Carpenter Technology Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that aerospace build rates and price realization keep carrying for years and that the Athens expansion delivers volume before a 62-times earnings multiple meets a normal cycle — the quality itself is not the bottleneck. Whoever waits checks three lines in every quarterly report (10-Q): pounds sold (does it stabilize above fiscal 2025's 192,980 thousand?), the Aerospace and Defense share (does the concentration grow beyond 66 percent?), and the SAO margin excluding surcharges (does it hold the 35 percent region?). A quality company rarely loses its recipes overnight — a peak multiple on peak margins can correct quickly. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Carpenter Technology is the rare case where a quality screen and the filings agree — while the price tells its own story: the Buffett criteria are met without asterisks, fiscal 2025 was the most profitable year in the company's 137-year history per the 10-K, and the pricing power (10 percent more revenue on 11 percent less volume in the core segment) is a documented moat. Against that stand a shipment volume that has shrunk for two years, an aerospace concentration grown to 66 percent with Boeing as a named risk, a frozen token dividend — and a price-earnings ratio near 62 that values the cyclical like a growth stock. Whoever invests here is not buying yesterday's quality but the continuation of the aerospace climb at full price. Not investment advice.
Buffett quality criteria
Every screenable Buffettology criterion met: return on equity near 25 percent, debt-to-equity 0.38, EBIT margin near 23 percent, earnings per share positive and rising in every recent quarter, positive free cash flow — rank 9 in the U.S. selection of our in-house Buffett criteria scanner (as of July 18, 2026); Piotroski 8 of 9, Altman Z near 10.
Pricing power & earnings dynamics
Diluted EPS up sixfold from $1.14 (FY 2023) to $7.42 (FY 2025), with $7.29 already in 9M FY 2026; fiscal 2025 SAO sales ex surcharges up 10 percent on 11 percent lower volume, adjusted SAO margin lately 35.6 percent (10-K FY 2025; 10-Q as of 03/31/2026) — documented pricing power of a kind the scanner cannot measure.
Volume base
Pounds sold down 10 percent in two fiscal years (214,122 → 192,980 thousand); growth rests entirely on the price/mix lever. The Athens, Alabama expansion (FY 2026 capex ~$260 million) is meant to deliver volume — but still has to.
Aerospace end-market concentration
Aerospace and Defense grew from 51 percent (FY 2023) to 62 percent (FY 2025) and 66 percent of revenue in the quarter ended March 31, 2026; Medical down 23 percent most recently; the 10-Q explicitly names Boeing production challenges as a risk factor. Add concentrated production in Reading, Latrobe and Athens with no alternate sites (10-K Item 1A).
Valuation
P/E near 62, price-to-sales near 10, price-to-book near 14, price to free cash flow near 73, dividend yield near 0.13 percent (data as of July 18, 2026) — a peak multiple on a cyclical's peak margins; the stock has multiplied roughly twentyfold in four years.
Balance sheet & capital allocation
Rock-solid balance sheet: a single $700 million bond (5.625 percent, due 2034), $793.8 million of liquidity, interest coverage above 13 (10-Q as of 03/31/2026) — but barren ground for income investors: the dividend has been frozen at $0.20 per quarter for years, and buybacks primarily offset dilution, per the 10-K.
Worth Noting
CRS made the research list as rank 9 of our in-house Buffett criteria scanner (U.S. selection, 25 U.S. hits out of 104 total, as of July 18, 2026) — part of our series on the top 20 of that selection.
Scanner metrics (P/E, P/S, P/B, return on equity, EBIT margin, Piotroski, Altman Z) use trailing twelve-month figures as of July 18, 2026; the fiscal year ends June 30, while the scanner's quarterly series follows calendar quarters.
Price and market-value figures (~$600, ~$29.8 billion) from the July 18, 2026 feed, sanity-checked against trailing twelve-month earnings of roughly $9.50 per share from the SEC filings; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CRS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 232.40 $ to 619.30 $ · Last price: 406.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/17/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Metal Fabrication
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Carpenter Technology Corporation CRS | 20.2 | 41.6 | 25.0 | 30.6 | 22.8 | 4.3 | 71.1 |
| ATI Inc. ATI | 25.6 | 59.5 | 30.7 | 23.7 | 16.1 | 5.2 | 138.6 |
| Mueller Industries Inc MLI | 13.3 | 15.1 | 10.0 | 28.8 | 23.0 | 10.9 | 23.5 |
| Commercial Metals Company CMC | 7.5 | 11.8 | 8.8 | 18.6 | 9.4 | -1.6 | 16.1 |
| ESAB Corp ESAB | 4.2 | 18.2 | 14.5 | 37.0 | 13.5 | 3.7 | -38.9 |
| GPGI, Inc. GPGI | 3.6 | – | 8.8 | 195.8 | -313,879.1 | -85.8 | -37.1 |
| Worthington Industries Inc WOR | 3.0 | 19.3 | 11.3 | 27.4 | 6.5 | 19.8 | -0.4 |
| Proto Labs Inc PRLB | 2.1 | – | 25.1 | 45.4 | 8.1 | 6.4 | 75.1 |
| Ryerson Holding Corporation RYZ | 1.3 | – | 21.8 | 17.3 | 2.2 | -0.6 | 11.6 |
| Median of companies shown | 4.2 | 18.8 | 14.5 | 28.8 | 9.4 | 4.3 | 16.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 1,798 | 122 | 47 | 1.00 | 129 | 1,199 | 2,878 |
| 2018 | 2,158 | 189 | 189 | 3.96 | 209 | 1,486 | 3,007 |
| 2019 | 2,380 | 241 | 167 | 3.47 | 232 | 1,520 | 3,188 |
| 2020 | 2,181 | 25 | 2 | 0.03 | 232 | 1,446 | 3,227 |
| 2021 | 1,476 | -249 | -230 | -4.75 | 250 | 1,392 | 2,971 |
| 2022 | 1,836 | -25 | -49 | -1.01 | 6 | 1,331 | 2,932 |
| 2023 | 2,550 | 133 | 56 | 1.15 | 15 | 1,396 | 3,054 |
| 2024 | 2,760 | 323 | 187 | 3.71 | 275 | 1,629 | 3,292 |
| 2025 | 2,877 | 522 | 376 | 7.42 | 440 | 1,887 | 3,487 |
| 2026 | 3,124 | 702 | 530 | 10.51 | 605 | 2,228 | 3,838 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.66 | 95.00 | 677 | 8.40 | 12.40 | 68 | 39 |
| 2025: Q1 | 1.88 | 1,402.30 | 727 | 6.10 | 13.10 | 74 | 34 |
| 2025: Q2 | 2.21 | 19.30 | 756 | -5.40 | 14.80 | 258 | 200 |
| 2025: Q3 | 2.43 | 45.30 | 734 | 2.20 | 16.70 | 39 | -3 |
| 2025: Q4 | 2.09 | 26.20 | 728 | 7.50 | 14.50 | 132 | 86 |
| 2026: Q1 | 2.78 | 47.50 | 812 | 11.60 | 17.20 | 194 | 125 |
| 2026: Q2 | 3.23 | 46.20 | 851 | 12.60 | 19.10 | 240 | 240 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 24 of our scanner strategies — each hit links to the scanner.
Growth
- Ben Bennett: Power Screen
- EPS Acceleration
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
- Ted Zhang: Super Stock Universe
Quality & Balance Sheet
- Buffett Criteria (Buffettology)
- Institutional Accumulation
- Levermann
- Pros 80%
- Terry Smith: Quality (Fundsmith Criteria)
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Mike Webster: Swing Trading List
- Near 52-Week High
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 13.38 | 12.79 – 13.75 | 3,483 | 24.3% | 6 |
| 06/30/2028 | 15.88 | 15.32 – 16.65 | 3,841 | 18.7% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 21.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $362.3M |
|---|---|
| Market cap | $20.21B |
| Free cash flow in year ten | $2.58B |
| Terminal value as a share of market value | 67.4% |
For comparison: over the past five years free cash flow grew by 19.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 18.07.2026 gegen die beiden jüngsten Geschäftsberichte (10-K GJ 2025, eingereicht 12.08.2025; 10-K GJ 2024, eingereicht 13.08.2024) und die vier jüngsten Quartalsberichte (10-Q zum 31.03.2026, 31.12.2025, 30.09.2025 und 31.03.2025): In den ausgewerteten SEC-Filings von Carpenter Technology findet sich kein einziger Treffer zu „artificial intelligence“, „machine learning“, „generative“ oder verwandten Begriffen — weder als Umsatzquelle noch als operativer Einsatz noch als benanntes Geschäftsrisiko (Volltext-Suche über alle sechs Dokumente, 0 Treffer). Carpenter verdient als Hersteller von Superlegierungen zwar indirekt am Rechenzentrums- und Luftfahrt-Boom (Endmarkt-Narrativ), die Filings selbst stellen aber keinerlei KI-Bezug her — nach dem Kriterienkatalog dokumentierter Negativ-Befund, daher „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-04-29 · 10-Q 2026-01-29 · 10-Q 2025-10-23 · 10-Q 2025-04-24 · 10-K 2025-08-12 · 10-K 2024-08-13
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.0%
- More than 10% revenue growth is expected for the coming year 11.0%
- Share count grows by less than 3% a year 0.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 20.2%
- Gross margin at 40% or higher and without meaningful erosion 30.6%
- Goodwill from acquisitions does not grow faster than revenue 5.9%
- Net debt below twice EBITDA 0.4 x EBITDA
- Operating cash flow covers the profits of the last three years 228 m
- Return on capital at 15% or higher, or up versus two years ago 21.2%
- Insiders hold at least 10% or are net buyers 2.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.3%
- Exp. sales growth 3Y > 5% 10.9%
- EBIT growth 10Y > 5% 21.5%
- Exp. EBIT growth 3Y > 5% 22.9%
- Net debt < 4x EBIT 0.4x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 26.5%
- ROCE > 15% 21.2%
- Expected return > 10% 25.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Karol Steven E | Director | Sell | 3,275 | 474.08 | 1,552,618 |
| Sep 4, 2026 | Karol Steven E | Director | Other | 3,275 | 39.79 | 130,312 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 1,890 | 479.89 | 906,988 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 4,949 | 480.46 | 2,377,782 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 5,800 | 481.61 | 2,793,344 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 8,383 | 482.58 | 4,045,426 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 8,071 | 483.61 | 3,903,176 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 11,899 | 484.61 | 5,766,410 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 10,004 | 485.71 | 4,859,013 |
| Aug 25, 2026 | Thene Tony R | Chairman, President and CEO | Sell | 1,995 | 486.59 | 970,755 |
The company
About the Company
Carpenter Technology Corporation ist in der Fertigung, Verarbeitung und im Vertrieb von Spezialmetallen in den USA, Europa, dem asiatisch-pazifischen Raum, Mexiko, Kanada und international tätig. Es ist in zwei Segmenten tätig: Specialty Alloys Operations und Performance Engineered Products.
- Employees
- 4,500
- Headquarters
- Philadelphia, PA
- Address
- 1735 Market Street, 19103 Philadelphia, United States
- Phone
- 610 208 2000
- Website
- carpentertechnology.com
- IPO Date
- 11/05/1987
- ISIN
- US1442851036
- Stock Split
- 2:1 on 11/16/2007
- Stock Split
- 2:1 on 09/18/1995
- Stock Split
- 2:1 on 09/22/1977
Management
| Name | Title | Birth Year |
|---|---|---|
| Timothy Lain CPA | Senior VP & CFO | 1972 |
| James D. Dee | Senior VP, General Counsel, Secretary, Chief Governance Officer & Chief Compliance Officer | 1958 |
| Elizabeth A. Socci | VP, Controller & Chief Accounting Officer | – |
| Suniti Moudgil | VP & Chief Technology Officer | – |
| John Huyette | VP of Corporate Development & Investor Relations | – |
| Rachelle H. Thompson | VP & Chief Human Resources Officer | – |
| Shakthimani Logasundaram | VP & Chief Digital Officer | – |
| Thomas F. Cramsey | VP of Finance - Global Operations & SAO Group CFO | 1961 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/25/2026 CARPENTER TECHNOLOGY CORP (CRS): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/12/2026 CARPENTER TECHNOLOGY CORP (CRS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 CARPENTER TECHNOLOGY CORP (CRS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/30/2026 CARPENTER TECHNOLOGY CORP (CRS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/28/2026 CARPENTER TECHNOLOGY CORP (CRS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.