Havertys
Havertys' revenue rose 5.0% to $759 million in fiscal 2025. Its net margin was 2.6%, down from 2.8% a year earlier. Free cash flow was $33 million, up 22.9%. It paid out $26 million in dividends and buybacks, 78% of free cash flow.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Havertys does
Havertys is a specialty retailer of home furniture and accessories. J.J. Haverty began the business in 1885 in Atlanta, Georgia. It now has 129 stores in 17 states in the Southern and Midwest regions of the U.S. All of its stores use the Havertys name and none are franchised.
It sells mainly to women in middle to upper-middle income households who own homes in the suburbs. Its stores serve over 90 cities and range from 15,000 to 60,000 selling square feet. It sells through a commissioned sales team and also offers a free design service, including in-home consultations. About 33.5% of its written sales in 2025 came from consultations with in-home designers, and the average sales ticket for customers who use the design service is generally twice its average.
Customers research and buy both online and in stores. The company imports a substantial part of its merchandise from foreign sources and depends on third-party carriers to ship products from its vendors.
Its biggest risks, as it describes them
- A weak economy and lower consumer spending on discretionary items like furniture.
- Competition from national, regional and local home furnishing retailers.
- Political and economic risks of importing a substantial part of its merchandise.
- Relying on third-party carriers, and on a small number of distribution centers that could be damaged.
- Not matching changing consumer tastes and shopping preferences, or losing brand strength.
Income statement
From fiscal 2016 to 2025, net income fell 4.0% a year; the filings' structured data doesn't give diluted earnings per share.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 166 | 123 | 121 | 120 | 125 |
| Debt incl. finance leases | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative means net cash) | −166 | −123 | −121 | −120 | −125 |
| Net debt to EBITDA | −1.2x | −0.9x | −1.3x | −2.5x | −2.5x |
| Debt to equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 780.8x | 777.0x | 449.8x | 161.4x | 166.6x |
| Current ratio | 1.5x | 1.8x | 1.8x | 1.8x | 1.9x |
| Quick ratio | 0.9x | 1.0x | 1.1x | 1.2x | 1.1x |
Cash flow
Projections
Project Havertys' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Havertys reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | −12.6% | −12.4% | 9.3% |
| Altman Z'' | 4.91 | 4.41 | 4.50 |
| Accruals ratio | −6.3% | −6.0% | −5.1% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Fail | Fail |
| Current ratio rose | Pass | Fail | Pass |
| Share count didn't rise | — | — | — |
| Gross margin rose | Pass | Pass | Fail |
| Revenue rose relative to assets | Fail | Fail | Pass |
| F-score | — | — | — |
Compare
Put Havertys side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Havertys | FY25 | 5.0% | — | 4.3% | 10.7% | −2.5x | — | |
| Lovesac | FY26 | 2.4% | 0.8% | 3.8% | — | — | — | Compare |
| Arhaus | FY25 | 8.5% | 6.4% | 4.3% | — | — | — | Compare |
| RH | FY25 | 8.1% | 11.3% | 7.3% | — | — | — | Compare |
| Williams-Sonoma | FY25 | 1.2% | 18.1% | 13.5% | 106.5% | −0.6x | 5 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 822 | 820 | 818 | 802 | 748 | 1,013 | 1,047 | 862 | 723 | 759 |
| Revenue growth | 2.1% | −0.2% | −0.3% | −1.9% | −6.7% | 35.4% | 3.4% | −17.7% | −16.1% | 5.0% |
| Gross profit | 443 | 445 | 446 | 434 | 419 | 575 | 604 | 523 | 439 | 460 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 28 | 21 | 30 | 22 | 59 | 91 | 89 | 56 | 20 | 20 |
| Diluted EPS (US$) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares (millions) | — | — | — | — | — | — | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | 60 | 52 | 70 | 63 | 130 | 97 | 51 | 97 | 59 | 53 |
| Capital expenditure | 30 | 24 | 22 | 17 | 11 | 34 | 28 | 53 | 32 | 20 |
| Free cash flow | 30 | 28 | 49 | 47 | 119 | 63 | 23 | 44 | 27 | 33 |
| Dividends paid | 30 | 11 | 36 | 15 | 50 | 52 | 34 | 35 | 20 | 21 |
| Share buybacks | 21 | 0 | 19 | 30 | 20 | 42 | 30 | 7 | 5 | 5 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 4 | 4 | 4 | 3 | 4 | 8 | 7 | 8 | 7 | 7 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 64 | 80 | 72 | 76 | 200 | 166 | 123 | 121 | 120 | 125 |
| Debt incl. finance leases | 56 | 55 | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total assets | 454 | 461 | 440 | 560 | 680 | 686 | 649 | 654 | 649 | 649 |
| Total liabilities | 173 | 167 | 166 | 300 | 427 | 430 | 360 | 346 | 341 | 341 |
| Shareholders' equity | 282 | 294 | 275 | 260 | 253 | 256 | 289 | 308 | 308 | 308 |
| Margins and ratios | ||||||||||
| Gross margin | 54.0% | 54.3% | 54.6% | 54.2% | 56.0% | 56.7% | 57.7% | 60.7% | 60.7% | 60.7% |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 3.5% | 2.6% | 3.7% | 2.7% | 7.9% | 9.0% | 8.5% | 6.5% | 2.8% | 2.6% |
| Free cash flow margin | 3.7% | 3.4% | 6.0% | 5.8% | 15.9% | 6.2% | 2.2% | 5.1% | 3.7% | 4.3% |
| Rule of 40 (growth + FCF margin) | 5.8% | 3.2% | 5.7% | 3.9% | 9.2% | 41.6% | 5.6% | −12.6% | −12.4% | 9.3% |
| Return on capital | 10.7% | 8.4% | 12.3% | 10.0% | 50.0% | 127.4% | 69.9% | 31.9% | 10.7% | 10.7% |
| Return on equity | 9.7% | 7.3% | 10.7% | 8.2% | 23.0% | 35.7% | 32.8% | 18.8% | 6.5% | 6.4% |
| Return on assets | 6.1% | 4.6% | 6.7% | 4.4% | 9.5% | 13.3% | 13.4% | 8.6% | 3.1% | 3.0% |
| Net debt to EBITDA | −0.1x | −0.3x | −0.3x | −1.5x | −2.1x | −1.2x | −0.9x | −1.3x | −2.5x | −2.5x |