# Hamilton Beach Brands Holding (HBB.US)

Canonical: https://gigainvestors.com/s/HBB

Analysis as of: 2026-10-16T07:28:58.048Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.31 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 1

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.06×

- LTM to Jun 2026: 0.13×

### moat: pass

- ROIC, median of available years: 17.6%

- ROIC, second-lowest year: 12.1%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 22.5%

- Recent gross margin (lower of latest and 3-year median): 26.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 13.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 32.5%

- FY2018: 27.4%

- FY2019: 20.2%

- FY2020: 15.7%

- FY2021: 12.1%

- FY2022: 10.8%

- FY2023: 12.5%

- FY2024: 19.2%

- FY2025: 15.9%

- LTM to Jun 2026: 29.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $132M

- Net income, five-year total: $129M

- Return on incremental invested capital: 11.3%

- Working capital / revenue, annual change: 1.6 pp

- Working capital / revenue, change between three-year averages: 10.2 pp

- Working capital / revenue, final three-year average: 24.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.77×

- FY2022: 1.10×

- FY2023: 1.04×

- FY2024: 1.05×

- FY2025: 1.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 32.5% vs 15.9%

- Per-share earnings: 1.44 to 1.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: -$128M

- Cumulative retained earnings: $131M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.8%

- Per-share value change: $0.51

- Per-share value, starting three-year median: $1.44

- Per-share value, ending three-year median: $1.95

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 2.7%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.7M

- Cumulative net income, 10 years: $222M

- ROIC, first three-year median: 32.5%

- ROIC, last three-year median: 15.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.91

- FY2017: $1.16

- FY2018: $1.29

- FY2019: -$0.98

- FY2020: $3.37

- FY2021: $1.53

- FY2022: $1.81

- FY2023: $1.80

- FY2024: $2.20

- FY2025: $1.95

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 3.2%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 29.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.52×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.7%

- FY2017: -5.4%

- FY2018: 1.8%

- FY2019: -4.7%

- FY2020: 19.0%

- FY2021: 0.9%

- FY2022: 7.4%

- FY2023: -16.5%

- FY2024: -8.3%

- FY2025: 3.2%

## Holders

## Price story

Up 178% since Oct 2023 · "Hamilton Beach Q2 Earnings Surge Y/Y on Tariff Refunds, Sales Rise" (finance.yahoo.com, Aug 2026) · sales +0.6%

Story as of 2026-10-16T09:58:51.866Z; price observation 2026-10-15.

- 2026-08-07: Hamilton Beach Q2 Earnings Surge Y/Y on Tariff Refunds, Sales Rise ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hamilton-beach-q2-earnings-surge-154800743.html))

### Sales · FY2025–2026

sales +0.6%; source https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm; observed 2026-02-25.

- FY2017: $741M 

- FY2018: $630M 

- FY2019: $612M 

- FY2020: $604M 

- FY2021: $658M 

- FY2022: $641M 

- FY2023: $626M 

- FY2024: $655M 

- FY2025: $607M 

- FY2026: $610M 

### Gross margin · FY2026

gross margin 33.1%; source https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm; observed 2026-02-25.

- FY2017: 18.4% 

- FY2018: 22.1% 

- FY2019: 21.0% 

- FY2020: 23.0% 

- FY2021: 20.7% 

- FY2022: 20.1% 

- FY2023: 23.0% 

- FY2024: 26.0% 

- FY2025: 25.7% 

- FY2026: 33.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are USD 606.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm (filed 2026-02-25); FY2025: revenue 606852000; grossProfit 156153000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HBB.US: Hamilton Beach Brands Holding Company, together with its subsidiaries, designs, markets, and distributes small electric household and specialty housewares appliances in the United States and internationally. It offers air fryers, blenders, coffee makers, food processors, indoor electric grills, irons, juicers, mixers, slow cookers, toasters, and toaster ovens. The company also provides commercial products; consumer products under the Hamilton Beach, Proctor Silex, and Weston brands; products under the Hamilton Beach Professional in the premium market; garment care products under the CHI brand; small kitchen appliances under the Lotus brand; home appliances products under the Clorox brand; commercial juicers and sectionizers under the Sunkist brand; and plant-based milk makers under the Numilk brand. In addition, it offers digitally connected devices that enable patients to manage at home chronic conditions that require the use of injectable medications; and other health services, as well as software for home healthcare management. The company sells its products through a network of mass merchandisers, e-commerce retailers, department stores, warehouse clubs, specialty home retailers, distributors, restaurants, fast food chains, bars, hotels, and other retail outlets. Hamilton Beach Brands Holding Company was founded in 1904 and is headquartered in Glen Allen, Virginia.

### Why customers stay

Margins ranged from 23% to 26% during 2023–25; it earns 17.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 23%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 26%.

- Source: https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 25.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2017,0.3252430687677955],[2018,0.27355453523291695],[2019,0.20164991663579104],[2020,0.15686452997754605],[2021,0.12089243054664416],[2022,0.1075959294548779],[2023,0.12486922015674455],[2024,0.19200595541081725],[2025,0.1593887899348774],[2026,0.28976699475786555]]; median 0.17569737267284732. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 6002000; owner earnings 26403000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 7374000; owner earnings 14121000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 8076000; owner earnings 13899000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 3312000; owner earnings 46853000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 2005468.169862505; upkeep 9838531.830137495; owner earnings 16380468.169862505. Growth capex / owner earnings = 0.12243045492144433.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 2279000; owner earnings 27871000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 3419000; owner earnings 26185000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 3193000; owner earnings 32367000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 2777000; owner earnings 29565000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,42000000],[2017,39162000],[2018,4658000],[2019,4851000],[2020,5053000],[2021,5468000],[2022,5782000],[2023,6082000],[2024,6294000],[2025,6430000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 8987000 USD.

### Are managers owners

Insiders own 27.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HBB.US SharesStats.PercentInsiders = 27.805999999999997 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 34.31 USD; reporting-to-trading FX 1; FY2025 annual sales per share 44.71682263650431; price multiple 0.767272761727736. FY2025 cash earnings/share 2.178542480288851. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-09: $33.10 per share

- 2017-10: $38.77 per share

- 2017-11: $28.58 per share

- 2017-12: $25.69 per share

- 2018-01: $25.71 per share

- 2018-02: $24.77 per share

- 2018-03: $21.22 per share

- 2018-04: $22.25 per share

- 2018-05: $28.03 per share

- 2018-06: $29.05 per share

- 2018-07: $25.40 per share

- 2018-08: $23.15 per share

- 2018-09: $21.94 per share

- 2018-10: $23.22 per share

- 2018-11: $22.65 per share

- 2018-12: $23.46 per share

- 2019-01: $26.14 per share

- 2019-02: $24.27 per share

- 2019-03: $21.46 per share

- 2019-04: $18.10 per share

- 2019-05: $17.49 per share

- 2019-06: $19.05 per share

- 2019-07: $16.41 per share

- 2019-08: $14.17 per share

- 2019-09: $16.17 per share

- 2019-10: $18.65 per share

- 2019-11: $19.66 per share

- 2019-12: $19.10 per share

- 2020-01: $15.80 per share

- 2020-02: $11.60 per share

- 2020-03: $9.51 per share

- 2020-04: $13.19 per share

- 2020-05: $9.55 per share

- 2020-06: $11.90 per share

- 2020-07: $15.20 per share

- 2020-08: $21.85 per share

- 2020-09: $19.45 per share

- 2020-10: $22.05 per share

- 2020-11: $18.78 per share

- 2020-12: $17.51 per share

- 2021-01: $19.19 per share

- 2021-02: $17.57 per share

- 2021-03: $18.13 per share

- 2021-04: $19.50 per share

- 2021-05: $25.20 per share

- 2021-06: $22.27 per share

- 2021-07: $18.69 per share

- 2021-08: $17.00 per share

- 2021-09: $15.67 per share

- 2021-10: $15.00 per share

- 2021-11: $15.00 per share

- 2021-12: $14.36 per share

- 2022-01: $13.86 per share

- 2022-02: $15.10 per share

- 2022-03: $11.63 per share

- 2022-04: $9.36 per share

- 2022-05: $10.32 per share

- 2022-06: $12.41 per share

- 2022-07: $11.84 per share

- 2022-08: $12.35 per share

- 2022-09: $11.67 per share

- 2022-10: $11.78 per share

- 2022-11: $14.20 per share

- 2022-12: $12.39 per share

- 2023-01: $12.95 per share

- 2023-02: $13.00 per share

- 2023-03: $10.24 per share

- 2023-04: $10.01 per share

- 2023-05: $9.31 per share

- 2023-06: $9.66 per share

- 2023-07: $9.85 per share

- 2023-08: $11.73 per share

- 2023-09: $12.41 per share

- 2023-10: $12.32 per share

- 2023-11: $15.43 per share

- 2023-12: $17.49 per share

- 2024-01: $18.44 per share

- 2024-02: $17.64 per share

- 2024-03: $24.36 per share

- 2024-04: $20.34 per share

- 2024-05: $19.15 per share

- 2024-06: $17.19 per share

- 2024-07: $19.53 per share

- 2024-08: $29.29 per share

- 2024-09: $30.43 per share

- 2024-10: $27.65 per share

- 2024-11: $19.37 per share

- 2024-12: $16.83 per share

- 2025-01: $17.11 per share

- 2025-02: $19.49 per share

- 2025-03: $19.43 per share

- 2025-04: $19.80 per share

- 2025-05: $18.27 per share

- 2025-06: $17.89 per share

- 2025-07: $15.57 per share

- 2025-08: $14.74 per share

- 2025-09: $14.37 per share

- 2025-10: $14.07 per share

- 2025-11: $15.95 per share

- 2025-12: $16.45 per share

- 2026-01: $19.09 per share

- 2026-02: $19.04 per share

- 2026-03: $18.95 per share

- 2026-04: $20.81 per share

- 2026-05: $20.30 per share

- 2026-06: $23.03 per share

- 2026-07: $22.99 per share

- 2026-08: $31.41 per share

- 2026-09: $38.25 per share

- 2026-10: $34.31 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1709164/000170916426000037/hbb-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.