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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $750.0M 100.0% | $23.89B 100.0% | $21.88B 100.0% | $13.86B 100.0% | $12.79B 100.0% | $10.20B 100.0% | $11.21B 100.0% | $10.06B 100.0% | $8.23B 100.0% | $6.57B 100.0% |
| Selling, General & Admin | $321.0M 42.8% | $2.51B 10.5% | $2.09B 9.5% | $1.68B 12.1% | $1.54B 12.1% | $1.26B 12.3% | $1.06B 9.5% | $851.0M 8.5% | $691.0M 8.4% | $492.0M 7.5% |
| Total Operating Expenses | $2.71B 361.6% | $19.05B 79.7% | $17.57B 80.3% | $14.71B 106.1% | $13.61B 106.4% | $11.93B 117.0% | $9.24B 82.4% | $7.95B 79.0% | $6.87B 83.5% | $5.71B 86.9% |
| Operating Income | $975.0M 130.0% | $5.20B 21.8% | $4.71B 21.5% | -$294.0M -2.1% | $164.0M 1.3% | -$1.69B -16.5% | $2.11B 18.8% | $2.34B 23.3% | $1.43B 17.3% | $841.0M 12.8% |
| Interest Expense | $48.0M 6.4% | $318.0M 1.3% | $54.0M 0.2% | $409.0M 3.0% | $405.0M 3.2% | $533.0M 5.2% | $315.0M 2.8% | $244.0M 2.4% | $87.0M 1.1% | $11.0M 0.2% |
| Interest & Investment Income | — | — | — | — | — | — | — | $21.0M 0.2% | $113.0M 1.4% | $67.0M 1.0% |
| Other Income (Expense), net | $5.0M 0.7% | $51.0M 0.2% | $573.0M 2.6% | $10.0M 0.1% | $157.0M 1.2% | -$89.0M -0.9% | $331.0M 3.0% | $203.0M 2.0% | $128.0M 1.6% | $134.0M 2.0% |
| Pretax Income | $1.04B 139.2% | $4.80B 20.1% | $5.35B 24.4% | -$1.61B -11.6% | -$64.0M -0.5% | -$2.28B -22.4% | $2.56B 22.9% | $1.39B 13.8% | $1.60B 19.4% | $1.05B 15.9% |
| Income Tax Expense | $309.0M 41.2% | $1.66B 7.0% | $1.20B 5.5% | $207.0M 1.5% | $12.0M 0.1% | -$215.0M -2.1% | $640.0M 5.7% | $569.0M 5.7% | $357.0M 4.3% | $279.0M 4.2% |
| Net Income | $726.0M 96.8% | $3.05B 12.8% | $4.08B 18.7% | -$1.82B -13.1% | -$465.0M -3.6% | -$2.19B -21.5% | $1.77B 15.8% | $716.0M 7.1% | $1.23B 14.9% | $782.0M 11.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.24 | $0.98 | $1.28 | $-0.59 | $-0.15 | $-0.75 | $0.62 | $2.54 | $4.40 | $2.84 |
| EPS (Diluted) | $0.23 | $0.96 | $1.25 | $-0.59 | $-0.15 | $-0.75 | $0.59 | $2.49 | $4.21 | $2.76 |
| Weighted Avg Shares (Basic) | 3.07B | 3.12B | 3.18B | 3.11B | 3.11B | 2.93B | 2.84B | 281.7M | 279.3M | 275.1M |
| Weighted Avg Shares (Diluted) | 3.25B | 3.28B | 3.35B | 3.11B | 3.11B | 2.93B | 3.04B | 303.6M | 293.1M | 282.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 52% of free cash flow, leaving room to grow it and fund buybacks. Last year: $559M dividends + $112M buybacks = $671M returned on $1.1B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 27%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.5B is below the $5.3B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.8% on $831M of debt.
Cash of $1.5B is below short-term debt of $5.3B — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.5 | 9.5 | 12.3 | 12.1 | 12.1 | 9.5 | 10.5 | 42.8 |
| Operating Income | 23.3 | 18.8 | -16.5 | 1.3 | -2.1 | 21.5 | 21.8 | 130.0 |
| Income Tax | 5.7 | 5.7 | -2.1 | 0.1 | 1.5 | 5.5 | 7.0 | 41.2 |
| Net Income | 7.1 | 15.8 | -21.5 | -3.6 | -13.1 | 18.7 | 12.8 | 96.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HWLDF: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.