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Howmet Aerospace Inc Financials

HWM
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Howmet Aerospace Inc (HWM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 67 / 100
Financial Profile 67/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
77

Howmet Aerospace Inc has an operating margin of 24.8%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 77/100, reflecting efficient cost management and pricing power. This is up from 22.0% the prior year.

Growth
52

Howmet Aerospace Inc's revenue grew 11.1% year-over-year to $8.3B, a solid pace of expansion. This earns a growth score of 52/100.

Leverage
91

Howmet Aerospace Inc carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
39

Howmet Aerospace Inc's current ratio of 2.13 indicates adequate short-term liquidity, earning a score of 39/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
68

Howmet Aerospace Inc converts 17.3% of revenue into free cash flow ($1.4B). This strong cash generation earns a score of 68/100.

Returns
74

Howmet Aerospace Inc earns a strong 28.2% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 74/100. This is up from 25.4% the prior year.

Altman Z-Score Safe
11.68

Howmet Aerospace Inc scores 11.68, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($93.3B) relative to total liabilities ($5.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
8/9

Howmet Aerospace Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.25x

For every $1 of reported earnings, Howmet Aerospace Inc generates $1.25 in operating cash flow ($1.9B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
11.6x

Howmet Aerospace Inc earns $11.6 in operating income for every $1 of interest expense ($2.0B vs $176.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$8.3B
YoY+11.1%
5Y CAGR+9.4%
10Y CAGR-4.0%

Howmet Aerospace Inc generated $8.3B in revenue in fiscal year 2025. This represents an increase of 11.1% from the prior year.

EBITDA
$2.3B
YoY+21.9%
5Y CAGR+19.3%
10Y CAGR+2.0%

Howmet Aerospace Inc's EBITDA was $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.9% from the prior year.

Net Income
$1.5B
YoY+30.6%
5Y CAGR+42.0%

Howmet Aerospace Inc reported $1.5B in net income in fiscal year 2025. This represents an increase of 30.6% from the prior year.

EPS (Diluted)
$3.71
YoY+32.0%
5Y CAGR+50.5%

Howmet Aerospace Inc earned $3.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.4B
YoY+46.5%
10Y CAGR+13.5%

Howmet Aerospace Inc generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 46.5% from the prior year.

Cash & Debt
$742.0M
YoY+31.6%
5Y CAGR-14.4%
10Y CAGR-9.1%

Howmet Aerospace Inc held $742.0M in cash against $2.9B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.44
YoY+69.2%
10Y CAGR+2.0%

Howmet Aerospace Inc paid $0.44 per share in dividends in fiscal year 2025. This represents an increase of 69.2% from the prior year.

Shares Outstanding
401M
YoY-1.0%
5Y CAGR-1.6%
10Y CAGR-11.2%

Howmet Aerospace Inc had 401M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

Margins & Returns

Gross Margin
34.2%
YoY+3.1pp
5Y CAGR+7.9pp

Howmet Aerospace Inc's gross margin was 34.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin
24.8%
YoY+2.8pp
5Y CAGR+12.9pp
10Y CAGR+19.7pp

Howmet Aerospace Inc's operating margin was 24.8% in fiscal year 2025, reflecting core business profitability. This is up 2.8 percentage points from the prior year.

Net Margin
18.3%
YoY+2.7pp
5Y CAGR+13.3pp
10Y CAGR+20.9pp

Howmet Aerospace Inc's net profit margin was 18.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.

Return on Equity
28.2%
YoY+2.8pp
5Y CAGR+20.9pp
10Y CAGR+30.8pp

Howmet Aerospace Inc's ROE was 28.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$37.0M
YoY+12.1%
5Y CAGR+16.8%
10Y CAGR-14.1%

Howmet Aerospace Inc invested $37.0M in research and development in fiscal year 2025. This represents an increase of 12.1% from the prior year.

Share Buybacks
$700.0M
YoY+40.0%
5Y CAGR+57.2%

Howmet Aerospace Inc spent $700.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 40.0% from the prior year.

Capital Expenditures
$453.0M
YoY+41.1%
5Y CAGR+11.2%
10Y CAGR-9.1%

Howmet Aerospace Inc invested $453.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 41.1% from the prior year.

HWM Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $2.2B+3.8% $2.1B+1.8% $2.1B+5.7% $1.9B+2.7% $1.9B+3.1% $1.8B-2.4% $1.9B+3.1% $1.8B
Cost of Revenue $1.4B+3.4% $1.4B0.0% $1.4B+5.8% $1.3B+0.1% $1.3B+2.9% $1.3B-2.6% $1.3B-0.2% $1.3B
Gross Profit $756.0M+4.4% $724.0M+5.2% $688.0M+5.5% $652.0M+8.3% $602.0M+3.4% $582.0M-1.9% $593.0M+11.0% $534.0M
R&D Expenses $10.0M0.0% $10.0M+11.1% $9.0M+12.5% $8.0M+14.3% $7.0M-22.2% $9.0M+28.6% $7.0M-30.0% $10.0M
SG&A Expenses $96.0M-4.0% $100.0M+12.4% $89.0M+4.7% $85.0M+10.4% $77.0M-9.4% $85.0M-12.4% $97.0M+10.2% $88.0M
Operating Income $489.0M-9.8% $542.0M+4.0% $521.0M+5.5% $494.0M+11.0% $445.0M+5.7% $421.0M+5.8% $398.0M+7.9% $369.0M
Interest Expense N/A N/A N/A N/A N/A N/A $49.0M0.0% $49.0M
Income Tax $58.0M-47.3% $110.0M+77.4% $62.0M-39.2% $102.0M+30.8% $78.0M+254.5% $22.0M-67.6% $68.0M+13.3% $60.0M
Net Income $372.0M-3.4% $385.0M-5.4% $407.0M+18.3% $344.0M+9.6% $314.0M-5.4% $332.0M+24.8% $266.0M+9.5% $243.0M
EPS (Diluted) N/A $0.95-5.0% $1.00+19.0% $0.84 N/A $0.81+24.6% $0.65+10.2% $0.59

HWM Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $11.2B0.0% $11.2B+1.2% $11.0B+2.5% $10.8B+2.4% $10.5B-0.4% $10.6B-1.1% $10.7B+2.6% $10.4B
Current Assets $3.8B-1.2% $3.8B+3.5% $3.7B+3.9% $3.6B+5.7% $3.4B-0.9% $3.4B-5.9% $3.6B+7.9% $3.3B
Cash & Equivalents $742.0M+12.6% $659.0M+20.9% $545.0M+1.7% $536.0M-5.0% $564.0M+18.7% $475.0M-36.8% $752.0M+41.1% $533.0M
Inventory $1.8B-6.4% $2.0B+0.6% $2.0B+3.3% $1.9B+3.4% $1.8B-3.3% $1.9B+2.9% $1.8B+3.6% $1.8B
Accounts Receivable $779.0M-11.9% $884.0M-0.5% $888.0M0.0% $888.0M+28.9% $689.0M-9.0% $757.0M+1.1% $749.0M-4.6% $785.0M
Goodwill $4.0B-0.9% $4.1B-0.2% $4.1B+0.9% $4.0B+0.4% $4.0B-0.9% $4.0B+0.8% $4.0B-0.1% $4.0B
Total Liabilities $5.8B-3.4% $6.0B+0.5% $6.0B+0.4% $6.0B+0.3% $6.0B-1.5% $6.1B-5.4% $6.4B+1.2% $6.3B
Current Liabilities $1.8B+9.0% $1.6B+1.6% $1.6B+3.4% $1.5B-0.1% $1.5B+2.1% $1.5B-35.7% $2.4B+38.9% $1.7B
Long-Term Debt $2.9B-10.3% $3.2B-2.0% $3.3B-1.9% $3.3B+0.2% $3.3B-2.5% $3.4B+17.9% $2.9B-17.5% $3.5B
Total Equity $5.4B+4.1% $5.1B+2.0% $5.0B+5.2% $4.8B+5.2% $4.6B+1.1% $4.5B+5.3% $4.3B+4.7% $4.1B
Retained Earnings $4.1B+10.0% $3.7B+8.4% $3.4B+11.9% $3.1B+10.9% $2.8B+12.8% $2.5B+12.2% $2.2B+12.6% $1.9B

HWM Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $654.0M+23.2% $531.0M+19.1% $446.0M+76.3% $253.0M-47.3% $480.0M+96.7% $244.0M-38.5% $397.0M+124.3% $177.0M
Capital Expenditures $124.0M+14.8% $108.0M+5.9% $102.0M-14.3% $119.0M+16.7% $102.0M+24.4% $82.0M+49.1% $55.0M-32.9% $82.0M
Free Cash Flow $530.0M+25.3% $423.0M+23.0% $344.0M+156.7% $134.0M-64.6% $378.0M+133.3% $162.0M-52.6% $342.0M+260.0% $95.0M
Investing Cash Flow -$122.0M-17.3% -$104.0M-7.2% -$97.0M+15.7% -$115.0M-7.5% -$107.0M-33.8% -$80.0M-48.1% -$54.0M+28.0% -$75.0M
Financing Cash Flow -$449.0M-43.0% -$314.0M+7.4% -$339.0M-103.0% -$167.0M+41.2% -$284.0M+35.6% -$441.0M-258.5% -$123.0M+30.9% -$178.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $200.0M0.0% $200.0M+14.3% $175.0M+40.0% $125.0M-34.2% $190.0M+90.0% $100.0M+66.7% $60.0M-60.0% $150.0M

HWM Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 34.9%+0.2pp 34.7%+1.2pp 33.5%-0.1pp 33.6%+1.7pp 31.8%+0.1pp 31.7%+0.2pp 31.5%+2.3pp 29.3%
Operating Margin 22.6%-3.4pp 25.9%+0.6pp 25.4%-0.1pp 25.4%+1.9pp 23.5%+0.6pp 22.9%+1.8pp 21.2%+0.9pp 20.2%
Net Margin 17.2%-1.3pp 18.4%-1.4pp 19.8%+2.1pp 17.7%+1.1pp 16.6%-1.5pp 18.1%+3.9pp 14.1%+0.8pp 13.3%
Return on Equity 7.0%-0.5pp 7.5%-0.6pp 8.1%+0.9pp 7.2%+0.3pp 6.9%-0.5pp 7.4%+1.2pp 6.2%+0.3pp 5.9%
Return on Assets 3.3%-0.1pp 3.4%-0.2pp 3.7%+0.5pp 3.2%+0.2pp 3.0%-0.1pp 3.1%+0.6pp 2.5%+0.2pp 2.3%
Current Ratio 2.13-0.2 2.35+0.0 2.31+0.0 2.30+0.1 2.17-0.1 2.24+0.7 1.53-0.4 1.97
Debt-to-Equity 0.53-0.1 0.62-0.0 0.65-0.0 0.69-0.0 0.73-0.0 0.75+0.1 0.67-0.2 0.85
FCF Margin 24.4%+4.2pp 20.3%+3.5pp 16.8%+9.9pp 6.9%-13.1pp 20.0%+11.2pp 8.8%-9.4pp 18.2%+13.0pp 5.2%

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Frequently Asked Questions

Howmet Aerospace Inc (HWM) reported $8.3B in total revenue for fiscal year 2025. This represents a 11.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Howmet Aerospace Inc (HWM) revenue grew by 11.1% year-over-year, from $7.4B to $8.3B in fiscal year 2025.

Yes, Howmet Aerospace Inc (HWM) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 18.3%.

Howmet Aerospace Inc (HWM) reported diluted earnings per share of $3.71 for fiscal year 2025. This represents a 32.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Howmet Aerospace Inc (HWM) had EBITDA of $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Howmet Aerospace Inc (HWM) had $742.0M in cash and equivalents against $2.9B in long-term debt.

Howmet Aerospace Inc (HWM) had a gross margin of 34.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Howmet Aerospace Inc (HWM) had an operating margin of 24.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Howmet Aerospace Inc (HWM) had a net profit margin of 18.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Howmet Aerospace Inc (HWM) paid $0.44 per share in dividends during fiscal year 2025.

Howmet Aerospace Inc (HWM) has a return on equity of 28.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Howmet Aerospace Inc (HWM) generated $1.4B in free cash flow during fiscal year 2025. This represents a 46.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Howmet Aerospace Inc (HWM) generated $1.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Howmet Aerospace Inc (HWM) had $11.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Howmet Aerospace Inc (HWM) invested $453.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Howmet Aerospace Inc (HWM) invested $37.0M in research and development during fiscal year 2025.

Yes, Howmet Aerospace Inc (HWM) spent $700.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Howmet Aerospace Inc (HWM) had 401M shares outstanding as of fiscal year 2025.

Howmet Aerospace Inc (HWM) had a current ratio of 2.13 as of fiscal year 2025, which is generally considered healthy.

Howmet Aerospace Inc (HWM) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Howmet Aerospace Inc (HWM) had a return on assets of 13.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Howmet Aerospace Inc (HWM) has an Altman Z-Score of 11.68, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Howmet Aerospace Inc (HWM) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Howmet Aerospace Inc (HWM) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Howmet Aerospace Inc (HWM) has an interest coverage ratio of 11.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Howmet Aerospace Inc (HWM) scores 67 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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