Carpenter Technology Corporation

Carpenter Technology, founded in 1889, makes premium specialty metals: titanium, nickel and cobalt alloys, stainless steels, alloy and tool steels, and metal powders, including alloys built for additive manufacturing (industrial 3D printing). They serve critical applications in aerospace, defense, medical, energy, transportation, industrial and consumer markets. Many products must be qualified (formally approved) by customers before Carpenter can supply them, and Carpenter counts fewer than ten major competitors for its high-value products.

Aerospace and defense dominates. In the fiscal year ended June 30, 2026, it supplied 65.1% of Carpenter's $3.12 billion in sales. Industrial and consumer added 12.9%, medical 8.9% and energy 7.4%. No single customer reached 10% of sales. The United States made up 58.4% of sales, Europe 22.4% and Asia Pacific 10.9%.

It reports two segments. Specialty Alloys Operations runs the main mills in Reading and Latrobe, Pennsylvania, plus sites in South Carolina and Alabama, and brought in about $2.83 billion in fiscal 2026. Performance Engineered Products, which includes the Dynamet titanium business, Carpenter Additive and distribution in Latrobe and Mexico, brought in $383 million. (Sales between segments make the two add to more than the total.) Operating profit was 22.5% of sales. Carpenter uses surcharges and price indexing to pass swings in nickel, cobalt and other raw-material costs to customers, though sometimes with a delay.

• In Q1 FY2027 (ended Sep 30, 2026), revenue was $798.2M, up 8.8% from a year earlier, and net income was $162.5M (+32.7%).
• For fiscal 2026, revenue was $3.12B (+8.6% year over year; +16.2% a year from FY2021 to FY2026) with a 17% net margin.

• Over FY2022–FY2026: $281.0M in buybacks and $199.2M in dividends.
• Regular dividends per share grew 0.0% a year over 5 years (FY2021–FY2026).
• Dividends took 7.6% of earnings and 11.1% of free cash flow in the latest fiscal year.
• Shares outstanding changed +2.8% from Oct 22, 2021 to Oct 16, 2026.

Rank among 1514 US companies

Market value at each year end

Carpenter Technology’s market value went from $1.69B at the end of 2016 to $13.87B on Oct 28, 2026, about 8.2 times as much; since the end of 2025 it is down 12%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 23 sales ($54.6M).

Large shareholders (13G filings)

ETFs with the most weight in CRS

1. Heavy reliance on aerospace and defense. Aerospace and defense made up 65.1% of sales in the year ended June 30, 2026. Those markets swing with airline profits, air travel demand, fuel costs and politics. A downturn could cut demand and prices.
2. Athens, Alabama expansion could stumble. Carpenter is expanding an existing site in Athens, Alabama. The new capacity must pass internal and customer approval. Delays, cost overruns or disruption to existing operations could hurt results.
3. Volatile, hard-to-replace raw materials. Carpenter depends on nickel, cobalt, titanium, chromium and other metals, some from politically unstable countries. Surcharges pass most price rises to customers, but with a lag, and shortages could disrupt production.
4. Key plants concentrated in few locations. Many key plants sit in Reading and Latrobe, Pennsylvania, and Athens, Alabama, and rely on costly specialized equipment with few alternatives. An equipment failure or local disruption could halt production.
5. Oversupply or cheaper substitutes could squeeze prices. New global capacity or weaker demand could push prices down, and customers may switch to lower-cost materials. Long lead times and existing contracts can also delay price increases.
6. Union contract and possible work stoppages. In Latrobe, Pennsylvania, 450 production workers are covered by a union contract that expires July 31, 2027. A strike, or union drives at other sites, could interrupt output.

• Oct 22, 2026 Quarterly results released
• Oct 15, 2026 Executive or board change; Investor presentation or announcement
• Oct 8, 2026 Shareholder vote results
• Aug 25, 2026 Investor presentation or announcement
• Aug 12, 2026 Executive or board change; Investor presentation or announcement
• Jul 30, 2026 Quarterly results released
• Jul 28, 2026 Executive or board change; Investor presentation or announcement
• Apr 29, 2026 Quarterly results released
• Apr 17, 2026 Executive or board change
• Feb 17, 2026 Executive or board change; Investor presentation or announcement

Carpenter pays a small dividend that has not grown. It paid $0.80 per share every fiscal year from 2021 to 2026, even in loss-making years. In the year ended June 30, 2026, dividends used 7.6% of earnings and 11.1% of free cash flow (cash from operations left after capital spending), so the payout is well covered. But the dividend yield was 0.29% as of October 28, 2026, so the stock offers little income. Buybacks have been larger: $281 million over fiscal 2022–2026, including $179.1 million in fiscal 2026, versus $199.2 million in dividends. The share count still rose 2.8% between October 2021 and October 2026.

The stock has been very volatile. It fell 84.7% in the 2008 financial crisis and did not regain its old peak until July 2023. It dropped 66.2% in the 2020 COVID crash, recovering in about 11 months. As of October 28, 2026, it had fallen 50% over the prior three months. Single stocks carry more risk than diversified funds.