NYSE: HWM
Howmet Aerospace
Industrials · Rolling Drawing & Extruding of Nonferrous Metals
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$89.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.26B |
| FY2017, ended Dec 31, 2017 | $10.1B |
| FY2018, ended Dec 31, 2018 | $6.27B |
| FY2019, ended Dec 31, 2019 | $10.3B |
| FY2020, ended Dec 31, 2020 | $12.4B |
| FY2021, ended Dec 31, 2021 | $13.3B |
| FY2022, ended Dec 31, 2022 | $16.2B |
| FY2023, ended Dec 31, 2023 | $22.2B |
| FY2024, ended Dec 31, 2024 | $44.3B |
| FY2025, ended Dec 31, 2025 | $82.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $89.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.73B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.4B |
| FY2017, ended Dec 31, 2017 | $13.0B |
| FY2018, ended Dec 31, 2018 | $14.0B |
| FY2019, ended Dec 31, 2019 | $7.10B |
| FY2020, ended Dec 31, 2020 | $5.26B |
| FY2021, ended Dec 31, 2021 | $4.97B |
| FY2022, ended Dec 31, 2022 | $5.66B |
| FY2023, ended Dec 31, 2023 | $6.64B |
| FY2024, ended Dec 31, 2024 | $7.43B |
| FY2025, ended Dec 31, 2025 | $8.25B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.73B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$941M | −$1.03B |
| FY2017, ended Dec 31, 2017 | −$74.0M | −$635M |
| FY2018, ended Dec 31, 2018 | $642M | −$551M |
| FY2019, ended Dec 31, 2019 | $470M | −$180M |
| FY2020, ended Dec 31, 2020 | $261M | −$258M |
| FY2021, ended Dec 31, 2021 | $258M | $250M |
| FY2022, ended Dec 31, 2022 | $469M | $540M |
| FY2023, ended Dec 31, 2023 | $765M | $682M |
| FY2024, ended Dec 31, 2024 | $1.16B | $977M |
| FY2025, ended Dec 31, 2025 | $1.51B | $1.43B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.05B | $1.93B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$507M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.86B |
| FY2017, ended Dec 31, 2017 | $2.15B |
| FY2018, ended Dec 31, 2018 | $2.28B |
| FY2019, ended Dec 31, 2019 | $1.58B |
| FY2020, ended Dec 31, 2020 | $1.61B |
| FY2021, ended Dec 31, 2021 | $720M |
| FY2022, ended Dec 31, 2022 | $791M |
| FY2023, ended Dec 31, 2023 | $610M |
| FY2024, ended Dec 31, 2024 | $564M |
| FY2025, ended Dec 31, 2025 | $742M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $507M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.44B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.09B |
| FY2017, ended Dec 31, 2017 | $6.84B |
| FY2018, ended Dec 31, 2018 | $6.74B |
| FY2019, ended Dec 31, 2019 | $6.97B |
| FY2020, ended Dec 31, 2020 | $5.45B |
| FY2021, ended Dec 31, 2021 | $4.24B |
| FY2022, ended Dec 31, 2022 | $4.16B |
| FY2023, ended Dec 31, 2023 | $3.71B |
| FY2024, ended Dec 31, 2024 | $3.31B |
| FY2025, ended Dec 31, 2025 | $3.05B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.44B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 9.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.398M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 441M |
| FY2017, ended Dec 31, 2017 | 483M |
| FY2018, ended Dec 31, 2018 | 485M |
| FY2019, ended Dec 31, 2019 | 436M |
| FY2020, ended Dec 31, 2020 | 434M |
| FY2021, ended Dec 31, 2021 | 419M |
| FY2022, ended Dec 31, 2022 | 412M |
| FY2023, ended Dec 31, 2023 | 410M |
| FY2024, ended Dec 31, 2024 | 405M |
| FY2025, ended Dec 31, 2025 | 401M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 398M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.30B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $76.0M |
| FY2017, ended Dec 31, 2017 | $0 | $54.0M |
| FY2018, ended Dec 31, 2018 | $0 | $40.0M |
| FY2019, ended Dec 31, 2019 | $1.15B | $69.0M |
| FY2020, ended Dec 31, 2020 | $73.0M | $46.0M |
| FY2021, ended Dec 31, 2021 | $430M | $40.0M |
| FY2022, ended Dec 31, 2022 | $400M | $54.0M |
| FY2023, ended Dec 31, 2023 | $250M | $50.0M |
| FY2024, ended Dec 31, 2024 | $500M | $63.0M |
| FY2025, ended Dec 31, 2025 | $700M | $73.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.30B | — |
Revenue (TTM)
$9.73B
+22.0% YoY
Net income (TTM)
$2.05B
+41.6% YoY
Cash
$507M
−23.1% YoY
Total debt
$4.44B
+39.3% YoY
Valuation
At current price- Market Cap
- $79.2B
- P/E
- 38.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 8.1×
- Price / Book
- 13.7×
- EV / EBITDA
- 27.2×
Growth
Trailing 12 months- Revenue (TTM)
- $9.73B
- Revenue Growth YoY
- 22.0%
- Revenue CAGR 3Y
- 13.4%
- Revenue CAGR 5Y
- 9.4%
- EPS Growth YoY
- 43.3%
- Net Income Growth YoY
- 41.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 28.1%
- Net Margin
- 21.1%
- FCF Margin
- 19.8%
- Return on Equity
- 37.7%
Earnings
Trailing 12 months- Net Income
- $2.05B
- EPS (diluted)
- $5.10
- EBITDA
- $3.05B
- Operating Income
- $2.73B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $507M
- Total Debt
- $4.44B
- Net Debt
- $3.94B
- Total Assets
- $13.3B
- Total Liabilities
- $7.52B
- Shareholders' Equity
- $5.76B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.40B
- Capital Expenditure
- $469M
- Free Cash Flow
- $1.93B
Dividends and risk
Last 12 months- Dividend Yield
- 0.3%
- Dividend / Share
- $0.50
- Beta (5Y)
- 1.20
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 22.0% year over year, at $9.73B.
Strength
Operating margin widened 3.0 pts in a year, to 28.1%.
Note
Net debt of $3.94B is 1.3× EBITDA, a manageable load.
Strength
Turns 19.8% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Sales rose 11% to $8.25 billion and net income rose 31% to $1.51 billion, driven by commercial and defense aerospace, gas turbines and engine spare parts.
- Howmet agreed to buy CAM, Stanley Black & Decker's aerospace fastener business, for about $1.8 billion in cash. It will likely pay with new debt, commercial paper (short-term company IOUs) and cash.
- Total debt fell $265 million to $3.05 billion. Cash from operations rose 45% to $1.88 billion, and S&P and Fitch both upgraded the company's credit rating.
- For 2026 management expects higher sales, earnings per share and operating cash flow. Truck-related demand should stay low until the second half of 2026.
Business momentum
Strong improvement
“Net income of $1,508, an increase of 31%, or $3.71 per diluted share, an increase of 32%, from 2024;”
Outlook
Positive
“In 2026, management projects sales to increase as we expect solid growth in the commercial aerospace, defense aerospace, and gas turbines markets, and the Company’s strong position in those markets is expected to continue, including engine spares.”
Financial stress
Low
“Cash provided from operations in 2025 was $1,884 compared with $1,298 in 2024 and $901 in 2023.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Profit margins widened in every segment
“Total Segment Adjusted EBITDA(1) of $2,507, an increase of $498, or 25%, from 2024;”
Lower debt and credit rating upgrades
“On September 8, 2025, S&P upgraded Howmet’s long-term debt rating from BBB to BBB+”
Strong cash generation paid for buybacks and debt repayment
“Repurchased the Company’s common stock of approximately 4.4 million shares under the Share Repurchase Program for approximately $700;”
Concerns
Truck wheel and truck fastener demand still weak
“Demand in the commercial transportation market is expected to remain low with recovery beginning in the second half of 2026, given tariff-related, economic, and regulatory uncertainty in North America.”
Results still depend heavily on Boeing's production rates
“Boeing production rates have had and are expected to have a material impact on the financial performance of Howmet.”
Charges rose, mainly from settling a UK pension plan
“Restructuring and other charges in 2025 consisted primarily of $89 charges for U.K. pension plan settlement accounting”
New risks since the previous report
$1.8 billion CAM acquisition: completion, integration and financing
“the Company may be required to finance a portion of the purchase price of the Proposed CAM Acquisition at interest rates higher than currently expected.”
Japanese yen term loan due November 2026 needs refinancing or repayment
“The Company continues to evaluate whether, when, and to what extent it may access capital markets, including any plans to refinance the JPY Term Loan Facility due November 2026.”
New US tariffs and other countries' retaliation in 2025–2026
“The global trade landscape is growing more volatile, including as a result of 2025 and early 2026 executive orders in the U.S. for the imposition of new tariffs”
Misuse of AI tools could leak data or trade secrets
“Unauthorized use or misuse of AI by the Company's employees, vendors or others may result in the disclosure of confidential Company or customer data, reputational harm, privacy law violations, cybersecurity risks, and legal liability.”
Biggest risks named
- Dependence on Boeing and aircraft build rates
- Completing, paying for and integrating the CAM acquisition
- Tariffs and limited raw material suppliers
- Plant disruptions and missed production targets
- Hiring and keeping enough skilled workers
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 73 | Strong improvement | None | |
| 10-K | Feb 14, 2025 | 74 | Strong improvement | None | |
| 10-K | Feb 13, 2024 | 73 | Strong improvement | None | |
| 10-K | Feb 14, 2023 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 14, 2022 | 59 | Mixed | 1 minor | |
| 10-K | Feb 16, 2021 | 42 | Mixed | 1 minor | |
| 10-K | Feb 27, 2020 | 51 | Mixed | 1 medium1 minor | |
| 10-K | Feb 21, 2019 | 52 | Mixed | 1 medium2 minor | |
| 10-K | Feb 26, 2018 | 43 | Sharp deterioration | 2 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR