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Howmet Aerospace Inc.

HWM Industrials Aerospace & Defense

Howmet Aerospace Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 11.1% from fiscal 2024.

Revenue
+29.4%
EPS
+48.4%
Free cash flow
+32.8%
Total debt
+27.1%

Quarter to September 2026, against a year earlier

201.48 12.08 −5.66%
Market cap
$79.9B
P/E
39.3×
Fwd P/E
35.4×
Dividend yield
0.32%
F-score
8/9
Altman Z
10.60
Beneish M
−2.55
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Engine Products
  • Fastening Systems
  • Engineered Structures
  • Forged Wheels

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 22.92
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — 1 — — — — — —
Insider Ownership 1.20%

Capital & Financial Ratios $m

Size
Market Cap 79,890.00
Revenue ttm 9,731.00
Net income ttm 2,053.00
Free cash flow ttm 2,156.00
Net debt Q 3,546.00
Valuation
P/E 39.32 (above 35: high)
Forward P/E 35.40 (above 35: high)
Price / sales 8.24
Forward P/S Powerpack
Price / FCF 37.19
Price / book 13.92 (above 6: high)
Financial health
Current ratio Q 1.86 (at or above 1.5: strong)
Debt / equity Q 0.70
Interest coverage Q 16.19
Growth
Revenue growth Q +29.39% (above 0%: growing)
Operating income growth Q +43.36% (above 0%: growing)
EPS, this year +45.63% (at or above 15%: strong)
EPS, next year A +21.11% (at or above 15%: strong)
Revenue, next year A +24.36% (at or above 10%: strong)
EPS, past 5 yrs +44.45% (at or above 15%: strong)
EPS, next 5 yrs A +27.98% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.6×, against a ten-year median of 3.3×; over the ten years it ranged from 0.6× in 2016 to 13.1× in 2026.
P/E against its own 10 years 50.20%
10-year low 10-year high
P/S against its own 10 years 86.29%
10-year low 10-year high
P/B against its own 10 years 86.80%
10-year low 10-year high
EV/Sales against its own 10 years 86.29%
10-year low 10-year high
EV/FCF against its own 10 years 27.12%
10-year low 10-year high

Dividends raised 6 years running

Yield
0.32%
Annual rate
0.64
Payout ratio
12.5%
Growth, 2018–26
+10.1%/yr
  1. 0.24 ’18
  2. 0.12 ’19 −50
  3. 0.02 ’20 −83
  4. 0.04 ’21 +100
  5. 0.10 ’22 +150
  6. 0.17 ’23 +70
  7. 0.26 ’24 +53
  8. 0.44 ’25 +69
  9. 0.52 ’26 +18
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 610 564 742 507
Receivables 692 709 796 1,116
Inventory 1,765 1,840 1,849 2,113
Other — — — —
3,316 3,362 3,779 4,117
2023 2024 2025 Q'26
Payables 982 948 845 969
ST’ Debt 206 6 191 1
Other 200 111 121 136
1,784 1,549 1,771 2,215

Compound Annual Growth %

10y 5y 3y
Sales (4.00%) 9.43% 13.37%
Cash Flow 1.76% 191.18% 36.98%
Earnings 0.00% 42.20% 47.74%
Book Value (9.25%) 8.40% 14.13%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.37 Actual 1.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.91 0.95 Beat by 0.04
Q4 FY25 0.97 1.05 Beat by 0.08
Q2 FY26 1.23 1.33 Beat by 0.10
Q3 FY26 1.37 1.46 Beat by 0.09
Q4 FY26 1.45 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.44 1.33 1.42 — —
’25 0.84 1.00 0.95 0.92 3.71
’24 0.59 0.65 0.81 0.77 2.81
’23 0.35 0.46 0.45 0.57 1.83
’22 0.31 0.35 0.19 0.26 1.11
’21 0.18 0.17 0.06 0.18 0.59
’20 0.49 (0.22) 0.08 0.24 0.59
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,313 2,547 2,703 — —
’25 1,942 2,053 2,089 2,168 8,252
’24 1,824 1,880 1,835 1,891 7,430
’23 1,603 1,648 1,658 1,731 6,640
’22 1,324 1,393 1,433 1,513 5,663
’21 1,209 1,195 1,283 1,285 4,972
’20 1,634 1,253 1,134 1,238 5,259
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 453 583 709 — —
’25 253 446 531 654 1,884
’24 177 397 244 480 1,298
’23 23 229 191 458 901
’22 55 158 65 455 733
’21 (6) 85 67 303 449
’20 (208) 31 35 151 9
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 584 479 563 — —
’25 139 347 424 530 1,440
’24 102 343 163 378 986
’23 (41) 188 133 404 684
’22 (6) 155 23 426 598
’21 (61) 57 20 266 282
’20 (246) (1) (1) 104 (144)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.2% a year for ten years.

Implied
15.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 12,394 12,960 6,778 7,098 5,259 4,972 5,663 6,640 7,430 8,252 9,731 (4.4%) 10,262 11,647 12,989 +16.3%
Gross margin, % 21.77 21.13 24.55 26.54 26.26 27.67 27.55 28.12 31.10 34.17 36.63 +12.4 pt
EBT 414 470 428 210 171 324 606 975 1,383 1,840 2,508 +18.0%
EBT margin, % 3.34 3.63 6.31 2.96 3.25 6.52 10.70 14.68 18.61 22.30 25.77 +19.0 pt
Net income (878) (74) 642 470 261 258 469 765 1,155 1,508 2,053 n/m
Per share, $
Per share, $ Revenue 28.30 28.74 14.03 15.91 12.09 11.56 13.61 16.12 18.21 20.43 24.45 (3.6%)
Earnings (2.28) (0.28) 1.33 1.05 0.59 0.60 1.12 1.85 2.83 3.73 5.12 n/m
Cash flow 0.22 (0.09) 0.45 1.03 0.02 1.04 1.76 2.19 3.18 4.66 6.03 +40.6%
Capex (0.99) (1.34) (0.95) (1.21) (0.35) (0.39) (0.32) (0.53) (0.76) (1.10) (0.61) +1.2%
Free cash flow (0.77) (1.43) (0.50) (0.17) (0.33) 0.66 1.44 1.66 2.42 3.56 5.42 n/m
Book value 11.74 10.92 11.56 10.33 8.22 8.16 8.66 9.80 11.16 13.25 14.48 +1.4%
Shares, m 438 451 483 446 435 430 416 412 408 404 401 (0.9%)
Valuation, ×
Valuation, × P/E 0.00 0.00 12.76 29.22 48.37 53.95 34.88 28.89 38.78 54.82 39.32 30.2
P/S 0.68 0.97 0.59 1.51 2.35 2.75 2.87 3.33 6.01 10.04 8.24 3.1
P/B 1.67 2.59 1.48 2.95 3.51 3.96 4.58 5.56 9.92 15.47 13.92 5.2
EV/Sales 1.19 1.33 0.87 2.01 3.02 3.47 3.47 3.80 6.38 10.32 8.61 3.6
EV/FCF (43.47) (26.86) (50.63) (231.66) (110.20) 61.11 32.86 36.89 48.05 59.12 38.84 (22.5)
Cash, $m
Cash, $m Operating cash flow 95 (39) 217 461 9 449 733 901 1,298 1,884 2,399 +39.4%
Capex (433) (605) (459) (538) (153) (167) (135) (217) (312) (444) (243) +0.3%
Free cash flow (338) (644) (242) (77) (144) 282 598 684 986 1,440 2,156 n/m
Balance, $m
Balance, $m Working capital 3,143 3,554 3,061 1,718 2,012 1,484 1,661 1,532 1,813 2,008 1,902 (4.9%)
Net debt 6,221 4,694 4,053 4,401 3,503 3,545 3,403 3,096 2,751 2,308 3,546 (10.4%)
Shareholders’ equity 5,141 4,924 5,585 4,605 3,577 3,508 3,601 4,037 4,554 5,353 5,762 +0.5%
Returns, %
Returns, % ROA (3.57) (0.66) 3.48 2.58 1.79 2.36 4.56 7.38 11.01 13.88 16.79 +17.5 pt
ROIC 5.25 3.12 5.03 4.02 5.53 6.63 8.20 10.54 13.97 16.69 18.33 +11.4 pt
ROE (10.54) (2.55) 12.52 9.29 6.42 7.34 13.34 20.27 27.19 30.57 37.84 +41.1 pt
People
People Employees 41,500 41,500 43,000 41,700 19,700 19,900 21,400 23,200 23,930 25,430 — (5.3%)
Revenue/emp, $m 0.30 0.31 0.16 0.17 0.27 0.25 0.26 0.29 0.31 0.32 — +0.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Howmet Aerospace makes engineered metal components for aircraft, jet engines, industrial gas turbines and commercial vehicles. Its products include turbine blades, engine rings, aircraft fasteners, structural parts and forged aluminum wheels. The company sells to customers in commercial and defense aerospace, power generation and transportation, either directly or through distributors.

Many of its parts are designed for demanding operating conditions. Engine components include airfoils with cooling features and coatings for extreme temperatures. Its fasteners hold aircraft structures together and can be designed for lightweight composite airframes and lightning-strike protection. Its wheels are used on trucks, buses and trailers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Engine Products 4,320 52.35%
Fastening Systems 1,745 21.15%
Engineered Structures 1,148 13.91%
Forged Wheels 1,039 12.59%
Gross margin 34.17%
Operating margin 24.79%
Pre-tax margin 22.30%

Revenue by segment since 2016

Howmet Aerospace Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BA The Boeing Company $136.7B 17.9× — (loss-making) +3.94% (above 0%: growing) n/m +101.67% (above 0%: growing) 8.96% 1.46% Compare
LMT Lockheed Martin Corporation $133.1B 20.4× 20.8× +11.30% (above 0%: growing) +14.61% (above 0%: growing) −10.40% (below 0%: shrinking) 11.76% 11.80% Compare
GD General Dynamics Corporation $96.3B 20.7× 21.9× +12.85% (above 0%: growing) +15.78% (above 0%: growing) −35.21% (below 0%: shrinking) 15.44% 10.48% Compare
HWM Howmet Aerospace Inc. $79.9B 39.3× 35.4× +29.39% (above 0%: growing) +48.40% (above 0%: growing) +32.78% (above 0%: growing) 37.11% 28.75%
NOC Northrop Grumman Corporation $74.6B 16.5× 18.7× +6.71% (above 0%: growing) +2.86% (above 0%: growing) +44.11% (above 0%: growing) 21.15% 11.41% Compare
TDG Transdigm Group Incorporated $65.7B 36.1× 31.8× +22.53% (above 0%: growing) +10.86% (above 0%: growing) +13.44% (above 0%: growing) 59.39% 44.76% Compare
LHX L3Harris Technologies Inc $48.1B 23.8× 22.5× +7.09% (above 0%: growing) +37.49% (above 0%: growing) +198.13% (above 0%: growing) 26.60% 12.97% Compare
HONA Honeywell Aerospace inc. $47.4B — — — — — 36.93% 22.14% Compare
HEI Heico Corporation $38.5B 53.7× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
Median of peers $70.2B 20.7× 22.2× +11.30% +15.20% +44.11% 23.88% 12.39%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO John Plant attributed third-quarter gas turbine revenue growth to increased output and market share, and said Howmet was considering further capacity additions.
  • CFO Patrick Winterlich said commercial aerospace demand came from both new equipment and spares, while acquisitions contributed to Fastening Systems revenue growth.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Oct 21, 2026 Reiterated — —
Guggenheim Oct 21, 2026 Initiated Buy 350.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.30%
Held by the ten largest 49.10%
Holder Shares Stake Change
Vanguard 48.85m 12.21% +162.54k
BlackRock 45.82m 11.45% −2.14m
State Street 18.93m 4.73% +612.87k
JPMorgan Chase 18.56m 4.64% −2.43m
Fidelity (FMR) 15.41m 3.85% −363.84k
T. Rowe Price 13.50m 3.38% −1.92m
Bank of America 10.29m 2.57% −437.57k
Geode Capital Management 9.51m 2.38% −2.07m
Norges Bank 7.90m 1.97% +7.90m
Jupiter Topco 7.63m 1.91% +7.63m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 8.90% of Common Stock
JPMorgan Chase & Co. 7.70% of Common Stock
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Howmet Aerospace Inc. (HWM) Latest News

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HWM metrics, ten years each

stockrow.com/HWM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com