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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
The substantial increase in revenue shows the company is expanding its operating footprint and customer or brand reach. Sustaining this scale could improve fixed-cost absorption and create a foundation for future profitability if margins recover.
Negative Factors
Deep Operating Losses
Large continuing net and operating losses show that revenue growth has not yet translated into an economically sustainable model. Without a credible path to profitability, expansion may require additional financing and could continue eroding shareholder value.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Scaling
The substantial increase in revenue shows the company is expanding its operating footprint and customer or brand reach. Sustaining this scale could improve fixed-cost absorption and create a foundation for future profitability if margins recover.
Read all positive factors
Happy Belly Food Group (HBFG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$249.61M
Dividend YieldN/A
Average Volume (3M)73.90K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth82.33%
EPS Growth-570.45%
CountryCA
Employees35
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)-0.12
Shares Outstanding166,404,270
10 Day Avg. Volume96,515
30 Day Avg. Volume73,900
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$31.40M
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
1.59
Negative
1.59
Negative
1.70
Negative
Market Momentum
-0.02
Positive
37.13
Neutral
1.96
Positive
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 1.58, below the 50-day MA of 1.59, and below the 200-day MA of 1.70, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 37.13 is Neutral, neither overbought nor oversold. The STOCH value of 1.96 is Positive, 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 (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$15.74B | 31.72 | 7.45% | 2.02% | -4.63% | ― | |
63 Neutral | C$399.35M | 11.47 | 6.27% | 4.96% | 14.25% | -44.39% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | C$3.27B | 6.33 | 36.83% | 5.35% | -21.88% | 189.83% | |
50 Neutral | C$4.05B | 46.28 | 4.19% | 4.46% | 20.43% | -21.27% | |
47 Neutral | C$249.61M | -12.81 | -311.77% | ― | 82.33% | -570.45% | |
25 Underperform | C$49.16M | -24.03 | 81.87% | ― | ― | ― |
* Consumer Defensive Sector Average
TSE:HBFG
Happy Belly Food Group
1.49
0.29
24.69%
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Happy Belly Food Group Corporate Events
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.