Pricing Log in Create free account
Friday 6 November 2026 Export CRS’s income statement to Excel — free account

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.

Revenue
+8.79%
EPS
+33.1%
Free cash flow
−629.4%
Total debt
−0.68%

Quarter to September 2026, against a year earlier

274.33 4.55 −1.63%
Market cap
$13.8B
P/E
24.6×
Fwd P/E
20.9×
Dividend yield
0.29%
F-score
9/9
Altman Z
14.17
Beneish M
−2.45
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Carpenter Technology Corporation (CRS) valuation and DCF model

What the price implies · reverse DCF

At $274.33 the price implies free cash flow after share-based pay growing 16.6% a year for ten years.

Free cash flow after share-based pay grew 14.6% a year over the last ten years, 89.3% over the last five. The price asks for close to its ten-year rate. The industry’s median company is priced for 11.2%.

In June 2017 the price assumed 16.2% a year; Carpenter Technology Corporation went on to grow free cash flow after share-based pay 35.9% a year to FY2026.

Price implies
16.6%
Last 5 years, reported
89.3%
Last 10 years, reported
14.6%
Industry median implies
11.2%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
16.6% a year for ten years
$274.33
today’s price
Its base case
14.6% a year for five years, then 8.8%
$190.68
30.5% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Carpenter Technology Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 16.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Carpenter Technology Corporation’s own cost of capital: risk-free 4.3% + beta 1.41 × equity premium 4.5% = 10.6% cost of equity; weighted, 10.6%.

Use 10.6%
Equity value $9.58b ▼ below market cap $13.79b
Base case value per share $190.68 equity value ÷ 50.25m shares
Current price $274.33 market price per share
Below today’s price 30.5% downside at the base case’s assumptions

How we got there$3.83b 10 years of cash to equity+$6.28b terminal value−$531.50m net debt=$9.58b equity value÷50.25m shares=$190.68 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Metal Fabrication).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 24.56× 39.33× 298.84× 92% below 18.21× 35% above
P/FCF 40.90× 43.37× 40.48× 1% above 24.69× 66% above
P/B 6.39× 6.56× 3.92× 63% above 1.75× 266% above
EV/EBITDA 16.55× 20.50× 15.98× 4% above 14.24× 16% above
EV/Sales 4.63× 4.68× 2.96× 56% above 1.83× 153% above
P/E P/FCF P/B EV/EBITDA EV/Sales
21.52×40.91×60.30×79.69×10Y avg 40.48×201720182019202020212024202520262026

CRS trades at 40.90× P/FCF, against a 10-year average of 40.48× (range 12.86×–85.13×). That is cheaper than 50% of the last 8 year-end readings; re-rating to the average implies $271.53 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.