Balchem vs Hawkins
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The short version
- Hawkins is the larger business, with $1.1B of revenue in fiscal 2026 against $1.0B for Balchem.
- Hawkins grew revenue faster (11.2%, against 8.8%).
- Balchem kept more of each dollar of sales as operating profit (20.2% operating margin, against 11.2%).
- Balchem turned more of its sales into free cash flow (16.7% FCF margin, against 7.9%).
- Investors pay more for each dollar of Hawkins’s earnings: a P/E of 34.3x against 33.3x for Balchem.
| Latest fiscal year | BCPC · FY25 | HWKN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.7B | $2.8B |
| Revenue | $1.0B | $1.1B |
| Free cash flow | $173M | $86.1M |
| Net income | $155M | $81.5M |
| Growth | ||
| Revenue growth | 8.8% | 11.2% |
| 5-year growth | 8.1% | 12.7% |
| Share count change | −0.4% | −0.4% |
| Profitability | ||
| Gross margin | 35.7% | 22.6% |
| Operating margin | 20.2% | 11.2% |
| Net margin | 14.9% | 7.5% |
| FCF margin | 16.7% | 7.9% |
| Return on capital | — | 13.1% |
| Return on equity | 12.9% | 16.4% |
| Balance sheet | ||
| Net debt | — | $240M |
| Net debt / EBITDA | — | 1.4x |
| Dividends and buybacks | $136M | $15.7M |
| Valuation & quality | ||
| P/E | 33.3x | 34.3x |
| Piotroski F-score | — | 4 |
Revenue
FY17
BCPC $595M
HWKN $484M
FY18
BCPC $644M
HWKN $504M
FY19
BCPC $644M
HWKN $556M
FY20
BCPC $704M
HWKN $540M
FY21
BCPC $799M
HWKN $597M
FY22
BCPC $942M
HWKN $775M
FY23
BCPC $922M
HWKN $935M
FY24
BCPC $954M
HWKN $919M
FY25
BCPC $1.0B
HWKN $974M
FY26
BCPC —
HWKN $1.1B
BCPC
HWKN
Operating margin
FY17
BCPC 16.3%
HWKN 8.0%
FY18
BCPC 16.6%
HWKN −2.3%
FY19
BCPC 15.9%
HWKN 6.6%
FY20
BCPC 15.8%
HWKN 7.7%
FY21
BCPC 16.0%
HWKN 9.4%
FY22
BCPC 15.4%
HWKN 9.2%
FY23
BCPC 17.3%
HWKN 9.4%
FY24
BCPC 19.2%
HWKN 11.3%
FY25
BCPC 20.2%
HWKN 12.2%
FY26
BCPC —
HWKN 11.2%
BCPC
HWKN
Free cash flow
FY17
BCPC $83.1M
HWKN $23.2M
FY18
BCPC $99.5M
HWKN $7.7M
FY19
BCPC $98.7M
HWKN $35.4M
FY20
BCPC $118M
HWKN $34.4M
FY21
BCPC $124M
HWKN $23.0M
FY22
BCPC $89.5M
HWKN $14.3M
FY23
BCPC $146M
HWKN $29.1M
FY24
BCPC $146M
HWKN $119M
FY25
BCPC $173M
HWKN $70.0M
FY26
BCPC —
HWKN $86.1M
BCPC
HWKN
Return on capital
FY17
BCPC 14.3%
HWKN 7.8%
FY18
BCPC 12.1%
HWKN −3.0%
FY19
BCPC —
HWKN 9.1%
FY20
BCPC —
HWKN 10.4%
FY21
BCPC —
HWKN 12.6%
FY22
BCPC —
HWKN 13.4%
FY23
BCPC —
HWKN 14.6%
FY24
BCPC —
HWKN 16.3%
FY25
BCPC —
HWKN 16.0%
FY26
BCPC —
HWKN 13.1%
BCPC
HWKN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.