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Hexcel Corp (HXL) stock

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NYSE: HXL NYSE Aerospace & Defense Next results ~January 27, 2027

C+ Fundamentals grade

Hexcel Corp 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

~$54

Cash-flow model

Base case. Range ~$38–$75 across our lower- and higher-growth cases (1.1%–11.1% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 34% below it.

Price used: $81.22, November 2, 2026

Hexcel 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, 3 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds259 adding, 205 cuttingOf 59 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Hexcel files

10-Q filed October 21: Hexcel

Revenue for the twelve months to September 2026 reached $2.02bn, up 7.6% on a year earlier and faster than the 5.4% rate a quarter before. Free-cash-flow margin held at 10.4%, while operating margin widened to 12.2% from 6.3%. A 5.3% drop in the diluted share count over the year lifts each remaining share. Our model value is little changed at $50.61 a share, against a share price of $81.27, so the rating stays Sell. At that price, the model implies the market is pricing in roughly 13.9% annual cash-flow growth over five years. That runs well ahead of the 8.8% a year revenue growth the company has delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Hexcel stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.98bn, up 5.4% on a year earlier, faster than 2.7% a quarter earlier. Free-cash-flow margin rose to 12.9% from 9.1% a year earlier. Operating margin widened to 11.5% from 7.2%. The diluted share count is down 4.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $38.02 a share, against a share price of $92.23. At that price, our model says the market is pricing in about 18.3% a year of cash-flow growth for five years, faster than the 8.4% 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 ~January 27, 2027 (estimated)

Hexcel Corp's trailing-twelve-month revenue grew 7.6% year on year, with a free-cash-flow margin of 10.4%. Where it stands out: change in share count of -5.3% ranks 2 of 51 aerospace & defense companies we cover. Where it lags: long-term debt as % of assets of 34.3% ranks 40 of 47 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$54 per share in the base case (~$38–$75 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 8.2% while net income grew 149.3%: a 141pp divergence.

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 5.9 points on a year ago.
  • Shrinking share count. Diluted shares fell 5.3% in a year, so each share owns more of the business.
  • 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 $81.22 is 34% above our value per share of $54.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 34.3% ranks 40 of 47 aerospace & defense companies we cover (median 22.1%).
  • Below peers: revenue growth. Revenue growth of 7.6% ranks 43 of 57 aerospace & defense companies we cover (median 15.5%).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$0.50 against an average estimate of $0.50: beat by 0.9%
Revenue
$496m, up 8.8% on a year earlier
Guidance given
sales $2.03bn to $2.13bn (2026); adjusted diluted earnings per share $2.3 to $2.4 (2026)
Next report
October 21, 2026; average EPS estimate $0.65

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

Price chart

  • 1 day+4.6%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2B
Operating margin
12.2%
Net margin
8.5%
EPS (TTM, diluted)
$2.23

Growth

Revenue growth
+7.6%
Change in growth rate
+2.2 pts
Share count change
−5.3%

Cash

Free cash flow (TTM)
$210M
FCF margin
10.4%
Stock pay % of revenue
1.0%

Earnings

Last results
October 21, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

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

  1. Our research
  2. Dividend
  3. Results
  4. Guidance
  5. Announcement
  6. Insider trade
  7. Results
  8. Announcement
  9. Announcement
  10. 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

Hexcel Corp valuation models and calculator

What the price is pricing in

The share price implies about 13.7% a year of cash-flow growth for five years.That is close to the 8.8% a year revenue growth Hexcel has delivered.

  • Priced in13.7%
  • Last 12 months7.6%
  • 3 years a year4.7%
  • 5 years a year8.8%

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 ($82.10, 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
~$54
Price used
$82.10close November 3, 2026
Implied change
▼ 34%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Hexcel Corp's free cash flow after stock-based pay with after-tax interest added back ($223M, FY2026 Q3 TTM), growing 10.3% and 7.9% in the next two years (forecasts, guidance and its record), then back to 6.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$38–~$75 ; 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 Hexcel Corp's free cash flow after stock-based pay ( $223M, 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 Hexcel 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. ~$54 ~$38–$75 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. ~$75 ~$61–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$14 ~$10–$19 Left out: out of range vs price (0.17x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$12 ~$11–$14 Left out: out of range vs price (0.15x)
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. ~$61 ~$54–$75 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hexcel Corp 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 ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +1%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $31$46$65$92$126$170
8.5% $21$32$46$65$89$120
10% $15$23$34$49$67$91

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$81.22
Market value$6.2bn
+ Net debt (− = net cash)$857m
Enterprise value$7.1bn
Multiples
Price / sales 3.1x
Price / earnings 36.4x
Price / free cash flow 29.7x
EV / EBITDA 19.3x

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

59 /100

Moderate moat

How hard Hexcel'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 13 / 20

    Cash operating profit has been a median 10.4% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 24.2%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 11.9%; its worst year was 0.7%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.9% over five years; stock-based pay has been a median 0.9% 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 $2.39 +36% $2.1bn +10%
Next $3.15 +32% $2.3bn +11%

Next year's EPS estimate has moved −1.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.6% on 90 days ago. In the last 30 days, 4 analysts raised Hexcel Corp's forecast and 1 cut it.

Consensus EPS forecast Hexcel Corp, last 90 days
$2.00 $2.50 $3.00 $3.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.28 Current fiscal year, 60 days ago: $2.40 Current fiscal year, 30 days ago: $2.40 Current fiscal year, 7 days ago: $2.40 Current fiscal year, Now: $2.39 $2.39 Next fiscal year, 90 days ago: $3.20 Next fiscal year, 60 days ago: $3.12 Next fiscal year, 30 days ago: $3.13 Next fiscal year, 7 days ago: $3.16 Next fiscal year, Now: $3.15 $3.15

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.28$3.20
60 days ago $2.40$3.12
30 days ago $2.40$3.13
7 days ago $2.40$3.16
Now $2.39$3.15

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.50 $0.50 +0.9%
Jun 2026 $0.58 $0.66 +14.3%
Mar 2026 $0.44 $0.59 +35.6%
Dec 2025 $0.49 $0.52 +5.2%

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

Management guidance

Earnings release, October 21, 2026
  • Sales 2026 $2.025bn to $2.125bn Maintained
    “Sales of $2.025 billion to $2.125 billion” source
  • Adjusted diluted earnings per share 2026 $2.30 to $2.40 Non-GAAP Maintained
    “Adjusted diluted earnings per share of $2.30 to $2.40” source
  • Free cash flow 2026 — Non-GAAP Maintained
    “Free cash flow of greater than $195 million” source
  • Capital expenditures 2026 — Maintained
    “Capital expenditures less than $100 million” source

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 Hexcel Corp's revenue by +10.3% next year and +7.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.8%, weight 56%) , management guidance (+11.4%, weight 19%) and the company's own record (+6.1%, weight 25%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy741%
Hold1059%
Sell00%

Monthly trend

  1. Oct 2026251017
  2. Sep 202641217
  3. Aug 202631216
  4. Jul 202631116

Counts of recommendations published by analysts covering Hexcel 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
7.1%
of tradable shares
Days to cover
4.97
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
5,563
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

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.

Options strategies

All options ideas

How Hexcel 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.

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.

Hexcel 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) Hexcel Corp
$1.7B $1.8B $1.9B $2B $2.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.9B Revenue (TTM), FY24 Q4: $1.9B Revenue (TTM), FY25 Q1: $1.9B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $2B Revenue (TTM), FY26 Q3: $2B $2B

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

View chart data
Period Revenue (TTM)
FY23 Q4 $1.8B
FY24 Q1 $1.8B
FY24 Q2 $1.8B
FY24 Q3 $1.9B
FY24 Q4 $1.9B
FY25 Q1 $1.9B
FY25 Q2 $1.9B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $1.9B
FY26 Q2 $2B
FY26 Q3 $2B
Revenue growth, TTM YoY Hexcel Corp
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.4% Revenue growth, TTM YoY, FY24 Q1: 9.7% Revenue growth, TTM YoY, FY24 Q2: 8.4% Revenue growth, TTM YoY, FY24 Q3: 7.1% Revenue growth, TTM YoY, FY24 Q4: 6.4% Revenue growth, TTM YoY, FY25 Q1: 4.6% Revenue growth, TTM YoY, FY25 Q2: 1.5% Revenue growth, TTM YoY, FY25 Q3: -0.5% Revenue growth, TTM YoY, FY25 Q4: -0.5% Revenue growth, TTM YoY, FY26 Q1: 2.7% Revenue growth, TTM YoY, FY26 Q2: 5.4% Revenue growth, TTM YoY, FY26 Q3: 7.6% 7.6%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.4%
FY24 Q1 9.7%
FY24 Q2 8.4%
FY24 Q3 7.1%
FY24 Q4 6.4%
FY25 Q1 4.6%
FY25 Q2 1.5%
FY25 Q3 -0.5%
FY25 Q4 -0.5%
FY26 Q1 2.7%
FY26 Q2 5.4%
FY26 Q3 7.6%
Operating margin (TTM) Hexcel Corp
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 12.0% Operating margin (TTM), FY24 Q1: 11.4% Operating margin (TTM), FY24 Q2: 11.7% Operating margin (TTM), FY24 Q3: 11.9% Operating margin (TTM), FY24 Q4: 9.8% Operating margin (TTM), FY25 Q1: 9.4% Operating margin (TTM), FY25 Q2: 7.2% Operating margin (TTM), FY25 Q3: 6.3% Operating margin (TTM), FY25 Q4: 9.1% Operating margin (TTM), FY26 Q1: 9.5% Operating margin (TTM), FY26 Q2: 11.5% Operating margin (TTM), FY26 Q3: 12.2% 12.2%

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

View chart data
Period Operating margin (TTM)
FY23 Q4 12.0%
FY24 Q1 11.4%
FY24 Q2 11.7%
FY24 Q3 11.9%
FY24 Q4 9.8%
FY25 Q1 9.4%
FY25 Q2 7.2%
FY25 Q3 6.3%
FY25 Q4 9.1%
FY26 Q1 9.5%
FY26 Q2 11.5%
FY26 Q3 12.2%
FCF margin (TTM) Hexcel Corp
8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.3% FCF margin (TTM), FY24 Q1: 8.6% FCF margin (TTM), FY24 Q2: 9.7% FCF margin (TTM), FY24 Q3: 10.8% FCF margin (TTM), FY24 Q4: 10.7% FCF margin (TTM), FY25 Q1: 9.7% FCF margin (TTM), FY25 Q2: 9.1% FCF margin (TTM), FY25 Q3: 10.3% FCF margin (TTM), FY25 Q4: 8.3% FCF margin (TTM), FY26 Q1: 10.6% FCF margin (TTM), FY26 Q2: 12.9% FCF margin (TTM), FY26 Q3: 10.4% 10.4%

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

View chart data
Period FCF margin (TTM)
FY23 Q4 8.3%
FY24 Q1 8.6%
FY24 Q2 9.7%
FY24 Q3 10.8%
FY24 Q4 10.7%
FY25 Q1 9.7%
FY25 Q2 9.1%
FY25 Q3 10.3%
FY25 Q4 8.3%
FY26 Q1 10.6%
FY26 Q2 12.9%
FY26 Q3 10.4%

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.

Where the money goes

FY2025, from the 10-K

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

  1. Revenue $1.9B
  2. Cost of revenue $1.5B · 77.0%
  3. Gross profit $435M · 23.0%
  4. Research and development $56.4M · 3.0%
  5. Selling, general and admin $169M · 8.9%
  6. Other operating costs $37.8M · 2.0%
  7. Operating income $172M · 9.1%
  8. Income tax $25.6M · 1.4%
  9. Interest and other $36.6M · 1.9%
  10. Net income $109M · 5.8%

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

Financial statements

US$ millions 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 1,108 1,174 1,392 1,578 1,678 1,856 1,861 2,004 1,973 2,189 2,356 1,502 1,325 1,578 1,789 1,903 1,894 2,019
Gross profit 249 283 342 407 454 509 533 565 552 581 640 240 250 357 433 470 435 509
EBITDA 150 183 247 306 330 377 409 453 455 494 567 155 190 301 340 310 294 368
Operating income 104 130 192 249 271 306 332 360 351 371 425 14 52 175 215 186 172 246
Net income 56 77 136 164 188 209 237 250 284 277 307 32 16 126 106 132 109 172
Diluted EPS $0.57 $0.77 $1.35 $1.61 $1.84 $2.12 $2.44 — — — — — — — — — — $2.23
Growth (year on year)
Revenue −16.3% +5.9% +18.6% +13.3% +6.3% +10.6% +0.3% +7.7% −1.5% +10.9% +7.6% −36.2% −11.8% +19.1% +13.4% +6.4% −0.5% +7.6%
EBITDA −14.0% +21.8% +35.1% +23.7% +7.9% +14.2% +8.4% +10.9% +0.4% +8.6% +14.7% −72.7% +22.5% +58.8% +12.8% −8.8% −5.2% +52.2%
Operating income −20.8% +25.2% +47.9% +29.6% +8.9% +12.9% +8.7% +8.3% −2.6% +5.9% +14.5% −96.7% — +238.2% +22.9% −13.6% −7.8% +106.9%
Net income −49.4% +37.5% +75.1% +21.3% +14.4% +11.4% +13.3% +5.3% +13.7% −2.6% +10.8% −89.7% −49.2% — −16.3% +25.0% −17.2% +149.3%
Diluted EPS −50.0% +35.1% +75.3% +19.3% +14.3% +15.2% +15.1% — — — — — — — — — — +163.2%
Margins
Gross margin 22.4% 24.1% 24.6% 25.8% 27.1% 27.4% 28.6% 28.2% 28.0% 26.5% 27.2% 16.0% 18.9% 22.6% 24.2% 24.7% 23.0% 25.2%
EBITDA margin 13.6% 15.6% 17.8% 19.4% 19.7% 20.3% 22.0% 22.6% 23.1% 22.6% 24.1% 10.3% 14.3% 19.1% 19.0% 16.3% 15.5% 18.2%
Operating margin 9.4% 11.1% 13.8% 15.8% 16.1% 16.5% 17.9% 18.0% 17.8% 17.0% 18.0% 0.9% 3.9% 11.1% 12.0% 9.8% 9.1% 12.2%
Net margin 5.1% 6.6% 9.7% 10.4% 11.2% 11.3% 12.7% 12.5% 14.4% 12.6% 13.0% 2.1% 1.2% 8.0% 5.9% 6.9% 5.8% 8.5%
Free-cash-flow margin 6.7% 6.6% 0.9% −2.0% 4.6% 3.1% −0.2% 3.7% 7.6% 10.8% 12.2% 14.2% 9.3% 6.1% 8.3% 10.7% 8.3% 10.4%
Cash flow
Cash from operations 173 127 171 232 273 318 301 401 429 421 491 264 152 173 257 290 231 297
Capital spending 98 49 158 264 195 260 305 328 278 184 204 51 28 76 108 87 73 87
Free cash flow 74 78 13 −31 78 58 −4 74 151 237 287 214 124 97 149 203 157 210
Stock-based pay 8 12 14 16 19 17 18 16 18 16 18 15 19 20 21 22 14 19
Free cash flow after stock pay 66 65 −1 −47 59 41 −22 57 133 221 269 198 105 77 128 181 143 190
Balance sheet
Cash 110 117 50 33 66 71 52 35 60 33 64 103 128 112 227 125 71 78
Total debt 392 332 251 257 295 418 577 689 810 957 1,060 926 823 724 700 701 993 935
Net debt (negative = net cash) 282 215 201 224 230 347 525 654 750 924 996 823 696 612 473 575 922 857
Diluted shares 98m 100m 101m 102m 102m 99m 97m 94m 92m 89m 86m 84m 85m 85m 86m 83m 80m 77m
Returned to shareholders
Dividends — — 0 0 0 0 38 40 43 48 4 14 0 34 42 49 54 54
Buybacks — — — — 90 160 146 111 150 358 143 25 0 0 30 252 454 353
Total returned — — 0 0 90 160 184 151 193 406 147 39 0 34 72 302 508 407

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 7 checks passed · September 30, 2026
What it owns · $2.7bn
Short-term assets $798mLonger-term assets $1.9bn
What it owes, and who funded it · $2.7bn
Short-term liabilities $311mLonger-term liabilities $1.1bnShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $798m of assets due within a year against $311m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $798m short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $78m of cash against $935m of debt.
  • Debt below 40% of shareholders' equity Debt is 71% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 58% to 71% over five years.
  • A year's operating cash flow covers at least 20% of debt $297m of operating cash flow against $935m of debt.
  • Operating profit covers interest at least five times over Operating income of $246m against $48m of interest.

From Hexcel 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

FY2026 Q3 TTM
Buybacks (TTM)
$353M
Dividends (TTM)
$53.8M
Returned to shareholders
194%
of free cash flow
Buybacks, last 3 fiscal years
$737M
Diluted share count
−5.3%
year over year
Total shareholder yield
6.5%
dividends 0.9% + buybacks 5.7% of market value
Dividend payout ratio
31%
of net income paid out
R&D spending
3.2%
of revenue
Sales & admin spending
9.1%
of revenue
Days sales outstanding
49 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated HXL KTOS AXON AIR CAE BWXT Median
Revenue, last 12 months $2.0bn $1.5bn $3.2bn $3.5bn $3.6bn $3.6bn $769m
Revenue growth, last 12 months 7.6% 25.5% 34.6% 22.0% 5.0% 17.7% 15.5%
Revenue growth, 3-year average 4.7% 16.4% 33.2% 18.5% — 14.6% 12.6%
Revenue growth, latest quarter 8.8% 30.5% 35.3% 24.1% — 10.0% 15.8%
Gross margin 25.2% 23.0% 59.4% 19.1% 28.3% 22.6% 27.8%
Operating margin 12.2% 1.2% 0.7% — 12.5% 12.4% 9.0%
Operating margin, 3-year average 10.2% 2.2% 3.0% — 12.4% 13.6% 6.0%
Net margin 8.5% 2.0% 6.2% 5.5% 6.4% 10.4% 5.5%
Cash from operations / revenue 14.7% −2.6% 8.3% 5.7% 16.1% 16.1% 5.5%
Free-cash-flow margin 10.4% −8.5% 4.1% 4.6% 10.3% 10.3% 3.4%
Free-cash-flow margin, 3-year average 10.5% −4.4% 7.6% 1.4% 7.6% 11.0% 3.0%
Stock pay / revenue 1.0% 3.3% 19.7% 0.6% 0.7% 1.0% 1.2%
Change in share count −5.3% 15.2% 2.4% 9.8% 0.8% 0.2% 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 7.6% 15.5% 43 of 57
Change in growth rate Growth +2.2pp +2.2pp 29 of 57
Gross margin Profitability 25.2% 28.3% 28 of 46
Operating margin Profitability 12.2% 8.5% 15 of 51
Net margin Profitability 8.5% 5.5% 19 of 57
Free-cash-flow margin Cash generation 10.4% 3.4% 13 of 57
Stock pay as % of revenue Cash generation 1.0% 1.5% 24 of 53
Long-term debt as % of assets Balance sheet 34.3% 22.1% 40 of 47
Change in share count Balance sheet -5.3% 2.4% 2 of 51
Days sales outstanding Balance sheet 49 days 53 days 19 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 YoY
Composite Materials $1.5B ▼ 1.0%
Engineered Products $378M ▲ 1.5%
Corporate Reconciling Items and Eliminations -$82.8M —

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Commercial Aerospace Market Applications $1.1B 60.6% ▼ 4.0%
Space and Defense Market Applications $747M 39.4% ▲ 5.4%

From Hexcel Corp's 10-K filed February 11, 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
$8.6B
Institutions reporting
529
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
97 / 43

Top buyers and sellers, Q2 2026: 259 institutions bought and 205 sold ; the biggest buyer was Blackrock, Inc (+1.3M shares) and the biggest seller Alliancebernstein L.P (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 14.2M 16.6% ▲ 10.4%
Price T Rowe Associates Inc $587M 5.9M 6.8% ▲ 15.9%
Earnest Partners LLC $459M 4.6M 5.3% ▼ 2.6%
State Street Corp $438M 4.4M 5.1% ▼ 8.3%
Vanguard Capital Management LLC $340M 3.4M 4.0% ▲ 0.1%
Vanguard Portfolio Management LLC $314M 3.1M 3.7% ▲ 0.4%
Massachusetts Financial Services Co $247M 2.5M 2.9% ▲ 3.0%
Bank Of America Corp $217M 2.2M 2.5% ▼ 4.3%
Brandes Investment Partners, LP $214M 2.1M 2.5% ▼ 4.5%
Geode Capital Management, LLC $171M 1.7M 2.0% ▲ 15.1%
UBS Group AG $169M 1.7M 2.0% ▼ 9.8%
Dimensional Fund Advisors LP $151M 1.5M 1.8% ▼ 2.8%

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 Hexcel Corp's complete shareholder register. Values are as reported by the filers ; 1 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 → $2.4M 5 trades by 3 insiders · 0% under pre-set plans
Net ▼ $2.4M net selling
Insider Date Trade Shares Price Value
Lehman Gail E See Remarks September 3, 2026 Sell 8,829 $92.09 $813,063
Lehman Gail E See Remarks September 3, 2026 Sell 5,000 $92.12 $460,600
Fitzsimons Gina See Remarks August 14, 2026 Sell 6,158 $103.15 $635,198
Fitzsimons Gina See Remarks August 14, 2026 Sell 3,517 $103.12 $362,673
Evans Amy S See Remarks February 27, 2026 Sell 1,500 $92.80 $139,200

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

No trades in Hexcel Corp disclosed in the last 12 months; 15 earlier trades on record.

  • Jonathan L. Jackson(D-IL 1):Sale (full), $15,001 - $50,000, traded April 24, 2024, filed May 7, 2024
  • Jonathan L. Jackson(D-IL 1):Purchase, $15,001 - $50,000, traded February 16, 2024, filed March 19, 2024
  • Lois Frankel(D-FL 21):Sale (full), $1,001 - $15,000, traded February 10, 2022, filed February 27, 2022

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

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 29, 2026
  • April 22, 2026
  • January 28, 2026
  • October 22, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Hexcel 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.

Hexcel Corp in brief

What does Hexcel Corp do?
Hexcel Corp is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Hexcel Corp's stock ticker?
Hexcel Corp trades under the ticker HXL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hexcel Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hexcel Corp reported revenue of $2B, 7.6% higher than a year earlier, according to its SEC filings.
What is Hexcel Corp's free cash flow?
Hexcel Corp's free-cash-flow margin is 10.4% of revenue over the trailing twelve months, ranking 13 of the 57 aerospace & defense companies we cover.
What is Hexcel Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Hexcel Corp's free cash flow after stock-based pay gives ~$54 per share in the base case, and ~$38–$75 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Hexcel Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Earnest Partners LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Hexcel Corp buying back stock, and does it pay a dividend?
Hexcel Corp spent $353M on share repurchases over the trailing twelve months, and its diluted share count fell 5.3% over the year.
What is Hexcel Corp's market cap?
On November 2, 2026, Hexcel Corp's market capitalisation was about $6.2B, with a price-to-earnings ratio of 36.4 and net debt of $857M. Market figures come from third-party market data and may be delayed.
Does Hexcel Corp pay a dividend?
Yes: Hexcel Corp paid $53.8M in dividends over the trailing twelve months, a dividend yield of 0.86% and a payout ratio of 31.4%.
How much debt does Hexcel Corp have?
Hexcel Corp's debt-to-equity ratio is 70.6%, from its latest balance sheet (57.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Hexcel Corp's competitors?
In our Aerospace & Defense peer group, the companies closest to Hexcel Corp are Kratos Defense & Security Solutions, Inc., Axon Enterprise, AAR Corp, CAE Inc and BWX Technologies, Inc. The side-by-side comparison below sets their revenue, margins and growth against Hexcel Corp's.
Are insiders buying or selling Hexcel Corp stock?
Over the last 12 months, Hexcel Corp's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Hexcel Corp's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hexcel Corp announces its own schedule.