Howmet Aerospace Inc. HWM
Howmet Aerospace Inc. is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania. In this report, unless the context otherwise requires, "Howmet", the "Company", "we", "us", and "our" refer to Howmet Aerospace Inc. and its consolidated subsidiaries.
The Company's Internet address is https://www.howmet.com. Howmet makes available free of charge on or through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission ("SEC"). The Company's website is included in this annual report on Form 10-K as an inactive textual reference only. The information on, or accessible through, the Company's website is not a part of, or incorporated by reference in, this annual report on Form 10-K. The SEC maintains an Internet site that contains these reports at https://www.sec.gov.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.25B | $7.43B | $6.64B | $5.66B | $4.97B | $5.26B | $7.10B | $6.78B | $12.96B | $12.39B |
| R&D | $37.0M | $33.0M | $36.0M | $32.0M | $17.0M | $17.0M | $28.0M | $41.0M | $109.0M | $130.0M |
| SG&A | $370.0M | $347.0M | $333.0M | $288.0M | $251.0M | $277.0M | $400.0M | $371.0M | $715.0M | $924.0M |
| Total operating expenses | — | — | — | — | — | — | — | — | — | $11.98B |
| Operating income | $2.05B | $1.63B | $1.20B | $919.0M | $748.0M | $626.0M | $579.0M | $775.0M | $480.0M | $954.0M |
| Interest expense | — | — | $218.0M | $229.0M | $259.0M | $317.0M | $338.0M | $377.0M | $496.0M | $499.0M |
| Pre-tax income | $1.84B | $1.38B | $975.0M | $606.0M | $324.0M | $171.0M | $210.0M | $428.0M | $470.0M | $414.0M |
| Income tax | $332.0M | $228.0M | $210.0M | $137.0M | $66.0M | $40.0M | $84.0M | $119.0M | $544.0M | $1.48B |
| Net income | $1.51B | $1.16B | $765.0M | $469.0M | $258.0M | $261.0M | $470.0M | $642.0M | -$74.0M | -$941.0M |
| EPS, basic | 3.73 | 2.83 | 1.85 | 1.12 | 0.60 | — | 1.05 | 1.33 | -0.28 | -2.31 |
| EPS, diluted | 3.71 | 2.81 | 1.83 | 1.11 | 0.59 | — | 1.03 | 1.30 | -0.28 | -2.31 |
| Shares, diluted (wtd. avg.) | $406.0M | $410.0M | $416.0M | $421.0M | $435.0M | $439.0M | $463.0M | $503.0M | $451.0M | $438.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $742.0M | $564.0M | $610.0M | $792.0M | $722.0M | $1.61B | $1.70B | $2.28B | $2.15B | $1.88B |
| Receivables | $779.0M | $689.0M | $675.0M | $506.0M | $367.0M | $328.0M | $583.0M | $1.05B | $1.03B | $974.0M |
| Inventory | $1.85B | $1.84B | $1.76B | $1.61B | $1.40B | $1.49B | $1.61B | $2.49B | $2.48B | $2.25B |
| Total current assets | $3.78B | $3.36B | $3.32B | $3.14B | $2.74B | $3.67B | $5.84B | $6.58B | $6.38B | $5.89B |
| Property, plant and equipment | $2.59B | $2.39B | $2.33B | $2.33B | $2.47B | $2.59B | $2.63B | $5.70B | $5.59B | $5.50B |
| Goodwill | $4.02B | $4.01B | $4.04B | $4.01B | $4.07B | $4.10B | $4.07B | $4.19B | $4.54B | $5.15B |
| Other intangibles | $457.0M | $475.0M | $505.0M | $521.0M | $549.0M | $571.0M | $599.0M | $919.0M | $987.0M | $988.0M |
| Total assets | $11.18B | $10.52B | $10.43B | $10.26B | $10.22B | $11.44B | $17.56B | $18.69B | $18.72B | $20.04B |
| Accounts payable | $845.0M | $948.0M | $982.0M | $962.0M | $732.0M | $599.0M | $976.0M | $2.13B | $1.84B | $1.74B |
| Short-term debt | $191.0M | $6.0M | $206.0M | $0 | $5.0M | $376.0M | $1.03B | $405.0M | $1.0M | $4.0M |
| Total current liabilities | $1.77B | $1.55B | $1.78B | $1.48B | $1.25B | $1.66B | $4.12B | $3.52B | $2.82B | $2.75B |
| Long-term debt | $2.86B | $3.31B | $3.50B | $4.16B | $4.23B | $4.70B | $4.91B | $5.90B | $6.81B | $8.04B |
| Total liabilities | $5.83B | $5.96B | $6.39B | $6.65B | $6.71B | $7.87B | $12.96B | $13.11B | $13.79B | $14.90B |
| Retained earnings | $4.09B | $2.77B | $1.72B | $1.03B | $603.0M | $364.0M | $113.0M | -$358.0M | -$1.25B | -$1.03B |
| Total equity | $5.35B | $4.55B | $4.04B | $3.60B | $3.51B | $3.58B | $4.61B | $5.57B | $4.91B | $5.14B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.88B | $1.30B | $901.0M | $733.0M | $449.0M | $9.0M | $461.0M | $217.0M | -$39.0M | $95.0M |
| Depreciation and amortisation | $283.0M | $277.0M | $272.0M | $265.0M | $270.0M | $338.0M | $536.0M | $576.0M | $551.0M | $1.13B |
| Stock-based compensation | $73.0M | $63.0M | $50.0M | $54.0M | $40.0M | $46.0M | $69.0M | $40.0M | $54.0M | $76.0M |
| Capital expenditure | $453.0M | $321.0M | $219.0M | $193.0M | $199.0M | $267.0M | $641.0M | $768.0M | $596.0M | $1.12B |
| Investing cash flow | -$438.0M | -$316.0M | -$215.0M | -$135.0M | $107.0M | $271.0M | $528.0M | $565.0M | $1.32B | $591.0M |
| Financing cash flow | -$1.27B | -$1.03B | -$868.0M | -$526.0M | -$1.44B | -$369.0M | -$1.57B | -$649.0M | -$1.01B | -$757.0M |
| Buybacks | $700.0M | $500.0M | $250.0M | $400.0M | $430.0M | $73.0M | $1.15B | $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 0001104659-26-039940.
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