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Carpenter Technology Corp (CRS) stock

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NYSE: CRS NYSE Steel Next results ~January 28, 2027

C+ Fundamentals grade

Carpenter Technology Corp is a US-listed company in the steel industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$81–$150 across our lower- and higher-growth cases (-0.8%–9.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 62% below it.

Price used: $290.96, November 2, 2026

Carpenter Technology Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 60 sales by directors and officers, last 12 monthsInsider trades
  • Funds538 adding, 300 cuttingOf 91 active managers that changed their stake, 37 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Carpenter Technology files

10-Q filed October 22: Carpenter Technology

Model value +6.2%

Revenue for the twelve months to September 2026 reached $3.19bn, up 10.2% on a year earlier and ahead of the 8.6% pace recorded a quarter earlier. Margins improved on both measures: free cash flow rose to 10.7% from 9.3%, while the operating margin widened to 23.4% from 19.4%. On the back of this, our model value moves up from $106 to $112 a share. That still sits well below the $292 share price, so the rating stays Sell. At $292, the market is pricing in roughly 21.9% annual cash-flow growth over five years. Carpenter has delivered 11.7% a year in revenue growth, so the implied figure looks demanding against the track record.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Carpenter Technology stands after its latest 10-K

Revenue for the twelve months to June 2026 was $3.12bn, up 8.6% on a year earlier, faster than 3.7% a quarter earlier. Free-cash-flow margin rose to 11.6% from 9.9% a year earlier. Operating margin widened to 22.5% from 18.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $83.40 a share, against a share price of $370. At that price, our model says the market is pricing in about 28.3% a year of cash-flow growth for five years, faster than the 16.2% a year revenue growth it has delivered.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Carpenter Technology Corp's trailing-twelve-month revenue grew 10.2% year on year, with a free-cash-flow margin of 10.7%. Where it stands out: gross margin of 31.2% ranks 1 of 13 steel companies we cover. Where it lags: stock pay as % of revenue of 0.9% ranks 10 of 11 steel companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$81–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin expanding: TTM gross margin reached 31.2%, up 3.3pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.0 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $290.96 is 62% above our value per share of $110.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 1.6 against the S&P 500.
  • Insiders selling. 8 insiders sold $95M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 60% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 0.9% ranks 10 of 11 steel companies we cover (median 0.4%).

Latest results: FY2027 Q1

Filed October 22, 2026
Earnings per share
$3.25 against an average estimate of $3.03: beat by 7.2%
Revenue
$798m, up 8.8% on a year earlier
Share reaction
-22.7% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
operating Income $214m to $218m (Q2-27); free Cash Flow $400m to $430m (fiscal year 2027)
Next report
October 22, 2026; average EPS estimate $2.94

Carpenter Technology's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week+0.5%
  • 1 month-25.1%
  • This year-7.4%
  • 1 year-7.7%
  • 5 years+870.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.2B
Operating margin
23.4%
Net margin
17.9%
EPS (TTM, diluted)
$11.35

Growth

Revenue growth
+10.2%
Change in growth rate
+1.6 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$341M
FCF margin
10.7%
Stock pay % of revenue
0.9%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Results
  5. Guidance
  6. Leadership
  7. Announcement
  8. Dividend
  9. Shareholder vote
  10. Insider trade
  11. Announcement
  12. Insider trade
  13. Leadership
  14. Buyback
  15. Results
  16. Results
  17. Leadership
  18. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Carpenter Technology Corp valuation models and calculator

What the price is pricing in

The share price implies about 21.6% a year of cash-flow growth for five years.That is faster than the 11.7% a year revenue growth Carpenter Technology has delivered.

  • Priced in21.6%
  • Last 12 months10.2%
  • 3 years a year-5.3%
  • 5 years a year11.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($290.18, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$110
Price used
$290.18close November 3, 2026
Implied change
▼ 61%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Carpenter Technology Corp's free cash flow after stock-based pay with after-tax interest added back ($304M, FY2027 Q1 TTM), growing 8.4% and 6% in the next two years (forecasts, guidance and its record), then back to 4.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Carpenter Technology Corp's free cash flow after stock-based pay ( $304M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Carpenter Technology Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$81–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$180 ~$150–$230 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$68 ~$49–$96 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$68 ~$60–$79 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$68–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Carpenter Technology Corp with Steel in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +15%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $76$108$150$205$277$371
8.5% $55$78$109$148$200$266
10% $43$61$84$114$153$204

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$27.85$32.23$45.97$42.61$22.05$37.73$26.83$54.97$108.65$275.37$616.26$290.96
Market value$1.3bn$1.5bn$2.2bn$2.0bn$1.1bn$1.8bn$1.3bn$2.7bn$5.5bn$14.0bn$31.1bn$14.6bn
+ Net debt (− = net cash)$529m$539m$490m$543m$529m$407m$538m$649m$495m$380m$297m$532m
Enterprise value$1.9bn$2.1bn$2.7bn$2.6bn$1.6bn$2.2bn$1.8bn$3.4bn$6.0bn$14.3bn$31.4bn$15.1bn
Multiples
Price / sales 0.7x0.8x1.0x0.9x0.5x1.2x0.7x1.1x2.0x4.9x9.9x4.6x
Price / earnings 118.8x32.3x11.6x12.3xn/m——47.9x29.3x37.1x58.6x25.6x
Price / free cash flow 8.3x47.7x29.5x39.3x17.6x12.2x——30.7x48.8x85.7x42.9x
EV / EBITDA 11.0x8.6x8.8x7.1x10.7x—17.3x12.7x13.0x21.7x36.9x17.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard Carpenter Technology's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.1% of total assets over 10 years.

  • Pricing power 1 / 20

    Gross margin has been a median 17.2%, moving by 8.6 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.9%; its worst year was -14.5%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 9 of 10 years, at a median 2.8% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 3.8% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.44 +25% $3.4bn +10%
Next $15.98 +19% $3.8bn +10%

Next year's EPS estimate has moved +4.0% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.1% on 90 days ago. In the last 30 days, 2 analysts raised Carpenter Technology Corp's forecast and 0 cut it.

Consensus EPS forecast Carpenter Technology Corp, last 90 days
$12.00 $13.00 $14.00 $15.00 $16.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.91 Current fiscal year, 60 days ago: $13.38 Current fiscal year, 30 days ago: $13.38 Current fiscal year, 7 days ago: $13.44 Current fiscal year, Now: $13.44 $13.44 Next fiscal year, 90 days ago: $15.36 Next fiscal year, 60 days ago: $15.88 Next fiscal year, 30 days ago: $15.88 Next fiscal year, 7 days ago: $15.94 Next fiscal year, Now: $15.98 $15.98

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.91$15.36
60 days ago $13.38$15.88
30 days ago $13.38$15.88
7 days ago $13.44$15.94
Now $13.44$15.98

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.03 $3.25 +7.2%
Jun 2026 $3.08 $3.23 +4.7%
Mar 2026 $2.64 $2.77 +4.8%
Dec 2025 $2.22 $2.33 +4.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Free Cash Flow fiscal year 2027 $400m to $430m Non-GAAP Maintained vs 400m to 430m
    “Increasing earnings with focus on working capital management to drive anticipated fiscal year 2027 free cash results of $400 million to $430 million” source
  • Operating Income Outlook (% increase) FY27 21% growth to 25% growth
    “FY27 operating income outlook represents 21% to 25% increase over record FY26” source
  • Operating Income Target CAGR FY29 20% growth to 23% growth
    “FY29 operating income target represents attractive, 3-year 20% to 23% earnings CAGR” source
  • Operating Income · SAO Q2-27 $214m to $218m
    “Q2-27 operating income expected to be in the range of $214 million to $218 million” source

How earlier guidance turned out

  • operating income, first quarter of fiscal year 2027 guided $195m to $200m Within range: $196m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Carpenter Technology Corp's revenue by +8.4% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.6%, weight 65%) and the company's own record (+4.2%, weight 35%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Oct 20261528
  2. Sep 20261618
  3. Aug 20261618
  4. Jul 20261719

Counts of recommendations published by analysts covering Carpenter Technology Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.7%
of tradable shares
Days to cover
1.72
at average volume
Short interest, 1 month
−26%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
2.5%
of shares
Employees
4,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −7.7%

$315.27 on October 31, 2025 to $290.96

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.1bn +8.6%
Net margin 13.1% 17.0% +29.8%
P/E multiple 42.5x 27.6x −35.0%
Share count 51m 50m +0.7%

Biggest factor: p/e multiple.

Last 3 years +342.8%

$65.71 on November 3, 2023 to $290.96

ThenNowEffect
Revenue (last 12 months) $3.6bn $3.1bn −13.9%
Net margin 1.6% 17.0% +992.9%
P/E multiple 57.4x 27.6x −51.9%
Share count 49m 50m −2.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CRS+3%+30%+95%+142%+86%−7%
Industry peers (median)+76%+17%+29%−15%+28%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CRS42%50%67%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CRS−43%−42%−26%−16%−29%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 75% from August 29, 2018 to March 20, 2020. Getting back needed a 295% gain, reached on May 2, 2023, 1138 days after the low.

Price behaviour

52-week range
$280.00 – $618.66
From 52-week high
−53.0%
vs 50-day average
−26.7%
vs 200-day average
−34.3%
Volatility (1 year)
48%
Beta vs S&P 500
1.62

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±5.6%
After a week
6 up, 6 down
typical move ±7.9%
After a month
9 up, 2 down
typical move ±11.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −22.7% −1.7% −18.9% —
July 30, 2026 −2.1% +2.4% +5.0% −10.2%
April 29, 2026 0.0% +1.0% +7.0% +9.5%
January 29, 2026 −4.2% −0.5% +5.1% +23.2%
October 23, 2025 +28.4% +1.4% +30.3% +26.4%
August 6, 2025 −1.3% +0.7% −3.0% −4.0%
April 29, 2025 −1.7% +0.7% +4.3% +17.3%
February 3, 2025 −0.5% 0.0% −1.4% +5.4%
October 29, 2024 −3.9% −0.1% −3.0% +17.1%
July 29, 2024 +0.4% −0.4% −5.5% +2.3%
May 3, 2024 +2.0% +2.3% +4.8% +4.5%
January 29, 2024 +0.1% +0.7% −6.6% +2.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Carpenter Technology Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.93× the last 60 days’ realised volatility , richer than 11% of the 229 stocks we screen today.
  • Calls are priced 5 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Carpenter Technology Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Carpenter Technology Corp
$2.5B $3B $3.5B $4B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $3.8B Revenue (TTM), FY24 Q4: $2.8B Revenue (TTM), FY25 Q1: $2.8B Revenue (TTM), FY25 Q2: $2.9B Revenue (TTM), FY25 Q3: $2.9B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $2.9B Revenue (TTM), FY26 Q3: $3B Revenue (TTM), FY26 Q4: $3.1B Revenue (TTM), FY27 Q1: $3.2B $3.2B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $3.8B
FY24 Q3 $3.8B
FY24 Q4 $2.8B
FY25 Q1 $2.8B
FY25 Q2 $2.9B
FY25 Q3 $2.9B
FY25 Q4 $2.9B
FY26 Q1 $2.9B
FY26 Q2 $2.9B
FY26 Q3 $3B
FY26 Q4 $3.1B
FY27 Q1 $3.2B
Revenue growth, TTM YoY Carpenter Technology Corp
-50% 0% 50% 100% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 76.5% Revenue growth, TTM YoY, FY24 Q3: 61.2% Revenue growth, TTM YoY, FY24 Q4: -23.9% Revenue growth, TTM YoY, FY25 Q1: -24.8% Revenue growth, TTM YoY, FY25 Q2: -24.3% Revenue growth, TTM YoY, FY25 Q3: -23.1% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 2.4% Revenue growth, TTM YoY, FY26 Q2: 2.3% Revenue growth, TTM YoY, FY26 Q3: 3.7% Revenue growth, TTM YoY, FY26 Q4: 8.6% Revenue growth, TTM YoY, FY27 Q1: 10.2% 10.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 76.5%
FY24 Q3 61.2%
FY24 Q4 -23.9%
FY25 Q1 -24.8%
FY25 Q2 -24.3%
FY25 Q3 -23.1%
FY25 Q4 4.3%
FY26 Q1 2.4%
FY26 Q2 2.3%
FY26 Q3 3.7%
FY26 Q4 8.6%
FY27 Q1 10.2%
Operating margin (TTM) Carpenter Technology Corp
0% 10% 20% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 6.3% Operating margin (TTM), FY24 Q3: 7.3% Operating margin (TTM), FY24 Q4: 11.7% Operating margin (TTM), FY25 Q1: 13.0% Operating margin (TTM), FY25 Q2: 14.5% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 18.1% Operating margin (TTM), FY26 Q1: 19.4% Operating margin (TTM), FY26 Q2: 20.3% Operating margin (TTM), FY26 Q3: 21.3% Operating margin (TTM), FY26 Q4: 22.5% Operating margin (TTM), FY27 Q1: 23.4% 23.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 6.3%
FY24 Q3 7.3%
FY24 Q4 11.7%
FY25 Q1 13.0%
FY25 Q2 14.5%
FY25 Q3 16.4%
FY25 Q4 18.1%
FY26 Q1 19.4%
FY26 Q2 20.3%
FY26 Q3 21.3%
FY26 Q4 22.5%
FY27 Q1 23.4%
FCF margin (TTM) Carpenter Technology Corp
0% 5% 10% 15% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 2.7% FCF margin (TTM), FY24 Q3: 4.8% FCF margin (TTM), FY24 Q4: 6.5% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 8.9% FCF margin (TTM), FY25 Q3: 7.8% FCF margin (TTM), FY25 Q4: 9.9% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 10.8% FCF margin (TTM), FY26 Q3: 13.5% FCF margin (TTM), FY26 Q4: 11.6% FCF margin (TTM), FY27 Q1: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 2.7%
FY24 Q3 4.8%
FY24 Q4 6.5%
FY25 Q1 7.3%
FY25 Q2 8.9%
FY25 Q3 7.8%
FY25 Q4 9.9%
FY26 Q1 9.3%
FY26 Q2 10.8%
FY26 Q3 13.5%
FY26 Q4 11.6%
FY27 Q1 10.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jun 2010 2011 Jun 2011 2012 Jun 2012 2013 Jun 2013 2014 Jun 2014 2015 Jun 2015 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026 LTM Sept 2026
Income
Revenue 1,199 1,675 2,029 2,272 2,173 2,227 1,813 1,798 2,158 2,380 2,181 1,476 1,836 2,550 2,760 2,877 3,124 3,189
Gross profit 145 249 391 434 399 318 256 301 382 445 329 1 150 337 584 769 956 995
EBITDA 71 163 294 337 324 234 171 239 306 363 149 −125 107 264 458 661 849 893
Operating income 12 96 210 233 212 112 52 122 189 241 25 −249 −25 133 323 522 702 745
Net income 2 71 121 146 133 59 11 47 189 167 2 −230 −49 56 187 376 530 570
Diluted EPS $0.04 $1.59 $2.53 $2.73 $2.47 $1.11 $0.23 $0.99 $3.92 $3.43 $0.02 −$4.76 −$1.01 $1.14 $3.70 $7.42 $10.52 $11.35
Growth (year on year)
Revenue −12.0% +39.8% +21.1% +12.0% −4.3% +2.5% −18.6% −0.9% +20.0% +10.3% −8.4% −32.3% +24.4% +38.9% +8.2% +4.3% +8.6% +10.2%
EBITDA −37.6% +130.1% +80.4% +14.6% −3.8% −27.8% −26.9% +40.0% +27.8% +18.6% −58.9% −183.8% — +148.0% +73.3% +44.4% +28.5% +27.1%
Operating income −81.7% — +117.9% +10.8% −8.9% −47.4% −53.7% +135.5% +55.8% +27.5% −89.5% — — — +142.7% +61.5% +34.5% +32.7%
Net income −95.6% — +70.7% +20.5% −9.1% −55.8% −80.7% — +301.1% −11.4% −99.1% — — — +230.7% +101.6% +40.9% +37.7%
Diluted EPS −96.3% — +59.1% +7.9% −9.5% −55.1% −79.3% — +296.0% −12.5% −99.4% — — — +224.6% +100.5% +41.8% +38.8%
Margins
Gross margin 12.1% 14.9% 19.3% 19.1% 18.4% 14.3% 14.1% 16.7% 17.7% 18.7% 15.1% 0.1% 8.2% 13.2% 21.2% 26.7% 30.6% 31.2%
EBITDA margin 5.9% 9.7% 14.5% 14.8% 14.9% 10.5% 9.4% 13.3% 14.2% 15.2% 6.8% −8.5% 5.8% 10.4% 16.6% 23.0% 27.2% 28.0%
Operating margin 1.0% 5.8% 10.4% 10.2% 9.8% 5.0% 2.8% 6.8% 8.8% 10.1% 1.2% −16.8% −1.4% 5.2% 11.7% 18.1% 22.5% 23.4%
Net margin 0.2% 4.2% 6.0% 6.4% 6.1% 2.6% 0.6% 2.6% 8.7% 7.0% 0.1% −15.6% −2.7% 2.2% 6.8% 13.1% 17.0% 17.9%
Free-cash-flow margin 5.9% −0.9% −0.6% −5.4% −5.0% 5.0% 8.9% 1.8% 3.4% 2.2% 2.8% 10.1% −4.6% −2.7% 6.5% 9.9% 11.6% 10.7%
Cash flow
Cash from operations 115 64 146 189 240 283 257 130 209 232 232 250 6 15 275 440 605 619
Capital spending 44 80 158 310 349 171 95 99 135 180 171 101 91 82 97 154 243 278
Free cash flow 71 −15 −12 −122 −110 112 162 32 74 52 60 150 −85 −68 178 286 362 341
Stock-based pay 7 14 13 13 11 10 9 13 18 18 11 10 11 16 20 23 26 27
Free cash flow after stock pay 64 −30 −25 −135 −121 102 154 19 57 35 50 139 −96 −84 159 263 336 314
Balance sheet
Cash 265 493 211 258 120 70 82 66 56 27 193 287 154 45 199 316 393 160
Total debt 260 508 407 604 604 604 611 605 546 570 722 695 692 693 694 695 691 691
Net debt (negative = net cash) −6 15 196 347 484 534 529 539 490 543 529 407 538 649 495 380 297 532
Diluted shares 44m 45m 48m 53m 54m 53m 48m 47m 48m 48m 48m 48m 49m 49m 50m 51m 50m 50m
Returned to shareholders
Dividends 32 32 34 38 39 38 35 34 34 39 39 39 39 39 40 40 40 40
Buybacks — — — 0 0 125 124 0 0 — — — — 0 0 102 179 264
Total returned 32 32 34 38 39 162 159 34 34 39 39 39 39 39 40 142 219 304

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $3.7bn
Short-term assets $1.8bnLonger-term assets $1.9bn
What it owes, and who funded it · $3.7bn
Short-term liabilities $468mLonger-term liabilities $1.1bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $468m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $160m of cash against $691m of debt.
  • Debt below 40% of shareholders' equity Debt is 32% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 51% to 32% over five years.
  • A year's operating cash flow covers at least 20% of debt $619m of operating cash flow against $691m of debt.
  • Operating profit covers interest at least five times over Operating income of $745m against $34m of interest.

From Carpenter Technology Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$264M
Dividends (TTM)
$40.1M
Returned to shareholders
89%
of free cash flow
Buybacks, last 3 fiscal years
$281M
Diluted share count
−0.8%
year over year
Total shareholder yield
2.1%
dividends 0.3% + buybacks 1.8% of market value
Dividend payout ratio
7%
of net income paid out
Sales & admin spending
7.8%
of revenue
Days sales outstanding
83 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in steel
Last 12 months unless stated CRS WS SXC ASTL RYZ MTUS Median
Revenue, last 12 months $3.2bn $5.3bn $1.9bn $1.5bn $6.9bn $1.2bn $5.3bn
Revenue growth, last 12 months 10.2% 69.1% 2.9% −1.4% 53.2% 16.1% 14.2%
Revenue growth, 3-year average −5.3% 15.5% −2.7% — 9.1% −0.5% 2.2%
Revenue growth, latest quarter 8.8% 212.4% −0.2% — 87.5% 12.0% 23.0%
Gross margin 31.2% 10.4% 11.2% −31.9% 17.3% 8.2% 11.2%
Operating margin 23.4% 0.1% −1.3% −63.6% 1.0% 0.9% 0.5%
Operating margin, 3-year average 18.6% 3.3% 3.6% — 0.9% −2.0% 3.6%
Net margin 17.9% −0.7% −2.9% −47.2% 0.2% 0.7% 1.7%
Cash from operations / revenue 19.4% 3.8% 10.4% −3.2% −1.6% 0.5% 4.6%
Free-cash-flow margin 10.7% 0.9% 6.3% −18.9% −2.7% −8.0% 2.8%
Free-cash-flow margin, 3-year average 9.1% 2.3% 4.5% — 0.3% −3.3% 4.4%
Stock pay / revenue 0.9% 0.2% 0.2% — 0.2% 1.2% 0.4%
Change in share count −0.8% 0.2% 0.1% −9.5% 41.1% −1.5% −0.8%

Median of all 15 companies we cover in steel. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

15 steel companies
Measure Company Peer median Rank
Revenue growth Growth 10.2% 14.2% 9 of 15
Change in growth rate Growth +1.6pp +4.9pp 11 of 15
Gross margin Profitability 31.2% 10.8% 1 of 13
Operating margin Profitability 23.4% 0.1% 1 of 11
Net margin Profitability 17.9% 1.7% 1 of 15
Free-cash-flow margin Cash generation 10.7% 2.8% 1 of 15
Stock pay as % of revenue Cash generation 0.9% 0.4% 10 of 11
Long-term debt as % of assets Balance sheet 18.5% 18.5% 7 of 12
Change in share count Balance sheet -0.8% -0.8% 8 of 15
Days sales outstanding Balance sheet 83 days 52 days 9 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 30, 2026
Segments
Line of business Revenue Share YoY
Specialty Alloys Operations $2.8B 90.0% ▲ 10.3%
Performance Engineered Products $313M 10.0% ▼ 4.8%
Products and services
Line of business Revenue Share YoY
Aerospace and Defense Markets $2B 65.1% ▲ 15.1%
Industrial and Consumer Markets $402M 12.9% ▲ 11.8%
Medical Market $278M 8.9% ▼ 20.7%
Energy Market $231M 7.4% ▲ 15.1%
Transportation Market $100M 3.2% ▼ 11.4%
Distribution Market $77.8M 2.5% ▼ 7.6%
Geography
Region Revenue Share YoY
United States $1.8B 58.4% ▲ 7.3%
Europe $700M 22.4% ▲ 17.5%
Asia Pacific $341M 10.9% ▼ 0.9%
Mexico $142M 4.5% ▲ 16.7%
Canada $63.9M 2.0% ▲ 4.4%
Other Country $52.7M 1.7% ▼ 2.2%

From Carpenter Technology Corp's 10-K filed August 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$28.6B
Institutions reporting
875
Shares held vs prior quarter
▼ 1.2%
Positions opened / closed
222 / 50

Top buyers and sellers, Q2 2026: 538 institutions bought and 300 sold ; the biggest buyer was Jpmorgan Chase & Co (+779K shares) and the biggest seller Egerton Capital (UK) LLP (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.8B 6.2M 13.4% ▲ 6.8%
FMR LLC $2.6B 4.2M 9.0% ▼ 3.3%
Vanguard Capital Management LLC $1.3B 2.2M 4.7% ▲ 0.3%
Vanguard Portfolio Management LLC $1.3B 2.1M 4.6% ▲ 2.8%
State Street Corp $1.2B 1.9M 4.1% ▼ 5.1%
Invesco Ltd. $974M 1.6M 3.4% ▼ 20.0%
AQR Capital Management LLC $900M 1.5M 3.1% ▲ 101.5%
Jennison Associates LLC $736M 1.2M 2.6% ▲ 48.1%
Jpmorgan Chase & Co $720M 1.2M 2.5% ▲ 192.8%
Geode Capital Management, LLC $620M 1.0M 2.2% ▼ 7.9%
Lone Pine Capital LLC $594M 963K 2.1% ▼ 47.0%
Sands Capital Management, LLC $485M 786K 1.7% ▼ 4.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Carpenter Technology Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $94.6M 60 trades by 8 insiders · 0% under pre-set plans
Net ▼ $94.6M net selling
Insider Date Trade Shares Price Value
Karol Steven E Director September 4, 2026 Sell 3,275 $474.08 $1.6M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 6,126 $486.35 $3M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 5,800 $481.61 $2.8M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 1,890 $479.89 $906,992
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 8,372 $482.27 $4M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 4,622 $481.30 $2.2M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 4,949 $480.46 $2.4M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 7,053 $484.35 $3.4M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 5,818 $483.27 $2.8M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 6,320 $480.34 $3M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 2,252 $487.21 $1.1M
Thene Tony R Chairman, President and CEO August 25, 2026 Sell 2,251 $488.67 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 30, 2026
  • April 29, 2026
  • January 29, 2026
  • October 23, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Carpenter Technology Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Carpenter Technology Corp in brief

What does Carpenter Technology Corp do?
Carpenter Technology Corp is a US-listed company in the steel industry. Its financial year ends in June.
What is Carpenter Technology Corp's stock ticker?
Carpenter Technology Corp trades under the ticker CRS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Carpenter Technology Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Carpenter Technology Corp reported revenue of $3.2B, 10.2% higher than a year earlier, according to its SEC filings.
What is Carpenter Technology Corp's free cash flow?
Carpenter Technology Corp's free-cash-flow margin is 10.7% of revenue over the trailing twelve months, ranking 1 of the 15 steel companies we cover.
What is Carpenter Technology Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Carpenter Technology Corp's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$81–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Carpenter Technology Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Carpenter Technology Corp buying back stock, and does it pay a dividend?
Carpenter Technology Corp spent $264M on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
What is Carpenter Technology Corp's market cap?
On November 2, 2026, Carpenter Technology Corp's market capitalisation was about $14.6B, with a price-to-earnings ratio of 25.6 and net debt of $532M. Market figures come from third-party market data and may be delayed.
Does Carpenter Technology Corp pay a dividend?
Yes: Carpenter Technology Corp paid $40.1M in dividends over the trailing twelve months, a dividend yield of 0.28% and a payout ratio of 7.0%.
How much debt does Carpenter Technology Corp have?
Carpenter Technology Corp's debt-to-equity ratio is 31.7%, from its latest balance sheet (51.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Carpenter Technology Corp's competitors?
In our Steel peer group, the companies closest to Carpenter Technology Corp are Worthington Steel, Inc., Suncoke Energy, Inc., Algoma Steel Group Inc., Ryerson Holding Corp and Metallus Inc. The side-by-side comparison below sets their revenue, margins and growth against Carpenter Technology Corp's.
Are insiders buying or selling Carpenter Technology Corp stock?
Over the last 12 months, Carpenter Technology Corp's directors and officers reported 0 open-market purchases and 60 sales on Form 4. The insider trading page charts every trade.
When is Carpenter Technology Corp's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Carpenter Technology Corp announces its own schedule.