NYSE : HWM
Howmet Aerospace Inc. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 205.94 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 81.96B
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Financial statements
Howmet Aerospace Inc. (HWM) reported revenue of 9.73B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.73B | 8.25B | 7.43B | 6.64B | 5.66B | 4.97B |
| Cost of Revenue | 6.17B | 5.43B | 5.14B | 4.79B | 4.07B | 3.60B |
| Gross Profit | 3.56B | 2.82B | 2.29B | 1.85B | 1.60B | 1.37B |
| Selling, General & Admin | 469.00M | 395.00M | 376.00M | 362.00M | 304.00M | 260.00M |
| Research & Development | 38.00M | 37.00M | 33.00M | 36.00M | 32.00M | 17.00M |
| Operating Expenses | 831.00M | 715.00M | 686.00M | 670.00M | 601.00M | 547.00M |
| Operating Income | 2.73B | 2.10B | 1.61B | 1.19B | 995.00M | 825.00M |
| Interest Expense | -179.00M | -151.00M | -182.00M | -218.00M | -229.00M | -259.00M |
| Interest & Investment Income | 29.00M | 20.00M | 20.00M | 23.00M | 6.00M | 2.00M |
| Currency Exchange Gain (Loss) | -2.00M | 3.00M | -13.00M | 2.00M | 1.00M | -2.00M |
| Other Non Operating Income (Expenses) | -24.00M | -36.00M | -40.00M | -29.00M | -8.00M | -1.00M |
| EBT Excluding Unusual Items | 2.56B | 1.94B | 1.39B | 963.00M | 765.00M | 565.00M |
| Merger & Restructuring Charges | -40.00M | -92.00M | -9.00M | -12.00M | -64.00M | -98.00M |
| Gain (Loss) on Sale of Investments | -9.00M | |||||
| Gain (Loss) on Sale of Assets | 6.00M | 6.00M | -12.00M | 1.00M | 8.00M | 12.00M |
| Asset Writedown | -12.00M | -4.00M | ||||
| Legal Settlements | 25.00M | -65.00M | ||||
| Other Unusual Items | -15.00M | -15.00M | -6.00M | -9.00M | -61.00M | -174.00M |
| Pretax Income | 2.51B | 1.84B | 1.38B | 975.00M | 606.00M | 324.00M |
| Income Tax Expense | 455.00M | 332.00M | 228.00M | 210.00M | 137.00M | 66.00M |
| Earnings From Continuing Operations | 2.05B | 1.51B | 1.16B | 765.00M | 469.00M | 258.00M |
| Net Income to Company | 2.05B | 1.51B | 1.16B | 765.00M | 469.00M | 258.00M |
| Net Income | 2.05B | 1.51B | 1.16B | 765.00M | 469.00M | 258.00M |
| Preferred Dividends & Other Adjustments | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | |
| Net Income to Common | 2.05B | 1.51B | 1.15B | 763.00M | 467.00M | 256.00M |
| Shares Outstanding (Basic) | 401.00M | 404.00M | 408.00M | 412.00M | 416.00M | 430.00M |
| Shares Outstanding (Diluted) | 403.00M | 406.00M | 410.00M | 416.00M | 421.00M | 435.00M |
| EPS (Basic) | 5.12 | 3.73 | 2.83 | 1.85 | 1.12 | 0.60 |
| EPS (Diluted) | 5.10 | 3.71 | 2.81 | 1.83 | 1.11 | 0.59 |
| Free Cash Flow | 1.93B | 1.43B | 977.00M | 682.00M | 540.00M | 250.00M |
| Free Cash Flow Per Share | 4.79 | 3.52 | 2.38 | 1.64 | 1.28 | 0.57 |
| Dividend Per Share | 0.50 | 0.44 | 0.26 | 0.17 | 0.10 | 0.04 |
| Gross Margin | 36.62% | 34.17% | 30.86% | 27.94% | 28.18% | 27.59% |
| Operating Margin | 28.08% | 25.51% | 21.63% | 17.85% | 17.57% | 16.59% |
| Profit Margin | 21.10% | 18.25% | 15.52% | 11.49% | 8.25% | 5.15% |
| Free Cash Flow Margin | 19.83% | 17.34% | 13.15% | 10.27% | 9.54% | 5.03% |
| EBITDA | 3.06B | 2.39B | 1.88B | 1.46B | 1.26B | 1.09B |
| EBITDA Margin | 31.41% | 28.94% | 25.36% | 21.94% | 22.25% | 22.02% |
| D&A For EBITDA | 324.00M | 283.00M | 277.00M | 272.00M | 265.00M | 270.00M |
| EBIT | 2.73B | 2.10B | 1.61B | 1.19B | 995.00M | 825.00M |
| EBIT Margin | 28.08% | 25.51% | 21.63% | 17.85% | 17.57% | 16.59% |
| Effective Tax Rate | 18.14% | 18.04% | 16.49% | 21.54% | 22.61% | 20.37% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 507.00M | 742.00M | 564.00M | 610.00M | 791.00M | 720.00M |
| Cash & Short-Term Investments | 507.00M | 742.00M | 564.00M | 610.00M | 791.00M | 720.00M |
| Accounts Receivable | 1.12B | 779.00M | 689.00M | 675.00M | 506.00M | 367.00M |
| Other Receivables | 17.00M | 20.00M | 17.00M | 31.00M | 53.00M | |
| Receivables | 1.12B | 796.00M | 709.00M | 692.00M | 537.00M | 420.00M |
| Inventory | 2.11B | 1.85B | 1.84B | 1.76B | 1.61B | 1.40B |
| Prepaid Expenses | 380.00M | 391.00M | 248.00M | 249.00M | 205.00M | 193.00M |
| Restricted Cash | 1.00M | 1.00M | 1.00M | 1.00M | 2.00M | |
| Total Current Assets | 4.12B | 3.78B | 3.36B | 3.32B | 3.14B | 2.74B |
| Property, Plant & Equipment | 3.09B | 2.75B | 2.54B | 2.46B | 2.44B | 2.58B |
| Goodwill | 5.10B | 4.02B | 4.01B | 4.04B | 4.01B | 4.07B |
| Other Intangible Assets | 855.00M | 457.00M | 475.00M | 505.00M | 521.00M | 549.00M |
| Long-Term Deferred Tax Assets | 48.00M | 40.00M | 35.00M | 46.00M | 54.00M | 184.00M |
| Other Long-Term Assets | 72.00M | 126.00M | 96.00M | 70.00M | 81.00M | 107.00M |
| Total Assets | 13.28B | 11.18B | 10.52B | 10.43B | 10.26B | 10.22B |
| Accounts Payable | 969.00M | 845.00M | 948.00M | 982.00M | 962.00M | 732.00M |
| Accrued Expenses | 427.00M | 390.00M | 364.00M | 328.00M | 270.00M | 272.00M |
| Short-Term Debt | 390.00M | |||||
| Current Portion of Long-Term Debt | 1.00M | 191.00M | 6.00M | 206.00M | 5.00M | |
| Current Portion of Leases | 46.00M | 42.00M | 37.00M | 32.00M | 32.00M | 33.00M |
| Current Income Taxes Payable | 88.00M | 77.00M | 60.00M | 68.00M | 48.00M | 61.00M |
| Current Unearned Revenue | 204.00M | 147.00M | 60.00M | |||
| Other Current Liabilities | 90.00M | 79.00M | 74.00M | 168.00M | 170.00M | 150.00M |
| Total Current Liabilities | 2.21B | 1.77B | 1.55B | 1.78B | 1.48B | 1.25B |
| Long-Term Debt | 4.05B | 2.86B | 3.31B | 3.50B | 4.16B | 4.23B |
| Long-Term Leases | 132.00M | 121.00M | 119.00M | 97.00M | 83.00M | 81.00M |
| Pension & Post-Retirement Benefits | 526.00M | 584.00M | 679.00M | 756.00M | 742.00M | 924.00M |
| Other Long-Term Liabilities | 593.00M | 491.00M | 309.00M | 254.00M | 185.00M | 226.00M |
| Total Liabilities | 7.52B | 5.83B | 5.96B | 6.39B | 6.65B | 6.71B |
| Common Stock | 398.00M | 402.00M | 405.00M | 410.00M | 412.00M | 422.00M |
| Additional Paid-In Capital | 1.44B | 2.53B | 3.21B | 3.68B | 3.95B | 4.29B |
| Retained Earnings | 5.62B | 4.09B | 2.77B | 1.72B | 1.03B | 603.00M |
| Comprehensive Income & Other | -1.70B | -1.67B | -1.88B | -1.83B | -1.84B | -1.86B |
| Total Common Equity | 5.76B | 5.35B | 4.50B | 3.98B | 3.55B | 3.45B |
| Shareholders' Equity | 5.76B | 5.35B | 4.55B | 4.04B | 3.60B | 3.51B |
| Total Liabilities & Equity | 13.28B | 11.18B | 10.52B | 10.43B | 10.26B | 10.22B |
| Total Debt | 4.62B | 3.21B | 3.47B | 3.83B | 4.28B | 4.35B |
| Net Cash (Debt) | -4.11B | -2.47B | -2.91B | -3.23B | -3.49B | -3.63B |
| Net Cash Per Share | -10.21 | -6.09 | -7.09 | -7.75 | -8.28 | -8.34 |
| Filing Date Shares Outstanding | 397.66M | 400.94M | 405.02M | 410.30M | 412.28M | 418.90M |
| Total Common Shares Outstanding | 397.66M | 401.62M | 405.43M | 409.91M | 412.16M | 421.69M |
| Working Capital | 1.90B | 2.01B | 1.81B | 1.53B | 1.66B | 1.48B |
| Book Value Per Share | 14.49 | 13.33 | 11.10 | 9.71 | 8.60 | 8.19 |
| Tangible Book Value | -191.00M | 874.00M | 14.00M | -558.00M | -988.00M | -1.16B |
| Tangible Book Value Per Share | -0.48 | 2.18 | 0.03 | -1.36 | -2.40 | -2.76 |
| Land | 120.00M | 85.00M | 84.00M | 88.00M | 84.00M | 91.00M |
| Buildings | 1.20B | 1.13B | 1.02B | 1.02B | 986.00M | 1.03B |
| Machinery | 4.52B | 4.28B | 4.12B | 4.08B | 3.94B | 3.93B |
| Construction In Progress | 430.00M | 335.00M | 309.00M | 224.00M | 179.00M | 182.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.05B | 1.51B | 1.16B | 765.00M | 469.00M | 258.00M |
| Depreciation & Amortization | 324.00M | 283.00M | 277.00M | 272.00M | 265.00M | 270.00M |
| Loss (Gain) From Sale of Assets | -6.00M | -6.00M | 12.00M | -1.00M | -8.00M | -12.00M |
| Asset Writedown & Restructuring Costs | -84.00M | 3.00M | 12.00M | 17.00M | 1.00M | 30.00M |
| Stock-Based Compensation | 94.00M | 73.00M | 63.00M | 50.00M | 54.00M | 41.00M |
| Other Operating Activities | 169.00M | 191.00M | 124.00M | 179.00M | 198.00M | 303.00M |
| Change in Accounts Receivable | -213.00M | -109.00M | -57.00M | -164.00M | -161.00M | -337.00M |
| Change in Inventory | -72.00M | -50.00M | -106.00M | -142.00M | -234.00M | 60.00M |
| Change in Accounts Payable | -22.00M | -73.00M | -49.00M | -7.00M | 246.00M | 144.00M |
| Change in Income Taxes | -26.00M | -6.00M | -14.00M | -7.00M | -12.00M | -41.00M |
| Change in Other Net Operating Assets | 182.00M | 70.00M | -119.00M | -61.00M | -85.00M | -267.00M |
| Operating Cash Flow | 2.40B | 1.88B | 1.30B | 901.00M | 733.00M | 449.00M |
| Capital Expenditures | -469.00M | -453.00M | -321.00M | -219.00M | -193.00M | -199.00M |
| Sale of Property, Plant & Equipment | 226.00M | 9.00M | 9.00M | 2.00M | 58.00M | 24.00M |
| Cash Acquisitions | -1.93B | -5.00M | ||||
| Divestitures | 8.00M | |||||
| Investment in Securities | 4.00M | 6.00M | 2.00M | 6.00M | ||
| Other Investing Activities | 1.00M | 268.00M | ||||
| Investing Cash Flow | -2.17B | -438.00M | -316.00M | -215.00M | -135.00M | 107.00M |
| Long-Term Debt Issued | 500.00M | 500.00M | 400.00M | 700.00M | ||
| Total Debt Issued | 2.09B | 500.00M | 500.00M | 400.00M | 700.00M | |
| Short-Term Debt Repaid | -5.00M | -9.00M | ||||
| Long-Term Debt Repaid | -765.00M | -865.00M | -876.00M | -69.00M | -1.54B | |
| Total Debt Repaid | -811.00M | -765.00M | -865.00M | -876.00M | -74.00M | -1.55B |
| Net Debt Issued (Repaid) | 1.28B | -265.00M | -365.00M | -476.00M | -74.00M | -847.00M |
| Issuance of Common Stock | 1.00M | 1.00M | 8.00M | 11.00M | 16.00M | 22.00M |
| Repurchase of Common Stock | -1.37B | -746.00M | -549.00M | -327.00M | -422.00M | -451.00M |
| Preferred Dividends Paid | -2.00M | -2.00M | -2.00M | -2.00M | -2.00M | -2.00M |
| Common Dividends Paid | -201.00M | -179.00M | -107.00M | -71.00M | -42.00M | -17.00M |
| Dividends Paid | -203.00M | -181.00M | -109.00M | -73.00M | -44.00M | -19.00M |
| Other Financing Activities | -37.00M | -23.00M | -11.00M | -3.00M | -2.00M | -149.00M |
| Financing Cash Flow | -384.00M | -1.27B | -1.03B | -868.00M | -526.00M | -1.44B |
| Foreign Exchange Rate Adjustments | 1.00M | 1.00M | -1.00M | -2.00M | -1.00M | |
| Net Cash Flow | -152.00M | 178.00M | -45.00M | -182.00M | 70.00M | -889.00M |
| Free Cash Flow | 1.93B | 1.43B | 977.00M | 682.00M | 540.00M | 250.00M |
| Free Cash Flow Margin | 19.83% | 17.34% | 13.15% | 10.27% | 9.54% | 5.03% |
| Free Cash Flow Per Share | 4.79 | 3.52 | 2.38 | 1.64 | 1.28 | 0.57 |
| Levered Free Cash Flow | 1.29B | 917.25M | 777.62M | 449.38M | 504.75M | 479.75M |
| Unlevered Free Cash Flow | 1.40B | 1.01B | 891.38M | 585.62M | 647.88M | 641.62M |
| Cash Interest Paid | 157.00M | 157.00M | 180.00M | 221.00M | 224.00M | 267.00M |
| Cash Income Tax Paid | 312.00M | 312.00M | 177.00M | 104.00M | 50.00M | 53.00M |
| Change in Working Capital | -151.00M | -168.00M | -345.00M | -381.00M | -246.00M | -441.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 84.70B | 82.43B | 44.43B | 22.28B | 16.30B | 13.60B |
| Enterprise Value | 88.81B | 85.17B | 47.57B | 25.82B | 20.19B | 17.34B |
| Last Close Price | 212.99 | 204.71 | 108.92 | 53.73 | 38.98 | 31.39 |
| PE Ratio | 41.79 | 54.73 | 38.54 | 29.20 | 34.91 | 53.12 |
| Forward PE | 33.68 | 48.99 | 36.19 | 26.72 | 24.10 | 24.29 |
| PS Ratio | 8.70 | 9.99 | 5.98 | 3.36 | 2.88 | 2.73 |
| PB Ratio | 14.70 | 15.40 | 9.76 | 5.52 | 4.53 | 3.88 |
| P/TBV Ratio | 94.31 | 3,173.77 | ||||
| P/FCF Ratio | 43.88 | 57.60 | 45.48 | 32.67 | 30.19 | 54.39 |
| P/OCF Ratio | 35.31 | 43.75 | 34.23 | 24.73 | 22.24 | 30.29 |
| PEG Ratio | 1.04 | 2.07 | 1.24 | 1.22 | 0.93 | 0.84 |
| EV/Sales Ratio | 9.13 | 10.32 | 6.40 | 3.89 | 3.56 | 3.49 |
| EV/EBITDA Ratio | 29.05 | 35.67 | 25.25 | 17.72 | 16.02 | 15.83 |
| EV/EBIT Ratio | 32.50 | 40.46 | 29.60 | 21.79 | 20.29 | 21.02 |
| EV/FCF Ratio | 46.02 | 59.52 | 48.69 | 37.87 | 37.39 | 69.35 |
| Debt / Equity Ratio | 0.80 | 0.60 | 0.76 | 0.95 | 1.19 | 1.24 |
| Debt / EBITDA Ratio | 1.47 | 1.31 | 1.78 | 2.52 | 3.24 | 3.75 |
| Debt / FCF Ratio | 2.39 | 2.25 | 3.55 | 5.62 | 7.92 | 17.38 |
| Net Debt / Equity Ratio | 0.71 | 0.46 | 0.64 | 0.80 | 0.97 | 1.03 |
| Net Debt / EBITDA Ratio | 1.35 | 1.03 | 1.54 | 2.21 | 2.77 | 3.31 |
| Net Debt / FCF Ratio | 2.13 | 1.73 | 2.98 | 4.73 | 6.46 | 14.50 |
| Asset Turnover | 0.80 | 0.76 | 0.71 | 0.64 | 0.55 | 0.46 |
| Inventory Turnover | 3.02 | 2.94 | 2.85 | 2.84 | 2.70 | 2.49 |
| Quick Ratio | 0.73 | 0.87 | 0.82 | 0.73 | 0.90 | 0.91 |
| Current Ratio | 1.86 | 2.13 | 2.17 | 1.86 | 2.12 | 2.18 |
| Return on Equity (ROE) | 37.65% | 30.44% | 26.89% | 20.03% | 13.20% | 7.28% |
| Return on Assets (ROA) | 13.97% | 12.13% | 9.59% | 7.16% | 6.08% | 4.76% |
| Return on Invested Capital (ROIC) | 22.70% | 22.57% | 18.23% | 12.96% | 10.83% | 9.18% |
| Return on Capital Employed (ROCE) | 24.70% | 22.40% | 17.90% | 13.70% | 11.30% | 9.20% |
| Earnings Yield | 2.39% | 1.83% | 2.60% | 3.43% | 2.88% | 1.90% |
| FCF Yield | 2.28% | 1.74% | 2.20% | 3.06% | 3.31% | 1.84% |
| Dividend Yield | 0.26% | 0.21% | 0.24% | 0.31% | 0.25% | 0.12% |
| Payout Ratio | 10.20% | 12.00% | 9.44% | 9.54% | 9.38% | 7.36% |
| Buyback Yield / Dilution | 0.80% | 0.98% | 1.44% | 1.19% | 3.22% | 0.91% |
| Total Shareholder Return | 1.06% | 1.19% | 1.68% | 1.50% | 3.47% | 1.03% |