HWMNYSERolling Drawing & Extruding of Nonferrous MetalsFiscal year ends December 31
Howmet Aerospace Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$220.03−0.93 (-0.42%)
Close on Oct 19, 2026
- Market cap
- $88.45B
- P/E (TTM)
- 47.4
- Dividend yield
- 0.20%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
34.2%+7.9 pts over 5 years
Operating margin
24.8%+12.9 pts over 5 years
Net margin
18.3%+13.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.1% | +13.4% | +9.4% | -4.0% | |
| Gross profit | +22.0% | +21.8% | +15.3% | – | |
| Operating income | +25.3% | +30.6% | +26.7% | +12.5% | |
| Net income | +30.6% | +47.6% | +42.0% | – | |
| EPS, diluted | +32.0% | +49.5% | – | – | |
| Free cash flow | +46.5% | +38.4% | – | +13.5% | |
| Dividend per share | +69.2% | +63.9% | +85.6% | +2.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -11.0% | 6.4% | 30.4% | |
| Return on assets | -3.3% | 1.8% | 13.9% | |
| Current ratio | 2.14 | 2.21 | 2.13 | |
| Debt to equity | 1.58 | 1.52 | 0.57 | |
| Net debt to EBITDA | 2.98× | 3.98× | 0.99× | |
| Interest coverage | 1.9× | 2.0× | – | |
| Inventory turnover | – | 2.5× | 2.9× | |
| Capex to revenue | 9.1% | 5.1% | 5.5% | |
| Diluted shares | 438M | 439M | 406M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Howmet Aerospace generated $5.27B from operations and spent $3.67B on capital expenditure, dividends and share buybacks. 38% of that went back into the business.
Generated
$5.27B
Used
$3.67B
Capital expenditure$1.39B38%Dividends$00%Share buybacks$2.28B62%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.3%
×Asset turnover0.76×
×Equity multiplier2.19×
=Return on equity, FY202530.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 18.3% | 0.76× | 2.19× | 30.4% |
| FY2024 | 15.5% | 0.71× | 2.44× | 26.9% |
| FY2023 | 11.5% | 0.64× | 2.71× | 20.0% |
| FY2022 | 8.3% | 0.55× | 2.88× | 13.2% |
| FY2021 | 5.2% | 0.46× | 3.06× | 7.3% |
| FY2020 | 5.0% | 0.36× | 3.55× | 6.4% |
| FY2019 | 6.6% | 0.39× | 3.57× | 9.2% |
| FY2018 | 9.5% | 0.36× | 3.57× | 12.2% |
| FY2017 | -0.6% | 0.67× | 3.87× | -1.5% |
| FY2016 | -7.6% | 0.44× | 3.29× | -11.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.51B
- Cash generatingOperating cash flow above zero$1.88B
- Return on assets improvedROA up on the prior year11.1% → 14.3%
- Earnings backed by cashOperating cash flow above net income$1.88B vs $1.51B
- Less leverageLong-term debt to assets fell31.5% → 25.6%
- Better liquidityCurrent ratio rose2.17 → 2.13
- No dilutionShare count did not rise410M → 406M
- Gross margin improvedGross margin up on the prior year31.10% → 34.17%
- More efficientAsset turnover rose0.71 → 0.78