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Hawkins

HWKN on Nasdaq. Hawkins sells water treatment chemicals and equipment to municipalities, businesses, and farms. Market value $2.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Industrials stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.3%fair

For every $100 of what the whole company costs, it produced $3.32 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
25.3×full

You pay 25.3 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to March 2026
15.3%five-year median

Each dollar kept in the business earns 15 cents a year. Above 10 is good.

Quality score: 94 of 100. Price score: 43 of 100. Our list needs 70 on quality and 60 on price.

$132.25 a share, 14% above its 1-year low

Over the past year the price has ranged from $116.05 to $184.74.

Dividend: 0.6% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.0
0.1
0.1
0.1
0.1
2022202320242025202612 monthsto Jun '26
Revenue
$775m$935m$919m$974m$1.1bn
Operating margin
9.2%9.4%11.3%12.2%11.2%
Debt to equity
0.410.320.240.350.46
Shares outstanding
0.02bn0.02bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.46× equity
  • Revenue growth, five yearsStrong, 12.7% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $316 million last quarter, up 8% on a year ago.
  • Profit: $28 million, down 3% on a year ago.
  • It keeps 11 cents of each $1 of sales as operating profit, down from 12 cents a year earlier.
  • Spare cash over the past 12 months: $92 million, up from $81 million.
  • About the same number of shares as a year ago.
  • Debt is $236 million more than cash, down from $284 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$247m
December 2024$226m
March 2025$245m
June 2025$293m
September 2025$280m
December 2025$244m
March 2026$266m
June 2026$316m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$24m
December 2024$15m
March 2025$16m
June 2025$29m
September 2025$23m
December 2025$14m
March 2026$15m
June 2026$28m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 May 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

5 long-term investors we follow own it, up from 4 last quarter. 335 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $850,937 of shares on the open market.

  • Oldenkamp Jeffrey P.
    EXECUTIVE VP AND CFO
    Bought
    Date
    27 August 2026
    Shares
    1,290
    Price
    $119.00
    Value
    $153,510
  • Lange Douglas A.
    VP - WATER TREATMENT GROUP
    Bought
    Date
    25 August 2026
    Shares
    910
    Price
    $118.75
    Value
    $108,066
  • Faulconbridge James A
    Director
    Bought
    Date
    5 February 2026
    Shares
    1,500
    Price
    $129.95
    Value
    $194,925
  • Faulconbridge James A
    Director
    Bought
    Date
    4 February 2026
    Shares
    1,500
    Price
    $129.29
    Value
    $193,935
  • Grahek Drew M.
    VICE PRESIDENT OF OPERATIONS
    Bought
    Date
    3 November 2025
    Shares
    1,587
    Price
    $126.34
    Value
    $200,502

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 May 2026, plus the 10-Q filed 29 Jul 2026 and 4 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “Following the review of proposals from the independent registered public accounting firms that participated in the process, on January 29, 2025, the Committee approved the engagement of Deloitte & Touche LLP (“Deloitte”), as the Company’s independent registered public accounting firm, for the Company’s fiscal year ending March 29, 2026, subject to execution of an engagement letter.”

    From an 8-K filed 3 February 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 25.3× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.