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Hawthorn Bancshares, Inc.

HWBK Financial Banks Regional

Hawthorn Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $112.1 million, up 2.20% from fiscal 2024.

Revenue
+9.30%
EPS
+20.5%
Free cash flow
+123.5%
Total debt
−58.4%

Quarter to June 2026, against a year earlier

38.63 1.44 −3.59%
Market cap
$268.4M
P/E
10.5×
Fwd P/E
10.0×
Dividend yield
2.15%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 10.38%

Capital & Financial Ratios $m

Size
Market Cap 268.37
Revenue ttm 115.21
Net income ttm 25.39
Free cash flow ttm 29.88
Net debt Q 45.11
Valuation
P/E 10.50
Forward P/E 9.95
Price / sales 2.31
Forward P/S Powerpack
Price / FCF 8.92
Price / book 1.46
Financial health
Current ratio Q 0.97
Debt / equity Q 0.43
Interest coverage Q —
Growth
Revenue growth Q +9.30% (above 0%: growing)
Operating income growth Q +19.58% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A −17.12% (below 0%: weak)
EPS, past 5 yrs +11.89%
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 43.75%
10-year low 10-year high
P/S against its own 10 years 94.06%
10-year low 10-year high
P/B against its own 10 years 85.26%
10-year low 10-year high

Dividends

Yield
2.15%
Annual rate
0.83
Payout ratio
22.6%
Growth, 2018–26
+9.78%/yr
  1. 0.30 ’18
  2. 0.39 ’19 +29
  3. 0.43 ’20 +11
  4. 0.53 ’21 +23
  5. 0.62 ’22 +18
  6. 0.67 ’23 +7
  7. 0.74 ’24 +11
  8. 0.79 ’25 +7
  9. 0.63 ’26 −20
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 93 52 105 34
Receivables — — — —
Inventory — — — —
Other — — — —
1,644 1,530 1,604 1,463
2023 2024 2025 Q'26
Payables 1,571 1,533 1,554 1,488
ST’ Debt — — — —
Other — — — —
1,582 1,543 1,565 1,507

Compound Annual Growth %

10y 5y 3y
Sales 7.39% 7.51% 10.43%
Cash Flow 7.27% 5.07% 9.90%
Earnings 10.72% 10.74% 4.68%
Book Value 7.16% 5.94% 11.00%

EPS $

Mar Jun Sep Dec Year
’26 0.83 1.06 — — —
’25 0.77 0.88 0.88 0.90 3.43
’24 0.63 0.66 0.66 0.66 2.61
’23 0.46 0.36 0.36 (1.05) 0.14
’22 0.92 0.63 0.70 0.67 2.94
’21 0.82 0.68 0.81 0.83 3.14
’20 0.12 0.45 0.68 0.71 1.96
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 27 30 — — —
’25 27 27 29 29 112
’24 27 28 28 27 110
’23 24 24 24 16 88
’22 19 20 21 23 83
’21 21 20 21 20 81
’20 18 19 21 20 78
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 10 — — —
’25 6 6 0 15 27
’24 6 9 9 2 26
’23 3 4 5 5 18
’22 4 2 8 6 20
’21 4 9 7 11 30
’20 (1) 1 9 11 21
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 6 11 — — —
’25 6 5 (1) 13 23
’24 5 8 9 1 23
’23 3 4 4 5 16
’22 3 2 7 6 18
’21 3 9 6 11 30
’20 (1) 1 9 11 19
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 55 60 67 75 78 81 83 88 110 112 115 +8.2% — — — —
Gross margin, % 89.69 86.63 80.43 79.72 87.54 92.74 87.39 62.68 66.48 71.65 73.76 (18.0) pt
EBT 11 11 12 20 17 28 25 0 22 29 31 +11.4%
EBT margin, % 20.08 18.89 18.38 26.54 22.40 34.67 30.15 0.49 20.39 25.96 26.99 +5.9 pt
Net income 7 3 11 16 14 23 21 1 18 24 25 +14.1%
Per share, $
Per share, $ Revenue 7.41 8.13 9.19 10.24 10.71 11.39 11.78 12.50 15.67 16.17 16.71 +9.1%
Earnings 0.98 0.47 1.46 2.20 1.96 3.14 2.94 0.14 2.61 3.44 3.68 +15.0%
Cash flow 1.82 1.69 2.22 2.64 2.89 4.23 2.87 2.50 3.66 3.88 4.87 +8.8%
Capex (0.17) (0.17) (0.32) (0.29) (0.23) (0.08) (0.32) (0.27) (0.37) (0.57) (0.54) +14.5%
Free cash flow 1.66 1.52 1.91 2.35 2.66 4.15 2.55 2.23 3.29 3.31 4.33 +8.0%
Book value 12.27 12.40 13.56 15.69 17.93 20.84 18.04 19.33 21.36 25.13 26.51 +8.3%
Shares, m 7 7 7 7 7 7 7 7 7 7 7 (0.7%)
Valuation, ×
Valuation, × P/E 14.44 37.38 12.32 10.32 10.29 7.92 7.72 193.92 10.86 10.14 10.50 31.5
P/S 1.91 2.09 1.96 2.21 1.89 2.19 1.92 2.04 1.81 2.16 2.31 2.0
P/B 1.15 1.37 1.33 1.45 1.13 1.20 1.26 1.32 1.33 1.39 1.46 1.3
EV/Sales 4.25 4.01 3.46 3.07 1.46 1.64 2.58 2.76 2.53 2.57 — 2.8
EV/FCF 19.02 21.39 16.65 13.37 5.88 4.49 11.90 15.46 12.06 12.55 — 13.3
Cash, $m
Cash, $m Operating cash flow 14 12 16 19 21 30 20 18 26 27 34 +7.9%
Capex (1) (1) (2) (2) (2) (1) (2) (2) (3) (4) (4) +13.7%
Free cash flow 12 11 14 17 19 30 18 16 23 23 30 +7.2%
Balance, $m
Balance, $m Working capital (46) (24) (29) 37 41 (82) (37) 62 (13) 39 (44) n/m
Net debt 116 105 90 57 (34) (38) 61 63 79 46 45 (9.7%)
Shareholders’ equity 91 91 99 115 131 149 127 136 150 174 183 +7.5%
Returns, %
Returns, % ROA 0.59 0.25 0.74 1.08 0.89 1.26 1.11 0.05 0.99 1.28 1.39 +0.7 pt
ROIC 3.33 3.61 4.08 7.23 11.26 15.92 8.33 0.14 6.11 8.25 8.53 +4.9 pt
ROE 8.17 3.74 11.23 15.03 11.64 16.11 15.02 0.73 12.78 14.70 14.95 +6.5 pt
People
People Employees 343 349 301 294 306 309 320 284 268 266 — (2.8%)
Revenue/emp, $m 0.16 0.17 0.22 0.26 0.25 0.26 0.26 0.31 0.41 0.42 — +11.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Hawthorn Bancshares, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
QNBC QNB Corp. $291.4M — (loss-making) — (loss-making) −74.89% (below 0%: shrinking) n/m +282.00% (above 0%: growing) (90.91%) 0.00% Compare
VABK Virginia National Bankshares Corporation $288.7M 11.6× 17.8× +24.86% (above 0%: growing) +110.13% (above 0%: growing) −47.94% (below 0%: shrinking) 77.48% 0.00% Compare
BCBP BCB Bancorp, Inc. (NJ) $280.8M — (loss-making) — (loss-making) −11.64% (below 0%: shrinking) n/m −8.23% (below 0%: shrinking) 57.20% 0.00% Compare
LCNB LCNB Corporation $278.5M 11.2× 10.7× −0.76% (below 0%: shrinking) +4.08% (above 0%: growing) +43.09% (above 0%: growing) 78.76% 0.00% Compare
FXNC First National Corp. $274.9M 12.7× 11.6× +2.05% (above 0%: growing) +14.29% (above 0%: growing) +60.14% (above 0%: growing) 80.94% 0.00% Compare
WNEB Western New England Bancorp $271.3M 13.7× 14.0× +6.03% (above 0%: growing) +100.00% (above 0%: growing) −9.46% (below 0%: shrinking) 67.88% 0.00% Compare
FBLA FB Bancorp, Inc. $268.4M — (loss-making) — +8.80% (above 0%: growing) n/m +669.02% (above 0%: growing) 74.66% 0.00% Compare
HWBK Hawthorn Bancshares, Inc. $268.4M 10.5× 10.0× +9.30% (above 0%: growing) +20.45% (above 0%: growing) +123.49% (above 0%: growing) 76.36% 0.00%
RMBI Richmond Mutual Bancorporation, Inc. $262.8M 12.6× 16.7× +4.69% (above 0%: growing) −14.81% (below 0%: shrinking) −35.05% (below 0%: shrinking) 58.15% 0.00% Compare
Median of peers $276.7M 12.6× 14.0× +3.37% +14.29% +17.43% 71.27% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 17 April 2026

Ownership

Directors and executive officers, together 22.90%
Douglas Eden 9.40%
Douglas T. Eden 9.40%
Ategra Community Financial Institution Fund, L.P.Ategra GP, LLCAtegra Capital Management, LLCJonathan D. HoltawayJacques Rebibo 5.40%
Jonathan D. Holtaway 5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Hawthorn Bancshares, Inc. (HWBK) Latest News

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stockrow.com/HWBK · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com