Howmet Aerospace (HWM) financials
NYSE · Industrials · Aerospace & Defense · 25,430 employees · CEO John C. Plant
- Price
- $199.36 -3.20%
- Market cap
- $79.5B
- Enterprise value
- $83.4B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-11 EPS est. $1.45
Revenue (TTM)$9.73B+22.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)29.0%+3.8 pp vs a year agoOperating income $2.82B
Net income (TTM)$2.05B+41.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.93B+82.4% vs a year agoCapex $469M
Diluted EPS (TTM)$5.11+43.5% vs a year agoSum of the last 4 quarters
Net cash-$3.94B-40.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $79.5B EV $83.4B
- Revenue
- $9.73B Trailing 12 months
- Revenue growth
- +24% FY2026 consensus
- Profit margin
- 21.1% Net income / revenue, TTM
- P/E
- 38.9× Forward 36.5× (FY2026)
- P/S
- 8.2× Price / sales, TTM
- EV / EBITDA
- 27.7× TTM
- Free cash flow
- $1.93B Trailing 12 months
- Net income
- $2.05B Trailing 12 months
- Revenue estimate
- $10.3B FY2026 consensus
- Earnings
- 2027-02-11 Revenue est. $2.74B
- Dividend
- $0.50 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 4.3%, EPS beat by 6.6%Revenue $2.7B vs $2.59B expected (+4.3%); EPS $1.46 vs $1.37 (+6.6%).
- Revenue growth accelerating: 29.4% year on yearQ3 '26 revenue $2.7B, against an average of 17.9% over the four quarters before.
- Operating margin 29.0% (TTM), +3.8 pp on a year agoOperating income grew 40.2% while revenue grew 22.0%.
- 12.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.51B vs operating income $2.82B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 4.8% of revenue (a year ago 8.2%)$469M invested in the last 4 quarters (-28.1% on a year earlier). Free cash flow $1.93B = 94.0% of net income.
- Returned $1.56B to shareholders = 80.7% of free cash flowBuybacks $1.36B (a year earlier $690M), dividends $203M, stock-based pay $94M (TTM).
- Diluted share count down 1.2% in a year400M diluted shares in Q3 '26, 405M a year earlier.
- Net debt $3.94BCash + short-term investments $507M, debt incl. leases $4.44B; a year ago net debt $2.81B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.7B | $2.09B | +29.4% |
| Gross margin | 37.1% | 31.2% | +5.9 pp |
| Operating income | $777M | $542M | +43.4% |
| Operating margin | 28.7% | 25.9% | +2.8 pp |
| Net income | $567M | $385M | +47.3% |
| Diluted EPS | $1.42 | $0.95 | +49.5% |
| Operating cash flow | $709M | $531M | +33.5% |
| Capex | $147M | $329M | -55.3% |
| Free cash flow | $562M | $202M | +178.2% |
| R&D | $11M | $10M | +10.0% |
| Stock-based compensation | $23M | $20M | +15.0% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.7B | $2.59B | +4.3% |
| EPS (as estimated) | $1.46 | $1.37 | +6.6% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Engine Products Segment | $1.45B | +31.4% | 69.8% | – | – | |
| Engine Products | – | – | – | – | – | |
| Fastening Systems | $630M | +40.6% | 30.2% | $2.15B | +26.7% | |
| Forged Wheels | – | – | – | – | – | |
| Engineered Structures | – | – | – | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.4B
- Capex
- -$469M
- Buybacks
- -$1.36B
- Dividends
- -$203M
- Acquisitions
- -$1.93B
- Net debt issued
- $824M
- Stock-based compensation
- $94M
- Free cash flow
- $1.93B
- Returned to shareholders / FCF
- 80.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 38.9× | 42.2× | 29.3× – 55.0× |
| EV / EBITDA | 27.7× | 23.4× | 17.4× – 35.7× |
| EV / Sales | 8.6× | 5.5× | 3.5× – 10.3× |
| Price / FCF | 41.2× | 44.3× | 30.4× – 57.9× |
| Price / Book | 13.8× | 7.9× | 3.9× – 15.5× |
| FCF yield | 2.4% | 2.4% | 1.7% – 3.3% |
| Return on invested capital | 20.1% | 12.1% | 7.7% – 17.5% |
| Return on equity | 36.7% | 18.6% | 7.4% – 28.2% |
Analysts
Consensus target $328.10 (+64.6%)
range $290.00 – $370.00 · rating Buy
Strong buy0
Buy21
Hold3
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $10.3B | +24.3% | $5.46 | +47.1% | 36.5× | 12 |
| FY2027 | $11.7B | +13.8% | $6.61 | +21.1% | 30.2× | 13 |
| FY2028 | $13.1B | +12.1% | $7.87 | +19.1% | 25.3× | 15 |
| FY2029 | $14.6B | +11.2% | $8.89 | +13.0% | 22.4× | 9 |
| FY2030 | $15.4B | +6.0% | $9.86 | +10.9% | 20.2× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 299 figures Howmet Aerospace Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $969M | $957M | +1.3% | $845M | $948M | -10.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.12B | $884M | +26.2% | $779M | $689M | +13.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $0 | $0 | – | $0 | $0 | – |
| Accrual for Environmental Loss Contingencies | $18M | $17M | +5.9% | $16M | $19M | -15.8% |
| Accrual for Environmental Loss Contingencies, Payments | $1M | $1M | 0.0% | $5M | $2M | +150.0% |
| Accrued Environmental Loss Contingencies, Current | $8M | $7M | +14.3% | $7M | $10M | -30.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.7B | -$1.75B | +3.4% | -$1.67B | -$1.88B | +10.9% |
| Additional Paid in Capital | $1.44B | $2.72B | -47.1% | $2.53B | $3.21B | -21.1% |
| Amortization of Intangible Assets | – | – | – | $32M | $33M | -3.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $23M | $20M | +15.0% | $73M | $63M | +15.9% |
| Asset Impairment Charges | – | – | – | $0 | $2M | -100.0% |
| Assets | $13.3B | $11.2B | +18.8% | $11.2B | $10.5B | +6.3% |
| Assets, Current | $4.12B | $3.82B | +7.7% | $3.78B | $3.36B | +12.4% |
| Capital Expenditures Incurred but Not yet Paid | $32M | -$13M | +346.2% | $68M | $97M | -29.9% |
| Cash and Cash Equivalents, at Carrying Value | $507M | $659M | -23.1% | $742M | $564M | +31.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $508M | $660M | -23.0% | $743M | $565M | +31.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$56M | $114M | -149.1% | $178M | -$45M | +495.6% |
| Commercial Paper | $02025-12-31 | $0 | – | $0 | $0 | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 47M2025-12-31 | 24M | +95.8% | 47M | 24M | +95.8% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.122025-12-31 | $0.08 | +50.0% | $0.44 | $0.26 | +69.2% |
| Common Stock, Dividends, Per Share, Declared | $0.14 | $0.24 | -41.7% | $0.44 | $0.26 | +69.2% |
| Common Stock, Par or Stated Value Per Share | $1.002025-12-31 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 600M2025-12-31 | 600M | 0.0% | 600M | 600M | 0.0% |
| Common Stock, Shares, Issued | 402M2025-12-31 | 405M | -0.9% | 402M | 405M | -0.9% |
| Common Stock, Shares, Outstanding | 398M | 403M | -1.2% | 402M | 405M | -0.8% |
| Common Stock, Value, Issued | $398M | $403M | -1.2% | $402M | $405M | -0.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $569M | $380M | +49.7% | $1.71B | $1.11B | +54.7% |
| Contract with Customer, Liability | $253M2025-12-31 | $60M | +321.7% | $253M | $60M | +321.7% |
| Contract with Customer, Liability, Current | $147M2025-12-31 | – | – | $147M | – | – |
| Contract with Customer, Liability, Noncurrent | $106M2025-12-31 | – | – | $106M | – | – |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $1.7B | $1.37B | +24.5% | $5.43B | $5.12B | +6.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $181M | $70M | +158.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $116M | $98M | +18.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $315M | $172M | +83.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $18M | $4M | +350.0% |
| Debt Securities, Available-for-sale, Sold at Par Value | $02025-12-31 | – | – | $10M | $0 | – |
| Debt, Current | $391M | – | – | – | – | – |
| Debt, Long-term and Short-term, Combined Amount | $4.44B | – | – | – | – | – |
| DebtSecuritiesHeldToMaturityFairValueCurrent | $4M2025-09-30 | – | – | – | – | – |
| DebtSecuritiesHeldToMaturityFairValueNoncurrent | $2M2025-09-30 | – | – | – | – | – |
| Deferred Compensation Arrangement with Individual, Compensation Expense | $0 | $4M | -100.0% | $15M | $15M | 0.0% |
| Deferred Credits and Other Liabilities, Noncurrent | $725M | $574M | +26.3% | $612M | $428M | +43.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $34M | $43M | -20.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$15M | $17M | -188.2% |
| Deferred Income Tax Assets, Net | $48M | $31M | +54.8% | $40M | $35M | +14.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $17M | $56M | -69.6% |
| Deferred Income Taxes and Tax Credits | $39M | $63M | -38.1% | $17M | $55M | -69.1% |
| Deferred Revenue | $397M | – | – | $125M2010-12-31 | $132M | -5.3% |
| Deferred Revenue, Current | $204M | – | – | $147M | $60M | +145.0% |
| Deferred Revenue, Noncurrent | $193M | – | – | $84M2015-12-31 | $93M | -9.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$2M | -$4M | +50.0% |
| Deferred Tax Assets, Deferred Income | $52M2025-12-31 | $46M | +13.0% | $52M | $46M | +13.0% |
| Deferred Tax Assets, Derivative Instruments | $9M2025-12-31 | $0 | – | $9M | $0 | – |
| Deferred Tax Assets, Gross | $2.42B2025-12-31 | $2.43B | -0.5% | $2.42B | $2.43B | -0.5% |
| Deferred Tax Assets, in Process Research and Development | $63M2025-12-31 | $73M | -13.7% | $63M | $73M | -13.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $670M2025-12-31 | $727M | -7.8% | $670M | $727M | -7.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $1.95B2025-12-31 | $1.94B | +0.5% | $1.95B | $1.94B | +0.5% |
| Deferred Tax Assets, Other | $7M2025-12-31 | $11M | -36.4% | $7M | $11M | -36.4% |
| Deferred Tax Assets, Property, Plant and Equipment | $4M2025-12-31 | $8M | -50.0% | $4M | $8M | -50.0% |
| Deferred Tax Assets, Tax Credit Carryforwards | $98M2025-12-31 | $110M | -10.9% | $98M | $110M | -10.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01