Howmet Aerospace Inc.HWM
NYSE•Industrials•Aerospace & Defense
Howmet Aerospace Inc. provides advanced engineered solutions for the aerospace and transportation industries in the United States, Japan, France, Germany, the United Kingdom, Mexico, Italy, Canada, Poland, China, and internationally. It operates through four segments: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels. The Engine Products segment offers airfoils and seamless rolled rings primarily for aircraft engines and industrial gas turbines; and rotating and structural parts. The Fastening Systems segment produces aerospace fastening systems, as well as commercial transportation, industrial, and other fasteners; and latches, bearings, fluid fittings, and installation tools. The Engineered Structures segment provides titanium ingots and mill products, aluminum and nickel forgings, and machined components and assemblies for aerospace and defense applications; and titanium forgings, extrusions, and forming and machining services for airframe, wing, aero-engine, and landing gear components. The Forged Wheels segment offers forged aluminum wheels and related products for heavy-duty trucks and commercial transportation markets. The company was formerly known as Arconic Inc. Howmet Aerospace Inc. was founded in 1888 and is based in Pittsburgh, Pennsylvania.
Howmet Aerospace Inc. (HWM) reported trailing twelve months revenue of $8.62B as of March 2026, a 14.2% increase year-over-year. Quarterly revenue reached $2.31B, reflecting continued top-line momentum.
Howmet Aerospace Inc. generated $1.74B in TTM net income, with quarterly EBITDA of $827.00M. The operating margin expanded from 25.4% to 32.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (32.6%) and net margin (25.1%) indicates moderate non-operating costs. Net margin has improved from 17.7% a year ago, signaling stronger bottom-line efficiency.
HWM trades at a P/E of 51.3x (a premium multiple) and a P/S of 10.4x. The price-to-book ratio of 16.2x indicates a significant premium over book value.
The company generated $359.00M in free cash flow over the trailing twelve months, a 167.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $13.07B in total assets with $4.05B in long-term debt against $5.52B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~24.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 26.6% suggests a durable competitive advantage and efficient capital allocation.
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 (7 of 7 quarters up), with ~21.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~26.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.7 — 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation