Hamilton Beach ($HBB): net cash, margins back, outlook cutHamilton Beach Brands Holding Co. Class ABATS:HBBLALC_CapitalHamilton Beach Brands, of Glen Allen, Virginia, sells small kitchen and household appliances under the Hamilton Beach, Proctor Silex and Weston brands, plus commercial products for restaurants, bars and hotels. Its Health segment leases connected medical devices and licenses healthcare software. On 4 November the company reported its third quarter. Revenue rose 5.6% to $140.3M, led by the US consumer business and strong double-digit growth in Health. Gross margin rose to 27.5% from 21.1%, which the company puts down to selling inventory no longer subject to the IEEPA tariffs, and it received no tariff refund in the quarter. Operating profit rose 52.6% to $4.4M and net income to $3.5M from $1.7M. Our case is that the balance sheet has turned. Cash was $92.5M at 30 September against $25.0M of revolver borrowings, net cash of $67.5M against net debt of $32.8M a year earlier, after $25M of debt was paid down in the quarter. The company raised its 2026 outlook for operating cash flow less investing cash flow to $40M to $50M from $35M to $45M, about 9% to 12% of its market value of about $432M at the $32.16 close on 6 November. It pays $0.125 a share each quarter and has $21.5M left under its buyback program. The risk is the year's outlook. 2026 revenue is now guided flat, cut from growth approaching mid-single digits, as several retailers turned cautious on holiday inventory, and operating profit is expected to decline high teens on a percentage basis. The 10-Q says the $36.5M second-quarter tariff refund and the margin from inventory no longer subject to the tariffs are non-recurring. Walmart and Amazon were about 29% and 19% of 2025 revenue, lease liabilities of $40.1M sit outside the net cash figure, and the founding family can exercise 81.0% of the vote. Not investment advice.