Hamilton Beach Brands Holding Co
HBBdata completeness 100%11 fiscal years on fileHamilton Beach Brands Holding Co earns about 17% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $19.29 and $88.07 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $658.4M1 | $640.9M1 | $625.6M1 | $654.7M2 | $606.9M2 |
| Net income | $21.3M3 | $25.3M4 | $25.2M5 | $30.8M5 | $26.5M5 |
| Operating cash flow | $17.9M6 | −$3.42M7 | $88.6M8 | $65.4M8 | $13.8M8 |
| Capital expenditure | $11.8M9 | $2.28M10 | $3.42M11 | $3.19M11 | $2.78M11 |
| Free cash flow (derived) | $6.01M6 | −$5.7M7 | $85.2M8 | $62.2M8 | $11M8 |
| Total debt | — | $110.9M12 | $50M13 | $50M14 | $50M14 |
| Cash & equivalents | $1.13M15 | $928,00016 | $15.4M17 | $45.6M17 | $47.3M17 |
| Diluted shares | 13.9M | 14.0M | 14.1M | 14.0M | 13.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $134.73 of net worth that earned you $19.49 and generated $8.13 of cash last year, against $36.84 of debt.
It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 55% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $19.29 and $88.07 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$62.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$62.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$25.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $65.31 |
| Base | 5.0% | $81.17 |
| Bull | 10.0% | $100.14 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001709164-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001709164-26-000037 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001709164-24-000011 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001709164-25-000008 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001709164-26-000037 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001709164-24-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001709164-25-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001709164-26-000037 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001709164-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001709164-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001709164-26-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001709164-24-000011 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001709164-25-000008 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001709164-26-000037 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001709164-24-000011 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001709164-25-000008 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001709164-26-000037 (CashAndCashEquivalentsAtCarryingValue)