Hammond Power Solutions
ConvictionContext
Design and manufacture of dry-type, custom power, and cast-resin transformers plus related electrical products (reactors, filters, enclosures); sold through electrical distributors, OEMs, and direct to industrial/data-center end users across North America (US, Mexico, Canada) and India. Revenue is unit-shipment + pricing driven, backlog-visible, and increasingly tied to hyperscale data-center buildout.
Revenue
CAD 898.3MFY2025); CAD 264.8M (Q1 2026, record quarterRev growth
+13.9% FY2025 YoY+31.5% Q1 2026 YoYGross margin
30.3% FY2025down 250 bps from 32.8% in 2024); 30.1% Q1 2026 (vs 31.5% Q1 2025Op margin
~11.6% FY2025operating earnings CAD 104.0M); ~11.0% Q1 2026 (CAD 29.2M, down from CAD 37.5M a year earlierCapex intensity
~4.0% of sales FY2025CAD 35.6M); elevated on new-plant investmentMarket cap
~$2.9B USDCAD 3.98B on TSX, 2026-07-06; ~11.9M Class A+B sharesThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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