Howmet Aerospace Inc. (HWM) intrinsic value & 10-year financials
Howmet Aerospace Inc. (HWM) has a Graham intrinsic value of $123.23 per share. At $220.96 on Oct 17, 2026, the stock trades 79% above that value. Over the last 10 fiscal years revenue shrank 4.4% a year to $8.3B, with an average return on invested capital of 10.7%.
- Graham intrinsic value
- $123.23
- Share price (Oct 17, 2026)
- $220.96
- Price vs Graham value
- 79% above
- Market cap
- $89.7B
- Revenue (FY2025)
- $8.3B
- Revenue growth (10-yr CAGR)
- -4.4%
- ROIC (10-yr avg)
- 10.7%
- Free cash flow (FY2025)
- $1.4B
HWM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.3B | $1.5B | $3.71 | $1.4B | 24.8% | 22.1% |
| FY2024 | $7.4B | $1.2B | $2.81 | $977.0M | 22.0% | 18.6% |
| FY2023 | $6.6B | $765.0M | $1.83 | $682.0M | 18.1% | 13.3% |
| FY2022 | $5.7B | $469.0M | $1.11 | $540.0M | 16.2% | 10.2% |
| FY2021 | $5.0B | $258.0M | $0.59 | $250.0M | 15.0% | 8.7% |
| FY2020 | $5.3B | $261.0M | — | -$258.0M | 11.9% | 8.6% |
| FY2019 | $14.2B | $470.0M | $1.03 | -$180.0M | 7.3% | 9.9% |
| FY2018 | $14.0B | $642.0M | $1.30 | -$551.0M | 9.5% | 10.4% |
| FY2017 | $13.0B | -$74.0M | -$0.28 | $105.0M | 2.5% | 1.6% |
| FY2016 | $12.4B | -$941.0M | -$2.31 | -$255.0M | 6.6% | 3.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Howmet Aerospace is facing top-line stagnation, with revenue contracting over the decade.
Howmet Aerospace returns on capital have been average, hovering around 10.7% ROIC over the decade.
Howmet Aerospace has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Howmet Aerospace is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $123.23 per share.