Carpenter Technology (CRS)
Market Price (9/4/2026): $467.5 | Market Cap: $23.2 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Carpenter Technology (CRS)
Market Price (9/4/2026): $467.5Market Cap: $23.2 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 49% Megatrend and thematic driversMegatrends include Advanced Materials, and Advanced Aviation & Space. Themes include Specialty Chemicals for Performance, Lightweight Composites, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 38x Key risksCRS key risks include [1] a significant dependence on cyclical aerospace and defense markets and [2] the potential for gross margin dilution from its raw material surcharge mechanisms. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 49% |
| Megatrend and thematic driversMegatrends include Advanced Materials, and Advanced Aviation & Space. Themes include Specialty Chemicals for Performance, Lightweight Composites, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 38x |
| Key risksCRS key risks include [1] a significant dependence on cyclical aerospace and defense markets and [2] the potential for gross margin dilution from its raw material surcharge mechanisms. |
Qualitative Assessment
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Carpenter Technology (CRS) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q4 2026 Earnings Report.
Carpenter Technology announced its fiscal fourth-quarter results on July 30, 2026, reporting adjusted earnings per share (EPS) of $3.23, which surpassed analysts' consensus estimates by $0.14 to $0.20. This marked a positive earnings surprise of 6.60%. However, the reported revenue of $851.0 million fell short of analyst forecasts by approximately 1.28% to 1.43%. Despite achieving a record operating income of $206.9 million for the quarter, the revenue miss contributed to a 4.55% decline in shares during premarket trading.
2. Elevated Valuation and Subsequent Profit-Taking.
Prior to the earnings release, Carpenter Technology's stock had experienced a significant rally, reaching a 52-week high of $625.99 on July 6, 2026. However, the stock was considered overvalued, with its price of $477.10 on August 24, 2026, being approximately 127.4% above its estimated fair value of $209.83. Furthermore, its trailing P/E ratio of 45.4x was notably higher than its 5-year median of 38.6x. This elevated valuation, combined with the mixed earnings report, likely prompted profit-taking, leading to a decline of approximately 16% from July 22, 2026, to August 21, 2026.
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Carpenter Technology (CRS) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q4 2026 Earnings Report.
Carpenter Technology announced its fiscal fourth-quarter results on July 30, 2026, reporting adjusted earnings per share (EPS) of $3.23, which surpassed analysts' consensus estimates by $0.14 to $0.20. This marked a positive earnings surprise of 6.60%. However, the reported revenue of $851.0 million fell short of analyst forecasts by approximately 1.28% to 1.43%. Despite achieving a record operating income of $206.9 million for the quarter, the revenue miss contributed to a 4.55% decline in shares during premarket trading.
2. Elevated Valuation and Subsequent Profit-Taking.
Prior to the earnings release, Carpenter Technology's stock had experienced a significant rally, reaching a 52-week high of $625.99 on July 6, 2026. However, the stock was considered overvalued, with its price of $477.10 on August 24, 2026, being approximately 127.4% above its estimated fair value of $209.83. Furthermore, its trailing P/E ratio of 45.4x was notably higher than its 5-year median of 38.6x. This elevated valuation, combined with the mixed earnings report, likely prompted profit-taking, leading to a decline of approximately 16% from July 22, 2026, to August 21, 2026.
3. Strong Fiscal Year 2027 Outlook and Share Repurchase Program.
The company provided an optimistic outlook for fiscal year 2027, projecting operating income to be in the range of $850 million to $880 million, representing a 21% to 25% increase over fiscal year 2026. Carpenter Technology also anticipated generating $400 million to $430 million in adjusted free cash flow for fiscal year 2027. This strong forward guidance, coupled with an active share repurchase program that saw $45.2 million in purchases during fiscal Q4 2026 (with $119.0 million remaining under a $400.0 million authorization), provided a floor for the stock price, mitigating further declines and supporting its overall stability.
4. Favorable Demand in Key End Markets.
Demand within Carpenter Technology's primary end markets, particularly aerospace and defense, which accounted for approximately 65% of fiscal year 2026 net sales, remained robust. Analysts expected revenue to expand by 11.7% in fiscal year 2027, driven by sustained higher pricing and solid demand. Additionally, broader macroeconomic trends indicated elevated commodity prices, with the Materials Price Index (MPI) projected to surge almost 35% by the third calendar quarter of 2026, suggesting a positive pricing environment for specialty materials. These strong industry tailwinds provided fundamental support to Carpenter Technology's performance and valuation.
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Stock Movement Drivers
Fundamental Drivers
The -0.3% change in CRS stock from 5/31/2026 to 9/3/2026 was primarily driven by a -10.4% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 468.78 | 467.48 | -0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,029 | 3,124 | 3.1% |
| Net Income Margin (%) | 15.8% | 17.0% | 7.2% |
| P/E Multiple | 48.9 | 43.9 | -10.4% |
| Shares Outstanding (Mil) | 50 | 50 | 0.6% |
| Cumulative Contribution | -0.3% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CRS | -0.3% | |
| Market (SPY) | 2.2% | 43.1% |
| Sector (XLI) | 0.8% | 57.7% |
Fundamental Drivers
The 17.5% change in CRS stock from 2/28/2026 to 9/3/2026 was primarily driven by a 14.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 397.72 | 467.48 | 17.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,944 | 3,124 | 6.1% |
| Net Income Margin (%) | 14.8% | 17.0% | 14.8% |
| P/E Multiple | 45.8 | 43.9 | -4.3% |
| Shares Outstanding (Mil) | 50 | 50 | 0.8% |
| Cumulative Contribution | 17.5% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CRS | 17.5% | |
| Market (SPY) | 13.0% | 54.4% |
| Sector (XLI) | -1.2% | 68.1% |
Fundamental Drivers
The 94.5% change in CRS stock from 8/31/2025 to 9/3/2026 was primarily driven by a 36.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 240.33 | 467.48 | 94.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,877 | 3,124 | 8.6% |
| Net Income Margin (%) | 13.1% | 17.0% | 29.8% |
| P/E Multiple | 32.1 | 43.9 | 36.7% |
| Shares Outstanding (Mil) | 50 | 50 | 1.0% |
| Cumulative Contribution | 94.5% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CRS | 94.5% | |
| Market (SPY) | 20.9% | 41.1% |
| Sector (XLI) | 16.0% | 55.2% |
Fundamental Drivers
The 659.2% change in CRS stock from 8/31/2023 to 9/3/2026 was primarily driven by a 668.2% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.58 | 467.48 | 659.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,550 | 3,124 | 22.5% |
| Net Income Margin (%) | 2.2% | 17.0% | 668.2% |
| P/E Multiple | 53.7 | 43.9 | -18.3% |
| Shares Outstanding (Mil) | 49 | 50 | -1.2% |
| Cumulative Contribution | 659.2% |
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CRS | 659.2% | |
| Market (SPY) | 77.7% | 49.4% |
| Sector (XLI) | 68.0% | 56.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRS Return | 3% | 29% | 94% | 142% | 86% | 47% | 1607% |
| Peers Return | 44% | 26% | 38% | 9% | 70% | 39% | 543% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CRS Win Rate | 42% | 50% | 67% | 58% | 67% | 56% | |
| Peers Win Rate | 52% | 56% | 56% | 52% | 75% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CRS Max Drawdown | -43% | -42% | -26% | -16% | -29% | -26% | |
| Peers Max Drawdown | -30% | -39% | -26% | -33% | -34% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ATI, HWM, NUE, CLF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
| Event | CRS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.1% | -18.8% |
| % Gain to Breakeven | 39.1% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.1% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.2% | -24.5% |
| % Gain to Breakeven | 17.9% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.8% | -33.7% |
| % Gain to Breakeven | 192.8% | 50.9% |
| Time to Breakeven | 340 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.4% | -19.2% |
| % Gain to Breakeven | 76.6% | 23.8% |
| Time to Breakeven | 1585 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -25.2% | -3.7% |
| % Gain to Breakeven | 33.7% | 3.9% |
| Time to Breakeven | 92 days | 6 days |
In The Past
Carpenter Technology's stock fell -28.1% during the 2025 US Tariff Shock. Such a loss loss requires a 39.1% gain to breakeven.
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| Event | CRS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.1% | -18.8% |
| % Gain to Breakeven | 39.1% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.1% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.8% | -33.7% |
| % Gain to Breakeven | 192.8% | 50.9% |
| Time to Breakeven | 340 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.4% | -19.2% |
| % Gain to Breakeven | 76.6% | 23.8% |
| Time to Breakeven | 1585 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -25.2% | -3.7% |
| % Gain to Breakeven | 33.7% | 3.9% |
| Time to Breakeven | 92 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.1% | -12.2% |
| % Gain to Breakeven | 54.1% | 13.9% |
| Time to Breakeven | 175 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -53.0% | -6.8% |
| % Gain to Breakeven | 112.6% | 7.3% |
| Time to Breakeven | 689 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.1% | -17.9% |
| % Gain to Breakeven | 39.1% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.0% | -15.4% |
| % Gain to Breakeven | 31.6% | 18.2% |
| Time to Breakeven | 169 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.1% | -53.4% |
| % Gain to Breakeven | 530.8% | 114.4% |
| Time to Breakeven | 5346 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -27.6% | -8.6% |
| % Gain to Breakeven | 38.1% | 9.5% |
| Time to Breakeven | 76 days | 47 days |
In The Past
Carpenter Technology's stock fell -28.1% during the 2025 US Tariff Shock. Such a loss loss requires a 39.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Carpenter Technology (CRS)
Carpenter Technology Corporation (CRS) is a global manufacturer, fabricator, and distributor of specialty metals. With a history dating back to 1889, the company focuses on producing advanced material solutions that meet the stringent demands of high-performance applications across various industries worldwide.
The company's core products include a diverse range of high-performance specialty alloys such as titanium alloys, powder metals, stainless steels, alloy steels, and tool steels. Beyond these foundational materials, Carpenter Technology also provides additives, metal powders, and engineered parts, leveraging its expertise in material science and advanced manufacturing processes.
Carpenter Technology's specialized materials are critical components for a broad spectrum of demanding markets. Its primary customers operate in key sectors like aerospace, defense, medical, transportation, energy, and industrial, where the superior strength, corrosion resistance, and reliability of its advanced metal products are essential for mission-critical and high-stress applications.
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Here are 1-3 brief analogies for Carpenter Technology (CRS):
- Corning for advanced metals: Think of a company like Corning, but instead of specialized glass and ceramics, they focus on making ultra-high-performance metal alloys for critical industries.
- A specialized 3M focused purely on high-performance metal alloys: Imagine a company like 3M or Honeywell, but exclusively dedicated to developing and manufacturing advanced metal materials and components for demanding industrial applications.
- Alcoa for exotic, high-strength metals: Consider them similar to Alcoa, but instead of bulk aluminum, they specialize in highly engineered and exotic metal alloys like titanium and specialty stainless steels used in aerospace, defense, and medical devices.
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- Titanium Alloys: High-strength, corrosion-resistant metals crucial for demanding applications in aerospace, medical, and energy sectors.
- Powder Metals: A category of advanced metallic materials produced in powder form, often designed for specific metallurgical properties and complex applications.
- Stainless Steels: Corrosion-resistant iron-based alloys known for their durability, strength, and aesthetic qualities across various industries.
- Alloy Steels: Steels that are engineered with various elements to achieve enhanced properties such as increased strength, hardness, or wear resistance.
- Tool Steels: High-performance steels specifically formulated for the fabrication of tools, offering exceptional hardness, abrasion resistance, and toughness.
- Additives: Specialized materials used to modify or enhance the properties and processing characteristics of other metals and alloys.
- Metal Powders: Raw metallic materials supplied in powder form, primarily used for additive manufacturing and other specialized powder metallurgy processes.
- Metal Parts: Fabricated or semi-fabricated components and products manufactured from their diverse range of specialty metal alloys.
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Major Customers of Carpenter Technology (CRS)
Carpenter Technology (CRS) primarily sells its specialty metals and materials to other companies (Business-to-Business or B2B) rather than directly to individuals. The company's diverse customer base consists of manufacturers and suppliers across various demanding industries. According to its public filings, no single customer accounts for 10% or more of Carpenter Technology's consolidated net sales, meaning there are no individually named "major customers" that are required to be disclosed.
Instead, Carpenter Technology serves a broad range of companies operating within the following key markets:
- Aerospace (e.g., manufacturers of aircraft components, engines, and airframes)
- Defense (e.g., suppliers to military and defense contractors)
- Medical (e.g., producers of medical devices, implants, and surgical instruments)
- Transportation (e.g., automotive, heavy equipment, and rail manufacturers)
- Energy (e.g., companies involved in oil & gas, power generation, and nuclear sectors)
- Industrial (e.g., general industrial manufacturing, machinery, and tooling)
- Consumer (e.g., manufacturers of high-performance consumer products)
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Tony R. Thene Chairman of the Board and Chief Executive Officer
Tony R. Thene was appointed President & CEO of Carpenter Technology Corporation in July 2015 and became Chairman of the Board effective October 7, 2025. He joined the company in January 2013 as Senior Vice President & Chief Financial Officer. Prior to joining Carpenter Technology, Mr. Thene spent 23 years at Alcoa Inc., where he most recently served as the Chief Financial Officer for Alcoa's Engineered Products and Solutions (EPS) business. He also held positions as Vice President & Controller for Alcoa, Director of Investor Relations, and CFO for multiple divisions including Flat Rolled Products Group and Alcoa World Alumina and Chemicals, as well as a manufacturing manager for the Alumina Chemicals business. He is a Certified Public Accountant and earned an undergraduate degree in Accounting from Indiana State University and an MBA from Case Western Reserve University. Mr. Thene serves on the Board of Directors for Mativ Holdings (formerly Neenah, Inc.) and is a Trustee for Furman University.
Timothy R. Lain Senior Vice President and Chief Financial Officer
Timothy R. Lain was named Senior Vice President and Chief Financial Officer of Carpenter Technology Corporation in August 2020. He previously served as the company's Vice President and Chief Financial Officer, and Vice President – Controller & Chief Accounting Officer. Mr. Lain has over 25 years of financial experience, including 13 years with Carpenter Technology. Before joining Carpenter Technology, he served as Audit Director at McGladrey & Pullen. He is a Certified Public Accountant and holds a Bachelor's degree in Accounting from the Fox School of Business at Temple University.
Brian J. Malloy President and Chief Operating Officer
Brian J. Malloy currently serves as President and Chief Operating Officer and is slated to become Chief Executive Officer effective July 1, 2026. He has held the COO role since 2023. Over the past decade at Carpenter Technology, he has also served as Senior Vice President & Group President of Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP), and as Chief Commercial Officer. Prior to joining Carpenter Technology, Mr. Malloy was Senior Vice President and Chief Strategy Officer at Ametek's Global Precision Tubes business. His earlier career included key leadership positions at Alcoa, Inc., where he was Vice President of Industrial Gas Turbines within the Power and Propulsion business unit.
James D. Dee Senior Vice President, General Counsel and Secretary
James D. Dee has served as Vice President, General Counsel and Secretary of Carpenter Technology Corp. since September 2010, and as Chief Governance Officer since August 2015. Before joining Carpenter Technology, he was Chief Administrative Officer, General Counsel, and Corporate Secretary at C&D Technologies Inc. from 2005 to 2010. He also spent 16 years at SPS Technologies, LLC, serving as Vice President, General Counsel, and Corporate Secretary. Mr. Dee is a licensed patent attorney. He received his undergraduate degree from the University of Pennsylvania and his law degree from the Marshall-Wythe School of Law of the College of William and Mary.
Marshall Akins Vice President - Chief Commercial Officer
Marshall Akins was promoted to Vice President and Chief Commercial Officer of Carpenter Technology Corporation in February 2022. In this role, he oversees the company's commercial operations and the execution of key commercial growth strategies, including market development, sales, and customer support. Mr. Akins joined Carpenter Technology in 2016 as Vice President – Aerospace, leading the company's aerospace and defense market. Before his tenure at Carpenter Technology, he worked for the Boston Consulting Group, a global management consulting firm, most recently as a Principal in their Boston office.
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The key risks to Carpenter Technology (CRS) primarily revolve around its market exposure, cost structure, and industry dynamics.
- Dependence on Cyclical End Markets: Carpenter Technology's business is significantly exposed to the cyclical nature of its key end markets, particularly commercial aerospace, defense, and energy. A substantial portion of its sales are concentrated in these sectors, making the company vulnerable to downturns or fluctuations within these industries, which can adversely impact its revenue and profitability. For instance, the Aerospace and Defense market alone constituted approximately 50.1% of the company's total revenues in fiscal year 2025.
- Raw Material Price Volatility: The company relies on third-party suppliers for critical raw materials, including nickel, cobalt, chromium, manganese, molybdenum, and titanium. The costs of these essential feedstocks are subject to volatility due to factors beyond Carpenter Technology's control, which can directly affect its cost of sales and overall profitability.
- Intense Competition and Operational Execution Risks: Operating within a highly competitive specialty metals industry, Carpenter Technology faces continuous pressure to innovate and maintain operational excellence to secure market share. Additionally, while the company has focused on improving operational efficiency, sustaining these gains and successfully executing large capital programs, such as its planned brownfield expansions, are crucial. Challenges in these areas could affect its ability to maintain competitiveness and meet demand.
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Carpenter Technology Corporation operates in several high-value addressable markets for its specialty metals, metal powders, and performance-engineered products. The global market sizes for its main product categories are detailed below:
Specialty Alloys
The global specialty alloys market was estimated at approximately USD 45 billion in 2023 and is projected to expand to USD 68 billion by 2032. Another estimate places the global special alloy market size at USD 23.49 billion in 2023, with an anticipation to exceed USD 39.24 billion by 2033. The annual demand for specialty alloys was USD 23.6 billion in 2024 and is expected to reach USD 25.0 billion in 2025. North America is a significant market, holding approximately 40% of the global share in the specialty alloy market.
Titanium Alloys
The global titanium alloys market was valued at approximately USD 10.8 billion in 2024 and is projected to reach USD 18.1 billion by 2035. Another report indicates the global titanium alloy market size is expected to rise from USD 6.62 billion in 2025 to USD 10.78 billion by 2035. Asia-Pacific held the largest share in the global titanium alloy market in 2021, followed by North America. The North America titanium alloy market is estimated to hold a 29% market share in 2024.
Metal Powders and Parts
The global metal powder market size was valued at USD 8.49 billion in 2025 and is projected to grow to USD 14.58 billion by 2034. Asia Pacific dominated the metal powder market with a 36.80% share in 2025. The U.S. metal powder market is projected to reach USD 3.06 billion by 2032.
For additive manufacturing with metal powders, the global market was valued at USD 40.25 billion in 2025 and is expected to surpass around USD 166.41 billion by 2034. North America dominated this market with a 38.5% volume share in 2025. The aerospace segment, a key market for Carpenter Technology, held a 34.7% market share in the additive manufacturing with metal powders market in 2025.
Stainless Steels
The global stainless steel market size was valued at USD 225.13 billion in 2025 and is projected to grow to USD 353.48 billion by 2034. Asia Pacific dominated the stainless steel market with a 73.60% share in 2025. Other reports indicate the global stainless steel market size was valued at USD 214.72 billion in 2024 and is expected to reach USD 310.93 billion by 2032. Asia-Pacific is also expected to be the largest and fastest-growing region in the stainless steel market with a revenue share of 35.58% in 2025.
Alloy Steels
The global alloy steel market size was estimated at USD 84.75 billion in 2025 and is projected to reach around USD 170.97 billion by 2035. Asia Pacific dominated the alloy steel market with a market share of 52.11% in 2025. Another report indicated the global alloy steel market size was valued at USD 89.83 billion in 2025 and is projected to grow to USD 169.23 billion by 2034. North America accounts for 35% of the global alloy steel market share.
Tool Steels
The global tool steel market size was valued at USD 6.8 billion in 2025 and is projected to reach USD 12.4 billion by 2035. Asia Pacific is the world's biggest market share for tool steel. The U.S. tool steel market is estimated to be valued at USD 2.5 billion in 2025 and is anticipated to reach USD 4.1 billion by 2035.
Additives
The broader global high-performance additives market size was valued at USD 14.42 billion in 2025 and is expected to reach USD 18.26 billion by 2033. Asia-Pacific dominated the high-performance additives market with a 39.4% revenue share in 2025. North America is also a significant market, holding approximately 40% of the global share for high-performance additives.
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Carpenter Technology Corporation (CRS) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:
- Strengthening Demand in Aerospace and Defense Markets: The aerospace and defense sector is consistently identified as a primary growth engine for Carpenter Technology. The company has observed strengthening market demand, evidenced by a 23% increase in bookings in the aerospace and defense sectors over the previous quarter and the negotiation of five large long-term agreements (LTAs) with aerospace customers that include significant price increases. This sector accounts for over 60% of the company's total net sales and is expected to continue growing.
- Product Mix Optimization Towards Higher-Value Materials: Carpenter Technology is strategically shifting its product mix to focus on more complex, higher-value specialty alloys and materials, including those for additive manufacturing. This deliberate pivot towards non-commoditized materials is expected to drive higher revenue per unit and expand margins. This strategy has already contributed to record profitability and is a core aspect of future performance.
- Effective Pricing Actions and Sustained Pricing Power: The company has demonstrated significant pricing power, particularly in a tight supply market for nickel-based superalloys. Through strategic pricing actions and favorable long-term agreements, Carpenter Technology has been able to pass along cost increases, contributing to increased operating income and overall revenue growth.
- Expansion in Energy Markets, Especially Power Generation: The energy market, particularly the power generation sub-segment, is a significant growth area. Carpenter Technology reported a 22% year-over-year increase in energy sales in Q4 FY2025, driven by substantial growth in sales to power generation customers. Demand for industrial gas turbines is anticipated to contribute to high revenue from power generation.
- Brownfield Capacity Expansion Investments: Carpenter Technology is investing in brownfield expansion projects to increase its primary and secondary melt capacity. These investments are crucial for accelerating growth by enhancing the company's ability to meet the robust demand from its key markets and support increased volumes. The expansion is a strategic initiative to fund growth and is expected to extend the company's earnings growth journey beyond fiscal year 2027.
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Share Repurchases
- Carpenter Technology completed share repurchases totaling $183.09 million under a July 25, 2024 authorization, which included 100,000 shares for $32.1 million between October 1, 2025, and December 31, 2025.
- The company initiated a $400 million share repurchase program and repurchased $32.1 million in shares during the second quarter of fiscal year 2025 and again in the second quarter of fiscal year 2026.
- As of November 2, 2025, the company recently completed a share repurchase of 775,000 shares for US$150.99 million.
Capital Expenditures
- Capital expenditures for environmental control equipment were $0.7 million in fiscal year 2024, $0.3 million in fiscal year 2023, and $1.1 million in fiscal year 2022.
- The company's capital expenditures were $58.0 million in the fourth quarter of fiscal year 2025, an increase from $27.7 million in the same quarter of the prior year.
- Carpenter Technology invested $46.3 million in capital expenditures in the second quarter of fiscal year 2026 and anticipates spending approximately $307.2 million for fiscal year 2026 and $313.8 million for fiscal year 2027.
Peer Outperformance in Industrial Machinery & Supplies & Components
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 17.5% | 99.4% | 187.0% | CDNL 2619% · FIX 2009% · STRL 1891% |
| Marine Transportation | 5 | 69.1% | 70.3% | 169.4% | HOS 49321% · MATX 184% · KEX 169% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 15.9% | 55.6% | 114.4% | CAT 315% · ALSN 262% · WAB 220% |
| Aerospace & Defense | 55 | 0.1% | 55.2% | 71.1% | ATI 1040% · FTAI 901% · HWM 742% |
| Passenger Ground Transportation | 3 | -11.8% | 40.0% | 57.9% | UBER 88% · CAR 58% · LYFT -64% |
| Rail Transportation | 7 | 30.7% | 66.8% | 45.4% | FSTR 131% · CSX 64% · UNP 51% |
| Industrial Machinery & Supplies & Components ← | 71 | 9.5% | 45.8% | 43.3% | CRS 1386% · PSIX 846% · EROC 573% |
| Cargo Ground Transportation | 16 | 35.9% | 1.1% | 32.1% | R 249% · XPO 242% · CVLG 202% |
| Trading Companies & Distributors | 19 | 1.6% | 30.1% | 31.7% | DXPE 523% · AIT 285% · WCC 202% |
| Diversified Support Services | 33 | 12.3% | 29.7% | 26.7% | LIME 4415% · WLFC 355% · TH 348% |
| Electrical Components & Equipment | 41 | 17.1% | 44.4% | 20.1% | POWL 2125% · BE 976% · VRT 858% |
| Building Products | 33 | -7.1% | 4.3% | 17.8% | LMB 571% · GFF 389% · PPIH 288% |
| Research & Consulting Services | 13 | -5.9% | -19.7% | -3.9% | HURN 220% · CRAI 91% · GRNQ 81% |
| Industrial Conglomerates | 17 | 12.5% | 10.9% | -5.0% | RCMT 667% · CSW 138% · CSL 76% |
| Agricultural & Farm Machinery | 17 | 13.7% | -6.0% | -10.4% | BLBD 213% · DE 90% · GENC 57% |
| Environmental & Facilities Services | 29 | -6.3% | 20.5% | -12.5% | CECO 883% · ADUR 572% · NVRI 360% |
| Data Processing & Outsourced Services | 6 | -29.6% | -11.5% | -24.8% | EXLS 51% · BR 15% · G -22% |
| Passenger Airlines | 11 | -0.6% | -4.9% | -27.5% | LTM 2468% · UAL 135% · SKYW 111% |
| Office Services & Supplies | 9 | 13.1% | 19.0% | -31.6% | PBI 189% · TILE 151% · HNI 54% |
| Human Resource & Employment Services | 22 | 8.1% | -19.4% | -37.1% | BBSI 85% · ADP 53% · KFY 31% |
| Air Freight & Logistics | 12 | -7.7% | -26.9% | -39.4% | CHRW 82% · FDX 68% · EXPD 60% |
| Security & Alarm Services | 10 | -33.9% | 7.3% | -44.9% | CIX 143% · MG 95% · NL 56% |
| Airport Services | 3 | -67.0% | -75.3% | -58.7% | JOBY -32% · ASLE -59% · UP -100% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 260.49 |
| Mkt Cap | 27.9 |
| Rev LTM | 9,117 |
| Op Inc LTM | 716 |
| FCF LTM | 526 |
| FCF 3Y Avg | 281 |
| CFO LTM | 805 |
| CFO 3Y Avg | 528 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 12.6% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 33.6% |
| Op Inc Chg 3Y Avg | 16.6% |
| Op Mgn LTM | 15.2% |
| Op Mgn 3Y Avg | 13.5% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 17.1% |
| CFO/Rev 3Y Avg | 13.5% |
| FCF/Rev LTM | 11.2% |
| FCF/Rev 3Y Avg | 6.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 27.9 |
| P/S | 5.9 |
| P/Op Inc | 33.1 |
| P/EBIT | 33.2 |
| P/E | 43.9 |
| P/CFO | 34.6 |
| Total Yield | 2.0% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Alloys Operations (SAO ) | 2,564 | 2,444 | 2,214 | 1,566 | 1,262 |
| Performance Engineered Products (PEP ) | 405 | 411 | 434 | 344 | 260 |
| Elimination of intersegment | -92 | -95 | -97 | -74 | -46 |
| Total | 2,877 | 2,760 | 2,550 | 1,836 | 1,476 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Alloys Operations (SAO ) | 589 | 408 | 179 | 10 | -87 |
| Performance Engineered Products (PEP ) | 37 | 36 | 32 | 18 | -16 |
| Elimination of intersegment | -1 | 2 | -2 | 0 | -0 |
| Corporate costs | -103 | -123 | -76 | -53 | -144 |
| Total | 522 | 323 | 133 | -25 | -249 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Alloys Operations (SAO ) | 2,649 | 2,542 | 2,461 | 2,262 | 2,150 |
| Corporate | 433 | 335 | 159 | 249 | 402 |
| Performance Engineered Products (PEP ) | 414 | 432 | 452 | 419 | 418 |
| Intersegment | -9 | -17 | |||
| Elimination of intersegment | -18 | 2 | 0 | ||
| Total | 3,487 | 3,292 | 3,054 | 2,932 | 2,971 |
Price Behavior
| Market Price | $467.48 | |
| Market Cap ($ Bil) | 23.2 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -24.5% | |
| 50 Days | 200 Days | |
| DMA Price | $548.39 | $431.26 |
| DMA Trend | up | up |
| Distance from DMA | -14.8% | 8.4% |
| 3M | 1YR | |
| Volatility | 44.4% | 49.5% |
| Downside Capture | 176.53 | 154.05 |
| Upside Capture | 136.32 | 200.00 |
| Correlation (SPY) | 42.9% | 41.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.22 | 1.94 | 1.43 | 1.86 | 1.60 | 1.49 |
| Up Beta | 3.96 | 2.42 | 1.91 | 2.21 | 1.76 | 1.59 |
| Down Beta | 2.63 | 0.71 | 0.24 | 1.25 | 0.94 | 1.40 |
| Up Capture | 169% | 86% | 183% | 238% | 339% | 760% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 18 | 32 | 68 | 135 | 414 |
| Down Capture | 478% | 316% | 162% | 168% | 132% | 105% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 24 | 32 | 59 | 116 | 336 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRS | |
|---|---|---|---|---|
| CRS | 99.3% | 49.5% | 1.54 | - |
| Sector ETF (XLI) | 17.8% | 17.1% | 0.79 | 55.2% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | 41.3% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | 16.1% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | -11.5% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 14.6% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 15.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRS | |
|---|---|---|---|---|
| CRS | 72.1% | 46.5% | 1.32 | - |
| Sector ETF (XLI) | 12.5% | 17.6% | 0.54 | 58.8% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 51.8% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | 11.4% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 13.7% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 36.9% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 22.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRS | |
|---|---|---|---|---|
| CRS | 31.2% | 48.9% | 0.74 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 65.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 57.3% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | 7.6% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | 25.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 45.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 3.2% | 10.6% | -5.4% |
| 4/29/2026 | 5.3% | 12.7% | 15.4% |
| 1/29/2026 | 2.4% | 12.3% | 31.6% |
| 10/23/2025 | 4.6% | 6.2% | 3.0% |
| 8/6/2025 | 0.3% | -1.4% | -2.4% |
| 4/29/2025 | -0.9% | 5.1% | 18.2% |
| 2/3/2025 | 0.5% | -0.4% | 6.5% |
| 10/29/2024 | -2.0% | -1.0% | 19.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 16 |
| # Negative | 12 | 10 | 8 |
| Median Positive | 1.7% | 5.4% | 14.1% |
| Median Negative | -1.9% | -2.1% | -6.3% |
| Max Positive | 5.3% | 12.7% | 45.0% |
| Max Negative | -7.0% | -9.1% | -11.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 3.2% | 10.6% | -5.4% |
| 4/29/2026 | 5.3% | 12.7% | 15.4% |
| 1/29/2026 | 2.4% | 12.3% | 31.6% |
| 10/23/2025 | 4.6% | 6.2% | 3.0% |
| 8/6/2025 | 0.3% | -1.4% | -2.4% |
| 4/29/2025 | -0.9% | 5.1% | 18.2% |
| 2/3/2025 | 0.5% | -0.4% | 6.5% |
| 10/29/2024 | -2.0% | -1.0% | 19.5% |
| 7/29/2024 | 0.4% | -5.5% | 2.4% |
| 5/3/2024 | -1.7% | 1.0% | 0.8% |
| 1/29/2024 | -2.6% | -9.1% | -0.0% |
| 10/31/2023 | 2.8% | 5.6% | 12.9% |
| 7/31/2023 | 0.7% | 0.2% | 3.0% |
| 5/1/2023 | 5.3% | -1.4% | -11.6% |
| 1/27/2023 | -1.1% | 4.1% | -1.2% |
| 11/1/2022 | -7.0% | 3.0% | 8.5% |
| 8/2/2022 | 1.0% | 2.7% | 4.2% |
| 4/29/2022 | -0.5% | -8.4% | -7.2% |
| 2/3/2022 | -2.0% | 12.4% | 21.2% |
| 10/28/2021 | -1.9% | -1.0% | -10.4% |
| 7/30/2021 | -0.4% | -2.7% | -11.4% |
| 4/30/2021 | -4.8% | 4.4% | 21.1% |
| 1/29/2021 | 0.7% | 6.0% | 37.0% |
| 10/23/2020 | -2.5% | -4.6% | 45.0% |
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 16 |
| # Negative | 12 | 10 | 8 |
| Median Positive | 1.7% | 5.4% | 14.1% |
| Median Negative | -1.9% | -2.1% | -6.3% |
| Max Positive | 5.3% | 12.7% | 45.0% |
| Max Negative | -7.0% | -9.1% | -11.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-K |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-K |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-Q |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-K |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 01/25/2024 | 10-Q |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-K |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/26/2023 | 10-Q |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-K |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-K |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-Q |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-K |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 01/25/2024 | 10-Q |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-K |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/26/2023 | 10-Q |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-K |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 08/19/2021 | 10-K |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 01/29/2021 | 10-Q |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 09/04/2020 | 10-K |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 01/30/2020 | 10-Q |
| 09/30/2019 | 10/24/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q4 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Operating Income | Reported | 195.00 Mil | 197.50 Mil | 200.00 Mil | -4.8% | Lower New | Actual: 207.50 Mil for Q4 2026 | |
| 2027 Operating Income | Reported | 850.00 Mil | 865.00 Mil | 880.00 Mil | 23.1% | Higher New | Actual: 702.50 Mil for 2026 | |
| 2027 Adjusted Free Cash Flow | Reported | 400.00 Mil | 415.00 Mil | 430.00 Mil | 18.6% | Higher New | Actual: 350.00 Mil for 2026 | |
| 2029 Operating Income | Reported | 1.20 Bil | 1.25 Bil | 1.30 Bil | ||||
Prior: Q3 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Operating Income | Reported | 205.00 Mil | 207.50 Mil | 210.00 Mil | 15.6% | Higher New | Guidance: 179.50 Mil for Q3 2026 | |
| 2026 Operating Income | Reported | 700.00 Mil | 702.50 Mil | 705.00 Mil | 1.8% | Raised | Guidance: 690.00 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 350.00 Mil | 25.0% | Raised | Guidance: 280.00 Mil for 2026 | |||
Q2 2026 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Operating Income | Reported | 177.00 Mil | 179.50 Mil | 182.00 Mil | ||||
| 2026 Operating Income | Reported | 680.00 Mil | 690.00 Mil | 700.00 Mil | 1.5% | Raised | Guidance: 680.00 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 280.00 Mil | 7.7% | Raised | Guidance: 260.00 Mil for 2026 | |||
Q1 2026 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Operating Income | Reported | 152.00 Mil | 154.00 Mil | 156.00 Mil | 2.7% | Higher New | Guidance: 150.00 Mil for Q1 2026 | |
| 2026 Operating Income | Reported | 660.00 Mil | 680.00 Mil | 700.00 Mil | 0 | Affirmed | Guidance: 680.00 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 240.00 Mil | 260.00 Mil | 280.00 Mil | 0 | Affirmed | Guidance: 260.00 Mil for 2026 | |
| 2027 Operating Income | Reported | 765.00 Mil | 782.50 Mil | 800.00 Mil | 0 | Affirmed | Guidance: 782.50 Mil for 2027 | |
Insider Activity
Updated 8/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Thene, Tony R | Chairman, President and CEO | Direct | Sell | 8272026 | 483.78 | 51,827 | 25,072,740 | 13,093,924 | Form |
| 2 | Thene, Tony R | Chairman, President and CEO | In Trust | Sell | 8272026 | 483.90 | 57,456 | 27,803,013 | 212,737,862 | Form |
| 3 | Younessi, Ramin | Direct | Sell | 8252026 | 493.15 | 438 | 216,001 | 963,355 | Form | |
| 4 | Karol, Steven E | Held by Affiliates of Reporting Person | Sell | 6032026 | 487.74 | 2,000 | 975,479 | 108,951,715 | Form | |
| 5 | Hart, Anastasios John | Direct | Sell | 6012026 | 461.88 | 250 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Thene, Tony R | Chairman, President and CEO | Direct | Sell | 8272026 | 483.78 | 51,827 | 25,072,740 | 13,093,924 | Form |
| 2 | Thene, Tony R | Chairman, President and CEO | In Trust | Sell | 8272026 | 483.90 | 57,456 | 27,803,013 | 212,737,862 | Form |
| 3 | Younessi, Ramin | Direct | Sell | 8252026 | 493.15 | 438 | 216,001 | 963,355 | Form | |
| 4 | Karol, Steven E | Held by Affiliates of Reporting Person | Sell | 6032026 | 487.74 | 2,000 | 975,479 | 108,951,715 | Form | |
| 5 | Hart, Anastasios John | Direct | Sell | 6012026 | 461.88 | 250 | Form | |||
| 6 | Akins, Marshall D | VP and Chief Comm Officer | Direct | Sell | 5062026 | 441.36 | 11,815 | 5,214,630 | 8,096,146 | Form |
| 7 | Hart, Anastasios John | Direct | Sell | 5062026 | 423.86 | 750 | Form | |||
| 8 | Dee, James D | SVP, Gen Counsel & Sec | Direct | Sell | 2252026 | 391.78 | 15,800 | 6,190,095 | 28,889,517 | Form |
| 9 | Karol, Steven E | Direct | Sell | 2232026 | 380.00 | 3,000 | 1,140,000 | 67,260,000 | Form | |
| 10 | Karol, Steven E | Held by Affiliates of Reporting Person | Sell | 2232026 | 381.12 | 3,500 | 1,333,929 | 85,897,815 | Form | |
| 11 | Malloy, Brian J | President and COO | Direct | Sell | 12112025 | 303.52 | 4,130 | 1,253,520 | 23,939,880 | Form |
| 12 | Malloy, Brian J | President and COO | Direct | Sell | 12112025 | 304.45 | 43,688 | 13,301,026 | 24,013,957 | Form |
| 13 | Malloy, Brian J | President and COO | Direct | Sell | 12112025 | 305.60 | 27,640 | 8,446,850 | 24,104,464 | Form |
| 14 | Socci, Elizabeth A | VP, Contr & Ch Acctg Officer | Direct | Sell | 12012025 | 321.25 | 3,900 | 1,252,860 | 3,082,036 | Form |
| 15 | Younessi, Ramin | Direct | Sell | 11252025 | 307.19 | 1,300 | 399,347 | 898,208 | Form | |
| 16 | Karol, Steven E | Direct | Sell | 9102025 | 245.78 | 3,433 | 843,773 | 44,240,922 | Form | |
| 17 | Inglis, I Martin | Direct | Sell | 8192025 | 244.54 | 5,691 | 1,391,704 | 1,646,276 | Form | |
| 18 | Thene, Tony R | President and CEO | Direct | Sell | 8192025 | 244.99 | 19,000 | 4,654,838 | 131,075,099 | Form |
Investor Activity (13F)
Updated Sep 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SurgoCap Partners LP | $471.8 Mil | 15.8% | 14 | Hold | 13F |
| Tyro Capital Management LLC | $53.2 Mil | 13.5% | 23 | ADD +6.6% | 13F |
| Forest Avenue Capital Management LP | $147.8 Mil | 9.3% | 25 | TRIM -40.5% | 13F |
| Bornite Capital Management LP | $52.5 Mil | 8.8% | 17 | TRIM -36.0% | 13F |
| Third Point LLC | $122.2 Mil | 5.9% | 33 | TRIM -60.5% | 13F |
| Egerton Capital (UK) LLP | $524.6 Mil | 5.8% | 24 | TRIM -14.3% | 13F |
| Lone Pine Capital LLC | $716.5 Mil | 5.7% | 36 | ADD +38.5% | 13F |
| TOMS Capital Investment Management LP | $69.4 Mil | 4.6% | 14 | TRIM -54.5% | 13F |
| Square Wave Capital, LLC | $18.1 Mil | 4.4% | 12 | New | 13F |
| Arvin Capital Management LP | $18.2 Mil | 4.3% | 23 | TRIM -32.8% | 13F |
| Oribel Capital Management, LP | $26.3 Mil | 4.0% | 41 | New | 13F |
| XN LP | $74.4 Mil | 2.7% | 23 | New | 13F |
| Night Owl Capital Management, LLC | $20.7 Mil | 2.4% | 30 | Hold | 13F |
| Kinetic Partners Management, LP | $28.3 Mil | 1.6% | 49 | TRIM -72.1% | 13F |
| Hawk Ridge Capital Management LP | $43.0 Mil | 1.6% | 48 | TRIM -7.3% | 13F |
| FengHe Fund Management Pte. Ltd. | $9.9 Mil | 1.4% | 31 | TRIM -78.5% | 13F |
| PointState Capital LP | $5.1 Mil | 0.1% | 44 | TRIM -97.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Palestra Capital Management LLC | $115.8 Mil | 4.1% | 28 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $6.2 Mil | 2.4% | 42 | Exited | Dec 31, 2025 | 13F |
| O'Neil Global Advisors, Inc. | $6.1 Mil | 2.1% | 45 | Exited | Dec 31, 2025 | 13F |
| PointState Capital LP | $5.1 Mil | 0.1% | 44 | TRIM -97.9% | Mar 31, 2026 | 13F |
| FengHe Fund Management Pte. Ltd. | $9.9 Mil | 1.4% | 31 | TRIM -78.5% | Mar 31, 2026 | 13F |
| Kinetic Partners Management, LP | $28.3 Mil | 1.6% | 49 | TRIM -72.1% | Mar 31, 2026 | 13F |
| Third Point LLC | $122.2 Mil | 5.9% | 33 | TRIM -60.5% | Mar 31, 2026 | 13F |
| TOMS Capital Investment Management LP | $69.4 Mil | 4.6% | 14 | TRIM -54.5% | Mar 31, 2026 | 13F |
| Forest Avenue Capital Management LP | $147.8 Mil | 9.3% | 25 | TRIM -40.5% | Mar 31, 2026 | 13F |
| Bornite Capital Management LP | $52.5 Mil | 8.8% | 17 | TRIM -36.0% | Mar 31, 2026 | 13F |
| Arvin Capital Management LP | $18.2 Mil | 4.3% | 23 | TRIM -32.8% | Mar 31, 2026 | 13F |
| Egerton Capital (UK) LLP | $524.6 Mil | 5.8% | 24 | TRIM -14.3% | Mar 31, 2026 | 13F |
| Hawk Ridge Capital Management LP | $43.0 Mil | 1.6% | 48 | TRIM -7.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $716.5 Mil | 5.7% | 36 | ADD +38.5% | 13F |
| Egerton Capital (UK) LLP | $524.6 Mil | 5.8% | 24 | TRIM -14.3% | 13F |
| SurgoCap Partners LP | $471.8 Mil | 15.8% | 14 | Hold | 13F |
| Forest Avenue Capital Management LP | $147.8 Mil | 9.3% | 25 | TRIM -40.5% | 13F |
| Third Point LLC | $122.2 Mil | 5.9% | 33 | TRIM -60.5% | 13F |
| XN LP | $74.4 Mil | 2.7% | 23 | New | 13F |
| TOMS Capital Investment Management LP | $69.4 Mil | 4.6% | 14 | TRIM -54.5% | 13F |
| Tyro Capital Management LLC | $53.2 Mil | 13.5% | 23 | ADD +6.6% | 13F |
| Bornite Capital Management LP | $52.5 Mil | 8.8% | 17 | TRIM -36.0% | 13F |
| Hawk Ridge Capital Management LP | $43.0 Mil | 1.6% | 48 | TRIM -7.3% | 13F |
| Kinetic Partners Management, LP | $28.3 Mil | 1.6% | 49 | TRIM -72.1% | 13F |
| Oribel Capital Management, LP | $26.3 Mil | 4.0% | 41 | New | 13F |
| Night Owl Capital Management, LLC | $20.7 Mil | 2.4% | 30 | Hold | 13F |
| Arvin Capital Management LP | $18.2 Mil | 4.3% | 23 | TRIM -32.8% | 13F |
| Square Wave Capital, LLC | $18.1 Mil | 4.4% | 12 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $9.9 Mil | 1.4% | 31 | TRIM -78.5% | 13F |
| PointState Capital LP | $5.1 Mil | 0.1% | 44 | TRIM -97.9% | 13F |
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