CSTMHIGH SIGNALFINANCIAL10-K

CSTM delivered exceptional financial performance with net income surging 388% to $273M while simultaneously reducing outstanding shares by 8% through significant buyback activity.

The dramatic improvement in profitability combined with aggressive share repurchases indicates strong cash generation and capital allocation discipline. However, the substantial increase in accounts receivable (+60%) and inventory (+19%) warrants monitoring for potential collection or demand issues that could impact future cash flows.

Comparing 2026-02-25 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

CSTM demonstrated robust operational improvement with revenue growing 15% to $8.4B while net income exploded 388% to $273M, supported by strong operating cash flow growth of 63% to $489M. The company aggressively returned capital through increased share buybacks (+46%) while reducing capex by 20%, resulting in an 8% reduction in outstanding shares and 35% growth in stockholders' equity. However, the sharp increases in accounts receivable (+60%) and inventory (+19%) suggest working capital management challenges that could pressure future cash generation despite the strong current performance.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+387.5%
$56.0M→$273.0M

Net income grew 387.5% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+62.5%
$301.0M→$489.0M

Operating cash flow surged 62.5% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
+60.4%
$381.0M→$611.0M

Receivables surged 60.4% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Share Buybacks
Cash Flow
+45.6%
$79.0M→$115.0M

Share repurchases increased 45.6% — management returning capital, signals confidence in intrinsic value.

Stockholders Equity
Balance Sheet
+34.8%
$706.0M→$952.0M

Equity base grew 34.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+26.6%
$1.8B→$2.3B

Current assets grew 26.6% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+24.3%
$1.4B→$1.8B

Current liabilities rose 24.3% — increased short-term obligations, watch current ratio.

Capital Expenditure
Cash Flow
-20.1%
$413.0M→$330.0M

Capex reduced 20.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Inventory
Balance Sheet
+19.1%
$1.2B→$1.4B

Inventory built 19.1% — monitor whether demand supports this build or if write-downs may follow.

Revenue
P&L
+15.2%
$7.3B→$8.4B

Revenue growing 15.2% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-28
ADDED
The number of outstanding ordinary shares of the registrant on January 30, 2026 , was 135,069,771 shares .
You can identify certain forward-looking statements because they contain words such as, but not limited to, anticipates, believes, could, estimates, expects, forecasts, intends, likely, may, plans, should, targets, will, or would, and similar expressions (or the negative of these terminologies or expressions).
Forward-looking statements do not relate strictly to historical or current facts and reflect management s current assumptions, beliefs, expectations, objectives, plans and projections about the future, including with respect to our business, results of operations and financial condition.
Accordingly, forward-looking statements are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of our control.
Such factors include, but are not limited to, those described in Part I, Item 1A.
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REMOVED
The number of issued and outstanding ordinary shares of the registrant on December 31, 2024 , was 146,819,884 and 143,523,308 shares, respectively .
Although, as a foreign private issuer, Constellium SE is not required to do so, beginning in 2025, Constellium SE has voluntarily elected to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the Securities and Exchange Commission ("SEC") instead of filing the reporting forms available to foreign private issuers.
As a foreign private issuer, Constellium SE is exempt from the proxy solicitation rules under Section 14 of the Exchange Act and Regulation FD, and its executive officers, directors, and principal shareholders are not subject to the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.
However, Constellium SE intends to voluntarily file a proxy statement for its annual general meeting with its shareholders ("Annual General Meeting") prepared in accordance with applicable French requirements and voluntarily include certain disclosures required pursuant to Schedule 14A of the Exchange Act.
As Constellium SE s proxy statement is not required to be filed pursuant to Regulation 14A, Constellium SE may not incorporate by reference information required by Item 11 of this Form 10-K from its proxy statement.
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