Carpenter Technology CorporationCRS
NYSE•Industrials•Metal Fabrication
Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as metal powders and parts. It serves the aerospace, defense, medical, transportation, energy, industrial, and consumer markets. The company was founded in 1889 and is headquartered in Philadelphia, Pennsylvania.
Carpenter Technology Corporatio (CRS) reported trailing twelve months revenue of $3.03B as of March 2026, a 3.7% increase year-over-year. Quarterly revenue reached $811.50M, reflecting continued top-line momentum.
Carpenter Technology Corporatio generated $479.10M in TTM net income, with quarterly EBITDA of $223.20M. The operating margin expanded from 19.0% to 23.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (23.0%) and net margin (17.2%) indicates moderate non-operating costs. Net margin has improved from 13.1% a year ago, signaling stronger bottom-line efficiency.
CRS trades at a P/E of 38.7x (a premium multiple) and a P/S of 6.1x. The price-to-book ratio of 9.0x indicates a significant premium over book value.
The company generated $124.80M in free cash flow over the trailing twelve months, a 266.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.68B in total assets with $690.40M in long-term debt against $2.07B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~18.9%, suggesting durable pricing power and cost discipline.
ROE averages 18.4% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~9.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~21.3% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.