# Hawkins, Inc. (HWKN)

> Source: Nexqual · https://nexqual.com/HWKN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hawkins, Inc. (HWKN), nexqual.com/HWKN" · informational, not investment advice.

**Price:** USD 133.17 (+2.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 130.3 · day 128.17–133.44 · 52w 116.05–174.12 · market cap $2.78B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $1.11B, net income $80.6M (7.3% margin), free cash flow $91.7M (SEC filings).
- Valuation: P/E 34.5x (avg 29.0x at the last 3 fiscal year-ends), EV/EBITDA 17.5x, net debt $236M.
- 2 of 80 tracked superinvestors hold HWKN (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $262K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 174 (range 141–200).
- Total return with dividends: 1Y -18.4% vs S&P 500 +14.9%; 5Y +268.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 1.18, revenue estimate $303M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $775M | $935M | $919M | $974M | $1.08B | $1.11B |
| Gross profit | $147M | $165M | $194M | $226M | $245M | — |
| Operating income | $71.2M | $88.2M | $104M | $119M | $121M | $119M |
| Net income | $51.5M | $60.0M | $75.4M | $84.3M | $81.5M | $80.6M |
| EPS (diluted) | $2.44 | $2.86 | $3.59 | $4.03 | $3.91 | — |
| Free cash flow | $14.3M | $29.1M | $119M | $70.0M | $86.1M | $91.7M |
| Gross margin | 18.9% | 17.7% | 21.1% | 23.1% | 22.6% | — |
| Operating margin | 9.2% | 9.4% | 11.3% | 12.2% | 11.2% | 10.7% |
| Net margin | 6.7% | 6.4% | 8.2% | 8.7% | 7.5% | 7.3% |
| Revenue growth | +29.8% | +20.7% | -1.7% | +6.0% | +11.2% | — |
| Cash + short-term investments | $3.5M | $7.6M | $7.2M | $5.1M | $3.9M | — |
| Total debt | $126M | $112M | $99.0M | $159M | $244M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 34.5x · P/S 2.5x · EV/EBITDA 17.5x · EV/Sales 2.7x · P/FCF 30.3x · P/B 5.1x · FCF yield 3.30% · Earnings yield 2.90% · Dividend yield (paid, TTM) 0.57% · Net debt $236M · EV $3.02B
P/E at fiscal year-ends: Mar 2026 39.3x, Mar 2025 26.3x, Mar 2024 21.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HWKN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 0.45% | $13.5M | New position |
| Mairs & Power | Mairs & Power Funds | 0.03% | $3.6M | Reduced -3.1% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $262K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-27 | Oldenkamp Jeffrey P. | EXECUTIVE VP AND CFO | 1,290 | $154K | 119 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Lange Douglas A. | VP - WATER TREATMENT GROUP | 910 | $108K | 118.75 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 174 (low 141, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Barclays | Target lowered | Equal-Weight | $142 → $141 |
| 2026-08-03 | BWS Financial | Maintained | Buy | $200 |
| 2026-07-31 | Barclays | Target lowered | Equal-Weight | $170 → $142 |
| 2026-06-30 | Barclays | Initiated | Equal-Weight | $170 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -18.4% | +268.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -18.4% | +29.7% |
| Volatility (annualized) | 38.3% | 36.8% |
| Max drawdown | -31.3% (May 2026→Aug 2026) | -34.6% (Sep 2025→Aug 2026) |

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 173.23 +1.43% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95% · EMN (Eastman Chemical Company) USD 65.31 +2.85% · AXTA (Axalta Coating Systems Ltd.) USD 35.05 +0.20% · NEU (NewMarket Corp) USD 876.33 -0.98% · ESI (Element Solutions Inc.) USD 33.11 -8.89%

## More
Full page: https://nexqual.com/HWKN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Water Treatment | $158.3M | 50.1% | +5.8% | $21.8M | 13.8% |
| Food & Health Sciences | $97.3M | 30.8% | +9.1% | $11.2M | 11.6% |
| Industrial Solutions | $60.1M | 19.0% | +10.3% | $5.6M | 9.3% |
| Total revenue | $315.7M | 100% | — | $38.7M | 12.3% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Manufactured, blended or repackaged products | $140.0M | 44.4% | +2.7% |
| Bulk products | $16.3M | 5.2% | +36.2% |
| Other | $2.0M | 0.6% | +56.8% |
| Total revenue | $315.7M | 100% | — |
The lines above cover 50.1% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "We continue to generate strong free cash flow and we expect to continue to pay down debt during fiscal 2027."
- "In addition, the prior-year period included a $1.9 million favorable fair value adjustment that reduced SG&A, reflecting a downward revision to the estimated Water Solutions earnout liability based on a change in projected estimates related to the earnout target."
- "Our effective tax rate for the full year is expected to be approximately 25% to 27%."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.18 | $1.36 | -13.3% | $302.7M | 2 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.93 | -21.5% | $267.4M | 2 |
| Current fiscal year (ends 2027-03-31) | $4.11 | $4.82 | -14.6% | $1.17B | 2 |
| Next fiscal year (ends 2028-03-31) | $4.68 | $5.39 | -13.2% | $1.26B | 2 |