HWBK
Hawthorn Bancshares, Inc.Financial Services·Banks - Regional
$36.69
$253M market cap
Revenue
$57.6M
Free Cash Flow
$19.1M
Rev Growth
+0.0%
FCF Margin
33.2%
P/FCF
13.2x
EV/FCF
4.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Hawthorn Bancshares, Inc. operates as the bank holding company for Hawthorn Bank that provides commercial and personal banking services. It accepts checking, savings, money market, individual retirement, and other time deposit accounts; and certificates of deposit. The company also offers commercial and industrial, single payment personal, installment, commercial and residential real estate, and consumer loans, as well as equipment, operating, and small business administration loans; and debit a
2-Year Price History
$35.35+91.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 28.7 | 8.4 | 8.4 | 6.8 | 8.0 | 6.1 | -1.9 | 313.7 | 148.7 | 6.9 | 13.2% | 1.1x | -- |
| Act | 2025-Q4 | 28.9 | 8.1 | 7.5 | 6.2 | 15.1 | 13.0 | -2.1 | 177.9 | 155.5 | 7.0 | 11.7% | 1.1x | -- |
Valuation & Metrics
Market Stats
Price$36.69
Market Cap$253M
Enterprise Value$88M
P/S Ratio4.4x
P/FCF13.2x
EV/FCF4.6x
FCF Margin (TTM)33.2%
FCF Yield7.6%
Dividend Yield (TTM)2.2%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$57.6M
Net Income$13.0M
Free Cash Flow$19.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin28.7%
Net Margin22.5%
FCF Margin33.2%
CapEx % of Revenue6.9%
SBC % of Revenue0.0%
ROIC12.4%
WC Change % Rev-58.2%
Interest Coverage1.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover5.9
Change (vs Prior)-5.3%
Need at least 2 settlement dates for chart
Employees
Headcount255
Revenue / Employee$225,973
Gross Profit / Employee$165,392
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
15.0%(+1.0% YoY)
54 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
14.7%(+7.8% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-1.2% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Ategra Capital Management, LLC | $11.5M | $18.40 | +$0 | +$0 | +0.6% | $180M |
| BlackRock, Inc.Passive | $10.5M | $28.79 | +$338K | +$9.2M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $8.3M | $33.69 | +$8.3M | +$8.3M | — | $4.04T |
| FJ Capital Management LLC | $6.4M | $19.79 | +$0 | −$3.7M | -0.8% | $888M |
| DIMENSIONAL FUND ADVISORS LPPassive | $5.3M | $25.97 | +$81K | +$270K | -0.4% | $480.92B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.6M | $26.96 | −$95K | +$2.2M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $2.8M | $27.71 | +$147K | +$1.9M | -0.2% | $2.89T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.2M | $21.03 | −$354K | −$269K | -2.3% | $4.93B |
| MONETA GROUP INVESTMENT ADVISORS LLC | $1.6M | $26.92 | +$6K | −$64K | -0.5% | $12.64B |
| Pinnacle Holdings, LLC | $1.6M | $19.17 | −$55K | −$55K | -0.2% | $288M |
| NORTHERN TRUST CORPPassive | $1.5M | $28.76 | +$124K | +$930K | -0.2% | $755.34B |
| RBF Capital, LLC | $1.3M | $16.94 | +$0 | −$17K | +0.1% | $2.03B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.2M | $33.69 | +$1.2M | +$1.2M | — | $395.83B |
| RENAISSANCE TECHNOLOGIES LLC | $1.2M | $23.63 | −$79K | +$273K | +1.2% | $63.91B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.1M | $33.69 | +$1.1M | +$1.1M | — | $1.91T |
| Empowered Funds, LLC | $1.1M | $19.61 | +$0 | +$84K | +0.2% | $15.64B |
| MERCER GLOBAL ADVISORS INC /ADV | $1.1M | $24.89 | +$0 | +$451K | -0.0% | $63.93B |
| GOLDMAN SACHS GROUP INC | $856K | $26.48 | −$181K | +$167K | -0.2% | $760.93B |
| AMERICAN CENTURY COMPANIES INC | $694K | $21.04 | +$0 | +$0 | +0.7% | $193.48B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $526K | $28.60 | +$0 | +$526K | +0.1% | $184.72B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.05%
avg per quarter
Holders (ex-self)
-0.03%
excl. this stock
Buyers (this Q)
-0.24%
17 buyers · $0.01B in
Sellers (this Q)
-0.62%
21 sellers · $0.00B out
alpha coverage: 85% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-0.2%
how holders react when this stock falls
On quiet Qs
-2.8%
−10% to +10% baseline
On rallies (+10%+)
+1.5%
how they react when this stock rises
Holders' portfolio flow this Q
+0.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+1.2%
Holder mid (any stock)
-0.7%
Holder rally (any stock)
-5.6%
Biggest decreases this quarter
BRIDGEWAY CAPITAL MANAGEMENT, LLC−$354Kα-2.3TWO SIGMA INVESTMENTS, LPexited−$229KGOLDMAN SACHS GROUP INC−$181Kα-0.2BANK OF AMERICA CORP /DE/exited−$160KGEODE CAPITAL MANAGEMENT, LLC−$95Kα+2.3ALLIANCEBERNSTEIN L.P.−$85Kα-0.3RENAISSANCE TECHNOLOGIES LLC−$79Kα+1.2CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$61Kα+0.7Pinnacle Holdings, LLC−$55Kα-0.2Kestra Advisory Services, LLCexited−$50K
New buyers this quarter
Top-5 holders · 58.7%
Ategra Capital Management, LLC--
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
FJ Capital Management LLC--
DIMENSIONAL FUND ADVISORS LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FJ Capital Management LLC191KAtegra Capital Management, LLC342KPL Capital Advisors, LLC—ALLIANCEBERNSTEIN L.P.13KENDEAVOUR CAPITAL ADVISORS INC—Fourthstone LLC—BRIDGEWAY CAPITAL MANAGEMENT, LLC65KMILLENNIUM MANAGEMENT LLC—Rhino Investment Partners, Inc—MONETA GROUP INVESTMENT ADVISORS LLC49K
Corporate
Order Flow (FINRA, ~3w lag)
17.9%retail+5.3pp
12.4%dark+2.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Hawthorn Bancshares: Provisioning Mirage Masks Credit Deterioration and Impending Dilution
Overall Risk
7/10
Fraud
4/10
Dilution
8/10
Insolvency
3/10
Earnings Overstated
7/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
3/10
Contextually Acceptable
5/10