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Maker of precision-engineered jet-engine components, fasteners and titanium structures for aerospace and industrial customers.
Maker of precision-engineered jet-engine components, fasteners and titanium structures for aerospace and industrial customers.
Makes parts to order under long-term agreements with engine and aircraft makers, many qualified as the only or one of few approved sources, so volume follows engine production and demand for spares on aircraft already flying. It took its current form in 2020, when its aluminium products business was spun off as Arconic Corporation.
Moat: narrow (process know-how, customer qualification, IP / patents). Highly specialized casting/forging processes and long OEM qualification cycles for safety-critical parts.
Headquarters: Pittsburgh, Pennsylvania, US · Founded: 2020 · Employees: 25,430
Size Howmet Aerospace (HWM) is a United States Industrials company (Aerospace & Defense) with a market value of $81.8B, the 165th largest of 3,117 United States companies the cockpit tracks. Shares closed at $205.81 on 6 Nov 2026.
Performance Over six months the shares fell 23.9%, against -0.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 22.0% over the last twelve months (peer median +9.7%); the operating margin is 28.0% (peer median 11.1%).
Valuation It trades at 32.6× forward earnings against a peer median of 25.5× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +15 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 10.7 points above its cost of capital (11.1% WACC).
Credit Howmet Aerospace has 8 bonds outstanding ($3.83B), rated BBB+ by the agencies and trading like A- at a weighted spread of 65 bp.
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.73B | $8.25B | $7.43B | $6.64B | $5.66B |
| Revenue growth | — | +11% | +12% | +17% | — |
| Gross profit | $3.24B | $2.54B | $2.05B | $1.61B | $1.35B |
| EBITDA | $3.05B | $2.41B | $1.95B | $1.52B | $1.30B |
| Net income | $2.05B | $1.51B | $1.16B | $765M | $469M |
| Free cash flow | $1.93B | $1.43B | $977M | $682M | $540M |
| Capital expenditure | $469M | $453M | $321M | $219M | $193M |
| Total debt | $4.62B | $3.21B | $3.47B | $3.83B | $4.28B |
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 |
|---|---|---|---|---|---|---|
| Howmet Aerospace HWM | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| Curtiss-Wright CW | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% |
| ATI ATI | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% |
| Carpenter Technology CRS | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% |
| Lisi FII.PA | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% |
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 | HWM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | +4.1% | 5th lowest of 21 |
| 6-month return | -23.9% | -0.6% | 4th lowest of 20 |
| Distance from 52-week high | -33.6% | -21.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +22.0% | +9.7% | 3rd highest of 20 |
| Operating margin | 28.0% | 11.1% | 2nd highest of 21 |
| Forward P/E | 32.6× | 25.5× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | 9.7% | 4th most demanding of 18 |
| Growth delivered (Del g) | +9.4% | +8.0% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | +14.7 pp | -1.3 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | +10.7 pp | +8.2 pp | 6th highest of 20 |
| EV / EBITDA | 28.2× | 17.7× | 5th most expensive of 19 |
| Net debt / EBITDA | 1.4× | 1.2× | 8th most indebted of 20 |
| Bond spread | 65 bp | 74 bp | 5th tightest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| Lockheed Martin LMT | United States | $131B | +12% | +8% | 12% | 17.6× | -6.9% | +2.8% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Boeing BA | United States | $137B | -27% | +18% | 0% | 179,875.5× | n/a | n/a |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| Safran SAF.PA | France | $138B | +4% | +14% | 13% | 28.5× | 22.2% | +13.4% |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Rolls-Royce RR..L | United Kingdom | $140B | +6% | +19% | 18% | 28.5× | 24.6% | +13.0% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Airbus AIR.PA | France | $174B | +14% | +6% | 8% | 26.8× | 22.6% | +8.0% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
Howmet Aerospace has 8 bonds outstanding with $3.83B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.27%, a spread of 65 bp over government bonds.