Howmet Aerospace (HWM)
Market Price (7/20/2026): $272.36 | Market Cap: $109.2 BilInvestor Relations Sector: Industrials | Industry: Aerospace & Defense
Howmet Aerospace (HWM)
Market Price (7/20/2026): $272.36Market Cap: $109.2 BilSector: IndustrialsIndustry: Aerospace & Defense
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 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 2.1 Bil Stock buyback supportStock Buyback 3Y Total is 1.8 Bil Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Commercial Space Exploration, Advanced Air Mobility, Show more. | Trading close to highsDist 52W High is -3.8%, Dist 3Y High is -3.8% | Expensive valuation multiplesP/SPrice/Sales ratio is 13x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 52x, P/EPrice/Earnings or Price/(Net Income) is 63x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksHWM key risks include [1] a heavy dependence on major aerospace clients like Boeing and Airbus, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 2.1 Bil |
| Stock buyback supportStock Buyback 3Y Total is 1.8 Bil |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Commercial Space Exploration, Advanced Air Mobility, Show more. |
| Trading close to highsDist 52W High is -3.8%, Dist 3Y High is -3.8% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 13x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 52x, P/EPrice/Earnings or Price/(Net Income) is 63x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksHWM key risks include [1] a heavy dependence on major aerospace clients like Boeing and Airbus, Show more. |
Qualitative Assessment
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Updated on 7/15/2026
Howmet Aerospace (HWM) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Full-Year Guidance. Howmet Aerospace reported robust financial results for fiscal Q1 2026 (ended March 31, 2026), announced on May 7, 2026. The company's Adjusted EPS of $1.22 surpassed the consensus estimate of $1.11 by $0.11, and revenue rose 19.1% year-over-year to $2.31 billion, exceeding analysts' expectations of $2.24 billion. This strong beat, coupled with management's decision to raise its full-year fiscal 2026 revenue guidance to $9.65 billion and Adjusted EPS guidance to $4.94 (both above Wall Street expectations), instilled investor confidence in sustained performance.
2. Robust Demand Across Key End Markets. The company experienced significant and continued growth, particularly from strong demand in its commercial aerospace and gas turbine markets. In fiscal Q1 2026, commercial aerospace revenue increased by 20% year-over-year, accounting for 53% of Howmet's total business, while the gas turbines market saw a 39% revenue increase. This sustained strength in critical end markets has been a primary driver of the stock's positive trend.
Show more
Howmet Aerospace (HWM) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Full-Year Guidance. Howmet Aerospace reported robust financial results for fiscal Q1 2026 (ended March 31, 2026), announced on May 7, 2026. The company's Adjusted EPS of $1.22 surpassed the consensus estimate of $1.11 by $0.11, and revenue rose 19.1% year-over-year to $2.31 billion, exceeding analysts' expectations of $2.24 billion. This strong beat, coupled with management's decision to raise its full-year fiscal 2026 revenue guidance to $9.65 billion and Adjusted EPS guidance to $4.94 (both above Wall Street expectations), instilled investor confidence in sustained performance.
2. Robust Demand Across Key End Markets. The company experienced significant and continued growth, particularly from strong demand in its commercial aerospace and gas turbine markets. In fiscal Q1 2026, commercial aerospace revenue increased by 20% year-over-year, accounting for 53% of Howmet's total business, while the gas turbines market saw a 39% revenue increase. This sustained strength in critical end markets has been a primary driver of the stock's positive trend.
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Updated on 7/15/2026
Howmet Aerospace (HWM) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Full-Year Guidance. Howmet Aerospace reported robust financial results for fiscal Q1 2026 (ended March 31, 2026), announced on May 7, 2026. The company's Adjusted EPS of $1.22 surpassed the consensus estimate of $1.11 by $0.11, and revenue rose 19.1% year-over-year to $2.31 billion, exceeding analysts' expectations of $2.24 billion. This strong beat, coupled with management's decision to raise its full-year fiscal 2026 revenue guidance to $9.65 billion and Adjusted EPS guidance to $4.94 (both above Wall Street expectations), instilled investor confidence in sustained performance.
2. Robust Demand Across Key End Markets. The company experienced significant and continued growth, particularly from strong demand in its commercial aerospace and gas turbine markets. In fiscal Q1 2026, commercial aerospace revenue increased by 20% year-over-year, accounting for 53% of Howmet's total business, while the gas turbines market saw a 39% revenue increase. This sustained strength in critical end markets has been a primary driver of the stock's positive trend.
3. Strategic Acquisition for Enhanced Growth. Howmet Aerospace completed the acquisition of Consolidated Aerospace Manufacturing (CAM) for approximately $1.8 billion on April 6, 2026. This strategic acquisition is anticipated to bolster the company's growth trajectory and strengthen its competitive position in the aerospace and defense sectors.
4. Positive Analyst Sentiment and Elevated Price Targets. Following the strong performance and strategic developments, Wall Street analysts maintained a predominantly positive outlook on Howmet Aerospace. The consensus rating from analysts is "Moderate Buy" or "Strong Buy". Several analysts increased their price targets for HWM in fiscal Q2 and early Q3 2026, with the average 12-month price target around $293.21 as of July 15, 2026, indicating projected upside and reinforcing investor confidence.
Show less
Howmet Aerospace (HWM) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Full-Year Guidance. Howmet Aerospace reported robust financial results for fiscal Q1 2026 (ended March 31, 2026), announced on May 7, 2026. The company's Adjusted EPS of $1.22 surpassed the consensus estimate of $1.11 by $0.11, and revenue rose 19.1% year-over-year to $2.31 billion, exceeding analysts' expectations of $2.24 billion. This strong beat, coupled with management's decision to raise its full-year fiscal 2026 revenue guidance to $9.65 billion and Adjusted EPS guidance to $4.94 (both above Wall Street expectations), instilled investor confidence in sustained performance.
2. Robust Demand Across Key End Markets. The company experienced significant and continued growth, particularly from strong demand in its commercial aerospace and gas turbine markets. In fiscal Q1 2026, commercial aerospace revenue increased by 20% year-over-year, accounting for 53% of Howmet's total business, while the gas turbines market saw a 39% revenue increase. This sustained strength in critical end markets has been a primary driver of the stock's positive trend.
3. Strategic Acquisition for Enhanced Growth. Howmet Aerospace completed the acquisition of Consolidated Aerospace Manufacturing (CAM) for approximately $1.8 billion on April 6, 2026. This strategic acquisition is anticipated to bolster the company's growth trajectory and strengthen its competitive position in the aerospace and defense sectors.
4. Positive Analyst Sentiment and Elevated Price Targets. Following the strong performance and strategic developments, Wall Street analysts maintained a predominantly positive outlook on Howmet Aerospace. The consensus rating from analysts is "Moderate Buy" or "Strong Buy". Several analysts increased their price targets for HWM in fiscal Q2 and early Q3 2026, with the average 12-month price target around $293.21 as of July 15, 2026, indicating projected upside and reinforcing investor confidence.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 18.3% change in HWM stock from 3/31/2026 to 7/19/2026 was primarily driven by a 10.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 230.36 | 272.43 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,252 | 8,623 | 4.5% |
| Net Income Margin (%) | 18.3% | 20.2% | 10.7% |
| P/E Multiple | 61.7 | 62.6 | 1.5% |
| Shares Outstanding (Mil) | 404 | 401 | 0.7% |
| Cumulative Contribution | 18.3% |
Market Drivers
3/31/2026 to 7/19/2026| Return | Correlation | |
|---|---|---|
| HWM | 18.3% | |
| Market (SPY) | 14.3% | 40.8% |
| Sector (XLI) | 10.9% | 63.6% |
Fundamental Drivers
The 33.0% change in HWM stock from 12/31/2025 to 7/19/2026 was primarily driven by a 11.2% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.81 | 272.43 | 33.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,975 | 8,623 | 8.1% |
| Net Income Margin (%) | 18.2% | 20.2% | 11.2% |
| P/E Multiple | 56.9 | 62.6 | 10.0% |
| Shares Outstanding (Mil) | 403 | 401 | 0.5% |
| Cumulative Contribution | 33.0% |
Market Drivers
12/31/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| HWM | 33.0% | |
| Market (SPY) | 9.3% | 42.6% |
| Sector (XLI) | 16.0% | 65.8% |
Fundamental Drivers
The 46.7% change in HWM stock from 6/30/2025 to 7/19/2026 was primarily driven by a 21.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 185.71 | 272.43 | 46.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,548 | 8,623 | 14.2% |
| Net Income Margin (%) | 16.6% | 20.2% | 21.5% |
| P/E Multiple | 59.9 | 62.6 | 4.6% |
| Shares Outstanding (Mil) | 405 | 401 | 1.0% |
| Cumulative Contribution | 46.7% |
Market Drivers
6/30/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| HWM | 46.7% | |
| Market (SPY) | 21.3% | 41.3% |
| Sector (XLI) | 22.9% | 59.9% |
Fundamental Drivers
The 454.4% change in HWM stock from 6/30/2023 to 7/19/2026 was primarily driven by a 147.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.14 | 272.43 | 454.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,942 | 8,623 | 45.1% |
| Net Income Margin (%) | 8.2% | 20.2% | 147.3% |
| P/E Multiple | 41.7 | 62.6 | 50.4% |
| Shares Outstanding (Mil) | 412 | 401 | 2.7% |
| Cumulative Contribution | 454.4% |
Market Drivers
6/30/2023 to 7/19/2026| Return | Correlation | |
|---|---|---|
| HWM | 454.4% | |
| Market (SPY) | 73.6% | 54.6% |
| Sector (XLI) | 74.1% | 63.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HWM Return | 12% | 24% | 38% | 103% | 88% | 32% | 864% |
| Peers Return | 8% | 27% | 62% | 59% | 60% | 34% | 653% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| HWM Win Rate | 33% | 58% | 67% | 67% | 67% | 86% | |
| Peers Win Rate | 50% | 52% | 63% | 65% | 68% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| HWM Max Drawdown | -23% | -20% | -16% | -10% | -19% | -16% | |
| Peers Max Drawdown | -27% | -29% | -18% | -15% | -27% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDG, PH, ATI, CW, CRS. See HWM Returns vs. Peers.
[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 7/17/2026 (YTD)
How Low Can It Go
| Event | HWM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.4% | -18.8% |
| % Gain to Breakeven | 24.1% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.1% | -9.5% |
| % Gain to Breakeven | 16.4% | 10.5% |
| Time to Breakeven | 17 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.8% | -33.7% |
| % Gain to Breakeven | 184.2% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.3% | -19.2% |
| % Gain to Breakeven | 37.6% | 23.8% |
| Time to Breakeven | 130 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.5% | -3.7% |
| % Gain to Breakeven | 70.9% | 3.9% |
| Time to Breakeven | 95 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.3% | -12.2% |
| % Gain to Breakeven | 39.5% | 13.9% |
| Time to Breakeven | 43 days | 62 days |
In The Past
Howmet Aerospace's stock fell -19.4% during the 2025 US Tariff Shock. Such a loss loss requires a 24.1% gain to breakeven.
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Asset Allocation
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| Event | HWM | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -64.8% | -33.7% |
| % Gain to Breakeven | 184.2% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.3% | -19.2% |
| % Gain to Breakeven | 37.6% | 23.8% |
| Time to Breakeven | 130 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.5% | -3.7% |
| % Gain to Breakeven | 70.9% | 3.9% |
| Time to Breakeven | 95 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.3% | -12.2% |
| % Gain to Breakeven | 39.5% | 13.9% |
| Time to Breakeven | 43 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -58.9% | -6.8% |
| % Gain to Breakeven | 143.5% | 7.3% |
| Time to Breakeven | 2254 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -43.7% | -17.9% |
| % Gain to Breakeven | 77.5% | 21.8% |
| Time to Breakeven | 1010 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -28.7% | -15.4% |
| % Gain to Breakeven | 40.2% | 18.2% |
| Time to Breakeven | 126 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.3% | -53.4% |
| % Gain to Breakeven | 581.3% | 114.4% |
| Time to Breakeven | 5536 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.2% | -8.6% |
| % Gain to Breakeven | 41.3% | 9.5% |
| Time to Breakeven | 277 days | 47 days |
In The Past
Howmet Aerospace's stock fell -19.4% during the 2025 US Tariff Shock. Such a loss loss requires a 24.1% 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 Howmet Aerospace (HWM)
Howmet Aerospace Inc. (HWM) is a leading global provider of advanced engineered components and solutions, primarily serving critical sectors such as the aerospace, defense, and transportation industries. The company specializes in manufacturing high-performance, precision-engineered products that are essential for the reliability and efficiency of its customers' applications. Howmet's expertise allows it to contribute significantly to complex systems across these demanding markets.
The company's extensive product portfolio spans several key areas. For aerospace, Howmet supplies specialized components for aircraft engines, including airfoils, seamless rolled rings, and rotating parts, along with a wide array of aerospace fastening systems. It is also a significant producer of titanium ingots, mill products, aluminum and nickel forgings, and machined assemblies crucial for structural applications in aerospace and defense. Beyond aviation, Howmet manufactures industrial and commercial transportation fasteners, and provides high-quality forged aluminum wheels and related products specifically for heavy-duty trucks and other commercial transportation markets.
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Here are 1-3 brief analogies for Howmet Aerospace (HWM):
- The Intel of critical components for jet engines and aircraft. (Intel makes essential processors for computers; Howmet makes essential, high-performance structural and engine components for aircraft.)
- A specialized Bosch or Continental for aircraft and heavy-duty trucks. (Bosch and Continental are well-known for supplying essential, engineered components to the automotive industry; Howmet similarly supplies essential, engineered components like engine parts, fasteners, and forged wheels for the aerospace and heavy-duty truck industries.)
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- Airfoils & Seamless Rolled Rings: Advanced airfoils and seamless rolled rings primarily for aircraft engines and industrial gas turbines.
- Engine Rotating & Structural Parts: Various rotating and structural components used in aircraft engines.
- Aerospace Fastening Systems: Specialized fastening systems designed for aerospace applications.
- Commercial & Industrial Fasteners: Fasteners for commercial transportation, industrial, and other general applications.
- Titanium Ingots & Mill Products: Titanium ingots and mill products primarily for aerospace and defense applications.
- Aluminum & Nickel Forgings: Aluminum and nickel forgings, along with machined components and assemblies.
- Forged Aluminum Wheels: Forged aluminum wheels and related products for heavy-duty trucks and commercial transportation markets.
AI Analysis | Feedback
Howmet Aerospace (HWM) primarily sells its advanced engineered solutions to other companies within the aerospace and transportation industries. Its major customers include leading original equipment manufacturers (OEMs) and suppliers in these sectors.
Based on the company's segments and product offerings, its major customers include:
- Boeing (BA): A major aerospace manufacturer that utilizes Howmet's fastening systems, engineered structures, and receives engine components indirectly through engine manufacturers.
- Airbus (EADSY): The other primary aerospace manufacturer globally, similar to Boeing, using Howmet's products for aircraft construction.
- General Electric (GE): A leading manufacturer of aircraft engines (GE Aerospace), which are major buyers of Howmet's engine products such as airfoils, rings, and rotating parts.
- RTX Corporation (RTX): Parent company of Pratt & Whitney, another major aircraft engine manufacturer, as well as a significant player in the aerospace and defense sector, utilizing various engineered solutions from Howmet.
- PACCAR (PCAR): A major manufacturer of heavy-duty trucks (e.g., Kenworth and Peterbilt), which are key customers for Howmet's Forged Wheels segment.
- Daimler Truck (DTRUY): Another prominent manufacturer of heavy-duty trucks (e.g., Freightliner, Western Star, Mercedes-Benz Trucks), also a significant customer for forged aluminum wheels.
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John Plant, Executive Chairman and Chief Executive Officer
Mr. Plant has served as the Executive Chairman of Howmet Aerospace since 2017 and Chief Executive Officer since 2021 (with prior tenures as CEO and Co-CEO). He possesses over three decades of executive leadership experience in global operations, management, strategic planning, finance, business development, and risk management. Notably, he led the separation of Arconic Inc. into two independent, publicly traded companies: Howmet Aerospace Inc. and Arconic Corporation. Prior to his time at Howmet, Mr. Plant was the Chairman of the Board, President, and Chief Executive Officer of TRW Automotive Holdings Corporation, a global automotive supplier, until its acquisition by ZF Friedrichshafen AG in 2015. He also held senior leadership roles at TRW Inc. and was President of LucasVarity Automotive, which TRW Inc. later acquired.
Patrick Winterlich, Executive Vice President and Chief Financial Officer
Effective December 1, 2025, Mr. Winterlich will assume the role of Executive Vice President and Chief Financial Officer at Howmet Aerospace. Before joining Howmet, he was the Executive Vice President and Chief Financial Officer at Hexcel Corporation, a position he held since 2017. Mr. Winterlich began his career at Hexcel in 1998 and progressed through various leadership positions in Finance, Operations, and Information Technology.
Michael Chanatry, Vice President and Chief Commercial Officer
Mr. Chanatry has been the Vice President and Chief Commercial Officer of Howmet Aerospace Inc. since April 2018. Before joining Howmet Aerospace, he was an officer at GE, serving as the Vice President of supply chain for GE Power's $30 billion operation from 2015 to 2018. Prior to his officer role, he held significant general management leadership positions in procurement, manufacturing, and product management at GE Appliances (2013-2015), GE Aviation Systems (2008-2013), and GE Aircraft Engines (2003-2008).
David Crawford, Vice President and Treasurer
Mr. Crawford serves as the Vice President and Treasurer at Howmet Aerospace.
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The key risks to Howmet Aerospace (HWM) primarily stem from its deep integration within the aerospace and transportation industries.
- Reliance on Major Customers and Cyclicality of the Aerospace Industry: Howmet Aerospace is a critical supplier to major aircraft manufacturers, notably Boeing and Airbus. A significant portion of its revenue, approximately 70%, is derived from the aerospace market, with specific reliance on key customers like RTX Corporation and GE Aerospace. Consequently, fluctuations in the production rates of these major customers, any quality control issues they face, or the inherent cyclical nature of the commercial aerospace industry directly impact Howmet's revenue and profitability. The volatility in the commercial aircraft production cycle is identified as a significant near-term risk.
- Supply Chain Disruptions and Dependence on Limited Suppliers: Howmet Aerospace relies on a concentrated number of suppliers for essential materials, such as titanium sponge and specialized metal alloys. Disruptions within this supply chain, including capacity constraints or labor shortages at its suppliers, can lead to production delays, increased costs, and an inability to meet customer demand, thereby hindering its operational efficiency and financial performance.
- Weakness in the Commercial Transportation Market: While the aerospace sector is a strong growth driver, Howmet's Forged Wheels segment serves the commercial transportation market. This segment has experienced periods of weakness and revenue declines, acting as a headwind for the company's overall performance. Management has noted continued lower OEM builds for this segment in the near term, with stabilization anticipated in 2026.
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- The rapid advancement and adoption of additive manufacturing (3D printing) for aerospace and defense components. Howmet Aerospace specializes in traditional metal forming (forging, seamless rolled rings) and machining of advanced alloys for critical engine and structural parts. As aerospace OEMs increasingly invest in and certify additive manufacturing for flight-critical components, it directly challenges Howmet's established manufacturing processes and could reduce demand for its traditionally produced forgings, rings, and machined components.
- The accelerating transition to new aircraft propulsion systems, such as electric, hybrid-electric, and hydrogen-powered engines. Howmet's Engine Products segment heavily relies on providing specialized airfoils, rings, and rotating parts for traditional aircraft engines and industrial gas turbines. A widespread industry shift away from these conventional propulsion systems will significantly reduce the demand for the specific components Howmet currently supplies for them.
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Howmet Aerospace Inc. (HWM) provides advanced engineered solutions across several key industries. The addressable markets for its main products and services are substantial, reflecting the company's diverse operations in aerospace and transportation.
Addressable Markets for Howmet Aerospace's Main Products and Services:
* Engine Products: Howmet Aerospace provides airfoils, seamless rolled rings, rotating parts, and structural parts primarily for aircraft engines and industrial gas turbines. * The global aircraft engine market size was valued at USD 118.53 billion in 2025 and is projected to reach approximately USD 251.79 billion by 2035. In the U.S., this market was valued at USD 30.6 billion in 2025. * The global industrial gas turbine market size was USD 9.55 billion in 2025 and is expected to grow to USD 12.16 billion by 2034. North America held a 30.84% market share in 2025, with the U.S. market projected to reach USD 2.77 billion by 2032. Another source estimates the global gas turbine market size at USD 30.24 billion in 2025, increasing to approximately USD 61.13 billion by 2035. * The global aircraft seamless rings market was valued at USD 1.30 billion in 2024 and is expected to reach USD 1.40 billion in 2025. The global rolled ring market size was estimated at USD 24.6 million in 2024, with the U.S. accounting for USD 7.76 million in the same year. * Fastening Systems: The company produces aerospace fastening systems, as well as commercial transportation, industrial, and other fasteners. * The global aerospace fasteners market was valued at USD 7.3 billion in 2024 and is estimated to grow to USD 14.9 billion by 2034. North America dominated this market with a 40.7% revenue share in 2024, and the U.S. market was worth over USD 2.3 billion in 2024. * The global industrial fasteners market size was estimated at USD 104.75 billion in 2025 and is expected to reach around USD 158.61 billion by 2035. The commercial vehicle body and box mount fasteners market, a segment of commercial transportation, is valued at USD 799.5 million in 2026 and is projected to reach USD 1,327.6 million by 2036. * Engineered Structures: Howmet Aerospace provides titanium ingots and mill products for aerospace and defense, and aluminum and nickel forgings, and machined components and assemblies. * The global aerospace titanium market was valued at USD 3.1 billion in 2025 and is expected to grow to USD 7.2 billion in 2035. North America is the largest market, with the U.S. aerospace titanium market reaching USD 1.1 billion in 2025. The global titanium market, where aerospace & defense held over 40% of the revenue share in 2023, was estimated at USD 2.44 billion in 2023 and is projected to reach USD 3.71 billion by 2030. * The global aerospace forging market size was estimated at USD 26.3 billion in 2024 and is projected to reach USD 36.0 billion by 2030. The global aerospace forging materials market was valued at USD 12.8 billion in 2024 and is expected to reach USD 22.2 billion by 2034. The U.S. aerospace forging materials industry was valued at over USD 2.3 billion in 2024. The global aluminum forging market size was estimated at USD 3.85 billion in 2024 and is expected to reach USD 7.9 billion by 2035, with North America holding the majority market share. * Forged Wheels: The Forged Wheels segment offers forged aluminum wheels and related products for heavy-duty trucks and commercial transportation markets. * The global forged alloy aluminum wheel market size was recorded at USD 3.49 billion by the end of 2025 and is projected to reach USD 5.53 billion by 2033. Commercial vehicles account for 28% of forged alloy aluminum wheel installations. The global alloy wheels market, where aluminum alloy wheels dominate, was estimated at USD 3.17 billion in 2024 and is projected to reach USD 4.58 billion by 2033.AI Analysis | Feedback
Howmet Aerospace (HWM) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:
- Robust Demand in Commercial Aerospace: The commercial aerospace market is a significant growth driver, with strong demand and recovery expected to lead to uninterrupted growth into the 2030s. This includes double-digit delivery growth through 2027 and a projected 27% increase in the fleet from 2022 to 2030, supported by substantial backlogs for new, fuel-efficient aircraft. Howmet Aerospace's Engine Products segment, in particular, has seen increased revenue driven by commercial aerospace growth.
- Growth in Defense Aerospace: The defense aerospace sector is experiencing strong market conditions, with significant new orders and Howmet Aerospace being well-positioned for next-generation engine programs. This segment has shown impressive growth, with defense aerospace structures sales increasing 37% in Q4 2025 and 41% for the full year.
- Expanding Industrial Gas Turbine Market: The demand from the land-based industrial gas turbine market is projected to see extraordinary growth over the next 3-5 years, potentially more than doubling revenue, largely driven by data center expansion and electrification trends. Howmet Aerospace holds the highest global market share for gas turbine blades. The Gas Turbines market was up 32% in a recent quarter.
- Forged Wheels Market Recovery and Conversion: The commercial transportation market for forged wheels is expected to bottom in Q1 2026, with an anticipated improvement in the second half of the year as regulatory standards and freight rates stabilize. Howmet Aerospace's Forged Wheels segment maintains a leading global brand status with significant untapped market potential for converting from steel to aluminum wheels.
- Strategic Acquisitions and Technology Investments: Howmet Aerospace is pursuing future growth through strategic mergers and acquisitions, including the announced $1.8 billion Consolidated Aerospace Manufacturing (CAM) deal, which supports product expansion. The company is also making substantial capital expenditures, such as a record $453 million, primarily directed towards its Engines business to support market growth, and investing in advanced manufacturing technologies, automation, and vertical integration to improve yields and operational efficiency.
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[1] Share Repurchases
- Howmet Aerospace repurchased $700 million of common stock in full year 2025.
- The company repurchased $500 million of common stock during 2024.
- As of February 12, 2026, Howmet Aerospace had approximately $1.347 billion in available share repurchase authorization.
[2] Share Issuance
- No significant dollar amounts of shares issued by the company were reported within the last 3-5 years.
[3] Inbound Investments
- No significant large investments made in the company by third-parties were reported within the last 3-5 years.
[4] Outbound Investments
- Howmet Aerospace entered into a definitive agreement in December 2025 to acquire Consolidated Aerospace Manufacturing, LLC for approximately $1.8 billion in cash, with the transaction expected to close in the first half of 2026.
- The company acquired Brunner Manufacturing Co. Inc., a fastener producer, in an all-cash transaction on February 6, 2026.
[5] Capital Expenditures
- Capital expenditures for the full year 2025 were a record $453 million, as the company continued to invest for growth.
- Capital expenditures in 2024 were $321 million, an increase of approximately $100 million year-over-year, to support continued investment for growth, including increasing production capacity for airfoils.
- Expected capital expenditures for 2026 are approximately $470 million to support aerospace and power market expansion.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 632.81 |
| Mkt Cap | 49.3 |
| Rev LTM | 6,609 |
| Op Inc LTM | 1,473 |
| FCF LTM | 1,123 |
| FCF 3Y Avg | 836 |
| CFO LTM | 1,460 |
| CFO 3Y Avg | 1,039 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.1% |
| Rev Chg 3Y Avg | 10.0% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 15.5% |
| Op Inc Chg 3Y Avg | 18.6% |
| Op Mgn LTM | 21.1% |
| Op Mgn 3Y Avg | 18.9% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.0% |
| CFO/Rev 3Y Avg | 17.8% |
| FCF/Rev LTM | 17.0% |
| FCF/Rev 3Y Avg | 15.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 49.3 |
| P/S | 7.3 |
| P/Op Inc | 38.8 |
| P/EBIT | 38.4 |
| P/E | 54.7 |
| P/CFO | 36.1 |
| Total Yield | 1.9% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.8% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.2% |
| 3M Rtn | 1.6% |
| 6M Rtn | 14.0% |
| 12M Rtn | 44.3% |
| 3Y Rtn | 289.6% |
| 1M Excs Rtn | -2.8% |
| 3M Excs Rtn | -1.0% |
| 6M Excs Rtn | 9.9% |
| 12M Excs Rtn | 28.6% |
| 3Y Excs Rtn | 224.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Engine Products | 4,327 | 3,742 | 3,279 | 2,702 | 2,286 |
| Fastening Systems | 1,746 | 1,577 | 1,349 | 1,117 | 1,044 |
| Engineered Structures | 1,157 | 1,075 | 881 | 796 | 731 |
| Forged Wheels | 1,039 | 1,054 | 1,147 | 1,058 | 921 |
| Inter-segment sales | -17 | -18 | -16 | -10 | -10 |
| Total | 8,252 | 7,430 | 6,640 | 5,663 | 4,972 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Engine Products | 1,292 | 1,011 | 757 | 604 | 440 |
| Fastening Systems | 482 | 359 | 232 | 189 | 190 |
| Forged Wheels | 254 | 245 | 270 | 238 | 255 |
| Engineered Structures | 202 | 124 | 66 | 63 | 54 |
| Restructuring and other charges | -84 | -21 | -23 | -56 | -90 |
| Corporate expense | -100 | -85 | -99 | -119 | -101 |
| Total | 2,046 | 1,633 | 1,203 | 919 | 748 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Engine Products | 5,626 | 5,145 | 4,926 | 4,784 | 4,663 |
| Fastening Systems | 2,761 | 2,711 | 2,749 | 2,661 | 2,635 |
| Engineered Structures | 1,330 | 1,355 | 1,415 | 1,273 | 1,280 |
| Cash and cash equivalents | 742 | 564 | 610 | 791 | 720 |
| Forged Wheels | 691 | 701 | 724 | 701 | 684 |
| Other | 162 | 174 | 125 | 144 | 168 |
| Corporate fixed assets, net | 77 | 83 | 83 | 91 | 133 |
| Deferred income taxes | 40 | 36 | 46 | 54 | 184 |
| Accounts receivable securitization | -250 | -250 | -250 | -250 | -250 |
| Fair value of derivative contracts | 0 | 6 | 2 | ||
| Total | 11,179 | 10,519 | 10,428 | 10,255 | 10,219 |
Price Behavior
Price Behavior
| Market Price | $272.43 | |
| Market Cap ($ Bil) | 109.2 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -3.8% | |
| 50 Days | 200 Days | |
| DMA Price | $266.22 | $231.62 |
| DMA Trend | up | up |
| Distance from DMA | 2.3% | 17.6% |
| 3M | 1YR | |
| Volatility | 34.7% | 31.2% |
| Downside Capture | 42.43 | 86.14 |
| Upside Capture | 62.46 | 110.67 |
| Correlation (SPY) | 35.3% | 42.0% |
HWM Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.87 | 1.09 | 1.07 | 1.03 | 1.17 |
| Up Beta | 2.67 | 2.92 | 2.38 | 2.20 | 1.81 | 1.35 |
| Down Beta | 0.87 | 0.75 | 0.56 | 0.38 | 0.37 | 1.10 |
| Up Capture | 2% | 62% | 70% | 114% | 119% | 244% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 20 | 30 | 62 | 127 | 423 |
| Down Capture | -43% | 2% | 29% | 73% | 92% | 95% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 21 | 33 | 63 | 125 | 328 |
[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 HWM | |
|---|---|---|---|---|
| HWM | 48.4% | 31.1% | 1.28 | - |
| Sector ETF (XLI) | 20.6% | 16.6% | 0.95 | 61.4% |
| Equity (SPY) | 20.2% | 12.6% | 1.18 | 41.8% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | 22.9% |
| Commodities (DBC) | 30.0% | 19.0% | 1.25 | -17.7% |
| Real Estate (VNQ) | 15.7% | 14.0% | 0.81 | 22.3% |
| Bitcoin (BTCUSD) | -46.3% | 42.8% | -1.33 | 25.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HWM | |
|---|---|---|---|---|
| HWM | 52.2% | 32.1% | 1.35 | - |
| Sector ETF (XLI) | 13.3% | 17.6% | 0.59 | 68.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.57 | 60.0% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 10.5% |
| Commodities (DBC) | 8.7% | 19.5% | 0.34 | 13.6% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 41.3% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 24.1% |
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 HWM | |
|---|---|---|---|---|
| HWM | 34.3% | 39.4% | 0.87 | - |
| Sector ETF (XLI) | 14.3% | 20.0% | 0.63 | 69.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 59.2% |
| Gold (GLD) | 11.0% | 16.1% | 0.55 | 5.3% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 24.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 47.3% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 6.3% | 6.5% | -1.7% |
| 2/12/2026 | 6.0% | 8.9% | 2.6% |
| 10/30/2025 | -0.8% | 1.4% | -2.3% |
| 7/31/2025 | -6.4% | -5.2% | -8.3% |
| 5/1/2025 | 6.8% | 13.4% | 22.7% |
| 2/13/2025 | -0.0% | 8.1% | -1.2% |
| 11/6/2024 | 12.4% | 11.3% | 17.6% |
| 7/30/2024 | 13.2% | 4.7% | 17.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 14 |
| # Negative | 8 | 7 | 10 |
| Median Positive | 6.2% | 7.3% | 12.4% |
| Median Negative | -1.3% | -1.5% | -3.5% |
| Max Positive | 19.0% | 21.9% | 35.0% |
| Max Negative | -7.0% | -5.2% | -8.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 6.3% | 6.5% | -1.7% |
| 2/12/2026 | 6.0% | 8.9% | 2.6% |
| 10/30/2025 | -0.8% | 1.4% | -2.3% |
| 7/31/2025 | -6.4% | -5.2% | -8.3% |
| 5/1/2025 | 6.8% | 13.4% | 22.7% |
| 2/13/2025 | -0.0% | 8.1% | -1.2% |
| 11/6/2024 | 12.4% | 11.3% | 17.6% |
| 7/30/2024 | 13.2% | 4.7% | 17.1% |
| 5/2/2024 | 15.5% | 21.9% | 26.8% |
| 2/13/2024 | 5.4% | 7.3% | 11.6% |
| 11/2/2023 | 7.9% | 8.1% | 18.4% |
| 8/1/2023 | -4.2% | -1.3% | -3.5% |
| 5/2/2023 | 1.5% | -1.0% | -3.4% |
| 2/14/2023 | 4.7% | 2.5% | -4.1% |
| 10/31/2022 | -1.7% | -0.2% | 3.0% |
| 8/4/2022 | -0.3% | 1.9% | -5.8% |
| 5/3/2022 | 3.4% | -1.6% | 5.5% |
| 2/2/2022 | 3.1% | 6.0% | 10.3% |
| 11/4/2021 | 1.9% | 6.2% | -4.4% |
| 8/4/2021 | -7.0% | -2.1% | -3.3% |
| 5/6/2021 | -0.4% | -1.5% | 8.8% |
| 2/3/2021 | 2.9% | 6.3% | 13.2% |
| 11/9/2020 | 19.0% | 18.6% | 35.0% |
| 8/6/2020 | 7.5% | 12.5% | 10.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 14 |
| # Negative | 8 | 7 | 10 |
| Median Positive | 6.2% | 7.3% | 12.4% |
| Median Negative | -1.3% | -1.5% | -3.5% |
| Max Positive | 19.0% | 21.9% | 35.0% |
| Max Negative | -7.0% | -5.2% | -8.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 2.39 Bil | 2.40 Bil | 2.41 Bil | ||||
| Q2 2026 Adjusted EBITDA | 760.00 Mil | 765.00 Mil | 770.00 Mil | ||||
| Q2 2026 Adjusted EBITDA Margin | 31.8% | 31.9% | 32.0% | ||||
| Q2 2026 Adjusted Earnings per Share | 1.22 | 1.23 | 1.24 | 11.8% | Higher New | Guidance: 1.1 for Q1 2026 | |
| 2026 Revenue | 9.57 Bil | 9.65 Bil | 9.72 Bil | 6.0% | Raised | Guidance: 9.10 Bil for 2026 | |
| 2026 Adjusted EBITDA | 3.02 Bil | 3.06 Bil | 3.10 Bil | ||||
| 2026 Adjusted EBITDA Margin | 31.6% | 31.7% | 31.8% | ||||
| 2026 Adjusted Earnings per Share | 4.88 | 4.94 | 5 | 11.0% | Raised | Guidance: 4.45 for 2026 | |
| 2026 Free Cash Flow | 1.70 Bil | 1.75 Bil | 1.80 Bil | 9.4% | Raised | Guidance: 1.60 Bil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 2.23 Bil | 2.23 Bil | 2.25 Bil | 6.4% | Higher New | Actual: 2.10 Bil for Q4 2025 | |
| Q1 2026 Adj. Earnings per Share | 1.09 | 1.1 | 1.11 | 15.8% | Higher New | Actual: 0.95 for Q4 2025 | |
| 2026 Revenue | 9.00 Bil | 9.10 Bil | 9.20 Bil | 1.1% | Raised | Guidance: 9.00 Bil for 2026 | |
| 2026 Revenue Growth | 10.0% | ||||||
| 2026 Adj. Earnings per Share | 4.35 | 4.45 | 4.55 | 21.3% | Higher New | Actual: 3.67 for 2025 | |
| 2026 Free Cash Flow | 1.55 Bil | 1.60 Bil | 1.65 Bil | 23.1% | Higher New | Actual: 1.30 Bil for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 2.09 Bil | 2.10 Bil | 2.11 Bil | 3.4% | Higher New | Guidance: 2.03 Bil for Q3 2025 | |
| Q4 2025 Adj. EBITDA | 605.00 Mil | 610.00 Mil | 615.00 Mil | 5.2% | Higher New | Guidance: 580.00 Mil for Q3 2025 | |
| Q4 2025 Adj. EBITDA Margin | 28.9% | 29.0% | 29.1% | 0.4% | Higher New | Guidance: 28.6% for Q3 2025 | |
| Q4 2025 Adj. Earnings per Share | 0.94 | 0.95 | 0.96 | 5.6% | Higher New | Guidance: 0.9 for Q3 2025 | |
| 2025 Revenue | 8.18 Bil | 8.19 Bil | 8.20 Bil | 0.7% | Raised | Guidance: 8.13 Bil for 2025 | |
| 2025 Adj. EBITDA | 2.37 Bil | 2.38 Bil | 2.38 Bil | 2.4% | Raised | Guidance: 2.32 Bil for 2025 | |
| 2025 Adj. EBITDA Margin | 29.0% | 0.4% | Raised | Guidance: 28.55% for 2025 | |||
| 2025 Adj. Earnings per Share | 3.66 | 3.67 | 3.68 | 1.9% | Raised | Guidance: 3.6 for 2025 | |
| 2025 Free Cash Flow | 1.27 Bil | 1.30 Bil | 1.32 Bil | 6.1% | Raised | Guidance: 1.23 Bil for 2025 | |
| 2026 Revenue | 9.00 Bil | ||||||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marchuk, Neil Edward | EVP, CAO | Direct | Sell | 5122026 | 269.50 | 41,932 | 11,300,536 | 17,545,583 | Form |
| 2 | Shultz, Barbara Lou | Vice President and Controller | Direct | Sell | 2272026 | 260.00 | 1,000 | 260,005 | 6,207,359 | Form |
| 3 | Marchuk, Neil Edward | EVP, CAO | Direct | Sell | 2182026 | 251.70 | 45,150 | 11,364,427 | 26,934,320 | Form |
| 4 | Lin, Lola Felice | EVP, CL&CO and Secretary | Direct | Sell | 8062025 | 180.51 | 13,102 | 2,365,073 | 11,399,358 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marchuk, Neil Edward | EVP, CAO | Direct | Sell | 5122026 | 269.50 | 41,932 | 11,300,536 | 17,545,583 | Form |
| 2 | Shultz, Barbara Lou | Vice President and Controller | Direct | Sell | 2272026 | 260.00 | 1,000 | 260,005 | 6,207,359 | Form |
| 3 | Marchuk, Neil Edward | EVP, CAO | Direct | Sell | 2182026 | 251.70 | 45,150 | 11,364,427 | 26,934,320 | Form |
| 4 | Lin, Lola Felice | EVP, CL&CO and Secretary | Direct | Sell | 8062025 | 180.51 | 13,102 | 2,365,073 | 11,399,358 | Form |
Investor Activity (13F)
Updated Jul 20, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active 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 |
|---|---|---|---|---|---|
| Kensico Capital Management Corp | $1.2 Bil | 23.9% | 20 | Hold | 13F |
| DSM Capital Partners LLC | $177.4 Mil | 3.1% | 44 | TRIM -11.9% | 13F |
| Ithaka Group LLC | $14.6 Mil | 3.0% | 38 | ADD +75.1% | 13F |
| Elite Wealth Management, Inc. | $7.0 Mil | 2.3% | 49 | TRIM -7.0% | 13F |
| Night Owl Capital Management, LLC | $18.9 Mil | 2.2% | 30 | Hold | 13F |
| KADENSA CAPITAL Ltd | $12.4 Mil | 1.7% | 39 | TRIM -36.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Kensico Capital Management Corp | $1.2 Bil | 23.9% | 20 | Hold | 13F |
| DSM Capital Partners LLC | $177.4 Mil | 3.1% | 44 | TRIM -11.9% | 13F |
| Night Owl Capital Management, LLC | $18.9 Mil | 2.2% | 30 | Hold | 13F |
| Ithaka Group LLC | $14.6 Mil | 3.0% | 38 | ADD +75.1% | 13F |
| KADENSA CAPITAL Ltd | $12.4 Mil | 1.7% | 39 | TRIM -36.5% | 13F |
| Elite Wealth Management, Inc. | $7.0 Mil | 2.3% | 49 | TRIM -7.0% | 13F |
Industry Resources
| Industrials Resources |
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External Quote Links
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| SeekingAlpha | ValueLine |
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
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| FinViz |
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