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CRS

Carpenter Technology Corporation

CRS

Carpenter Technology Corporation • NYSE
$318.54 ▼ -0.13% (-0.43)
Market Cap $15.87 B
52w High $342.11
52w Low $138.61
Dividend Yield 0.80%
P/E 38.89
Volume 148.34K
Outstanding Shares 49.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $733.7M ▼ $63.1M ▲ $122.5M ▲ 16.696% ▲ $2.45 ▲ $192.3M ▲
Q4-2025 $755.6M ▲ $62.6M ▼ $111.7M ▲ 14.783% ▲ $2.23 ▲ $190.4M ▲
Q3-2025 $727M ▲ $63M ▲ $95.4M ▲ 13.122% ▲ $1.9 ▲ $173.4M ▲
Q2-2025 $676.9M ▼ $58.6M ▼ $84.1M ▼ 12.424% ▲ $1.68 ▼ $155.5M ▲
Q1-2025 $717.6M $62.7M $84.8M 11.817% $1.69 $151.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $208M ▼ $3.402B ▼ $1.491B ▼ $1.911B ▲
Q4-2025 $315.5M ▲ $3.487B ▲ $1.6B ▲ $1.887B ▲
Q3-2025 $151.5M ▼ $3.362B ▲ $1.58B ▼ $1.782B ▲
Q2-2025 $162.1M ▲ $3.327B ▲ $1.61B ▲ $1.717B ▲
Q1-2025 $150.2M $3.255B $1.595B $1.66B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $122.5M ▲ $39.2M ▼ $-42.6M ▲ $-104.2M ▼ $-107.5M ▼ $-3.4M ▼
Q4-2025 $111.7M ▲ $258.1M ▲ $-56.7M ▼ $-34.7M ▲ $164M ▲ $200.1M ▲
Q3-2025 $95.4M ▲ $74.2M ▲ $-40M ▼ $-43.8M ▼ $-10.6M ▼ $34.1M ▼
Q2-2025 $84.1M ▼ $67.9M ▲ $-29.3M ▼ $-27.6M ▲ $11.9M ▲ $38.6M ▲
Q1-2025 $84.8M $40.2M $-26.9M $-61M $-48.9M $13.3M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Aerospace And Defense Markets
Aerospace And Defense Markets
 $410.00M ▲$450.00M ▲$460.00M ▲$470.00M ▲
Distribution Market
Distribution Market
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Energy Market
Energy Market
 $40.00M ▲$50.00M ▲$60.00M ▲$50.00M ▼
Industrial And Consumer Markets
Industrial And Consumer Markets
 $90.00M ▲$90.00M ▲$90.00M ▲$90.00M ▲
Medical Market
Medical Market
 $90.00M ▲$90.00M ▲$90.00M ▲$70.00M ▼
Transportation Market
Transportation Market
 $30.00M ▲$30.00M ▲$30.00M ▲$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with a clear step‑up after the downturn earlier in the period. Profitability has improved even more than sales: the company moved from operating losses to solid operating and net profits, with margins expanding as volumes recovered and higher‑value products likely made up a larger mix. Earnings per share have swung from deep losses to strong gains, which highlights both operating leverage and the underlying cyclicality of the business. Overall, the income statement shows a company that has come through a rough patch and is now in a strong upswing, but still exposed to economic and end‑market cycles such as aerospace and industrial demand.

Balance Sheet

Balance Sheet The balance sheet looks steadily stronger over time. Total assets have grown gradually, suggesting ongoing investment in facilities and capabilities. Debt levels have stayed roughly flat, while shareholders’ equity has risen, meaning the company’s leverage has eased and its capital base has thickened. Cash balances dipped in the middle of the period but have since been rebuilt to healthier levels, giving more financial flexibility. Overall, the company appears to have a solid and improving financial foundation, though it remains a capital‑intensive business with significant fixed assets.

Cash Flow

Cash Flow Cash generation has lagged the earnings recovery but is clearly improving. A few years ago, operating cash flow was barely positive, reflecting weak profitability and heavy needs for working capital. More recently, operating cash flow has strengthened meaningfully as profits and collections have improved. Free cash flow was negative in the middle of the period but has turned positive while the company keeps investing steadily in capital projects. This pattern suggests the business is beginning to translate its higher earnings into more reliable cash, though cash flows can still swing with inventory needs, customer demand, and large investment cycles.

Competitive Edge

Competitive Edge Carpenter Technology operates in specialty alloys rather than commodity metals, which is a key differentiator. Its products are designed for demanding uses in aerospace, defense, medical devices, and electrification, where performance and reliability matter more than price alone. The company benefits from deep metallurgical know‑how, a broad catalog of proprietary alloys, and complex manufacturing processes that are difficult for new entrants to replicate. In many of its end markets, customers face long qualification cycles and high switching costs, especially for critical parts in jet engines or implants, which tends to anchor long‑term relationships. Vertical integration, from melting to finished forms and powders, further strengthens its position versus more narrowly focused competitors.

Innovation and R&D

Innovation and R&D Innovation sits at the core of the company’s strategy. It develops advanced alloys that can handle extreme temperatures, stress, and corrosion, including next‑generation stainless steels and high‑performance nickel and cobalt alloys. Carpenter has invested heavily in additive manufacturing, building a “powder‑to‑part” capability that spans custom metal powders, design support, 3D printing, and finishing—particularly relevant for aerospace and medical components. It is also pushing into electrification materials, such as high‑performance magnetic alloys for electric motors and generators used in electric vehicles and potentially electric aircraft. The R&D pipeline focuses on tailored solutions for specific customer needs, which can deepen relationships and support higher‑margin, specialty business over time.

Summary

Carpenter Technology today looks like a specialty materials company that has moved from a period of stress to a phase of profitable growth. Sales and margins have rebounded strongly, the balance sheet has strengthened, and cash flow is catching up with the earnings recovery. Its competitive edge comes from technical depth, proprietary alloys, demanding customer qualifications, and substantial, hard‑to‑replicate manufacturing assets. At the same time, it remains exposed to cyclical end markets and to the risks inherent in capital‑intensive, high‑fixed‑cost operations. The main opportunities seem tied to continued aerospace and defense demand, expansion of additive manufacturing, and the broader shift to electrification, while the main risks revolve around economic downturns, execution on large investments, and technological or qualification delays in its key growth areas.

NEWS

November 20, 2025 · 4:15 PM UTC

Carpenter Technology Corporation Announces Closing of $700.0 Million Private Offering of 5.625% Senior Notes Due 2034 and Amendment of Credit Agreement

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November 10, 2025 · 4:15 PM UTC

Carpenter Technology Corporation Announces Pricing of $700.0 Million Private Offering of 5.625% Senior Notes Due 2034

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November 10, 2025 · 7:35 AM UTC

Carpenter Technology Corporation Announces Proposed $700.0 Million Private Offering of Senior Notes Due 2034

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October 23, 2025 · 8:00 AM UTC

Carpenter Technology Reports First Quarter Fiscal Year 2026 Results

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October 16, 2025 · 6:00 AM UTC

With N-able, CRS Technology Consultants Saves CPA Firm From Business-Crippling Ransomware Attack in Under 24 Hours

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