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Happy Belly Food Group
(HBFG)
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Rating:47Neutral
Price Target:
C$1.50
▼(-5.06% Downside)
Action:Reiterated
Date:08/27/26
The score is held down primarily by weak financial performance—large ongoing losses, margin deterioration, and negative free cash flow despite rapid revenue growth. Technicals are relatively neutral and provide limited support, while valuation is difficult to justify with a negative P/E and no dividend yield data.
Positive Factors
Rapid Revenue Scaling
Rapid revenue expansion demonstrates growing commercial scale and customer activity. If the company can improve profitability as sales increase, the larger revenue base could support stronger operating leverage, broader reinvestment capacity, and a more substantial platform for future growth.
Negative Factors
Deep Ongoing Losses
The large TTM net loss shows that rapid revenue growth has not yet translated into an economically sustainable business. Continued losses can consume the benefits of the expanding equity base, restrict reinvestment choices, and leave future growth dependent on additional financial resources.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Scaling
Rapid revenue expansion demonstrates growing commercial scale and customer activity. If the company can improve profitability as sales increase, the larger revenue base could support stronger operating leverage, broader reinvestment capacity, and a more substantial platform for future growth.
Read all positive factors
Happy Belly Food Group (HBFG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$239.62M
Dividend YieldN/A
Average Volume (3M)73.23K
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth82.33%
EPS Growth-570.45%
CountryCA
Employees35
SectorConsumer Cyclical
Sector Strength84
IndustryPackaged Foods
Share Statistics
EPS (TTM)-0.12
Shares Outstanding166,404,270
10 Day Avg. Volume55,615
30 Day Avg. Volume73,232
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)119.33
Price to Sales (P/S)12.97
P/FCF Ratio-979.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.02
Revenue Forecast (FY)C$30.80M
Happy Belly Food Group Business Overview & Revenue Model
Company Description
Happy Belly Food Group Inc. is a wellness-oriented company that supplies plant-derived food items to consumers across Canada. Its product line features breakfast cereals and various other vegan foods, sold predominantly under the Holy Crap and Yam...
Happy Belly Food Group Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
46
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.26M | 22.09M | 9.07M | 5.41M | 2.73M | 1.20M |
| Gross Profit | 621.54K | 12.08M | 5.46M | 2.96M | 1.21M | 606.57K |
| EBITDA | -14.22M | -5.19M | -938.00K | -678.00K | -1.94M | -26.00M |
| Net Income | -16.17M | -7.24M | -2.36M | -1.92M | -2.74M | -26.58M |
Balance Sheet | ||||||
| Total Assets | 24.72M | 14.36M | 9.34M | 5.85M | 4.28M | 3.67M |
| Cash, Cash Equivalents and Short-Term Investments | 12.05M | 3.05M | 3.56M | 1.58M | 1.16M | 1.01M |
| Total Debt | 6.70M | 6.35M | 5.20M | 5.34M | 2.90M | 338.02K |
| Total Liabilities | 13.87M | 11.72M | 6.91M | 6.41M | 3.50M | 592.71K |
| Stockholders Equity | 10.41M | 2.40M | 2.18M | -723.22K | 716.50K | 3.05M |
Cash Flow | ||||||
| Free Cash Flow | -535.67K | -292.28K | -1.03M | -1.08M | -1.74M | -4.18M |
| Operating Cash Flow | 56.69K | 983.31K | -888.54K | -722.92K | -1.62M | -4.18M |
| Investing Cash Flow | 416.23K | -1.36M | -12.73K | -350.68K | -31.03K | -664.55K |
| Financing Cash Flow | 8.54M | -89.90K | 3.12M | 1.24M | 1.82M | 1.64M |
Happy Belly Food Group Technical Analysis
Negative
1.58
Price Trends
1.51
Negative
1.56
Negative
1.60
Negative
Market Momentum
-0.02
Positive
44.32
Neutral
41.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HBFG, the sentiment is Negative. The current price of 1.58 is above the 20-day moving average (MA) of 1.47, above the 50-day MA of 1.51, and below the 200-day MA of 1.60, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.32 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HBFG.
Happy Belly Food Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$15.90B | 32.32 | 7.45% | 2.01% | -4.63% | ― | |
62 Neutral | C$3.37B | 6.46 | 36.83% | 5.24% | -21.88% | 189.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | C$749.97M | 21.78 | 6.30% | 2.61% | 14.25% | -44.39% | |
55 Neutral | C$3.80B | 44.29 | 4.19% | 4.66% | 20.43% | -21.27% | |
47 Neutral | C$239.62M | -12.38 | -311.77% | ― | 82.33% | -570.45% | |
25 Underperform | C$40.34M | -24.03 | 81.87% | ― | ― | ― |
* Consumer Cyclical Sector Average
TSE:HBFG
Happy Belly Food Group
1.44
-0.22
-13.25%
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Happy Belly Food Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
Happy Belly Elevates John Grieve to COO as Rosie’s Burgers Ramps Up Expansion
Positive
Oct 29, 2026
Happy Belly Food Group has promoted John Grieve from National Vice President of Operations to Chief Operating Officer of its Rosie’s Burgers brand, effective November 1st, 2026. Grieve brings senior leadership experience from chains such as ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Happy Belly Food Group Sets November 18 Date for Q3 2026 Results
Positive
Oct 27, 2026
Happy Belly Food Group said it will release its unaudited financial results for the third quarter of 2026 after markets close on Wednesday, November 18, 2026. The results will be published on the company’s website and on the Canadian securit...
Business Operations and Strategy
Happy Belly’s Heal Wellness Secures 10-Unit Utah Franchise Deal
Positive
Oct 7, 2026
Happy Belly Food Group’s Heal Wellness brand has signed a 10-unit development agreement covering the state of Utah with an experienced multi-unit operator who will franchise and operate all locations. The move follows the recent launch of He...
Business Operations and StrategyFinancial Disclosures
Happy Belly Food Group Tops Globe and Mail Ranking of Canada’s Fastest-Growing QSR Companies
Positive
Sep 29, 2026
Happy Belly Food Group has been named one of Canada’s Top Growing Companies for 2026 by The Globe and Mail’s Report on Business, ranking as the top listed public company and leading quick service restaurant operator with three-year rev...
Business Operations and Strategy
Happy Belly’s Heal Wellness Enters New Brunswick With Moncton Franchise Deal
Positive
Sep 22, 2026
Happy Belly Food Group’s Heal Wellness brand has signed its first franchise agreement in New Brunswick with an experienced multi-unit quick-service restaurant operator in Moncton, expanding the better-for-you smoothie bowl and smoothie conce...
Business Operations and Strategy
Happy Belly signs 25-unit Ghost Taco franchise deal for Atlantic Canada
Positive
Sep 21, 2026
Happy Belly Food Group has signed a 25-unit area development agreement to franchise its Ghost Taco fast-casual brand across Atlantic Canada, covering New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. This pushes Ghost...
Business Operations and Strategy
Happy Belly’s Heal Wellness Secures Kitchener Site in 45-Unit Franchise Expansion
Positive
Sep 18, 2026
Happy Belly Food Group’s Heal Wellness brand has secured a new real estate location in Kitchener, Ontario, for a multi-unit franchise group led by Alex Rechichi and Bedford Park Capital, as part of its largest 45-location franchise agreement...
Business Operations and Strategy
Happy Belly’s Heal Wellness Adds Westmount Location to Quebec Expansion Push
Positive
Sep 17, 2026
Happy Belly Food Group’s Heal Wellness quick-service brand, which specializes in fresh smoothie bowls, açaí bowls and smoothies built around clean ingredients, has secured a new real estate location in Westmount, Quebec. The brand ...
Business Operations and Strategy
Happy Belly Strikes 50-Unit Ghost Taco Expansion Deal for Western Canada
Positive
Sep 16, 2026
Happy Belly Food Group has signed a 50-unit area development agreement to expand its Ghost Taco brand across Western Canada, with 25 franchised locations planned for Alberta and 25 for British Columbia. The deal marks a major step in the company&#...
Business Operations and Strategy
Happy Belly Signs 45-Unit Ghost Taco Deal to Accelerate Ontario Expansion
Positive
Sep 16, 2026
Happy Belly Food Group has signed a 45‑unit area development agreement to franchise its recently acquired Ghost Taco brand across Ontario. The deal marks a major expansion step for the fast‑casual Mexican‑inspired concept, which ...
Business Operations and Strategy
Happy Belly’s Heal Wellness Secures Belleville Site in 45-Unit Franchise Push
Positive
Aug 31, 2026
Happy Belly Food Group’s Heal Wellness brand has secured a new real-estate location in Belleville, Ontario, for its largest multi-unit franchise group, part of a 45-location agreement spanning Ontario, Manitoba, and Saskatchewan. The Bellevi...
Business Operations and StrategyExecutive/Board Changes
Happy Belly’s Heal Wellness Enters Vancouver Island as CFO Receives Performance-Based Options
Positive
Aug 31, 2026
Happy Belly Food Group’s Heal Wellness brand is expanding its presence in the wellness-focused quick-service restaurant market, specializing in fresh smoothie bowls, açaí bowls, smoothies, and superfood-based options designed for a...
Business Operations and Strategy
Happy Belly’s Heal Wellness Expands with New Sylvan Lake Location
Positive
Aug 21, 2026
Happy Belly Food Group’s Heal Wellness brand is opening a new quick-service restaurant in Sylvan Lake, Alberta, operated by an existing franchisee expanding into a multi-unit role. The location targets both local residents and steady tourist...
Business Operations and StrategyProduct-Related Announcements
Rosie’s Burgers Opens Griffintown Location as Happy Belly Accelerates National Expansion
Positive
Aug 14, 2026
Happy Belly Food Group’s Rosie’s Burgers brand is pushing ahead with its national quick-service expansion, centered on nostalgic smash burgers, fries, and milkshakes in vibrant, urban neighborhoods across Canada. The company uses a fra...
Business Operations and StrategyExecutive/Board Changes
Happy Belly Food Group Elevates Ian Thomas to CFO to Support Franchising Growth
Positive
Aug 6, 2026
Happy Belly Food Group has promoted Ian Thomas to Chief Financial Officer, elevating him from his role as Executive Vice President of Finance as the company’s franchising-led growth accelerates. Thomas, a CPA with more than 25 years of senio...
Business Operations and Strategy
Happy Belly’s Heal Wellness Adds Stratford Location in Ongoing Ontario Expansion
Positive
Aug 5, 2026
Happy Belly Food Group’s Heal Wellness brand has signed a franchise agreement and secured a real estate location for a multi-unit franchisee to open a new quick-service restaurant in Stratford, Ontario. The store will offer Heal’s full...
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.