Dow vs Hawkins
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KIRA’s take AI analyst
I put Dow and Hawkins side by side, using each one’s latest annual report. Here is what stands out:
- Dow is the larger business, with $40.0B of revenue in fiscal 2025 against $1.1B for Hawkins, about 37 times as much.
- Hawkins grew revenue faster (11.2%, against −7.0%).
- Hawkins turned more of its sales into free cash flow (7.9% FCF margin, against −3.6%).
- Hawkins earned a higher return on the capital invested in it (13.1%, against −4.1%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Dow
DOW
0/10
Hawkins
HWKN
10/10
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | DOW FY25 | HWKN FY26 |
|---|---|---|
| Size | ||
| Market cap | $24.5B | $2.8B |
| Revenue | $40.0B | $1.1B |
| Free cash flow | −$1.4B | $86.1M |
| Net income | −$2.6B | $81.5M |
| Growth | ||
| Revenue growth | −7.0% | 11.2% |
| 5-year growth | 0.7% | 12.7% |
| Share count change | 0.9% | −0.4% |
| Profitability | ||
| Gross margin | 6.3% | 22.6% |
| Operating margin | — | 11.2% |
| Net margin | −6.6% | 7.5% |
| FCF margin | −3.6% | 7.9% |
| Return on capital | −4.1% | 13.1% |
| Return on equity | −15.7% | 16.4% |
| Balance sheet | ||
| Net debt | $14.3B | $240M |
| Net debt / EBITDA | 12.0x | 1.4x |
| Dividends and buybacks | $1.5B | $15.7M |
| Valuation & quality | ||
| P/E | — | 34.3x |
| Piotroski F-score | 3 | 4 |
Ten years
Revenue
FY17
DOW $43.7B
HWKN $484M
FY18
DOW $49.6B
HWKN $504M
FY19
DOW $43.0B
HWKN $556M
FY20
DOW $38.5B
HWKN $540M
FY21
DOW $55.0B
HWKN $597M
FY22
DOW $56.9B
HWKN $775M
FY23
DOW $44.6B
HWKN $935M
FY24
DOW $43.0B
HWKN $919M
FY25
DOW $40.0B
HWKN $974M
FY26
DOW —
HWKN $1.1B
DOW
HWKN
Operating margin
FY17
DOW —
HWKN 8.0%
FY18
DOW —
HWKN −2.3%
FY19
DOW —
HWKN 6.6%
FY20
DOW —
HWKN 7.7%
FY21
DOW —
HWKN 9.4%
FY22
DOW —
HWKN 9.2%
FY23
DOW —
HWKN 9.4%
FY24
DOW —
HWKN 11.3%
FY25
DOW —
HWKN 12.2%
FY26
DOW —
HWKN 11.2%
DOW
HWKN
Free cash flow
FY17
DOW −$7.7B
HWKN $23.2M
FY18
DOW $2.2B
HWKN $7.7M
FY19
DOW $4.0B
HWKN $35.4M
FY20
DOW $5.0B
HWKN $34.4M
FY21
DOW $5.5B
HWKN $23.0M
FY22
DOW $5.7B
HWKN $14.3M
FY23
DOW $2.8B
HWKN $29.1M
FY24
DOW −$26.0M
HWKN $119M
FY25
DOW −$1.4B
HWKN $70.0M
FY26
DOW —
HWKN $86.1M
DOW
HWKN
Return on capital
FY17
DOW —
HWKN 7.8%
FY18
DOW —
HWKN −3.0%
FY19
DOW −0.6%
HWKN 9.1%
FY20
DOW 6.6%
HWKN 10.4%
FY21
DOW 24.6%
HWKN 12.6%
FY22
DOW 15.9%
HWKN 13.4%
FY23
DOW 4.3%
HWKN 14.6%
FY24
DOW 5.7%
HWKN 16.3%
FY25
DOW −4.1%
HWKN 16.0%
FY26
DOW —
HWKN 13.1%
DOW
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.