HWMMEDIUM SIGNALOPPORTUNITY10-K

HWM announced a $1.8 billion acquisition of Consolidated Aerospace Manufacturing while delivering strong financial performance with 31% net income growth and robust cash generation.

The CAM acquisition represents a significant strategic expansion that should strengthen HWM's aerospace manufacturing capabilities, though at a substantial cost requiring careful integration execution. The strong underlying financial performance provides a solid foundation for funding this growth initiative while continuing aggressive capital returns to shareholders.

Comparing 2026-02-12 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

HWM delivered exceptionally strong financial performance across all metrics, with net income growing 31% to $1.5B and operating cash flow surging 45% to $1.9B, demonstrating robust operational execution. The company simultaneously increased capital investments by 41% and share buybacks by 40% to $700M, while building cash reserves to $742M and growing stockholders' equity to $5.4B. This combination of strong earnings growth, increased investments, and enhanced capital returns signals a company generating substantial cash flow while positioning for future growth through both organic investments and the pending acquisition.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+45.1%
$1.3B→$1.9B

Operating cash flow surged 45.1% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+41.1%
$321.0M→$453.0M

Capital expenditure jumped 41.1% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
+40%
$500.0M→$700.0M

Share repurchases increased 40% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
+31.6%
$564.0M→$742.0M

Cash position surged 31.6% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+30.6%
$1.2B→$1.5B

Net income grew 30.6% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+25.3%
$1.6B→$2.0B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Stockholders Equity
Balance Sheet
+17.5%
$4.6B→$5.4B

Equity base grew 17.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
+14.3%
$1.5B→$1.8B

Current liabilities rose 14.3% — increased short-term obligations, watch current ratio.

Accounts Receivable
Balance Sheet
+13.1%
$689.0M→$779.0M

Receivables grew 13.1% — monitor days sales outstanding for collection efficiency.

Current Assets
Balance Sheet
+12.4%
$3.4B→$3.8B

Current assets grew 12.4% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-14
ADDED
As of February 9, 2026, there were 400,940,063 shares of common stock, par value $1.00 per share, of the registrant outstanding.
and the expected financing, benefits and timing of such planned acquisition.
Recent Developments Consolidated Aerospace Manufacturing, LLC Acquisition Transaction .
On December 22, 2025, the Company entered into an agreement with Stanley Black Decker, Inc.
( Stanley Black Decker ) to acquire Consolidated Aerospace Manufacturing, LLC ( CAM ), a wholly owned subsidiary of Stanley Black Decker, for a cash purchase price of approximately $1.8 billion (the Proposed CAM Acquisition ).
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REMOVED
As of February 10, 2025, there were 405,022,519 shares of common stock, par value $1.00 per share, of the registrant outstanding.
All statements that reflect Howmet s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition of end markets; future financial results, operating performance, or estimated or expected future capital expenditures; future strategic actions; Howmet's strategies, outlook, and business and financial prospects; and any future dividends, debt issuances, debt reduction and repurchases of its common stock.
Based upon the country where the point of shipment occurred, North America and Europe generated 71% and 23%, respectively, of Howmet s sales in 2024.
Howmet s largest market is aerospace, which represented approximately 68% of the Company s revenue in 2024.
The commercial transportation market represented approximately 17% of the Company s revenue in 2024.
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