report for fiscal 2026 is due in late January 2027.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Hennes & Mauritz AB's investor relations page or your broker before making investment decisions.