# Haverty Furniture Companies (HVT.US)

Canonical: https://gigainvestors.com/s/HVT

Analysis as of: 2026-10-15T06:34:55.013Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $28.21 per share; close as of 2026-10-15.

Estimated value: low $21.74 per share, central $23.99 per share, high $26.99 per share. Buy at or below the central value $23.99 per share. Valuation as of 2026-10-15T06:34:55.013Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.03×

- FY2020: 0.06×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.08×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: -4.3 pp

- Typical gross margin (annual median): 56.4%

- Recent gross margin (lower of latest and 3-year median): 60.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.4%

- FY2017: 10.1%

- FY2018: 12.3%

- FY2019: 5.7%

- FY2020: 11.2%

- FY2021: 28.3%

- FY2022: 22.8%

- FY2023: 12.9%

- FY2024: 3.7%

- FY2025: 3.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $235M

- Net income, five-year total: $276M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.2 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.39×

- FY2024: 0.47×

- FY2025: 1.21×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.4% vs 3.9%

- Per-share earnings: 1.24 to 1.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.1%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: -$125M

- Cumulative retained earnings: $140M

- Diluted shares, 10-year annual growth: -3.1%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.4%

- Per-share value change: -$0.04

- Per-share value, starting three-year median: $1.24

- Per-share value, ending three-year median: $1.20

- Buybacks concentrated in cheaper years (correlation): 0.53

- Average buyback yield: 3.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $437M

- ROIC, first three-year median: 10.4%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.32

- FY2017: $0.97

- FY2018: $1.45

- FY2019: $1.11

- FY2020: $3.18

- FY2021: $4.70

- FY2022: $5.33

- FY2023: $3.37

- FY2024: $1.19

- FY2025: $1.20

### accounting: pass

- Sloan accruals: -5.1%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -6.8%

- FY2018: -9.1%

- FY2019: -7.4%

- FY2020: -10.4%

- FY2021: -0.9%

- FY2022: 5.9%

- FY2023: -6.3%

- FY2024: -6.0%

- FY2025: -5.1%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Feb 2023 · sales +5%

Story as of 2026-10-16T09:58:55.271Z; price observation 2026-10-15.

Price needs cash profits to grow 3.5% a year for ten years

- 2025-07-31: Haverty Furniture earnings beat by $0.02, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/haverty-furniture-earnings-beat-by-002-revenue-topped-estimates-4161624))

### Sales · FY2024–2025

sales +5%; source https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm; observed 2026-02-26.

- FY2016: $822M 

- FY2017: $820M 

- FY2018: $818M 

- FY2019: $802M 

- FY2020: $748M 

- FY2021: $1.0B 

- FY2022: $1.0B 

- FY2023: $862M 

- FY2024: $723M 

- FY2025: $759M 

### Gross margin · FY2025

gross margin 60.7%; source https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm; observed 2026-02-26.

- FY2016: 54.0% 

- FY2017: 54.3% 

- FY2018: 54.6% 

- FY2019: 54.2% 

- FY2020: 56.0% 

- FY2021: 56.7% 

- FY2022: 57.7% 

- FY2023: 60.7% 

- FY2024: 60.7% 

- FY2025: 60.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in home improvement retail; annual sales are USD 759 million.

- Source: https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm (filed 2026-02-26); FY2025: revenue 758995000; grossProfit 460497000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HVT.US: Haverty Furniture Companies, Inc. operates as a specialty retailer of residential furniture and accessories in the United States. The company offers furniture merchandise under the Havertys brand name. It also provides custom upholstery products and eclectic looks, as well as offers mattress product lines under the Tempur-Pedic, Serta, Sealy, Beautyrest, and Stearns and Foster names. The company sells home furnishings through its retail stores, as well as through its website. Haverty Furniture Companies, Inc. was founded in 1885 and is headquartered in Atlanta, Georgia.

### Why customers stay

Margins ranged from 60.7% to 60.7% during 2023–25; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 60.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 60.7%.

- Source: https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 60.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.10430560424152134],[2017,0.10133782990766671],[2018,0.12314355000059282],[2019,0.056566206704624186],[2020,0.11218361841772242],[2021,0.2831799080822332],[2022,0.22752870949658535],[2023,0.12851860621755595],[2024,0.037328466271477616],[2025,0.03901062963592362]]; median 0.10824461132962188. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 4.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 793000; upkeep 29045000; owner earnings 28356000. Growth capex / owner earnings = 0.02796586260403442.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 24465000; owner earnings 27126000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 21473000; owner earnings 38640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 16841000; owner earnings 25620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 10927000; owner earnings 66428000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 17786000; upkeep 16304000; owner earnings 90803000. Growth capex / owner earnings = 0.19587458564144355.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 11485000; upkeep 16926000; owner earnings 89358000. Growth capex / owner earnings = 0.12852794377671836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 53115000; owner earnings 21807000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 32092000; owner earnings 9475000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 19672000; owner earnings 23880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,30409000],[2017,11392000],[2018,35464000],[2019,15056000],[2020,50521000],[2021,52446000],[2022,33948000],[2023,35240000],[2024,20468000],[2025,20837000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 4778000 USD.

### Are managers owners

Insiders own 15% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HVT.US SharesStats.PercentInsiders = 14.963000000000001 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 3.5% yearly over ten years; actual growth was 1.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.036528863025294345. Price 28.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.236550527299426 → FY2025 1.453783917058827. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $17.75 per share

- 2016-11: $21.60 per share

- 2016-12: $23.70 per share

- 2017-01: $21.80 per share

- 2017-02: $23.20 per share

- 2017-03: $24.35 per share

- 2017-04: $24.65 per share

- 2017-05: $23.95 per share

- 2017-06: $25.10 per share

- 2017-07: $22.25 per share

- 2017-08: $23.45 per share

- 2017-09: $26.15 per share

- 2017-10: $23.85 per share

- 2017-11: $24.15 per share

- 2017-12: $22.65 per share

- 2018-01: $22.30 per share

- 2018-02: $20.35 per share

- 2018-03: $20.15 per share

- 2018-04: $18.15 per share

- 2018-05: $20.00 per share

- 2018-06: $21.60 per share

- 2018-07: $19.80 per share

- 2018-08: $22.10 per share

- 2018-09: $22.10 per share

- 2018-10: $20.28 per share

- 2018-11: $20.49 per share

- 2018-12: $18.78 per share

- 2019-01: $20.37 per share

- 2019-02: $24.36 per share

- 2019-03: $21.88 per share

- 2019-04: $23.82 per share

- 2019-05: $17.41 per share

- 2019-06: $17.03 per share

- 2019-07: $18.11 per share

- 2019-08: $19.15 per share

- 2019-09: $20.27 per share

- 2019-10: $18.14 per share

- 2019-11: $20.11 per share

- 2019-12: $20.16 per share

- 2020-01: $20.13 per share

- 2020-02: $16.82 per share

- 2020-03: $11.89 per share

- 2020-04: $13.53 per share

- 2020-05: $17.30 per share

- 2020-06: $16.00 per share

- 2020-07: $14.22 per share

- 2020-08: $21.12 per share

- 2020-09: $20.94 per share

- 2020-10: $25.02 per share

- 2020-11: $27.22 per share

- 2020-12: $27.67 per share

- 2021-01: $32.69 per share

- 2021-02: $36.17 per share

- 2021-03: $37.19 per share

- 2021-04: $46.47 per share

- 2021-05: $45.94 per share

- 2021-06: $42.76 per share

- 2021-07: $35.99 per share

- 2021-08: $35.63 per share

- 2021-09: $33.71 per share

- 2021-10: $28.70 per share

- 2021-11: $29.91 per share

- 2021-12: $30.57 per share

- 2022-01: $29.52 per share

- 2022-02: $28.41 per share

- 2022-03: $27.42 per share

- 2022-04: $24.83 per share

- 2022-05: $28.26 per share

- 2022-06: $23.18 per share

- 2022-07: $27.33 per share

- 2022-08: $26.82 per share

- 2022-09: $24.90 per share

- 2022-10: $26.58 per share

- 2022-11: $31.53 per share

- 2022-12: $29.90 per share

- 2023-01: $34.92 per share

- 2023-02: $37.74 per share

- 2023-03: $31.91 per share

- 2023-04: $30.14 per share

- 2023-05: $26.39 per share

- 2023-06: $30.22 per share

- 2023-07: $35.60 per share

- 2023-08: $31.30 per share

- 2023-09: $28.78 per share

- 2023-10: $26.05 per share

- 2023-11: $31.34 per share

- 2023-12: $35.50 per share

- 2024-01: $33.90 per share

- 2024-02: $34.30 per share

- 2024-03: $34.12 per share

- 2024-04: $30.80 per share

- 2024-05: $28.41 per share

- 2024-06: $25.29 per share

- 2024-07: $29.27 per share

- 2024-08: $27.40 per share

- 2024-09: $27.47 per share

- 2024-10: $22.15 per share

- 2024-11: $23.61 per share

- 2024-12: $22.26 per share

- 2025-01: $22.43 per share

- 2025-02: $22.83 per share

- 2025-03: $19.72 per share

- 2025-04: $18.16 per share

- 2025-05: $20.96 per share

- 2025-06: $20.35 per share

- 2025-07: $20.63 per share

- 2025-08: $22.55 per share

- 2025-09: $21.93 per share

- 2025-10: $21.81 per share

- 2025-11: $23.80 per share

- 2025-12: $23.36 per share

- 2026-01: $25.32 per share

- 2026-02: $23.81 per share

- 2026-03: $21.18 per share

- 2026-04: $22.14 per share

- 2026-05: $23.19 per share

- 2026-06: $25.53 per share

- 2026-07: $24.64 per share

- 2026-08: $27.27 per share

- 2026-09: $27.67 per share

- 2026-10: $27.26 per share

## Annual estimated value (USD per share)

- FY2016: low $16.62 per share, central $18.61 per share, high $21.26 per share

- FY2017: low $17.20 per share, central $19.17 per share, high $21.80 per share

- FY2018: low $17.35 per share, central $19.38 per share, high $22.08 per share

- FY2019: low $18.38 per share, central $20.49 per share, high $23.31 per share

- FY2020: low $25.10 per share, central $27.19 per share, high $29.98 per share

- FY2021: low $38.37 per share, central $47.73 per share, high $54.55 per share

- FY2022: low $77.99 per share, central $108.00 per share, high $125.75 per share

- FY2023: low $54.24 per share, central $60.86 per share, high $69.68 per share

- FY2024: low $46.57 per share, central $52.12 per share, high $59.51 per share

- FY2025: low $22.60 per share, central $24.79 per share, high $27.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:55.013Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/216085/000162828026012199/hvt-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.