At a glance
Hawkins Inc is worth $3.20B, about 39 times its fiscal 2026 earnings. Revenue grew 11.2% to $1.08B in fiscal 2026, with 7.5% kept as profit; over 5 years it has grown 12.7% a year. It pays a 0.5% dividend yield, raised every year for at least 7 years, and returned $113.6M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −6.2% over the past year with dividends reinvested and +35.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.2% in the 2020 crash (S&P 500: 33.7%) and 29.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 12 months after the lows.
The business in plain English
Hawkins buys chemicals and ingredients in bulk, then manufactures, blends, repackages and delivers them with technical advice and service. It makes money on the difference between what it pays suppliers and what customers pay for a finished, delivered product. In the fiscal year (the company's accounting year) ended March 29, 2026, revenue was about $1.08 billion. Of that, 60.6% came from products Hawkins manufactured, blended or repackaged itself. No customer made up 10% or more of sales.
Hawkins reports three business units, or segments. Water Treatment is the largest, at 50.1% of revenue. It supplies chemicals, filtration equipment and service for city drinking water, wastewater, factory process water and mainly commercial pools. Its employees work as driver, salesperson and trained technician in one. They operate from 53 warehouses in 28 states, mostly in the eastern two-thirds of the country. Sales usually peak from April to September.
Food and Health Sciences (29.6%) supplies vitamins, minerals, amino acids, sweeteners, pharmaceutical salts and other ingredients to makers of nutrition, food, drug and farm products. It also helps them formulate and blend those ingredients. Industrial Solutions (20.3%) supplies acids and alkalis, such as sulfuric acid and caustic soda, to manufacturers, chemical processors, electronics, energy and metal-plating businesses. The units share raw materials and some plants, which boosts buying power and spreads fixed costs.
Price history
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HWKN -6.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Manufactured, blended or repackaged products | $656.3M | 60.6% |
| Nutrition | $138.0M | 12.7% |
| Food | $99.3M | 9.2% |
| Bulk products | $96.2M | 8.9% |
| Agricultural | $52.6M | 4.9% |
| Pharmaceutical | $27.9M | 2.6% |
| Other | $13.5M | 1.2% |
By business segment
| Water Treatment | $543.3M | 50.1% |
| Food and Health Sciences | $320.7M | 29.6% |
| Industrial Solutions | $219.7M | 20.3% |
Latest results
- In Q2 FY2027 (ended Sep 27, 2026), revenue was $313.8M, up 11.9% from a year earlier, and net income was $27.8M (+22.9%).
- For fiscal 2026, revenue was $1.08B (+11.2% year over year; +12.7% a year from FY2021 to FY2026) with a 7.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +12.7% good |
|---|---|
| Operating margin | 11.2% watch |
| Free cash flow margin | 7.9% watch |
| Return on equity (FY2026) | 15.3% good |
| Return on assets (FY2026) | 8.3% good |
| Net cash (cash minus debt) | $-221.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $596.9M | $41.0M | $23.0M |
| FY2022 | $774.5M | $51.5M | $14.3M |
| FY2023 | $935.1M | $60.0M | $29.1M |
| FY2024 | $919.2M | $75.4M | $119.3M |
| FY2025 | $974.4M | $84.3M | $70.0M |
| FY2026 | $1.08B | $81.5M | $86.1M |
Valuation snapshot
| Market value | $3.20B |
|---|---|
| P/E ratio | 39.4 |
| Dividend yield | 0.5% |
Rank among 1514 US companies
Market value at each year end
Hawkins’s market value went from $572.5M at the end of 2016 to $3.20B on Oct 28, 2026, about 5.6 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.20B | +7.9% |
| 2025 | $2.97B | +15.7% |
| 2024 | $2.57B | +73.9% |
| 2023 | $1.47B | +81.8% |
| 2022 | $811.4M | -2.6% |
| 2021 | $832.9M | +49.2% |
| 2020 | $558.2M | +14.6% |
| 2019 | $486.9M | +10.9% |
| 2018 | $439.0M | +17.0% |
| 2017 | $375.3M | -34.4% |
| 2016 | $572.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HWKN price data to Oct 28, 2026 | +8.9% | -6.2% | +41.4% | +35.3% | +24.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.9% |
| 2025 | +16.5% |
| 2024 | +75.4% |
| 2023 | +84.7% |
| 2022 | -0.8% |
| 2021 | +53.0% |
| 2020 | +16.4% |
| 2019 | +14.3% |
| 2018 | +19.3% |
| 2017 | -33.4% |
| 2016 | +54.1% |
| 2015 | -15.8% |
| 2014 | +18.9% |
| 2013 | -2.0% |
| 2012 | +6.6% |
| 2011 | -15.5% |
| 2010 | +108.1% |
| 2009 | +47.6% |
| 2008 | +5.2% |
| 2007 | +8.2% |
| 2006 | +3.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 15.8% over that stretch · deepest drop along the way 28.7%, back to its old high 2.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20% over that stretch · deepest drop along the way 33.2%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.9% over that stretch · deepest drop along the way 29.2%, back to its old high 11.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($650K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 5, 2026 | James A Faulconbridge Director | buy | $195K |
| Feb 4, 2026 | James A Faulconbridge Director | buy | $194K |
| Aug 27, 2026 | Jeffrey P. Oldenkamp EXECUTIVE VP AND CFO | buy | $154K |
| Aug 25, 2026 | Douglas A. Lange VP - WATER TREATMENT GROUP | buy | $108K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Dec 31, 2025 |
| Kayne Anderson Rudnick Investment Management, LLC | 7.3% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Jun 30, 2026 |
| Vanguard Capital Management | 5.04% | Sep 30, 2026 |
| Hawkins, Inc. Employee Stock Ownership Plan & Trust; Hawkins, Inc. Employee Stock Ownership Plan for Certain Collectively Bargained Employees & Trust | 4.4% | Dec 31, 2024 |
ETFs with the most weight in HWKN
| PSCM Invesco S&P SmallCap Materials ETF | 3.78% |
| OSCV Opus Small Cap Value ETF | 1.88% |
| FIW First Trust Water ETF | 1.44% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.87% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.63% |
| IFRA iShares U.S. Infrastructure ETF | 0.61% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.58% |
| QIDX Indexperts Quality Earnings Focused ETF | 0.52% |
What could go wrong
- Weather and seasons swing key sales. Water Treatment, about half of revenue, has higher sales from April to September, when city water plants and pools use more chemicals. Farm product sales follow planting seasons. Poor weather can hurt both.
- Public fears over fluoride or supplements. Hawkins names fluoride, food chemicals and the dietary supplement industry as areas where bad publicity could cut demand for its products, even when the concerns involve other companies.
- Chemical prices and supply can squeeze margins. Hawkins depends on steady supplies of bulk chemicals. Price swings, shortages or slower supplier deliveries could shrink profits or leave orders unfilled. Its gross margin, sales left after product costs, was 22.6% in fiscal 2026.
- Spills, accidents and strict chemical rules. Hawkins stores and blends hazardous chemicals and runs about 400 commercial vehicles. Spills, fires or crashes could halt operations and bring cleanup costs, penalties or legal claims under strict environmental and transport rules.
- Recalls and liability claims on ingredients. Hawkins blends and repackages products used in food, medicines and supplements. A contamination problem, recall or injury claim could be costly, and its insurance may not cover the full amount.
- Larger rivals can force price cuts. Hawkins competes with producers and distributors offering equivalent products. Many are larger, with more money and wider reach. Their pricing could push Hawkins to cut prices and accept thinner profits.
Recent events
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Hawkins pays a small dividend. Its yield (yearly dividends as a percentage of the share price) was 0.5% as of October 28, 2026. The dividend rose for 7 straight years through fiscal 2026, from about $0.47 a share in fiscal 2021 to $0.75, growing about 9.7% a year. In fiscal 2026 the dividend used just 19.2% of earnings and 18.2% of free cash flow (cash left after expenses and capital spending). That leaves a cushion if profits dip. Hawkins spent about $47 million on buybacks (repurchases of its own shares) from fiscal 2022 to 2026, though none in fiscal 2026.
In past downturns the stock fell hard but often recovered fast. It dropped 28.7% in the 2008 financial crisis and 33.2% in the 2020 COVID crash. Each time it regained its prior high about 2.3 months after the low. In 2022 it fell 29.2% and needed about 11.9 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Hawkins make money?
Hawkins makes money by buying chemicals and ingredients in bulk, then manufacturing, blending, repackaging and delivering them with technical service. In the fiscal year ended March 29, 2026, revenue was about $1.08 billion. Water Treatment brought in 50.1%, Food and Health Sciences 29.6% and Industrial Solutions 20.3%. About 60.6% of sales came from products Hawkins made, blended or repackaged itself. Customers include city water systems, commercial pools, food and supplement makers, and manufacturers. No single customer made up 10% or more of sales.
Does Hawkins raise its dividend every year?
Yes. Hawkins raised its regular dividend for 7 straight years through fiscal 2026. Dividends per share grew from about $0.47 in fiscal 2021 to $0.75 in fiscal 2026, roughly 9.7% a year. In fiscal 2026 the dividend used only 19.2% of earnings. Past increases do not guarantee future ones. The yield was just 0.5% as of October 28, 2026, so the stock provides modest income.
Is Hawkins stock expensive?
Its share price is high relative to its profits. As of October 28, 2026, Hawkins traded at about 39.4 times its fiscal 2026 earnings per share of $3.91, for a market value of about $3.2 billion. This price-to-earnings (P/E) ratio shows how much investors pay for each dollar of yearly profit. A high figure usually reflects hopes for growth. Earnings per share slipped from $4.03 a year earlier. But net income rose 22.9% in the quarter ended September 27, 2026, compared with a year before.
How has Hawkins stock performed over the long run?
The stock has risen sharply over the long run, with big swings along the way. Based on share price, it gained about 35.3% a year over the five years to October 28, 2026, and 24.5% a year over ten years. That included calendar-year gains of about 85% in 2023 and 75% in 2024. Over the latest year, though, it lost 6.2% and at one point was 31.3% below its high. Past returns do not predict future results.
Does Hawkins have a lot of debt?
Hawkins has some debt, but less than its shareholder equity. As of September 27, 2026, it had about $229 million of debt and $7.1 million of cash. Its equity (what the company owns minus what it owes) was about $564 million. Its loan agreement includes covenants, or conditions it must meet, and the company lists breaking them as a risk. Its cash needs typically rise in its first fiscal quarter, when it buys large quantities of bulk chemicals.