# Lovisa Holdings (LOV.AU)

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

Analysis as of: 2026-10-16T07:41:16.941Z. Financial observations: FY2011–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 24.16 per share; close as of 2026-10-15.

Estimated value: low AUD 10.23 per share, central AUD 11.62 per share, high AUD 13.47 per share. Buy at or below the central value AUD 11.62 per share. Valuation as of 2026-10-16T07:41:16.941Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% 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: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.32×

- FY2018: 0.24×

- FY2019: 0.21×

- FY2020: 0.13×

- FY2021: 0.09×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.19×

- FY2025: 0.17×

- FY2026: 0.21×

### moat: fail

- Recent gross margin fell 40.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 24.1%

- ROIC, second-lowest year: 10.2%

- Typical minus recent gross margin: 40.7 pp

- Typical gross margin (annual median): 79.4%

- Recent gross margin (lower of latest and 3-year median): 38.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 21.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: 95.6%

- FY2020: 10.2%

- FY2021: 8.5%

- FY2022: 24.5%

- FY2023: 18.6%

- FY2024: 23.8%

- FY2025: 19.2%

- FY2026: 25.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 412M

- Net income, five-year total: AUD 391M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 5.6%

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

- FY2022: 0.64×

- FY2023: 0.10×

- FY2024: 0.92×

- FY2025: 1.55×

- FY2026: 1.65×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 173.5% vs 23.8%

- Per-share earnings: 0.27 to 0.78 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: AUD 2.2B

- Cumulative retained earnings: AUD 46M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.2%

- Per-share value change: AUD 0.51

- Per-share value, starting three-year median: AUD 0.27

- Per-share value, ending three-year median: AUD 0.78

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 6.2M

- Cumulative net income, 10 years: AUD 529M

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 23.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.27

- FY2018: AUD 0.33

- FY2019: AUD 0.34

- FY2020: AUD 0.10

- FY2021: AUD 0.23

- FY2022: AUD 0.53

- FY2023: AUD 0.62

- FY2024: AUD 0.75

- FY2025: AUD 0.78

- FY2026: AUD 0.86

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -19.7%

- Receivables to sales index (DSRI): 5.37×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.44×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -20.9%

- FY2018: -14.9%

- FY2019: -9.3%

- FY2020: -26.4%

- FY2021: -20.3%

- FY2022: -16.0%

- FY2023: -13.9%

- FY2024: -19.7%

- FY2025: -17.4%

- FY2026: -19.7%

## Holders

## Price story

Down 44% since Aug 2025 · sales +17.6%

Story as of 2026-10-16T10:00:11.863Z; price observation 2026-10-15.

Price needs cash profits to grow 10.2% a year for ten years

### Sales · FY2025–2026

sales +17.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 179M 

- FY2018: AUD 217M 

- FY2019: AUD 250M 

- FY2020: AUD 242M 

- FY2021: AUD 288M 

- FY2022: AUD 459M 

- FY2023: AUD 596M 

- FY2024: AUD 699M 

- FY2025: AUD 798M 

- FY2026: AUD 939M 

### Gross margin · FY2026

gross margin 38.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 78.8% 

- FY2018: 80.0% 

- FY2019: 80.5% 

- FY2020: 77.3% 

- FY2021: 76.7% 

- FY2022: 78.9% 

- FY2023: 79.9% 

- FY2024: 81.0% 

- FY2025: 82.0% 

- FY2026: 38.7% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are AUD 938.8 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2026: revenue 938763000; grossProfit 363650000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOV.AU: Lovisa Holdings Limited engages in the retail sale of fashion jewelry and accessories worldwide. It offers earrings, necklaces, rings, wristwear, body and piercings, and accessories under the Lovisa brand. The company also provides in-store piercings. In addition, it operates retail and franchise stores. The company was founded in 2010 and is based in Hawthorn, Australia.

### Why customers stay

Margins ranged from 38.7% to 82% during 2024–26; it earns 24.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2024: grossProfit / revenue = 81%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2025: grossProfit / revenue = 82%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2026: grossProfit / revenue = 38.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); 10-year return on capital observations [[2017,3.1608075196325185],[2018,1.7347800198220118],[2019,0.9559322208973595],[2020,0.10190998280369373],[2021,0.08531423146964237],[2022,0.24479392156976984],[2023,0.18556303793952825],[2024,0.23808449851347124],[2025,0.19226499659136118],[2026,0.25228759462305506]]; median 0.24143921004162056. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2017: growth capex 2651060.8741639927; upkeep 6148939.125836007; owner earnings 28436060.874163993. Growth capex / owner earnings = 0.09322883664849141.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2018: growth capex 3559599.9534892477; upkeep 10623400.046510752; owner earnings 32456599.953489248. Growth capex / owner earnings = 0.10967260768503796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2019: growth capex 3376076.4337665066; upkeep 19982923.566233493; owner earnings 26898076.433766507. Growth capex / owner earnings = 0.12551367537673988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2020: growth capex 0; upkeep 27161000; owner earnings 1070200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2021: growth capex 0; upkeep 15337000; owner earnings 23490600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2022: growth capex 0; upkeep 37378000; owner earnings 37113600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2023: growth capex 2644000; upkeep 74224000; owner earnings 6646600. Growth capex / owner earnings = 0.3977973700839527.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2024: growth capex 0; upkeep 38459000; owner earnings 76060600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2025: growth capex 0; upkeep 61033000; owner earnings 133870000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); FY2026: growth capex 0; upkeep 68844000; owner earnings 158034999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); Dividend observations: [[2017,12600000],[2018,21632000],[2019,33781000],[2020,15866000],[2021,37611000],[2022,59103000],[2023,80874000],[2024,88851000],[2025,96323000],[2026,88589000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 42.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOV.AU SharesStats.PercentInsiders = 42.903000000000006 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.2% yearly over ten years; actual growth was 25.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.941Z); Ten-year compound average after fade. Initial solved rate 0.13360484288143903. Price 24.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.14662517080315404 → FY2026 1.4265957769478874. Closing-price date 2026-10-15.

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

- 2016-10: AUD 3.39 per share

- 2016-11: AUD 3.30 per share

- 2016-12: AUD 3.90 per share

- 2017-01: AUD 3.86 per share

- 2017-02: AUD 3.98 per share

- 2017-03: AUD 3.58 per share

- 2017-04: AUD 3.50 per share

- 2017-05: AUD 3.83 per share

- 2017-06: AUD 3.69 per share

- 2017-07: AUD 4.15 per share

- 2017-08: AUD 4.58 per share

- 2017-09: AUD 5.23 per share

- 2017-10: AUD 5.92 per share

- 2017-11: AUD 5.95 per share

- 2017-12: AUD 6.87 per share

- 2018-01: AUD 7.84 per share

- 2018-02: AUD 9.05 per share

- 2018-03: AUD 9.85 per share

- 2018-04: AUD 9.62 per share

- 2018-05: AUD 11.58 per share

- 2018-06: AUD 11.70 per share

- 2018-07: AUD 11.22 per share

- 2018-08: AUD 10.87 per share

- 2018-09: AUD 10.31 per share

- 2018-10: AUD 7.67 per share

- 2018-11: AUD 7.65 per share

- 2018-12: AUD 6.21 per share

- 2019-01: AUD 7.20 per share

- 2019-02: AUD 10.02 per share

- 2019-03: AUD 8.96 per share

- 2019-04: AUD 10.08 per share

- 2019-05: AUD 11.40 per share

- 2019-06: AUD 11.36 per share

- 2019-07: AUD 11.14 per share

- 2019-08: AUD 12.65 per share

- 2019-09: AUD 12.81 per share

- 2019-10: AUD 13.48 per share

- 2019-11: AUD 12.11 per share

- 2019-12: AUD 12.37 per share

- 2020-01: AUD 11.17 per share

- 2020-02: AUD 9.61 per share

- 2020-03: AUD 4.94 per share

- 2020-04: AUD 7.48 per share

- 2020-05: AUD 7.81 per share

- 2020-06: AUD 5.95 per share

- 2020-07: AUD 6.33 per share

- 2020-08: AUD 7.50 per share

- 2020-09: AUD 8.28 per share

- 2020-10: AUD 7.50 per share

- 2020-11: AUD 10.38 per share

- 2020-12: AUD 11.33 per share

- 2021-01: AUD 10.63 per share

- 2021-02: AUD 14.49 per share

- 2021-03: AUD 14.33 per share

- 2021-04: AUD 14.64 per share

- 2021-05: AUD 14.17 per share

- 2021-06: AUD 15.25 per share

- 2021-07: AUD 15.75 per share

- 2021-08: AUD 19.74 per share

- 2021-09: AUD 19.00 per share

- 2021-10: AUD 21.72 per share

- 2021-11: AUD 20.61 per share

- 2021-12: AUD 20.09 per share

- 2022-01: AUD 17.65 per share

- 2022-02: AUD 19.94 per share

- 2022-03: AUD 18.72 per share

- 2022-04: AUD 16.54 per share

- 2022-05: AUD 15.06 per share

- 2022-06: AUD 13.81 per share

- 2022-07: AUD 17.80 per share

- 2022-08: AUD 23.07 per share

- 2022-09: AUD 21.27 per share

- 2022-10: AUD 24.40 per share

- 2022-11: AUD 23.48 per share

- 2022-12: AUD 23.11 per share

- 2023-01: AUD 26.29 per share

- 2023-02: AUD 24.10 per share

- 2023-03: AUD 24.24 per share

- 2023-04: AUD 26.55 per share

- 2023-05: AUD 20.57 per share

- 2023-06: AUD 19.30 per share

- 2023-07: AUD 21.45 per share

- 2023-08: AUD 22.38 per share

- 2023-09: AUD 19.34 per share

- 2023-10: AUD 17.32 per share

- 2023-11: AUD 19.19 per share

- 2023-12: AUD 24.47 per share

- 2024-01: AUD 23.02 per share

- 2024-02: AUD 32.44 per share

- 2024-03: AUD 33.37 per share

- 2024-04: AUD 31.74 per share

- 2024-05: AUD 33.91 per share

- 2024-06: AUD 32.87 per share

- 2024-07: AUD 34.94 per share

- 2024-08: AUD 31.09 per share

- 2024-09: AUD 36.00 per share

- 2024-10: AUD 29.92 per share

- 2024-11: AUD 29.41 per share

- 2024-12: AUD 30.16 per share

- 2025-01: AUD 29.09 per share

- 2025-02: AUD 29.09 per share

- 2025-03: AUD 24.00 per share

- 2025-04: AUD 24.93 per share

- 2025-05: AUD 29.35 per share

- 2025-06: AUD 31.68 per share

- 2025-07: AUD 34.14 per share

- 2025-08: AUD 43.14 per share

- 2025-09: AUD 37.39 per share

- 2025-10: AUD 36.24 per share

- 2025-11: AUD 32.13 per share

- 2025-12: AUD 29.31 per share

- 2026-01: AUD 30.99 per share

- 2026-02: AUD 23.93 per share

- 2026-03: AUD 21.16 per share

- 2026-04: AUD 23.65 per share

- 2026-05: AUD 23.22 per share

- 2026-06: AUD 23.63 per share

- 2026-07: AUD 23.86 per share

- 2026-08: AUD 25.72 per share

- 2026-09: AUD 24.49 per share

- 2026-10: AUD 24.40 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 1.92 per share, central AUD 2.17 per share, high AUD 2.50 per share

- FY2018: low AUD 3.44 per share, central AUD 3.89 per share, high AUD 4.49 per share

- FY2019: low AUD 3.89 per share, central AUD 4.41 per share, high AUD 5.10 per share

- FY2020: low AUD 2.79 per share, central AUD 3.15 per share, high AUD 3.64 per share

- FY2021: low AUD 3.40 per share, central AUD 3.84 per share, high AUD 4.41 per share

- FY2022: low AUD 4.85 per share, central AUD 6.83 per share, high AUD 7.99 per share

- FY2023: low AUD 4.96 per share, central AUD 5.62 per share, high AUD 6.50 per share

- FY2024: low AUD 5.75 per share, central AUD 6.52 per share, high AUD 7.55 per share

- FY2025: low AUD 8.83 per share, central AUD 12.75 per share, high AUD 14.93 per share

- FY2026: low AUD 10.22 per share, central AUD 11.61 per share, high AUD 13.46 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 2026-10-15T06:46:55.111Z where newer inputs omit a numeric field or fiscal period.

## 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.