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HXL

Hexcel Corporation

HXL

Hexcel Corporation • NYSE
$76.23 ▲ 0.67% (+0.51)
Market Cap $6.07 B
52w High $76.35
52w Low $45.28
Dividend Yield 0.68%
P/E 89.68
Volume 542.51K
Outstanding Shares 79.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $456.2M ▼ $63.9M ▼ $20.6M ▲ 4.516% ▲ $0.26 ▲ $66.9M ▲
Q2-2025 $489.9M ▲ $81.5M ▲ $13.5M ▼ 2.756% ▼ $0.17 ▼ $60.5M ▼
Q1-2025 $456.5M ▼ $58.2M ▼ $28.9M ▲ 6.331% ▲ $0.36 ▲ $73.6M ▲
Q4-2024 $473.8M ▲ $109.6M ▲ $5.8M ▼ 1.224% ▼ $0.071 ▼ $39.9M ▼
Q3-2024 $456.5M $54M $39.8M 8.719% $0.49 $83.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $90.5M ▲ $2.758B ▼ $1.192B ▼ $1.567B ▲
Q2-2025 $77.2M ▼ $2.843B ▲ $1.289B ▲ $1.554B ▲
Q1-2025 $89.2M ▼ $2.779B ▲ $1.247B ▲ $1.533B ▲
Q4-2024 $125.4M ▲ $2.726B ▼ $1.198B ▼ $1.528B ▼
Q3-2024 $98.2M $2.862B $1.273B $1.589B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $20.6M ▲ $110.2M ▲ $-15.3M $-81.4M ▼ $13.3M ▲ $96.5M ▲
Q2-2025 $13.5M ▼ $23.3M ▲ $-15.3M ▲ $-22.3M ▼ $-12M ▲ $8M ▲
Q1-2025 $28.9M ▲ $-28.5M ▼ $-27.2M ▼ $18.2M ▲ $-36.2M ▼ $-54.6M ▼
Q4-2024 $5.8M ▼ $162.6M ▲ $-18.6M ▼ $-113.9M ▼ $27.2M ▲ $144M ▲
Q3-2024 $39.8M $90.1M $-16.8M $-51.8M $22.8M $73.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Aerospace Market Applications
Commercial Aerospace Market Applications
 $280.00M ▲$0 ▼$290.00M ▲$270.00M ▼
Space And Defense Market Applications
Space And Defense Market Applications
 $160.00M ▲$180.00M ▲$200.00M ▲$180.00M ▼
Commercial Aerospace
Commercial Aerospace
 $0 ▲$280.00M ▲$0 ▼$0 ▲
Industrial Market Applications
Industrial Market Applications
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Hexcel’s income statement shows a company that has moved well past its pandemic slump and is now on a steady growth path. Sales have climbed consistently over the last several years as commercial aerospace and defense demand has come back. Profitability has improved even faster than sales, with healthier gross margins and much better operating and net income than during the downturn. Earnings are now solidly positive, though not spectacular, and there is a small sign that operating profitability may have plateaued recently rather than continuing to surge. Overall, the business looks like a mature, steadily improving aerospace supplier: recovering volume, better mix, and tighter cost control, but still exposed to swings in aircraft build rates and program timing.

Balance Sheet

Balance Sheet Hexcel’s balance sheet looks generally sound and conservative for an aerospace supplier. Total assets have been fairly stable, suggesting no aggressive expansion or major balance sheet shocks. Debt has been edging down over time, which reduces financial risk, while equity has remained broadly solid, though it dipped a bit most recently. Cash on hand is reasonable but not excessive, meaning the company has some buffer but likely still relies on its ongoing cash generation and credit access. Overall, Hexcel appears comfortably financed: not over-levered, not sitting on excessive idle cash, and positioned to absorb normal industry ups and downs, but not immune to a severe prolonged downturn.

Cash Flow

Cash Flow Hexcel’s cash flow profile is a key strength. The company has produced positive operating cash flow every year in this period, and that cash has been growing as profitability improves. Free cash flow has stayed positive as well, even while the company has been steadily investing in its facilities and technology. Capital spending has picked up in recent years, which usually signals investment in capacity, productivity, or new products rather than belt-tightening. The combination of recurring free cash flow and measured investment supports ongoing R&D, potential bolt-on growth projects, and shareholder returns, while still keeping financial risk under control.

Competitive Edge

Competitive Edge Hexcel holds a strong, entrenched position in high-performance composites for aerospace and defense. Its materials are deeply embedded in major aircraft and engine platforms, where qualification processes are long, expensive, and safety-critical. Once Hexcel’s products are designed into a program, customers are very reluctant to switch suppliers, which creates sticky, long-lived revenue streams. The company benefits from long-term and sometimes sole-source contracts, a broad product portfolio, global scale, and deep integration with major OEMs like Airbus and Boeing. On the risk side, this also means heavy reliance on a relatively small set of customers and aircraft programs, plus exposure to regulatory changes and defense and commercial aviation cycles. Competition from other advanced materials suppliers remains real, but Hexcel’s technical track record, high switching costs, and regulatory know-how give it a meaningful moat.

Innovation and R&D

Innovation and R&D Innovation is central to Hexcel’s identity and competitive edge. The company has a long history of firsts in honeycomb cores, adhesives, carbon fiber, prepregs, and advanced resin systems, supported by a very large patent portfolio. Its vertically integrated model lets it fine-tune fibers, resins, and finished materials as a system, which is hard for more narrowly focused rivals to match. Hexcel is pushing into next-generation carbon fibers, faster-curing prepregs, thermoplastic composites, and advanced honeycomb solutions, while also targeting new markets like urban air mobility, space, and selective automotive and wind energy applications. It is also investing in automation and digitalization of manufacturing, as well as sustainability and recycling of composite materials. The opportunity is to stay at the forefront of lightweighting across multiple industries; the risk is that these emerging markets and technologies may scale more slowly or differently than expected, requiring persistent R&D spending and careful capital allocation.

Summary

Overall, Hexcel looks like a disciplined, innovation-driven aerospace materials company that has navigated the pandemic downturn and is now back on a healthier trajectory. The income statement reflects a solid recovery and improving profitability, the balance sheet is supportive rather than stretched, and cash flow is strong enough to fund both ongoing investment and resilience. Its competitive position is underpinned by deep customer integration, regulatory barriers, and technical know-how, but tied closely to the fate of key aircraft programs and the broader aerospace and defense cycle. Continued success will depend on maintaining technological leadership, executing capital spending wisely, and managing concentration and cyclicality risks, rather than on radical changes to the current business model. This is a story of steady, innovation-led growth in a specialized niche, rather than rapid, speculative expansion.

NEWS

October 22, 2025 · 4:16 PM UTC

Hexcel Declares Quarterly Dividend

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October 22, 2025 · 4:15 PM UTC

Hexcel Reports 2025 Third Quarter Results

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October 1, 2025 · 8:30 AM UTC

Hexcel Schedules Third Quarter 2025 Earnings Release and Conference Call

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