FirmAtlas
Company handbook · HWM · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
HWM · CIK 4281 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
HOWMET AEROSPACE INC.
$220.96
+1.26 (+0.57%)
Close, Oct 16, 2026 · 52-week $187–310
Last fiscal year
HOWMET AEROSPACE INC. reported revenue of $8.3B for the year ended Dec 31, 2025 (FY25), up 11.1% from FY24. Net income was $1.5B, operating cash flow $1.9B and free cash flow $1.4B. Source: 10-K filed Feb 12, 2026.
Market cap
$88.7B
P/E
47.4
EV/EBITDA
39.1x
P/B
15.5
Div yield
0.23%
ROIC
22.4%
Revenue 1Y
11.1%/yr
EPS 1Y
32.0%/yr
Shares 1Y
−0.8%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJohn C. Plant
HQPittsburgh, PA
AuditorPricewaterhouseCoopers LLP
Employees25,430
Year endsDecember
Revenue by segment · FY25
Engine Products52%
Fastening Systems21%
Structure Systems14%
Wheel Systems13%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
47.8%
70.5%
15.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.3B deployed
Capex
$774M
34.1%
Acquisitions
$5M
0.2%
Dividends
$290M
12.8%
Buybacks
$1.2B
52.9%
Operating cash flow over the period: $3.2B. Total debt changed by −$265M. R&D of $70M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (0-for-1 split after FY15).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,430
8,252+11.1%
9,117
YoY
+11.1%
Operating income
1,633
2,046+25.3%
2,495
Operating margin
22.0%
24.8%+2.8 pp
—
EBITDA
1,910
2,329+21.9%
—
EBITDA margin
25.7%
28.2%+2.5 pp
—
Interest expense
195
176−9.7%
—
Interest coverage
9.79x
13.23x+3.44x
—
Net income
1,155
1,508+30.6%
1,871
YoY
+30.6%
Net margin
15.5%
18.3%+2.7 pp
—
EPS (diluted, $)
2.81
3.71+32.0%
4.65
YoY
+32.0%
Balance sheet
Total assets
10,519
11,179+6.3%
13,251
Cash & short-term investments
565
743+31.5%
—
Accounts receivable
689
779+13.1%
—
Inventory
1,840
1,849+0.5%
—
Net PP&E
2,386
2,593+8.7%
—
Other assets
5,039
5,215+3.5%
—
Total liabilities
5,965
5,826−2.3%
7,519
Accounts payable
948
845−10.9%
—
Total debt
3,315
3,050−8.0%
4,500
Other liabilities
1,702
1,931+13.5%
—
Shareholders’ equity
4,554
5,353+17.5%
5,732
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,298
1,884+45.1%
2,221
Net income
1,155
1,508+30.6%
—
Depreciation & amortization
277
283+2.2%
—
Stock-based compensation
63
73+15.9%
—
Working capital & other
(197)
20n/m
—
Cash from investing
(316)
(438)n/m
—
Capex
(321)
(453)n/m
—
Acquisitions
(5)
0n/m
—
Investments sold / matured
0
15n/m
—
Other investing
10
0−100.0%
—
Cash from financing
(1,026)
(1,269)n/m
—
Debt raised
500
500+0.0%
—
Debt repaid
(865)
(765)n/m
—
Dividends
(109)
(181)n/m
—
Buybacks
(500)
(700)n/m
—
Shares issued
8
1−87.5%
—
Other financing
(60)
(124)n/m
—
Net change in cash
(45)
178n/m
—
Free cash flow (OCF − capex)
977
1,431+46.5%
1,791
Where the cash went
Operating cash flow
1,298
1,884+45.1%
2,221
Reinvested in the business
326
453+39.0%
—
% of operating cash flow
25.1%
24.0%
Capex
321
453+41.1%
430
Acquisitions
5
0−100.0%
—
R&D (memo, already in costs)
33
37+12.1%
—
Free cash flow
977
1,431+46.5%
1,791
YoY
+46.5%
Returned to shareholders
609
881+44.7%
—
% of free cash flow
62.3%
61.6%
Dividends
109
181+66.1%
—
Buybacks
500
700+40.0%
—
Change in total debt
—
(265)
—
Cash left over
—
285
—
FCF conversion (FCF ÷ net income)
84.6%
94.9%+10.3 pp
—
Owner earnings
—
1,136
—
Owner earnings margin
—
13.8%
—
Buyback yield
1.1%
0.9%−0.3 pp
—
Returns & ratios
ROIC (all capital)
18.7%
22.4%+3.7 pp
—
ROIC (operating)
34.4%
40.2%+5.8 pp
—
Net debt / EBITDA
1.44x
0.99x−0.45x
—
Debt / equity
0.73x
0.57x−0.16x
—
Cash conversion cycle (days)
78
79+1 d
—
ROE
25.4%
28.2%+2.8 pp
—
ROA
11.0%
13.5%+2.5 pp
—
ROCE
18.2%
21.7%+3.5 pp
—
NOPAT
1,364
1,677+23.0%
—
Invested capital (operating)
3,967
4,376+10.3%
—
Invested capital (all)
7,304
7,660+4.9%
—
Reinvestment rate
—
24.4%
—
Debtor days
34
34+1 d
—
Inventory days
90
82−9 d
—
Days payable
47
37−9 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,089
2,168
2,313
2,547
vs year-ago quarter
Operating income
542
489
753
711
Net income
385
372
580
534
vs year-ago quarter
Net margin
18.4%
17.2%
25.1%
21.0%
EPS (diluted, $)
0.95
0.93
1.44
1.33
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
11,177
11,179
13,067
13,251
Cash & equivalents
660
743
2,436
564
Total debt
3,189
3,050
4,500
4,500
Shareholders’ equity
5,143
5,353
5,522
5,732
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
531
654
453
583
Capex
108
124
94
104
Free cash flow
423
530
359
479
vs year-ago quarter