At a glance
Howmet Aerospace Inc is worth $84.70B, about 57 times its fiscal 2025 earnings. Revenue grew 11.1% to $8.25B in fiscal 2025, with 18.3% kept as profit; over 5 years it has grown 9.4% a year. It pays a 0.23% dividend yield, raised every year for at least 5 years, and returned $2.71B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.6% over the past year with dividends reinvested and +47.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.8% in the 2020 crash (S&P 500: 33.7%) and 20.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 2 months after the lows.
The business in plain English
Howmet Aerospace, based in Pittsburgh, makes highly engineered metal parts for jet engines, aircraft frames and trucks. Its products include investment castings (parts formed by pouring molten metal into precise molds) such as turbine airfoils, the blades and vanes that handle extreme heat. It also makes seamless rings for engines, titanium and aluminum forgings, and aerospace fasteners (specialized bolts and rivets that hold planes together). Its forged aluminum truck wheels are sold under the Alcoa Wheels brand. It sells directly or through distributors.
Aerospace made up about 70% of 2025 revenue of $8.25 billion: 53% from commercial aircraft and 17% from defense. Commercial transportation (trucks, buses and trailers) added 15%. Gas turbines for power generation and oil and gas added 11%, and other markets 4%. The company ties growing power demand to data center construction. Two customers, RTX and GE Aerospace, each accounted for about 11% of sales.
Howmet reports four segments (business units). Engine Products is the largest, at about 52% of 2025 revenue, followed by Fastening Systems (21%), Engineered Structures (14%) and Forged Wheels (13%). It operates in 19 countries. Shipments from North America made up 72% of sales and shipments from Europe 22%. In December 2025 it agreed to buy Consolidated Aerospace Manufacturing from Stanley Black & Decker for about $1.8 billion, a business slated to join Fastening Systems.
Price history
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HWM +3.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Aerospace - Commercial | $4.32B | 52.4% |
| Aerospace - Defense | $1.41B | 17.1% |
| Commercial Transportation | $1.25B | 15.1% |
| Gas Turbines | $944.0M | 11.4% |
| Other | $329.0M | 4% |
By business segment
| Engine Products | $4.32B | 52.4% |
| Fastening Systems | $1.75B | 21.1% |
| Engineered Structures | $1.15B | 13.9% |
| Forged Wheels | $1.04B | 12.6% |
By geography
| United States | $4.38B | 53% |
| Other | $1.02B | 12.4% |
| France | $625.0M | 7.6% |
| Japan | $513.0M | 6.2% |
| Germany | $439.0M | 5.3% |
| United Kingdom | $376.0M | 4.6% |
| Italy | $264.0M | 3.2% |
| Canada | $187.0M | 2.3% |
| Mexico | $166.0M | 2% |
| Poland | $150.0M | 1.8% |
| China | $130.0M | 1.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.70B, up 29.4% from a year earlier, and net income was $567.0M (+47.3%).
- For fiscal 2025, revenue was $8.25B (+11.1% year over year; +9.4% a year from FY2020 to FY2025) with a 18.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.4% good |
|---|---|
| Operating margin | 24.8% good |
| Free cash flow margin | 17.3% good |
| Return on equity (FY2025) | 28.2% good |
| Return on assets (FY2025) | 13.5% good |
| Net cash (cash minus debt) | $-3.94B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.26B | $261.0M | $-258.0M |
| FY2021 | $4.97B | $258.0M | $250.0M |
| FY2022 | $5.66B | $469.0M | $540.0M |
| FY2023 | $6.64B | $765.0M | $682.0M |
| FY2024 | $7.43B | $1.16B | $977.0M |
| FY2025 | $8.25B | $1.51B | $1.43B |
Valuation snapshot
| Market value | $84.70B |
|---|---|
| P/E ratio | 57.4 |
| Dividend yield | 0.23% |
Rank among 1514 US companies
Market value at each year end
Howmet Aerospace’s market value went from $6.23B at the end of 2016 to $84.70B on Nov 2, 2026, about 13.6 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $84.70B | +2.8% |
| 2025 | $82.43B | +85.5% |
| 2024 | $44.43B | +99.4% |
| 2023 | $22.28B | +36.7% |
| 2022 | $16.30B | +19.9% |
| 2021 | $13.60B | +9.9% |
| 2020 | $12.38B | +21.1% |
| 2019 | $10.22B | +63.5% |
| 2018 | $6.25B | -37.9% |
| 2017 | $10.06B | +61.3% |
| 2016 | $6.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HWM price data to Nov 2, 2026 | +4.0% | +3.6% | +64.5% | +47.8% | +32.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.0% |
| 2025 | +88.0% |
| 2024 | +102.7% |
| 2023 | +38.0% |
| 2022 | +24.2% |
| 2021 | +11.7% |
| 2020 | +21.0% |
| 2019 | +83.6% |
| 2018 | -37.4% |
| 2017 | +48.4% |
| 2016 | -16.2% |
| 2015 | -36.9% |
| 2014 | +49.8% |
| 2013 | +24.1% |
| 2012 | +1.7% |
| 2011 | -43.3% |
| 2010 | -3.6% |
| 2009 | +47.4% |
| 2008 | -68.3% |
| 2007 | +24.1% |
| 2006 | +4.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 85.7% over that stretch · deepest drop along the way 87.8%, back to its old high 179.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.8% over that stretch · deepest drop along the way 64.8%, back to its old high 8.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.5% over that stretch · deepest drop along the way 20.1%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 3 sales ($22.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 18, 2026 | Neil Edward Marchuk EVP, CAO | sell | $11.4M |
| May 11, 2026 | Neil Edward Marchuk EVP, CAO | sell | $11.3M |
| Feb 26, 2026 | Barbara Lou Shultz Vice President and Controller | sell | $260K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Sep 30, 2025 |
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 5.1% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.5% | Jun 30, 2026 |
ETFs with the most weight in HWM
| JXX Janus Henderson Transformational Growth ETF | 5.83% |
| AGOX Adaptive Alpha Opportunities ETF | 5.71% |
| BRNY Burney U.S. Factor Rotation ETF | 4.54% |
| MISL First Trust Indxx Aerospace & Defense ETF | 4.45% |
| ITA iShares U.S. Aerospace & Defense ETF | 4.37% |
| NATO Themes Transatlantic Defense ETF | 4.36% |
| GCAD Gabelli Commercial Aerospace and Defense ETF | 4.04% |
| PPA Invesco Aerospace & Defense ETF | 3.88% |
What could go wrong
- Aerospace slowdowns would hit most of the business. Aerospace was about 70% of 2025 revenue. Orders follow airline profits, passenger traffic and planemakers' production schedules, while defense sales depend on government budgets. A downturn or production cuts could quickly reduce demand.
- Two customers each provide about 11% of sales. RTX and GE Aerospace each represented about 11% of Howmet's sales to outside customers in 2025. Losing either one, or a sharp change in their business or finances, could materially hurt results.
- Metal costs can rise faster than prices. Nickel, titanium, aluminum and cobalt prices swing with inflation, shortages and events like the Russia-Ukraine conflict. Howmet aims to pass higher costs to customers, but there can be delays, and competition may limit that.
- Limited suppliers and plant problems could disrupt output. Howmet depends on a small number of suppliers for essential materials and services. A supply gap or trouble at one of its plants could cause it to miss production targets and customer commitments.
- Acquisitions could disappoint or strain finances. In December 2025 Howmet agreed to buy Consolidated Aerospace Manufacturing for about $1.8 billion in cash; benefits may fall short. Debt was $4.5 billion against $563 million of cash as of June 30, 2026.
- Tariffs and trade disputes add cost uncertainty. Howmet operates in 19 countries. New US tariffs ordered in 2025 and early 2026, and other countries' responses, can raise its costs, and it may not be able to recover them from customers.
Recent events
- Quarterly results released
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Acquisition or sale of assets completed
- Investor presentation or announcement
- New debt or financial obligation; Other company announcement
- Other company announcement
For income and retirement investors
Howmet pays a dividend, but a small one. Dividends per share rose five years in a row, from $0.02 in 2020 to $0.44 in 2025. In 2025 they used about 12% of earnings and 13% of free cash flow (cash left after running and investing in the business). The yield was 0.26% as of October 28, 2026, so the stock provides little income. Buybacks have mattered more: $2.28 billion from 2021 to 2025, versus $426 million in dividends. The share count fell 6.7% between November 2021 and August 2026.
The stock has fallen hard in downturns. When the company was still Alcoa, the shares lost 87.8% in the 2008 financial crisis and did not regain their peak until February 2024. They dropped 64.8% in the 2020 COVID crash but recovered by December 2020. They fell 20.1% in 2022 and recovered about two months later. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Howmet Aerospace make money?
Howmet makes money by selling highly engineered metal parts, mostly for aircraft. Aerospace made up about 70% of its 2025 revenue of $8.25 billion, split between commercial planes (53%) and defense (17%). It makes jet engine parts such as turbine blades and rings, aerospace fasteners, titanium and aluminum structural parts, and forged aluminum truck wheels. Commercial transportation added 15% of revenue and gas turbines 11%. Its Engine Products segment alone brought in about 52%.
Is Howmet Aerospace the same company as Alcoa?
Howmet is the original Alcoa Inc. under a new name, but it is a different company from Alcoa Corporation. In November 2016, Alcoa Inc., formed in 1888, split in two. It renamed itself Arconic Inc., and the other part became Alcoa Corporation. On April 1, 2020, Arconic Inc. spun off (handed to shareholders as a separate company) its rolled products, aluminum extrusions and building businesses as Arconic Corporation. It then became Howmet Aerospace and kept the engine, fastener, structures and forged wheels businesses.
Who are Howmet Aerospace's biggest customers?
RTX Corporation and GE Aerospace are the two customers Howmet singles out in its annual report. Each accounted for about 11% of its sales to outside customers in 2025. Beyond them, it sells parts used in commercial and military aircraft, trucks, buses and gas turbines, directly or through distributors. The company warns that losing a significant customer could materially hurt the business.
Does Howmet Aerospace pay a dividend?
Yes, but it is small. The dividend yield (a year's dividends as a share of the stock price) was 0.26% as of October 28, 2026. Dividends per share have risen five years in a row, from $0.02 in 2020 to $0.44 in 2025. In 2025 they took only about 12% of earnings. Howmet has returned far more cash through share buybacks: $2.28 billion from 2021 to 2025, compared with $426 million in dividends. The board sets dividends and buybacks and can change them.
How has Howmet Aerospace stock performed?
Strongly over five years, with large swings. As of October 28, 2026, the share price had risen about 567% over five years, or 46.2% a year. That included gains of 103% in 2024 and 88% in 2025. The latest stretch was rougher. The price was down 2.7% over one year and 31.7% over three months, and it fell as much as 36.5% from a peak during the year. Its price-to-earnings ratio (share price divided by earnings per share) was about 52.6, based on 2025 results.