Pandora (PNDRY)
OTHER OTC:PNDRY
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Pandora
(OTC:PNDRY)
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Rating:69Neutral
Price Target:
$13.50
▼(-9.09% Downside)
Action:Reiterated
Date:06/05/26
The score is driven primarily by strong margins and free cash flow, supported by an attractive valuation (low P/E and solid yield). These positives are tempered by elevated balance-sheet leverage and a sharp trailing revenue decline, which increase downside sensitivity despite constructive technical momentum.
Positive Factors
Strong free cash flow
Consistent, sizable free cash flow provides durable internal funding for operations, capex, and strategic initiatives. Over 2-6 months this underpins flexibility to invest, service obligations, and support returns or restructuring without relying heavily on external capital markets.
Negative Factors
Elevated leverage
Very high leverage materially reduces financial flexibility and increases interest and refinancing risk. With a thin equity base, earnings volatility or weaker cash flows could force asset sales, dividend cuts or costly refinancing decisions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Consistent, sizable free cash flow provides durable internal funding for operations, capex, and strategic initiatives. Over 2-6 months this underpins flexibility to invest, service obligations, and support returns or restructuring without relying heavily on external capital markets.
Read all positive factors
Pandora (PNDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.09B
Dividend YieldN/A
Average Volume (3M)3.18K
Price to Earnings (P/E)10.4
Beta (1Y)1.24
Revenue Growth8.50%
EPS Growth6.18%
CountryUS
Employees37,000
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)8.35
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 Cap9.00
Enterprise Value/Revenue1.97
Enterprise Value/Gross Profit2.49
Enterprise Value/Ebitda6.15
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.18
Revenue Forecast (FY)$5.13B
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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The call balances clear near-term challenges — notably weak like‑for‑like growth, significant silver/commodity-driven cost pressure, regional softness and transitional one‑off costs — with several strong mitigants: robust profitability and margins in 2025, high hedging coverage for 2026, active cost programs, a capital return track record, and a concrete strategic response (design-led repositioning and the PANDORA EVERSHINE platinum‑plated plan) designed to materially reduce silver exposure and restore margin resilience over the medium term. Near-term execution and transition costs create measurable downside risk in 2026–2027, but the company has articulated a credible roadmap to regain >21% EBIT margin midterm and to preserve the accessible positioning of the brand.Positive Updates
Solid Profitability Maintained
EBIT margin remained around 24% for FY2025 despite headwinds; Q4 gross margin was 78% (down 170 bps YoY) and the company offset much of the commodity, FX and tariff pressures through pricing and cost efficiencies.
Negative Updates
Soft Top-Line and Like‑for‑Like Growth
Q4 like‑for‑like growth was 0% and FY ended with only +2% LFL, below company expectations. 2026 like‑for‑like guidance is cautious at -3% to 0% (organic growth -1% to +2%).
Read all updates
Q4-2025 Updates
Positive
Negative
Solid Profitability Maintained
EBIT margin remained around 24% for FY2025 despite headwinds; Q4 gross margin was 78% (down 170 bps YoY) and the company offset much of the commodity, FX and tariff pressures through pricing and cost efficiencies.
Read all positive updates
Company Guidance
Pandora guided 2026 organic growth of -1% to +2% (like‑for‑like -3% to 0% plus a 2ppt network expansion), with current trading around flat LFL; FY‑2025 finished at +2% LFL (Q4 0%) and EBIT margin ~24%. For 2026 management targets an EBIT margin around 21–24% (Anders noted ~21–22% excluding headwinds) and expects 250–350bps of external headwinds (commodities ~150–250bps, tariffs ~150bps), having hedged 90–100% of 2026 silver/gold exposure; Q4 gross margin was 78% (down 170bps YoY) and Q4 EBIT margin only ~100bps lower YoY despite ~440bps total shown headwinds in the bridge. The company plans to cut silver exposure by ~80% (first ~30ppt in 2027, ~20ppt in 2028), deliver mid‑term EBIT >21% (2027: >14% at $82/oz silver before transition one‑offs, ≥12% including one‑offs), incur ~DKK600m of one‑off CapEx (DKK300–500m this year), continue converting ~800 stores to the new format, proposes a DKK22/share dividend (up 10%) after returning ~DKK6bn in cash last year, and will pause large buybacks until the platinum‑plating transition is clearer.Pandora Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
44
Neutral
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 32.43B | 32.55B | 31.68B | 28.14B | 26.46B | 23.39B |
| Gross Profit | 25.58B | 24.81B | 25.29B | 22.12B | 20.19B | 17.80B |
| EBITDA | 10.37B | 10.49B | 10.20B | 8.96B | 8.77B | 7.50B |
| Net Income | 5.10B | 5.24B | 5.23B | 4.74B | 5.03B | 4.16B |
Balance Sheet | ||||||
| Total Assets | 28.98B | 29.60B | 27.76B | 23.80B | 22.01B | 18.54B |
| Cash, Cash Equivalents and Short-Term Investments | 826.82M | 1.30B | 2.39B | 1.40B | 794.00M | 1.04B |
| Total Debt | 16.93B | 19.22B | 13.40B | 11.17B | 7.59B | 3.93B |
| Total Liabilities | 24.96B | 24.32B | 22.25B | 18.44B | 14.85B | 11.54B |
| Stockholders Equity | 4.02B | 5.28B | 5.51B | 5.36B | 7.17B | 7.00B |
Cash Flow | ||||||
| Free Cash Flow | 6.06B | 5.91B | 7.04B | 5.90B | 3.24B | 5.64B |
| Operating Cash Flow | 7.69B | 7.36B | 8.72B | 7.38B | 4.43B | 6.23B |
| Investing Cash Flow | -2.18B | -2.29B | -1.89B | -1.80B | -1.78B | -631.00M |
| Financing Cash Flow | -5.52B | -6.12B | -5.70B | -4.93B | -3.10B | -7.48B |
Pandora Technical Analysis
Positive
14.85
Price Trends
10.86
Positive
10.16
Positive
12.22
Positive
Market Momentum
0.54
Negative
74.01
Negative
79.22
Neutral
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 14.85 is above the 20-day moving average (MA) of 11.94, above the 50-day MA of 10.86, and above the 200-day MA of 12.22, indicating a bullish trend. The MACD of 0.54 indicates Negative momentum. The RSI at 74.01 is Negative, neither overbought nor oversold. The STOCH value of 79.22 is Neutral, 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 | $8.99B | 15.01 | 28.33% | 2.58% | 2.61% | 30.39% | |
76 Outperform | $6.08B | 13.67 | 17.64% | ― | 11.23% | 8.96% | |
70 Outperform | $3.27B | 20.48 | 10.26% | 2.18% | 0.54% | -19.72% | |
70 Outperform | $6.35B | 9.57 | 14.44% | 3.23% | -0.35% | 25.21% | |
69 Neutral | $7.09B | 10.37 | 128.90% | ― | 8.50% | 6.18% | |
66 Neutral | $3.34B | 11.79 | 16.01% | 1.46% | 1.35% | 661.25% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
PNDRY
Pandora
13.06
-7.80
-37.38%
COLM
Columbia Sportswear
64.51
5.59
9.49%
M
Macy's
25.34
14.72
138.67%
SIG
Signet Jewelers
85.09
6.64
8.46%
URBN
Urban Outfitters
72.32
3.39
4.92%
LEVI
Levi Strauss & Co
23.56
5.95
33.82%
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.