myr

 MYR - Myer

12-7-26

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ASX:MYR (Myer Holdings) has had a highly volatile 5-year run, highlighted by a massive statutory net loss of A 211.2million in FY2025 [1.4.8] due to a A 213.3 million non-cash impairment from its apparel business acquisition. While it maintains robust cash flows, high debt loads and a negative ROE continue to weigh on the retailer's balance sheet. [1, 2, 3, 4]

Financial Breakdown (5-Year Trajectory)

• Profitability: Volatile. After surviving pandemic headwinds, Myer achieved brief statutory profits in FY2022 and FY2023 (e.g., A\(60.4M)[1.2.1].However,inFY2025,amassivenon-cashimpairmentpushedthecompanytoafull-yearstatutorylossofA\)211.2 million. In 1H2026, Myer bounced back to report a statutory net income of A$40.3 million. [1, 2, 3, 4]
• Return on Equity (ROE): Consistently weak. Driven by the recent multi-million dollar impairment and margin pressures, Myer currently sits with a trailing twelve months (TTM) ROE of approximately \(-22.14\%\). [1, 2, 3]
• Debt: Strained balance sheet. Myer carries a total debt burden of about A$1.54 billion. The company operates with a high Debt/Equity ratio (over \(166\%\)) and its net-cash position remains strained depending on short-term lease accounting and distribution center investments. [1, 2, 3, 4, 5, 6, 7]

Current Market & Outlook

Myer’s stock has severely underperformed the broader ASX, driven by intense e-commerce competition, structural challenges in the department store model, and cautious consumer spending. While the company's dividend yields remain attractive (hovering around \(4.8\%\) to \(6.2\%\) over the past year), its overall price action and long-term valuation metrics reflect deep investor skepticism. [1, 2, 3, 4, 5]

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The 10-year mean historical Price-to-Earnings (P/E) ratio for Myer Holdings Limited (ASX: MYR) is 12.27, with a median of 8.67. Due to retail volatility, store restructures, and impairment charges, Myer's earnings have fluctuated drastically, occasionally forcing the company into net losses where the P/E ratio became negative or fundamentally skewed. [1, 2]

Historical P/E Ratio by Calendar Year

The table below displays Myer's annual P/E ratios tracking back over the past decade: [1]

Year	P/E Ratio	Key Financial Context
2025	-4.30	Driven into a net loss from major non-cash impairment assets.
2024	16.60	Rebound in full-year profit margins before strategic shifts.
2023	8.71	Trading at a low multiple despite post-pandemic sales recovery.
2022	6.68	Higher profitability compressions alongside a low stock price.
2021	6.97	Post-lockdown optimization metrics and leaner operational structure.
2020	-0.79	Negative earnings caused by global pandemic closures.
2019	15.50	Moderate stability period under revised turnaround strategies.
2018	-0.61	Significant statutory losses due to massive brand write-downs.
2017	8.40	Compressed earnings margins via aggressive discount clearance cycles.
2016	11.20	Hit an intra-year peak baseline tracking closer to historical market norms.

Historical Extremes

• Highest Peak: The highest single-quarter P/E spike occurred in July 2016, briefly reaching 293.18 due to an isolated collapse in quarterly earnings per share (EPS) while the stock price remained flat.
• Lowest Trough: The lowest point dropped to -28.35 in July 2023 during structural financial reporting corrections. [1, 2]

Strategic Considerations for Investors

1. Negative Multiples ("At Loss"): When reviewing trackers like Investing.com, years listed with a negative P/E or marked as "At Loss" indicate the company failed to generate positive Net Profit After Tax (NPAT). [1]
2. Volatility Metrics: Myer's historical trends demonstrate how vulnerable department store equities are to structural consumer behavior changes and localized macroeconomic cycles.
3. Alternative Valuation Tools: Because retail earnings swing sharply, structural analysts frequently substitute erratic P/E timelines with Price-to-Sales (P/S) tracking or EV/EBITDA comparisons to establish baseline sector values. [1]

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