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Pandora
(OTC:PNDRY)
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Rating:76Outperform
Price Target:
$18.00
▲(12.29% Upside)
Action:Upgraded
Date:08/18/26
PNDRY scores well on profitability/cash generation and constructive price momentum, with supportive valuation (P/E ~12 and ~2.66% yield). The score is held back primarily by elevated leverage and a cautious near-term outlook where the margin upgrade is partly driven by a one-off tariff benefit and demand remains mixed across key regions.
Positive Factors
Strong profitable growth
TTM revenue rose ~44% while gross margin was ~79% and EBIT margin ~24%. This combination indicates Pandora can scale its branded model with substantial profitability, providing resources to fund marketing, stores and product innovation over the medium term.
Negative Factors
Elevated financial leverage
Debt-to-equity around ~3.8x and a declining equity base leave the company more exposed to demand downturns or margin compression. Although total debt improved versus 2025, elevated leverage can constrain flexibility and make earnings less resilient.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitable growth
TTM revenue rose ~44% while gross margin was ~79% and EBIT margin ~24%. This combination indicates Pandora can scale its branded model with substantial profitability, providing resources to fund marketing, stores and product innovation over the medium term.
Read all positive factors
Pandora (PNDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.26B
Dividend Yield2.57%
Average Volume (3M)3.18K
Price to Earnings (P/E)12.3
Beta (1Y)1.13
Revenue Growth7.28%
EPS Growth8.61%
CountryUS
Employees42,281
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)8.52
Shares Outstanding600,000,000
10 Day Avg. Volume0
30 Day Avg. Volume3,181
Financial Highlights & Ratios
PEG Ratio2.05
Price to Book (P/B)10.21
Price to Sales (P/S)1.66
P/FCF Ratio9.13
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)1.24
Revenue Forecast (FY)$5.15B
Pandora Business Overview & Revenue Model
Company Description
Pandora A/S is a company dedicated to the design, production, and global sale of various jewelry products. Its business is structured into two primary segments: Core and Fuel With More. The company's extensive catalog features charms, bracelets, r...
How the Company Makes Money
Pandora generates revenue primarily from the sale of branded jewelry products. Its key revenue streams include: (1) Direct-to-consumer sales through company-owned and operated retail stores and its online channels (e-commerce), where the company e...
Pandora Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a cautiously positive tone: management delivered modest Q2 sales growth, upgraded full‑year organic and EBIT margin guidance, demonstrated strong margins and cash realization from a tariff claim, and highlighted strong outperformance in Latin America and Asia plus encouraging early results from product and marketing initiatives (including a platinum‑plated pilot). These positives are tempered by continued softness in core categories and mature markets (EMEA, U.K., Italy), a flat U.S. like‑for‑like, a deliberate promotional detox that will restrain near‑term growth, and sell‑in phasing to partners. Management emphasized that 2026 is a transition year and that more substantive like‑for‑like inflection is expected over time (with a clearer impact into 2027). Overall, highlights slightly outweigh the lowlights due to margin resilience, cash realization and regional strength, but the outlook remains cautious given macro and execution timing risks.Positive Updates
Modest Q2 Sales Growth
Q2 like-for-like growth of +1% and organic growth of +3%, reflecting early benefits from the new growth model and reduced promotional activity.
Negative Updates
Softness in Core and Mature Markets
Core business delivered -1% like‑for‑like (in line with Q1); EMEA region like‑for‑like down -2%, with weakness in mature markets such as Italy and the U.K., attributed in part to a deliberate reduction in promotional days.
Read all updates
Q2-2026 Updates
Positive
Negative
Modest Q2 Sales Growth
Q2 like-for-like growth of +1% and organic growth of +3%, reflecting early benefits from the new growth model and reduced promotional activity.
Read all positive updates
Company Guidance
Pandora upgraded full‑year guidance: organic growth now guided to 0%–3% (Q2 delivered 3% organic / 1% like‑for‑like), while like‑for‑like for the year is lifted to -2% to +1% (from -3% to 0%); EBIT‑margin guidance was raised to 22%–23% (from 21%–22%), driven largely by a one‑off U.S. tariff refund that contributed ~250 bps to Q2 EBIT (equating to ~50 bps of full‑year EBIT impact already recognized) with a further ~50 bps expected in H2 (≈100 bps total uplift to the year‑ahead margin guidance). In Q2 gross margin was up ~120 bps (and, excluding the one‑off, remained above 78% and only ~100 bps below prior year despite ~300 bps external headwinds), EBIT margin was up ~210 bps YoY, network expansion added ~4% in the quarter (company now targets ~+3% contribution from network vs prior 2%), sell‑in/other is expected ~-1%, returns remain high (≈40%), and management flagged mid‑single‑digit like‑for‑like in early Q3 (but cautioned it’s not a sustainable run‑rate).Pandora Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
52
Neutral
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 32.57B | 32.55B | 31.68B | 28.14B | 26.46B | 23.39B |
| Gross Profit | 25.60B | 24.81B | 25.29B | 22.12B | 20.19B | 17.80B |
| EBITDA | 10.36B | 10.49B | 10.20B | 8.96B | 8.77B | 7.50B |
| Net Income | 5.17B | 5.24B | 5.23B | 4.74B | 5.03B | 4.16B |
Balance Sheet | ||||||
| Total Assets | 29.23B | 29.60B | 27.76B | 23.80B | 22.01B | 18.54B |
| Cash, Cash Equivalents and Short-Term Investments | 912.00M | 1.30B | 2.39B | 1.40B | 794.00M | 1.04B |
| Total Debt | 16.55B | 19.22B | 13.40B | 11.17B | 7.59B | 3.93B |
| Total Liabilities | 24.93B | 24.32B | 22.25B | 18.44B | 14.85B | 11.54B |
| Stockholders Equity | 4.30B | 5.28B | 5.51B | 5.36B | 7.17B | 7.00B |
Cash Flow | ||||||
| Free Cash Flow | 6.69B | 5.91B | 7.04B | 5.90B | 3.24B | 5.64B |
| Operating Cash Flow | 8.14B | 7.36B | 8.72B | 7.38B | 4.43B | 6.23B |
| Investing Cash Flow | -1.96B | -2.29B | -1.89B | -1.80B | -1.78B | -631.00M |
| Financing Cash Flow | -6.27B | -6.12B | -5.70B | -4.93B | -3.10B | -7.48B |
Pandora Technical Analysis
Positive
16.03
Price Trends
14.81
Positive
12.65
Positive
12.02
Positive
Market Momentum
0.30
Positive
60.47
Neutral
84.77
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PNDRY, the sentiment is Positive. The current price of 16.03 is above the 20-day moving average (MA) of 15.65, above the 50-day MA of 14.81, and above the 200-day MA of 12.02, indicating a bullish trend. The MACD of 0.30 indicates Positive momentum. The RSI at 60.47 is Neutral, neither overbought nor oversold. The STOCH value of 84.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PNDRY.
Pandora Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $9.26B | 12.28 | 124.76% | 2.93% | 7.28% | 8.61% | |
67 Neutral | $3.29B | 11.33 | 16.01% | 1.47% | 1.35% | 661.25% | |
66 Neutral | $552.01M | 18.97 | 8.19% | 3.01% | 4.83% | 136.40% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $1.33B | -15.64 | 21.10% | ― | 17.73% | -112.49% | |
52 Neutral | $130.37M | -4.49 | -37.58% | 21.13% | 6.41% | -893.45% | |
37 Underperform | $7.37M | -2.80 | 16.37% | ― | 16.46% | 73.42% |
* Consumer Cyclical Sector Average
PNDRY
Pandora
16.38
-0.69
-4.04%
BGI
Birks & Mayors
0.35
-0.46
-56.68%
MOV
Movado Group
34.52
17.72
105.44%
SIG
Signet Jewelers
81.84
-6.74
-7.61%
REAL
RealReal
10.95
3.15
40.38%
BRLT
Brilliant Earth Group
1.31
-1.38
-51.30%
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.