JBH
30/6/26
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Summary - last 5 years
Over the last 5 years, ASX:JBH (JB Hi-Fi) has delivered resilient but moderating financial performance. Driven by a pandemic-era consumer spending boom, revenue and profit peaked in 2022, normalized in 2023–2024, and rebounded in 2025–2026. The company remains highly profitable, maintains a low-risk debt profile, and continues to reward shareholders with strong returns and dividends.
Below is a chart of dividend growth (in $AUD). Is it a dividend Aristocrat?
The current yield is 3%.
Key 5-Year Financial Metrics (FY2021 – FY2026)
- Revenue: Experienced steady growth. After peaking at an annualized rate of $10.55 billion in FY2025 and seeing further sales growth in 1H FY2026, the company continues to outpace pre-pandemic levels.
- Profit (NPAT): Hovered between $439 million and $545 million. FY2022 was the 5-year high ($545 million) before tapering off. However, the first half of FY2026 showed a solid bounce-back, with Net Income After Tax (NPAT) up 7.1% to $305.8 million.
- Return on Equity (ROE): Remained exceptionally robust. It peaked at a massive 42.1% in FY2022 and has since normalized to hover around 29.2% as consumer spending patterns level out.
- Debt: JBH maintains a conservative and healthy balance sheet. Total net debt sits around $340 million, with a debt-to-equity ratio of about 42.2%, meaning the company holds more equity than debt.
- Dividends: JBH has historically been a strong and reliable dividend payer. The payout ratio generally sits between 70–80% of net profit, offering investors a trailing yield above 5%.
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PE ratios
The historical price-to-earnings (P/E) ratio for JB Hi-Fi Limited (ASX:JBH) has fluctuated over the last 10 years between a low of 6.9x to 8.0x during the post-COVID retail cooling period and a high of 26.1x to 27.6x during the late 2025 retail stock rally. Its current 10-year median sits at approximately 13.5x to 15.8x. [1, 2, 3]
10-Year Annual P/E Ratio History
| Year [1, 2, 3, 4, 5] | P/E Ratio | Valuation Context |
|---|---|---|
| 2026 (Current TTM) | 17.5x | Moderating from peak as earnings stabilize. |
| 2025 | 26.1x | Share price peak alongside trailing cyclical retail demand. |
| 2024 | 15.2x | Return to historical median ranges. |
| 2023 | 9.1x | Market compressed valuations due to rising interest rates. |
| 2022 | 8.0x | Record profits post-COVID lowered the P/E multiple. |
| 2021 | 11.5x | Elevated earnings from the work-from-home electronics boom. |
| 2020 | 16.4x | Early pandemic demand spikes. |
| 2019 | 11.8x | Stable, mature-stage retail trading. |
| 2018 | 11.1x | Minor compression over broader retail sector fears. |
| 2017 | 15.1x | Integration of The Good Goods acquisition. |
| 2016 | 15.6x | Baseline historical trading multiple. |
Historical Averages & Context
- 10-Year Median: 13.47x to 15.84x (varies slightly by TTM calculation method). [1]
- Cyclical Volatility: Between 2021 and 2023, JBH traded at single-digit P/E ratios despite record net income. This happened because the market assumed peak pandemic earnings were unsustainable. [1]
- The 2025 Spike: The sudden rise to a P/E over 26x in 2025 was driven by a sharp increase in share price ahead of actual trailing earnings, which has since normalized back toward 17.5x. [1, 2]
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