Tearsheet

Howmet Aerospace (HWM)

Market Price (12/28/2025): $211.28 | Market Cap: $85.4 Bil
Sector: Industrials | Industry: Aerospace & Defense

Howmet Aerospace (HWM)

Market Price (12/28/2025): $211.28
Market Cap: $85.4 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%	Trading close to highs Dist 52W High is -0.4%, Dist 3Y High is -0.4%	Expensive valuation multiples P/SPrice/Sales ratio is 11x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 47x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 60x, P/EPrice/Earnings or Price/(Net Income) is 61x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%
2	Low stock price volatility Vol 12M is 34%		Key risks HWM key risks include [1] a heavy dependence on major aerospace clients like Boeing and Airbus, Show more.
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Commercial Space Exploration, Advanced Air Mobility, Show more.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 34%
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Commercial Space Exploration, Advanced Air Mobility, Show more.
4	Trading close to highs Dist 52W High is -0.4%, Dist 3Y High is -0.4%
5	Expensive valuation multiples P/SPrice/Sales ratio is 11x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 47x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 60x, P/EPrice/Earnings or Price/(Net Income) is 61x
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%
7	Key risks HWM key risks include [1] a heavy dependence on major aerospace clients like Boeing and Airbus, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$211.28	$109.08	$53.81	$39.04	$31.44
Market Cap CYE ($ Bil)	85.4	44.5	22.2	16.1	13.4
Total Debt ($ Bil)	3.3	3.5	3.8	4.3	4.3
Total Cash ($ Bil)	0.5	0.6	0.6	0.8	0.7
Enterprise Value ($ Bil)	88.1	48.0	26.0	20.4	17.7
Valuation Ratios
P/S TTM	11.1	6.0	3.4	2.9	2.8
P/EBIT TTM	46.8	28.5	18.7	19.6	23.5
P/E TTM	61.1	38.6	29.1	35.0	53.0
P/FCF TTM	83.8	45.7	32.7	30.4	54.7
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.2	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4	13.8

	12/28/25	2024	2023
Share Price CYE	$211.28	$109.08	$53.81
Market Cap CYE ($ Bil)	85.4	44.5	22.2
Total Debt ($ Bil)	3.3	3.5	3.8
Total Cash ($ Bil)	0.5	0.6	0.6
Enterprise Value ($ Bil)	88.1	48.0	26.0
Valuation Ratios
P/S TTM	11.1	6.0	3.4
P/EBIT TTM	46.8	28.5	18.7
P/E TTM	61.1	38.6	29.1
P/FCF TTM	83.8	45.7	32.7
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	HWM	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	7.7
Rev Chg Q	9.2%	7.3%
Rev Chg LTM	8.9%	6.1%
Rev Chg 3Y Avg	13.5%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.9
CFO LTM ($ Bil)	1.4
Net Inc LTM ($ Bil)	1.4
Op Mgn LTM	24.0%	18.8%
CFO/Rev LTM	18.4%	20.4%
Net Inc Mgn	18.1%	13.1%
VALUATION	VERY HIGH
P/S	11.1	3.3
P/CFO	60.0	15.8
P/FCF	83.8	20.7
P/E	61.1	23.7
STABILITY	GOOD
Debt/Equity	0.04	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Granted and Pending Patents	approximately 1,170	10302025	Link
Total Spares Revenue as a Percentage of Total Revenue	approximately 17%	4092025	Link
Commercial Aerospace Revenue as a Percentage of Total Revenue	52%	7312025	Link
Commercial Transportation Revenue as a Percentage of Total Revenue	17%	7312025	Link
Defense Aerospace Revenue as a Percentage of Total Revenue	16%	7312025	Link
Industrial & Other Revenue as a Percentage of Total Revenue	15%	7312025	Link
Global Market Share in Precision Aerospace Manufacturing	22%	12312022	Link
Customer Satisfaction Rating	96%	12312022	Link

Upcoming
2/12/2026	Earnings Release	Rev: - EPS: -

HWM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The requested time period from August 31, 2025, to December 28, 2025, is in the future. As such, I cannot provide an explanation for a stock movement that has not yet occurred. However, recent developments concerning Howmet Aerospace (HWM) in late 2025 include:

1. Howmet Aerospace announced a definitive agreement on December 22, 2025, to acquire Consolidated Aerospace Manufacturing (CAM) from Stanley Black & Decker for approximately $1.8 billion in an all-cash transaction. CAM is a manufacturer of precision fasteners, fluid fittings, and other engineered products for aerospace and defense applications. This acquisition is expected to expand Howmet's portfolio of aerospace fastening solutions and increase its exposure to aerospace and defense platforms.

2. Howmet Aerospace reported strong financial performance for the third quarter of 2025. The company's earnings per share reached $0.95, surpassing analysts' expectations of $0.91. Revenue also exceeded forecasts, totaling $2.09 billion against an anticipated $2.04 billion.

3. The company priced a $500 million public offering of 4.550% Notes due 2032 in early November 2025. The proceeds from this offering, along with cash on hand, are intended to redeem approximately $625 million of outstanding 5.90% Notes due 2027, which is projected to generate annual interest expense savings of about $14 million.

4. Several analysts raised their price targets for Howmet Aerospace in late 2025. For example, Bernstein raised its price target to $241, and BofA Securities increased its price target to $250, both maintaining an Outperform/Buy rating. Citigroup also assumed coverage with a "buy" rating and a $246.00 price target in December 2025.

5. Howmet Aerospace's stock has shown significant appreciation throughout 2025, with an 87.9% year-to-date increase as of December 23, 2025, and a 5.5% increase over the last month. This performance is attributed to strong demand for lightweight engineered components amid elevated global air travel and defense spending.

Stock Movement Drivers

Fundamental Drivers

The 9.4% change in HWM stock from 9/27/2025 to 12/27/2025 was primarily driven by a 9.4% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	193.04	211.22	9.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7721.00	7721.00	0.00%
Net Income Margin (%)	18.09%	18.09%	0.00%
P/E Multiple	55.82	61.08	9.42%
Shares Outstanding (Mil)	404.00	404.00	0.00%
Cumulative Contribution			9.42%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
HWM	9.4%
Market (SPY)	4.3%	54.3%
Sector (XLI)	3.0%	68.0%

Fundamental Drivers

The 14.4% change in HWM stock from 6/28/2025 to 12/27/2025 was primarily driven by a 8.7% change in the company's Net Income Margin (%).

	6282025	12272025	Change
Stock Price ($)	184.67	211.22	14.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7548.00	7721.00	2.29%
Net Income Margin (%)	16.64%	18.09%	8.73%
P/E Multiple	59.55	61.08	2.58%
Shares Outstanding (Mil)	405.00	404.00	0.25%
Cumulative Contribution			14.38%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
HWM	14.4%
Market (SPY)	12.6%	37.9%
Sector (XLI)	7.5%	47.0%

Fundamental Drivers

The 90.4% change in HWM stock from 12/27/2024 to 12/27/2025 was primarily driven by a 45.3% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	110.94	211.22	90.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7270.00	7721.00	6.20%
Net Income Margin (%)	14.81%	18.09%	22.14%
P/E Multiple	42.03	61.08	45.35%
Shares Outstanding (Mil)	408.00	404.00	0.98%
Cumulative Contribution			90.38%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
HWM	90.4%
Market (SPY)	17.0%	67.2%
Sector (XLI)	19.2%	70.3%

Fundamental Drivers

The 450.7% change in HWM stock from 12/28/2022 to 12/27/2025 was primarily driven by a 126.1% change in the company's Net Income Margin (%).

	12282022	12272025	Change
Stock Price ($)	38.36	211.22	450.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5435.00	7721.00	42.06%
Net Income Margin (%)	8.00%	18.09%	126.06%
P/E Multiple	36.59	61.08	66.93%
Shares Outstanding (Mil)	415.00	404.00	2.65%
Cumulative Contribution			450.30%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
HWM	292.6%
Market (SPY)	48.0%	57.8%
Sector (XLI)	41.2%	63.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
HWM Return	21%	12%	24%	38%	103%	95%	812%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
HWM Win Rate	58%	33%	58%	67%	67%	67%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
HWM Max Drawdown	-61%	-17%	-4%	-2%	-3%	0%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. 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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	HWM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-23.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	30.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	77 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-64.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	184.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	262 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	36.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	130 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-89.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	807.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	5,724 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Howmet Aerospace's stock fell -23.3% during the 2022 Inflation Shock from a high on 6/8/2021. A -23.3% loss requires a 30.4% gain to breakeven.

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About Howmet Aerospace (HWM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Howmet Aerospace Inc. provides advanced engineered solutions for the aerospace and transportation industries in the United States, Japan, France, Germany, the United Kingdom, Mexico, Italy, Canada, Poland, China, and internationally. It operates through four segments: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels. The Engine Products segment offers airfoils and seamless rolled rings primarily for aircraft engines and industrial gas turbines; and rotating parts, as well as structural parts. The Fastening Systems segment produces aerospace fastening systems, as well as commercial transportation, industrial, and other fasteners. The Engineered Structures segment provides titanium ingots and mill products for aerospace and defense applications; and aluminum and nickel forgings, and machined components and assemblies. The Forged Wheels segment offers forged aluminum wheels and related products for heavy-duty trucks and commercial transportation markets. The company was formerly known as Arconic Inc. The company was founded in 1888 and is based in Pittsburgh, Pennsylvania.

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Here are 1-3 brief analogies for Howmet Aerospace (HWM):

Howmet Aerospace is like the Intel for jet engine components.
Howmet Aerospace is like a Magna International for the aerospace industry.
Howmet Aerospace is like the Corning for aircraft metal parts and engine components.

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Engine Products: Precision-cast components such as airfoils, rings, and structural parts for jet aircraft engines and industrial gas turbines.
Fastening Systems: Highly engineered fasteners, fluid fittings, and installation tooling primarily used in aerospace, defense, and industrial applications.
Engineered Structures: Advanced metallic and composite airframe structures and precision-machined parts for various aircraft platforms.

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Major Customers of Howmet Aerospace (HWM)

Howmet Aerospace (HWM) primarily sells its high-performance components for jet engines, airframes, and industrial gas turbines to other companies in the aerospace and defense sectors. Its major customers are leading original equipment manufacturers (OEMs) and engine manufacturers. These include:

The Boeing Company (BA)
Airbus SE (AIR.PA)
GE Aerospace (GE)
Raytheon Technologies Corporation (RTX)
Safran S.A. (SAF.PA)
Rolls-Royce plc (RR.L)

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Allegheny Technologies Inc. (NYSE: ATI)
Carpenter Technology Corporation (NYSE: CRS)
Haynes International, Inc. (NASDAQ: HAYN)
TIMET (subsidiary of Precision Castparts Corp., which is owned by Berkshire Hathaway Inc. (NYSE: BRK.A, NYSE: BRK.B))

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John C. Plant, Chairman and Chief Executive Officer

Mr. Plant has served as the Chairman and Chief Executive Officer of Howmet Aerospace since 2021. Previously, he led the successful transformation of Arconic Inc., serving as its Chief Executive Officer from February 2019 to April 2020. He also spearheaded the separation of Arconic Inc. into two independent, publicly traded companies: Howmet Aerospace Inc. and Arconic Corporation. Before joining Arconic, Mr. Plant was the Chairman of the Board, President, and Chief Executive Officer of TRW Automotive, a global automotive supplier that was acquired by ZF Friedrichshafen AG in May 2015. Under his leadership, TRW Automotive was recognized as a top 10 automotive supplier worldwide. His prior experience also includes serving as President of Lucas Varity Automotive and managing director of its Electrical and Electronics division.

Ken Giacobbe, Executive Vice President, Chief Financial Officer

Mr. Giacobbe has been the Executive Vice President and Chief Financial Officer of Howmet Aerospace Inc. since November 2016. He has extensive experience in leading finance functions across the company's portfolio, including previous roles as Chief Financial Officer of Alcoa Inc.'s Engineered Products and Solutions (EP&S) business from 2015 to 2016. Prior to that, he held positions as Group Controller for Alcoa Inc.'s EP&S business and Vice President of Finance for Global Extruded Products. Early in his career, he held senior finance roles at Avaya and Lucent Technologies.

Lola Lin, Executive Vice President, Chief Legal and Compliance Officer and Secretary

Ms. Lin joined Howmet Aerospace in 2021 as Executive Vice President, Chief Legal and Compliance Officer and Secretary. Before her tenure at Howmet, she served as Senior Vice President and General Counsel at Airgas Inc. from 2016 to 2021. She also held the position of Vice President and Deputy General Counsel at Air Liquide USA LLC from 2007 to 2016.

Neil Marchuk, Executive Vice President & Chief Human Resources Officer

Mr. Marchuk is the Executive Vice President and Chief Human Resources Officer at Howmet Aerospace. Prior to this role, he served as Executive Vice President and Chief Human Resources Officer at Adient from January 2016 to February 2019. His background also includes experience as Executive Vice President of Human Resources at TRW Automotive and leadership roles in Human Resources at E.I. Du Pont De Nemours.

Merrick Murphy, President, Engine Products

Mr. Murphy serves as the President of Engine Products at Howmet Aerospace.

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The key risks to Howmet Aerospace (HWM) primarily revolve around its deep ties to the aerospace and transportation industries, exposing it to specific market volatilities and operational challenges.

Heavy Dependence on Major Aerospace Clients and Market Cyclicality: Howmet Aerospace exhibits a significant reliance on key aerospace manufacturers, particularly Boeing and Airbus. Production issues, delays, or schedule changes at these major clients immediately impact Howmet's order volumes and revenue expectations. For example, Boeing's production problems in 2024 led Howmet to revise its 2025 revenue expectations more cautiously. The aerospace market itself is cyclical, meaning its performance can fluctuate significantly due to broader economic conditions and geopolitical events.
Supply Chain Vulnerabilities and Raw Material Cost Increases: The company faces persistent risks related to its supply chain, including potential parts shortages and fluctuating raw material costs. These vulnerabilities can directly impede production efficiency, lead to delays in crucial delivery schedules for clients, and squeeze profitability through higher manufacturing expenses. Rising aluminum costs have been specifically identified as a potential detractor to profits.
Weakness in the Commercial Transportation Market: Howmet Aerospace's Commercial Transportation segment, particularly its Forged Wheels business, is susceptible to economic slowdowns. This sector has experienced challenging market conditions and revenue declines, as seen with a 12% revenue decrease in the Forged Wheels segment in Q3 2024. This weakness, contrasted with the robust growth in aerospace, poses a risk if negative trends in commercial transportation persist or worsen, with expectations of continued lower OEM builds in the near term.

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The accelerating adoption and maturation of advanced additive manufacturing (3D printing) technologies, particularly by major aerospace original equipment manufacturers (OEMs), poses a clear emerging threat. These technologies enable the production of complex, high-performance engine and structural components with lighter designs, faster prototyping, and potentially reduced material waste compared to traditional manufacturing processes like Howmet's core forging and casting methods. As OEMs increasingly invest in and integrate additive manufacturing capabilities in-house or with specialized additive suppliers, it could reduce demand for Howmet's conventionally produced components, leading to potential market share erosion or pricing pressure.

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Howmet Aerospace (HWM) operates in several key markets, providing advanced engineered solutions for the aerospace and transportation industries. The addressable markets for their main products and services are sized as follows:

Forged Aluminum Wheels

The global market for forged alloy aluminum wheels was valued at approximately USD 4.69 billion in 2024 and is projected to reach USD 8.51 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 6.8% during the forecast period. Another estimate places the global market at USD 8.27 billion in 2024, with a projected growth to USD 12 billion by 2035 at a CAGR of 3.4%. North America held a significant share, with its market for forged aluminum wheels valued at USD 2.56 billion in 2024, expected to grow to USD 3.68 billion by 2035.

Aerospace Fastening Systems

The global aerospace fasteners market was valued at USD 6.78 billion in 2023 and is projected to grow to USD 12.76 billion by 2032, with a CAGR of 7.42%. Other projections estimate the global market to be valued at USD 7.3 billion in 2024, increasing to USD 11.3 billion by 2030 (CAGR of 7.6%). In 2025, the global market size is calculated at USD 7.85 billion and is forecasted to reach approximately USD 15.00 billion by 2034 (CAGR of 7.45%). North America held the largest share of this market, accounting for 40.27% in 2023, with a value of USD 2.73 billion. The U.S. market alone is projected to reach USD 3.73 billion by 2032.

Jet Engine Components

The global aircraft engine parts and equipment market was valued at USD 271.6 billion in 2023 and is estimated to reach USD 438.6 billion by 2032, growing at a CAGR of 5.6%. Another source indicates the global aircraft engine market was valued at USD 81.2 billion in 2024 and is estimated to reach USD 183.7 billion by 2034, with an 8.7% CAGR. The engine segment held the largest revenue share, 36.4% in 2024, within the broader aerospace parts manufacturing market. In North America, the aircraft engine parts and equipment market value was approximately USD 97.8 billion in 2023. North America is also expected to lead the aircraft engine market, reaching a value of over USD 80.2 billion by 2034.

Titanium Structural Parts for Aerospace Applications

The global aerospace titanium market, including titanium structural parts, was valued at USD 4.78 billion in 2025 and is forecasted to surpass USD 6.65 billion by 2035, growing at a CAGR of 3.33%. Another projection estimates the global aerospace titanium market size to grow from USD 3.98 billion in 2024 to USD 8.78 billion by 2035, at a CAGR of 7.46%. The global aerospace titanium machining market, a related segment, was valued at USD 6.66 billion in 2024 and is projected to reach USD 14.27 billion by 2033, with a CAGR of 8.8%. North America holds a leading position in the aerospace titanium market with a 40% share in 2025. The aerospace casting product market, which includes components from advanced alloys like titanium and nickel, reached USD 21.4 billion globally in 2024 and is expected to expand to approximately USD 41.3 billion by 2033, with a CAGR of 7.2%.

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Howmet Aerospace (HWM): Drivers of Future Revenue Growth

Over the next 2-3 years, Howmet Aerospace (HWM) is expected to experience revenue growth driven by several key factors:

Robust Demand in Commercial Aerospace: Howmet Aerospace anticipates continued strong growth in the commercial aerospace sector. This is fueled by accelerating demand for engine spares, with commercial aerospace component sales rising significantly, and a substantial backlog for new, more fuel-efficient aircraft. The company reported a 15% increase in commercial aerospace revenue in Q3 2025, with commercial aero parts sales up 38% and total spares increasing by 31%. Howmet is investing in new manufacturing plants to support this growth in commercial aerospace.
Sustained Growth in Defense Aerospace: The defense aerospace sector is another significant driver, demonstrating robust growth, particularly due to F-35 builds and engine spares. Howmet reported a 24% increase in defense aerospace revenue in Q3 2025, with engine spares in this sector rising by 33%.
Expansion in Industrial Gas Turbine (IGT) and Oil & Gas Sectors: Howmet Aerospace projects further expansion within the Industrial Gas Turbine (IGT) and Oil & Gas sectors. Revenue in these areas is expected to be driven by a rise in operational turbines. The company's Engines segment saw a 33% increase in Oil & Gas revenue and a 23% increase in IGT revenue in Q3 2025. Howmet is investing in new manufacturing plants to support growth demands in the IGT sector.
Increased Engine Spares Volume Across Markets: A consistent theme across commercial aerospace, defense aerospace, IGT, and oil & gas markets is the strong demand and increasing volume of engine spares. This is a crucial contributor to the overall revenue growth for Howmet's Engines product team. The combination of spares for Commercial Aero, Defense Aero, IGT, and Oil & Gas was up 31% in the third quarter of 2025.

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Share Repurchases

Howmet Aerospace authorized an additional share repurchase program for up to $1.5 billion of its outstanding common stock in August 2021, bringing the total available authorization to $1.577 billion.
In July 2024, the Board of Directors authorized a $2 billion increase in its share repurchase program.
The company repurchased $500 million of common stock in 2024 and $600 million year-to-date through October 2025. As of October 30, 2025, approximately $1.6 billion in share repurchase authorization remained available.

Capital Expenditures

Howmet Aerospace invested $321 million in capital expenditures in 2024, an increase of approximately $100 million year-over-year.
For the year-to-date through October 2025, capital expenditures were approximately $330 million, surpassing the full year 2024 amount.
Approximately 70% of the year-to-date 2025 capital expenditures are focused on the engines business to support growth in commercial aerospace and industrial gas turbines (IGT), including five plant expansions and a new Michigan aero-engine core and casting facility for the 2026 narrowbody ramp-up. Capital expenditures are expected to remain high through 2027 to capture these opportunities.

Better Bets than Howmet Aerospace (HWM)

INDUSTRY: Aerospace & Defense

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HWM: 13.5% | 46.0x)

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VSE

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Higher Rev Chg 3Y Avg (Value for HWM: 13.5%)

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GE Aerospace

Higher Op Mgn LTM (Value for HWM: 24.0%)

TDG (47.4%)

TransDigm

Higher CFO/Rev LTM (Value for HWM: 18.4%)

TDG (23.1%)

TransDigm

LOAR (21.6%)

Loar

HEI (20.8%)

Heico

BWXT (20.6%)

BWX Technologies

CAE (19.6%)

CAE

Higher FCF/Rev LTM (Value for HWM: 13.2%)

TDG (20.6%)

TransDigm

HEI (19.2%)

Heico

CW (15.3%)

Curtiss-Wright

BWXT (15.1%)

BWX Technologies

GE (14.7%)

GE Aerospace

Higher Total Yield (Value for HWM: 1.7%)

GD (6.3%)

General Dynamics

LMT (5.8%)

Lockheed Martin

NOC (5.6%)

Northrop Grumman

RTX (4.0%)

RTX

GE (2.4%)

GE Aerospace

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for HWM: 13.5% | 11.1x)

GE (15.7% | 7.6x)

GE Aerospace

UBER (19.6% | 3.4x)

Uber Technologies

TDG (17.7% | 8.6x)

TransDigm

CP (22.2% | 4.5x)

Canadian Pacific Kansas City

PWR (17.9% | 2.4x)

Quanta Services

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HWM: 13.5% | 46.0x)

GE (15.7% | 37.0x)

GE Aerospace

UBER (19.6% | 37.1x)

Uber Technologies

TDG (17.7% | 18.2x)

TransDigm

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

PWR (17.9% | 41.7x)

Quanta Services

Higher Rev Chg LTM (Value for HWM: 8.9%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

GD (11.9%)

General Dynamics

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

Higher Rev Chg 3Y Avg (Value for HWM: 13.5%)

CP (22.2%)

Canadian Pacific Kansas City

UBER (19.6%)

Uber Technologies

PWR (17.9%)

Quanta Services

TDG (17.7%)

TransDigm

GE (15.7%)

GE Aerospace

Higher Op Mgn LTM (Value for HWM: 24.0%)

TDG (47.4%)

TransDigm

UNP (40.6%)

Union Pacific

CSX (34.2%)

CSX

ITW (26.2%)

Illinois Tool Works

ADP (26.2%)

Automatic Data Processing

Higher CFO/Rev LTM (Value for HWM: 18.4%)

UNP (39.6%)

Union Pacific

WM (23.6%)

Waste Management

ADP (22.8%)

Automatic Data Processing

CTAS (20.1%)

Cintas

PH (19.0%)

Parker Hannifin

Higher FCF/Rev LTM (Value for HWM: 13.2%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

PH (16.9%)

Parker Hannifin

HON (15.2%)

Honeywell International

GE (14.7%)

GE Aerospace

Higher Total Yield (Value for HWM: 1.7%)

UBER (9.8%)

Uber Technologies

UNP (7.4%)

Union Pacific

CAT (4.4%)

Caterpillar

RTX (4.0%)

RTX

GE (2.4%)

GE Aerospace

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HWM: 13.5% | 11.1x)

META (17.3% | 8.8x)

Meta Platforms

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

MU (28.3% | 7.6x)

Micron Technology

BKNG (17.8% | 6.8x)

Booking

APH (20.7% | 8.0x)

Amphenol

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HWM: 13.5% | 46.0x)

NVDA (91.6% | 42.1x)

NVIDIA

META (17.3% | 20.4x)

Meta Platforms

LLY (23.4% | 42.3x)

Eli Lilly

MU (28.3% | 23.3x)

Micron Technology

BKNG (17.8% | 19.6x)

Booking

Higher Rev Chg LTM (Value for HWM: 8.9%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for HWM: 13.5%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

Higher Op Mgn LTM (Value for HWM: 24.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for HWM: 18.4%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for HWM: 13.2%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for HWM: 1.7%)

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Industrials Sector
	HWM	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	61.1	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	46.8	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	9.2%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	8.9%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	13.5%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	12.1%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Howmet Aerospace Earnings Notes
2	Howmet Aerospace vs GE Aerospace: Which Stock Could Rally?	Counter-Intuitive Comparisons
3	HWM Stock Surges 11% With A 5-day Winning Spree On $1.8B Acquisition	Notification
4	Howmet Aerospace Earnings Notes
5	Howmet Aerospace Earnings Notes
6	What Is Happening With Howmet Aerospace Stock?
7	What Is Happening With Howmet Aerospace Stock?
8	How Low Can Howmet Aerospace Stock Really Go?	Return
9	Now Is Not The Time To Buy Howmet Aerospace Stock	Buy or Fear
10	Howmet Aerospace vs TransDigm: Which Is A Better Investment?	Counter-Intuitive Comparisons

	Title
0	ARTICLES

Trade Ideas

Select ideas related to HWM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%
HWM_5312020_Dip_Buyer_ValueBuy	05312020	HWM	Howmet Aerospace	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	88.1%	171.3%	-0.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Howmet Aerospace

Peers to compare with:

Financials

	HWM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Howmet A.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	211.22	23.26	24.49	305.09	78.16	273.40	144.69
Mkt Cap	85.3	21.9	32.6	284.9	309.2	4,074.4	185.1
Rev LTM	7,721	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	1,854	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	1,018	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	857	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	1,423	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	1,139	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	HWM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Howmet A.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	8.9%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	13.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	9.2%	4.2%	14.4%	9.1%	7.5%	9.6%	9.2%
QoQ Delta Rev Chg LTM	2.3%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	24.0%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	20.5%	7.4%	7.2%	16.4%	24.2%	30.8%	18.4%
QoQ Delta Op Mgn LTM	0.8%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	18.4%	6.7%	8.5%	20.6%	23.8%	26.6%	19.5%
CFO/Rev 3Y Avg	16.0%	6.8%	12.7%	21.4%	26.1%	28.4%	18.7%
FCF/Rev LTM	13.2%	5.1%	1.8%	18.1%	22.1%	23.5%	15.7%
FCF/Rev 3Y Avg	12.1%	5.5%	4.6%	18.6%	24.6%	25.6%	15.4%

Valuation

	HWM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Howmet A.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	85.3	21.9	32.6	284.9	309.2	4,074.4	185.1
P/S	11.1	0.4	1.0	4.4	5.4	10.0	4.9
P/EBIT	46.8	6.8	19.9	25.1	22.5	31.3	23.8
P/E	61.1	8.6	572.7	36.0	29.9	41.0	38.5
P/CFO	60.0	5.9	11.2	21.1	22.5	37.5	21.8
Total Yield	1.7%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	2.2%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.0	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	HWM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Howmet A.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	3.2%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	9.4%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	14.4%	-4.0%	34.5%	6.6%	15.2%	36.3%	14.8%
12M Rtn	90.4%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	450.7%	-1.9%	71.1%	143.1%	81.3%	120.2%	100.7%
1M Excs Rtn	1.3%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	5.1%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	2.1%	-16.3%	22.3%	-5.7%	3.0%	24.0%	2.5%
12M Excs Rtn	75.6%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	375.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

Comparison Analyses

	Title
0	How Does Howmet Aerospace Stock Stack Up Against Its Peers?
1	Howmet Aerospace vs. Textron: With Return Forecast Of 5.2%, Howmet Aerospace Is A Better Bet
2	BA Looks Stronger Than HWM With 40% Return Potential
3	Why HWM With 17% Upside May Beat STLD?
4	With 17% Gains On The Table, HWM May Outshine CLF
5	With 17% Gains On The Table, HWM May Outshine LMT
6	Howmet Aerospace vs. Synopsys: With Return Forecast Of 4.4%, Synopsys Is A Better Bet
7	Howmet Aerospace vs. Fidelity National Information Services: With Return Forecast Of 18%, Fidelity National Information Services Is A Better Bet
8	Howmet Aerospace vs. Transdigm Group: With Return Forecast Of 48%, Transdigm Group Is A Better Bet
9	Howmet Aerospace vs. Workday: Similar Revenue, But Workday Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	7/31/2025	2/14/2025	2/13/2024	2/14/2023	2/14/2022	2/16/2021	2/27/2020
Key Financials
Total Revenue	7,721	7,430	6,640	5,663	4,972	5,259	7,098
EBITDA	2,101	1,842	1,465	1,100	853	826	1,084
Operating Income	1,854	1,639	1,216	983	830	798	1,137
Net Income	1,397	1,155	765	469	258	261	470
EPS	3.44	2.83	1.85	1.12	0.60	0.59	1.05
Growth Rates
Total Revenue Growth	8.9%	11.9%	17.3%	13.9%	-5.5%	-25.9%	4.7%
EBITDA Growth	29.3%	25.7%	33.2%	29.0%	3.3%	-23.8%	-21.5%
Operating Income Growth	30.4%	34.8%	23.7%	18.4%	4.0%	-29.8%	20.2%
Net Income Growth	49.7%	51.0%	63.1%	81.8%	-1.1%	-44.5%	-26.8%
Margins
EBITDA Margin	27.2%	24.8%	22.1%	19.4%	17.2%	15.7%	15.3%
Operating Income Margin	24.0%	22.1%	18.3%	17.4%	16.7%	15.2%	16.0%
Net Income Margin	18.1%	15.5%	11.5%	8.3%	5.2%	5.0%	6.6%
Cash & Debt
Total Cash	545	564	610	791	720	1,610	1,577
Total Debt	3,258	3,471	3,835	4,277	4,346	5,213	5,940
Net Debt / (Cash)	2,713	2,907	3,225	3,486	3,626	3,603	4,363
Cash Flows
Net Cash from Operations	1,423	1,298	901	733	449	9	461
Free Cash from Operations	1,018	977	682	540	250	-258	-180
Returns to Shareholders
Dividends	149	109	73	44	19	11	57
Share Repurchases	590	500	250	400	430	73	1,150

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	7/31/2025	5/1/2025	2/14/2025	11/7/2024	7/30/2024	5/2/2024	2/13/2024	11/2/2023	8/1/2023	5/2/2023	2/14/2023	10/31/2022
Key Financials Quarterly
Total Revenue	2,053	1,942	1,891	1,835	1,880	1,824	1,731	1,658	1,648	1,603	1,513	1,433
Ebitda	576	554	505	466	452	419	390	364	365	346	272	226
Operating Income	514	490	430	420	411	369	331	311	280	286	283	228
Net Income	407	344	314	332	266	243	236	188	193	148	111	80
EPS	1.01	0.85	0.77	0.81	0.65	0.59	0.57	0.45	0.47	0.36	0.27	0.19
Key Financials TTM
Total Revenue TTM	7,721	7,548	7,430	7,270	7,093	6,861	6,640	6,422	6,197	5,942	5,663	5,435
Ebitda TTM	2,101	1,977	1,842	1,727	1,625	1,538	1,465	1,347	1,209	1,151	1,100	1,031
Operating Income TTM	1,854	1,751	1,630	1,531	1,422	1,291	1,208	1,160	1,077	1,038	986	915
Net Income TTM	1,397	1,256	1,155	1,077	933	860	765	640	532	486	469	435
Growth Rates Quarterly
Total Revenue Growth	9.2%	6.5%	9.2%	10.7%	14.1%	13.8%	14.4%	15.7%	18.3%	21.1%	17.7%	11.7%
EBITDA Growth	27.4%	32.2%	29.5%	28.0%	23.8%	21.1%	43.4%	61.1%	18.9%	17.3%	34.0%	46.8%
Operating Income Growth	25.1%	32.8%	29.9%	35.0%	46.8%	29.0%	17.0%	36.4%	16.2%	22.2%	33.5%	6.5%
Net Income Growth	53.0%	41.6%	33.1%	76.6%	37.8%	64.2%	112.6%	135.0%	31.3%	13.0%	44.2%	196.3%
Margins Quarterly
EBITDA Margin	28.1%	28.5%	26.7%	25.4%	24.0%	23.0%	22.5%	22.0%	22.1%	21.6%	18.0%	15.8%
Operating Income Margin	25.0%	25.2%	22.7%	22.9%	21.9%	20.2%	19.1%	18.8%	17.0%	17.8%	18.7%	15.9%
Net Income Margin	19.8%	17.7%	16.6%	18.1%	14.1%	13.3%	13.6%	11.3%	11.7%	9.2%	7.3%	5.6%
Cash & Debt
Total Cash	545	536	564	475	752	533	610	424	535	537	791	453
Total Debt	3,258	3,483	3,471	3,394	3,817	3,692	3,835	3,909	4,100	4,100	4,277	4,282
Net Debt / (Cash)	2,713	2,947	2,907	2,919	3,065	3,159	3,225	3,485	3,565	3,563	3,486	3,829
Cash Flows Quarterly
FCF from Operations	446	253	480	244	397	177	458	191	229	23	455	65
Cash Flows TTM
FCF from Operations TTM	1,423	1,374	1,298	1,276	1,223	1,055	901	898	772	701	733	581
Returns to Shareholders Quarterly
Dividends	41	41	33	34	21	20	21	17	-15	16	17	9
Share Repurchases	175	125	190	100	60	150	100	25	100	25	65	100
Return on Invested Capital (ROIC) Quarterly
ROIC	41.3%	32.4%	29.3%	31.7%	25.4%	22.3%	20.9%	16.5%	14.8%	12.5%	14.0%	11.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	36.1%	30.9%	29.0%	26.3%	22.4%	19.8%	17.1%	14.8%	13.3%	12.5%	12.6%	12.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Engine Products	3,279	2,702	2,286	2,411	3,331
Fastening Systems	1,349	1,117	1,044	1,245	1,561
Forged Wheels	1,147	1,058	921	679	969
Engineered Structures	881	796	731	934	1,268
Inter-segment sales	-16	-10	-10	-12	-24
Corporate				2	-7
Total	6,640	5,663	4,972	5,259	7,098

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Engine Products	757	604	440	417	621
Forged Wheels	270	238	255	153	253
Fastening Systems	232	189	190	247	396
Engineered Structures	66	63	54	73	120
Restructuring and other charges	-23	-56	-90	-182	-582
Corporate expense	-99	-119	-101	-82	-229
Total	1,203	919	748	626	579

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Engine Products	4,926	4,784	4,663	4,756	5,445
Fastening Systems	2,749	2,661	2,635	2,707	2,810
Engineered Structures	1,415	1,273	1,280	1,444	1,151
Forged Wheels	724	701	684	628	629
Cash and cash equivalents	610	791	720	1,610	1,577
Other	125	144	168	122	320
Corporate fixed assets, net	83	91	133	140	135
Deferred income taxes	46	54	184	272	209
Fair value of derivative contracts	0	6	2	5	6
Accounts receivable securitization	-250	-250	-250	-241	-61
Discontinued operations					5,341
Total	10,428	10,255	10,219	11,443	17,562

Price Behavior

Price Behavior

Market Price	$211.22
Market Cap ($ Bil)	85.1
First Trading Date	12/29/2006
Distance from 52W High	-0.4%
	50 Days	200 Days
DMA Price	$200.37	$174.96
DMA Trend	up	up
Distance from DMA	5.4%	20.7%
	3M	1YR
Volatility	26.2%	34.1%
Downside Capture	92.76	99.27
Upside Capture	117.28	147.77
Correlation (SPY)	54.6%	67.3%

HWM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.93	1.04	1.15	0.82	1.18	1.14
Up Beta	1.03	1.52	1.40	0.89	1.04	1.21
Down Beta	1.86	1.25	1.07	0.51	1.32	1.22
Up Capture	90%	92%	148%	99%	187%	235%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	21	33	68	137	430
Down Capture	71%	76%	86%	85%	101%	95%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	20	29	57	111	318

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of HWM With Other Asset Classes (Last 1Y)
	HWM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	91.1%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	33.9%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.95	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		70.4%	67.3%	-0.8%	28.5%	42.9%	29.4%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of HWM With Other Asset Classes (Last 5Y)
	HWM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	51.4%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	32.0%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	1.35	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		69.4%	60.8%	5.9%	21.8%	41.4%	24.9%

Based On 10-Year Data

		Comparison of HWM With Other Asset Classes (Last 10Y)
	HWM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	26.7%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	41.9%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.71	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		66.7%	56.9%	1.1%	28.1%	45.1%	13.1%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	10,409,350
Short Interest: % Change Since 11302025	-0.6%
Average Daily Volume	2,257,142
Days-to-Cover Short Interest	4.61
Basic Shares Quantity	404,000,000
Short % of Basic Shares	2.6%

Returns Analyses

	Title
0	How Low Can Howmet Aerospace Stock Really Go?
1	HWM YTD Stock Return Of 56% Outperforms TXT by 59% and Outperforms AXON by 29%
2	HWM YTD Stock Return Of 52% Outperforms BA by 82% and Outperforms AXON by 31%
3	HWM YTD Stock Return Of 1.0% Outperforms LMT by 6.8% and Underperforms BA by -7.2%
4	Howmet Aerospace Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	15	16	14
# Negative	9	8	10
Median Positive	5.4%	6.8%	12.4%
Median Negative	-1.7%	-1.5%	-3.8%
Max Positive	19.0%	21.9%	35.0%
Max Negative	-7.0%	-13.2%	-12.7%

	Forward Returns
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%
4/14/2020	-6.8%	-13.2%	-12.7%
1/27/2020	5.4%	2.9%	9.0%
SUMMARY STATS
# Positive	15	16	14
# Negative	9	8	10
Median Positive	5.4%	6.8%	12.4%
Median Negative	-1.7%	-1.5%	-3.8%
Max Positive	19.0%	21.9%	35.0%
Max Negative	-7.0%	-13.2%	-12.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2142025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2132024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	10312022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2142022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	LIN LOLA FELICE	EVP, CL&CO and Secretary	8062025	Sell	180.51	13,102	2,365,073	11,399,358	Form
1	Marchuk Neil Edward	EVP, HR	5132025	Sell	158.53	30,000	4,756,017	20,904,122	Form
2	PLANT JOHN C	Executive Chairman & CEO	5122025	Sell	156.96	650,000	102,026,015	86,515,863	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Howmet Aerospace (HWM)

Market Price (12/28/2025): $211.28 | Market Cap: $85.4 BilSector: Industrials | Industry: Aerospace & Defense

Howmet Aerospace (HWM)

Market Price (12/28/2025): $211.28Market Cap: $85.4 BilSector: IndustrialsIndustry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

HWM Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Howmet Aerospace (HWM)

Major Customers of Howmet Aerospace (HWM)

Forged Aluminum Wheels

Aerospace Fastening Systems

Jet Engine Components

Titanium Structural Parts for Aerospace Applications

Howmet Aerospace (HWM): Drivers of Future Revenue Growth

Share Repurchases

Capital Expenditures

Interactive Breakdown

Better Bets than Howmet Aerospace (HWM)

INDUSTRY: Aerospace & Defense

Higher Rev Chg 3Y Avg | Lower P/S (Values for HWM: 13.5% | 11.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HWM: 13.5% | 46.0x)

Higher Rev Chg LTM (Value for HWM: 8.9%)

Higher Rev Chg 3Y Avg (Value for HWM: 13.5%)

Higher Op Mgn LTM (Value for HWM: 24.0%)

Higher CFO/Rev LTM (Value for HWM: 18.4%)

Higher FCF/Rev LTM (Value for HWM: 13.2%)

Higher Total Yield (Value for HWM: 1.7%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for HWM: 13.5% | 11.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HWM: 13.5% | 46.0x)

Higher Rev Chg LTM (Value for HWM: 8.9%)

Higher Rev Chg 3Y Avg (Value for HWM: 13.5%)

Higher Op Mgn LTM (Value for HWM: 24.0%)

Higher CFO/Rev LTM (Value for HWM: 18.4%)

Higher FCF/Rev LTM (Value for HWM: 13.2%)

Higher Total Yield (Value for HWM: 1.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HWM: 13.5% | 11.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HWM: 13.5% | 46.0x)

Higher Rev Chg LTM (Value for HWM: 8.9%)

Higher Rev Chg 3Y Avg (Value for HWM: 13.5%)

Higher Op Mgn LTM (Value for HWM: 24.0%)

Higher CFO/Rev LTM (Value for HWM: 18.4%)

Higher FCF/Rev LTM (Value for HWM: 13.2%)

Higher Total Yield (Value for HWM: 1.7%)

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Market Price (12/28/2025): $211.28 | Market Cap: $85.4 Bil
Sector: Industrials | Industry: Aerospace & Defense

Market Price (12/28/2025): $211.28
Market Cap: $85.4 Bil
Sector: Industrials
Industry: Aerospace & Defense