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Here Group
(NASDAQ:HERE)
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Rating:51Neutral
Price Target:
$2.00
▲(7.53% Upside)
Action:Reiterated
Date:07/01/26
The score is held back primarily by weakening recent fundamentals (sharp annual revenue/earnings/cash flow contraction) and a clearly bearish price trend (trading below all major moving averages). The earnings call adds some support via margin improvement and new-IP traction, but downgraded guidance, widening losses, and a relatively high P/E with no dividend keep the overall outlook cautious.
Positive Factors
Scalable IP portfolio & flagship traction
A concentrated but scalable IP model with a flagship that already drives the majority of sales and a rapidly growing new IP demonstrates product-market fit and repeatable monetization. Proprietary IP plus licensed titles create a runway for cross‑IP merchandising, sequenced launches and higher lifetime value over months to years.
Negative Factors
Severe recent revenue & cash decline
A near‑total decline in top‑line and free cash flow signals structural demand or execution problems that undermine durability of prior profitability. Such a collapse materially raises uncertainty about recurring revenue, weakens cash generation consistency, and increases reliance on corrective management actions to restore stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Scalable IP portfolio & flagship traction
A concentrated but scalable IP model with a flagship that already drives the majority of sales and a rapidly growing new IP demonstrates product-market fit and repeatable monetization. Proprietary IP plus licensed titles create a runway for cross‑IP merchandising, sequenced launches and higher lifetime value over months to years.
Read all positive factors
Here Group Key Performance Indicators (KPIs)
Any
Revenue by Pop Toy Business
Revenue from the Pop Toy Business shows how much of HERE’s sales come from consumer toy products, licensing, and related retail channels. A growing contribution can provide near-term cash and diversify income, but heavy dependence on a trend-driven consumer segment adds seasonality, inventory and retail risks, and may distract management from core mapping and location services. Investors should monitor growth trends, margins, and channel stability to decide if this business is a sustainable profit driver or a volatile, short-term boost.
Revenue from the Pop Toy Business shows how much of HERE’s sales come from consumer toy products, licensing, and related retail channels. A growing contribution can provide near-term cash and diversify income, but heavy dependence on a trend-driven consumer segment adds seasonality, inventory and retail risks, and may distract management from core mapping and location services. Investors should monitor growth trends, margins, and channel stability to decide if this business is a sustainable profit driver or a volatile, short-term boost.
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The Fly
The FlyHere Group (HERE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$90.82M
Dividend Yield2.52%
Average Volume (3M)22.73K
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth-77.43%
EPS Growth-166.23%
CountryUS
Employees714
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)-1.58
Shares Outstanding37,764,930
10 Day Avg. Volume32,767
30 Day Avg. Volume22,730
Financial Highlights & Ratios
PEG Ratio-1.54
Price to Book (P/B)3.41
Price to Sales (P/S)1.01
P/FCF Ratio99.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.55
Revenue Forecast (FY)$1.02B
Here Group Business Overview & Revenue Model
Company Description
Here Group Limited designs and sells pop toys in China. It offers collectible pop toys, such as plush toys and figures under HERE brand. The company was formerly known as QuantaSing Group Limited and change its name to Here Group Limited in Novemb...
Here Group Earnings Call Summary
Earnings Call Date:Sep 22, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Dec 16, 2026
Earnings Call Sentiment Positive
The call was strategically optimistic, supported by 94.1% year-over-year fourth-quarter revenue growth, rapid expansion of newer IPs, a broader portfolio, and continued development of D2C, Roboshop, partnership, and experiential initiatives. However, the company faced significant near-term financial pressure, including sequential revenue decline, lower traditional channel sales, gross-margin compression, higher operating expenses, a CNY 124.1 million goodwill impairment, widened adjusted losses, and elevated channel inventory. The highlights outweigh the lowlights in terms of operating momentum and strategic progress, but management acknowledged that profitability and inventory normalization remain ongoing challenges.Positive Updates
Strong Fourth-Quarter and Full-Year Revenue Growth
Fourth-quarter revenue was CNY 127.7 million, representing a 94.1% year-over-year increase. Full-year fiscal 2026 revenue reached CNY 596.8 million. The year-over-year growth was primarily driven by higher sales of both existing and newly launched IP product lines in the pop toy business.
Negative Updates
Sequential Revenue Decline
Fourth-quarter revenue of CNY 127.7 million increased 94.1% year over year but declined sequentially. Management attributed the sequential decrease to a challenging market environment and lower channel sales.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Fourth-Quarter and Full-Year Revenue Growth
Fourth-quarter revenue was CNY 127.7 million, representing a 94.1% year-over-year increase. Full-year fiscal 2026 revenue reached CNY 596.8 million. The year-over-year growth was primarily driven by higher sales of both existing and newly launched IP product lines in the pop toy business.
Read all positive updates
Company Guidance
Management’s near-term mandate is to “drive towards sustainable profitability at an early date,” while expecting the gap between revenue and cost trends to close “over time as our revenue stabilizes and our cost structures are optimized”; it will maintain a “steady, uncompromising cadence” in operating and incubating proprietary IPs, remain disciplined in capital allocation, and prioritize stores with sound unit economies, with seven D2C stores across four core cities, 25 Roboshops across six cities, and a portfolio of 22 IPs comprising 13 proprietary IPs and nine exclusively licensed IPs as of June 30, 2026. Management said the Hong Kong Central Pier IP boat experience is expected to launch early next month, with its maiden voyage on October 1, and that it does not anticipate a rapid market recovery in the near term; inventory pressure is “temporary and fully manageable,” but working it down structurally “will take time,” and the company will not use aggressive clearing measures that undermine its brand premium. The board approved a $20 million ADS repurchase program in June, and as of September 16, 2026, the company had repurchased approximately $0.4 million ADS for approximately $0.7 million.Here Group Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
46
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 466.70M | 2.73B | 3.80B | 3.08B | 2.87B | 1.76B |
| Gross Profit | 163.51M | 2.22B | 3.25B | 2.69B | 2.46B | 1.58B |
| EBITDA | -91.02M | 478.04M | 392.43M | -83.25M | -204.48M | -307.58M |
| Net Income | 232.41M | 358.73M | 385.53M | -108.54M | -233.43M | -316.04M |
Balance Sheet | ||||||
| Total Assets | 1.34B | 1.66B | 1.43B | 1.22B | 603.47M | 330.23M |
| Cash, Cash Equivalents and Short-Term Investments | 667.79M | 1.04B | 1.03B | 930.58M | 399.06M | 54.73M |
| Total Debt | 36.19M | 34.54M | 66.09M | 93.93M | 22.90M | 9.07M |
| Total Liabilities | 323.57M | 728.56M | 909.53M | 997.60M | 1.39B | 609.73M |
| Stockholders Equity | 797.28M | 809.00M | 516.48M | 223.70M | -125.19M | -279.51M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 27.82M | 279.08M | 229.87M | 268.08M | 43.80M |
| Operating Cash Flow | 0.00 | 28.25M | 282.72M | 235.62M | 272.64M | 79.42M |
| Investing Cash Flow | 0.00 | -4.65M | -132.78M | 201.00K | -108.58M | -62.35M |
| Financing Cash Flow | 0.00 | -13.65M | -130.19M | 247.70M | 71.63M | -21.09M |
Here Group Risk Analysis
Here Group disclosed 103 risk factors in its most recent earnings report. Here Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Here Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $57.76M | 1.10 | 7.52% | 8.70% | -11.84% | -26.71% | |
71 Outperform | $781.66M | 16.60 | 15.30% | ― | 3.64% | 129.52% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $757.51M | 30.35 | 11.59% | 6.19% | 22.02% | 57.98% | |
51 Neutral | $90.82M | -2.37 | 7.89% | 2.52% | -77.43% | -166.23% | |
41 Neutral | $80.53M | -1.51 | -41.94% | ― | -47.59% | 81.39% |
* Consumer Cyclical Sector Average
HERE
Here Group
1.69
-7.63
-81.87%
APEI
American Public Education
41.67
2.55
6.51%
LINC
Lincoln Edu
22.46
-0.78
-3.36%
CHGG
Chegg
0.73
-0.79
-51.71%
IH
iHuman
1.15
-1.56
-57.63%
Here Group Corporate Events
Here Group Cuts FY 2026 Revenue Outlook and Launches New $20 Million Buyback
Jun 5, 2026
Here Group Limited reported unaudited results for the third quarter of fiscal 2026, covering January 1 to March 31, 2026, with revenue of RMB164.7 million, down from the prior quarter, and a net loss widening to RMB34.1 million, while adjusted net...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.