Does HAWKINS, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores HAWKINS, INC. (HWKN) 57.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 56, balance-sheet safety 81, capital discipline 80.

Is HWKN stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $65.37 per share versus a recent price of $144.41 — 121% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has HWKN's Moat Score changed over time?

The record logs 5 readings since Jul 17, 2026; the latest reads 57.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HAWKINS, INC.

HWKN · Industrials · $3.0B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power28

Median gross margin 19.6% over 10y, stable.

Returns on capital56

Median ROIC 11.5%, above the 9% hurdle in 80% of years.

Balance-sheet safety81

Net debt/EBITDA 1.4x, no material interest expense disclosed.

Capital discipline80

Owner earnings +15.4%/yr, share count n/a.

Margin of safety

Above valueOn sale

121% above value

Owner earnings (normalized): $75.4M
Est. intrinsic value / share: $65.37
Recent price: $144.41
Discount to value: 121% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

HAWKINS, INC. booked $1.1B of revenue in FY2026 in the Industrials sector and kept 22.6% of it as gross profit — a moderate-margin business by that measure. After every other cost, 7.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $257.1M (FY2010) to $1.1B (FY2026) — about 9.4% a year compounded over 16 years.

It earned 11.7% on invested capital in FY2026, with a median of 12.0% across 17 filed years. The Returns on Capital filter above scores it 56/100.

The balance sheet carried $244.0M of total debt in FY2026 against $81.5M of owner earnings — roughly 3.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 81/100.

The share count rose 101.3% between FY2011 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 80/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (81/100) and Pricing Power the weakest (28/100), which is how HWKN lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.1B FY2026

Gross marginRevenue kept after cost of goods22.6% FY2026

Return on invested capitalOperating profit on the capital employed11.7% FY2026

Owner earningsCash an owner could take out$81.5M FY2026

Gaps in a line mean that item isn’t in HWKN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale57.6 / 100

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — HWKN has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How HAWKINS, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored HWKN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, HWKN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#93 of 327 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#91ALG ALAMO GROUP INC.58.2 out of 100, Shallow moatShallow moat
#92TKR TIMKEN CO58.1 out of 100, Shallow moatShallow moat
#94CXT CRANE NXT, CO.57.3 out of 100, Shallow moatShallow moat
#95CR CRANE COMPANY57.3 out of 100, Shallow moatShallow moat

Compare HWKN with its nearest peers →All Industrials companies on the Index →

Common questions about HWKN

Does HAWKINS, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores HAWKINS, INC. (HWKN) 57.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 56, balance-sheet safety 81, capital discipline 80.
Is HWKN stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $65.37 per share versus a recent price of $144.41 — 121% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has HWKN's Moat Score changed over time?: The record logs 5 readings since Jul 17, 2026; the latest reads 57.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HWKN. See the disclaimer.