Hawthorn Bancshares, Inc. (HWBK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-5.0%

$37.36

vs $39.34 price

Levered DCF

$50.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.5

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.14×	10.86×	181.21×	7.12×	7.61×	9.93×	9.95×	11.84×
P/B	1.4×	1.33×	1.31×	1.16×	1.15×	1.09×	1.39×	1.28×
P/S	2.17×	1.81×	2.03×	1.78×	2.11×	1.82×	2.19×	1.88×
EV / EBITDA	9.38×	11.63×	95.68×	7.91×	5.45×	16.04×	13.75×	18.35×
Gross margin	71.3%	65.5%	60.0%	88.5%	94.8%	80.1%	77.5%	78.2%
Operating margin	26.0%	20.4%	0.5%	30.1%	34.7%	22.4%	27.3%	18.4%
Net margin	21.2%	16.6%	1.1%	24.9%	27.7%	18.3%	22.1%	15.9%
Current ratio	0.11×	0.18×	0.18×	0.21×	0.31×	0.16×	0.18×	0.21×
Debt / equity	0.89×	0.89×	1.16×	1.21×	1.02×	1.56×	1.53×	1.7×
Interest coverage	0.92×	0.61×	0.01×	2.39×	4.77×	1.8×	1.31×	0.94×
Dividend yield	2.2%	2.5%	2.6%	2.9%	2.1%	2.1%	1.7%	1.6%
Payout ratio	22.8%	27.6%	486.3%	20.4%	16.1%	21.2%	16.7%	18.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	12.2%	0.7%	16.3%	15.1%	10.9%	14.0%	10.8%
Return on invested capital	7.0%	6.3%	0.1%	7.1%	7.2%	4.1%	5.3%	3.8%
Return on assets	1.3%	1.0%	0.1%	1.1%	1.2%	0.8%	1.1%	0.7%
Free cash flow yield	9.4%	11.4%	8.7%	12.0%	17.3%	13.5%	10.8%	11.0%
Earnings yield	9.8%	9.2%	0.5%	14.0%	13.1%	10.1%	10.1%	8.5%
Enterprise value	$293.9M	$279.1M	$242.8M	$215.4M	$166.2M	$316.7M	$302.5M	$260.1M
Net debt / EBITDA	1.6×	3.36×	25.31×	2.48×	-0.18×	8.86×	6.48×	9.4×
Cash conversion cycle (days)	0	0	18	1	5	11	7	8