Howmet Aerospace Inc. (HWM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.25	$1.33	+6.4%	—	$2.5B	—
Q4 25	$0.97	$1.05	+8.2%	—	$2.2B	—
Q3 25	$0.91	$0.95	+4.4%	—	$2.1B	—
Q2 25	$0.87	$0.91	+4.6%	—	$2.1B	—
Q1 25	$0.78	$0.86	+10.3%	—	$1.9B	—
Q4 24	$0.72	$0.74	+2.8%	—	$1.9B	—
Q3 24	$0.65	$0.71	+9.2%	—	$1.8B	—
Q2 24	$0.6	$0.67	+11.7%	—	$1.9B	—
Q1 24	$0.52	$0.57	+9.6%	—	$1.8B	—
Q4 23	$0.46	$0.53	+15.2%	—	$1.7B	—
Q3 23	$0.43	$0.46	+7.0%	—	$1.7B	—
Q2 23	$0.43	$0.44	+2.3%	—	$1.6B	—
Q1 23	$0.38	$0.42	+10.5%	—	$1.6B	—
Q4 22	$0.38	$0.38	0.0%	—	$1.5B	—
Q3 22	$0.36	$0.36	0.0%	—	$1.4B	—
Q2 22	$0.33	$0.35	+6.1%	—	$1.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.73	—	—	$8.3B	—
FY24	—	$2.83	—	—	$7.4B	—
FY23	—	$1.85	—	—	$6.6B	—
FY22	—	$1.12	—	—	$5.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$12.4B	$13B	$6.8B	$7.1B	$5.3B	$5B	$5.7B	$6.6B	$7.4B	$8.3B
YoY change	-0.15%	+4.57%	-47.7%	+4.72%	-25.9%	-5.46%	+13.9%	+17.3%	+11.9%	+11.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12.4B	13B	6.8B	7.1B	5.3B	5B	5.7B	6.6B	7.4B	8.3B
Cost of revenue	9.7B	10.2B	5.1B	5.2B	3.9B	3.6B	4.1B	4.8B	5.4B	5.4B
Gross profit	2.7B	2.7B	1.7B	1.9B	1.4B	1.4B	1.6B	1.9B	2B	2.8B
Gross margin	21.8%	21.1%	24.6%	26.5%	26.3%	27.7%	27.5%	28.1%	27.4%	34.2%
Research & development	130M	109M	41M	28M	17M	17M	32M	36M	33M	37M
Selling, general & administrative	924M	715M	363M	424M	287M	259M	280M	343M	362M	370M
Operating expenses	1.1B	824M	404M	452M	304M	276M	312M	379M	395M	407M
Operating income	1.1B	1.4B	946M	1.1B	798M	830M	983M	1.2B	1.6B	2.1B
Operating margin	8.95%	10.5%	14%	16%	15.2%	16.7%	17.4%	18.3%	22.1%	25.8%
Non-operating income, net	-212M	-417M	-163M	-613M	-315M	-249M	-154M	-46M	-94M	-159M
Pretax income	414M	470M	428M	210M	171M	324M	606M	975M	1.4B	1.8B
Income tax	1.5B	544M	119M	84M	-40M	66M	137M	210M	228M	332M
Net income	-878M	-74M	642M	470M	261M	258M	469M	765M	1.2B	1.5B
Net margin	-7.08%	-0.57%	9.47%	6.62%	4.96%	5.19%	8.28%	11.5%	15.5%	18.3%
EBITDA	2.2B	1.9B	1.6B	1.7B	1.1B	1.1B	1.2B	1.5B	1.9B	2.4B
EPS	-2.28	-0.28	1.33	1.05	0.59	0.6	1.12	1.85	2.83	3.73
Diluted EPS	-2.28	-0.28	1.3	1.03	0.59	0.59	1.11	1.83	2.81	3.71

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.7B	1.8B	1.9B	1.8B	1.9B	1.9B	2.1B	2.1B	2.2B	2.3B	2.5B
Cost of revenue	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.3B	1.4B	1.4B	1.4B	1.5B	1.6B
Gross profit	475M	501M	534M	593M	514M	529M	652M	688M	724M	756M	854M	951M
Gross margin	28.6%	28.9%	29.3%	31.5%	28%	28%	33.6%	33.5%	34.7%	34.9%	36.9%	37.3%
Research & development	9M	9M	10M	7M	9M	7M	8M	9M	10M	10M	9M	8M
Selling, general & administrative	87M	93M	88M	106M	85M	92M	85M	96M	100M	96M	111M	148M
Operating expenses	96M	102M	98M	113M	94M	99M	93M	105M	110M	106M	120M	156M
Operating income	311M	331M	369M	411M	420M	430M	490M	514M	542M	577M	660M	711M
Operating margin	18.8%	19.1%	20.2%	21.9%	22.9%	22.7%	25.2%	25%	25.9%	26.6%	28.5%	27.9%
Non-operating income, net	-20M	-17M	-22M	-34M	-26M	-3M	-9M	-11M	-15M	-117M	81M	-18M
Pretax income	242M	270M	303M	334M	354M	392M	446M	469M	495M	430M	708M	649M
Income tax	54M	34M	60M	68M	22M	78M	102M	62M	110M	58M	128M	115M
Net income	188M	236M	243M	266M	332M	314M	344M	407M	385M	372M	580M	534M
Net margin	11.3%	13.6%	13.3%	14.1%	18.1%	16.6%	17.7%	19.8%	18.4%	17.2%	25.1%	21%
EBITDA	379M	381M	429M	484M	478M	516M	555M	579M	609M	649M	737M	789M
EPS	0.45	0.57	0.59	0.65	0.81	0.77	0.85	1.01	0.96	0.92	1.45	1.33
Diluted EPS	0.45	0.57	0.59	0.65	0.81	0.77	0.84	1	0.95	0.92	1.44	1.33

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.1B	12.3B	8.1B	13.7B	12.4B	13.7B	16.4B	22.3B	44.6B	82.8B	91.1B
Enterprise value	14.3B	17B	12.2B	18.1B	16B	17.3B	19.9B	25.5B	47.5B	85.3B	96.8B
Shares outstanding	438.3M	450.9M	482.9M	446.2M	435.1M	429.8M	416M	412.2M	408M	404M	404M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	12.7	29.2	47.6	53	35	29.2	38.6	54.9	49.4
P/S	0.66	0.95	1.2	1.93	2.36	2.75	2.9	3.36	6.01	10	10.1
P/B	1.58	2.5	1.46	2.98	3.47	3.9	4.55	5.53	9.8	15.5	16
EV/EBITDA	6.5	9.02	7.8	10.8	15	15.7	16	17.2	24.9	35.7	34.7
EV/Sales	1.16	1.31	1.8	2.55	3.05	3.48	3.51	3.85	6.4	10.3	10.6
Earnings yield	—	—	7.89%	3.42%	2.1%	1.89%	2.86%	3.43%	2.59%	1.82%	2.02%
FCF yield	-12.7%	-5.17%	-6.77%	-1.31%	-2.08%	1.83%	3.29%	3.06%	2.19%	1.73%	1.31%
PEG	—	—	—	—	—	—	—	—	—	—	1.56

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	21.8%	21.1%	24.6%	26.5%	26.3%	27.7%	27.5%	28.1%	27.4%	34.2%	37.3%
Operating margin	8.95%	10.5%	14%	16%	15.2%	16.7%	17.4%	18.3%	22.1%	25.8%	28.5%
Net margin	-7.08%	-0.57%	9.47%	6.62%	4.96%	5.19%	8.28%	11.5%	15.5%	18.3%	20.5%
ROE	-17.1%	-1.5%	11.5%	10.2%	7.3%	7.35%	13%	18.9%	25.4%	28.2%	34.7%
ROA	-4.38%	-0.4%	3.43%	2.68%	2.28%	2.52%	4.57%	7.34%	11%	13.5%	12.8%
ROIC	0%	0%	7.09%	7.61%	11.1%	9.26%	10.7%	13.1%	18.3%	22.3%	20.8%
Return on tangible assets	-11.3%	-0.96%	8.17%	5.71%	12.4%	26.1%	39.5%	56.8%	74.6%	67.9%	139.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.14	2.26	1.87	1.42	2.21	2.18	2.12	1.86	2.17	2.13	1.82
Quick ratio	1.32	1.38	1.16	1.03	1.32	1.07	1.04	0.87	0.98	1.09	0.87
Debt / equity	1.57	1.39	1.13	1.29	1.46	1.24	1.19	0.95	0.76	0.6	0.81
Debt / assets	0.4	0.37	0.34	0.34	0.46	0.43	0.42	0.37	0.33	0.29	0.35
Net debt / EBITDA	2.82	2.49	2.59	2.6	3.37	3.3	2.81	2.17	1.52	1.03	1.47
Interest coverage	1.83	1.95	2.14	1.62	1.54	2.25	3.65	5.47	8.6	13.2	14.6
Effective tax rate	100%	100%	27.8%	40%	0%	20.4%	22.6%	21.5%	16.5%	18%	18%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.3	28.7	14	15.9	12.1	11.6	13.6	16.1	18.2	20.4	22.7
EPS (basic)	-2.28	-0.28	1.33	1.05	0.59	0.6	1.12	1.85	2.83	3.73	3.73
EPS (diluted)	-2.28	-0.28	1.3	1.03	0.59	0.59	1.11	1.83	2.81	3.71	4.65
Book value per share	11.7	10.9	11.6	10.3	8.22	8.16	8.66	9.79	11.2	13.3	14.3
FCF per share	-2.35	-1.41	-1.14	-0.4	-0.59	0.58	1.3	1.65	2.39	3.54	4.46
Cash per share	4.25	4.77	4.72	3.53	3.7	1.68	1.9	1.48	1.38	1.84	1.41
Capex per share	—	—	—	—	—	—	—	—	—	1.12	1.07

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	5.49%	4.72%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	24%	19.4%
Payout ratio	-26%	-218.9%	18.5%	12.1%	4.21%	7.36%	9.38%	9.54%	9.44%	12%	10.3%
Dividend yield	2.81%	1.32%	1.46%	0.42%	0.09%	0.14%	0.27%	0.33%	0.24%	0.22%	0.25%

Yield

0.25%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.14

ex-dividend Aug 7, 2026

Payout ratio

10%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$0.14
May 8, 2026	$0.12
Feb 6, 2026	$0.12
Nov 7, 2025	$0.12
Aug 8, 2025	$0.12
May 9, 2025	$0.10
Feb 7, 2025	$0.10
Nov 8, 2024	$0.08

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.7B	$1.8B	$1.9B	$1.8B	$1.9B	$1.9B	$2.1B	$2.1B	$2.2B	$2.3B	$2.5B
YoY change	+15.7%	+14.4%	+13.8%	+14.1%	+10.7%	+9.24%	+6.47%	+9.2%	+13.8%	+14.6%	+19.1%	+24.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.9B	2.1B	2.3B	1.6B	1.6B	720M	791M	610M	564M	742M
Receivables	974M	1B	1B	583M	328M	367M	506M	675M	689M	779M
Inventory	2.3B	2.5B	2.5B	1.6B	1.5B	1.4B	1.6B	1.8B	1.8B	1.8B
Total current assets	5.9B	6.4B	6.6B	5.8B	3.7B	2.7B	3.1B	3.3B	3.4B	3.8B
Property, plant & equipment	3.2B	3.2B	3.3B	1.9B	1.7B	1.5B	1.5B	1.4B	1.5B	1.6B
Goodwill & intangibles	12.3B	11B	10.8B	9.3B	9.3B	9.2B	9.1B	9.1B	9B	9B
Total assets	20B	18.7B	18.7B	17.6B	11.4B	10.2B	10.3B	10.4B	10.5B	11.2B
Accounts payable	1.7B	1.8B	2.1B	976M	599M	732M	962M	982M	948M	845M
Short-term debt	40M	38M	434M	1B	414M	38M	32M	238M	43M	233M
Total current liabilities	2.7B	2.8B	3.5B	4.1B	1.7B	1.3B	1.5B	1.8B	1.5B	1.8B
Long-term debt	8B	6.8B	5.9B	4.9B	4.8B	4.3B	4.2B	3.6B	3.4B	3B
Total liabilities	14.9B	13.8B	13.1B	13B	7.9B	6.7B	6.7B	6.4B	6B	5.8B
Shareholders' equity	5.1B	4.9B	5.6B	4.6B	3.6B	3.5B	3.6B	4B	4.6B	5.4B
Total debt	8.1B	6.8B	6.3B	5.9B	5.2B	4.3B	4.3B	3.8B	3.5B	3.2B
Net debt	6.2B	4.7B	4.1B	4.4B	3.6B	3.6B	3.5B	3.2B	2.9B	2.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	424M	610M	533M	752M	475M	564M	536M	545M	659M	742M	2.4B	563M
Receivables	714M	675M	785M	749M	757M	689M	888M	888M	884M	779M	940M	1B
Inventory	1.7B	1.8B	1.8B	1.8B	1.9B	1.8B	1.9B	2B	2B	1.8B	2B	2.2B
Total current assets	3.1B	3.3B	3.3B	3.6B	3.4B	3.4B	3.6B	3.7B	3.8B	3.8B	5.7B	4.2B
Property, plant & equipment	2.4B	1.4B	2.3B	2.5B	2.4B	1.5B	1.6B	1.4B	1.6B	1.6B	1.5B	1.8B
Goodwill & intangibles	9B	9.1B	9B	9B	9.1B	9B	9B	9.1B	9B	9B	9.1B	11.9B
Total assets	10.2B	10.4B	10.4B	10.7B	10.6B	10.5B	10.8B	11B	11.2B	11.2B	13.1B	13.3B
Accounts payable	894M	982M	964M	971M	917M	948M	991M	1B	957M	845M	1.1B	1.1B
Short-term debt	32M	238M	206M	819M	1M	43M	46M	5M	42M	233M	636M	497M
Total current liabilities	1.5B	1.8B	1.7B	2.4B	1.5B	1.5B	1.5B	1.6B	1.6B	1.8B	2.3B	2.3B
Long-term debt	3.9B	3.6B	3.5B	3B	3.4B	3.4B	3.4B	3.3B	3.3B	3B	4B	4.2B
Total liabilities	6.3B	6.4B	6.3B	6.4B	6.1B	6B	6B	6B	6B	5.8B	7.5B	7.5B
Shareholders' equity	3.9B	4B	4.1B	4.3B	4.5B	4.6B	4.8B	5B	5.1B	5.4B	5.5B	5.7B
Total debt	3.9B	3.8B	3.7B	3.8B	3.4B	3.5B	3.5B	3.3B	3.4B	3.2B	4.7B	4.7B
Net debt	3.5B	3.2B	3.2B	3.1B	2.9B	2.9B	2.9B	2.7B	2.7B	2.5B	2.3B	4.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-878M	-74M	642M	470M	261M	258M	469M	765M	1.2B	1.5B
Depreciation & amortization	1.1B	551M	576M	536M	338M	270M	265M	272M	277M	283M
Stock-based compensation	86M	67M	50M	60M	45M	41M	54M	50M	63M	73M
Change in working capital	-1.1B	-1.3B	-817M	-1B	-443M	-210M	-220M	-358M	-257M	-184M
Operating cash flow	375M	-357M	268M	377M	105M	411M	672M	827M	1.3B	1.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-453M
Investing cash flow	1.7B	1.9B	1.3B	1.2B	538M	306M	58M	4M	5M	-438M
Dividends paid	-228M	-162M	-119M	-57M	-11M	-19M	-44M	-73M	-109M	-181M
Share repurchases	—	0	0	-1.1B	-73M	-430M	-400M	-250M	-500M	-755M
Financing cash flow	-761M	-1.1B	-665M	-1.6B	-402M	-1.5B	-542M	-879M	-1B	-1.3B
Net change in cash	1.3B	492M	936M	-78M	241M	-749M	188M	-48M	232M	176M
Free cash flow	-1B	-635M	-551M	-180M	-258M	250M	540M	682M	977M	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	188M	236M	243M	266M	332M	314M	344M	407M	385M	372M	580M	534M
Depreciation & amortization	68M	68M	67M	69M	68M	73M	69M	69M	72M	73M	74M	84M
Stock-based compensation	13M	11M	15M	23M	16M	9M	14M	25M	20M	14M	21M	36M
Change in working capital	-109M	70M	-132M	-94M	-108M	77M	-139M	-91M	-24M	70M	-50M	-83M
Operating cash flow	188M	383M	231M	335M	248M	447M	310M	446M	531M	654M	453M	583M
Capital expenditure	—	—	—	—	—	—	—	-102M	-108M	-124M	-94M	-104M
Investing cash flow	—	1M	7M	1M	2M	0	4M	-97M	-108M	-122M	14M	-1.9B
Dividends paid	-17M	-21M	-21M	-21M	-34M	-33M	-42M	-41M	-48M	-50M	-48M	-49M
Share repurchases	-25M	-100M	-150M	-60M	-100M	-190M	-125M	-175M	-200M	-255M	-300M	-300M
Financing cash flow	-244M	-623M	-183M	-124M	-942M	-285M	-168M	-292M	-315M	-449M	1.2B	-541M
Net change in cash	-56M	-239M	55M	212M	-692M	162M	146M	57M	108M	83M	1.7B	-1.9B
Free cash flow	132M	403M	95M	342M	162M	378M	134M	344M	423M	530M	359M	479M

Date	Ratio
Nov 1, 2016	1334:1000
Oct 6, 2016	1:3
Jun 12, 2000	2:1
Feb 26, 1999	2:1
Feb 27, 1995	2:1
Feb 23, 1981	2:1

Howmet Aerospace Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement