H&M (Hennes & Mauritz) (HNNMY) Stock Forecast and Price Target (2026)

Sell-side coverage follows trading volume and banking relationships, so smaller companies, recent listings, and names outside the major indices often carry little or none. That is the situation with HNNMY. It says nothing about the quality of the business, but it does mean there is no informed average to anchor to, and that any single target you find elsewhere is one analyst's model rather than a consensus.

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.

For the fiscal year ending Nov 2026, the 25 analysts publishing estimates on HNNMY expect revenue of 222.8 billion SEK (-2.4%).

Estimates are the most widely published forecast there is: many more analysts model a company's earnings than publish a price target on it. They are also revised constantly, and the direction of those revisions into a report is often more informative than the level. H&M (Hennes & Mauritz) next reports on September 24, 2026, which is when these figures get tested against actual results.

Not a published one. Analyst price targets run to about twelve months, occasionally two years, and the firms covering HNNMY do not put out a 2030 number. Anything presenting one is extrapolating a growth rate rather than reporting research, and a figure produced that way tells you about the assumption chosen, not about the company.

What can be said over a long horizon is what the current price already assumes about the business, which is a question the filings answer and a forecast cannot.

That is the more useful frame for a ten-year question. A share price is the market’s estimate of future cash flows discounted to today, so the multiple is already a statement about growth. The long-horizon question is whether H&M (Hennes & Mauritz) can deliver what is priced in, and what would have to change for that to break. Both are answerable from the drivers and risks below. A number for 2030 is not.

In short: the drivers cited most often are Gross margin and sourcing, Cost control and store rationalization, Reigniting sales growth. The risk cited most often against it is 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.

Both sides are worked through properly, with the high and low targets used as the bull and bear anchors, on the HNNMY is it a buy page. This page deliberately stops at the numbers.