Hawkins, Inc.

HWKNActive

CIK 46250 · Water Infrastructure & Treatment Equipment

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, HWKN filings, SEC EDGAR

$3,494

Market cap ($MM)

$3,764

Enterprise value ($MM)

$1,063

Revenue · LTM ($MM)

$173

EBITDA · LTM ($MM)

16%

EBITDA margin

3.5x

EV / revenue

21.7x

EV / EBITDA

1.4x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01HWKN is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is XYL, VLTO, PNR, WTS, WMS, MWA.

Balance sheet & capacity

Indicative capacity read: 1.4x net debt / EBITDA with EBITDA of $173MM.

Cash & equiv. ($MM)

$244

Total debt ($MM)

$240

Net debt ($MM)

1.4x

Net debt / EBITDA

Valuation

Where it trades against its peer set

HWKN versus the scaled public Water Infrastructure & Treatment Equipment comparables.

Indexed share-price performance

HWKN versus available Water Infrastructure & Treatment Equipment peers and SPY.

+361%

HWKN

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Hawkins, Inc.	HWKN	$1,063	$173	16%	$3,494	$3,764	3.5x	21.7x	1.4x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

HWKN's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

7.1

Acq. cash outflow ($MM)

N/A

Banker read

01HWKN reads as a programmatic acquirer: 64 disclosed acquisitions across 9 active years, or 7.1 per active year. The chart shows activity in 9 of the last 10 visible years.
02In the last three years, the file shows 12 acquisitions versus 5 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $415MM of disclosed spend is concentrated in lumpy years, with FY16 the largest year at $159MM. Recent spend is broadly steady.

Annual acquisitions + disclosed spend

count spend named deal

HWKN count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

12 / 5

Last three years is up 140% vs prior three.

Peak count year

FY22

4 disclosed acquisitions in the peak visible year.

Recent spend

$200MM

is broadly steady vs prior three; peak FY16 at $159MM.

Named evidence

10 rows

16% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Dec 23, 2015	Stauber Performance Ingredients	Water infrastructure, treatment, and equipment	$158	Acquisition of Stauber Performance Ingredients: On December 23, 2015, we acquired Stauber for $157.0 million on a cash-free, debt-free basis subject to a customary working capit...	10-K^†
Dec 23, 2015	Stauber Performance Ingredients	Water infrastructure, treatment, and equipment	$158	On December 23, 2015, we acquired Stauber Performance Ingredients (“Stauber”) for $157.0 million on a cash-free, debt-free basis, subject to a customary working capital adjustme...	10-K^†
Oct 1, 2011	Vertex Chemical Corporation	Water infrastructure, treatment, and equipment	$27	In fiscal 2011, we completed the acquisition of substantially all of the assets of Vertex Chemical Corporation (“Vertex”), a manufacturer of sodium hypochlorite in the central M...	10-K^†
Sep 30, 2015	The Dumont Company, Inc.	Water infrastructure, treatment, and equipment	$10	In the third quarter of fiscal 2015, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumon...	10-K^†
Oct 20, 2014	The Dumont Company, Inc.	Water infrastructure, treatment, and equipment	$10	Acquisition of The Dumont Company, Inc.: On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purc...	10-K^†
Oct 20, 2014	The Dumont Company, Inc.	Water infrastructure, treatment, and equipment	$10	On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumont and its shareh...	10-K^†
Sep 18, 2015	Davis Supply, Inc.	Water infrastructure, treatment, and equipment	$5	Acquisition of Davis Supply, Inc.: On September 18, 2015, we acquired substantially all of the assets of Davis Supply, Inc. (“Davis”) under the terms of an asset purchase agreem...	10-K^†
Sep 18, 2015	Davis Supply, Inc.	Water infrastructure, treatment, and equipment	$5	On September 18, 2015, we acquired substantially all of the assets of Davis Supply, Inc. (“Davis”) under the terms of an asset purchase agreement with Davis and its shareholders...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 5 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.21 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2024	May 15, 2024	Annual M&A 10-K	accepted	4	$83.5MM	$90.8MM	SEC filing
FY2023	May 17, 2023	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2022	May 18, 2022	Annual M&A 10-K	accepted	4	$21.5MM	$21.5MM	SEC filing
FY2021	Jun 2, 2021	Annual M&A 10-K	accepted	3	$51.0MM	$51.0MM	SEC filing
FY2020	May 20, 2020	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2019	May 23, 2019	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2018	May 31, 2018	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2017	Jun 1, 2017	Annual M&A 10-K	quarantined (2 warn, 1 issue)	0	$2.2MM	N/A	SEC filing
FY2016	Jun 3, 2016	Annual M&A 10-K	accepted	2	$159MM	$163MM	SEC filing
FY2015	May 28, 2015	Annual M&A 10-K	accepted	1	$10.1MM	$10.1MM	SEC filing
FY2014	May 29, 2014	Annual M&A 10-K	accepted	1	$2.4MM	$2.9MM	SEC filing
FY2013	May 30, 2013	Annual M&A 10-K	warning (1 warn)	N/A	$0.1MM	N/A	SEC filing
FY2012	Jun 1, 2012	Annual M&A 10-K	quarantined (1 issue)	1	$1.7MM	$27.2MM	SEC filing
FY2011	Jun 9, 2011	Annual M&A 10-K	accepted	1	$25.5MM	$27.2MM	SEC filing
FY2010	Jun 4, 2010	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2009	Jun 5, 2009	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2008	Jun 13, 2008	Annual M&A 10-K	warning (1 warn)	1	$6.0B	N/A	SEC filing
FY2007	Jun 15, 2007	Annual M&A 10-K	accepted	1	N/A	$6.0MM	SEC filing
FY2006	Jun 16, 2006	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2005	Jul 1, 2005	Annual M&A 10-K	accepted	0	N/A	N/A	SEC filing
FY2004	Jun 10, 2004	Annual M&A 10-K	quarantined (1 issue)	0	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+

Filing date	Form	Targets / topics	Support	Source
May 31, 2018	10-K	Davis Supply, Inc.	Annual M&ANamed deals	SEC filing
Jun 1, 2017	10-K	Stauber Performance Ingredients; The Dumont Company, Inc.	Annual M&ANamed deals	SEC filing
Jun 3, 2016	10-K	Stauber Performance Ingredients; The Dumont Company, Inc.; Davis Supply, Inc.; Advance Chemical Solutions, Inc.	Annual M&ANamed deals	SEC filing
May 28, 2015	10-K	The Dumont Company, Inc.	Annual M&ANamed deals	SEC filing
May 30, 2013	10-K	Vertex Chemical Corporation	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Acquisition of Stauber Performance Ingredients

10-K - Jun 1, 2017

Medium

Acquisition of Stauber Performance Ingredients: On December 23, 2015, we acquired Stauber for $157.0 million on a cash-free, debt-free basis subject to a customary working capital adjustment. The t...

SEC source

Stauber Performance Ingredients

10-K - Jun 3, 2016

Medium

On December 23, 2015, we acquired Stauber Performance Ingredients (“Stauber”) for $157.0 million on a cash-free, debt-free basis, subject to a customary working capital adjustment. The total consid...

SEC source

Vertex Chemical Corporation acquisition

10-K - May 30, 2013

Medium

In fiscal 2011, we completed the acquisition of substantially all of the assets of Vertex Chemical Corporation (“Vertex”), a manufacturer of sodium hypochlorite in the central Midwest. In addition ...

SEC source

The Dumont Company, Inc.

10-K - Jun 3, 2016

Medium

In the third quarter of fiscal 2015, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumont and its shareholde...

SEC source

Acquisition of The Dumont Company, Inc.

10-K - Jun 1, 2017

Medium

Acquisition of The Dumont Company, Inc.: On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with ...

SEC source

The Dumont Company, Inc.

10-K - May 28, 2015

Medium

On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumont and its shareholders. We paid $10....

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive