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Howmet Aerospace Inc. (HWM)

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Howmet Aerospace Inc. (HWM) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 24.1% on the same quarter a year earlier. Net income was $534 million, up 31.2% on the year, and diluted earnings per share $1.33. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$2.5 billionup 24.1%
Net income$534 millionup 31.2%
Diluted EPS$1.33
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE32.6%
ROCE24.4%
Operating margin27.4%
Net margin20.5%
FCF margin19.6%
Interest covern/a
Debt to equity0.79
Cash conversion1.19
Share count, 1 year-1.0%
Sales CAGR, 3 years13.4%
Profit CAGR, 3 years47.6%
EPS, TTM$4.64

At the close of 21 September 2026

Price$227.37
Market cap$90.9 billion
Stock P/E49.00
Price to book15.87
EV / EBITDA33.91
Dividend yield0.3%
Market cap / sales9.98
52-week high$292.65
52-week low$184.09
Price, 1 year19.5%
Price CAGR, 3 years70.6%
Price CAGR, 5 years48.9%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the total debt Howmet Aerospace Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on HWM

Filings28 in twelve months: 18 current reports (8-K), about 9 other events; 4 results of operations; 3 regulation fd disclosure; 2 new financial obligation; 1 shareholder vote
Planned insider sales5 Form 144 notices in twelve months, $59.8 million; latest 11 May 2026
Options tapeput/call 2.39 by open interest on 23 September 2026; the straddle prices a 2.4% move to 25 September 2026
Holders10 of the followed funds hold it; largest FMR LLC; 6 Schedule 13D or 13G filings in twelve months
Insider trading3 sales and 0 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest8.5 million shares short, 3.06 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,6581,7311,8241,8801,8351,8911,9422,0532,0892,1682,3132,547
R&D9.09.010.07.09.07.08.09.010.010.09.08.0
SG&A87.083.088.097.085.077.085.089.010096.0111148
Operating income307326369398421445494521542489753711
Operating margin19%19%20%21%23%24%25%25%26%23%33%28%
Interest expense54.052.049.049.0n/an/an/an/an/an/an/an/a
Pre-tax income242270303334354392446469495430708649
Tax rate22%13%20%20%6%20%23%13%22%13%18%18%
Net income188236243266332314344407385372580534
Net margin11%14%13%14%18%17%18%20%18%17%25%21%
Diluted EPS$0.45$0.57$0.59$0.65$0.81$0.76$0.84$1.00$0.95$0.92$1.44$1.33
Operating cash flow191458177397244480253446531654453583
Capital expenditure59.055.082.055.082.010211910210812494.0104
Free cash flow13240395.0342162378134344423530359479
Buybacks25.010015060.0100190125175200200300300
Shares outstanding412m410m408m408m407m405m404m404m403m402m401m400m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 10 fiscal years and the trailing twelve months

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021FY2022FY2023FY2024FY2025TTM
Revenue12,39412,9606,7787,0985,2594,9725,6636,6407,4308,2529,117
Research and development13010941.028.017.017.032.036.033.037.037.0
Selling, general and administrative924715371400277251288333347370455
Operating income9544807755796267489191,2031,6332,0462,495
Operating margin7.7%3.7%11.4%8.2%11.9%15.0%16.2%18.1%22.0%24.8%27.4%
Interest expense499496377338317259229218n/an/an/a
Pre-tax income4144704282101713246069751,3831,8402,282
Income tax1,47654411984.0-40.066.0137210228332411
Effective tax rate356.5%115.7%27.8%40.0%-23.4%20.4%22.6%21.5%16.5%18.0%18.0%
Net income-941-74.06424702612584697651,1551,5081,871
Net margin-7.6%-0.6%9.5%6.6%5.0%5.2%8.3%11.5%15.5%18.3%20.5%
Diluted EPS-$2.31-$0.28$1.30$1.03n/a$0.59$1.11$1.83$2.81$3.71$4.64
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow95.0-39.02174619.04497339011,2981,8842,221
Capital expenditure1,125596768641267199193219321453430
Free cash flow-1,030-635-551-180-2582505406829771,4311,791
Free cash flow margin-8.3%-4.9%-8.1%-2.5%-4.9%5.0%9.5%10.3%13.1%17.3%19.6%
Depreciation and amortisation1,132551576536338270265272277283303
Share-based compensation76.054.040.069.046.040.054.050.063.073.0n/a
Buybacksn/a0.00.01,15073.04304002505007001,000
Dividend per share$0.36$0.24$0.24$0.12$0.02$0.04$0.10$0.17$0.26$0.44$0.60
Diluted shares, weighted438m451m503m463m439m435m421m416m410m406m402m
Shares outstanding at period end439m481m483m433m433m422m412m410m405m402m400m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021FY2022FY2023FY2024FY2025TTM
Total assets20,03818,71818,69317,57811,44310,21910,25510,42810,51911,17913,251
Cash and equivalents1,8632,1502,2771,5771,610720791610564742563
Receivables9741,0351,0475833283675066756897791,040
Inventory2,2532,4802,4921,6071,4881,4021,6091,7651,8401,8492,183
Goodwill5,1484,5354,1864,0674,1024,0674,0134,0354,0104,0225,084
Total debt, as filedn/an/an/an/an/an/an/an/an/a3,0504,501
Long-term debt8,0486,8076,3015,9405,0754,2324,1623,7063,3153,0504,050
Long-term debt including finance leases8,0446,8065,8964,9064,6994,2274,162n/an/an/an/a
Operating lease liabilitiesn/an/an/a98.010081.083.097.0119121117
Shareholders' equity5,1154,9105,5734,5913,5773,5083,6014,0374,5545,3535,732
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a9.4%13.4%18.1%
Profit growth, compoundedn/a42.0%47.6%33.9%
Return on equity, average10.2%18.6%24.2%28.2%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202512 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202414 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 202430 July 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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