Hillman Solutions Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Hillman Solutions Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,214		1,368		1,426	1,486	1,476	1,473	1,552
Cost of revenue	694		782		860	847	829	765	796
Gross profit	520		586		566	640	648	708	756
Research and development	2.08		2.88		2.44	2.35	2.56	1.33	1.36
Selling, general and administrative	382		398		438	481	452	489	502
General and administrative		0		1.28
Operating income	7.7	0	65.8	-1.28	10.3	39.9	60.9	88.8	114
Interest income		0		0.08
Other non-operating income		0		-27.6
Pre-tax income	-109	0	-33.9	-28.9	-50.1	-14.7	-7.38	26.6	56.6
Income tax	-23.3	0	-9.44	0	-11.8	1.77	2.21	9.3	16.3
Net income	-85.5	0	-24.5	-28.9	-38.3	-16.4	-9.59	17.3	40.3
EBITDA	132		193		131	160	183	219	255
EPS, basic	-0.96	0.00	-0.27	-2.99	-0.28	-0.08	-0.05	0.09	0.20
EPS, diluted	-0.96	0.00	-0.27	-2.99	-0.28	-0.08	-0.05	0.09	0.20
Shares, basic (weighted)	89.4	6.04	89.9	9.65	135	194	195	196	197
Shares, diluted (weighted)	89.4	6.04	89.9	9.65	135	194	195	199	199

Balance sheet

	FY2019	FY2020	FY2021	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20	0	21.5	1.02	14.6	31.1	38.6	44.5	27.3
Receivables			121		107	87	103	110	115
Inventory			392		534	489	383	404	486
Other current assets		0	19.3	0.11	13	24.2	23.2	15.2	18.3
Total current assets		0	554	1.12	668	632	548	573	646
Property, plant and equipment			183		174	190	201	224	231
Lease right-of-use assets			76.8		82.3	67	87.5	81.7	75.2
Goodwill			816		825	824	825	829	831
Intangible assets			826		795	734	655	606	546
Other non-current assets			11.2		16.6	23.6	14.8	17	26.2
Total assets		0	2,469	501	2,563	2,471	2,331	2,331	2,356
Accounts payable		0	201	0.13	186	132	140	139	142
Accrued liabilities			29.8		8.61	15.7	22.5	35	35.8
Short-term debt			11.5		11.4	10.6	9.95	13	14.8
Total current liabilities		0	312	0.13	277	215	223	254	258
Long-term debt			1,536		907	885	732	692	668
Lease liabilities			68.9		74.5	61.4	80	71.5	63.5
Other non-current liabilities			31.6		16.8	12.5	10.2	6.59	6.46
Total liabilities		0	2,104	73.3	1,413	1,314	1,177	1,148	1,128
Total debt			1,536		907	885	732	692	668
Paid-in capital		0	566	33.9	1,387	1,404	1,419	1,443	1,457
Retained earnings		0	-172	-28.9	-210	-227	-236	-219	-179
Treasury stock								0	-12.4
Other comprehensive income			-29.4		-27.2	-21	-27.8	-41.7	-37.9
Shareholders' equity	374	0	365	5	1,150	1,157	1,155	1,182	1,229
Total equity	374	0	365	5	1,150	1,157	1,155	1,182	1,229
Total liabilities and equity		0	2,469	501	2,563	2,471	2,331	2,331	2,356
Shares outstanding	89.5		90.9		194	195	195	197	196

Cash flow statement

	FY2019	FY2020	FY2021	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-85.5	0	-24.5	-28.9	-38.3	-16.4	-9.59	17.3	40.3
Depreciation and amortization	125		127		121	120	122	130	141
Stock-based compensation	2.98		5.13		15.3	13.5	12	13.5	14.2
Deferred income tax	-26	0	-8.98	0	-13	-0.24	-5.1	-3.1	8
Change in receivables	22.9		-32.4		15.1	19.9	-15.9	-4.55	-4.12
Change in inventory	-3.21		-67.1		-138	38.8	104	8.71	-79.4
Change in payables	-12	0	76	0.13	-20.3	-53.8	8.03	-7.78	1.69
Cash from operations	52.4	0	92.1	-1.26	-110	119	238	183	105
Capital expenditures	-57.8		-45.3		-51.6	-69.6	-65.8	-85.2	-70.1
Acquisitions	-6.14		-0.8		-38.9	-2.5	-1.7	-57.9	0
Cash from investing	-53.5	0	-46.1	-500	-90.5	-72.8	-67.9	-143	-70.4
Debt issued	0		0		884	0	0
Debt repaid	0		0		-330	0	0
Stock issued	0		0		363	0	0	9.66	1.21
Share buybacks							0	0	-12.4
Cash from financing	-7.05	0	-45.1	502	193	-28.7	-162	-39.3	-52.2
Exchange rate effect	-0.08		0.65		0.46	-0.99	-0.74	5.29	0.15
Net change in cash	-8.26	0	1.55	1.02	-6.92	16.5	7.47	5.96	-17.2
Free cash flow	-5.39		46.8		-162	49.4	172	98.1	35.1
Interest paid	94.5		81		64.5	55.8	55.9	42.4	50.4
Income taxes paid	-0.49		-0.3		2.5	2.99	5.36	9.62	11.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $7.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.0%	Gross profit / revenue.
Operating margin	6.9%	Operating income / revenue.
EBITDA margin	14.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.5%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	3.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.8%	Cash from operations / revenue.
Effective tax rate	27.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	32.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	7.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	6.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	28.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	41.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	16.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	133.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	122.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-42.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-64.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	200.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	36.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	83.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.71x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.5%	Total debt / total assets.
Liabilities / assets	48.4%	Total liabilities / total assets.
Net debt	$642.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.84x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$422.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	56.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$119.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	7.01x	Revenue / average property, plant and equipment.
Inventory turnover	1.83x	Cost of revenue / average inventory.
Days inventory	200 days	365 x average inventory / cost of revenue.
Receivables turnover	10.4x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	58 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	177 days	Days inventory + days sales outstanding - days payables.
FCF conversion	148.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	51.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.14	Revenue / diluted weighted shares.
FCF per share	$0.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.64	Cash from operations / diluted weighted shares.
Book value per share	$6.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.62	Tangible book value / shares outstanding.
Cash per share	$0.18	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	58.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.37B	Share price x shares outstanding.
Enterprise value	$2.01B	Market cap + total debt - cash - short-term investments.
P/E	33.3x	Market cap / net income. Only when net income is positive.
P/S	0.86x	Market cap / revenue.
P/B	1.12x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	22.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.9x	Market cap / cash from operations, when positive.
EV/Sales	1.26x	Enterprise value / revenue.
EV/EBIT	18.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.89x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	3.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was Hillman Solutions Corp.'s revenue in fiscal 2025?

Hillman Solutions Corp. reported revenue of $1.55B for fiscal 2025, 5.4% higher than the year before.

Was Hillman Solutions Corp. profitable in fiscal 2025?

Yes. Net income was $40.3M, a net margin of 2.6%.

How much free cash flow did Hillman Solutions Corp. generate in fiscal 2025?

Cash from operations of $105.2M minus capital expenditures of $70.1M left free cash flow of $35.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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