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HLMN

Hillman Solutions Corp.

HLMN

Hillman Solutions Corp. • NASDAQ
$8.75 ▼ -1.24% (-0.11)
Market Cap $1.73 B
52w High $11.55
52w Low $6.55
Dividend Yield 0%
P/E 46.05
Volume 261.64K
Outstanding Shares 197.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $424.939M ▲ $173.657M ▲ $23.192M ▲ 5.458% ▲ $0.12 ▲ $81.269M ▲
Q2-2025 $402.803M ▲ $158.148M ▲ $15.832M ▲ 3.93% ▲ $0.08 ▲ $71.422M ▲
Q1-2025 $359.343M ▲ $153.588M ▲ $-317K ▲ -0.088% ▲ $0 ▲ $48.919M ▲
Q4-2024 $349.562M ▼ $152.68M ▼ $-1.222M ▼ -0.35% ▼ $-0.01 ▼ $47.597M ▼
Q3-2024 $393.296M $162.682M $7.434M 1.89% $0.04 $60.216M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $37.731M ▲ $2.397B ▲ $1.167B ▲ $1.23B ▲
Q2-2025 $34.188M ▼ $2.357B ▲ $1.15B ▲ $1.207B ▲
Q1-2025 $36.309M ▼ $2.331B ▲ $1.149B ▲ $1.182B ▼
Q4-2024 $44.51M ▼ $2.331B ▼ $1.148B ▼ $1.182B ▲
Q3-2024 $59.82M $2.398B $1.216B $1.181B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.192M ▲ $26.237M ▼ $-17.217M ▲ $-5.174M ▲ $3.543M ▲ $9.065M ▼
Q2-2025 $15.832M ▲ $48.707M ▲ $-17.559M ▲ $-34.804M ▼ $-2.121M ▲ $31.19M ▲
Q1-2025 $-317K ▲ $-655K ▼ $-20.725M ▲ $14.393M ▲ $-8.201M ▲ $-21.313M ▼
Q4-2024 $-1.222M ▼ $43.149M ▼ $-21.228M ▲ $-40.921M ▼ $-15.31M ▼ $22.126M ▼
Q3-2024 $7.434M $63.711M $-58.155M $883K $5.804M $39.593M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Engraving
Engraving
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Hillman’s sales have been fairly steady in recent years, without big jumps up or down, which suggests a mature, stable business rather than a fast‑growing one. The more encouraging story is on profitability: the company has gradually turned better sales into better earnings. Gross profit margins have improved, operating profits have grown, and the business has moved from recurring losses to a modest profit most recently. This points to tighter cost control, more disciplined pricing, and benefits from scale. The main risk on the income statement side is that revenue growth has been sluggish, so future earnings improvement still relies heavily on efficiency gains rather than strong top‑line momentum.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been slowly de‑risking. Debt levels have come down meaningfully from a few years ago, and equity has built up, which gives Hillman more financial cushion than it had shortly after going public via SPAC. Total assets have been fairly stable, indicating no aggressive balance sheet expansion. However, cash on hand remains quite thin, which means Hillman still leans on its credit capacity and consistent cash generation to stay comfortable. Overall, leverage has improved but the company is not in an ultra‑conservative position; it still needs to manage debt and working capital carefully.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been solid and generally improving, especially compared with the period when it was negative. Free cash flow has turned consistently positive in recent years, even after ongoing, but modest, investment in equipment and systems. This pattern suggests the underlying business converts earnings into cash reasonably well and has some room to fund debt reduction, selective acquisitions, or internal projects. The key watchpoint is that the margin for error is not enormous; Hillman benefits from disciplined working‑capital management to keep cash flow healthy.

Competitive Edge

Competitive Edge Hillman occupies a specialized, hard‑to‑replicate niche in hardware and small components. Its strength comes less from flashy products and more from deep integration with major retailers like big‑box home improvement chains and mass merchants. By managing complex assortments of small, low‑value items and sending its own teams into stores to handle merchandising and inventory, Hillman makes itself very hard to replace. The direct‑to‑store model and long‑standing relationships create switching costs for retailers. Risks include high dependence on a relatively small group of large customers and exposure to housing, renovation, and DIY activity cycles. Nonetheless, its combination of logistics, service, and category expertise forms a meaningful moat versus traditional product‑only suppliers.

Innovation and R&D

Innovation and R&D Innovation at Hillman is practical and service‑oriented rather than cutting‑edge in a traditional R&D sense. The Robotics and Digital Solutions segment, including self‑service key‑copy and pet tag kiosks, is a good example: it automates everyday tasks, creates recurring, relatively high‑margin revenue, and supports retailer partners by driving traffic and convenience. Behind the scenes, the company invests in inventory and supply‑chain technology to manage a huge catalog of small parts with high reliability. Growth has also been driven by acquisitions that bring in new niches or technologies. The main limitation is that this is incremental, applied innovation rather than disruptive technology, so competitive advantage depends on continued execution and integration rather than breakthrough products.

Summary

Hillman today looks like a steady, service‑driven hardware platform that has quietly improved its financial health. Earnings have shifted from losses to modest profits, helped by better margins and cost discipline rather than strong revenue growth. The balance sheet has been cleaned up with lower debt and stronger equity, though cash remains lean enough that solid cash flow is still important. Free cash flow is consistently positive, supporting ongoing investment and gradual de‑leveraging. Competitively, Hillman’s moat rests on operational excellence, in‑store service teams, complex category management, and embedded relationships with major retailers, reinforced by practical automation like kiosks and advanced inventory systems. Key uncertainties are slow organic growth, dependence on a few big customers and the home‑improvement cycle, and the need to keep executing on efficiency and technology to protect margins. Overall, it resembles a durable, service‑heavy industrial business focused on incremental improvement rather than big swings.

NEWS

October 14, 2025 · 7:30 AM UTC

Hillman Sets Third Quarter 2025 Earnings Release and Results Presentation Date

Read more