Forensic Analysis · Trading Companies & Distributors · as of Sep 25, 2026
Hawkins Inc (HWKN)
A forensic read on Hawkins Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.3
Distress distance
Clean
Earnings quality
3
Forensic signals
31.6
P / E (ttm)
15.3%
ROE
$2.6B
Market cap
1.02%
Dividend yield
11.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Hawkins Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+23.1%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +23.1% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 9% of net operating assets, against an accruals ratio of 23.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
10.3%
FY2026
Return on invested capital.Return on invested capital is 10.3% in the latest fiscal year and slipping across FY2024–FY2026 from 13.9%. After-tax operating profit was $78M in FY2024 and $90M in FY2026, with operating income at 11.3% of revenue in FY2024, 12.2% in FY2025 and 11.2% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
-0.4%/yr
FY2024–FY2026
Share count.Diluted share count changed -1% over the last 2 years to FY2026 (-0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$1.08B
Revenue Growth YoY+11.2%
Revenue CAGR (2yr)+8.6%
Net Margin7.5%
Free Cash Flow$86.1M
Return on Equity15.3%
Debt / Equity0.48x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Hawkins Inc's actual 10-K/10-Q/8-K filings?