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US specialty metals maker producing premium titanium and nickel alloys for aerospace engines and medical devices.
US specialty metals maker producing premium titanium and nickel alloys for aerospace engines and medical devices.
Sells premium alloys under long-term agreements with aerospace engine makers and others, and adds a raw-material surcharge so that swings in nickel, cobalt and other input costs are largely passed through to customers. A single engine programme may specify its alloy for decades, which makes much of the business sole-source.
Moat: narrow (customer qualification, process know-how). Alloys qualified into aerospace engine programs create multi-year, often sole-source supply relationships.
Headquarters: Philadelphia, Pennsylvania, US · Founded: 1889 · Employees: 4,500
Size Carpenter Technology (CRS) is a United States Materials company (Other Metals/Minerals) with a market value of $13.8B, the 644th largest of 3,117 United States companies the cockpit tracks. Shares closed at $278.31 on 6 Nov 2026.
Performance Over six months the shares fell 35.0%, against -26.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +28.6%); the operating margin is 23.4% (peer median 14.2%).
Valuation It trades at 20.0× forward earnings against a peer median of 12.3× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.0 points above its cost of capital (11.7% WACC).
Credit Carpenter Technology has 1 bond outstanding ($700M), rated BB+ by the agencies and trading like BBB- at a weighted spread of 161 bp.
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $3.19B | $3.12B | $2.88B | $2.76B | $2.55B |
| Revenue growth | — | +9% | +4% | +8% | — |
| Gross profit | $997M | $986M | $799M | $621M | $354M |
| EBITDA | $894M | $852M | $669M | $500M | $256M |
| Net income | $569M | $530M | $376M | $186M | $56.0M |
| Free cash flow | $341M | $362M | $286M | $178M | -$67.6M |
| Capital expenditure | $278M | $243M | $154M | $96.6M | $82.3M |
| Total debt | $699M | $728M | $738M | $741M | $746M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carpenter Technology CRS | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% |
| ATI ATI | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% |
| Howmet Aerospace HWM | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% |
| Acerinox ACX.MC | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% |
| Daido Steel 5471.T | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% |
| Aperam APAM.AS | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.1% | -15.3% | 3rd lowest of 21 |
| 6-month return | -35.0% | -26.5% | 6th lowest of 21 |
| Distance from 52-week high | -55.5% | -43.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +10.2% | +28.6% | 2nd lowest of 21 |
| Operating margin | 23.4% | 14.2% | 6th highest of 21 |
| Forward P/E | 20.0× | 12.3× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.4% | 7.4% | 4th most demanding of 11 |
| Growth delivered (Del g) | +16.2% | +13.7% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | +1.2 pp | -1.8 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | +10.0 pp | +0.2 pp | 3rd highest of 21 |
| EV / EBITDA | 16.0× | 9.2× | 5th most expensive of 14 |
| Net debt / EBITDA | 0.6× | 0.9× | 7th least indebted of 15 |
| Bond spread | 161 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Jiangxi Copper 600362.SS | China | $14.3B | -29% | +14% | 4% | 7.2× | n/a | n/a |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
Carpenter Technology has 1 bond outstanding with $700M face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 6.33%, a spread of 161 bp over government bonds.