HWM
Howmet Aerospace Inc.
HWM's fundamentals are strong: revenue grew 22% and it turned 20% of its revenue into free cash flow. At 44x earnings, it's trading right at its usual valuation. Analysts expect that strong growth to continue.
HWM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
HWM's revenue, profitability, cash flow and balance sheet are all currently healthy.
HWM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 35x | $177 | -21% |
| Forward | 35x | $223 | — |
| Fair | 43x | $221 | -1.1% |
| Current | 44x | $223 | — |
| Expensive | 58x | $297 | +33% |
Historical ranges are pointers, not guarantees.
HWM's PE is in its fair range at 44x. If earnings grow as analysts expect, today's price would be 35x next year's earnings, in its cheap range.
HWM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for HWM, with profitability improving.
HWM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.31 | +24% |
| Q3 2026 | $5.11 | +44% |
| Q2 2026 | $4.64 | +36% |
| Q1 2026 | $4.31 | +41% |
| Q4 2025 | $3.71 | +32% |
| Q3 2025 | $3.55 | +35% |
| Q2 2025 | $3.41 | +51% |
| Q1 2025 | $3.06 | +48% |
| Q4 2024 | $2.81 | +54% |
HWM's earnings per share have climbed steadily: $5.11 over the past year, up 44% from the year before, and higher year over year for 19 quarters in a row.
HWM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.7B | +29% |
| Q2 2026 | $2.5B | +24% |
| Q1 2026 | $2.3B | +19% |
| Q4 2025 | $2.2B | +15% |
| Q3 2025 | $2.1B | +14% |
| Q2 2025 | $2.1B | +9.2% |
| Q1 2025 | $1.9B | +6.5% |
| Q4 2024 | $1.9B | +9.2% |
HWM's revenue has grown year over year for 21 quarters in a row: $2.7B last quarter, up 29% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +2.8 points |
| Q2 2026 | 28% | +2.5 points |
| Q1 2026 | 33% | +7.1 points |
| Q4 2025 | 23% | -1 points |
| Q3 2025 | 26% | +3 points |
| Q2 2025 | 25% | +4.2 points |
| Q1 2025 | 25% | +5.2 points |
| Q4 2024 | 24% | +4.7 points |
HWM's operating margin was 29% last quarter, up 2.8 points from the same quarter a year ago, near the top of its range since 2019.
HWM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $562M | +33% |
| Q2 2026 | $479M | +39% |
| Q1 2026 | $359M | +168% |
| Q4 2025 | $530M | +40% |
| Q3 2025 | $423M | +161% |
| Q2 2025 | $344M | +0.6% |
| Q1 2025 | $134M | +41% |
| Q4 2024 | $378M | -6.2% |
HWM generated $1.9B in free cash flow over the past year, up 51% from the year before.
HWM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -2M shares |
| 1 year | -1.2% | -5M shares |
| 3 years | -3.6% | -15M shares |
| 5 years | -7.8% | -34M shares |
| Available history | -14% | -63M shares |
HWM has 400M diluted shares, down 1.2% from a year ago, with $1.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | $300M |
| Q1 2026 | $300M |
| Q4 2025 | $200M |
| Q3 2025 | $200M |
| Q2 2025 | $175M |
| Q1 2025 | $125M |
| Q4 2024 | $190M |
HWM spent $1.3B buying back its own shares over the past year, up 88% from the year before.
HWM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 1.0x | Very low |
| Q3 2025 | 1.1x | Healthy |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.4x | Healthy |
HWM's net debt is about 1.3 years of its operating earnings (EBITDA), up from 1.1 years a year ago.
HWM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.8 | Neutral |
| Stochastic | 22.0 | Neutral |
HWM's weekly RSI is 45 (neutral) and its Stochastic is 22 (neutral).
HWM PE vs Industrials Sector
| Metric | HWM | Sector median | Relative |
|---|---|---|---|
| PE | 44x | 24x | 82% above |
| PE % | 51 | 58 | 7 pts below |
HWM is trading at 44x earnings, a 82% premium to the Industrials sector's median of 24x.
HWM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $215.5 | 3.5% above |
| 20 week MA | $246.8 | 9.6% below |
| 50 week MA | $241.8 | 7.7% below |
| 100 week MA | $201.1 | 11% above |
| 200 week MA | $133.0 | 68% above |
HWM's trend is mixed: it's above three of its five weekly moving averages, and 68% above its 200-week average.
HWM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.1 | $27.4 | -12% |
| 2021 | $27.4 | $31.1 | +14% |
| 2022 | $31.1 | $39.1 | +25% |
| 2023 | $39.1 | $54.1 | +39% |
| 2024 | $54.1 | $111.2 | +106% |
| 2025 | $111.2 | $211.2 | +90% |
| 2026 YTD | $211.2 | $223.1 | +5.6% |
HWM has finished higher in five of the last six years, two of them by more than 50%. It's up 5.6% so far in 2026.