CARPENTER TECHNOLOGY CORP CRS
Carpenter Technology Corporation, founded in 1889, is engaged in the manufacturing, fabrication and distribution of specialty metals. As used throughout this report, unless the context requires otherwise, the terms "Carpenter," "Carpenter Technology," "Company," "Registrant," "Issuer," "we" and "our" refer to Carpenter Technology Corporation.
We are organized in two reportable business segments: Specialty Alloys Operations ("SAO") and Performance Engineered Products ("PEP"). See Note 20 to our consolidated financial statements included in Item 8. "Financial Statements and Supplementary Data" for additional segment reporting information.
We are a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels. We are a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer markets. We have evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing processes and soft magnetics applications.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.12B | $2.88B | $2.76B | $2.55B | $1.84B | $1.48B | $2.18B | $2.38B | $2.16B | $1.80B |
| Cost of revenue | — | — | — | — | — | — | — | $1.94B | $1.78B | $1.50B |
| Gross profit | $955.5M | $768.6M | $584.3M | $337.3M | $149.8M | $1.0M | $329.4M | $444.8M | $382.3M | $300.8M |
| R&D | $27.7M | $26.1M | $25.6M | $24.4M | $20.4M | $19.7M | $28.0M | $23.3M | $19.3M | $16.9M |
| SG&A | $253.5M | $243.2M | $230.2M | $204.2M | $174.7M | $180.2M | $201.0M | $203.4M | $193.0M | $176.1M |
| Operating income | $702.0M | $521.8M | $323.1M | $133.1M | -$24.9M | -$248.6M | $25.3M | $241.4M | $189.3M | $121.5M |
| Interest expense | $37.8M | $48.4M | $51.0M | $54.1M | $44.9M | $32.7M | $19.8M | $26.0M | $28.3M | $29.8M |
| Pre-tax income | $656.2M | $467.3M | $211.6M | $72.5M | -$63.1M | -$297.9M | $6.1M | $216.0M | $160.2M | $70.2M |
| Income tax | $126.4M | $91.3M | $25.1M | $16.1M | $14.0M | $68.3M | $4.6M | $49.0M | $28.3M | $23.2M |
| Net income | $529.8M | $376.0M | $186.5M | $56.4M | -$49.1M | -$229.6M | $1.5M | $167.0M | $188.5M | $47.0M |
| EPS, basic | 10.59 | 7.50 | 3.75 | 1.15 | -1.01 | -4.76 | 0.02 | 3.46 | 3.96 | 0.99 |
| EPS, diluted | 10.52 | 7.42 | 3.70 | 1.14 | -1.01 | -4.76 | 0.02 | 3.43 | 3.92 | 0.99 |
| Shares, diluted (wtd. avg.) | $50.4M | $50.7M | $50.3M | $49.2M | $48.5M | $48.3M | $48.2M | $48.1M | $47.6M | $47.1M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $393.3M | $315.5M | $199.1M | $44.5M | $154.2M | $287.4M | $193.1M | $27.0M | $56.2M | $66.3M |
| Receivables | $701.9M | $575.5M | $562.6M | $531.3M | $382.3M | $308.7M | $292.3M | $384.1M | $378.5M | $290.4M |
| Inventory | $822.9M | $793.8M | $735.4M | $639.7M | $496.1M | $425.7M | $724.3M | $787.7M | $689.2M | $690.4M |
| Total current assets | $1.98B | $1.76B | $1.59B | $1.28B | $1.12B | $1.12B | $1.27B | $1.24B | $1.18B | $1.09B |
| Property, plant and equipment | $1.49B | $1.36B | $1.34B | $1.38B | $1.42B | $1.46B | $1.50B | $1.37B | $1.31B | $1.32B |
| Goodwill | $227.3M | $227.3M | $227.3M | $241.4M | $241.4M | $241.4M | $290.4M | $326.4M | $268.7M | $263.4M |
| Other intangibles | $3.9M | $9.5M | $15.2M | $28.7M | $35.2M | $43.1M | $52.1M | $67.2M | $63.3M | $64.9M |
| Total assets | $3.84B | $3.49B | $3.29B | $3.05B | $2.93B | $2.97B | $3.23B | $3.19B | $3.01B | $2.88B |
| Accounts payable | $313.4M | $267.4M | $263.9M | $278.1M | $242.1M | $142.4M | $124.2M | $238.7M | $214.7M | $201.1M |
| Short-term debt | — | — | — | — | — | $0 | $170.0M | $19.7M | $0 | $55.0M |
| Total current liabilities | $520.0M | $483.7M | $466.3M | $459.4M | $375.6M | $306.3M | $452.1M | $416.0M | $363.3M | $396.0M |
| Long-term debt | $690.7M | $695.4M | $694.2M | $693.0M | $691.8M | $694.5M | $551.8M | $550.6M | $545.7M | $550.0M |
| Total liabilities | $1.61B | $1.60B | $1.66B | $1.66B | $1.60B | $1.58B | $1.78B | $1.67B | $1.52B | $1.68B |
| Retained earnings | $2.20B | $1.71B | $1.37B | $1.23B | $1.21B | $1.30B | $1.57B | $1.61B | $1.48B | $1.32B |
| Total equity | $2.23B | $1.89B | $1.63B | $1.40B | $1.33B | $1.39B | $1.45B | $1.52B | $1.49B | $1.20B |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $605.0M | $440.4M | $274.9M | $14.7M | $6.0M | $250.0M | $231.8M | $232.4M | $209.2M | $130.3M |
| Depreciation and amortisation | $147.1M | $139.2M | $134.6M | $131.0M | $131.4M | $123.6M | $123.9M | $121.5M | $116.6M | $117.8M |
| Stock-based compensation | $26.4M | $22.8M | $19.8M | $16.4M | $10.8M | $10.4M | $10.9M | $17.6M | $17.6M | $13.0M |
| Capital expenditure | $242.7M | $154.3M | $96.6M | $82.3M | $91.3M | $100.5M | $171.4M | $180.3M | $135.0M | $98.5M |
| Investing cash flow | -$242.7M | -$152.9M | -$95.9M | -$82.3M | -$89.1M | -$78.9M | -$171.2M | -$244.6M | -$139.4M | -$112.1M |
| Financing cash flow | -$286.8M | -$167.1M | -$23.3M | -$40.1M | -$52.8M | -$76.1M | $107.8M | -$19.4M | -$78.9M | -$33.8M |
| Dividends paid | $40.3M | $40.3M | $40.0M | $39.4M | $39.2M | $39.1M | $38.8M | $38.6M | $34.4M | $34.1M |
| Buybacks | $179.1M | $101.9M | $0 | $0 | — | — | — | — | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000017843-26-000034.
Others in SIC 3312
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NUE | NUCOR CORP | $59.23B | 34.7x | 5.7% |
| STLD | STEEL DYNAMICS INC | $34.69B | 30.3x | 3.6% |
| CMC | COMMERCIAL METALS Co | $7.77B | 95.0x | -1.6% |
| SXC | SunCoke Energy, Inc. | $876.8M | — | -5.1% |
| MTUS | Metallus Inc. | $826.1M | — | 6.9% |
| TWI | TITAN INTERNATIONAL INC | $537.6M | — | -0.9% |
| ASTL | Algoma Steel Group Inc. | — | — | — |
| SIM | GRUPO SIMEC, S.A.B. de C.V. | — | — | — |