Howmet Aerospace Inc.

HWM · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Valuation
Market cap	$82,521	$44,433	$22,284	$16,304	$13,598	$12,193	$13,367	$8,044	$12,290	$6,756	$9,305	$14,734	–	–	–	–
Enterprise value	$84,829	$47,340	$25,509	$19,790	$17,224	$15,796	$18,009	$12,109	$16,998	$13,003	$18,298	$22,199	–	–	–	–
P/E (TTM) at period end	54.79×	38.54×	29.21×	34.91×	53.12×	47.08×	28.02×	12.36×	–	–	–	59.65×	–	–	–	–
P/S (TTM) at period end	10.00×	5.98×	3.36×	2.88×	2.73×	2.32×	1.88×	1.19×	0.95×	0.55×	0.75×	1.17×	–	–	–	–
P/B at period end	15.42×	9.76×	5.52×	4.53×	3.88×	3.41×	2.91×	1.44×	2.50×	1.32×	0.77×	1.20×	–	–	–	–
EV / EBITDA (TTM)	36.42×	24.79×	17.29×	16.71×	16.92×	16.39×	16.15×	8.96×	16.49×	6.23×	9.59×	11.55×	–	–	–	–
EV / Sales (TTM)	10.28×	6.37×	3.84×	3.49×	3.46×	3.00×	2.54×	1.79×	1.31×	1.05×	1.47×	1.77×	–	–	–	–
Returns
Return on equity	28.1%	25.3%	18.9%	13.0%	7.3%	7.2%	10.4%	11.7%	(2.6%)	(19.7%)	(3.2%)	2.0%	(21.6%)	1.4%	4.4%	1.9%
Return on invested capital	21.9%	18.3%	13.0%	10.0%	8.3%	8.7%	3.8%	5.8%	–	–	–	–	(6.8%)	1.0%	4.7%	3.1%
Dividend yield	0.2%	0.2%	0.3%	0.3%	0.1%	0.1%	0.4%	1.5%	1.3%	3.4%	2.4%	1.1%	–	–	–	–
Financial health
Current ratio	2.13×	2.17×	1.86×	2.12×	2.18×	2.21×	1.42×	1.87×	2.26×	2.14×	1.53×	1.44×	1.14×	1.30×	1.28×	1.32×
Debt / equity	0.57×	0.73×	0.92×	1.16×	1.21×	1.42×	1.29×	1.14×	1.39×	1.57×	0.73×	0.71×	0.78×	0.66×	0.66×	0.67×
Effective tax rate	18.0%	16.5%	21.5%	22.6%	20.4%	(23.4%)	40.0%	27.8%	115.7%	356.5%	185.2%	154.0%	(23.6%)	50.0%	24.0%	27.0%
Share count
Diluted shares outstanding	406	410	416	421	435	439	463	503	451	438	420	393	357	359	387	342

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue and gross profit
Revenue	$9,117	$8,252	$7,430	$6,640	$5,663	$4,972	$5,259	$7,098	$6,778	$12,960	$12,394	$12,413	$12,542	$23,032	$23,700	$24,951	$21,013
Cost of revenue	($5,832)	($5,432)	($5,119)	($4,773)	($4,103)	($3,596)	($3,878)	($5,214)	($11,397)	($10,221)	($9,696)	($10,612)	($10,785)	($19,286)	($20,401)	($21,959)	($18,624)
Gross profit	$3,285	$2,820	$2,311	$1,867	$1,560	$1,376	$1,381	$1,884	($4,619)	$2,739	$2,698	$1,801	$1,757	$3,746	$3,299	$2,992	$2,389
Operating expenses
Research and development	($37)	($37)	($33)	($36)	($32)	($17)	($17)	($28)	($41)	($109)	($130)	($169)	($123)	($192)	($197)	($184)	($174)
Selling, general and administrative	($455)	($370)	($347)	($333)	($288)	($251)	($277)	($400)	($371)	($715)	($924)	($765)	($770)	($1,008)	($997)	($1,027)	($961)
Total operating expenses	($790)	($774)	($678)	($664)	($641)	($628)	($755)	($1,305)	$5,394	($2,259)	($1,744)	($1,173)	($1,207)	($5,134)	($2,826)	($1,492)	($1,342)
Total costs and expenses	($6,622)	($6,206)	($5,797)	($5,437)	($4,744)	($4,224)	($4,633)	($6,519)	($6,003)	($12,480)	($11,440)	($11,785)	($11,992)	($24,420)	($23,227)	($23,451)	($19,966)
Operating income	$2,495	$2,046	$1,633	$1,203	$919	$748	$626	$579	$775	$480	$954	$628	$550	($1,388)	$473	$1,500	$1,047
Earnings
EBITDA	$2,798	$2,329	$1,910	$1,475	$1,184	$1,018	$964	$1,115	$1,351	$1,031	$2,086	$1,908	$1,922	$34	$1,935	$2,981	$2,498
Interest income	–	$20	$20	$23	$6	$2	$5	$24	$23	$19	$16	$16	$19	$13	$31	$20	$19
Interest expense	($168)	($176)	($195)	($218)	($229)	($259)	($317)	($338)	($377)	($496)	($499)	($473)	($442)	($453)	($490)	($524)	($494)
Pre-tax income	$2,282	$1,840	$1,383	$975	$606	$324	$171	$210	$428	$470	$414	$183	$113	($1,816)	$324	$1,063	$548
Income tax expense	($411)	($332)	($228)	($210)	($137)	($66)	$40	($84)	($119)	($544)	($1,476)	($339)	($174)	($428)	($162)	($255)	($148)
Net income	$1,871	$1,508	$1,155	$765	$469	$258	$261	$470	$642	($74)	($941)	($322)	$268	($2,285)	$191	$611	$254
Per share
Diluted EPS (GAAP)	$4.64	$3.71	$2.81	$1.83	$1.11	$0.59	$0.59	$1.03	$1.30	($0.28)	($2.31)	($0.93)	$0.63	($6.42)	$0.54	$1.65	$0.72
Basic EPS (GAAP)	$4.67	$3.73	$2.83	$1.85	$1.12	$0.60	$0.59	$1.05	$1.33	($0.28)	($2.31)	($0.93)	$0.64	($6.42)	$0.54	$1.71	$0.75
Basic shares outstanding	402	404	408	412	416	430	435	446	483	451	438	420	387	357	356	354	339
Margins
Gross margin	36.0%	34.2%	31.1%	28.1%	27.5%	27.7%	26.3%	26.5%	(68.1%)	21.1%	21.8%	14.5%	14.0%	16.3%	13.9%	12.0%	11.4%
Operating margin	27.4%	24.8%	22.0%	18.1%	16.2%	15.0%	11.9%	8.2%	11.4%	3.7%	7.7%	5.1%	4.4%	(6.0%)	2.0%	6.0%	5.0%
Net margin	20.5%	18.3%	15.5%	11.5%	8.3%	5.2%	5.0%	6.6%	9.5%	(0.6%)	(7.6%)	(2.6%)	2.1%	(9.9%)	0.8%	2.4%	1.2%

Analyst consensus

Buy25 analysts

Bearish · 1 · Hold · 3 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$0.71	$0.66	Beat
Q4 2024	$0.74	$0.71	Beat
Q1 2025	$0.86	$0.78	Beat
Q2 2025	$0.91	$0.87	Beat
Q3 2025	$0.95	$0.91	Beat
Q4 2025	$1.05	$0.96	Beat
Q1 2026	$1.22	$1.11	Beat
Q2 2026	$1.33	$1.24	Beat

Peers

Company overview

IPO dateNov 1, 2016

CEOJohn C. Plant

Employees25,430

SectorIndustrials

IndustryAerospace & Defense

CountryUS

ExchangeNew York Stock Exchange

Websitewww.howmet.com

Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, and originally established in 1888 as Arconic Inc., is a global leader in providing sophisticated engineered solutions. The company caters to the aerospace and transportation sectors across a wide international footprint, including key markets such as the United States, Japan, France, Germany, the United Kingdom, Mexico, Italy, Canada, Poland, and China. Its business operations are structured into four main segments: Engine Products: This division manufactures critical components like airfoils and seamless rolled rings, primarily utilized in aircraft engines and industrial gas turbines, alongside various rotating and structural parts. Fastening Systems: This segment specializes in producing aerospace-grade fastening systems, as well as fasteners for commercial transportation, general industrial applications, and other uses. Engineered Structures: Responsible for supplying titanium ingots and mill products for aerospace and defense applications, this segment also provides aluminum and nickel forgings, and precision machined components and assemblies. Forged Wheels: This segment focuses on offering forged aluminum wheels and associated products specifically for the heavy-duty truck and commercial transportation markets.

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