Hawkins, Inc. (HWKN) 10-Year Financial Performance & Capital Metrics

HWKN • • Industrial / General

Basic MaterialsSpecialty ChemicalsWater Treatment & Environmental ChemicalsWater Treatment Chemicals

AboutHawkins, Inc. blends, manufactures, and distributes chemicals and other specialty ingredients in the United States and internationally. It operates through three segments: Industrial, Water Treatment, and Health and Nutrition. The Industrial segment offers industrial chemicals, products, and services to agriculture, chemical processing, electronics, energy, food, pharmaceutical, and plating industries. This segment primarily provides acids, alkalis, and food-grade and pharmaceutical salts and ingredients. It also receives, stores, and distributes various chemicals, such as liquid caustic soda, sulfuric acid, hydrochloric acid, urea, phosphoric acid, aqua ammonia, and potassium hydroxide. In addition, this segment manufactures sodium hypochlorite and agricultural products, as well as various food-grade and pharmaceutical products that include liquid phosphates, lactates, and other blended products; repackages water treatment chemicals and bulk industrial chemicals; and performs custom blending of chemicals, and contract and private label bleach packaging. The Water Treatment segment offers chemicals, equipment, and solutions for potable water, municipal and industrial wastewater, industrial process water, and non-residential swimming pool and agriculture water. The Health and Nutrition segment offers ingredient distribution, processing, and formulation solutions to manufacturers of nutraceutical, functional food and beverage, personal care, dietary supplement and other nutritional food, and health and wellness products. Its products portfolio includes minerals, botanicals and herbs, vitamins and amino acids, excipients, joint products, sweeteners, and enzymes. The company was founded in 1938 and is headquartered in Roseville, Minnesota.Show more

Revenue $974M +6.0%
EBITDA $159M +17.1%
Net Income $84M +11.9%
EPS (Diluted) 4.03 +12.3%
Gross Margin 23.15% +9.9%
EBITDA Margin 16.33% +10.5%
Operating Margin 12.23% +8.1%
Net Margin 8.66% +5.6%
ROE 19.47% -2.3%
ROIC 15.93% -1.0%
Debt/Equity 0.35 +30.2%
Interest Coverage 21.94 -9.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 24.4%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.5%
✓Good 3Y average ROE of 19.3%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.35%

5Y12.52%

3Y7.95%

TTM11.86%

Profit (Net Income) CAGR

10Y15.94%

5Y24.35%

3Y17.84%

TTM1.72%

EPS CAGR

10Y16.04%

5Y24.82%

3Y18.21%

TTM1.79%

ROCE

10Y Avg12.92%

5Y Avg17.57%

3Y Avg18.87%

Latest19.34%

Peer Comparison

Water Treatment Chemicals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HWKNHawkins, Inc.	3.2B	153.19	38.01	6.01%	7.95%	16.4%	2.19%	0.35
ECLEcolab Inc.	78.66B	277.73	37.68	2.75%	12.49%	20.35%	2.31%	0.94
FSIFlexible Solutions International, Inc.	74.25M	5.85	24.38	-0.23%	12.18%	10.93%	0.81%	0.26

Profit & Loss

	Apr 2016	Apr 2017	Apr 2018	Mar 2019	Mar 2020	Mar 2021	Apr 2022	Apr 2023	Mar 2024	Mar 2025
Sales/Revenue+	413.98M	483.59M	504.17M	556.33M	540.2M	596.87M	774.54M	935.1M	919.16M	974.43M
Revenue Growth %	0.14%	0.17%	0.04%	0.1%	-0.03%	0.1%	0.3%	0.21%	-0.02%	0.06%
Cost of Goods Sold+	333.72M	385.52M	417.41M	460.39M	439.28M	473.11M	628.02M	769.98M	725.53M	748.89M
COGS % of Revenue	0.81%	0.8%	0.83%	0.83%	0.81%	0.79%	0.81%	0.82%	0.79%	0.77%
Gross Profit+	80.26M	98.07M	86.76M	95.94M	100.92M	123.76M	146.52M	165.12M	193.64M	225.54M
Gross Margin %	0.19%	0.2%	0.17%	0.17%	0.19%	0.21%	0.19%	0.18%	0.21%	0.23%
Gross Profit Growth %	0.22%	0.22%	-0.12%	0.11%	0.05%	0.23%	0.18%	0.13%	0.17%	0.16%
Operating Expenses+	49.09M	59.38M	59.4M	59.12M	59.25M	67.88M	75.33M	76.97M	89.6M	106.36M
OpEx % of Revenue	0.12%	0.12%	0.12%	0.11%	0.11%	0.11%	0.1%	0.08%	0.1%	0.11%
Selling, General & Admin	49.09M	59.38M	59.4M	59.12M	59.25M	67.88M	75.33M	76.97M	89.6M	106.36M
SG&A % of Revenue	0.12%	0.12%	0.12%	0.11%	0.11%	0.11%	0.1%	0.08%	0.1%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	91K	73K	-204K	0	189K	-334K	0	0
Operating Income+	31.17M	38.69M	-11.76M	36.82M	41.67M	55.88M	71.19M	88.15M	104.04M	119.17M
Operating Margin %	0.08%	0.08%	-0.02%	0.07%	0.08%	0.09%	0.09%	0.09%	0.11%	0.12%
Operating Income Growth %	0.02%	0.24%	-1.3%	4.13%	0.13%	0.34%	0.27%	0.24%	0.18%	0.15%
EBITDA+	46.68M	59.57M	10.63M	58.57M	63.26M	78.55M	95.32M	117.56M	135.84M	159.12M
EBITDA Margin %	0.11%	0.12%	0.02%	0.11%	0.12%	0.13%	0.12%	0.13%	0.15%	0.16%
EBITDA Growth %	0.07%	0.28%	-0.82%	4.51%	0.08%	0.24%	0.21%	0.23%	0.16%	0.17%
D&A (Non-Cash Add-back)	15.51M	20.88M	22.39M	21.76M	21.58M	22.67M	24.13M	29.41M	31.8M	39.95M
EBIT	31.17M	38.69M	-11.76M	36.82M	41.67M	55.88M	71.19M	87.82M	105.43M	119.81M
Net Interest Income+	-805K	-2.64M	-3.41M	-3.36M	-2.51M	-1.47M	-1.4M	-5.23M	-4.28M	-5.43M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	805K	2.64M	3.41M	3.36M	2.51M	1.47M	1.4M	5.23M	4.28M	5.43M
Other Income/Expense	-805K	-2.64M	-3.32M	-3.29M	-2.71M	-27K	-1.22M	-5.57M	-2.89M	-4.79M
Pretax Income+	30.37M	36.05M	-15.08M	33.53M	38.96M	55.85M	69.98M	82.58M	101.14M	114.38M
Pretax Margin %	0.07%	0.07%	-0.03%	0.06%	0.07%	0.09%	0.09%	0.09%	0.11%	0.12%
Income Tax+	12.22M	13.49M	-5.9M	9.1M	10.59M	14.87M	18.44M	22.54M	25.78M	30.04M
Effective Tax Rate %	0.6%	0.63%	0.61%	0.73%	0.73%	0.73%	0.74%	0.73%	0.75%	0.74%
Net Income+	18.14M	22.55M	-9.18M	24.43M	28.37M	40.98M	51.54M	60.04M	75.36M	84.34M
Net Margin %	0.04%	0.05%	-0.02%	0.04%	0.05%	0.07%	0.07%	0.06%	0.08%	0.09%
Net Income Growth %	-0.06%	0.24%	-1.41%	3.66%	0.16%	0.44%	0.26%	0.16%	0.26%	0.12%
Net Income (Continuing)	18.14M	22.55M	-9.18M	24.43M	28.37M	40.98M	51.54M	60.04M	75.36M	84.34M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.86	1.07	-0.43	1.14	1.33	1.93	2.44	2.86	3.59	4.03
EPS Growth %	-0.05%	0.24%	-1.4%	3.65%	0.17%	0.45%	0.26%	0.17%	0.26%	0.12%
EPS (Basic)	0.86	1.07	-0.43	1.15	1.34	1.95	2.46	2.88	3.61	4.05
Diluted Shares Outstanding	21.16M	21.19M	21.29M	21.45M	21.31M	21.26M	21.14M	21.01M	21.01M	20.94M
Basic Shares Outstanding	21.05M	21.07M	21.21M	21.31M	21.16M	21.02M	20.95M	20.85M	20.86M	20.8M
Dividend Payout Ratio	0.46%	0.38%	-	0.49%	0.35%	0.24%	0.21%	0.2%	0.18%	0.17%

Balance Sheet

	Apr 2016	Apr 2017	Apr 2018	Mar 2019	Mar 2020	Mar 2021	Apr 2022	Apr 2023	Mar 2024	Mar 2025
Total Current Assets+	137.29M	120.92M	134.98M	139.41M	131.03M	163.01M	227.74M	232.04M	202.83M	230.69M
Cash & Short-Term Investments	20.01M	6.86M	4.99M	9.2M	4.28M	3M	3.5M	7.57M	7.15M	5.1M
Cash Only	20.01M	6.86M	4.99M	9.2M	4.28M	3M	3.5M	7.57M	7.15M	5.1M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	65.33M	58.57M	66.15M	64.49M	67.39M	90.78M	122.83M	129.25M	114.48M	134.66M
Days Sales Outstanding	57.6	44.21	47.89	42.31	45.53	55.51	57.88	50.45	45.46	50.44
Inventory	47.72M	51.25M	59.74M	60.48M	54.44M	63.86M	94.98M	88.78M	74.6M	83.51M
Days Inventory Outstanding	52.19	48.52	52.24	47.95	45.23	49.27	55.2	42.08	37.53	40.7
Other Current Assets	0	0	0	527K	4.93M	5.37M	0	6.45M	6.6M	7.42M
Total Non-Current Assets+	299.2M	297.67M	256.01M	246.19M	265.16M	318.44M	339.59M	370.32M	470.33M	539.18M
Property, Plant & Equipment	116.32M	121.54M	123.83M	118.63M	135.43M	156.24M	172.45M	196M	220.59M	238.74M
Fixed Asset Turnover	3.56x	3.98x	4.07x	4.69x	3.99x	3.82x	4.49x	4.77x	4.17x	4.08x
Goodwill	97.72M	97.56M	58.44M	58.44M	58.44M	70.72M	77.4M	77.4M	103.4M	135.41M
Intangible Assets	82.93M	76.88M	71.18M	65.73M	60.65M	76.37M	80.19M	73.06M	116.63M	150.12M
Long-Term Investments	-4.92M	502K	819K	400K	0	0	0	4M	4.3M	2.4M
Other Non-Current Assets	2.22M	-3.77M	-2.33M	-1.2M	3.77M	6.21M	9.54M	8.03M	10.2M	12.51M
Total Assets+	436.49M	418.58M	390.99M	385.6M	396.19M	481.44M	567.33M	602.36M	673.16M	769.87M
Asset Turnover	0.95x	1.16x	1.29x	1.44x	1.36x	1.24x	1.37x	1.55x	1.37x	1.27x
Asset Growth %	0.76%	-0.04%	-0.07%	-0.01%	0.03%	0.22%	0.18%	0.06%	0.12%	0.14%
Total Current Liabilities+	59.77M	55.67M	60.57M	55.4M	62.22M	70.46M	101.47M	90.87M	103.31M	107.14M
Accounts Payable	30.12M	29.76M	33.42M	29.31M	34.13M	37.31M	66.69M	53.7M	56.39M	61.2M
Days Payables Outstanding	32.94	28.17	29.23	23.24	28.36	28.79	38.76	25.46	28.37	29.83
Short-Term Debt	5.49M	7.99M	9.86M	9.91M	11.43M	11.49M	9.91M	9.91M	9.91M	9.91M
Deferred Revenue (Current)	1000K	341K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	15.37M	7.95M	8.88M	3.69M	3.06M	3.61M	4.13M	6.64M	15.53M	16.37M
Current Ratio	2.30x	2.17x	2.23x	2.52x	2.11x	2.31x	2.24x	2.55x	1.96x	2.15x
Quick Ratio	1.50x	1.25x	1.24x	1.42x	1.23x	1.41x	1.31x	1.58x	1.24x	1.37x
Cash Conversion Cycle	76.85	64.56	70.9	67.02	62.41	76	74.32	67.08	54.62	61.32
Total Non-Current Liabilities+	175.75M	145.08M	128.18M	112.34M	100.49M	145.73M	163.26M	161.47M	163.83M	202.44M
Long-Term Debt	123.62M	94.63M	90.76M	74.66M	49.75M	88.84M	115.64M	101.73M	88.82M	138.91M
Capital Lease Obligations	0	0	0	0	7.65M	10.23M	9.14M	8.69M	9.53M	10.92M
Deferred Tax Liabilities	42.24M	42.04M	27.38M	26.67M	31.97M	33.34M	23.42M	35.63M	37.63M	22.36M
Other Non-Current Liabilities	52.13M	50.46M	37.41M	37.68M	11.12M	13.32M	15.05M	15.43M	27.85M	30.26M
Total Liabilities	235.52M	200.76M	188.74M	167.74M	162.71M	216.2M	264.73M	252.34M	267.13M	309.57M
Total Debt+	129.1M	102.61M	100.63M	84.56M	68.83M	110.57M	136.36M	120.33M	108.26M	159.74M
Net Debt	109.09M	95.75M	95.64M	75.37M	64.55M	107.57M	132.86M	112.77M	101.11M	154.64M
Debt / Equity	0.64x	0.47x	0.50x	0.39x	0.29x	0.42x	0.45x	0.34x	0.27x	0.35x
Debt / EBITDA	2.77x	1.72x	9.47x	1.44x	1.09x	1.41x	1.43x	1.02x	0.80x	1.00x
Net Debt / EBITDA	2.34x	1.61x	9.00x	1.29x	1.02x	1.37x	1.39x	0.96x	0.74x	0.97x
Interest Coverage	38.72x	14.63x	-3.45x	10.95x	16.60x	38.09x	50.71x	16.84x	24.30x	21.94x
Total Equity+	200.97M	217.83M	202.25M	217.86M	233.48M	265.25M	302.6M	350.02M	406.03M	460.29M
Equity Growth %	0.04%	0.08%	-0.07%	0.08%	0.07%	0.14%	0.14%	0.16%	0.16%	0.13%
Book Value per Share	9.50	10.28	9.50	10.16	10.96	12.48	14.32	16.66	19.32	21.98
Total Shareholders' Equity	200.97M	217.83M	202.25M	217.86M	233.48M	265.25M	302.6M	350.02M	406.03M	460.29M
Common Stock	526K	529K	532K	530K	526K	210K	209K	209K	208K	207K
Retained Earnings	152.26M	165.9M	147.24M	164.41M	182.95M	213.9M	254.38M	302.42M	364.55M	434.26M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5K	298K	596K	317K	-79K	0	1.29M	2.94M	3.12M	1.73M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Apr 2016	Apr 2017	Apr 2018	Mar 2019	Mar 2020	Mar 2021	Apr 2022	Apr 2023	Mar 2024	Mar 2025
Cash from Operations+	36.33M	44.85M	27.35M	47.99M	58.9M	43.79M	42.84M	77.4M	159.5M	111.1M
Operating CF Margin %	0.09%	0.09%	0.05%	0.09%	0.11%	0.07%	0.06%	0.08%	0.17%	0.11%
Operating CF Growth %	0.76%	0.23%	-0.39%	0.75%	0.23%	-0.26%	-0.02%	0.81%	1.06%	-0.3%
Net Income	18.14M	22.55M	-9.18M	24.43M	28.37M	40.98M	51.54M	60.04M	75.36M	84.34M
Depreciation & Amortization	15.51M	20.88M	22.39M	21.76M	21.58M	22.67M	24.13M	27.44M	31.8M	39.95M
Stock-Based Compensation	1.71M	2.13M	1.37M	2.01M	2.27M	3.34M	3.82M	3.83M	4.88M	6.5M
Deferred Taxes	1.1M	-525K	-14.76M	-607K	-1.42M	-689K	-1.5M	-232K	-1.46M	461K
Other Non-Cash Items	105K	458K	39.11M	464K	2.92M	659K	2.25M	-558K	1.89M	4.23M
Working Capital Changes	-235K	-635K	-11.59M	-66K	5.18M	-23.17M	-37.41M	-13.12M	47.02M	-24.39M
Change in Receivables	-2.95M	2.26M	-6.16M	-487K	-3.39M	-21.32M	-30.53M	-6.39M	21.4M	-11.23M
Change in Inventory	-322K	-3.53M	-8.49M	-746K	6.04M	-7.96M	-30.03M	4.72M	19.92M	-6.57M
Change in Payables	3.83M	562K	4.16M	-4.14M	4.23M	2.55M	25.14M	-11.6M	-828K	2.44M
Cash from Investing+	-151.35M	-23.49M	-19.34M	-12.34M	-24.2M	-71.43M	-49.76M	-41.23M	-122.5M	-127.95M
Capital Expenditures	-24.18M	-21.62M	-19.7M	-12.62M	-24.55M	-20.79M	-28.51M	-48.32M	-40.15M	-41.1M
CapEx % of Revenue	0.06%	0.04%	0.04%	0.02%	0.05%	0.03%	0.04%	0.05%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	716K	324K	364K	275K	346K	362K	302K	7.09M	1.1M	544K
Cash from Financing+	116.39M	-34.52M	-9.88M	-31.44M	-39.62M	26.36M	7.42M	-32.1M	-37.41M	14.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-8.26M	-8.68M	-9.16M	-11.97M	-9.82M	-10.03M	-11.06M	-12M	-13.24M	-14.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	401K	131K	0	1.16M	0	1.58M	1.49M	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	12.15M	23.24M	7.65M	35.37M	34.35M	23M	14.32M	29.08M	119.35M	70M
FCF Margin %	0.03%	0.05%	0.02%	0.06%	0.06%	0.04%	0.02%	0.03%	0.13%	0.07%
FCF Growth %	0.99%	0.91%	-0.67%	3.63%	-0.03%	-0.33%	-0.38%	1.03%	3.1%	-0.41%
FCF per Share	0.57	1.10	0.36	1.65	1.61	1.08	0.68	1.38	5.68	3.34
FCF Conversion (FCF/Net Income)	2.00x	1.99x	-2.98x	1.96x	2.08x	1.07x	0.83x	1.29x	2.12x	1.32x
Interest Paid	702K	2.34M	-3.02M	3.16M	2.41M	1.29M	1.2M	4.76M	4.65M	5.79M
Taxes Paid	11.81M	13.42M	-10.23M	7.59M	11.41M	15.78M	19.73M	19.48M	28.63M	34.39M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.19%	10.77%	-4.37%	11.63%	12.57%	16.43%	18.15%	18.4%	19.94%	19.47%
Return on Invested Capital (ROIC)	9.63%	9.31%	-2.88%	9.34%	10.57%	12.49%	13.21%	14.72%	16.09%	15.93%
Gross Margin	19.39%	20.28%	17.21%	17.24%	18.68%	20.74%	18.92%	17.66%	21.07%	23.15%
Net Margin	4.38%	4.66%	-1.82%	4.39%	5.25%	6.87%	6.65%	6.42%	8.2%	8.66%
Debt / Equity	0.64x	0.47x	0.50x	0.39x	0.29x	0.42x	0.45x	0.34x	0.27x	0.35x
Interest Coverage	38.72x	14.63x	-3.45x	10.95x	16.60x	38.09x	50.71x	16.84x	24.30x	21.94x
FCF Conversion	2.00x	1.99x	-2.98x	1.96x	2.08x	1.07x	0.83x	1.29x	2.12x	1.32x
Revenue Growth	13.72%	16.82%	4.25%	10.35%	-2.9%	10.49%	29.77%	20.73%	-1.7%	6.01%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Bulk	-	-	-	-	-	-	-	105.47M	88.07M	96.01M
Bulk Growth	-	-	-	-	-	-	-	-	-16.50%	9.02%
Other	-	-	-	-	-	-	-	16.52M	12.9M	13.05M
Other Growth	-	-	-	-	-	-	-	-	-21.89%	1.15%
Industrial	251.75M	238.56M	247.37M	281.86M	275.22M	273.36M	386.94M	-	-	-
Industrial Growth	-	-5.24%	3.70%	13.94%	-2.35%	-0.68%	41.55%	-	-	-
Water Treatment	128.31M	128.95M	138.47M	149.49M	159.9M	170M	228.13M	-	-	-
Water Treatment Growth	-	0.50%	7.38%	7.96%	6.96%	6.32%	34.19%	-	-	-
Health and Nutrition	33.91M	116.08M	118.33M	124.98M	105.08M	153.51M	159.47M	-	-	-
Health and Nutrition Growth	-	242.28%	1.93%	5.62%	-15.92%	46.09%	3.89%	-	-	-

Frequently Asked Questions

Valuation & Price

Hawkins, Inc. (HWKN) has a price-to-earnings (P/E) ratio of 38.0x. This suggests investors expect higher future growth.

Growth & Financials

Hawkins, Inc. (HWKN) reported $1.05B in revenue for fiscal year 2025. This represents a 204% increase from $343.8M in 2012.

Hawkins, Inc. (HWKN) grew revenue by 6.0% over the past year. This is steady growth.

Yes, Hawkins, Inc. (HWKN) is profitable, generating $83.1M in net income for fiscal year 2025 (8.7% net margin).

Dividend & Returns

Yes, Hawkins, Inc. (HWKN) pays a dividend with a yield of 0.46%. This makes it attractive for income-focused investors.

Hawkins, Inc. (HWKN) has a return on equity (ROE) of 19.5%. This is reasonable for most industries.

Hawkins, Inc. (HWKN) generated $78.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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