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Howmet Aerospace (HWM) stock

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NYSE: HWM NYSE Aerospace & Defense Next results ~February 11, 2027

B+ Fundamentals grade

Howmet Aerospace is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$140

Cash-flow model

Base case. Range ~$110–$190 across our lower- and higher-growth cases (13.4%–23.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 33% below it.

Price used: $212.99, November 2, 2026

Howmet Aerospace 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.

Value diary

Our note on each quarter Howmet Aerospace files

10-Q filed October 29: Howmet Aerospace

Howmet Aerospace grew revenue to $9.73bn over the twelve months to September 2026, a 22.0% increase on the year before and an acceleration from the 18.1% pace recorded a quarter earlier. Margins improved alongside this: free cash flow reached 19.8% of revenue, up from 16.0% a year earlier, while the operating margin widened to 28.1% from 25.1%. These gains lift the fundamentals grade from B to B+. Our model value, however, is little changed at $113 a share, well below the current price of $207. The rating therefore stays Sell. At that price, the market is effectively pricing in cash-flow growth of about 26.6% a year for five years, well ahead of the 14.4% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Howmet Aerospace stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.12bn, up 18.1% on a year earlier, faster than 14.2% a quarter earlier. Free-cash-flow margin rose to 19.6% from 13.2% a year earlier. Operating margin widened to 27.4% from 24.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $114 a share, against a share price of $209. At that price, our model says the market is pricing in about 26.9% a year of cash-flow growth for five years, faster than the 12.9% a year revenue growth it has delivered.

10-Q 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 ~February 11, 2027 (estimated)

Howmet Aerospace's trailing-twelve-month revenue grew 22.0% year on year, with a free-cash-flow margin of 19.8%. Where it stands out: net margin of 21.1% ranks 2 of 57 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$140 per share in the base case (~$110–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 22.0% (+3.9pp vs the prior quarter).

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

  • Fast growth. Revenue grew 22.0% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Growth speeding up. The growth rate is 3.9 points higher than a quarter earlier.
  • High operating margin. 28.1% of revenue is left as operating profit, against a median of 8.5% for aerospace & defense companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 8.2% over 90 days.

Things to watch

  • Priced above our value. The share price of $212.99 is 33% above our value per share of $140.
  • High earnings multiple. The shares trade at 42 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 2 insiders sold $23M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.46 against an average estimate of $1.37: beat by 6.6%
Revenue
$2.70bn, up 29.4% on a year earlier
Share reaction
+2.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $2,565m to $2,585m (Q3 2026 Guidance); revenue $10,000m to $10,100m (FY 2026 Guidance)
Next report
October 29, 2026; average EPS estimate $1.47

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

Price chart

  • 1 day+6.9%
  • 1 week+9.6%
  • 1 month-7.9%
  • This year+4.0%
  • 1 year+3.6%
  • 5 years+610.1%
  • 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)
$9.7B
Operating margin
28.1%
Net margin
21.1%
EPS (TTM, diluted)
$5.10

Growth

Revenue growth
+22.0%
Change in growth rate
+3.9 pts
Share count change
−0.9%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
19.8%
Stock pay % of revenue
1.0%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Results
  3. Guidance

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

Howmet Aerospace valuation models and calculator

What the price is pricing in

The share price implies about 24.9% a year of cash-flow growth for five years.That is faster than the 14.4% a year revenue growth Howmet Aerospace has delivered.

  • Priced in24.9%
  • Last 12 months22.0%
  • 3 years a year14.9%
  • 5 years a year14.4%

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 ($218.87, 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
~$140
Price used
$218.87close November 3, 2026
Implied change
▼ 35%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Howmet Aerospace's free cash flow after stock-based pay with after-tax interest added back ($1.6B, FY2026 Q3 TTM), growing 15.6% and 16.5% in the next two years (forecasts, guidance and its record), then back to 18.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$110–~$190 ; 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 Howmet Aerospace's free cash flow after stock-based pay ( $1.6B, FY2026 Q3 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 Howmet Aerospace 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 1.17 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. ~$140 ~$110–$190 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. ~$150 ~$130–$220 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$65 ~$47–$91 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$44 ~$39–$52 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 ~$44–$150 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Howmet Aerospace with Aerospace & Defense 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 ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +25%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $45$65$92$127$173$232
8.5% $32$47$66$91$124$166
10% $24$35$50$70$94$126

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$13.63$20.23$12.66$23.23$28.11$31.39$38.98$53.73$108.92$204.71$212.99
Market value$6.0bn$9.1bn$6.4bn$10.8bn$12.3bn$13.7bn$16.4bn$22.4bn$44.7bn$83.1bn$85.8bn
+ Net debt (− = net cash)$6.2bn$4.7bn$4.5bn$5.4bn$3.8bn$3.5bn$3.4bn$3.1bn$2.8bn$2.3bn$3.9bn
Enterprise value$12.2bn$13.8bn$10.8bn$16.2bn$16.2bn$17.2bn$19.8bn$25.4bn$47.4bn$85.4bn$89.7bn
Multiples
Price / sales 0.5x0.7x0.5x1.5x2.3x2.7x2.9x3.4x6.0x10.1x8.8x
Price / earnings ——9.9x22.9x47.3x52.9x35.0x29.2x38.7x55.1x41.8x
Price / free cash flow —————54.6x30.4x32.8x45.7x58.1x44.4x
EV / EBITDA 5.8x13.4x8.0x14.5x16.8x16.9x16.7x17.3x24.8x36.7x29.4x

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

46 /100

Moderate moat

How hard Howmet Aerospace'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 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 16.1%; its worst year was 1.6%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 4.6% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.0% over five years; stock-based pay has been a median 0.8% 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 $5.42 +44% $10.2bn +23%
Next $6.55 +21% $11.5bn +13%

Next year's EPS estimate has moved +8.2% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.2% on 90 days ago. In the last 30 days, 1 analyst raised Howmet Aerospace's forecast and 1 cut it.

Consensus EPS forecast Howmet Aerospace, last 90 days
$5.00 $5.50 $6.00 $6.50 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.06 Current fiscal year, 60 days ago: $5.33 Current fiscal year, 30 days ago: $5.34 Current fiscal year, 7 days ago: $5.34 Current fiscal year, Now: $5.42 $5.42 Next fiscal year, 90 days ago: $6.05 Next fiscal year, 60 days ago: $6.42 Next fiscal year, 30 days ago: $6.46 Next fiscal year, 7 days ago: $6.50 Next fiscal year, Now: $6.55 $6.55

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.06$6.05
60 days ago $5.33$6.42
30 days ago $5.34$6.46
7 days ago $5.34$6.50
Now $5.42$6.55

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.37 $1.46 +6.6%
Jun 2026 $1.25 $1.33 +6.7%
Mar 2026 $1.11 $1.22 +10.3%
Dec 2025 $0.97 $1.05 +8.7%

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

Management guidance

Earnings release, August 6, 2026
  • Revenue FY 2026 Guidance $10,000m to $10,100m Raised
    “Revenue $ 2,565 $ 2,575 $ 2,585 $ 10,000 $ 10,050 $ 10,100” source
  • Revenue Q3 2026 Guidance $2,565m to $2,585m
    “Revenue $ 2,565 $ 2,575 $ 2,585 $ 10,000 $ 10,050 $ 10,100” source
  • Adj. Earnings per Share FY 2026 Guidance $5.23 to $5.31 Non-GAAP Raised
    “Adj. Earnings per Share 1 $ 1.34 $ 1.35 $ 1.36 $ 5.23 $ 5.27 $ 5.31” source
  • Adj. Earnings per Share Q3 2026 Guidance $1.34 to $1.36 Non-GAAP
    “Adj. Earnings per Share 1 $ 1.34 $ 1.35 $ 1.36 $ 5.23 $ 5.27 $ 5.31” source
  • Adj. EBITDA FY 2026 Guidance $3,210m to $3,250m Non-GAAP Raised
    “Adj. EBITDA 1 $ 825 $ 830 $ 835 $ 3,210 $ 3,230 $ 3,250” source
  • Adj. EBITDA Margin FY 2026 Guidance 32.1% to 32.2% Non-GAAP Raised
    “Adj. EBITDA Margin 1 32.2 % 32.2 % 32.3 % 32.1 % 32.1 % 32.2 %” source
Show 3 more items
  • Free Cash Flow FY 2026 Guidance $1,850m to $1,950m Non-GAAP Raised
    “Free Cash Flow 1 $ 1,850 $ 1,900 $ 1,950” source
  • Adj. EBITDA Q3 2026 Guidance $825m to $835m Non-GAAP
    “Adj. EBITDA 1 $ 825 $ 830 $ 835 $ 3,210 $ 3,230 $ 3,250” source
  • Adj. EBITDA Margin Q3 2026 Guidance 32.2% to 32.3% Non-GAAP
    “Adj. EBITDA Margin 1 32.2 % 32.2 % 32.3 % 32.1 % 32.1 % 32.2 %” source

How earlier guidance turned out

  • Revenue, Q3 2026 Guidance guided $2,565m to $2,585m Above range: $2,703m
  • Revenue, Q2 2026 Guidance guided $2,390m to $2,410m Above range: $2,547m

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 Howmet Aerospace's revenue by +15.6% next year and +16.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+15.1%, weight 56%) , management guidance (+13.5%, weight 19%) and the company's own record (+18.4%, weight 25%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1986%
Hold314%
Sell00%

Monthly trend

  1. Oct 2026415322
  2. Sep 2026416323
  3. Aug 2026415322
  4. Jul 2026415322

Counts of recommendations published by analysts covering Howmet Aerospace, 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
3.91
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.9%
of shares
Employees
25,430
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 +3.6%

$205.52 on October 31, 2025 to $212.99

ThenNowEffect
Revenue (last 12 months) $7.7bn $9.1bn +18.1%
Net margin 18.1% 20.5% +13.4%
P/E multiple 60.0x 46.0x −23.3%
Share count 408m 404m +0.9%

Biggest factor: p/e multiple.

Last 3 years +347.6%

$47.59 on November 3, 2023 to $212.99

ThenNowEffect
Revenue (last 12 months) $6.2bn $9.1bn +47.1%
Net margin 8.6% 20.5% +139.1%
P/E multiple 37.4x 46.0x +23.0%
Share count 418m 404m +3.5%

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
HWM+12%+24%+38%+103%+88%+4%
Industry peers (median)−6%−11%+13%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HWM33%58%67%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HWM−23%−20%−16%−10%−19%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 1, 2016: 65% from February 19, 2020 to March 23, 2020. Getting back needed a 184% gain, reached on December 10, 2020, 262 days after the low.

Price behaviour

52-week range
$185.91 – $292.65
From 52-week high
−27.2%
vs 50-day average
−6.5%
vs 200-day average
−14.3%
Volatility (1 year)
36%
Beta vs S&P 500
1.07

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
10 up, 2 down
typical move ±7.5%
After a week
9 up, 2 down
typical move ±8.6%
After a month
7 up, 4 down
typical move ±11.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.1% −2.1% — —
August 6, 2026 −3.2% +0.5% −2.9% −11.0%
May 7, 2026 +5.6% +0.5% +6.3% −3.8%
February 12, 2026 +8.4% −1.5% +11.8% +4.3%
October 30, 2025 +1.2% −0.8% +1.1% −2.3%
July 31, 2025 −4.1% −2.0% −5.5% −9.3%
May 1, 2025 +11.2% +2.2% +13.7% +24.7%
February 13, 2025 +4.2% +1.1% +1.4% +0.9%
November 6, 2024 +8.9% +3.3% +13.4% +15.9%
July 30, 2024 +15.5% +1.1% +7.5% +16.6%
May 2, 2024 +18.1% +2.2% +22.9% +26.8%
February 13, 2024 +7.7% −0.5% +8.0% +11.3%

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 Howmet Aerospace’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 0.90× the last 60 days’ realised volatility , richer than 8% of the 229 stocks we screen today.
  • Calls are priced 4 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.

HWM Howmet Aerospace Grade B+ $212.86

Own 100 shares, sell the $220 call expiring December 4, 2026 (32 days) for $6.30 a share — $630 per contract.

Previous session · Bid $6.30, ask $8.30, quoted Mon 2 Nov, 17:26 New York time with HWM at $212.86. Option prices move with the shares: check the live chain at your broker before trading.

  • If HWM ends below $220: you keep your shares and the $630 — 3.0% extra on the position, 33.8% a year at that pace.
  • If it ends above $220: your shares are sold at $220, a total return of 6.3% including the premium — at or above our value of ~$140.
$1.3k $0 −$4.1k Break-even $206.56 Price $212.86 ← Our value ~$140
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$630
Annualised
33.8%
Break-even
$206.56
Max gain
$1,344
Chance of selling
~44%

Collar

Own the shares, buy the $195 put and sell the $230 call, both expiring December 18, 2026 (46 days).

  • Net credit of $1.00 a share ($100 per contract of 100 shares).
  • Worst case at expiry: -7.9%, if the shares fall below $195 (-8.4% from today).
  • Best case at expiry: +8.5%, if the shares rise above $230 (+8.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $140: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

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.

Howmet Aerospace in five measures

Fundamentals grade B+
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) Howmet Aerospace
$6B $7B $8B $9B $10B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.6B Revenue (TTM), FY24 Q1: $6.9B Revenue (TTM), FY24 Q2: $7.1B Revenue (TTM), FY24 Q3: $7.3B Revenue (TTM), FY24 Q4: $7.4B Revenue (TTM), FY25 Q1: $7.5B Revenue (TTM), FY25 Q2: $7.7B Revenue (TTM), FY25 Q3: $8B Revenue (TTM), FY25 Q4: $8.3B Revenue (TTM), FY26 Q1: $8.6B Revenue (TTM), FY26 Q2: $9.1B Revenue (TTM), FY26 Q3: $9.7B $9.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.6B
FY24 Q1 $6.9B
FY24 Q2 $7.1B
FY24 Q3 $7.3B
FY24 Q4 $7.4B
FY25 Q1 $7.5B
FY25 Q2 $7.7B
FY25 Q3 $8B
FY25 Q4 $8.3B
FY26 Q1 $8.6B
FY26 Q2 $9.1B
FY26 Q3 $9.7B
Revenue growth, TTM YoY Howmet Aerospace
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 17.3% Revenue growth, TTM YoY, FY24 Q1: 15.5% Revenue growth, TTM YoY, FY24 Q2: 14.5% Revenue growth, TTM YoY, FY24 Q3: 13.2% Revenue growth, TTM YoY, FY24 Q4: 11.9% Revenue growth, TTM YoY, FY25 Q1: 10.0% Revenue growth, TTM YoY, FY25 Q2: 8.9% Revenue growth, TTM YoY, FY25 Q3: 9.7% Revenue growth, TTM YoY, FY25 Q4: 11.1% Revenue growth, TTM YoY, FY26 Q1: 14.2% Revenue growth, TTM YoY, FY26 Q2: 18.1% Revenue growth, TTM YoY, FY26 Q3: 22.0% 22.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 17.3%
FY24 Q1 15.5%
FY24 Q2 14.5%
FY24 Q3 13.2%
FY24 Q4 11.9%
FY25 Q1 10.0%
FY25 Q2 8.9%
FY25 Q3 9.7%
FY25 Q4 11.1%
FY26 Q1 14.2%
FY26 Q2 18.1%
FY26 Q3 22.0%
Operating margin (TTM) Howmet Aerospace
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 18.1% Operating margin (TTM), FY24 Q1: 18.8% Operating margin (TTM), FY24 Q2: 19.7% Operating margin (TTM), FY24 Q3: 20.8% Operating margin (TTM), FY24 Q4: 22.0% Operating margin (TTM), FY25 Q1: 23.3% Operating margin (TTM), FY25 Q2: 24.4% Operating margin (TTM), FY25 Q3: 25.1% Operating margin (TTM), FY25 Q4: 24.8% Operating margin (TTM), FY26 Q1: 26.7% Operating margin (TTM), FY26 Q2: 27.4% Operating margin (TTM), FY26 Q3: 28.1% 28.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 18.1%
FY24 Q1 18.8%
FY24 Q2 19.7%
FY24 Q3 20.8%
FY24 Q4 22.0%
FY25 Q1 23.3%
FY25 Q2 24.4%
FY25 Q3 25.1%
FY25 Q4 24.8%
FY26 Q1 26.7%
FY26 Q2 27.4%
FY26 Q3 28.1%
FCF margin (TTM) Howmet Aerospace
10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.3% FCF margin (TTM), FY24 Q1: 11.9% FCF margin (TTM), FY24 Q2: 13.7% FCF margin (TTM), FY24 Q3: 13.8% FCF margin (TTM), FY24 Q4: 13.1% FCF margin (TTM), FY25 Q1: 13.5% FCF margin (TTM), FY25 Q2: 13.2% FCF margin (TTM), FY25 Q3: 16.0% FCF margin (TTM), FY25 Q4: 17.3% FCF margin (TTM), FY26 Q1: 19.2% FCF margin (TTM), FY26 Q2: 19.6% FCF margin (TTM), FY26 Q3: 19.8% 19.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.3%
FY24 Q1 11.9%
FY24 Q2 13.7%
FY24 Q3 13.8%
FY24 Q4 13.1%
FY25 Q1 13.5%
FY25 Q2 13.2%
FY25 Q3 16.0%
FY25 Q4 17.3%
FY26 Q1 19.2%
FY26 Q2 19.6%
FY26 Q3 19.8%

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

Where the money goes

FY2025, from the 10-K

Each dollar Howmet Aerospace took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.3B
  2. Selling, general and admin $370M · 4.5%
  3. Other operating costs $5.8B · 70.3%
  4. Operating income $2B · 24.8%
  5. Income tax $332M · 4.0%
  6. Interest and other $206M · 2.5%
  7. Net income $1.5B · 18.3%

Shares of revenue. Source: Howmet Aerospace's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 18.4 21.0 25.0 23.7 23.0 12.5 12.4 12.4 13.0 14.0 7.1 5.3 5.0 5.7 6.6 7.4 8.3 9.7
EBITDA — — — — — — 1.9 2.1 1.0 1.4 1.1 1.0 1.0 1.2 1.5 1.9 2.3 3.1
Operating income — — — — — — 0.6 1.0 0.5 0.8 0.6 0.6 0.7 0.9 1.2 1.6 2.0 2.7
Net income −1.2 0.3 0.6 0.2 −2.3 0.3 −0.3 −0.9 −0.1 0.6 0.5 0.3 0.3 0.5 0.8 1.2 1.5 2.1
Diluted EPS −$1.23 $0.24 $0.55 $0.18 −$2.14 $0.63 −$0.93 −$2.31 −$0.28 $1.30 $1.03 — $0.59 $1.11 $1.83 $2.81 $3.71 $5.10
Growth (year on year)
Revenue −31.5% +14.0% +18.7% −5.0% −2.8% −45.5% −1.0% −0.2% +4.6% +8.1% −49.4% −25.9% −5.5% +13.9% +17.3% +11.9% +11.1% +22.0%
EBITDA — — — — — — — +9.3% −50.6% +31.0% −17.5% −13.5% +5.6% +16.3% +24.6% +29.5% +21.9% +33.7%
Operating income — — — — — — — +51.9% −49.7% +61.5% −25.3% +8.1% +19.5% +22.9% +30.9% +35.7% +25.3% +36.4%
Net income — — — −68.7% — — −220.1% — — — −26.8% −44.5% −1.1% +81.8% +63.1% +51.0% +30.6% +41.6%
Diluted EPS — — — −67.3% — — −247.6% — — — −20.8% — — +88.1% +64.9% +53.6% +32.0% +42.8%
Margins
EBITDA margin — — — — — — 15.4% 16.8% 8.0% 9.6% 15.7% 18.3% 20.5% 20.9% 22.2% 25.7% 28.2% 31.4%
Operating margin — — — — — — 5.1% 7.7% 3.7% 5.5% 8.2% 11.9% 15.0% 16.2% 18.1% 22.0% 24.8% 28.1%
Net margin −6.2% 1.2% 2.4% 0.8% −9.9% 2.1% −2.6% −7.6% −0.6% 4.6% 6.6% 5.0% 5.2% 8.3% 11.5% 15.5% 18.3% 21.1%
Free-cash-flow margin −1.4% 5.9% 3.6% 1.0% 1.7% 3.6% 3.2% −8.3% −4.9% −3.9% −2.5% −4.9% 5.0% 9.5% 10.3% 13.1% 17.3% 19.8%
Cash flow
Cash from operations 1.4 2.3 2.2 1.5 1.6 1.7 1.6 0.1 −0.0 0.2 0.5 0.0 0.4 0.7 0.9 1.3 1.9 2.4
Capital spending 1.6 1.0 1.3 1.3 1.2 1.2 1.2 1.1 0.6 0.8 0.6 0.3 0.2 0.2 0.2 0.3 0.5 0.5
Free cash flow −0.3 1.2 0.9 0.2 0.4 0.5 0.4 −1.0 −0.6 −0.6 −0.2 −0.3 0.3 0.5 0.7 1.0 1.4 1.9
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.3 1.2 0.8 0.2 0.3 0.4 0.3 −1.1 −0.7 −0.6 −0.2 −0.3 0.2 0.5 0.6 0.9 1.4 1.8
Balance sheet
Cash 1.5 1.5 1.9 1.9 1.4 1.9 1.9 1.9 2.2 2.3 1.6 1.6 0.7 0.8 0.6 0.6 0.7 0.5
Total debt 9.8 9.2 9.3 8.8 8.3 8.9 8.8 8.1 6.8 6.7 7.0 5.5 4.2 4.2 3.7 3.3 3.1 4.4
Net debt (negative = net cash) 8.3 7.6 7.4 7.0 6.9 7.0 6.9 6.2 4.7 4.5 5.4 3.8 3.5 3.4 3.1 2.8 2.3 3.9
Diluted shares 935m 1,025m 1,161m 1,076m 1,070m 393m 420m 438m 451m 503m 463m 439m 435m 421m 416m 410m 406m 403m
Returned to shareholders
Dividends 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.2 0.2
Buybacks 0.0 — — — — — — — 0.0 0.0 1.2 0.1 0.4 0.4 0.3 0.5 0.7 1.3
Total returned 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.1 1.2 0.1 0.4 0.4 0.3 0.6 0.9 1.5

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

3 of 6 checks passed · September 30, 2026
What it owns · $13.3bn
Short-term assets $4.1bnLonger-term assets $9.2bn
What it owes, and who funded it · $13.3bn
Short-term liabilities $2.2bnLonger-term liabilities $5.3bnShareholders' equity $5.8bn
  • Short-term assets cover short-term liabilities $4.1bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.1bn short-term assets against $5.3bn of longer-dated liabilities.
  • More cash than debt $507m of cash against $4.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 77% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 122% to 77% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.4bn of operating cash flow against $4.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Howmet Aerospace'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

FY2026 Q3 TTM
Buybacks (TTM)
$1.3B
Dividends (TTM)
$203M
Returned to shareholders
78%
of free cash flow
Buybacks, last 3 fiscal years
$1.4B
Diluted share count
−0.9%
year over year
Total shareholder yield
1.8%
dividends 0.2% + buybacks 1.5% of market value
Dividend payout ratio
10%
of net income paid out
R&D spending
0.4%
of revenue
Sales & admin spending
4.9%
of revenue
Days sales outstanding
42 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated HWM TDG ESLT HII SARO TXT Median
Revenue, last 12 months $9.7bn $10.0bn $7.9bn $13.5bn $6.3bn $15.4bn $769m
Revenue growth, last 12 months 22.0% 16.6% 16.3% 12.6% 12.6% 8.5% 15.5%
Revenue growth, 3-year average 14.9% 17.0% 39.5% 6.9% — 4.8% 12.6%
Revenue growth, latest quarter 29.4% 22.5% — 10.8% 4.6% 4.1% 15.8%
Gross margin — 59.6% 24.4% — 15.0% 16.2% 27.8%
Operating margin 28.1% 46.0% 8.5% 5.8% 9.5% — 9.0%
Operating margin, 3-year average 24.7% 45.8% 8.7% 5.7% 8.4% — 6.0%
Net margin 21.1% 21.3% 6.7% 5.4% 5.1% 6.3% 5.5%
Cash from operations / revenue 24.7% 22.0% 9.8% 5.5% 4.6% 8.5% 5.5%
Free-cash-flow margin 19.8% 19.3% 7.0% 2.4% 3.5% 5.2% 3.4%
Free-cash-flow margin, 3-year average 16.6% 21.6% 3.7% 2.9% 1.9% 5.1% 3.0%
Stock pay / revenue 1.0% 1.5% 0.3% 0.4% 0.3% — 1.2%
Change in share count −0.9% −0.1% 4.9% 0.2% 4.5% −3.9% 3.9%

Median of all 57 companies we cover in aerospace & defense. 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

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 22.0% 15.5% 15 of 57
Change in growth rate Growth +3.9pp +2.2pp 19 of 57
Operating margin Profitability 28.1% 8.5% 2 of 51
Net margin Profitability 21.1% 5.5% 2 of 57
Free-cash-flow margin Cash generation 19.8% 3.4% 2 of 57
Stock pay as % of revenue Cash generation 1.0% 1.5% 25 of 53
Long-term debt as % of assets Balance sheet 30.5% 22.1% 34 of 47
Change in share count Balance sheet -0.9% 2.4% 10 of 51
Days sales outstanding Balance sheet 42 days 53 days 14 of 45

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

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Engine Products $4.3B 52.4% ▲ 15.7%
Fastening Systems $1.7B 21.1% ▲ 10.7%
Engineered Structures $1.1B 13.9% ▲ 7.8%
Forged Wheels $1B 12.6% ▼ 1.4%
Products and services
Line of business Revenue Share YoY
Aerospace Commercial $4.3B 52.4% ▲ 11.7%
Aerospace Defense $1.4B 17.1% ▲ 21.0%
Commercial Transportation $1.2B 15.1% ▼ 4.6%
Gas Turbines $944M 11.4% ▲ 25.0%
Other $329M 4.0% ▼ 0.9%
Geography
Region Revenue Share YoY
United States $4.4B 53.0% ▲ 17.9%
Other Geographical Regions $1B 12.4% ▲ 9.0%
France $625M 7.6% ▼ 7.8%
Japan $513M 6.2% ▲ 44.5%
Germany $439M 5.3% ▼ 4.1%
United Kingdom $376M 4.6% ▲ 7.4%
IT $264M 3.2% ▼ 8.0%
Canada $187M 2.3% ▲ 7.5%
Mexico $166M 2.0% ▼ 24.5%
PL $150M 1.8% ▼ 1.3%
China $130M 1.6% ▲ 26.2%

From Howmet Aerospace's 10-K filed February 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
$98B
Institutions reporting
1,599
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
209 / 83

Top buyers and sellers, Q2 2026: 883 institutions bought and 571 sold ; the biggest buyer was Citadel Advisors LLC (+1.8M shares) and the biggest seller Massachusetts Financial Services Co (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $12.3B 45.8M 12.6% ▼ 4.5%
Vanguard Capital Management LLC $7B 26.1M 7.2% ▲ 0.3%
State Street Corp $5.1B 18.9M 5.2% ▲ 3.3%
Vanguard Portfolio Management LLC $5B 18.5M 5.1% ▲ 0.1%
Jpmorgan Chase & Co $5B 18.6M 5.1% ▼ 11.6%
FMR LLC $4.1B 15.4M 4.2% ▼ 2.3%
Price T Rowe Associates Inc $3.6B 13.5M 3.7% ▼ 12.5%
Bank Of America Corp $2.8B 10.3M 2.8% ▼ 4.1%
Geode Capital Management, LLC $2.6B 9.5M 2.6% ▼ 17.9%
Norges Bank $2.1B 7.9M 2.2% —
Jupiter Topco LLC $2.1B 7.7M 2.1% —
Invesco Ltd. $1.8B 6.9M 1.9% ▼ 7.8%

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 Howmet Aerospace's complete shareholder register. Values are as reported by the filers ; 5 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 → $22.9M 3 trades by 2 insiders · 0% under pre-set plans
Net ▼ $22.9M net selling
Insider Date Trade Shares Price Value
Marchuk Neil Edward EVP, CAO May 11, 2026 Sell 41,932 $269.50 $11.3M
Shultz Barbara Lou Vice President and Controller February 26, 2026 Sell 1,000 $260.00 $260,005
Marchuk Neil Edward EVP, CAO February 18, 2026 Sell 45,150 $251.70 $11.4M

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.

Trades by members of Congress

All 15 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 3 sales of Howmet Aerospace shares.

  • Byron Donalds(R-FL 19):Sale (partial), $1,001 - $15,000, traded August 11, 2026, filed September 15, 2026
  • Byron Donalds(R-FL 19):Sale (partial), $1,001 - $15,000, traded August 11, 2026, filed September 15, 2026
  • Byron Donalds(R-FL 19):Sale (partial), $1,001 - $15,000, traded January 8, 2026, filed February 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Howmet Aerospace 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.

Howmet Aerospace in brief

What does Howmet Aerospace do?
Howmet Aerospace is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Howmet Aerospace's stock ticker?
Howmet Aerospace trades under the ticker HWM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Howmet Aerospace's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Howmet Aerospace reported revenue of $9.7B, 22.0% higher than a year earlier, according to its SEC filings.
What is Howmet Aerospace's free cash flow?
Howmet Aerospace's free-cash-flow margin is 19.8% of revenue over the trailing twelve months, ranking 2 of the 57 aerospace & defense companies we cover.
What is Howmet Aerospace's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Howmet Aerospace's free cash flow after stock-based pay gives ~$140 per share in the base case, and ~$110–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Howmet Aerospace's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Howmet Aerospace buying back stock, and does it pay a dividend?
Howmet Aerospace spent $1.3B on share repurchases over the trailing twelve months, and its diluted share count fell 0.9% over the year.
What is Howmet Aerospace's market cap?
On November 2, 2026, Howmet Aerospace's market capitalisation was about $85.8B, with a price-to-earnings ratio of 41.8 and net debt of $3.9B. Market figures come from third-party market data and may be delayed.
Does Howmet Aerospace pay a dividend?
Yes: Howmet Aerospace paid $203M in dividends over the trailing twelve months, a dividend yield of 0.24% and a payout ratio of 9.9%.
How much debt does Howmet Aerospace have?
Howmet Aerospace's debt-to-equity ratio is 77.1%, from its latest balance sheet (122.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Howmet Aerospace's competitors?
In our Aerospace & Defense peer group, the companies closest to Howmet Aerospace are TransDigm Group, Elbit Systems LTD, Huntington Ingalls Industries, Standardaero, Inc. and Textron. The side-by-side comparison below sets their revenue, margins and growth against Howmet Aerospace's.
Are insiders buying or selling Howmet Aerospace stock?
Over the last 12 months, Howmet Aerospace's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Howmet Aerospace's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Howmet Aerospace announces its own schedule.