Hawthorn Bancshares, Inc. (HWBK) Key Metrics
HWBK valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $278.4M
- Enterprise value
- $312.5M
- P/E (TTM)
- 10.4 10-yr median 10.8
- Forward P/E
- 17.8
- PEG ratio
- —
- Price / sales
- 3.3 10-yr median 2.1
- Price / book
- 1.6 10-yr median 1.3
- EV / EBITDA
- — 10-yr median 6.1
- Dividend yield
- 2.21% $0.84 a year
- Beta
- 0.48
HWBK key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHWBK valuation Price multiples at each fiscal year-end price.
HWBK returns How much profit the business earns on the capital it uses.
HWBK per-share figures Results divided by the shares outstanding at year-end.
HWBK financial health Debt, liquidity and how easily interest is covered.
HWBK efficiency & capital use Working capital cycle and where the cash goes.
HWBK valuation history
HWBK returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HWBK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HWBK cash returned to shareholders
HWBK price vs earnings per share
HWBK key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $244.1M | $198.4M | $178.6M | $147.8M | $171.6M | $147.5M | $173.1M | $142.7M | $136.1M | $116.7M |
| Enterprise value | $221.7M | $60.5M | $54.1M | −$35.3M | −$144.6M | $124.3M | $140.5M | $57.8M | $76.7M | $49.5M |
| P/E ratio | 10.3 | 10.9 | 186.8 | 7.1 | 7.6 | 10.3 | 10.7 | 13.3 | 39.9 | 16.0 |
| Price / sales | 2.2 | 1.8 | 2.0 | 1.8 | 2.1 | 1.9 | 2.4 | 2.1 | 2.3 | 2.1 |
| Price / book | 1.4 | 1.3 | 1.3 | 1.2 | 1.2 | 1.1 | 1.5 | 1.4 | 1.5 | 1.3 |
| Price / free cash flow | 10.7 | 8.8 | 11.5 | 8.3 | 5.7 | 8.1 | 10.2 | 10.2 | 12.1 | 9.5 |
| Price / operating cash flow | 9.1 | 7.8 | 10.1 | 7.3 | 5.6 | 7.3 | 9.1 | 8.8 | 10.9 | 8.6 |
| EV / sales | 2.0 | 0.6 | 0.6 | -0.4 | -1.8 | 1.6 | 1.9 | 0.9 | 1.3 | 0.9 |
| EV / EBITDA | 7.1 | 2.5 | 21.3 | — | — | 6.3 | 6.4 | 4.1 | 5.9 | 3.9 |
| EV / free cash flow | 9.7 | 2.7 | 3.5 | — | — | 6.8 | 8.3 | 4.1 | 6.8 | 4.0 |
| Earnings yield | 9.8% | 9.2% | 0.5% | 14.0% | 13.1% | 9.7% | 9.3% | 7.5% | 2.5% | 6.2% |
| Free cash flow yield | 9.4% | 11.4% | 8.7% | 12.0% | 17.5% | 12.4% | 9.8% | 9.8% | 8.2% | 10.5% |
| Dividend yield | 2.2% | 2.5% | 2.6% | 2.9% | 2.1% | 2.1% | 1.6% | 1.4% | 1.1% | 0.9% |
| Shareholder yield (dividends + buybacks) | 3.4% | 3.1% | 2.6% | 4.8% | 3.4% | 2.7% | 1.6% | 1.5% | 1.7% | 1.5% |
| Share price at fiscal year-end | $34.88 | $28.35 | $25.37 | $20.93 | $23.98 | $20.25 | $23.58 | $19.44 | $18.45 | $15.74 |
| Per share | ||||||||||
| Revenue per share | $16.02 | $15.67 | $12.50 | $11.78 | $11.37 | $10.71 | $9.93 | $9.18 | $8.12 | $7.41 |
| Earnings per share | $3.40 | $2.61 | $0.14 | $2.94 | $3.15 | $1.96 | $2.19 | $1.46 | $0.46 | $0.98 |
| Operating cash flow per share | $3.85 | $3.66 | $2.50 | $2.87 | $4.28 | $2.77 | $2.60 | $2.22 | $1.69 | $1.82 |
| Free cash flow per share | $3.26 | $3.23 | $2.20 | $2.51 | $4.19 | $2.52 | $2.30 | $1.90 | $1.52 | $1.65 |
| Cash per share | $25.42 | $38.66 | $40.09 | $47.77 | $65.51 | $31.11 | $28.40 | $34.63 | $34.95 | $32.51 |
| Book value per share | $24.90 | $21.36 | $19.33 | $18.04 | $20.81 | $17.93 | $15.67 | $13.55 | $12.39 | $12.27 |
| Tangible book value per share | $24.90 | $21.36 | $19.09 | $17.63 | $20.44 | $17.59 | $15.33 | $13.15 | $12.02 | $11.92 |
| Dividends per share | $0.78 | $0.72 | $0.66 | $0.60 | $0.51 | $0.42 | $0.37 | $0.27 | $0.20 | $0.15 |
| Capex per share | $0.58 | $0.43 | $0.30 | $0.36 | $0.08 | $0.25 | $0.30 | $0.32 | $0.17 | $0.17 |
| Debt per share | $22.21 | $18.96 | $22.40 | $21.83 | $21.32 | $27.93 | $23.96 | $23.07 | $26.90 | $23.45 |
| Shares outstanding | 7.0M | 7.0M | 7.0M | 7.1M | 7.2M | 7.3M | 7.3M | 7.3M | 7.4M | 7.4M |
| Change in shares outstanding | −0.0% | −0.6% | −0.3% | −1.3% | −1.8% | −0.8% | +0.0% | −0.5% | −0.5% | −0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.7% | 12.8% | 0.7% | 15.0% | 16.1% | 11.6% | 15.0% | 11.2% | 3.7% | 8.2% |
| Return on invested capital (ROIC) | 29.1% | 157.5% | — | — | — | 15.1% | 33.2% | 46.0% | 20.3% | 122.6% |
| Return on assets (ROA) | 1.3% | 1.0% | 0.1% | 1.1% | 1.3% | 0.9% | 1.1% | 0.7% | 0.3% | 0.6% |
| Return on tangible assets | 1.3% | 1.0% | 0.1% | 1.1% | 1.2% | 0.8% | 1.1% | 0.7% | 0.2% | 0.6% |
| Free cash flow margin | 20.4% | 20.6% | 17.6% | 21.3% | 36.9% | 23.5% | 23.2% | 20.7% | 18.7% | 22.3% |
| Income quality (OCF / net income) | 1.13 | 1.40 | 18.42 | 0.98 | 1.36 | 1.41 | 1.18 | 1.52 | 3.66 | 1.86 |
| Financial health | ||||||||||
| Total debt | $155.5M | $132.7M | $157.7M | $154.2M | $152.6M | $203.5M | $175.9M | $169.3M | $198.4M | $173.9M |
| Cash & short-term investments | $177.9M | $270.6M | $282.2M | $337.4M | $468.9M | $226.6M | $208.5M | $254.1M | $257.8M | $241.1M |
| Net debt | −$22.4M | −$138.0M | −$124.5M | −$183.2M | −$316.3M | −$23.2M | −$32.6M | −$84.9M | −$59.4M | −$67.2M |
| Debt / equity | 0.89 | 0.89 | 1.16 | 1.21 | 1.02 | 1.56 | 1.53 | 1.70 | 2.17 | 1.91 |
| Debt / assets | 0.08 | 0.07 | 0.08 | 0.08 | 0.08 | 0.12 | 0.12 | 0.11 | 0.14 | 0.14 |
| Net debt / EBITDA | −0.72 | −5.75 | −49.05 | −6.73 | −10.37 | −1.17 | −1.48 | −5.98 | −4.55 | −5.24 |
| Current ratio | 0.11 | 0.18 | 0.18 | 0.21 | 0.31 | 0.16 | 0.18 | 0.21 | 0.23 | 0.24 |
| Quick ratio | 0.11 | 0.18 | 0.25 | 0.27 | 0.43 | 0.31 | 0.27 | 0.20 | 0.22 | 0.22 |
| Interest coverage | 0.9 | 0.6 | 0.0 | 2.4 | 4.8 | 1.8 | 1.3 | 0.9 | 1.4 | 1.9 |
| Working capital | −$1.38B | −$1.26B | −$1.28B | −$1.29B | −$1.07B | −$1.20B | −$999.9M | −$963.8M | −$890.5M | −$795.9M |
| Invested capital | $151.8M | $11.6M | $11.6M | −$55.8M | −$167.3M | $107.4M | $82.4M | $14.6M | $32.0M | $23.8M |
| Tangible asset value | $174.2M | $149.5M | $134.3M | $124.5M | $146.3M | $128.1M | $112.6M | $96.5M | $88.7M | $88.4M |
| Net current asset value | −$1.54B | −$1.40B | −$1.45B | −$1.45B | −$1.21B | −$1.37B | −$1.16B | −$1.12B | −$1.07B | −$949.7M |
| Graham number | $43.65 | $35.41 | $7.69 | $34.53 | $38.38 | $28.13 | $27.82 | $21.09 | $11.36 | $16.47 |
| Graham net-net per share | −$219.54 | −$200.71 | −$213.44 | −$213.01 | −$181.63 | −$202.59 | −$165.98 | −$152.15 | −$144.94 | −$127.28 |
| Capital allocation | ||||||||||
| Dividends paid | $5.4M | $5.0M | $4.6M | $4.2M | $3.6M | $3.0M | $2.7M | $2.0M | $1.5M | $1.1M |
| Share buybacks (net) | $2.9M | $1.1M | $0 | $2.9M | $2.1M | $906,000 | $0 | $179,000 | $878,000 | $623,000 |
| Dividend payout ratio | 22.8% | 27.6% | 486.3% | 20.4% | 16.1% | 21.2% | 16.7% | 18.6% | 43.2% | 15.1% |
| Dividends + buybacks / free cash flow | 36.3% | 27.3% | 30.0% | 40.3% | 19.2% | 21.5% | 15.9% | 15.5% | 21.0% | 14.0% |
| Capex / revenue | 3.6% | 2.7% | 2.4% | 3.1% | 0.7% | 2.3% | 3.0% | 3.5% | 2.1% | 2.3% |
| Capex / operating cash flow | 15.1% | 11.7% | 11.9% | 12.7% | 1.9% | 9.1% | 11.4% | 14.3% | 10.1% | 9.3% |
| Capex / depreciation | 1.82 | 1.82 | 1.00 | 1.20 | 0.26 | 0.81 | 1.05 | 1.29 | 0.73 | 0.71 |
| Stock-based compensation / revenue | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | — | — | — | 0.0% | 0.0% |
| SG&A / revenue | 25.8% | 25.1% | 34.7% | 34.4% | 35.5% | 34.9% | 31.3% | 36.1% | 38.4% | 40.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 27.5 | — | 34.5 | 32.0 | 29.7 | 30.7 | 31.6 | 31.9 | 32.9 | 33.3 |
| Days of inventory on hand | — | — | -1,075.7 | -5,434.7 | -16,950.0 | -3,726.1 | -1,053.4 | 334.5 | 510.7 | 776.4 |
| Days payables outstanding | — | — | 13.9 | 22.5 | 48.5 | 23.2 | 24.2 | 19.8 | 19.6 | 22.7 |
| Cash conversion cycle (days) | — | — | -1,055.1 | -5,425.3 | -16,968.8 | -3,718.6 | -1,045.9 | 346.7 | 524.0 | 787.1 |
| Receivables turnover | 13.27 | — | 10.59 | 11.42 | 12.27 | 11.89 | 11.54 | 11.43 | 11.08 | 10.95 |
| Payables turnover | — | — | 26.30 | 16.20 | 7.52 | 15.73 | 15.09 | 18.45 | 18.58 | 16.11 |
| Inventory turnover | — | — | — | — | — | — | — | 1.09 | 0.71 | 0.47 |
| Asset turnover | 0.06 | 0.06 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 |
| Average receivables | $8.4M | — | $8.3M | $7.3M | $6.6M | $6.6M | $6.3M | $5.9M | $5.4M | $5.0M |
| Average payables | — | — | $1.3M | $592,000 | $559,500 | $986,500 | $1.1M | $794,500 | $526,000 | $440,000 |
| Average inventory | — | — | −$103.6M | −$142.8M | −$195.5M | −$158.5M | −$47.3M | $13.4M | $13.7M | $15.1M |
| Intangibles / total assets | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% |
Computed from HWBK's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HWBK valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Hawthorn Bancshares traded at 10.3 times earnings, against a 10-year median of 10.8. Based on the latest twelve months, the trailing P/E is 10.4 and the forward P/E is 17.8. Hawthorn Bancshares earned a return on equity of 14.7% and a return on invested capital of 29.1% in fiscal 2025. It ended the year with $155.5 million of debt and $177.9 million in cash and short-term investments, a net cash position of $22.4 million. It returned $8.3 million to shareholders: $5.4 million in dividends and $2.9 million in share buybacks, 36% of free cash flow. The share count fell 5.6% from 7.4M to 7.0M over 9 years.
See the HWBK income statement, the HWBK chart for price history, or the HWBK stock overview for the latest quote and news.
HWBK key metrics FAQ
What is Hawthorn Bancshares's P/E ratio?
Hawthorn Bancshares's trailing P/E ratio is 10.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.8. At the end of fiscal 2025 it was 10.3, compared with a 10-year median of 10.8.
What is Hawthorn Bancshares's EV/EBITDA?
Hawthorn Bancshares's enterprise value was 7.1 times EBITDA at the end of fiscal 2025 (enterprise value $221.7 million, EBITDA $31.3 million).
What is Hawthorn Bancshares's return on equity?
Hawthorn Bancshares's return on equity (ROE) was 14.7% in fiscal 2025: net income of $23.8 million on average shareholders' equity of $161.9 million.
What is Hawthorn Bancshares's ROIC?
Hawthorn Bancshares's return on invested capital was 29.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Hawthorn Bancshares have?
Hawthorn Bancshares had total debt of $155.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.89 and more cash than debt.
What is Hawthorn Bancshares's dividend yield?
Hawthorn Bancshares's forward dividend yield is 2.21%. Hawthorn Bancshares paid $5.4 million in dividends in fiscal 2025 ($0.78 per share), a payout ratio of 22.8%.
Does Hawthorn Bancshares buy back its shares?
Yes. Hawthorn Bancshares spent $2.9 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.0% over the year, to 7.0M..
What is Hawthorn Bancshares's free cash flow yield?
Hawthorn Bancshares generated $22.8 million of free cash flow in fiscal 2025, a free cash flow yield of 9.4% on its market value at year-end ($244.1 million).
What is Hawthorn Bancshares's current ratio?
Hawthorn Bancshares's current ratio was 0.11 at the end of fiscal 2025: current assets were 0.11 times current liabilities.