Carpenter Technology Corporation
CRS Industrials Metal Fabrication
Carpenter Technology Corporation’s revenue for fiscal 2026 (year ended June 2026) was $3.1 billion, up 8.59% from fiscal 2025. In the quarter to June 2026, revenue grew 12.6%, EPS grew 45.7%, free cash flow fell 23.0% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three.
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Carpenter Technology Corporation (CRS) Altman Z-score
Carpenter Technology Corporation's Altman Z-score for fiscal 2026 is 14.17, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 14.17 | 6.52 |
| FY2025 | 7.65 | 3.53 |
| FY2024 | 4.12 | 1.27 |
| FY2023 | 2.86 | 0.87 |
| FY2022 | 1.99 | 0.09 |
| FY2021 | 1.90 | (0.18) |
| FY2020 | 2.08 | (0.76) |
| FY2019 | 2.83 | (0.08) |
| FY2018 | 2.92 | 0.59 |
| FY2017 | 2.33 | 0.09 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | 0.57 | — | 0.80 | |
| EBIT / total assets | 0.18 | — | 0.60 | |
| Market value of equity / total liabilities | 19.15 | — | 11.49 | |
| Sales / total assets | 0.81 | — | 0.81 | |
| Altman Z-score | Safe zone | 14.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.05 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MLI Mueller Industries, Inc. compare | 19.2× |
| CRS Carpenter Technology Corporation | 14.2× |
| PRLB Proto Labs, Inc. compare | 9.6× |
| ATI ATI Inc. compare | 4.8× |
| GPGI CompoSecure, Inc. compare | 3.7× |
| WOR Worthington Enterprises, Inc. compare | 3.6× |
| CMC Commercial Metals Company compare | 3.0× |
| ESAB ESAB Corporation compare | 2.9× |
| RYZ Ryerson Holding Corporation compare | 2.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets