January 17, 2026, 6:47 PM EST. Harvey Norman Holdings (ASX: HVN) has fallen 7.1% over three months as investors assess its fundamentals. The piece centers on ROE (return on equity), which stands at about 11% for the trailing twelve months to June 2025, with AU$526 million in net profit against AU$4.8 billion of shareholders' equity. While this sits near the industry average of ~10%, the five-year net income has declined 13%, suggesting a profitability/earnings decline challenge. By contrast, the industry posted about 6.3% earnings growth over the same period, widening the contrast and raising concerns about HVN's growth path. The company's payout ratio is 64% (retaining 36%), which tempers reinvestment. The report notes whether the market has priced in the future outlook, pointing to an intrinsic value infographic as part of the analysis.