Howmet Aerospace (HWM) stock
Industrials · Aerospace & Defense
Howmet Aerospace (HWM) is an Aerospace & Defense company in the Industrials sector, headquartered in Pittsburgh, Pennsylvania. As of October 23, 2026, HWM closed at $185.91, a market capitalization of $74.14 billion, the 171st largest company in the S&P 500. Over the last twelve months it generated $9.12 billion in revenue (+24% year over year) and $1.79 billion in free cash flow. The stock trades at 40.1x trailing earnings and 28.6x forward earnings.
- 1-year total return: -6.9% (dividends reinvested)
- 5-year return: +44.0% a year
- 52-week range: $183.52 – $310.00
- Gross margin 36.0%, operating margin 28.5%
- Dividend yield: 0.30%, 3 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 26th largest of 83 Industrials stocks in the S&P 500
HWM price chart
1Y price change: -7.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| HWM | -18.7% | -9.2% | -6.9% | +62.7% | +44.0% | — | +29.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2016.
HWM key statistics
- Market cap
- $74.1B
- #171 in S&P 500
- P/E (TTM)
- 40.1x
- Forward P/E
- 28.6x
- EPS (TTM)
- $4.64
- Revenue (TTM)
- $9.1B
- +24%
- Free cash flow
- $1.8B
- Gross margin
- 36.0%
- Operating margin
- 28.5%
- Return on equity
- 34.7%
- Dividend yield
- 0.30%
- 52-week range
- $183.52 – $310.00
- Beta
- 1.20
- Price / sales
- 8.1x
- EV / EBITDA
- 28.0x
- Debt / equity
- 0.81x
- Employees
- 25,430
HWM report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth24.1%A
- Gross margin36.0%C
- Operating margin28.5%B
- FCF margin19.6%B
- Return on equity34.7%A
- Net debt / EBITDA1.5xC
- Forward P/E28.6xD
- PEG ratio0.8xA
- Shareholder yield1.2%D
- Share count change / yr-1.6%B
Howmet Aerospace financials
Revenue went from $12.4B in fiscal 2016 to $8.3B in fiscal 2025, shrinking 4.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.4B | $13.0B | $6.8B | $7.1B | $5.3B | $5.0B | $5.7B | $6.6B | $7.4B | $8.3B |
| Operating income | $954.0M | $480.0M | $775.0M | $579.0M | $626.0M | $748.0M | $919.0M | $1.2B | $1.6B | $2.0B |
| Net income | -$941.0M | -$74.0M | $642.0M | $470.0M | $261.0M | $258.0M | $469.0M | $765.0M | $1.2B | $1.5B |
| EPS (diluted) | $-2.31 | $-0.28 | $1.30 | $1.03 | — | $0.59 | $1.11 | $1.83 | $2.81 | $3.71 |
| Free cash flow | -$1.0B | -$635.0M | -$551.0M | -$180.0M | -$258.0M | $250.0M | $540.0M | $682.0M | $977.0M | $1.4B |
| Buybacks | — | $0 | $0 | $1.1B | $73.0M | $430.0M | $400.0M | $250.0M | $500.0M | $700.0M |
| Diluted shares | 438.0M | 451.0M | 503.0M | 463.0M | 439.0M | 435.0M | 421.0M | 416.0M | 410.0M | 406.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into HWM?
A reverse DCF asks what growth the current price requires. With an enterprise value of $78.2B and $1.8B of trailing free cash flow, Howmet Aerospace needs to grow free cash flow about 30.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 50.1x vs. median 44.6x (10th–90th percentile 15.3x–69.8x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
HWM dividend
- Dividend yield
- 0.30%
- Annual dividend
- $0.56
- Years of increases
- 3
- 5-yr dividend growth
- 95.7%
- per year
- Payout ratio
- 10%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
HWM earnings
Next report: October 29, 2026. Howmet Aerospace has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $2.5B (+24% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 6, 2026 | $1.25 | $1.33 | +6.7% |
| May 7, 2026 | $1.11 | $1.22 | +10.3% |
| Feb 12, 2026 | $0.97 | $1.05 | +8.7% |
| Oct 30, 2025 | $0.91 | $0.95 | +4.5% |
| Jul 31, 2025 | $0.87 | $0.91 | +4.2% |
| May 1, 2025 | $0.78 | $0.86 | +10.7% |
| Feb 13, 2025 | $0.72 | $0.74 | +2.8% |
| Nov 6, 2024 | $0.65 | $0.71 | +8.6% |
Stocks like HWM
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
 RTX RTX | -1.90% | +8% | $257.8B | 31.1x | Compare |
 BA Boeing | +0.43% | -14% | $148.9B | 67.3x | Compare |
 LMT Lockheed Martin | +2.42% | +27% | $139.6B | 21.5x | Compare |
 GD General Dynamics | -0.41% | +4% | $94.5B | 21.3x | Compare |
 NOC Northrop Grumman | -0.16% | -7% | $78.3B | 17.4x | Compare |
 TDG Transdigm | -3.23% | -18% | $61.1B | 33.5x | Compare |
 HONA Honeywell Aerospace | +0.18% | — | $51.8B | 49.8x | Compare |
HWM news
- Howmet (HWM) Reports Next Week: Wall Street Expects Earnings Growth · Oct 22, 2026
- After Plunging 9% in 4 Weeks, Here's Why the Trend Might Reverse for Howmet (HWM) · Oct 22, 2026
- Howmet Aerospace Inc. (HWM) Faces a Critical Test as Growth Expectations Rise · Oct 21, 2026
- Morgan Stanley Names Top Aerospace Pick to Replace FTAI · Oct 21, 2026
- Howmet (HWM) Stock Falls Amid Market Uptick: What Investors Need to Know · Oct 20, 2026
HWM stock FAQ
What is HWM's market cap?
Howmet Aerospace's market capitalization is $74.14 billion as of October 23, 2026, ranking 171st in the S&P 500.
What is HWM's P/E ratio?
HWM trades at a trailing price-to-earnings ratio of 40.1x and a forward P/E of 28.6x. Its median P/E over the period we track is 44.6x.
Does HWM pay a dividend?
Yes. Howmet Aerospace pays $0.56 per share a year, a 0.30% yield. It has raised its dividend 3 years in a row. Dividends grew 95.7% a year over the last five years.
How much has HWM stock returned?
Including reinvested dividends, HWM returned -6.9% over one year, +44.0% a year over five years through October 23, 2026.
Is HWM stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Howmet Aerospace must grow free cash flow about 31% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does HWM report earnings?
Howmet Aerospace is expected to report earnings on October 29, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Howmet Aerospace have?
Howmet Aerospace has about 25,430 full-time employees, or $358,514 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology