# JB Hi-Fi (JBH.AU)

Canonical: https://gigainvestors.com/s/JBH.AU

Analysis as of: 2026-10-16T07:37:19.889Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: AUD 71.41 per share; close as of 2026-10-15.

Estimated value: low AUD 72.15 per share, central AUD 105.25 per share, high AUD 123.72 per share. Buy at or below the central value AUD 105.25 per share. Valuation as of 2026-10-16T07:37:19.889Z; scenarios are not confidence intervals.

Expected annual return: 13.1% at the stated quote. About 13.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.04×

- FY2026: 0.07×

### moat: pass

- ROIC, median of available years: 43.3%

- ROIC, second-lowest year: 26.7%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 22.2%

- Recent gross margin (lower of latest and 3-year median): 22.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 22.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 26.7%

- FY2018: 32.8%

- FY2019: 33.8%

- FY2020: 43.9%

- FY2021: 60.2%

- FY2022: 59.4%

- FY2023: 51.1%

- FY2024: 44.0%

- FY2025: 23.9%

- FY2026: 42.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 2.6B

- Net income, five-year total: AUD 2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 6.6%

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

- FY2022: 1.09×

- FY2023: 1.06×

- FY2024: 1.07×

- FY2025: 1.07×

- FY2026: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 32.8% vs 42.7%

- Per-share earnings: 1.49 to 4.22 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: AUD 6.1B

- Cumulative retained earnings: AUD 983M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.9%

- Per-share value change: AUD 2.73

- Per-share value, starting three-year median: AUD 1.49

- Per-share value, ending three-year median: AUD 4.22

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 1.7B

- Cumulative net income, 10 years: AUD 3.9B

- ROIC, first three-year median: 32.8%

- ROIC, last three-year median: 42.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 1.49

- FY2018: AUD 2.01

- FY2019: AUD 2.16

- FY2020: AUD 2.61

- FY2021: AUD 4.39

- FY2022: AUD 4.97

- FY2023: AUD 4.78

- FY2024: AUD 4.00

- FY2025: AUD 4.22

- FY2026: AUD 4.47

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.43×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.7%

- FY2018: -2.4%

- FY2019: -2.0%

- FY2020: -21.5%

- FY2021: -1.7%

- FY2022: -2.6%

- FY2023: -5.5%

- FY2024: -9.0%

- FY2025: -6.4%

- FY2026: -5.1%

## Holders

## Price story

Down 39% since Aug 2025 · sales +4.8%

Story as of 2026-10-16T10:00:08.963Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

### Sales · FY2025–2026

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 5.6B 

- FY2018: AUD 6.9B 

- FY2019: AUD 7.1B 

- FY2020: AUD 7.9B 

- FY2021: AUD 8.9B 

- FY2022: AUD 9.2B 

- FY2023: AUD 9.6B 

- FY2024: AUD 9.6B 

- FY2025: AUD 11B 

- FY2026: AUD 11B 

### Gross margin · FY2026

gross margin 22.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 21.9% 

- FY2018: 21.4% 

- FY2019: 21.5% 

- FY2020: 21.4% 

- FY2021: 22.2% 

- FY2022: 22.5% 

- FY2023: 22.7% 

- FY2024: 22.3% 

- FY2025: 22.4% 

- FY2026: 22.4% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are AUD 11.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2026: revenue 11064000000; grossProfit 2482400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBH.AU: JB Hi-Fi Limited retails home consumer products. It operates through four segments: JB Hi-Fi Australia, JB Hi-Fi New Zealand, The Good Guys, and e&s. The company provides computers and tablets; IT accessories and PC parts; headphones, speakers, and audio; smart homes; mobile phones; home appliances comprising large and small appliances, and personal care devices; gaming devices; turntables and vinyl accessories; and collectibles and merchandise, such as trading cards. It also offers outdoors and travel products, including electric scooters and accessories, garden and outdoor living, travel, and car and marine products; smart watches, fitness trackers, smart rings, fitness equipment, smart drink bottles, massagers, heat pads, smart scales and health monitors, air treatment, and sleep solutions; drones and cameras; office supplies comprising writing, stationery, notebooks, journals, planners, office tech, office furniture, and filing and storage products; and content creator gear. Additionally, the company provides installation services for TV, projector, audio, computer, mobile, tablet, smart home, Wi-Fi, and home appliances; mobile services that include mobile plans; trade in services; home appliance delivery services; and information technology services. It sells its products through branded retail store network comprising JB Hi-Fi/JB Hi-Fi Home stores in Australia; JB Hi-Fi stores in New Zealand; e&s stores in Australia; and The Good Guys stores in Australia, as well as online. JB Hi-Fi Limited was founded in 1974 and is based in Southbank, Australia.

### Why customers stay

Margins ranged from 22.3% to 22.4% during 2024–26; it earns 43.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2024: grossProfit / revenue = 22.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2025: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2026: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); 10-year return on capital observations [[2017,0.26702763865140733],[2018,0.32832181552941464],[2019,0.3384724688285373],[2020,0.43946348626632553],[2021,0.6023379505110275],[2022,0.5935226580509206],[2023,0.510522280960651],[2024,0.44035489239638936],[2025,0.23934283481666963],[2026,0.42706441006060164]]; median 0.4332639481634636. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); Gross margin observations: [[2021,0.22175614898890772],[2022,0.22534662045060658],[2023,0.22672026925953628]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 26.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2017: growth capex 0; upkeep 49100000; owner earnings 177200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2018: growth capex 0; upkeep 54400000; owner earnings 239200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2019: growth capex 4600000; upkeep 54700000; owner earnings 249800000. Growth capex / owner earnings = 0.018414731785428344.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2020: growth capex 0; upkeep 43100000; owner earnings 325280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2021: growth capex 0; upkeep 57700000; owner earnings 533040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2022: growth capex 0; upkeep 57600000; owner earnings 593100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2023: growth capex 0; upkeep 72000000; owner earnings 553840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2024: growth capex 0; upkeep 74500000; owner earnings 471020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2025: growth capex 0; upkeep 82300000; owner earnings 496020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2026: growth capex 0; upkeep 87500000; owner earnings 535200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); Dividend observations: [[2017,119100000],[2018,151600000],[2019,157400000],[2020,172300000],[2021,310200000],[2022,310200000],[2023,382700000],[2024,298500000],[2025,385900000],[2026,453700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); FY2026: cash repurchases 26900000 AUD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBH.AU SharesStats.PercentInsiders = 1.348 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years; actual growth was 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:19.889Z); Ten-year compound average after fade. Initial solved rate 0.024271835157792312. Price 71.41; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.3974380165289255 → FY2026 4.883211678832117. Closing-price date 2026-10-15.

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

- 2016-10: AUD 28.39 per share

- 2016-11: AUD 27.68 per share

- 2016-12: AUD 28.04 per share

- 2017-01: AUD 27.65 per share

- 2017-02: AUD 26.82 per share

- 2017-03: AUD 24.70 per share

- 2017-04: AUD 24.69 per share

- 2017-05: AUD 23.12 per share

- 2017-06: AUD 23.37 per share

- 2017-07: AUD 26.01 per share

- 2017-08: AUD 23.13 per share

- 2017-09: AUD 22.92 per share

- 2017-10: AUD 22.90 per share

- 2017-11: AUD 23.61 per share

- 2017-12: AUD 24.94 per share

- 2018-01: AUD 29.23 per share

- 2018-02: AUD 25.95 per share

- 2018-03: AUD 25.81 per share

- 2018-04: AUD 25.70 per share

- 2018-05: AUD 23.99 per share

- 2018-06: AUD 22.52 per share

- 2018-07: AUD 23.85 per share

- 2018-08: AUD 26.40 per share

- 2018-09: AUD 25.19 per share

- 2018-10: AUD 23.00 per share

- 2018-11: AUD 23.17 per share

- 2018-12: AUD 22.14 per share

- 2019-01: AUD 22.37 per share

- 2019-02: AUD 21.70 per share

- 2019-03: AUD 24.95 per share

- 2019-04: AUD 25.77 per share

- 2019-05: AUD 28.12 per share

- 2019-06: AUD 25.85 per share

- 2019-07: AUD 30.09 per share

- 2019-08: AUD 32.90 per share

- 2019-09: AUD 34.00 per share

- 2019-10: AUD 37.04 per share

- 2019-11: AUD 37.41 per share

- 2019-12: AUD 37.67 per share

- 2020-01: AUD 39.66 per share

- 2020-02: AUD 36.79 per share

- 2020-03: AUD 28.00 per share

- 2020-04: AUD 35.16 per share

- 2020-05: AUD 37.12 per share

- 2020-06: AUD 43.03 per share

- 2020-07: AUD 45.67 per share

- 2020-08: AUD 50.16 per share

- 2020-09: AUD 47.06 per share

- 2020-10: AUD 47.43 per share

- 2020-11: AUD 45.71 per share

- 2020-12: AUD 48.62 per share

- 2021-01: AUD 51.77 per share

- 2021-02: AUD 43.41 per share

- 2021-03: AUD 51.78 per share

- 2021-04: AUD 46.28 per share

- 2021-05: AUD 48.55 per share

- 2021-06: AUD 50.58 per share

- 2021-07: AUD 48.04 per share

- 2021-08: AUD 45.79 per share

- 2021-09: AUD 45.52 per share

- 2021-10: AUD 50.49 per share

- 2021-11: AUD 48.19 per share

- 2021-12: AUD 48.32 per share

- 2022-01: AUD 45.99 per share

- 2022-02: AUD 49.31 per share

- 2022-03: AUD 54.22 per share

- 2022-04: AUD 52.97 per share

- 2022-05: AUD 45.96 per share

- 2022-06: AUD 38.46 per share

- 2022-07: AUD 42.09 per share

- 2022-08: AUD 40.69 per share

- 2022-09: AUD 37.96 per share

- 2022-10: AUD 42.91 per share

- 2022-11: AUD 44.69 per share

- 2022-12: AUD 41.95 per share

- 2023-01: AUD 48.38 per share

- 2023-02: AUD 41.84 per share

- 2023-03: AUD 42.47 per share

- 2023-04: AUD 44.45 per share

- 2023-05: AUD 42.59 per share

- 2023-06: AUD 43.75 per share

- 2023-07: AUD 45.65 per share

- 2023-08: AUD 45.67 per share

- 2023-09: AUD 45.42 per share

- 2023-10: AUD 45.17 per share

- 2023-11: AUD 47.84 per share

- 2023-12: AUD 53.03 per share

- 2024-01: AUD 57.19 per share

- 2024-02: AUD 61.56 per share

- 2024-03: AUD 64.25 per share

- 2024-04: AUD 61.05 per share

- 2024-05: AUD 58.23 per share

- 2024-06: AUD 61.21 per share

- 2024-07: AUD 69.65 per share

- 2024-08: AUD 79.57 per share

- 2024-09: AUD 79.94 per share

- 2024-10: AUD 82.03 per share

- 2024-11: AUD 90.86 per share

- 2024-12: AUD 92.68 per share

- 2025-01: AUD 101.51 per share

- 2025-02: AUD 92.05 per share

- 2025-03: AUD 92.83 per share

- 2025-04: AUD 103.59 per share

- 2025-05: AUD 107.81 per share

- 2025-06: AUD 110.35 per share

- 2025-07: AUD 111.70 per share

- 2025-08: AUD 117.21 per share

- 2025-09: AUD 116.00 per share

- 2025-10: AUD 104.72 per share

- 2025-11: AUD 98.18 per share

- 2025-12: AUD 96.22 per share

- 2026-01: AUD 81.15 per share

- 2026-02: AUD 82.13 per share

- 2026-03: AUD 72.42 per share

- 2026-04: AUD 76.98 per share

- 2026-05: AUD 74.49 per share

- 2026-06: AUD 80.48 per share

- 2026-07: AUD 81.93 per share

- 2026-08: AUD 66.90 per share

- 2026-09: AUD 70.28 per share

- 2026-10: AUD 71.60 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 26.00 per share, central AUD 37.93 per share, high AUD 44.58 per share

- FY2018: low AUD 31.61 per share, central AUD 46.12 per share, high AUD 54.21 per share

- FY2019: low AUD 29.72 per share, central AUD 41.10 per share, high AUD 48.21 per share

- FY2020: low AUD 35.57 per share, central AUD 51.20 per share, high AUD 60.02 per share

- FY2021: low AUD 32.91 per share, central AUD 40.52 per share, high AUD 47.15 per share

- FY2022: low AUD 50.20 per share, central AUD 73.22 per share, high AUD 86.07 per share

- FY2023: low AUD 73.24 per share, central AUD 106.85 per share, high AUD 125.59 per share

- FY2024: low AUD 73.69 per share, central AUD 106.25 per share, high AUD 124.65 per share

- FY2025: low AUD 80.59 per share, central AUD 116.50 per share, high AUD 136.79 per share

- FY2026: low AUD 71.98 per share, central AUD 105.00 per share, high AUD 123.42 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

## Sources

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.