Hawkins (HWKN)
Market Price (8/21/2026): $119.57 | Market Cap: $2.5 BilSector: Materials | Industry: Commodity Chemicals
Hawkins (HWKN)
Market Price (8/21/2026): $119.57Market Cap: $2.5 BilSector: MaterialsIndustry: Commodity Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Water Infrastructure, and Advanced Materials. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -37% | Key risksHWKN key risks include [1] intense competition and price pressure from larger entities and [2] the impact of raw material price volatility and supply chain disruptions on production costs. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Advanced Materials. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -37% |
| Key risksHWKN key risks include [1] intense competition and price pressure from larger entities and [2] the impact of raw material price volatility and supply chain disruptions on production costs. |
Qualitative Assessment
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Hawkins (HWKN) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Declining Profitability Despite Revenue Growth in Fiscal Q1 2027.
Hawkins reported a diluted earnings per share (EPS) of $1.35 for fiscal Q1 2027, which ended June 28, 2026, marking a 4% decrease year-over-year and missing analysts' consensus estimates of $1.39 by $0.04. This decline occurred despite record first-quarter revenue of $315.7 million, an 8% increase from the prior year. The company experienced significant gross margin compression of approximately 200 basis points due to factors such as LIFO reserve headwinds and unrecovered freight costs, leading to "profitless growth" in its Food & Health Sciences and Industrial Solutions segments where gross profit remained flat despite sales growth. This financial performance contributed to a 6.77% stock decline on July 30, 2026, the day after the earnings release.
2. Increased Debt and Leverage Post-Acquisitions.
At the close of fiscal year 2026 on March 29, 2026, Hawkins' leverage ratio increased to 1.37x adjusted EBITDA, up from 0.86x at the end of fiscal 2025. This rise was primarily attributed to $167.1 million in acquisition spending during fiscal 2026, which included the WaterSurplus acquisition. While management expressed an intent to reduce the leverage ratio to approximately 1x by the end of fiscal year 2027, the immediate increase in debt raised investor apprehension, contributing to a less favorable outlook for the stock.
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Hawkins (HWKN) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Declining Profitability Despite Revenue Growth in Fiscal Q1 2027.
Hawkins reported a diluted earnings per share (EPS) of $1.35 for fiscal Q1 2027, which ended June 28, 2026, marking a 4% decrease year-over-year and missing analysts' consensus estimates of $1.39 by $0.04. This decline occurred despite record first-quarter revenue of $315.7 million, an 8% increase from the prior year. The company experienced significant gross margin compression of approximately 200 basis points due to factors such as LIFO reserve headwinds and unrecovered freight costs, leading to "profitless growth" in its Food & Health Sciences and Industrial Solutions segments where gross profit remained flat despite sales growth. This financial performance contributed to a 6.77% stock decline on July 30, 2026, the day after the earnings release.
2. Increased Debt and Leverage Post-Acquisitions.
At the close of fiscal year 2026 on March 29, 2026, Hawkins' leverage ratio increased to 1.37x adjusted EBITDA, up from 0.86x at the end of fiscal 2025. This rise was primarily attributed to $167.1 million in acquisition spending during fiscal 2026, which included the WaterSurplus acquisition. While management expressed an intent to reduce the leverage ratio to approximately 1x by the end of fiscal year 2027, the immediate increase in debt raised investor apprehension, contributing to a less favorable outlook for the stock.
3. Analyst Downgrades and Valuation Concerns.
During the period, several analyst firms revised their ratings and price targets for Hawkins. Barclays, for instance, lowered its price target on Hawkins to $142 from $170 on July 31, 2026, maintaining an "Equal Weight" rating due to "mixed" Q1 results. Additionally, Zacks Research downgraded Hawkins from a "hold" to a "strong sell" rating on August 4, 2026. Valuation also became a concern, as the stock was trading at a price-to-earnings (P/E) ratio of 35x as of August 6, 2026, which was higher than the US Chemicals industry average of 27x and a peer average of 25.3x, suggesting it was overvalued relative to its earnings and industry comparables.
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Stock Movement Drivers
Fundamental Drivers
The -28.5% change in HWKN stock from 4/30/2026 to 8/20/2026 was primarily driven by a -26.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 166.99 | 119.39 | -28.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,063 | 1,106 | 4.0% |
| Net Income Margin (%) | 7.8% | 7.3% | -6.0% |
| P/E Multiple | 42.0 | 30.8 | -26.8% |
| Shares Outstanding (Mil) | 21 | 21 | -0.2% |
| Cumulative Contribution | -28.5% |
Market Drivers
4/30/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| HWKN | -28.5% | |
| Market (SPY) | 6.1% | 0.4% |
| Sector (XLB) | 1.8% | 37.7% |
Fundamental Drivers
The -8.0% change in HWKN stock from 1/31/2026 to 8/20/2026 was primarily driven by a -6.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 129.72 | 119.39 | -8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,063 | 1,106 | 4.0% |
| Net Income Margin (%) | 7.8% | 7.3% | -6.0% |
| P/E Multiple | 32.6 | 30.8 | -5.8% |
| Shares Outstanding (Mil) | 21 | 21 | -0.2% |
| Cumulative Contribution | -8.0% |
Market Drivers
1/31/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| HWKN | -8.0% | |
| Market (SPY) | 10.5% | 16.9% |
| Sector (XLB) | 6.9% | 44.1% |
Fundamental Drivers
The -26.4% change in HWKN stock from 7/31/2025 to 8/20/2026 was primarily driven by a -22.5% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 162.20 | 119.39 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,012 | 1,106 | 9.3% |
| Net Income Margin (%) | 8.4% | 7.3% | -12.9% |
| P/E Multiple | 39.7 | 30.8 | -22.5% |
| Shares Outstanding (Mil) | 21 | 21 | -0.3% |
| Cumulative Contribution | -26.4% |
Market Drivers
7/31/2025 to 8/20/2026| Return | Correlation | |
|---|---|---|
| HWKN | -26.4% | |
| Market (SPY) | 21.7% | 25.7% |
| Sector (XLB) | 21.2% | 46.1% |
Fundamental Drivers
The 161.1% change in HWKN stock from 7/31/2023 to 8/20/2026 was primarily driven by a 93.8% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.73 | 119.39 | 161.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 935 | 1,106 | 18.3% |
| Net Income Margin (%) | 6.4% | 7.3% | 13.5% |
| P/E Multiple | 15.9 | 30.8 | 93.8% |
| Shares Outstanding (Mil) | 21 | 21 | 0.4% |
| Cumulative Contribution | 161.1% |
Market Drivers
7/31/2023 to 8/20/2026| Return | Correlation | |
|---|---|---|
| HWKN | 161.1% | |
| Market (SPY) | 72.5% | 33.9% |
| Sector (XLB) | 29.1% | 41.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HWKN Return | 53% | -1% | 85% | 75% | 16% | -12% | 402% |
| Peers Return | 31% | -14% | 26% | 2% | -27% | 23% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| HWKN Win Rate | 67% | 50% | 67% | 67% | 67% | 38% | |
| Peers Win Rate | 53% | 43% | 52% | 50% | 43% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HWKN Max Drawdown | -22% | -29% | -14% | -21% | -35% | -28% | |
| Peers Max Drawdown | -27% | -42% | -26% | -34% | -52% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MEOH, DOW, HWKN, HUN, TROX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/20/2026 (YTD)
How Low Can It Go
| Event | HWKN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.5% | -24.5% |
| % Gain to Breakeven | 18.3% | 32.4% |
| Time to Breakeven | 70 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.2% | -33.7% |
| % Gain to Breakeven | 49.7% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.2% | -19.2% |
| % Gain to Breakeven | 22.3% | 23.8% |
| Time to Breakeven | 16 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.8% | -12.2% |
| % Gain to Breakeven | 21.6% | 13.9% |
| Time to Breakeven | 36 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -19.9% | -17.9% |
| % Gain to Breakeven | 24.8% | 21.8% |
| Time to Breakeven | 10 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -16.8% | -15.4% |
| % Gain to Breakeven | 20.2% | 18.2% |
| Time to Breakeven | 49 days | 125 days |
In The Past
Hawkins's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.4% gain to breakeven.
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| Event | HWKN | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -33.2% | -33.7% |
| % Gain to Breakeven | 49.7% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
In The Past
Hawkins's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hawkins (HWKN)
Hawkins, Inc. (HWKN) is a specialty chemical company that manufactures, blends, and distributes a wide range of chemicals and ingredients across diverse industries. Through its Industrial segment, Hawkins supplies essential chemicals such as acids, alkalis, and industrial and food-grade salts to critical sectors including agriculture, chemical processing, electronics, energy, food, and pharmaceuticals. This segment also produces sodium hypochlorite, various food-grade products like liquid phosphates, and offers custom blending and repackaging services, acting as a crucial supplier for manufacturing and industrial operations.
The company further extends its reach into specialized markets through its Water Treatment and Health and Nutrition segments. The Water Treatment segment provides chemicals, equipment, and solutions vital for potable water, municipal and industrial wastewater, industrial process water, and non-residential swimming pool applications. Meanwhile, the Health and Nutrition segment acts as a key distributor and formulator of high-quality ingredients, including minerals, botanicals, vitamins, and amino acids, serving manufacturers in the nutraceutical, functional food and beverage, personal care, and dietary supplement industries. Overall, Hawkins plays a fundamental role in the supply chain for essential chemicals and specialty ingredients, supporting a broad spectrum of industrial, environmental, and consumer health product manufacturers.
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Here are 1-3 brief analogies to describe Hawkins (HWKN):
Sysco for industrial chemicals and specialty ingredients.
Fastenal for process chemicals and specialty ingredients.
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- Industrial Chemicals: Hawkins manufactures and distributes a wide range of industrial chemicals, including acids, alkalis, and salts, to various industries.
- Food-Grade Products: The company produces specialized food-grade products such as liquid phosphates and lactates for the food industry.
- Water Treatment Chemicals, Equipment & Solutions: Hawkins provides chemicals, equipment, and comprehensive solutions for potable water, wastewater, and industrial process water treatment.
- Health & Nutrition Ingredients: It distributes and processes a broad portfolio of ingredients, including minerals, vitamins, botanicals, and enzymes, for the nutraceutical and health industries.
- Chemical Repackaging & Blending Services: Hawkins offers custom blending and repackaging services for bulk industrial and water treatment chemicals.
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Hawkins, Inc. (HWKN) primarily sells its products and services to other companies, not directly to individuals.
Hawkins serves a highly diversified customer base across numerous industries. Based on its public filings, no single customer accounted for 10% or more of its net sales in recent fiscal years. Therefore, Hawkins does not disclose specific "major customer" companies by name.
Instead, Hawkins serves a broad range of industrial and commercial customers. These include companies and organizations within the following industries and categories:
- Industrial Segment Customers: Companies in the agriculture, chemical processing, electronics, energy, food, pharmaceutical, and plating industries. These customers utilize industrial chemicals, food-grade salts, acids, and alkalis, as well as custom blending and packaging services.
- Water Treatment Segment Customers: Municipalities and industrial facilities requiring chemicals, equipment, and solutions for potable water, municipal and industrial wastewater, industrial process water, and non-residential swimming pool and agriculture water treatment.
- Health and Nutrition Segment Customers: Manufacturers of nutraceutical, functional food and beverage, personal care, dietary supplement, and other nutritional food, and health and wellness products. These customers procure ingredients, processing, and formulation solutions.
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Patrick H. Hawkins, President And Chief Executive Officer
Patrick H. Hawkins has served as Chief Executive Officer and President of Hawkins, Inc. and a member of its board since March 2011, and as President since March 2010. He joined the company in 1992 and held various positions, including Business Director – Food and Pharmaceuticals from 2009 to 2010, Business Manager – Food and Co-Extrusion Products from 2007 to 2009, and Sales Representative – Food Ingredients from 2002 to 2007. Prior to these roles, he also served as Plant Manager, Quality Director, and Technical Director within the company. Mr. Hawkins also holds the position of Chief Executive Officer at Stauber Performance Ingredients, Inc. In recognition of his leadership, he was named a winner of the Ernst & Young Entrepreneur Of The Year® 2023 Heartland Award. He earned his undergraduate degree from the University of St. Thomas.
Jeffrey P. Oldenkamp, Executive Vice President And Chief Financial Officer
Jeffrey P. Oldenkamp joined Hawkins, Inc. in May 2017, assuming the roles of Chief Financial Officer, Executive Vice President, and Treasurer in June 2017. Before joining Hawkins, he was the Chief Financial Officer at MTS Systems Corporation from January 2015, and previously served as Vice President of Finance for the MTS Test business from January 2014 to January 2015. His experience also includes serving as Americas Operations Chief Financial Officer and Vice President at Nilfisk-Advance, Inc. from January 2012 to January 2014. Mr. Oldenkamp has held various financial leadership positions at other companies, including Emerson Electric, Inc. and Honeywell. He holds a Master's of Business Administration degree from the University of Minnesota and a Bachelor of Arts degree with a concentration in Accounting from the University of St. Thomas.
Drew M. Grahek, Vice President – Operations
Drew M. Grahek became part of Hawkins, Inc. in September 2018. He brings 26 years of diverse experience, having worked with companies such as Target, Kohl's, Field & Stream, and Ulta Beauty. His background encompasses general operations, facility management, supply chain, service operations, and merchandising.
Douglas A. Lange, Vice President – Water Treatment Group
Douglas A. Lange has held the position of Vice President – Water Treatment Group since June 2020, having joined Hawkins, Inc. in January 2019. He possesses 25 years of experience in the specialty adhesives industry, gained through roles at H.B. Fuller, Franklin International, and Bright Wood Corp. Mr. Lange has a track record of driving business growth by expanding into new markets and establishing new locations in the USA, Germany, and China.
Shirley A. Rozeboom, Vice President – Health And Nutrition
Shirley A. Rozeboom serves as the Vice President – Health and Nutrition at Hawkins, Inc.
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Key risks for Hawkins (HWKN) include:
-
Raw Material Price Volatility and Supply Chain Disruptions: As a company that blends, manufactures, and distributes a wide range of chemicals and specialty ingredients, Hawkins is exposed to fluctuations in the prices and availability of its raw materials, such as acids, alkalis, industrial and food-grade salts, liquid caustic soda, sulfuric acid, and other chemical inputs. Significant increases in raw material costs or disruptions in their supply chain could adversely impact the company's profitability and ability to meet customer demand.
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Regulatory and Environmental Compliance: Operating in the chemical industry, particularly with industrial chemicals, water treatment chemicals, and various hazardous substances, Hawkins is subject to extensive and evolving environmental, health, and safety regulations at federal, state, and local levels. Compliance with these regulations can be costly, and any changes in regulations, non-compliance, or potential environmental liabilities could lead to increased operational expenses, fines, penalties, or restrictions on operations.
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Dependence on Diverse End Markets and Economic Sensitivity: Hawkins serves a broad array of industries including agriculture, chemical processing, electronics, energy, food, pharmaceutical, plating, municipal and industrial wastewater, nutraceutical, and personal care. While this diversification can mitigate some risks, a significant economic downturn or specific challenges impacting multiple key end markets simultaneously could lead to reduced demand for the company's products and services, negatively affecting its revenues and financial performance.
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Hawkins, Inc. operates within several addressable markets, with varying sizes depending on the specific product or service and the geographical region.
Industrial Segment
- Specialty Chemicals: The global specialty chemicals market was estimated at approximately USD 978.97 billion in 2024 and is projected to reach USD 1,312.78 billion by 2030. North America accounted for 24.1% of the global specialty chemicals market revenue in 2024.
- Food Grade Chemicals: The global food-grade chemicals market is projected to reach USD 24.03 billion by 2025, growing to USD 24.03 billion by 2033.
Water Treatment Segment
- Water Treatment Chemicals: The global water treatment chemicals market was valued at approximately USD 39.81 billion in 2025 and is projected to reach USD 69.05 billion by 2034. North America held approximately 39% of the global market share in 2025. The North America water treatment chemicals market size was valued at USD 12.83 billion in 2024 and is anticipated to reach USD 19.23 billion by 2034.
- Water and Wastewater Treatment Solutions (Broader Market): The global water and wastewater treatment market was valued at USD 372.39 billion in 2025 and is projected to reach USD 713.96 billion by 2034. North America held the largest market share, valued at USD 142.25 billion in 2025.
Health and Nutrition Segment
- Nutraceutical Ingredients: The global nutraceutical ingredients market size was valued at approximately USD 95.73 billion in 2025 and is predicted to increase to about USD 204.47 billion by 2035. North America held close to 38% of the global market value in 2025. The U.S. nutraceutical ingredients market is projected to reach USD 32.18 billion by 2032.
- Functional Food Ingredients: The global functional food ingredients market size was valued at approximately USD 128.12 billion in 2025 and is predicted to increase to about USD 210 billion by 2035. North America dominated the global market with the largest share of 35% in 2025.
- Personal Care Ingredients: The global personal care ingredients market size was valued at USD 15.48 billion in 2025 and is predicted to increase to approximately USD 25.96 billion by 2034. The North America region accounted for almost 32.8% of the global personal care ingredients market share in 2021. The U.S. personal care ingredients market is valued at US$4.5 billion in 2026.
- Dietary Supplement Ingredients: The global food supplement ingredients market size was valued at USD 17.26 billion in 2025 and is projected to grow to USD 35.28 billion by 2034. North America holds a 36% market share in 2025 for dietary supplements ingredients. The broader global dietary supplements market was estimated at USD 209.52 billion in 2025.
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- Strategic Acquisitions: Hawkins has a consistent strategy of pursuing disciplined "tuck-in" acquisitions to expand its geographic footprint, enter new markets, and enhance its product portfolio. The company has completed multiple acquisitions in recent years, particularly strengthening its Water Treatment segment, and views these as a key component of its growth strategy.
- Water Treatment Segment Expansion: The Water Treatment segment is a significant growth engine for Hawkins. The company plans to continue investing in new and existing branches to broaden its geographic coverage, particularly targeting growth in "Sun Belt metros." This expansion is also driven by anticipated demand from population growth and compliance with new environmental regulations, such as EPA-driven PFAS compliance spending through 2029.
- Growth in Specialty and Value-Added Products and Services: Hawkins is focused on expanding its offerings of specialty and value-added products and services across its segments. This includes increasing formulations and on-site blending services within the Industrial segment. In the Health and Nutrition segment, the company plans to introduce new clean-label, functional, and sports-nutrition SKUs, along with private-label blends, to improve margins and market share. This strategy aligns with the broader goal of investing in capabilities for higher-margin and growth products.
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Share Repurchases
- Hawkins' Board of Directors has authorized the repurchase of up to 2.6 million shares of its outstanding common stock, an authorization that was initially approved in May 2014 and has been amended over time.
- The company made $21 million in stock repurchases during fiscal year 2025.
- Hawkins repurchased $20.676 million worth of shares in fiscal year 2025 and $11.272 million in fiscal year 2024.
Share Issuance
- Hawkins issued $2.658 million in new shares during fiscal year 2025 and $2.242 million in fiscal year 2024.
- Shares surrendered for payroll taxes amounted to $2.541 million in fiscal year 2025 and $2.140 million in fiscal year 2024.
Outbound Investments
- Hawkins completed four acquisitions in fiscal year 2025, primarily to support growth in its Water Treatment segment, with $87 million spent on acquiring Intercoastal Trading, Inc., Wofford Water Service, Inc., Waterguard, Inc., and Amerochem Corporation.
- Subsequent to fiscal year 2025, Hawkins acquired WaterSurplus, which was funded by a net $150 million borrowing on its line of credit during the first quarter of fiscal year 2026.
- In December 2021, the company acquired NAPCO Chemical Company, Inc., marking its sixth acquisition in 18 months to expand its Water Treatment segment.
Capital Expenditures
- Hawkins reported capital spending of $41 million for fiscal year 2025.
- Noncash capital expenditures in accounts payable were $1.841 million in fiscal year 2025 and $2.697 million in fiscal year 2024.
- The company plans to fund future growth investments and expects all three of its segments—Water Treatment, Industrial, and Health & Nutrition—to continue growing profitably into fiscal year 2026.
Peer Outperformance in Commodity Chemicals
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 115.0% | 87.7% | 303.0% | COPR 1025% · TGB 468% · HBM 429% |
| Silver | 6 | 181.2% | 323.5% | 194.3% | HL 285% · SVM 228% · AYA 219% |
| Gold | 32 | 65.9% | 221.4% | 167.9% | IAG 836% · OGC 515% · KGC 500% |
| Steel | 13 | 27.5% | 46.7% | 122.5% | HCC 509% · AMR 500% · NWPX 334% |
| Diversified Metals & Mining | 24 | 13.0% | -7.2% | 55.4% | ATLX 226329% · USAR 57316% · FMST 1124% |
| Aluminum | 3 | 98.7% | 124.8% | 49.6% | CENX 304% · KALU 50% · AA 41% |
| Construction Materials | 7 | -13.3% | 31.5% | 48.3% | USLM 324% · CRH 93% · VMC 54% |
| Metal, Glass & Plastic Containers | 10 | 9.2% | 17.4% | 6.5% | KRT 152% · MYE 72% · GEF 65% |
| Paper & Plastic Packaging Products & Materials | 7 | 18.1% | 19.1% | -4.5% | PKG 95% · CCK 14% · SON 9% |
| Specialty Chemicals | 40 | 15.6% | 1.6% | -6.0% | LWLG 853% · ODC 497% · NEU 200% |
| Precious Metals & Minerals | 9 | 51.6% | 161.9% | -8.6% | ASM 717% · PPTA 376% · ELE 120% |
| Commodity Chemicals ← | 13 | 32.1% | 14.8% | -20.3% | HWKN 233% · MEOH 108% · LXU 66% |
| Diversified Chemicals | 4 | 10.8% | -27.0% | -22.4% | CBT 81% · ASH -4% · CC -41% |
| Fertilizers & Agricultural Chemicals | 10 | -1.3% | -1.1% | -34.0% | CF 214% · CTVA 100% · NTR 47% |
| Paper Products | 3 | -9.7% | -51.2% | -95.6% | CLW -31% · ITP -96% · MERC -96% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Hawkins Earnings Notes | 12/28/2026 | |
| Is 26.3% Fall In Hawkins (HWKN) Stock A Buying Opportunity? | 11/20/2025 | |
| Would You Still Hold Hawkins Stock If It Fell 30%? | 10/17/2025 | |
| Hawkins vs Alphabet: Which Is A Better Investment? | 08/18/2025 | |
| Hawkins vs Newmont: Which Is A Better Investment? | 08/18/2025 | |
| Hawkins Stock vs Competition: Who Wins? | 08/13/2025 | |
| Better Bet Than HWKN Stock: Pay Less Than Hawkins To Get More From META, LLY | 08/12/2025 | |
| Better Bet Than HWKN Stock: Pay Less Than Hawkins To Get More From CRS, CDE | 08/12/2025 | |
| ARTICLES | ||
| Can Hawkins Outrun Dow in the Next Rally? | 03/11/2026 | |
| Hawkins Stock Has Fallen 26%, Time to Enter? | 11/20/2025 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.90 |
| Mkt Cap | 2.5 |
| Rev LTM | 4,265 |
| Op Inc LTM | 119 |
| FCF LTM | 92 |
| FCF 3Y Avg | 91 |
| CFO LTM | 159 |
| CFO 3Y Avg | 255 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.7% |
| Rev Chg 3Y Avg | 0.2% |
| Rev Chg Q | 18.7% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Inc Chg LTM | -1.7% |
| Op Inc Chg 3Y Avg | 5.9% |
| Op Mgn LTM | 3.7% |
| Op Mgn 3Y Avg | 3.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 9.4% |
| CFO/Rev 3Y Avg | 7.7% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 1.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 0.6 |
| P/Op Inc | 6.1 |
| P/EBIT | 2.4 |
| P/E | -1.6 |
| P/CFO | 8.9 |
| Total Yield | -1.2% |
| Dividend Yield | 4.2% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.8 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Water Treatment | 543 | 446 | 363 | 305 | 228 |
| Food & Health Sciences | 321 | 145 | 146 | 159 | 159 |
| Industrial Solutions | 220 | 382 | 409 | 471 | 387 |
| Total | 1,084 | 974 | 919 | 935 | 775 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Water Treatment | 68 | 60 | 53 | 31 | 23 |
| Food & Health Sciences | 34 | 14 | 12 | 14 | 17 |
| Industrial Solutions | 19 | 45 | 39 | 42 | 31 |
| Total | 121 | 119 | 104 | 88 | 71 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Water Treatment | 562 | 357 | 258 | 155 | 144 |
| Food & Health Sciences | 258 | 252 | 237 | 156 | 167 |
| Industrial Solutions | 137 | 130 | 135 | 253 | 237 |
| Unallocated assets | 29 | 30 | 28 | 26 | 20 |
| Total | 986 | 770 | 658 | 590 | 567 |
Price Behavior
| Market Price | $119.39 | |
| Market Cap ($ Bil) | 2.5 | |
| First Trading Date | 10/27/1993 | |
| Distance from 52W High | -34.6% | |
| 50 Days | 200 Days | |
| DMA Price | $141.04 | $145.23 |
| DMA Trend | down | down |
| Distance from DMA | -15.4% | -17.8% |
| 3M | 1YR | |
| Volatility | 40.1% | 38.9% |
| Downside Capture | 114.11 | 111.68 |
| Upside Capture | -12.20 | 49.11 |
| Correlation (SPY) | -2.1% | 22.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.03 | -0.38 | -0.27 | 0.38 | 0.74 | 0.85 |
| Up Beta | -4.50 | -3.09 | -2.34 | -0.17 | 0.66 | 0.88 |
| Down Beta | 0.91 | -0.13 | -0.25 | 0.69 | 0.74 | 0.67 |
| Up Capture | 24% | -32% | -32% | 28% | 43% | 114% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 25 | 36 | 72 | 137 | 399 |
| Down Capture | 182% | 87% | 97% | 66% | 99% | 94% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 18 | 27 | 54 | 115 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HWKN | |
|---|---|---|---|---|
| HWKN | -29.8% | 38.9% | -0.82 | - |
| Sector ETF (XLB) | 18.2% | 17.7% | 0.79 | 46.5% |
| Equity (SPY) | 20.3% | 12.9% | 1.16 | 23.2% |
| Gold (GLD) | 36.2% | 28.7% | 1.07 | 22.4% |
| Commodities (DBC) | 44.1% | 20.2% | 1.69 | -4.9% |
| Real Estate (VNQ) | 13.3% | 13.8% | 0.66 | 19.2% |
| Bitcoin (BTCUSD) | -38.8% | 43.2% | -1.01 | 17.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HWKN | |
|---|---|---|---|---|
| HWKN | 27.5% | 36.6% | 0.75 | - |
| Sector ETF (XLB) | 6.0% | 19.1% | 0.20 | 42.8% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 37.1% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 10.4% |
| Commodities (DBC) | 10.2% | 19.6% | 0.40 | 7.8% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 34.0% |
| Bitcoin (BTCUSD) | 9.3% | 52.7% | 0.36 | 22.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HWKN | |
|---|---|---|---|---|
| HWKN | 20.2% | 37.8% | 0.60 | - |
| Sector ETF (XLB) | 10.1% | 20.7% | 0.43 | 50.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 44.4% |
| Gold (GLD) | 12.4% | 16.2% | 0.63 | 6.1% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 15.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 38.6% |
| Bitcoin (BTCUSD) | 61.0% | 66.1% | 1.01 | 16.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/28/2021 | 7.0% | 10.1% | 25.0% |
| 10/21/2020 | 1.7% | -11.6% | 0.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 2 |
| # Negative | 0 | 1 | 0 |
| Median Positive | 4.3% | 10.1% | 12.9% |
| Median Negative | -11.6% | ||
| Max Positive | 7.0% | 10.1% | 25.0% |
| Max Negative | -11.6% | ||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/28/2021 | 7.0% | 10.1% | 25.0% |
| 10/21/2020 | 1.7% | -11.6% | 0.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 2 |
| # Negative | 0 | 1 | 0 |
| Median Positive | 4.3% | 10.1% | 12.9% |
| Median Negative | -11.6% | ||
| Max Positive | 7.0% | 10.1% | 25.0% |
| Max Negative | -11.6% | ||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-K |
| 12/31/2025 | 01/28/2026 | 10-Q |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-K |
| 12/31/2024 | 01/29/2025 | 10-Q |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-K |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/17/2023 | 10-K |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-K |
| 12/31/2025 | 01/28/2026 | 10-Q |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-K |
| 12/31/2024 | 01/29/2025 | 10-Q |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-K |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/17/2023 | 10-K |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/18/2022 | 10-K |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 06/02/2021 | 10-K |
| 12/31/2020 | 01/28/2021 | 10-Q |
| 09/30/2020 | 10/21/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/20/2020 | 10-K |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 10/30/2019 | 10-Q |
Insider Activity
Updated 8/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Faulconbridge, James A | Direct | Buy | 2062026 | 129.95 | 1,500 | 194,925 | 6,810,290 | Form | |
| 2 | Faulconbridge, James A | Direct | Buy | 2062026 | 129.29 | 1,500 | 193,935 | 6,581,766 | Form | |
| 3 | Grahek, Drew M | VICE PRESIDENT OF OPERATIONS | Direct | Buy | 11052025 | 126.34 | 1,587 | 200,506 | 5,008,202 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Faulconbridge, James A | Direct | Buy | 2062026 | 129.95 | 1,500 | 194,925 | 6,810,290 | Form | |
| 2 | Faulconbridge, James A | Direct | Buy | 2062026 | 129.29 | 1,500 | 193,935 | 6,581,766 | Form | |
| 3 | Grahek, Drew M | VICE PRESIDENT OF OPERATIONS | Direct | Buy | 11052025 | 126.34 | 1,587 | 200,506 | 5,008,202 | Form |
Investor Activity (13F)
Updated Aug 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Commodity Chemicals Resources |
| ChemAnalyst |
| S&P Global Commodity Insights - Chemicals |
| Reuters Events: Downstream |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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