Hamilton Beach Brands

HBB · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

HBB · Last close · November 6, 2026

$32.16

Hamilton Beach Brands' revenue fell 7.3% to $607 million in fiscal 2025. Its operating margin was 6.0%, down from 6.6% a year earlier. Free cash flow was $11 million, down 82.3%. It paid out $15 million in dividends and buybacks, 140% of free cash flow. The diluted share count fell 2.8%.

HAMILTON BEACH BRANDS HOLDING COMPANY Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001709164-26-000037 Updated November 9, 2026

Revenue

$607M

7.3%

Operating margin

6.0%

0.6 pts

Net income

$26M

14.0%

Free cash flow

$11M

82.3%

Return on capital

15.3%

7.3 pts

Market cap

$434M

Nov 6 close

P/E

7.3x

On $4.38 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Hamilton Beach Brands does

Hamilton Beach Brands designs, markets and distributes brand-name small electric household appliances, such as air fryers, blenders, coffee makers, food processors, indoor grills, irons, juicers, mixers, slow cookers and toasters. It also sells commercial products for restaurants, fast-food chains, bars and hotels, and provides connected devices and software for home healthcare management.

It reports two segments. Home and Commercial Products sells to brick-and-mortar and online retailers, distributors and directly to consumers, mainly in North America. Health earns lease revenue from connected devices that it leases to specialty pharmacy networks and drug companies, and licensing revenue from its healthcare management software.

It depends on a few large customers. Walmart accounted for about 29% of 2025 revenue and Amazon.com about 19%, and its five largest customers about 62%. It relies on outside suppliers, mainly in the Asia-Pacific region, for all of its products. It had about 660 employees at the end of 2025.

Its biggest risks, as it describes them

Relying on a few big retailers for most of its sales, so losing one would hurt.
Weak consumer spending in North America.
Depending on outside suppliers in Asia-Pacific for all its products, some from a single supplier.
Competition and shifts in how people shop, including online and AI-driven shopping.
Challenges from its expansion into the health and wellness market.

From Hamilton Beach Brands's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 0.2% a year and net income 0.1% a year, as buybacks cut the share count by 1%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1	1	15	46	47
Debt incl. finance leases	—	111	50	50	50
Net debt (negative means net cash)	—	110	35	4	3
Net debt to EBITDA	—	2.5x	0.9x	0.1x	0.1x
Debt to equity	—	0.9x	0.3x	0.3x	0.3x
Interest coverage	11.1x	8.4x	11.7x	70.5x	52.0x
Current ratio	1.9x	2.8x	2.0x	2.0x	2.5x
Quick ratio	0.8x	1.3x	1.1x	1.2x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Hamilton Beach Brands' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Hamilton Beach Brands' projections

What Hamilton Beach Brands says to expect

Full year 2026: revenueBased on more cautious retailer inventory commitments amid a softer consumer outlook, the Company now expects fourth-quarter sales to be lower than previously anticipated. As a result, the Company now expects 2026 revenue to be flat year over year compared to prior guidance of growth approaching mid-single digit range.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 4, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

No officer, director or 10% owner of Hamilton Beach Brands reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	8 of 9	5 of 9
Rule of 40	11.2%	14.2%	−5.5%
Altman Z''	4.62	4.74	5.69
Accruals ratio	−16.4%	−8.7%	3.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	5 of 9	8 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Hamilton Beach Brands side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hamilton Beach Brands	FY25	−7.3%	6.0%	1.8%	15.3%	0.1x	5
Helen of Troy	FY26	−6.4%	−43.8%	7.4%	−29.8%	—	4	Compare
SharkNinja	FY25	15.8%	14.4%	7.6%	28.8%	−0.0x	6	Compare
Whirlpool	FY25	−6.5%	5.4%	0.5%	7.2%	5.0x	5	Compare
Holley	FY25	1.9%	13.4%	5.5%	6.0%	4.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	745	741	743	612	604	658	641	626	655	607
Revenue growth	−2.9%	−0.6%	0.3%	−17.7%	−1.3%	9.1%	−2.6%	−2.4%	4.7%	−7.3%
Gross profit	194	136	139	129	139	136	129	144	170	156
Research and development	10	10	11	12	10	9	12	12	14	13
Operating income	43	38	34	27	37	32	39	35	43	37
Net income	26	16	18	−14	46	21	25	25	31	26
Diluted EPS (US$)	1.91	1.31	1.29	−0.99	3.37	1.53	1.81	1.80	2.20	1.95
Diluted shares (millions)	14	14	14	14	14	14	14	14	14	14
Cash flow
Cash from operations	63	33	12	0	−28	18	−3	89	65	14
Capital expenditure	6	6	8	4	3	12	2	3	3	3
Free cash flow	57	27	4	−4	−31	6	−6	85	62	11
Dividends paid	42	38	5	5	5	6	6	6	6	6
Share buybacks	0	0	0	6	0	0	3	3	14	9
Acquisitions	0	0	0	0	0	0	0	0	7	0
Stock-based compensation	0	0	4	3	4	3	3	5	6	4
Balance sheet at fiscal year end
Cash and short-term investments	11	11	4	2	2	1	1	15	46	47
Debt incl. finance leases	26	20	35	58	98	—	111	50	50	50
Total assets	311	326	321	289	391	382	389	385	415	398
Total liabilities	246	280	265	252	311	280	264	237	249	215
Shareholders' equity	65	42	57	36	80	102	124	147	166	183
Margins and ratios
Gross margin	26.0%	18.4%	18.7%	21.0%	23.0%	20.7%	20.1%	23.0%	26.0%	25.7%
Operating margin	5.8%	5.1%	4.5%	4.4%	6.2%	4.8%	6.0%	5.6%	6.6%	6.0%
Net margin	3.5%	2.1%	2.4%	−2.2%	7.7%	3.2%	3.9%	4.0%	4.7%	4.4%
Free cash flow margin	7.6%	3.7%	0.6%	−0.6%	−5.2%	0.9%	−0.9%	13.6%	9.5%	1.8%
Rule of 40 (growth + FCF margin)	4.7%	3.1%	0.9%	−18.3%	−6.5%	10.0%	−3.5%	11.2%	14.2%	−5.5%
Return on capital	—	29.5%	36.6%	18.6%	19.9%	—	—	13.4%	22.6%	15.3%
Return on equity	—	29.6%	35.8%	−29.0%	79.5%	23.4%	22.3%	18.6%	19.6%	15.2%
Return on assets	—	5.0%	5.5%	−4.4%	13.6%	5.5%	6.5%	6.5%	7.7%	6.5%
Net debt to EBITDA	0.3x	0.2x	0.8x	1.8x	2.3x	—	2.5x	0.9x	0.1x	0.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hamilton Beach Brands' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hamilton Beach Brands.