Here Group Ltd

HERE

Here Group Limited designs and sells pop toys in China. It offers collectible pop toys, such as plush toys and figures under HERE brand. The company was formerly known as QuantaSing Group Limited and change its name to Here Group Limited in November 2025. Here Group Limited was founded in 2019 and is headquartered in Beijing, the People's Republic of China.

About the company

Country: Cayman IslandsPrice: $1.59Market Cap: $83.0M

Investment snapshot

29%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 4

NEUTRAL / FAIL

Median fair value

$2.19

+37.4% vs price

Models with upside

6 / 17

Positive margin of safety

Strongest signal

HERE undervalued: all 6 models price fair value above $1.59 (median $2.19)

Key risk

Split decision: 7 NEUTRAL · 4 FAIL · 3 BUY · 2 PASS

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	FAIL	Not ranked	PASS	BUY	BUY	NEUTRAL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL	NEUTRAL	BUY	NEUTRAL	FAIL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)		N/A	N/A		N/A			N/A		N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+75.5%	N/A	N/A	+63.7%	N/A	+76.0%	+88.0%	N/A	+92.8%	N/A	+69.0%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-31 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-10-31 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 6▾
HERE undervalued: all 6 models price fair value above $1.59 (median $2.19)
Graham fair value$2.16
✓Graham+75.5% margin vs $1.59
Greenblatt fair value$1.46
✓Greenblatt+63.7% margin vs $1.59
Dreman fair value$2.21
✓Dreman+76.0% margin vs $1.59
Munger fair value$4.42
✓Munger+88.0% margin vs $1.59
Akre fair value$7.36
✓Akre+92.8% margin vs $1.59
Ackman fair value$1.71
✓Ackman+69.0% margin vs $1.59
Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Graham, Lynch and Marks object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.01, IC: 8444.7x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.01
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.14
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.01
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.01
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=8444.7x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.01
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0137; #680/4210 (top 16.2%)
✓AsnessTop 30% of eligible cross-section
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Buffett, Lynch and Piotroski object
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$25.2M
✗LynchPositive and growing
Operating Cash Flow$25.6M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=11.07%, ROA=21.59%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)3.4x
✓Dreman< 8x
P/E or FCF YieldP/E=1.8x, FCF Yield=30.4%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/5 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap28.8%
✓Ackman>= 4%
Price / FCF per Share3.5x
✓Ackman<= 25
Positive Operating Cash Flow frequency5/5 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$25.2M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+30.37%; #179/4519 (top 4.0%)
✓OshaughnessyTop 10% of eligible cross-section
Valuation62% pass✓ 20✗ 8▾
8 of 13 pass — Lynch, Greenblatt, Neff +2 more object
Price / 3-yr avg EPS3.6x
✓Graham<= 15x
Price-to-Book Ratio0.8x
✓Graham<= 1.5x
P/E x P/B2.80
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 1.8x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise ValueN/A (EV <= 0)
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS1.8x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)3.4x
✓Dreman< 8x
Price / Book Value per Share0.8x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=1.8x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=1.8x, FCF Yield=30.4%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=1.8x, P/B=0.8x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value76.0% (IV=$2.21 vs Price=$0.53)
✓Marks>= 20% below intrinsic value
Price / FCF per Share3.5x
✓Ackman<= 25
Price vs. Trailing Low113% of trailing low ($0.47)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+60.27%; #123/6340 (top 1.9%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+1.3591; #1037/6449 (top 16.1%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS1.8x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.13x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+4.5789; #583/5247 (top 11.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+30.37%; #179/4519 (top 4.0%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-48.71%; #5106/6202 (top 82.3%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts56% pass✓ 5✗ 4▾
Split decision: 7 NEUTRAL · 4 FAIL · 3 BUY · 2 PASS
Overall verdict
✓GrahamPASS (5/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✓DremanBUY (9/11)✓MungerBUY (4/4)•PabraiNEUTRAL (2/3)•AkreNEUTRAL (4/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (6/9)•TempletonNEUTRAL (6/8)•SleepNEUTRAL (4/6)✓AsnessBUY (Rank #535/2370 (Top 22.6%))•NeffNEUTRAL (4/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 1.8x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 242.7% vs Rev: -27.2%
✗LynchInventory growth < Revenue growth
EPS Growth Direction$-1.99 (2020) -> $0.30 (2024)
✓DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency2/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-0.7%
✗Ackman>= 5%
Positive EPS Growth Frequency3/4 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 87.3% -> 81.5%, operating margin -3.7% -> 14.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability25% pass✓ 15✗ 20▾
12 of 16 flag HERE's profitability — Graham, Buffett, Lynch +9 more
Positive EPS (10 years)2/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Net Income Positive (10+ years)2/6 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)23.5%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)14.6% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 1.8x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE44.3%
✓Lynch> 15%
EBIT / Enterprise ValueN/A (EV <= 0)
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets21.59%
✓PiotroskiROA > 0
ROA Change YoY27.04% -> 21.59% (delta: -5.44%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=11.07%, ROA=21.59%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY85.5% -> 81.5%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue17.2%
✓Dreman>= 8%
Net Income / Shareholders' Equity44.3%
✓Dreman> 12%
Margin of SafetyP/E=1.8x, P/B=0.8x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity23.5% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic Value76.0% (IV=$2.21 vs Price=$0.53)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency2/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue14.6%
✗Ackman>= 15%
Net Income / Shareholders Equity44.3%
✓Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-3.7% (2022) -> 14.6% (2024)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 87.3% -> 81.5%, operating margin -3.7% -> 14.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+60.27%; #123/6340 (top 1.9%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+133.72%; #80/3702 (top 2.2%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+44.34%; #250/5226 (top 4.8%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2632; #4493/5884 (top 76.4%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years2/5 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency50% pass✓ 6✗ 5▾
4 of 8 pass — Buffett, Greenblatt, Piotroski +1 more object
Current Ratio2.14
✓Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY1.53 -> 2.14
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY2.66x -> 1.64x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities2.14
✓Dreman> 1.5
Return on Invested Capital38.2%
✓Munger> 15%
ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=unavailable; FY2024: ROIC=38.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC29.9% (RR=78% x ROIC=38.2%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)1/1 years above 12% (latest 38.2%)
✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail

SIC Sector: Miscellaneous Retail

Size: Micro Cap($83.0M)

Revenue: $380.0M-27.2% YoY

Net Income: $50.0M-5.7% YoY

Financial Snapshot

Operating Margin14.6%

Return on Equity44.3%

Debt / Equity0.01

Current Ratio2.14

EPS (Diluted)$0.30−3.1% 1y

Buybacks (1y)$2.5M

Buybacks (2y)$18.8M

Shares Retired2.9% / −58.9% 2y

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Shareholder Return

Fiscal 2024

Retired 2.9% of shares last year, 58.9% issued over two.

Buybacks: $2.5M
Dividends: $10.9M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24

−3.1% = −5.7% + 2.7%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 20-F · 2025-10-31	FY 2023 Sources 20-F · 2024-08-29	FY 2022 Sources 20-F · 2023-10-27	FY 2021 Sources 20-F · 2023-10-27	FY 2020 Sources 20-F · 2023-10-27
Market Cap	$83.0Mcurrent	$618.7Mest.	$1.2Best.	$583.7Mest.	--
Revenue	$380.0M↓27%	$522.3M↑23%	$424.9M↓1%	$428.1M↑57%	$272.3M
Operating Income	$55.3M↑7%	$51.9M↑431%	-$15.7M↑55%	-$35.1M↑31%	-$51.1M
Net Income	$50.0M↓6%	$53.1M↑454%	-$15.0M↑57%	-$34.8M↑29%	-$48.9M
EPS (Diluted)	$0.30↓3%	$0.31↑280%	$-0.17↑78%	$-0.79↑61%	$-1.99
Gross Margin	81.5%↓5%	85.5%↓2%	87.3%↑2%	85.7%↓5%	89.8%
Operating Margin	14.6%↑46%	9.9%↑370%	-3.7%↑55%	-8.2%↑56%	-18.8%
ROE	44.3%↓41%	74.6%↑254%	-48.5%↓264%	29.6%↓74%	113.1%
Total Debt	$1.5M	--	--	--	--
Shareholders' Equity	$112.8M↑59%	$71.1M↑130%	$30.8M↑126%	-$117.8M↓172%	-$43.2M
Current Ratio	2.14↑40%	1.53↑30%	1.17↑48%	0.79	—
Debt / Equity	0.01	—	—	—	—
Operating Cash Flow	$25.6M↓34%	$38.9M↑20%	$32.5M↓20%	$40.7M↑231%	$12.3M
Free Cash Flow	$25.2M↓34%	$38.4M↑21%	$31.7M↓21%	$40.0M↑251%	$11.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

HERE vs Peers — Financial Grading

Revenue$380.0MBottom 25%

Net Income$50.0MBottom 25%

ROE44.3%Median

D/E0.01Top 25%

Op. Margin14.6%Median

Curr. Ratio2.14Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
COSTCO WHOLESALE CORP /NEWCOST	$490.2B	$1106.21	$275.2B	$8.1B	27.8%	0.20	3.8%	1.03	2/9	5/9	6/7	1/3	F-Score 6	3/11
HOME DEPOT, INC.HD	$347.9B	$348.69	$164.7B	$14.2B	110.5%	4.00	12.7%	1.06	3/9	5/9	3/7	1/3	F-Score 4	3/11
TJX COMPANIES INC /DE/TJX	$148.4B	$134.37	$60.4B	$5.5B	53.9%	0.28	—	1.14	3/9	6/9	7/7	1/3	F-Score 7	4/11
FASTENAL COFAST	$63.3B	$55.19	$8.2B	$1.3B	31.9%	0.03	20.2%	4.85	4/9	7/9	5/7	1/3	F-Score 7	5/11
AUTOZONE INCAZO	$52.5B	$3259.70	$18.9B	$2.5B	-73.2%	-2.61	19.1%	0.88	3/9	6/9	2/7	1/3	F-Score 6	4/11
KROGER COKR	$41.8B	$70.80	$147.6B	$1.0B	17.1%	2.68	1.3%	0.80	3/9	4/9	3/7	0/3	F-Score 7	3/11
WILLIAMS SONOMA INCWSM	$29.9B	$254.05	$7.8B	$1.1B	52.3%	—	18.1%	1.39	3/9	6/9	3/7	1/3	F-Score 5	3/11
CASEYS GENERAL STORES INCCASY	$26.3B	$712.08	$17.6B	$714.4M	18.1%	0.62	—	1.01	3/9	3/9	2/7	0/3	F-Score 9	3/11