CARPENTER TECHNOLOGY CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CARPENTER TECHNOLOGY CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,798	2,158	2,380	2,181	1,476	1,836	2,550	2,760	2,877	3,124
Cost of revenue	1,497	1,775	1,935
Gross profit	301	382	445	329	1	150	337	584	769	956
Research and development	16.9	19.3	23.3	28	19.7	20.4	24.4	25.6	26.1	27.7
Selling, general and administrative	176	193	203	201	180	175	204	230	243	254
Operating income	122	189	241	25.3	-249	-24.9	133	323	522	702
Interest expense	29.8	28.3	26	19.8	32.7	44.9	54.1	51	48.4	37.8
Other non-operating income	-21.5	-0.8	0.6	0.6	-8.4	12.7	-6.5	-60.5	-6.1	7.6
Pre-tax income	70.2	160	216	6.1	-298	-63.1	72.5	212	467	656
Income tax	23.2	-28.3	49	4.6	-68.3	-14	16.1	25.1	91.3	126
Net income	47	189	167	1.5	-230	-49.1	56.4	187	376	530
EBITDA	239	306	363	149	-125	107	264	458	661	849
EPS, basic	0.99	3.96	3.46	0.02	-4.76	-1.01	1.15	3.75	7.50	10.59
EPS, diluted	0.99	3.92	3.43	0.02	-4.76	-1.01	1.14	3.70	7.42	10.52
Shares, basic (weighted)	47	47.2	47.7	48.1	48.3	48.5	48.8	49.7	50.2	50
Shares, diluted (weighted)	47.1	47.6	48.1	48.2	48.3	48.5	49.2	50.3	50.7	50.4
Dividend per share	0.72	0.72	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	66.3	56.2	27	193	287	154	44.5	199	316	393
Receivables	290	379	384	292	309	382	531	563	576	702
Inventory	690	689	788	724	426	496	640	735	794	823
Other current assets	46.5	54.9	37.4	56.6	95.6	86.8	66.4	94.1	79.9	63.1
Total current assets	1,094	1,179	1,236	1,266	1,117	1,119	1,282	1,591	1,765	1,981
Property, plant and equipment	1,317	1,313	1,366	1,498	1,458	1,421	1,384	1,335	1,359	1,488
Lease right-of-use assets				52	34.3	42.9	43.9	39	35.4	30.1
Goodwill	263	269	326	290	241	241	241	227	227	227
Intangible assets	64.9	63.3	67.2	52.1	43.1	35.2	28.7	15.2	9.5	3.9
Other non-current assets	132	179	188	115	107	110	112	115	118	133
Total assets	2,878	3,007	3,188	3,227	2,971	2,932	3,054	3,292	3,487	3,838
Accounts payable	201	215	239	124	142	242	278	264	267	313
Accrued liabilities	140	149	158	158	164	134	181	202	216	207
Deferred revenue	9.8	10.4	10.5	12.3	8.6	14.4	14	12.3	5.2	7.2
Short-term debt	55	0	0	0	0	0	0
Total current liabilities	396	363	416	452	306	376	459	466	484	520
Long-term debt	550	546	551	552	695	692	693	694	695	691
Lease liabilities				50.3	35.5	42.7	43.6	38.4	34.9	28
Other non-current liabilities	47.8	53.5	65.1	111	100	98	99.2	99.6	98.5	91.3
Total liabilities	1,680	1,521	1,668	1,782	1,579	1,602	1,658	1,663	1,600	1,611
Total debt	605	546	551	552	695	692	693	694	695	691
Paid-in capital	285	310	320	321	323	320	328	353	354	357
Retained earnings	1,322	1,476	1,605	1,568	1,299	1,211	1,228	1,375	1,710	2,200
Treasury stock	-342	-339	-333	-326	-317	-307	-298	-289	-396	-596
Other comprehensive income	-343	-240	-352	-398	-192	-174	-143	-93.9	-67.9	-20.4
Shareholders' equity	1,199	1,486	1,520	1,446	1,392	1,331	1,396	1,629	1,887	2,228
Total equity	1,199	1,486	1,520	1,446	1,392	1,331	1,396	1,629	1,887	2,228
Total liabilities and equity	2,878	3,007	3,188	3,227	2,971	2,932	3,054	3,292	3,487	3,838
Shares outstanding	46.8	47.2	47.5	47.9	48	48.3	48.6	49.8	49.7	49.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	47	189	167	1.5	-230	-49.1	56.4	187	376	530
Depreciation and amortization	118	117	122	124	124	131	131	135	139	147
Stock-based compensation	13	17.6	17.6	10.9	10.4	10.8	16.4	19.8	22.8	26.4
Deferred income tax	41.6	-61.1	16.5	-0.4	-33.6	-3.1	-0.4	-13.3	-17.4	21.2
Change in receivables	-34.6	-86.8	-5.3	90.3	-14.9	-79	-145	-32.6	-1.8	-128
Change in inventory	-74.6	0.4	-94	29.5	239	-71.9	-140	-96.7	-60.4	-28.4
Change in payables	42.5	10.7	20.1	-110	22.4	95.7	29.2	-11	-1.4	17.2
Cash from operations	130	209	232	232	250	6	14.7	275	440	605
Capital expenditures	-98.5	-135	-180	-171	-101	-91.3	-82.3	-96.6	-154	-243
Acquisitions	-35.3	-13.3	-79	0	0
Sales and maturities of investments	0.9	0.7	2.9	0	0
Cash from investing	-112	-139	-245	-171	-78.9	-89.1	-82.3	-95.9	-153	-243
Debt repaid	0	-55	0	0	-250	-300	0	0	0	-700
Stock issued	2.2	12.9	3.9	4.3	0.5	0	5	40.9	13.4	14.3
Share buybacks	0	0					0	0	-102	-179
Dividends paid	-34.1	-34.4	-38.6	-38.8	-39.1	-39.2	-39.4	-40	-40.3	-40.3
Cash from financing	-33.8	-78.9	-19.4	108	-76.1	-52.8	-40.1	-23.3	-167	-287
Exchange rate effect	-0.1	-1	2.4	-2.3	-0.7	2.7	-2	-1.1	-4	2.3
Net change in cash	-15.7	-10.1	-29.2	166	94.3	-133	-110	155	116	77.8
Free cash flow	31.8	74.2	52.1	60.4	150	-85.3	-67.6	178	286	362
Interest paid	27.7	29.5	27.6	27	28.2	40.5	50.9	49.2	48.4	48.2
Income taxes paid	-33.3	33.7	27.5	29.8	2.1	-46.1	9.9	62.8	93.6	84.8

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $396.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.6%	Gross profit / revenue.
Operating margin	22.5%	Operating income / revenue.
EBITDA margin	27.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.0%	Pre-tax income / revenue.
Net margin	17.0%	Net income / revenue.
FCF margin	11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.4%	Cash from operations / revenue.
Effective tax rate	19.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.5%	Net income / average total assets.
Return on invested capital (ROIC)	23.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.9%	Research and development expense / revenue.
SG&A / revenue	8.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.8%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	24.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	41.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	294.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	34.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	74.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	28.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	47.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	40.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	111.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	41.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	109.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	245.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	19.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.81x	Current assets / current liabilities.
Quick ratio	2.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.76x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.0%	Total debt / total assets.
Liabilities / assets	42.0%	Total liabilities / total assets.
Net debt	$297.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.6x	Operating income / interest expense.
Working capital	$1.46B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.85x	Revenue / average total assets.
Fixed asset turnover	2.19x	Revenue / average property, plant and equipment.
Receivables turnover	4.89x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
FCF conversion	68.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$10.59	Net income per basic share, as reported (split-adjusted).
Revenue per share	$61.99	Revenue / diluted weighted shares.
FCF per share	$7.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.00	Cash from operations / diluted weighted shares.
Book value per share	$44.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.24	Tangible book value / shares outstanding.
Cash per share	$7.93	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.80	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	7.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	49.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$19.67B	Share price x shares outstanding.
Enterprise value	$19.96B	Market cap + total debt - cash - short-term investments.
P/E	37.1x	Market cap / net income. Only when net income is positive.
P/S	6.29x	Market cap / revenue.
P/B	8.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.85x	Market cap / tangible book value, when positive.
P/FCF	54.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	32.5x	Market cap / cash from operations, when positive.
EV/Sales	6.39x	Enterprise value / revenue.
EV/EBIT	28.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	55.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.34x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CARPENTER TECHNOLOGY CORP's revenue in fiscal 2026?

CARPENTER TECHNOLOGY CORP reported revenue of $3.12B for fiscal 2026, 8.6% higher than the year before.

Was CARPENTER TECHNOLOGY CORP profitable in fiscal 2026?

Yes. Net income was $529.8M, a net margin of 17%.

How much free cash flow did CARPENTER TECHNOLOGY CORP generate in fiscal 2026?

Cash from operations of $605.0M minus capital expenditures of $242.7M left free cash flow of $362.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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