Howmet Aerospace Inc
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+ FollowMarket Cap$79.51B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 delivered strong growth + profitability + cash (all beats)
- Revenues: $2.7B, +29% YoY; +25% organic
- EBITDA: $879M, +43% YoY, 32.5% margin (up 310 bps YoY; +40 bps QoQ)
- EPS: $1.46, +54% YoY
- Free cash flow: $562M after CapEx $147M (CapEx described as a quarterly record)
- Balance sheet/capital strength: net debt to trailing EBITDA ~1.3x; debt down $60M during the quarter
Shareholder returns were very active (good for investors)
- Share buybacks: $500M in Q3; $1.1B YTD (already $400M more than total 2025 repurchases)
- Shares reduced: diluted share count down to ~399.5M at Q3 end (below 400M)
- Dividend increased: quarterly dividend +17% to $0.14/share (from $0.12)
- Surprising/positive: despite heavy buybacks and CapEx, leverage is still guided to remain ~stable (see outlook bullets)
End-market performance: broad strength, with IGT the standout
- Commercial aerospace: +32%, with +27% organic (OE + spares); spares demand rising with legacy and next-gen engine programs
- Defense aerospace: +10%, ~+3% organic (spares, especially legacy fighters); F-35 spares called healthy
- Commercial transport: +28% (North America recovery + pass-through of higher aluminum costs)
- Industrial gas turbines (IGT): +45% (very strong; management attributes it to market share gains plus capacity additions)
- Fastening Systems growth boosted by acquisitions; Brunner Fastener cited as major driver of “Other markets” growth
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Share Statistics
| Market cap | $79.51 Billion |
|---|---|
| Enterprise Value | $83.65 Billion |
| Annual dividend | $0.50 |
| Dividend yield | 0.25% |
| Earnings per Share | $3.73 |
| Beta | 1.2 |
| Outstanding Shares | 398,000,000 |
Return
| Return on Equity | 36.04% |
|---|---|
| Return on Assets | 15.59% |
| Return on Invested Capital | 25.84% |
Valuation & Multiples
| P/E Ratio | 38.86 |
|---|---|
| PEG | 76.89 |
| Price to Sales | 8.9 |
| Price to Book Ratio | 15.25 |
| Enterprise Value to Revenue | 8.54 |
| Enterprise Value to EBIT | 29.58 |
| Enterprise Value to Net Income | 40 |
| Total Debt to Enterprise | 0.06 |
| Debt to Equity | 0.82 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.37
Consensus analyst estimateRevenue Estimate
$2.59 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$1.46
Consensus analyst estimateRevenue Estimate
$2.76 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.01, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0059▼ 117.13% |
|---|---|
| Total Calls | 51,000▼ 96.60% |
| Total Puts | 300▼ 99.98% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.93%▼ 88.48% |
|---|---|
| Total Invested | $2.62B▼ 97.34% |
| Investors Holding | 567▼ 1100.00% |
About Howmet Aerospace Inc
25,430 employees
CEO: John C. Plant
Howmet Aerospace Inc., established in 1888 and headquartered in Pittsburgh, PA, specializes in the design and production of advanced lightweight metal components. The company's operations are divided into four primary business segments. ...