NYSE: HWM · Aerospace & Defense
Howmet Aerospace
Howmet Aerospace, based in Pittsburgh, makes engineered metal components for aircraft and transportation — jet engine airfoils and seamless rolled rings, aerospace fasteners, titanium structures and forged aluminum wheels for trucks. It is the former Arconic Inc. (originally Alcoa Inc.), which separated from Arconic Corporation under a March 31, 2020 Separation and Distribution Agreement. It reports four segments: Engine Products ($4,327 million of 2025 sales), Fastening Systems ($1,746 million), Engineered Structures ($1,157 million) and Forged Wheels ($1,039 million). Aerospace was about 70% of 2025 revenue, and RTX and GE Aerospace were each about 11% of third-party sales. Sales rose 11% to $8,252 million in 2025 and net income rose to $1,508 million (diluted EPS $3.71, up from $0.48 in 2020). In April 2026 it bought Consolidated Aerospace Manufacturing (fasteners) from Stanley Black & Decker for about $1.8 billion.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 25, 2026 09:36 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 9.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 24.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +9.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.25x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 41.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.18
Higher than 60% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 69% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 70% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 36% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 30% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$210.42close on 2026-11-04
Market cap$84.51B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 41.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 15.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 37.3x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.2%
At FY2025 year-end: 55.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 15.4x
Book value at FY2025 year-end
At FY2025 year-end: 36.3x
EBITDA for FY2025
At FY2025 year-end: 1.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.09B → $2.7B (vs. a year earlier)↑ +29.4%$2.09B → $2.7B (vs. a year earlier)
- Operating margin25.9% → 28.7% (vs. a year earlier)↑ +2.8 pts25.9% → 28.7% (vs. a year earlier)
- Net income$385M → $567M (vs. a year earlier)↑ +47.3%$385M → $567M (vs. a year earlier)
- Diluted EPS$0.95 → $1.42 (vs. a year earlier)↑ +49.5%$0.95 → $1.42 (vs. a year earlier)
- Cash$563M → $507M (vs. previous quarter-end)↓ −9.9%$563M → $507M (vs. previous quarter-end)
- Long-term debt$4.05B → $4.05B (vs. previous quarter-end)→ +0.0%$4.05B → $4.05B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook • Issued
Revenue guidance of about $11.5B, up about 12%. Source sentence
Revenue Guidance: Approximately $11.5 Billion, Up ~12% Year over Year
Key changes
Repurchased $500M of stock in Q3. Source sentence
$500 million of common stock in third quarter 2026; $1.1 billion repurchased year to date
Repurchase authorization raised by $5B to $5.397B. Source sentence
share repurchase program by $5 billion , resulting in $5.397 billion total authorization
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Howmet Aerospace Inc.
- Headquarters
- PITTSBURGH, PA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: HWM
- Industry
- Aerospace & Defense
- CIK
- 4281
- Website
- https://www.howmet.com/ ↗
Workforce (as of FY2025 year-end)
Employees
25,430
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–44 days after quarter end (Feb 12, 2026; Feb 13, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 6, 2026 (+37 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | May 7, 2026 (+37 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 6, 2024 (+37 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 13, 2024 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Engine Products
Airfoils, seamless rolled rings and engine parts
Rotating and structural parts for commercial and military aircraft engines and industrial gas turbines.
Fastening Systems
Aerospace fasteners
Fasteners for aerospace and industrial markets; Consolidated Aerospace Manufacturing added April 2026.
Engineered Structures
Titanium and aluminum structures
Titanium ingots and mill products, aluminum and titanium forgings and extrusions, and assemblies for aerospace and defense.
Forged Wheels
Forged aluminum wheels
Wheels for commercial vehicles sold to truck makers and through distributors.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Principal products
Aerospace and transportation components
U.S. share
—
Not disclosedWorldwide share
Market leader in most principal markets
Company-disclosed“…Howmet continues as a market leader in most of its principal markets.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Sales $8,252M (+11%); net income $1,508M; diluted EPS $3.71.
Source: Form 10-K (FY2025)
Q3 2026
Revenue $2,703M (+29%, organic +25%); operating income $777M (+43%); EPS $1.42 (+49%), adjusted $1.46; operating cash flow $709M. Howmet repurchased $500M of stock, added a $5B buyback authorization, raised 2026 guidance and set 2027 revenue guidance at about $11.5B (+12%).
Source: Q3 2026 earnings release
CAM acquisition
Completed purchase of Consolidated Aerospace Manufacturing from Stanley Black & Decker for about $1.8B on April 6, 2026.
Source: Form 8-K (2026-04-06) — Item 2.01 Consolidated Aerospace Manufacturing acquisition completed
Preferred redemption
Redeemed all 546,024 Class A preferred shares at $100 per share on December 17, 2025.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.60x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$453M ÷ $283M = 1.60x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.4%
formularesearch & development expense ÷ revenue × 100
e.g.$37M ÷ $8,252M × 100 = 0.4%
M&A spend (6-year total)
$5M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $267M in FY2020 to $453M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$8.25B
As reported in the 10-K
Revenue CAGR (5 years)
+9.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,252M ÷ $5,259M) ^ (1÷5) − 1 = 9.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
24.8%▲favorable
+12.9pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,046M ÷ $8,252M × 100 = 24.8%
ROE (FY2025)
30.4%▲favorable
6-year average: 17.5%
As reported in the 10-K
P/B (FY2025 end)
15.38x
formulafiscal year-end closing price ÷ book value per share
e.g.$205.02 ÷ $13.33 = 15.38x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
36.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($82,340M + $3,050M − $742M) ÷ ($2,046M + $283M) = 36.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +9.4% a year over 5 years (strong growth)
From $5.26B in FY2020 to $8.25B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 11.9% → 24.8%
How much operating profit is left per $100 of revenue. It moved +12.9 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 47.9% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 17.5% over 6 years (latest: 30.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Consolidated Aerospace Manufacturing (from Stanley Black & Decker)
07 · what it does
Key activities
- Engine Products: airfoils, rings and engine parts for aircraft engines and industrial gas turbines
- Fastening Systems: aerospace and industrial fasteners
- Engineered Structures: titanium and aluminum structures and forgings
- Forged Wheels: aluminum wheels for commercial vehicles
06 · what it draws on
Key resources
- About 25,430 employees in 23 countries; 26% of the U.S. workforce unionized
- Nickel, titanium, aluminum and other metals
- Investment casting, forging and fastener plants
02 · why customers buy
Value propositions
- Differentiated engineered metal parts (e.g. airfoils with advanced cooling) that enable lighter, more fuel-efficient aircraft and trucks.
04 · how it keeps them
Customer relationships
- Ongoing supply to aerospace customers.
03 · how it reaches them
Channels
- Direct sales to engine makers and airframers; distributors for some fasteners.
01 · who it serves
Customer segments
- Aircraft engine makers including RTX and GE Aerospace (each about 11% of third-party sales)
- Airframers, defense, gas turbine and commercial truck customers
09 · where money goes
Cost structure
FY2025, share of revenue ($8.25B)
- Cost of revenue65.8%
- Research & development0.4%
- Selling, general & administrative4.5%
- Other operating costs4.4%
Operating profit left: 24.8% of revenue. Depreciation & amortization (inside the costs above): $283M. Capital spending: $453M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Aerospace – commercial and defense about 70% of 2025 revenue
- Commercial transportation 15%
- Gas turbines 11%
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Designs and makes metal parts — castings, forgings, rings, fasteners and wheels — sold directly or through distributors to aircraft engine makers, airframers, defense and truck makers.
01 what it draws on
Inputs & resources
- About 25,430 employees in 23 countries; 26% of the U.S. workforce unionized
- Nickel, titanium, aluminum and other metals
- Investment casting, forging and fastener plants
02 what it does
Activities
- Engine Products: airfoils, rings and engine parts for aircraft engines and industrial gas turbines
- Fastening Systems: aerospace and industrial fasteners
- Engineered Structures: titanium and aluminum structures and forgings
- Forged Wheels: aluminum wheels for commercial vehicles
03 who it serves
Customers
- Aircraft engine makers including RTX and GE Aerospace (each about 11% of third-party sales)
- Airframers, defense, gas turbine and commercial truck customers
04 how money comes in
How it earns
- Aerospace – commercial and defense about 70% of 2025 revenue
- Commercial transportation 15%
- Gas turbines 11%
How the business makes money
- 2025 Segment Adjusted EBITDA: Engine Products $1,438M, Fastening Systems $530M, Engineered Structures $243M, Forged Wheels $296M.
- 2025 cash from operations $1,884M; share repurchases $700M; debt repayments about $765M.
- Redeemed all Class A preferred stock on December 17, 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Howmet’s costs are affected by trade restrictions on raw materials.
Trade & export rules
Duties and export restrictions
Export restrictions, sanctions, tariffs and anti-dumping duties affect raw material and manufacturing costs.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Engine Products
4,327 (52%)Fastening Systems
1,746 (21%)Engineered Structures
1,157 (14%)Forged Wheels
1,039 (13%)
Source: Form 10-K (FY2025) Segment total sales incl. intersegment $8,269M; consolidated sales $8,252M. A Whitehall, Michigan titanium location moved from Engine Products to Engineered Structures in Q1 2026 (recast in the May 28, 2026 Form 8-K).
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 53% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
4,377 (53%)France
625 (8%)Japan
513 (6%)Germany
439 (5%)United Kingdom
376 (5%)Italy
264 (3%)Canada
187 (2%)Mexico
166 (2%)Poland
150 (2%)China
130 (2%)Other
1,025 (12%)
Source: Form 10-K (FY2025) Sales by country.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Consolidated Aerospace Manufacturing (from Stanley Black & Decker)
Acquired April 6, 2026 for about $1.8 billion in cash.
Source: Form 8-K (2026-04-06) — Item 2.01 Consolidated Aerospace Manufacturing acquisition completed
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Aircraft engine makers, airframers, defense, gas turbine and truck customers.
Named by the company
- RTX Corporation — About 11% of 2025 third-party sales, mainly Engine Products.Form 10-K (FY2025)
- GE Aerospace — About 11% of 2025 third-party sales, mainly Engine Products.Form 10-K (FY2025)
Suppliers
Metal and energy suppliers.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Howmet names Precision Castparts (Berkshire Hathaway), VSMPO, ATI, Lisi Aerospace and Aubert & Duval as principal competitors, plus Doncasters and Consolidated Precision Products; some large customers make airfoil castings themselves.
Competitors named in the 10-K
Titanium, forgings, rings, castings and fasteners
Aerospace fasteners
- Lisi Aerospacesite ↗
Precision forgings
- Aubert & Duvalsite ↗
Peer group the company chose
Proxy peer group for market information (18 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Industrial and aerospace companies used for compensation benchmarking; a separate aerospace and defense group is used for relative TSR.
- AMETEKsite ↗
- Keysight Technologiessite ↗
- Stanley Black & Deckersite ↗
- Doversite ↗
- L3Harrissite ↗
- Teledynesite ↗
- Emersonsite ↗
- Otis Worldwidesite ↗
- Textronsite ↗
- Hubbellsite ↗
- Parker-Hannifinsite ↗
- TransDigmsite ↗
- Illinois Tool Workssite ↗
- Rockwell Automationsite ↗
- Wabtecsite ↗
- Ingersoll Randsite ↗
- Snap-onsite ↗
- Xylemsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,259 | 4,972 | 5,663 | 6,640 | 7,430 | 8,252 |
| Operating income | 626 | 748 | 919 | 1,203 | 1,633 | 2,046 |
| Pretax income | 171 | 324 | 606 | 975 | 1,383 | 1,840 |
| Net income (attributable) | 261 | 258 | 469 | 765 | 1,155 | 1,508 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -5.5% | 13.9% | 17.3% | 11.9% | 11.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 11.9% | 15.0% | 16.2% | 18.1% | 22.0% | 24.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.0% | 5.2% | 8.3% | 11.5% | 15.5% | 18.3% |
| Balance sheet ($M) | ||||||
| Total assets | 11,443 | 10,219 | 10,255 | 10,428 | 10,519 | 11,179 |
| Total equity | 3,577 | 3,508 | 3,601 | 4,037 | 4,554 | 5,353 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,451 | 4,237 | 4,162 | 3,706 | 3,315 | 3,050 |
| Equity ratio | 31.3% | 34.3% | 35.1% | 38.7% | 43.3% | 47.9% |
| ROE | 7.3% | 7.3% | 13.2% | 20.0% | 26.9% | 30.4% |
| Cash flow ($M) | ||||||
| Operating CF | 9 | 449 | 733 | 901 | 1,298 | 1,884 |
| Investing CF | 271 | 107 | -135 | -215 | -316 | -438 |
| Financing CF | -369 | -1,444 | -526 | -868 | -1,026 | -1,269 |
| Free cash flowcalccash flow from operations − capital expenditures | -258 | 250 | 540 | 682 | 977 | 1,431 |
| Cash and equivalents | 1,610 | 720 | 791 | 610 | 564 | 742 |
| Per share & other | ||||||
| EPS ($) | 0.48 | 0.59 | 1.11 | 1.83 | 2.81 | 3.71 |
| BVPS ($) | 8.26 | 8.31 | 8.74 | 9.85 | 11.24 | 13.33 |
| Dividend per share ($) | 0.02 | 0.04 | 0.10 | 0.17 | 0.26 | 0.44 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 4.2% | 6.8% | 9.0% | 9.3% | 9.3% | 11.9% |
| P/E (x) | 59.5 | 54.0 | 35.5 | 29.6 | 38.9 | 55.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 16.8 | 16.6 | 16.6 | 17.1 | 24.6 | 36.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.45 | 3.83 | 4.51 | 5.50 | 9.73 | 15.38 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $2.7B+29.4% | $777M+43.4% | $567M+47.3% | $1.42 |
| 2026-06-30 | $2.55B+24.1% | $711M+36.5% | $534M+31.2% | $1.33 |
| 2026-03-31 | $2.31B+19.1% | $753M+52.4% | $580M+68.6% | $1.44 |
| 2025-12-31 † | $2.17B+14.6% | $489M+9.9% | $372M+18.5% | — |
| 2025-09-30 | $2.09B | $542M | $385M | $0.95 |
| 2025-06-30 | $2.05B | $521M | $407M | $1.00 |
| 2025-03-31 | $1.94B | $494M | $344M | $0.84 |
| 2024-12-31 † | $1.89B | $445M | $314M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
20.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,046M × (1 − 18.5%) ÷ $8,136M × 100 = 20.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
11.20%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $82.34B ÷ ($82.34B + $3.05B) = 96.4%
e.g.Debt weight: $3.05B ÷ ($82.34B + $3.05B) = 3.6%
e.g.WACC: 11.4% × 96.4% + 5.8% × (1 − 18.5%) × 3.6% = 11.20%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.2%–13.6% and ROIC − WACC runs +6.9 to +11.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 11.20% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.18 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.44%
- Cost of debt
- 5.77%
- Tax rate
- 18.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 96% : 4%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 11.20%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.18 (price-derived adjusted beta. Raw β 1.26, R² 0.26, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.265 + 0.33 = 1.178
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.18 × 5.5% = 11.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.2% − 1.6%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+9.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.43B (operating CF − capex); enterprise value $86.82B = market cap $84.51B (latest close, 2026-11-04) + debt $3.05B − cash and short-term investments $742M; r = WACC of 11.2% using this page’s default assumptions (β 1.18, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$89.44B
FCF $1.43B ÷ (11.2% − 9.6%)
Theoretical ÷ actual enterprise value
1.03x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.2% | 10.2% | 11.2% | 12.2% | 13.2% |
|---|---|---|---|---|---|
| 0% | 0.18x | 0.16x | 0.15x | 0.14x | 0.12x |
| 2% | 0.23x | 0.20x | 0.18x | 0.16x | 0.15x |
| 4% | 0.32x | 0.27x | 0.23x | 0.20x | 0.18x |
| 6% | 0.52x | 0.39x | 0.32x | 0.27x | 0.23x |
| 8% | 1.37x | 0.75x | 0.52x | 0.39x | 0.32x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.15x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 111%
Most profit comes from core operations.
- ✓
Days sales outstanding: 23 → 32 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,884M ÷ $1,508M = 1.25x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,046M ÷ $1,840M × 100 = 111%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($689M + $779M) ÷ 2 ÷ $8,252M × 365 = 32 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,840M + $1,849M) ÷ 2 ÷ $5,432M × 365 = 124 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 91.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 8.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 173 of 416
- Beta (adjusted)
- 1.18
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 41% of covered companies have more
above 1 = swings more than the market
- 364.6M shares reported by 1,603 13F filers ÷ 398.8M shares outstanding on 2026-08-03. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-06 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-03)
20
Strengths & weaknessesSite analysis
Strengths
1. Earnings growth
Diluted EPS rose from $0.48 (2020) to $3.71 (2025); Q3 2026 EPS was $1.42 versus $0.95 (nine months $4.18 vs $2.79).
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
2. Market leadership
The 10-K says Howmet continues as a market leader in most of its principal markets.
Evidence: Form 10-K (FY2025)
3. Improving margins
Operating margin rose to 28.7% in Q3 2026 from 25.9%, and adjusted EBITDA margin to 32.5% from 29.4%.
Evidence: Q3 2026 earnings release
Weaknesses
1. Customer concentration
RTX and GE Aerospace each about 11% of third-party sales, mainly in Engine Products.
Evidence: Form 10-K (FY2025)
2. Customers can make parts themselves
Several of Howmet’s largest customers have captive superalloy furnaces for airfoil castings.
Evidence: Form 10-K (FY2025)
3. Debt for acquisition
$1.2B of new notes in March 2026 plus commercial paper funded the $1.8B CAM deal.
Evidence: Form 8-K (2026-03-03) — Item 8.01 $1.2B senior notes
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
55.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.21%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
12%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.7%
(Operating CF − capex) ÷ market cap
1. Aerospace growth
Engine Products drives most profit.
- What has to hold
- Aircraft build rates rise.
- The other side
- Customer concentration.
Evidence: Form 10-K (FY2025)
2. Shareholder returns
$700M of buybacks in 2025 and rising dividends ($0.02 in 2020 to $0.44 in 2025).
- What has to hold
- Cash flow keeps growing.
- The other side
- Acquisition debt.
Evidence: Form 10-K (FY2025)
FY2020 is the year Howmet separated from Arconic Corporation (Separation and Distribution Agreement dated March 31, 2020).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.9x
$742M vs. $191M
Interest coverage (operating income ÷ interest expense)
11.6x
$2.05B vs. $176M
Free cash flow ÷ dividends paid
7.9x
$1.43B vs. $181M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.5% in FY2021 ($5.26B → $4.97B) | Yes, by FY2022 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income was positive in every year 2020–2025, including the 2020–21 aviation downturn ($261M and $258M).
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Howmet’s main legacy matters stem from the 2017 Grenfell Tower fire, for which Arconic Corporation indemnifies it, and a French tax dispute; it says other matters are not expected to be material.
1 open matter · 2 settled or closed
Grenfell Tower — U.K. litigation
PendingLawsuitRBKC and KCTMO v. AAP SAS, Whirlpool, Howmet
All personal injury claims have been settled. Howmet was joined in June 2024 to proceedings by the Royal Borough of Kensington and Chelsea and KCTMO against AAP SAS and Whirlpool; trial is expected between October 2028 and July 2029. Arconic Corporation indemnifies Howmet for all Grenfell liabilities.
- Next step
- Case management conference December 13, 2027
Source: Form 10-Q (quarter ended 2026-09-30) — Contingencies and Commitments
Raul v. Albaugh derivative suit
SettledLawsuitStockholder v. former Arconic Inc. directors and officers
Derivative complaint (2018) over Grenfell-related securities claims; the settlement was approved on February 10, 2026 with no material impact.
Source: Form 10-Q (quarter ended 2026-09-30) — Contingencies and Commitments
French tax assessment
ResolvedTax disputeHowmet v. French Tax Administration
After appeals, the assessment of $10M (€9M) of tax and interest was upheld; on April 16, 2026 the Paris Administrative Court of Appeal reduced penalties to $4M (€3M).
- Amounts
- $10M tax and interest; $4M penalties
Source: Form 10-Q (quarter ended 2026-09-30) — Contingencies and Commitments
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Contingencies and Commitments, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Large engine customers
- Company disclosure (summarized from the 10-K)
- Loss of RTX or GE Aerospace business could have a material adverse effect.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Aerospace cycle
- Company disclosure (summarized from the 10-K)
- About 70% of revenue is aerospace; aircraft build rates drive demand.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with Precision Castparts (Berkshire Hathaway), VSMPO, ATI, Lisi and Aubert & Duval; low-cost wheel imports from Asia.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Raw materials & energy
Metal and energy costs
- Company disclosure (summarized from the 10-K)
- Nickel, titanium, aluminum and energy costs affect margins.
- Company’s stated mitigation
- Product price increases are in excess of material and inflationary cost pass through to our customers.
- This site’s assessment
- Impact Med / Likelihood Med
- 5M&A & integration
CAM integration
- Company disclosure (summarized from the 10-K)
- Integration of the $1.8B Consolidated Aerospace Manufacturing acquisition.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Howmet may not realize the expected benefits of acquisitions on the anticipated time frame or at all.
On December 22, 2025, Howmet entered into a purchase agreement with Stanley Black & Decker, pursuant to which the Company has agreed to purchase CAM for a cash purchase price of approximately $1.8 billion, subject to customary adjustments. Read more
Completion of the Proposed CAM Acquisition is subject to a number of conditions set forth in the purchase agreement, some of which are beyond the Company’s control. These conditions may impact the ability of the Company to complete the Proposed CAM Acquisition on the expected terms and within the anticipated closing time period or at all because required regulatory approval or other conditions to closing are not received or satisfied on a timely basis or at all. In addition, the occurrence of certain events, changes or other circumstances could give rise to the termination of the purchase agreement and prevent the completion of the Proposed CAM…
In addition to the Proposed CAM Acquisition, Howmet may continue to pursue other acquisitions and take other strategic actions to grow or streamline its portfolio. Read more
There can be no assurance that we will be able to execute upon any such acquisitions or strategic actions, or that any anticipated benefits of such acquisitions or actions will be realized. Acquisitions, including the planned Proposed CAM Acquisition, present significant operational challenges and risks, including the effective integration of the business into the Company, which may be more difficult, time consuming or more costly than expected and may divert management attention from the Company’s existing business. Acquisitions, including the Proposed CAM Acquisition, may increase operating costs, expose the Company to potential unforeseen issues and legal liabilities, including the assumption of liabilities (including…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
26
What to watch going forwardSite analysis
- Aerospace demand, which was about 70% of 2025 revenue.
- Integration of Consolidated Aerospace Manufacturing in Fastening Systems.
- Margins in Engine Products.
- Share repurchases and dividend growth.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2025)
- Form 10-Q (quarter ended 2026-09-30)
- Proxy statement (2026)
- Form 8-K (2025-12-22) — Item 8.01 agreement to buy Consolidated Aerospace Manufacturing
- Form 8-K (2026-04-06) — Item 2.01 Consolidated Aerospace Manufacturing acquisition completed
- Form 8-K (2026-03-03) — Item 8.01 $1.2B senior notes
- Form 8-K (2026-05-28) — Item 8.01 segment recast
- Form 8-K (2026-10-29) — Q3 2026 earnings release
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 25, 2026 09:36 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Howmet Aerospace’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.