Carpenter Technology (CRS)
Market Price (11/7/2026): $278.26 | Market Cap: $13.8 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Carpenter Technology (CRS)
Market Price (11/7/2026): $278.26Market Cap: $13.8 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 23% 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 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Advanced Materials, and Advanced Aviation & Space. Themes include Specialty Chemicals for Performance, Lightweight Composites, Show more. | 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 23% |
| 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 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Advanced Materials, and Advanced Aviation & Space. Themes include Specialty Chemicals for Performance, Lightweight Composites, Show more. |
| 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 lost about 45% since 7/31/2026 because of the following key factors:
1. Significant Revenue Miss in Fiscal Q1 2027.
Despite reporting a record operating income of $196.4 million, up 28% year-over-year, and beating EPS estimates with $3.25 per diluted share against a $3.04 consensus, Carpenter Technology's net sales (excluding surcharge) for fiscal Q1 2027 (ended September 30, 2026) were $798.2 million. This figure missed analyst estimates of $830.8 million and represented a 7% sequential decline, which the company attributed in part to planned preventive maintenance outages. This revenue shortfall likely contributed to investor disappointment and a negative stock reaction following the earnings report.
2. Series of Analyst Downgrades and Price Target Reductions.
In the period leading up to and immediately following the fiscal Q1 2027 earnings report, several investment firms significantly lowered their price targets and, in some cases, downgraded their ratings for Carpenter Technology. For example, BTIG Research reduced its price objective from $620.00 to $470.00, and Wells Fargo & Company dropped its target from $540.00 to $430.00. JPMorgan Chase & Co. also cut its target price from $700.00 to $520.00. These revisions by analysts likely signaled a more cautious outlook on the company's valuation and future growth potential to the market, contributing to selling pressure.
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Carpenter Technology (CRS) stock has lost about 45% since 7/31/2026 because of the following key factors:
1. Significant Revenue Miss in Fiscal Q1 2027.
Despite reporting a record operating income of $196.4 million, up 28% year-over-year, and beating EPS estimates with $3.25 per diluted share against a $3.04 consensus, Carpenter Technology's net sales (excluding surcharge) for fiscal Q1 2027 (ended September 30, 2026) were $798.2 million. This figure missed analyst estimates of $830.8 million and represented a 7% sequential decline, which the company attributed in part to planned preventive maintenance outages. This revenue shortfall likely contributed to investor disappointment and a negative stock reaction following the earnings report.
2. Series of Analyst Downgrades and Price Target Reductions.
In the period leading up to and immediately following the fiscal Q1 2027 earnings report, several investment firms significantly lowered their price targets and, in some cases, downgraded their ratings for Carpenter Technology. For example, BTIG Research reduced its price objective from $620.00 to $470.00, and Wells Fargo & Company dropped its target from $540.00 to $430.00. JPMorgan Chase & Co. also cut its target price from $700.00 to $520.00. These revisions by analysts likely signaled a more cautious outlook on the company's valuation and future growth potential to the market, contributing to selling pressure.
3. Substantial Insider Selling Activity.
During fiscal Q1 2027, Carpenter Technology experienced significant insider selling, with transactions totaling approximately $54.6 million in company stock. This substantial volume of insider sales, exceeding the $5 million threshold, can be interpreted by investors as a lack of confidence from those most knowledgeable about the company's internal prospects, potentially leading to increased bearish sentiment.
4. Softening Defense Sector Demand Amid Broader Aerospace Supply Chain Bottlenecks.
While commercial aerospace bookings for Carpenter Technology increased by 25% year over year in fiscal Q1 2027, the company noted a sequential decline in defense sales due to a lack of clear funding. This uneven demand across key end markets, coupled with broader aerospace industry challenges such as workforce shortages, aging infrastructure, and fragile supply chains, may have tempered investor enthusiasm. These macroeconomic and industry-specific bottlenecks could limit Carpenter Technology's ability to fully convert strong order backlogs and demand into increased revenue, leading to concerns about operational execution and growth trajectory.
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Stock Movement Drivers
Fundamental Drivers
The -46.4% change in CRS stock from 7/31/2026 to 11/6/2026 was primarily driven by a -55.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 519.17 | 278.31 | -46.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,029 | 3,189 | 5.3% |
| Net Income Margin (%) | 15.8% | 17.9% | 13.0% |
| P/E Multiple | 54.2 | 24.3 | -55.1% |
| Shares Outstanding (Mil) | 50 | 50 | 0.4% |
| Cumulative Contribution | -46.4% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CRS | -46.4% | |
| Market (SPY) | -1.6% | 41.6% |
| Sector (XLI) | -9.5% | 46.5% |
Fundamental Drivers
The -34.9% change in CRS stock from 4/30/2026 to 11/6/2026 was primarily driven by a -45.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 427.79 | 278.31 | -34.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,029 | 3,189 | 5.3% |
| Net Income Margin (%) | 15.8% | 17.9% | 13.0% |
| P/E Multiple | 44.6 | 24.3 | -45.5% |
| Shares Outstanding (Mil) | 50 | 50 | 0.4% |
| Cumulative Contribution | -34.9% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CRS | -34.9% | |
| Market (SPY) | 2.6% | 40.5% |
| Sector (XLI) | -6.6% | 50.6% |
Fundamental Drivers
The -11.7% change in CRS stock from 10/31/2025 to 11/6/2026 was primarily driven by a -36.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 315.27 | 278.31 | -11.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,893 | 3,189 | 10.2% |
| Net Income Margin (%) | 14.3% | 17.9% | 25.0% |
| P/E Multiple | 38.2 | 24.3 | -36.3% |
| Shares Outstanding (Mil) | 50 | 50 | 0.6% |
| Cumulative Contribution | -11.7% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CRS | -11.7% | |
| Market (SPY) | 8.7% | 42.6% |
| Sector (XLI) | 5.8% | 55.9% |
Fundamental Drivers
The 350.1% change in CRS stock from 10/31/2023 to 11/6/2026 was primarily driven by a 347.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.83 | 278.31 | 350.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,679 | 3,189 | 19.0% |
| Net Income Margin (%) | 4.0% | 17.9% | 347.0% |
| P/E Multiple | 28.4 | 24.3 | -14.4% |
| Shares Outstanding (Mil) | 49 | 50 | -1.2% |
| Cumulative Contribution | 350.1% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CRS | 350.1% | |
| Market (SPY) | 81.9% | 48.5% |
| Sector (XLI) | 72.0% | 55.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRS Return | 3% | 29% | 94% | 142% | 86% | -11% | 931% |
| Peers Return | 44% | 26% | 38% | 9% | 70% | 23% | 468% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| CRS Win Rate | 42% | 50% | 67% | 58% | 67% | 45% | |
| Peers Win Rate | 52% | 56% | 56% | 52% | 75% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| CRS Max Drawdown | -43% | -42% | -26% | -16% | -29% | -55% | |
| Peers Max Drawdown | -30% | -39% | -26% | -33% | -34% | -34% | |
| 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 11/6/2026 (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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Asset Allocation
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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 |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 31.6% | 32.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering | 28 | -22.1% | 92.9% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 7.5% | 66.0% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense | 54 | -0.9% | 55.7% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 5.3% | 32.0% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components ← | 71 | 0.9% | 49.5% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 34.9% | 68.8% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services | 34 | 15.4% | 37.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -6.6% | 6.9% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 30.0% | 10.9% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 13.4% | 3.3% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.2% | 22.9% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -8.1% | 59.1% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services | 6 | -11.7% | 1.7% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.2% | -15.7% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.3% | -4.3% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -19.4% | 26.4% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -45.7% | 29.4% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 6.4% | 67.5% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -29.4% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 23.6% | -9.6% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -19.6% | 37.4% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -46.5% | -66.9% | -87.0% | JOBY -40% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 206.75 |
| Mkt Cap | 23.9 |
| Rev LTM | 9,731 |
| Op Inc LTM | 828 |
| FCF LTM | 421 |
| FCF 3Y Avg | 355 |
| CFO LTM | 730 |
| CFO 3Y Avg | 618 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 23.0% |
| QoQ Delta Rev Chg LTM | 5.7% |
| Op Inc Chg LTM | 36.4% |
| Op Inc Chg 3Y Avg | 21.3% |
| Op Mgn LTM | 16.5% |
| Op Mgn 3Y Avg | 14.1% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 14.6% |
| CFO/Rev 3Y Avg | 13.5% |
| FCF/Rev LTM | 8.4% |
| FCF/Rev 3Y Avg | 7.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 23.9 |
| P/S | 4.3 |
| P/Op Inc | 18.6 |
| P/EBIT | 18.7 |
| P/E | 24.3 |
| P/CFO | 32.7 |
| Total Yield | 2.8% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Specialty Alloys Operations (SAO ) | 2,827 | 2,564 | 2,444 | 2,214 | 1,566 |
| Performance Engineered Products (PEP ) | 383 | 405 | 411 | 434 | 344 |
| Elimination of intersegment | -86 | -92 | -95 | -97 | -74 |
| Total | 3,124 | 2,877 | 2,760 | 2,550 | 1,836 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Specialty Alloys Operations (SAO ) | 783 | 589 | 408 | 179 | 10 |
| Performance Engineered Products (PEP ) | 30 | 37 | 36 | 32 | 18 |
| Elimination of intersegment | -2 | -1 | 2 | -2 | 0 |
| Corporate costs | -109 | -103 | -123 | -76 | -53 |
| Total | 702 | 522 | 323 | 133 | -25 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Specialty Alloys Operations (SAO ) | 2,962 | 2,649 | 2,542 | 2,461 | 2,262 |
| Corporate | 491 | 433 | 335 | 159 | 249 |
| Performance Engineered Products (PEP ) | 400 | 414 | 432 | 452 | 419 |
| Intersegment | -15 | -9 | |||
| Elimination of intersegment | -17 | -18 | 2 | ||
| Total | 3,838 | 3,487 | 3,292 | 3,054 | 2,932 |
Price Behavior
| Market Price | $278.31 | |
| Market Cap ($ Bil) | 13.9 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -55.0% | |
| 50 Days | 200 Days | |
| DMA Price | $380.92 | $441.94 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -26.9% | -37.0% |
| 3M | 1YR | |
| Volatility | 52.0% | 48.4% |
| Downside Capture | 343.99 | 174.45 |
| Upside Capture | -49.95 | 140.46 |
| Correlation (S&P 500) | 35.5% | 42.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.14 | 1.90 | 2.32 | 1.69 | 1.62 | 1.52 |
| Up Beta | 5.14 | 0.67 | 2.63 | 1.63 | 1.76 | 1.61 |
| Down Beta | 5.53 | 5.37 | 4.78 | 1.76 | 1.30 | 1.52 |
| Up Capture | -38% | -65% | 12% | 113% | 195% | 521% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 13 | 22 | 56 | 123 | 403 |
| Down Capture | 386% | 292% | 305% | 194% | 146% | 107% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 30 | 42 | 70 | 128 | 348 |
[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 | -11.7% | 48.4% | -0.10 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 55.8% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 42.6% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 23.4% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -18.2% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 13.1% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 13.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRS | |
|---|---|---|---|---|
| CRS | 56.9% | 47.5% | 1.10 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 58.2% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 51.0% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 13.1% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 11.8% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 35.6% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRS | |
|---|---|---|---|---|
| CRS | 26.3% | 49.0% | 0.66 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 64.8% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 56.9% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 8.4% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 25.0% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 44.6% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | -2.6% | 2.2% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 15 |
| # Negative | 12 | 9 | 8 |
| Median Positive | 1.7% | 5.1% | 12.9% |
| Median Negative | -1.9% | -1.4% | -6.3% |
| Max Positive | 5.3% | 12.7% | 37.0% |
| Max Negative | -7.0% | -9.1% | -11.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | -2.6% | 2.2% | |
| 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% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 15 |
| # Negative | 12 | 9 | 8 |
| Median Positive | 1.7% | 5.1% | 12.9% |
| Median Negative | -1.9% | -1.4% | -6.3% |
| Max Positive | 5.3% | 12.7% | 37.0% |
| Max Negative | -7.0% | -9.1% | -11.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/23/2026Latest: Q1 2027 Earnings Reported 10/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Operating Income | Reported | 192.00 Mil | 194.50 Mil | 197.00 Mil | -1.5% | Lower New | Guidance: 197.50 Mil for Q1 2027 | |
| 2027 Operating Income | Reported | 850.00 Mil | 865.00 Mil | 880.00 Mil | 0.0% | Affirmed | Guidance: 865.00 Mil for 2027 | |
| 2027 Operating Income Growth | Reported | 21.0% | 23.0% | 25.0% | ||||
| 2029 Operating Income | Reported | 1.20 Bil | 1.25 Bil | 1.30 Bil | 0.0% | Affirmed | Guidance: 1.25 Bil for 2029 | |
Prior: 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 | ||||
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 | |||
Insider Activity
Updated 10/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Karol, Steven E | Direct | Sell | 9092026 | 474.08 | 3,275 | 1,552,618 | 83,912,461 | Form | |
| 2 | Thene, Tony R | Chairman, President and CEO | Direct | Sell | 8272026 | 483.78 | 51,827 | 25,072,740 | 13,093,924 | Form |
| 3 | Thene, Tony R | Chairman, President and CEO | In Trust | Sell | 8272026 | 483.90 | 57,456 | 27,803,013 | 212,737,862 | Form |
| 4 | Younessi, Ramin | Direct | Sell | 8252026 | 493.15 | 438 | 216,001 | 963,355 | Form | |
| 5 | Karol, Steven E | Held by Affiliates of Reporting Person | Sell | 6032026 | 487.74 | 2,000 | 975,479 | 108,951,715 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Karol, Steven E | Direct | Sell | 9092026 | 474.08 | 3,275 | 1,552,618 | 83,912,461 | Form | |
| 2 | Thene, Tony R | Chairman, President and CEO | Direct | Sell | 8272026 | 483.78 | 51,827 | 25,072,740 | 13,093,924 | Form |
| 3 | Thene, Tony R | Chairman, President and CEO | In Trust | Sell | 8272026 | 483.90 | 57,456 | 27,803,013 | 212,737,862 | Form |
| 4 | Younessi, Ramin | Direct | Sell | 8252026 | 493.15 | 438 | 216,001 | 963,355 | Form | |
| 5 | Karol, Steven E | Held by Affiliates of Reporting Person | Sell | 6032026 | 487.74 | 2,000 | 975,479 | 108,951,715 | Form | |
| 6 | Hart, Anastasios John | Direct | Sell | 6012026 | 461.88 | 250 | Form | |||
| 7 | Akins, Marshall D | VP and Chief Comm Officer | Direct | Sell | 5062026 | 441.36 | 11,815 | 5,214,630 | 8,096,146 | Form |
| 8 | Hart, Anastasios John | Direct | Sell | 5062026 | 423.86 | 750 | Form | |||
| 9 | Dee, James D | SVP, Gen Counsel & Sec | Direct | Sell | 2252026 | 391.78 | 15,800 | 6,190,095 | 28,889,517 | Form |
| 10 | Karol, Steven E | Direct | Sell | 2232026 | 380.00 | 3,000 | 1,140,000 | 67,260,000 | Form | |
| 11 | Karol, Steven E | Held by Affiliates of Reporting Person | Sell | 2232026 | 381.12 | 3,500 | 1,333,929 | 85,897,815 | Form | |
| 12 | Malloy, Brian J | President and COO | Direct | Sell | 12112025 | 303.52 | 4,130 | 1,253,520 | 23,939,880 | Form |
| 13 | Malloy, Brian J | President and COO | Direct | Sell | 12112025 | 304.45 | 43,688 | 13,301,026 | 24,013,957 | Form |
| 14 | Malloy, Brian J | President and COO | Direct | Sell | 12112025 | 305.60 | 27,640 | 8,446,850 | 24,104,464 | Form |
| 15 | Socci, Elizabeth A | VP, Contr & Ch Acctg Officer | Direct | Sell | 12012025 | 321.25 | 3,900 | 1,252,860 | 3,082,036 | Form |
| 16 | Younessi, Ramin | Direct | Sell | 11252025 | 307.19 | 1,300 | 399,347 | 898,208 | Form |
Investor Activity (13F)
Updated Nov 7, 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 |
Industry Resources
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