Howmet Aerospace (HWM) Financials

$242.83 +3.13 (+1.30%)

Closing price 03:59 PM Eastern

Extended Trading

$242.78 -0.05 (-0.02%)

As of 05:20 PM Eastern

Annual Income Statements for Howmet Aerospace

This table shows Howmet Aerospace's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-322	-941	-74	642	470	261	256	467	763	1,153	1,506
Consolidated Net Income / (Loss)	-197	-878	-74	642	470	261	258	469	765	1,155	1,508
Net Income / (Loss) Continuing Operations	-156	-1,062	-74	309	126	211	258	469	765	1,155	1,508
Total Pre-Tax Income	183	414	470	428	210	171	324	606	975	1,383	1,840
Total Operating Income	628	954	480	775	579	626	748	919	1,203	1,633	2,046
Total Gross Profit	2,309	2,698	2,739	1,664	1,884	1,381	1,376	1,560	1,867	2,311	2,820
Total Revenue	12,413	12,394	12,960	6,778	7,098	5,259	4,972	5,663	6,640	7,430	8,252
Operating Revenue	12,413	12,394	12,960	6,778	7,098	5,259	4,972	5,663	6,640	7,430	8,252
Total Cost of Revenue	10,104	9,696	10,221	5,114	5,214	3,878	3,596	4,103	4,773	5,119	5,432
Operating Cost of Revenue	10,104	9,696	10,221	5,114	5,214	3,878	3,596	4,103	4,773	5,119	5,432
Total Operating Expenses	1,681	1,744	2,259	889	1,305	755	628	641	664	678	774
Selling, General & Admin Expense	765	924	715	371	400	277	251	288	333	347	370
Research & Development Expense	169	130	109	41	28	17	17	32	36	33	37
Depreciation Expense	508	535	551	314	295	279	270	265	272	277	283
Restructuring Charge	214	155	165	163	582	182	90	56	23	21	84
Total Other Income / (Expense), net	-445	-540	-10	-347	-369	-455	-424	-313	-228	-250	-206
Interest Expense	473	499	496	377	338	381	405	2.00	2.00	6.00	15
Interest & Investment Income	-	-	-	-	-	-	-	-229	-218	-182	-151
Other Income / (Expense), net	28	-41	486	30	-31	-74	-19	-82	-8.00	-62	-40
Income Tax Expense	339	1,476	544	119	84	-40	66	137	210	228	332
Basic Earnings per Share	($0.93)	($2.31)	($0.28)	-	-	-	$0.60	$1.12	$1.85	$2.83	$3.73
Weighted Average Basic Shares Outstanding	346.20M	407.40M	451M	483M	446M	435M	430M	416M	412M	408M	404M
Diluted Earnings per Share	($0.93)	($2.31)	-	-	-	-	$0.59	$1.11	$1.83	$2.81	$3.71
Weighted Average Diluted Shares Outstanding	346.20M	407.40M	451M	503M	463M	439M	435M	421M	416M	410M	406M
Weighted Average Basic & Diluted Shares Outstanding	346.20M	407.40M	264.30M	483M	435.92M	433.61M	418.90M	412.28M	410.30M	405.02M	400.94M
Cash Dividends to Common per Share	$0.36	$0.36	$0.24	$0.24	$0.12	$0.02	-	$0.10	$0.17	$0.26	$0.44

This table shows Howmet Aerospace's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	193	187	236	242	266	331	314	343	407	384	372
Consolidated Net Income / (Loss)	193	188	236	243	266	332	314	344	407	385	372
Net Income / (Loss) Continuing Operations	193	188	236	243	266	332	314	344	407	385	372
Total Pre-Tax Income	243	242	270	303	334	354	392	446	469	495	430
Total Operating Income	285	307	326	369	398	421	445	494	521	542	489
Total Gross Profit	452	475	501	534	593	582	602	652	688	724	756
Total Revenue	1,648	1,658	1,731	1,824	1,880	1,835	1,891	1,942	2,053	2,089	2,168
Operating Revenue	1,648	1,658	1,731	1,824	1,880	1,835	1,891	1,942	2,053	2,089	2,168
Total Cost of Revenue	1,196	1,183	1,230	1,290	1,287	1,253	1,289	1,290	1,365	1,365	1,412
Operating Cost of Revenue	1,196	1,183	1,230	1,290	1,287	1,253	1,289	1,290	1,365	1,365	1,412
Total Operating Expenses	167	168	175	165	195	161	157	158	167	182	267
Selling, General & Admin Expense	88	87	83	88	97	85	77	85	89	100	96
Research & Development Expense	9.00	9.00	9.00	10	7.00	9.00	7.00	8.00	9.00	10	10
Depreciation Expense	67	68	68	67	69	68	73	69	69	72	73
Restructuring Charge	3.00	4.00	15	0.00	22	-1.00	-	-4.00	0.00	0.00	88
Total Other Income / (Expense), net	-42	-65	-56	-66	-64	-67	-53	-48	-52	-47	-59
Interest & Investment Income	-	-54	-	-49	-49	-44	-	-39	-38	-37	-37
Other Income / (Expense), net	13	-11	-3.00	-17	-15	-17	-13	-9.00	-14	-10	-7.00
Income Tax Expense	50	54	34	60	68	22	78	102	62	110	58
Basic Earnings per Share	$0.47	$0.45	$0.57	$0.59	$0.65	$0.81	$0.78	$0.85	$1.01	$0.96	$0.91
Weighted Average Basic Shares Outstanding	413M	412M	412M	410M	408M	408M	408M	405M	404M	403M	404M
Diluted Earnings per Share	$0.46	$0.45	$0.57	$0.59	$0.65	$0.81	$0.76	$0.84	$1.00	$0.95	$0.92
Weighted Average Diluted Shares Outstanding	417M	415M	416M	412M	411M	410M	410M	407M	406M	405M	406M
Weighted Average Basic & Diluted Shares Outstanding	412.21M	411.74M	410.30M	408.18M	408.15M	406.26M	405.02M	403.67M	403.13M	402.06M	400.94M

This table details how cash moves in and out of Howmet Aerospace's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	42	-71	266	133	-579	-92	-889	70	-182	-45	178
Net Cash From Operating Activities	1,582	95	-39	217	461	9.00	449	733	901	1,298	1,884
Net Cash From Continuing Operating Activities	-808	95	-39	217	461	9.00	449	733	901	1,298	1,884
Net Income / (Loss) Continuing Operations	-197	-878	-74	642	470	261	258	469	765	1,155	1,508
Consolidated Net Income / (Loss)	-197	-878	-74	642	470	261	258	469	765	1,155	1,508
Depreciation Expense	1,280	1,132	551	576	536	338	270	265	272	277	283
Non-Cash Adjustments To Reconcile Net Income	1,840	596	767	274	815	327	324	166	137	156	244
Changes in Operating Assets and Liabilities, net	-1,341	-755	-1,283	-1,275	-1,360	-917	-403	-167	-273	-290	-151
Net Cash From Investing Activities	-1,060	591	1,320	565	528	271	107	-135	-215	-316	-438
Net Cash From Continuing Investing Activities	-1,060	591	1,320	565	528	271	107	-135	-215	-316	-438
Purchase of Property, Plant & Equipment	-1,180	-1,125	-596	-768	-641	-267	-199	-193	-219	-321	-453
Acquisitions	-	-	-9.00	-	-	-	-	0.00	0.00	-5.00	0.00
Purchase of Investments	-134	-	-	-	-	-	-	-	0.00	0.00	-9.00
Divestitures	97	10	-	309	103	114	32	58	2.00	9.00	9.00
Sale and/or Maturity of Investments	40	1,058	1,682	1,025	73	422	273	-	2.00	0.00	15
Other Investing Activities, net	5.00	-44	243	-1.00	993	2.00	1.00	0.00	0.00	1.00	0.00
Net Cash From Financing Activities	-441	-757	-1,015	-649	-1,568	-369	-1,444	-526	-868	-1,026	-1,269
Net Cash From Continuing Financing Activities	-441	-757	-1,015	-649	-1,568	-369	-1,444	-526	-868	-1,026	-1,269
Repayment of Debt	-2,049	-2,741	-1,705	-1,146	-819	-2,203	-1,687	-71	-879	-876	-788
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-55
Repurchase of Common Equity	-	-	0.00	0.00	-1,150	-73	-430	-400	-250	-500	-700
Payment of Dividends	-329	-454	-176	-119	-57	-11	-19	-44	-73	-109	-181
Issuance of Debt	1,901	1,962	816	600	402	2,385	691	-5.00	400	500	500
Other Financing Activities, net	34	425	50	16	56	-467	1.00	-6.00	-66	-41	-45
Effect of Exchange Rate Changes	-39	-	-	-	-	-3.00	-1.00	-2.00	0.00	-1.00	1.00

This table details how cash moves in and out of Howmet Aerospace's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-2.00	-111	185	-76	218	-277	90	-28	9.00	114	83
Net Cash From Operating Activities	229	191	458	177	397	244	480	253	446	531	654
Net Cash From Continuing Operating Activities	229	191	458	177	397	244	480	253	446	531	654
Net Income / (Loss) Continuing Operations	193	188	236	243	266	332	314	344	407	385	372
Consolidated Net Income / (Loss)	193	188	236	243	266	332	314	344	407	385	372
Depreciation Expense	67	68	68	67	69	68	73	69	69	72	73
Non-Cash Adjustments To Reconcile Net Income	27	34	42	33	67	34	22	28	41	37	138
Changes in Operating Assets and Liabilities, net	-58	-99	112	-166	-5.00	-190	71	-188	-71	37	71
Net Cash From Investing Activities	-41	-58	-52	-75	-54	-80	-107	-115	-97	-104	-122
Net Cash From Continuing Investing Activities	-41	-58	-52	-75	-54	-80	-107	-115	-97	-104	-122
Purchase of Property, Plant & Equipment	-41	-59	-55	-82	-55	-82	-102	-119	-102	-108	-124
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	-	-	2.00
Net Cash From Financing Activities	-189	-243	-222	-178	-123	-441	-284	-167	-339	-314	-449
Net Cash From Continuing Financing Activities	-189	-243	-222	-178	-123	-441	-284	-167	-339	-314	-449
Repayment of Debt	-	-200	-502	0.00	-23	-792	-61	-1.00	-79	-65	-643
Repurchase of Common Equity	-100	-25	-100	-150	-60	-100	-190	-125	-175	-200	-200
Payment of Dividends	-18	-17	-21	-21	-21	-34	-33	-42	-41	-48	-50
Issuance of Debt	-	-	400	-	-	-	-	-	-	-	500
Other Financing Activities, net	-71	-1.00	1.00	-7.00	-19	-15	-	1.00	-44	-1.00	-1.00

This table presents Howmet Aerospace's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	36,477	20,038	18,718	18,693	17,562	11,443	10,219	10,255	10,428	10,519	11,179
Total Current Assets	7,953	5,892	6,378	6,581	5,843	3,672	2,737	3,143	3,316	3,362	3,779
Cash & Equivalents	1,362	1,863	2,150	2,277	1,577	1,610	720	791	610	564	742
Accounts Receivable	1,354	1,451	1,374	1,498	932	357	420	537	692	709	796
Inventories, net	2,284	2,253	2,480	2,492	1,607	1,488	1,402	1,609	1,765	1,840	1,849
Prepaid Expenses	397	325	374	314	285	217	195	206	249	249	392
Plant, Property, & Equipment, net	5,425	5,499	5,594	5,704	2,629	2,592	2,467	2,332	2,328	2,386	2,593
Total Noncurrent Assets	23,099	8,647	6,746	6,408	9,090	5,179	5,015	4,780	4,784	4,771	4,807
Goodwill	5,249	5,148	4,535	4,500	4,067	4,102	4,067	4,013	4,035	4,010	4,022
Intangible Assets	-	988	987	919	599	571	549	521	505	475	457
Noncurrent Deferred & Refundable Income Taxes	1,308	1,234	743	573	209	272	184	54	46	35	40
Other Noncurrent Operating Assets	1,944	257	481	416	316	234	215	192	198	251	288
Total Liabilities & Shareholders' Equity	36,477	20,038	18,718	18,693	17,562	11,443	10,219	10,255	10,428	10,519	11,179
Total Liabilities	22,346	14,897	13,794	13,108	12,957	7,866	6,711	6,654	6,391	5,965	5,826
Total Current Liabilities	5,211	2,749	2,824	3,520	4,125	1,660	1,253	1,482	1,784	1,549	1,771
Short-Term Debt	41	40	38	434	1,034	376	5.00	0.00	206	6.00	191
Accounts Payable	1,510	1,744	1,839	2,129	976	599	732	962	982	948	845
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	60	147
Current Deferred & Payable Income Tax Liabilities	103	85	75	118	65	102	61	48	68	60	77
Current Employee Benefit Liabilities	410	398	399	370	285	205	198	195	263	305	343
Other Current Liabilities	441	329	349	356	229	289	183	202	200	111	121
Other Current Nonoperating Liabilities	2,706	153	124	113	1,536	89	74	75	65	59	47
Total Noncurrent Liabilities	17,135	12,148	10,970	9,588	8,832	6,206	5,458	5,172	4,607	4,416	4,055
Long-Term Debt	8,786	8,044	6,806	5,896	4,906	4,699	4,227	4,162	3,500	3,309	2,859
Noncurrent Deferred Revenue	828	870	759	739	438	324	307	268	351	428	612
Noncurrent Employee Benefit Liabilities	2,842	3,234	3,405	2,953	1,230	1,183	924	742	756	679	584
Commitments & Contingencies	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,131	5,141	4,924	5,585	4,605	3,577	3,508	3,601	4,037	4,554	5,353
Total Preferred & Common Equity	12,046	5,115	4,910	5,573	4,591	3,577	3,508	3,601	4,037	4,554	5,353
Preferred Stock	55	55	55	55	55	55	55	55	55	55	0.00
Total Common Equity	11,991	5,060	4,855	5,518	4,536	3,522	3,453	3,546	3,982	4,499	5,353
Common Stock	11,410	8,652	8,747	8,802	7,752	5,101	4,713	4,359	4,092	3,611	2,933
Retained Earnings	8,834	-1,027	-1,248	-358	113	364	603	1,028	1,720	2,766	4,093
Accumulated Other Comprehensive Income / (Loss)	-5,431	-2,568	-2,644	-2,926	-3,329	-1,943	-1,863	-1,841	-1,830	-1,878	-1,673

This table presents Howmet Aerospace's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	10,174	10,233	10,166	10,428	10,410	10,679	10,558	10,519	10,772	11,046	11,177
Total Current Assets	3,057	3,128	3,111	3,316	3,340	3,603	3,391	3,362	3,554	3,694	3,824
Cash & Equivalents	537	535	424	610	533	752	475	564	536	545	659
Accounts Receivable	671	671	727	692	803	768	775	709	901	902	901
Inventories, net	1,662	1,715	1,748	1,765	1,783	1,848	1,902	1,840	1,902	1,964	1,975
Prepaid Expenses	187	207	212	249	221	235	239	249	215	283	289
Plant, Property, & Equipment, net	2,321	2,319	2,296	2,328	2,294	2,307	2,358	2,386	2,440	2,526	2,551
Total Noncurrent Assets	4,796	4,786	4,759	4,784	4,776	4,769	4,809	4,771	4,778	4,826	4,802
Goodwill	4,024	4,026	4,007	4,035	4,020	4,016	4,047	4,010	4,028	4,065	4,058
Intangible Assets	518	513	507	505	498	489	484	475	470	467	462
Noncurrent Deferred & Refundable Income Taxes	59	52	45	46	38	32	39	35	32	31	31
Other Noncurrent Operating Assets	195	195	200	198	220	232	239	251	248	263	251
Total Liabilities & Shareholders' Equity	10,174	10,233	10,166	10,428	10,410	10,679	10,558	10,519	10,772	11,046	11,177
Total Liabilities	6,413	6,458	6,294	6,391	6,324	6,402	6,055	5,965	5,980	6,004	6,034
Total Current Liabilities	1,403	1,410	1,454	1,784	1,698	2,358	1,517	1,549	1,548	1,600	1,625
Short-Term Debt	-	-	-	206	206	782	1.00	6.00	7.00	5.00	1.00
Accounts Payable	877	881	894	982	964	971	917	948	991	1,028	957
Current Deferred & Payable Income Tax Liabilities	64	78	73	68	84	81	59	60	105	64	71
Current Employee Benefit Liabilities	193	209	240	263	201	235	288	305	235	263	314
Other Current Liabilities	206	169	189	200	198	225	227	171	178	181	250
Other Current Nonoperating Liabilities	63	73	58	65	45	64	25	59	32	59	32
Total Noncurrent Liabilities	5,010	5,048	4,840	4,607	4,626	4,044	4,538	4,416	4,432	4,404	4,409
Long-Term Debt	3,988	3,989	3,794	3,500	3,486	2,877	3,393	3,309	3,317	3,253	3,188
Noncurrent Deferred Revenue	289	327	330	351	387	432	432	428	436	486	574
Noncurrent Employee Benefit Liabilities	733	732	716	756	753	735	713	679	679	665	647
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,761	3,775	3,872	4,037	4,086	4,277	4,503	4,554	4,792	5,042	5,143
Total Preferred & Common Equity	3,761	3,775	3,872	4,037	4,086	4,277	4,503	4,554	4,792	5,042	5,143
Preferred Stock	55	55	55	55	55	55	55	55	55	55	55
Total Common Equity	3,706	3,720	3,817	3,982	4,031	4,222	4,448	4,499	4,737	4,987	5,088
Common Stock	4,353	4,194	4,182	4,092	3,950	3,894	3,793	3,611	3,499	3,302	3,120
Retained Earnings	1,159	1,334	1,485	1,720	1,942	2,186	2,453	2,766	3,068	3,434	3,722
Accumulated Other Comprehensive Income / (Loss)	-1,806	-1,808	-1,850	-1,830	-1,861	-1,858	-1,798	-1,878	-1,830	-1,749	-1,754

This table displays calculated financial ratios and metrics derived from Howmet Aerospace's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.03%	-0.15%	4.57%	-47.70%	4.72%	-25.91%	-5.46%	13.90%	17.25%	11.90%	11.06%
EBITDA Growth	0.47%	5.63%	-25.82%	-8.97%	-21.51%	-17.90%	12.25%	10.31%	33.12%	25.97%	23.86%
EBIT Growth	18.20%	39.18%	5.81%	-16.67%	-31.93%	0.73%	32.07%	14.81%	42.77%	31.46%	27.69%
NOPAT Growth	-80.31%	-357.13%	96.91%	840.36%	-37.91%	122.35%	-22.89%	19.41%	32.71%	44.49%	22.95%
Net Income Growth	-211.30%	-345.69%	91.57%	967.57%	-26.79%	-44.47%	-1.15%	81.78%	63.11%	50.98%	30.56%
EPS Growth	-211.30%	-148.39%	0.00%	0.00%	0.00%	0.00%	0.00%	88.14%	64.86%	53.55%	32.03%
Operating Cash Flow Growth	-5.50%	-93.99%	-141.05%	656.41%	112.44%	-98.05%	4,888.89%	63.25%	22.92%	44.06%	45.15%
Free Cash Flow Firm Growth	559.27%	-114.94%	160.74%	-18.73%	386.34%	-60.32%	-40.45%	19.86%	4.57%	51.07%	11.27%
Invested Capital Growth	-40.34%	-11.26%	-7.17%	0.09%	-23.90%	-3.91%	-0.52%	-0.66%	2.14%	2.31%	4.67%
Revenue Q/Q Growth	0.90%	172.34%	2.40%	-50.93%	109.44%	32.60%	0.95%	4.20%	3.39%	2.20%	3.47%
EBITDA Q/Q Growth	-22.22%	49.71%	-24.53%	20.72%	29.67%	-5.82%	-0.60%	6.17%	8.83%	6.57%	2.23%
EBIT Q/Q Growth	-45.06%	753.27%	-31.29%	39.76%	95.71%	1.28%	-0.82%	8.28%	10.96%	7.46%	2.56%
NOPAT Q/Q Growth	-182.70%	-3,367.31%	90.32%	160.69%	118.63%	88.75%	-19.96%	3.59%	14.68%	5.47%	4.09%
Net Income Q/Q Growth	-128.89%	-125.13%	87.67%	311.88%	24.01%	-43.75%	-10.10%	7.82%	19.53%	7.24%	4.00%
EPS Q/Q Growth	-128.89%	-162.50%	0.00%	0.00%	0.00%	0.00%	-11.94%	5.71%	20.39%	7.25%	4.51%
Operating Cash Flow Q/Q Growth	-27.26%	-91.15%	91.98%	73.60%	4.06%	-97.02%	51.18%	26.16%	0.33%	1.72%	10.18%
Free Cash Flow Firm Q/Q Growth	824.74%	-204.14%	-91.20%	591.70%	326.41%	-63.59%	-25.68%	-9.37%	36.22%	4.51%	-1.49%
Invested Capital Q/Q Growth	-42.54%	-46.42%	-12.27%	-5.27%	-24.47%	-2.53%	-1.60%	-0.17%	-1.40%	-1.11%	0.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.60%	21.77%	21.13%	24.55%	26.54%	26.26%	27.68%	27.55%	28.12%	31.10%	34.17%
EBITDA Margin	15.60%	16.50%	11.71%	20.37%	15.27%	16.92%	20.09%	19.46%	22.09%	24.87%	27.74%
Operating Margin	5.06%	7.70%	3.70%	11.43%	8.16%	11.90%	15.04%	16.23%	18.12%	21.98%	24.79%
EBIT Margin	5.28%	7.37%	7.45%	11.88%	7.72%	10.50%	14.66%	14.78%	18.00%	21.14%	24.31%
Profit (Net Income) Margin	-1.59%	-7.08%	-0.57%	9.47%	6.62%	4.96%	5.19%	8.28%	11.52%	15.55%	18.27%
Tax Burden Percent	-107.65%	-212.08%	-15.74%	150.00%	223.81%	152.63%	79.63%	77.39%	78.46%	83.51%	81.96%
Interest Burden Percent	27.90%	45.35%	48.65%	53.17%	38.32%	30.98%	44.44%	72.40%	81.59%	88.03%	91.72%
Effective Tax Rate	185.25%	356.52%	115.74%	27.80%	40.00%	-23.39%	20.37%	22.61%	21.54%	16.49%	18.04%
Return on Invested Capital (ROIC)	-3.38%	-21.93%	-0.75%	5.74%	4.05%	10.62%	8.37%	10.06%	13.25%	18.73%	22.25%
ROIC Less NNEP Spread (ROIC-NNEP)	21.43%	80.97%	-0.72%	7.58%	7.56%	-5.44%	-1.08%	3.17%	7.84%	11.74%	15.71%
Return on Net Nonoperating Assets (RNNOA)	2.02%	12.81%	-0.72%	6.48%	5.18%	-4.24%	-1.09%	3.14%	6.78%	8.16%	8.19%
Return on Equity (ROE)	-1.36%	-9.11%	-1.47%	12.22%	9.22%	6.38%	7.28%	13.19%	20.03%	26.89%	30.44%
Cash Return on Invested Capital (CROIC)	47.15%	-9.99%	6.69%	5.65%	31.18%	14.60%	8.89%	10.72%	11.13%	16.45%	17.69%
Operating Return on Assets (OROA)	1.78%	3.23%	4.99%	4.30%	3.02%	3.81%	6.73%	8.18%	11.56%	15.00%	18.49%
Return on Assets (ROA)	-0.53%	-3.11%	-0.38%	3.43%	2.59%	1.80%	2.38%	4.58%	7.40%	11.03%	13.90%
Return on Common Equity (ROCE)	-1.14%	-8.06%	-1.45%	12.06%	9.10%	6.28%	7.17%	12.99%	19.74%	26.54%	30.27%
Return on Equity Simple (ROE_SIMPLE)	-1.64%	-17.17%	-1.51%	11.52%	10.24%	7.30%	7.35%	13.02%	18.95%	25.36%	0.00%
Net Operating Profit after Tax (NOPAT)	-535	-2,447	-76	560	347	772	596	711	944	1,364	1,677
NOPAT Margin	-4.31%	-19.75%	-0.58%	8.26%	4.89%	14.69%	11.98%	12.56%	14.22%	18.36%	20.32%
Net Nonoperating Expense Percent (NNEP)	-24.81%	-102.90%	-0.03%	-1.84%	-3.51%	16.06%	9.46%	6.89%	5.42%	6.99%	6.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.16%	12.19%	17.33%	19.96%
Cost of Revenue to Revenue	81.40%	78.23%	78.87%	75.45%	73.46%	73.74%	72.33%	72.45%	71.88%	68.90%	65.83%
SG&A Expenses to Revenue	6.16%	7.46%	5.52%	5.47%	5.64%	5.27%	5.05%	5.09%	5.02%	4.67%	4.48%
R&D to Revenue	1.36%	1.05%	0.84%	0.60%	0.39%	0.32%	0.34%	0.57%	0.54%	0.44%	0.45%
Operating Expenses to Revenue	13.54%	14.07%	17.43%	13.12%	18.39%	14.36%	12.63%	11.32%	10.00%	9.13%	9.38%
Earnings before Interest and Taxes (EBIT)	656	913	966	805	548	552	729	837	1,195	1,571	2,006
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,936	2,045	1,517	1,381	1,084	890	999	1,102	1,467	1,848	2,289
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.02	1.55	2.63	1.45	2.91	3.48	3.90	4.56	5.57	9.87	15.39
Price to Tangible Book Value (P/TBV)	1.82	0.00	0.00	80.95	0.00	0.00	0.00	0.00	0.00	3,171.31	94.26
Price to Revenue (P/Rev)	0.99	0.63	0.98	1.18	1.86	2.33	2.71	2.86	3.34	5.98	9.98
Price to Earnings (P/E)	0.00	0.00	0.00	12.48	28.04	46.93	52.65	34.65	29.09	38.51	54.70
Dividend Yield	1.28%	2.02%	0.91%	1.45%	0.39%	11.42%	0.13%	0.26%	0.32%	0.24%	0.21%
Earnings Yield	0.00%	0.00%	0.00%	8.01%	3.57%	2.13%	1.90%	2.89%	3.44%	2.60%	1.83%
Enterprise Value to Invested Capital (EV/IC)	1.85	1.25	1.80	1.24	2.37	2.21	2.40	2.78	3.52	6.41	10.99
Enterprise Value to Revenue (EV/Rev)	1.76	1.06	1.35	1.79	2.48	3.00	3.43	3.46	3.82	6.35	10.26
Enterprise Value to EBITDA (EV/EBITDA)	11.30	6.41	11.55	8.79	16.25	17.72	17.06	17.79	17.28	25.54	37.00
Enterprise Value to EBIT (EV/EBIT)	33.34	14.36	18.14	15.07	32.13	28.57	23.38	23.43	21.21	30.05	42.22
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	21.69	50.69	20.42	28.62	27.57	26.86	34.61	50.51
Enterprise Value to Operating Cash Flow (EV/OCF)	13.83	138.03	0.00	55.92	38.20	1,752.14	37.96	26.75	28.13	36.37	44.95
Enterprise Value to Free Cash Flow (EV/FCFF)	2.93	0.00	25.86	22.04	6.58	14.84	26.94	25.86	31.97	39.41	63.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	1.57	1.39	1.13	1.29	1.42	1.21	1.16	0.92	0.73	0.57
Long-Term Debt to Equity	0.62	1.56	1.38	1.06	1.07	1.31	1.21	1.16	0.87	0.73	0.53
Financial Leverage	0.09	0.16	1.01	0.85	0.69	0.78	1.01	0.99	0.87	0.70	0.52
Leverage Ratio	2.55	2.93	3.85	3.56	3.56	3.55	3.06	2.88	2.71	2.44	2.19
Compound Leverage Factor	0.71	1.33	1.87	1.89	1.36	1.10	1.36	2.09	2.21	2.15	2.01
Debt to Total Capital	38.45%	61.13%	58.16%	53.13%	56.33%	58.66%	54.68%	53.61%	47.86%	42.13%	36.30%
Short-Term Debt to Total Capital	0.18%	0.30%	0.32%	3.64%	9.81%	4.35%	0.06%	0.00%	2.66%	0.08%	2.27%
Long-Term Debt to Total Capital	38.27%	60.82%	57.83%	49.48%	46.52%	54.31%	54.61%	53.61%	45.20%	42.05%	34.02%
Preferred Equity to Total Capital	0.24%	0.42%	0.47%	0.46%	0.52%	0.64%	0.71%	0.71%	0.71%	0.70%	0.00%
Noncontrolling Interests to Total Capital	9.08%	0.20%	0.12%	0.10%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.23%	38.26%	41.26%	46.31%	43.02%	40.71%	44.61%	45.68%	51.43%	57.17%	63.70%
Debt to EBITDA	4.56	3.95	4.51	4.58	5.48	5.70	4.24	3.78	2.53	1.79	1.33
Net Debt to EBITDA	3.86	2.54	3.09	2.93	4.02	3.89	3.52	3.06	2.11	1.49	1.01
Long-Term Debt to EBITDA	4.54	3.93	4.49	4.27	4.53	5.28	4.23	3.78	2.39	1.79	1.25
Debt to NOPAT	-16.49	-3.30	-90.56	11.31	17.10	6.57	7.11	5.85	3.93	2.43	1.82
Net Debt to NOPAT	-13.94	-2.13	-62.11	7.24	12.56	4.49	5.90	4.74	3.28	2.02	1.38
Long-Term Debt to NOPAT	-16.41	-3.29	-90.06	10.54	14.12	6.08	7.10	5.85	3.71	2.43	1.71
Altman Z-Score	1.16	1.20	1.55	1.04	1.24	1.81	2.18	2.62	3.51	6.24	10.54
Noncontrolling Interest Sharing Ratio	16.19%	11.52%	1.49%	1.29%	1.33%	1.52%	1.55%	1.55%	1.44%	1.28%	0.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.53	2.14	2.26	1.87	1.42	2.21	2.18	2.12	1.86	2.17	2.13
Quick Ratio	0.52	1.21	1.25	1.07	0.61	1.18	0.91	0.90	0.73	0.82	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7,463	-1,115	677	551	2,677	1,062	633	758	793	1,198	1,333
Operating Cash Flow to CapEx	148.13%	21.94%	-6.54%	28.26%	71.92%	3.37%	225.63%	379.79%	411.42%	404.36%	415.89%
Free Cash Flow to Firm to Interest Expense	15.78	-2.23	1.37	1.46	7.92	2.79	1.56	379.12	396.45	199.63	88.86
Operating Cash Flow to Interest Expense	3.34	0.19	-0.08	0.58	1.36	0.02	1.11	366.50	450.50	216.33	125.60
Operating Cash Flow Less CapEx to Interest Expense	1.09	-0.68	-1.28	-1.46	-0.53	-0.68	0.62	270.00	341.00	162.83	95.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.44	0.67	0.36	0.39	0.36	0.46	0.55	0.64	0.71	0.76
Accounts Receivable Turnover	7.13	8.84	9.18	4.72	5.84	8.16	12.80	11.83	10.81	10.61	10.97
Inventory Turnover	3.77	4.27	4.32	2.06	2.54	2.51	2.49	2.73	2.83	2.84	2.95
Fixed Asset Turnover	1.14	2.27	2.34	1.20	1.70	2.01	1.97	2.36	2.85	3.15	3.31
Accounts Payable Turnover	4.33	5.96	5.71	2.58	3.36	4.92	5.40	4.84	4.91	5.30	6.06
Days Sales Outstanding (DSO)	51.19	41.30	39.78	77.33	62.48	44.73	28.52	30.84	33.78	34.41	33.28
Days Inventory Outstanding (DIO)	96.92	85.40	84.51	177.43	143.47	145.65	146.67	133.93	129.01	128.52	123.94
Days Payable Outstanding (DPO)	84.21	61.25	63.98	141.60	108.68	74.12	67.55	75.35	74.33	68.81	60.24
Cash Conversion Cycle (CCC)	63.91	65.45	60.31	113.16	97.27	116.26	107.64	89.42	88.46	94.13	96.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,827	10,495	9,742	9,751	7,421	7,131	7,094	7,047	7,198	7,364	7,708
Invested Capital Turnover	0.78	1.11	1.28	0.70	0.83	0.72	0.70	0.80	0.93	1.02	1.10
Increase / (Decrease) in Invested Capital	-7,998	-1,332	-753	9.00	-2,330	-290	-37	-47	151	166	344
Enterprise Value (EV)	21,872	13,113	17,520	12,134	17,610	15,769	17,045	19,607	25,349	47,204	84,692
Market Capitalization	12,267	7,831	12,757	8,014	13,178	12,249	13,478	16,181	22,198	44,398	82,384
Book Value per Share	$9.15	$11.54	$10.09	$11.42	$10.48	$8.12	$8.08	$8.57	$9.67	$11.07	$13.31
Tangible Book Value per Share	$5.15	($2.45)	($1.39)	$0.20	($0.30)	($2.65)	($2.72)	($2.39)	($1.36)	$0.03	$2.17
Total Capital	22,958	13,225	11,768	11,915	10,545	8,652	7,740	7,763	7,743	7,869	8,403
Total Debt	8,827	8,084	6,844	6,330	5,940	5,075	4,232	4,162	3,706	3,315	3,050
Total Long-Term Debt	8,786	8,044	6,806	5,896	4,906	4,699	4,227	4,162	3,500	3,309	2,859
Net Debt	7,465	5,201	4,694	4,053	4,363	3,465	3,512	3,371	3,096	2,751	2,308
Capital Expenditures (CapEx)	1,068	433	596	768	641	267	199	193	219	321	453
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,421	1,320	1,442	1,218	1,175	778	769	870	1,128	1,255	1,457
Debt-free Net Working Capital (DFNWC)	2,783	3,183	3,592	3,495	2,752	2,388	1,489	1,661	1,738	1,819	2,199
Net Working Capital (NWC)	2,742	3,143	3,554	3,061	1,718	2,012	1,484	1,661	1,532	1,813	2,008
Net Nonoperating Expense (NNE)	-338	-1,569	-1.57	-82	-123	511	338	242	179	209	169
Net Nonoperating Obligations (NNO)	-2,304	5,354	4,818	4,166	2,816	3,554	3,586	3,446	3,161	2,810	2,355
Total Depreciation and Amortization (D&A)	1,280	1,132	551	576	536	338	270	265	272	277	283
Debt-free, Cash-free Net Working Capital to Revenue	11.45%	10.65%	11.13%	17.97%	16.55%	14.79%	15.47%	15.36%	16.99%	16.89%	17.66%
Debt-free Net Working Capital to Revenue	22.42%	25.68%	27.72%	51.56%	38.77%	45.41%	29.95%	29.33%	26.17%	24.48%	26.65%
Net Working Capital to Revenue	22.09%	25.36%	27.42%	45.16%	24.20%	38.26%	29.85%	29.33%	23.07%	24.40%	24.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.71)	($1.77)	($0.21)	$1.02	$0.80	$0.00	$0.00	$0.00	$1.85	$2.83	$3.73
Adjusted Weighted Average Basic Shares Outstanding	571.80M	574.74M	629.84M	632.67M	581.87M	435M	430M	416M	412M	408M	404M
Adjusted Diluted Earnings per Share	($0.71)	($1.77)	($0.21)	$1.00	$0.79	$0.00	$0.00	$0.00	$1.83	$2.81	$3.71
Adjusted Weighted Average Diluted Shares Outstanding	571.80M	574.74M	629.84M	632.67M	604.04M	439M	435M	421M	416M	410M	406M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	571.80M	574.74M	629.84M	632.67M	568.71M	433.61M	418.90M	412.28M	410.30M	405.02M	400.94M
Normalized Net Operating Profit after Tax (NOPAT)	607	776	955	677	697	566	667	755	962	1,381	1,746
Normalized NOPAT Margin	4.89%	6.26%	7.37%	9.99%	9.81%	10.75%	13.42%	13.32%	14.49%	18.59%	21.15%
Pre Tax Income Margin	1.47%	3.34%	3.63%	6.31%	2.96%	3.25%	6.52%	10.70%	14.68%	18.61%	22.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.39	1.83	1.95	2.14	1.62	1.45	1.80	418.50	597.50	261.83	133.73
NOPAT to Interest Expense	-1.13	-4.90	-0.15	1.48	1.03	2.03	1.47	355.62	471.95	227.30	111.79
EBIT Less CapEx to Interest Expense	-0.87	0.96	0.75	0.10	-0.28	0.75	1.31	322.00	488.00	208.33	103.53
NOPAT Less CapEx to Interest Expense	-3.39	-5.77	-1.35	-0.55	-0.87	1.33	0.98	259.12	362.45	173.80	81.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-167.01%	-51.71%	-237.84%	18.54%	12.13%	4.21%	7.36%	9.38%	9.54%	9.44%	12.00%
Augmented Payout Ratio	-167.01%	-51.71%	-237.84%	18.54%	256.81%	32.18%	174.03%	94.67%	42.22%	52.73%	58.42%

This table displays calculated financial ratios and metrics derived from Howmet Aerospace's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.31%	15.70%	14.41%	13.79%	14.08%	10.68%	9.24%	6.47%	9.20%	13.84%	14.65%
EBITDA Growth	18.12%	61.06%	43.75%	20.75%	23.84%	29.67%	29.16%	32.22%	27.43%	27.97%	9.90%
EBIT Growth	23.14%	83.85%	57.56%	26.62%	28.52%	36.49%	33.75%	37.78%	32.38%	31.68%	11.57%
NOPAT Growth	16.93%	35.98%	72.70%	54.35%	40.03%	65.55%	25.09%	28.75%	42.64%	6.77%	18.68%
Net Income Growth	31.29%	135.00%	112.61%	64.19%	37.82%	76.60%	33.05%	41.56%	53.01%	15.96%	18.47%
EPS Growth	31.43%	136.84%	119.23%	68.57%	41.30%	80.00%	33.33%	42.37%	53.85%	17.28%	21.05%
Operating Cash Flow Growth	44.94%	193.85%	0.66%	669.57%	73.36%	27.75%	4.80%	42.94%	12.34%	117.62%	36.25%
Free Cash Flow Firm Growth	-79.68%	-100.77%	-36.82%	82.75%	595.25%	9,997.09%	42.18%	-78.99%	-130.70%	-34.01%	-58.50%
Invested Capital Growth	2.43%	3.41%	2.14%	0.21%	-0.74%	2.01%	2.31%	4.42%	7.81%	3.46%	4.67%
Revenue Q/Q Growth	2.81%	0.61%	4.40%	5.37%	3.07%	-2.39%	3.05%	2.70%	5.72%	1.75%	3.78%
EBITDA Q/Q Growth	5.19%	-0.27%	7.42%	7.16%	7.88%	4.42%	6.99%	9.70%	3.97%	4.86%	-8.11%
EBIT Q/Q Growth	7.19%	-0.67%	9.12%	8.98%	8.81%	5.48%	6.93%	12.27%	4.54%	4.93%	-9.40%
NOPAT Q/Q Growth	18.06%	5.36%	19.48%	3.85%	7.11%	24.57%	-9.72%	6.89%	18.66%	-6.76%	0.35%
Net Income Q/Q Growth	30.41%	-2.59%	25.53%	2.97%	9.47%	24.81%	-5.42%	9.55%	18.31%	-5.41%	-3.38%
EPS Q/Q Growth	31.43%	-2.17%	26.67%	3.51%	10.17%	24.62%	-6.17%	10.53%	19.05%	-5.00%	-3.16%
Operating Cash Flow Q/Q Growth	895.65%	-16.59%	139.79%	-61.35%	124.29%	-38.54%	96.72%	-47.29%	76.28%	19.06%	23.16%
Free Cash Flow Firm Q/Q Growth	-65.29%	-104.69%	5,449.08%	109.73%	32.05%	-33.19%	-23.15%	-69.01%	-292.93%	243.63%	-51.67%
Invested Capital Q/Q Growth	0.37%	-0.03%	-1.40%	1.28%	-0.58%	2.75%	-1.11%	3.37%	2.65%	-1.39%	0.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.43%	28.65%	28.94%	29.28%	31.54%	31.72%	31.84%	33.57%	33.51%	34.66%	34.87%
EBITDA Margin	22.15%	21.95%	22.59%	22.97%	24.04%	25.72%	26.71%	28.53%	28.06%	28.91%	25.60%
Operating Margin	17.29%	18.52%	18.83%	20.23%	21.17%	22.94%	23.53%	25.44%	25.38%	25.95%	22.56%
EBIT Margin	18.08%	17.85%	18.66%	19.30%	20.37%	22.02%	22.85%	24.97%	24.70%	25.47%	22.23%
Profit (Net Income) Margin	11.71%	11.34%	13.63%	13.32%	14.15%	18.09%	16.61%	17.71%	19.82%	18.43%	17.16%
Tax Burden Percent	79.42%	77.69%	87.41%	80.20%	79.64%	93.79%	80.10%	77.13%	86.78%	77.78%	86.51%
Interest Burden Percent	81.54%	81.76%	83.59%	86.08%	87.21%	87.62%	90.74%	91.96%	92.50%	93.05%	89.21%
Effective Tax Rate	20.58%	22.31%	12.59%	19.80%	20.36%	6.21%	19.90%	22.87%	13.22%	22.22%	13.49%
Return on Invested Capital (ROIC)	11.80%	12.87%	15.35%	15.29%	16.44%	21.21%	19.24%	19.88%	22.58%	21.24%	21.37%
ROIC Less NNEP Spread (ROIC-NNEP)	10.87%	11.47%	13.86%	13.71%	14.87%	19.24%	17.81%	18.65%	21.01%	19.91%	19.39%
Return on Net Nonoperating Assets (RNNOA)	10.93%	11.58%	11.99%	11.74%	12.00%	14.64%	12.38%	12.65%	12.95%	11.37%	10.11%
Return on Equity (ROE)	22.73%	24.44%	27.34%	27.02%	28.44%	35.86%	31.62%	32.53%	35.52%	32.61%	31.48%
Cash Return on Invested Capital (CROIC)	8.10%	8.11%	11.13%	14.16%	16.37%	15.54%	16.45%	15.10%	13.49%	17.86%	17.69%
Operating Return on Assets (OROA)	11.05%	11.41%	11.98%	12.86%	13.82%	15.45%	16.21%	17.80%	17.55%	18.69%	16.91%
Return on Assets (ROA)	7.16%	7.25%	8.75%	8.88%	9.60%	12.69%	11.78%	12.62%	14.09%	13.52%	13.05%
Return on Common Equity (ROCE)	22.38%	24.07%	26.95%	26.64%	28.05%	35.38%	31.21%	32.12%	35.10%	32.24%	31.30%
Return on Equity Simple (ROE_SIMPLE)	14.09%	16.53%	0.00%	21.05%	21.81%	23.92%	0.00%	26.21%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	226	238	285	296	317	395	356	381	452	422	423
NOPAT Margin	13.74%	14.38%	16.46%	16.22%	16.86%	21.52%	18.85%	19.62%	22.02%	20.18%	19.51%
Net Nonoperating Expense Percent (NNEP)	0.92%	1.40%	1.48%	1.58%	1.57%	1.97%	1.42%	1.23%	1.57%	1.33%	1.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.68%	-	-	-	4.53%	4.69%	5.45%	5.06%	5.03%
Cost of Revenue to Revenue	72.57%	71.35%	71.06%	70.72%	68.46%	68.28%	68.17%	66.43%	66.49%	65.34%	65.13%
SG&A Expenses to Revenue	5.34%	5.25%	4.79%	4.82%	5.16%	4.63%	4.07%	4.38%	4.34%	4.79%	4.43%
R&D to Revenue	0.55%	0.54%	0.52%	0.55%	0.37%	0.49%	0.37%	0.41%	0.44%	0.48%	0.46%
Operating Expenses to Revenue	10.13%	10.13%	10.11%	9.05%	10.37%	8.77%	8.30%	8.14%	8.13%	8.71%	12.32%
Earnings before Interest and Taxes (EBIT)	298	296	323	352	383	404	432	485	507	532	482
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	365	364	391	419	452	472	505	554	576	604	555
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.48	4.98	5.57	6.98	7.50	9.20	9.87	11.09	15.07	15.55	15.39
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	3,171.31	219.85	165.13	139.27	94.26
Price to Revenue (P/Rev)	3.29	2.96	3.34	4.10	4.46	5.63	5.98	6.96	9.73	9.92	9.98
Price to Earnings (P/E)	38.56	29.88	29.09	32.79	34.01	38.06	38.51	41.90	53.86	54.63	54.70
Dividend Yield	0.28%	0.35%	0.32%	0.26%	0.25%	0.23%	0.24%	0.24%	0.19%	0.20%	0.21%
Earnings Yield	2.59%	3.35%	3.44%	3.05%	2.94%	2.63%	2.60%	2.39%	1.86%	1.83%	1.83%
Enterprise Value to Invested Capital (EV/IC)	3.27	3.07	3.52	4.30	4.78	5.89	6.41	7.28	9.97	10.60	10.99
Enterprise Value to Revenue (EV/Rev)	3.86	3.49	3.82	4.57	4.88	6.04	6.35	7.34	10.09	10.24	10.26
Enterprise Value to EBITDA (EV/EBITDA)	19.76	16.64	17.28	20.37	21.29	25.31	25.54	27.93	36.97	36.49	37.00
Enterprise Value to EBIT (EV/EBIT)	25.38	20.82	21.21	24.70	25.57	30.02	30.05	32.50	42.62	41.76	42.22
Enterprise Value to NOPAT (EV/NOPAT)	31.56	27.25	26.86	29.97	30.46	33.94	34.61	38.28	49.24	50.71	50.51
Enterprise Value to Operating Cash Flow (EV/OCF)	30.97	24.97	28.13	29.71	28.31	34.40	36.37	40.31	54.75	47.77	44.95
Enterprise Value to Free Cash Flow (EV/FCFF)	40.90	38.53	31.97	30.40	29.07	38.30	39.41	49.23	76.67	60.38	63.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.06	0.98	0.92	0.90	0.86	0.75	0.73	0.69	0.65	0.62	0.57
Long-Term Debt to Equity	1.06	0.98	0.87	0.85	0.67	0.75	0.73	0.69	0.65	0.62	0.53
Financial Leverage	1.01	1.01	0.87	0.86	0.81	0.76	0.70	0.68	0.62	0.57	0.52
Leverage Ratio	2.82	2.81	2.71	2.62	2.60	2.47	2.44	2.39	2.33	2.25	2.19
Compound Leverage Factor	2.30	2.30	2.26	2.26	2.26	2.17	2.21	2.19	2.16	2.10	1.95
Debt to Total Capital	51.38%	49.49%	47.86%	47.47%	46.11%	42.98%	42.13%	40.96%	39.25%	38.27%	36.30%
Short-Term Debt to Total Capital	0.00%	0.00%	2.66%	2.65%	9.85%	0.01%	0.08%	0.09%	0.06%	0.01%	2.27%
Long-Term Debt to Total Capital	51.38%	49.49%	45.20%	44.82%	36.25%	42.97%	42.05%	40.87%	39.19%	38.26%	34.02%
Preferred Equity to Total Capital	0.71%	0.72%	0.71%	0.71%	0.69%	0.70%	0.70%	0.68%	0.66%	0.66%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.91%	49.79%	51.43%	51.83%	53.20%	56.33%	57.17%	58.37%	60.08%	61.07%	63.70%
Debt to EBITDA	3.30	2.81	2.53	2.40	2.25	1.96	1.79	1.68	1.55	1.42	1.33
Net Debt to EBITDA	2.85	2.50	2.11	2.05	1.79	1.68	1.49	1.41	1.29	1.13	1.01
Long-Term Debt to EBITDA	3.30	2.81	2.39	2.27	1.77	1.96	1.79	1.67	1.54	1.42	1.25
Debt to NOPAT	5.27	4.61	3.93	3.53	3.22	2.62	2.43	2.30	2.06	1.98	1.82
Net Debt to NOPAT	4.56	4.09	3.28	3.02	2.56	2.26	2.02	1.93	1.71	1.57	1.38
Long-Term Debt to NOPAT	5.27	4.61	3.71	3.33	2.53	2.62	2.43	2.29	2.06	1.98	1.71
Altman Z-Score	2.98	2.94	3.23	3.89	4.18	5.41	5.88	6.74	9.02	9.44	10.09
Noncontrolling Interest Sharing Ratio	1.53%	1.54%	1.44%	1.40%	1.37%	1.31%	1.28%	1.24%	1.18%	1.14%	0.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.22	2.14	1.86	1.97	1.53	2.24	2.17	2.30	2.31	2.35	2.13
Quick Ratio	0.86	0.79	0.73	0.79	0.64	0.82	0.82	0.93	0.90	0.96	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	53	-2.50	134	281	371	248	190	59	-114	164	79
Operating Cash Flow to CapEx	558.54%	323.73%	832.73%	215.85%	721.82%	297.56%	470.59%	212.61%	437.25%	491.67%	527.42%
Free Cash Flow to Firm to Interest Expense	0.97	0.00	0.00	5.73	7.57	41.31	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	4.16	0.00	0.00	3.61	8.10	40.67	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	3.42	0.00	0.00	1.94	6.98	27.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.64	0.64	0.67	0.68	0.70	0.71	0.71	0.71	0.73	0.76
Accounts Receivable Turnover	10.15	9.68	10.81	9.31	9.86	9.68	10.61	8.86	9.25	9.52	10.97
Inventory Turnover	2.76	2.77	2.83	2.84	2.80	2.77	2.84	2.78	2.73	2.74	2.95
Fixed Asset Turnover	2.66	2.80	2.85	2.97	3.07	3.12	3.15	3.19	3.20	3.25	3.31
Accounts Payable Turnover	5.34	5.45	4.91	5.32	5.39	5.59	5.30	5.24	5.20	5.67	6.06
Days Sales Outstanding (DSO)	35.96	37.71	33.78	39.21	37.02	37.71	34.41	41.20	39.47	38.35	33.28
Days Inventory Outstanding (DIO)	132.18	131.79	129.01	128.33	130.31	131.65	128.52	131.38	133.86	133.27	123.94
Days Payable Outstanding (DPO)	68.35	66.91	74.33	68.58	67.73	65.32	68.81	69.70	70.20	64.42	60.24
Cash Conversion Cycle (CCC)	99.79	102.58	88.46	98.96	99.60	104.03	94.13	102.88	103.14	107.21	96.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,302	7,300	7,198	7,290	7,248	7,447	7,364	7,612	7,814	7,705	7,708
Invested Capital Turnover	0.86	0.89	0.93	0.94	0.98	0.99	1.02	1.01	1.03	1.05	1.10
Increase / (Decrease) in Invested Capital	173	241	151	15	-54	147	166	322	566	258	344
Enterprise Value (EV)	23,906	22,426	25,349	31,348	34,622	43,891	47,204	55,387	77,904	81,690	84,692
Market Capitalization	20,397	19,001	22,198	28,134	31,660	40,917	44,398	52,544	75,136	79,105	82,384
Book Value per Share	$9.00	$9.26	$9.67	$9.83	$10.34	$10.90	$11.07	$11.70	$12.35	$12.62	$13.31
Tangible Book Value per Share	($1.98)	($1.69)	($1.36)	($1.19)	($0.69)	($0.20)	$0.03	$0.59	$1.13	$1.41	$2.17
Total Capital	7,764	7,666	7,743	7,778	7,936	7,897	7,869	8,116	8,300	8,332	8,403
Total Debt	3,989	3,794	3,706	3,692	3,659	3,394	3,315	3,324	3,258	3,189	3,050
Total Long-Term Debt	3,989	3,794	3,500	3,486	2,877	3,393	3,309	3,317	3,253	3,188	2,859
Net Debt	3,454	3,370	3,096	3,159	2,907	2,919	2,751	2,788	2,713	2,530	2,308
Capital Expenditures (CapEx)	41	59	55	82	55	82	102	119	102	108	124
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,183	1,233	1,128	1,315	1,275	1,400	1,255	1,477	1,554	1,541	1,457
Debt-free Net Working Capital (DFNWC)	1,718	1,657	1,738	1,848	2,027	1,875	1,819	2,013	2,099	2,200	2,199
Net Working Capital (NWC)	1,718	1,657	1,532	1,642	1,245	1,874	1,813	2,006	2,094	2,199	2,008
Net Nonoperating Expense (NNE)	33	50	49	53	51	63	42	37	45	37	51
Net Nonoperating Obligations (NNO)	3,527	3,428	3,161	3,204	2,971	2,944	2,810	2,820	2,772	2,562	2,355
Total Depreciation and Amortization (D&A)	67	68	68	67	69	68	73	69	69	72	73
Debt-free, Cash-free Net Working Capital to Revenue	19.09%	19.20%	16.99%	19.17%	17.98%	19.26%	16.89%	19.57%	20.13%	19.32%	17.66%
Debt-free Net Working Capital to Revenue	27.72%	25.80%	26.17%	26.93%	28.58%	25.79%	24.48%	26.67%	27.19%	27.59%	26.65%
Net Working Capital to Revenue	27.72%	25.80%	23.07%	23.93%	17.55%	25.78%	24.40%	26.58%	27.12%	27.57%	24.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.47	$0.45	$0.57	$0.59	$0.65	$0.81	$0.78	$0.85	$1.01	$0.96	$0.91
Adjusted Weighted Average Basic Shares Outstanding	413M	412M	412M	410M	408M	408M	408M	405M	404M	403M	404M
Adjusted Diluted Earnings per Share	$0.46	$0.45	$0.57	$0.59	$0.65	$0.81	$0.76	$0.84	$1.00	$0.95	$0.92
Adjusted Weighted Average Diluted Shares Outstanding	417M	415M	416M	412M	411M	410M	410M	407M	406M	405M	406M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	412.21M	411.74M	410.30M	408.18M	408.15M	406.26M	405.02M	403.67M	403.13M	402.06M	400.94M
Normalized Net Operating Profit after Tax (NOPAT)	229	242	298	296	334	394	356	378	452	422	499
Normalized NOPAT Margin	13.88%	14.57%	17.22%	16.22%	17.79%	21.47%	18.85%	19.46%	22.02%	20.18%	23.02%
Pre Tax Income Margin	14.75%	14.60%	15.60%	16.61%	17.77%	19.29%	20.73%	22.97%	22.84%	23.70%	19.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.42	0.00	0.00	7.18	7.82	67.33	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	4.12	0.00	0.00	6.04	6.47	65.81	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	4.67	0.00	0.00	5.51	6.69	53.67	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	3.37	0.00	0.00	4.37	5.35	52.14	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.47%	10.78%	9.54%	8.95%	8.57%	9.01%	9.44%	10.35%	10.74%	11.31%	12.00%
Augmented Payout Ratio	65.98%	44.38%	42.22%	52.56%	44.48%	47.08%	52.73%	48.17%	52.97%	58.90%	58.42%

Financials Breakdown Chart

Key Financial Trends

Note: The data you provided appears to be for Howmet Aerospace (HWM), not Arconic (ARNC). I’ve prepared a summary of the provided HWM data. If you’d like, share ARNC’s data and I’ll re-run the analysis.

Revenue growth: Q4 2025 operating revenue rose to $2.168B, up from $1.892B in Q4 2024, continuing a multi-year uptrend into 2025.
Gross margin expansion: Q4 2025 gross margin around 34.9%, up from about 31.8% in Q4 2024, indicating improved pricing or mix.
Profitability uplift: Q4 2025 net income attributable to common shareholders (EPS) rose to $372M ($0.91–$0.92 per share) from $314M in Q4 2024, with stronger year-over-year earnings per share.
Operating cash flow strength: Q4 2025 net cash from continuing operating activities was $654M, up from $480M in Q4 2024, signaling robust cash generation.
Free cash flow potential: Positive free cash flow in Q4 2025 (approximately $530M when subtracting approx. $124M in capex) supports balance-sheet flexibility and potential returns to shareholders.
Debt issuance and buybacks: Q4 2025 saw a $0.5B debt issuance and a $0.2B share repurchase, which boosts liquidity/financial flexibility but modestly increases leverage and reduces equity in the near term.
Consistent share count framework: Weighted-average shares around 400–406M (basic/diluted) with EPS growth reflected by rising net income, indicating continued earnings power per share.
Capex and depreciation alignment: Depreciation around $69–$73M per quarter and capex around $100–$124M illustrate ongoing plant investment to sustain operations (neutral on near-term profitability).
One-time restructuring charge: Q4 2025 restructuring charge of $88M weighs on operating income and introduces a quarterly anomaly.
Financing activity headwinds: Net cash from financing activities in Q4 2025 was about −$449M (driven by debt issuance, debt repayment, and share buybacks), which may pressure near-term liquidity if not offset by operating cash flow.

05/05/26 05:25 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Howmet Aerospace's Financials

When does Howmet Aerospace's fiscal year end?

According to the most recent income statement we have on file, Howmet Aerospace's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Howmet Aerospace's net income changed over the last 10 years?

Howmet Aerospace's net income appears to be on an upward trend, with a most recent value of $1.51 billion in 2025, falling from -$197 million in 2015. The previous period was $1.16 billion in 2024. See Howmet Aerospace's forecast for analyst expectations on whatâ€™s next for the company.

What is Howmet Aerospace's operating income?

Howmet Aerospace's total operating income in 2025 was $2.05 billion, based on the following breakdown:

Total Gross Profit: $2.82 billion
Total Operating Expenses: $774 million

How has Howmet Aerospace's revenue changed over the last 10 years?

Over the last 10 years, Howmet Aerospace's total revenue changed from $12.41 billion in 2015 to $8.25 billion in 2025, a change of -33.5%.

How much debt does Howmet Aerospace have?

Howmet Aerospace's total liabilities were at $5.83 billion at the end of 2025, a 2.3% decrease from 2024, and a 73.9% decrease since 2015.

How much cash does Howmet Aerospace have?

In the past 10 years, Howmet Aerospace's cash and equivalents has ranged from $564 million in 2024 to $2.28 billion in 2018, and is currently $742 million as of their latest financial filing in 2025.

How has Howmet Aerospace's book value per share changed over the last 10 years?

Over the last 10 years, Howmet Aerospace's book value per share changed from 9.15 in 2015 to 13.31 in 2025, a change of 45.5%.

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Financial statements for NYSE:HWM last updated on 2/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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