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Here Group Ltd (HERE) stock

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NASDAQ: HERE Nasdaq Leisure Facilities Next results ~December 2, 2026

B Fundamentals grade

Here Group Ltd is a US-listed company in the leisure facilities industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$4.1

Cash-flow model

Base case. Range ~$3.5–$4.9 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 179% above it.

Price used: $1.48, November 2, 2026

Here Group Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds7 adding, 14 cuttingOf 2 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Here Group files

Where Here stands after its latest Filing

Revenue for the twelve months was $85m, up 836.1% on a year earlier, against a decline of 98.3% a quarter earlier. That growth ranks 1 of 17 among the leisure facilities companies we cover. Free-cash-flow margin fell to -27.2% from 9.3% a year earlier. Operating margin narrowed to -49.3% from -8.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $4.13 a share, against a share price of $1.47.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 2, 2026 (estimated)

Here Group Ltd's trailing-twelve-month revenue grew 836.1% year on year, with a free-cash-flow margin of -27.2%. Where it stands out: revenue growth of 836.1% ranks 1 of 17 leisure facilities companies we cover.

Our discounted-cash-flow model values the business at ~$4.1 per share in the base case (~$3.5–$4.9 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 836.1% (+934.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $1.48 is 179% below our value per share of $4.
  • Fast growth. Revenue grew 836.1% over the last 12 months, against a median of 6.1% for leisure facilities companies we cover.
  • Growth speeding up. The growth rate is 934.4 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -49.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 11.4 points on a year ago.
  • Burning cash. Free cash flow was -27.2% of revenue over the last 12 months.
  • Weak cash conversion. Free cash flow was -260% of net income over the last 12 months.

Latest results

Next report
December 2, 2026

Here Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+3.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$85.4M
Operating margin
-49.3%
Net margin
10.5%
EPS (TTM, diluted)
$0.17

Growth

Revenue growth
+836.1%
Change in growth rate
+934.4 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
-$23.2M
FCF margin
-27.2%
Stock pay % of revenue
6.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for HERE from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Here Group Ltd valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking more than 30% a year in our model.

  • Last 12 months836.1%
  • 3 years a year-42.3%
  • 5 years a year-20.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1.48, Nov 2, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$4.1
Price used
$1.48close November 2, 2026
Implied change
▲ +179%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Here Group Ltd's free cash flow after stock-based pay with after-tax interest added back ($4.3M, FY2026 Q4 TTM), growing 13% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$3.5–~$4.9 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Here Group Ltd's free cash flow after stock-based pay ( $4.3M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Here Group Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$4.1 ~$3.5–$4.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$4.0 ~$3.7–$6.3 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$7.3 ~$5.5–$9.8 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.5 ~$5.6–$7.8 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$5.2 ~$4.0–$7.3 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Here Group Ltd with Leisure Facilities in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $3$3$4$4$5$7
8.5% $3$3$3$4$4$5
10% $2$3$3$3$4$4

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 2, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Here Group Ltd: too few analysts cover it.

Analyst recommendations

2 analysts, Nov 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202622
  2. Oct 202633

Counts of recommendations published by analysts covering Here Group Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
32
at average volume
Short interest, 1 month
+158%
to October 15, 2026
Held by institutions
4%
of shares
Held by insiders
7.0%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Here Group Ltd in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Here Group Ltd
$0 $200M $400M $600M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue (TTM), FY21 Q4: $266M Revenue (TTM), FY22 Q4: $444.4M Revenue (TTM), FY23 Q4: $443.4M Revenue (TTM), FY24 Q4: $525.3M Revenue (TTM), FY25 Q4: $9.1M Revenue (TTM), FY26 Q4: $85.4M $85.4M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY21 Q4 $266M
FY22 Q4 $444.4M
FY23 Q4 $443.4M
FY24 Q4 $525.3M
FY25 Q4 $9.1M
FY26 Q4 $85.4M
Revenue growth, TTM YoY Here Group Ltd
-500% 0% 500% 1000% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue growth, TTM YoY, FY22 Q4: 67.1% Revenue growth, TTM YoY, FY23 Q4: -0.2% Revenue growth, TTM YoY, FY24 Q4: 18.5% Revenue growth, TTM YoY, FY25 Q4: -98.3% Revenue growth, TTM YoY, FY26 Q4: 836.1% 836.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 67.1%
FY23 Q4 -0.2%
FY24 Q4 18.5%
FY25 Q4 -98.3%
FY26 Q4 836.1%
Operating margin (TTM) Here Group Ltd
-60% -40% -20% 0% 20% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Operating margin (TTM), FY21 Q4: -18.8% Operating margin (TTM), FY22 Q4: -8.2% Operating margin (TTM), FY23 Q4: -3.7% Operating margin (TTM), FY24 Q4: 9.9% Operating margin (TTM), FY25 Q4: -38.0% Operating margin (TTM), FY26 Q4: -49.3% -49.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY21 Q4 -18.8%
FY22 Q4 -8.2%
FY23 Q4 -3.7%
FY24 Q4 9.9%
FY25 Q4 -38.0%
FY26 Q4 -49.3%
FCF margin (TTM) Here Group Ltd
-100% 0% 100% 200% 300% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY21 Q4: 4.2% FCF margin (TTM), FY22 Q4: 9.3% FCF margin (TTM), FY23 Q4: 7.5% FCF margin (TTM), FY24 Q4: 7.4% FCF margin (TTM), FY25 Q4: 276.6% FCF margin (TTM), FY26 Q4: -27.2% -27.2%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY21 Q4 4.2%
FY22 Q4 9.3%
FY23 Q4 7.5%
FY24 Q4 7.4%
FY25 Q4 276.6%
FY26 Q4 -27.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 266 444 443 525 9 85
Gross profit 239 381 387 449 3 28
EBITDA −50 −36 −16 53 −3 −41
Operating income −50 −36 −16 52 −3 −42
Net income −48 −36 −16 53 50 9
Diluted EPS — −$1.22 — $0.94 $0.90 —
Growth (year on year)
Revenue — +67.1% −0.2% +18.5% −98.3% +836.1%
EBITDA — — — — −106.3% —
Operating income — — — — −106.6% —
Net income — — — — −6.8% −82.0%
Diluted EPS — — — — −4.3% —
Margins
Gross margin 89.8% 85.7% 87.3% 85.5% 34.7% 33.1%
EBITDA margin −18.7% −8.1% −3.6% 10.1% −36.4% −47.8%
Operating margin −18.8% −8.2% −3.7% 9.9% −38.0% −49.3%
Net margin −18.0% −8.1% −3.5% 10.2% 545.3% 10.5%
Free-cash-flow margin 4.2% 9.3% 7.5% 7.4% 276.6% −27.2%
Cash flow
Cash from operations 12 42 34 39 25 −20
Capital spending 1 1 1 1 0 3
Free cash flow 11 42 33 39 25 −23
Stock-based pay 15 45 28 4 0 5
Free cash flow after stock pay −4 −4 6 35 25 −29
Balance sheet
Cash 4 40 105 107 66 64
Total debt 0 0 0 0 2 0
Net debt (negative = net cash) −4 −40 −105 −107 −64 −64
Diluted shares 27m 33m 35m 55m 54m 54m
Returned to shareholders
Dividends — — — — 11 —
Total returned — — — — 11 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $168m
Short-term assets $134mLonger-term assets $33m
What it owes, and who funded it · $135m
Short-term liabilities $22mLonger-term liabilities $20mShareholders' equity $93m
  • Short-term assets cover short-term liabilities $134m of assets due within a year against $22m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $134m short-term assets against $20m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Here Group Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$10.8M
Returned to shareholders
43%
of free cash flow
Diluted share count
+0.1%
year over year
Total shareholder yield
13.6%
dividends 13.6% + buybacks 0.0% of market value
Dividend payout ratio
121%
of net income paid out
R&D spending
7.4%
of revenue
Days sales outstanding
11 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in leisure facilities
Last 12 months unless stated HERE XPOF FBYD AHMA VENU PRSU Median
Revenue, last 12 months $85m $288m $22m $20m $19m $483m $483m
Revenue growth, last 12 months 836.1% −9.0% 181.4% 9.1% 5.1% 26.4% 6.1%
Revenue growth, 3-year average — 0.8% — — — 8.0% 5.6%
Revenue growth, latest quarter — −13.4% 120.4% — 6.9% 14.3% 6.9%
Gross margin 33.1% — — 24.9% — 92.5% 47.9%
Operating margin −49.3% 6.2% 2.3% 6.4% −237.1% −51.4% 6.2%
Operating margin, 3-year average — −0.4% −297.4% — −200.5% −41.9% −0.4%
Net margin 10.5% −14.8% −8.6% 6.0% −248.6% 7.9% 5.2%
Cash from operations / revenue −23.4% −2.0% −83.2% 2.5% 52.3% 16.1% 10.5%
Free-cash-flow margin −27.2% −2.8% −83.5% −5.5% <−999% −1.1% −1.1%
Free-cash-flow margin, 3-year average — 0.4% −166.7% — — −11.7% 0.4%
Stock pay / revenue 6.2% 3.7% 10.0% — 30.0% 1.4% 1.5%
Change in share count 0.1% 11.7% 75.6% 1.2% — 12.9% 3.1%

Median of all 17 companies we cover in leisure facilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 leisure facilities companies
Measure Company Peer median Rank
Revenue growth Growth 836.1% 6.1% 1 of 17
Change in growth rate Growth +934.4pp -0.0pp 1 of 17
Gross margin Profitability 33.1% 57.6% 6 of 8
Operating margin Profitability -49.3% 6.4% 12 of 16
Net margin Profitability 10.5% 5.2% 3 of 17
Free-cash-flow margin Cash generation -27.2% -1.1% 13 of 17
Stock pay as % of revenue Cash generation 6.2% 1.5% 11 of 15
Change in share count Balance sheet 0.1% 4.7% 5 of 14
Days sales outstanding Balance sheet 11 days 22 days 2 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.2M
Institutions reporting
17
Shares held vs prior quarter
▼ 21.6%
Positions opened / closed
4 / 8

Top buyers and sellers, Q2 2026: 7 institutions bought and 14 sold ; the biggest buyer was Smartharvest Portfolios, LLC (+33K shares) and the biggest seller UBS Group AG (−122K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Notable Capital Management, L.L.C. $1.5M 771K 68.1% 0.0%
Oasis Management Co Ltd. $182,818 94K 8.3% 0.0%
SG Americas Securities, LLC $169,000 87K 7.7% ▼ 0.2%
UBS Group AG $111,121 57K 5.0% ▼ 68.1%
Smartharvest Portfolios, LLC $63,763 33K 2.9% New
Citadel Advisors LLC $45,558 23K 2.1% ▼ 63.0%
HRT Financial LP $43,000 22K 1.9% New
Xtx Topco Ltd $25,479 13K 1.2% ▼ 51.3%
Geode Capital Management, LLC $24,298 12K 1.1% ▼ 11.9%
Two Sigma Securities, LLC $23,817 12K 1.1% New
Morgan Stanley $5,532 3K 0.3% ▼ 93.9%
Integrated Wealth Concepts LLC $3,510 2K 0.2% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Here Group Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Here Group Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Here Group Ltd in brief

What does Here Group Ltd do?
Here Group Ltd is a US-listed company in the leisure facilities industry. Its financial year ends in June.
What is Here Group Ltd's stock ticker?
Here Group Ltd trades under the ticker HERE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Here Group Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Here Group Ltd reported revenue of $85.4M, 836.1% higher than a year earlier, according to its SEC filings.
What is Here Group Ltd's free cash flow?
Here Group Ltd's free-cash-flow margin is -27.2% of revenue over the trailing twelve months, ranking 13 of the 17 leisure facilities companies we cover.
What is Here Group Ltd's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Here Group Ltd's free cash flow after stock-based pay gives ~$4.1 per share in the base case, and ~$3.5–$4.9 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Here Group Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Notable Capital Management, L.L.C., Oasis Management Co Ltd. and SG Americas Securities, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Here Group Ltd pay a dividend?
Yes: Here Group Ltd paid $10.8M in dividends over the trailing twelve months, a dividend yield of 13.60% and a payout ratio of 121.3%.
Who are Here Group Ltd's competitors?
In our Leisure Facilities peer group, the companies closest to Here Group Ltd are Xponential Fitness, Inc., Falcon's Beyond Global, Inc., Ambitions Enterprise Management Co. L.l.c, Venu Holding Corp and Pursuit Attractions & Hospitality, Inc. The side-by-side comparison below sets their revenue, margins and growth against Here Group Ltd's.
When is Here Group Ltd's next earnings date?
Around December 2, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Here Group Ltd announces its own schedule.