HEXCEL CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HEXCEL CORP /DE/ 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,004	1,973	2,189	2,356	1,502	1,325	1,578	1,789	1,903	1,894
Cost of revenue	1,440	1,422	1,608	1,715	1,263	1,075	1,221	1,356	1,433	1,459
Gross profit	565	552	581	640	240	250	357	433	470	435
Research and development	46.9	49.4	55.9	56.5	46.6	45.1	45.8	52.7	57.1	56.4
Selling, general and administrative	158	152	146	159	121	135	148	164	177	169
Operating income	360	351	371	425	14.1	51.8	175	215	186	172
Interest expense	22.1	27.4	37.7	45.5	41.8	38.3	36.2	34	31.2	37.7
Other non-operating income	-0.4					8.5	10.8	-71.6	0	1.1
Pre-tax income	338	323	334	380	-27.7	22	150	110	155	135
Income tax	90.3	42.5	62.5	76.8	-61	5.9	31.6	12.1	22.8	25.6
Net income	250	284	277	307	31.7	16.1	126	106	132	109
EBITDA	453	455	494	567	155	190	301	340	310	294
Shares, basic (weighted)	92.8	90.6	87.9	84.9	83.8	84.1	84.4	84.6	82.3	79.5
Shares, diluted (weighted)	94.2	91.9	89	85.8	84	84.6	85	85.5	83	80
Dividend per share	0.44	0.47	0.55	0.64	0.17		0.40	0.50	0.60	70.95

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35.2	60.1	32.7	64.4	103	128	112	227	125	71
Receivables	246	249	261	228	125	160	223	235	212	249
Inventory	291	314	298	333	214	246	319	334	356	329
Other current assets	35.2	33.9	33.9	27.1	38	39.5	38.9	43	50.6	45.7
Total current assets	607	657	676	705	536	616	734	864	782	731
Property, plant and equipment	1,626	1,866	1,877	1,943	1,874	1,746	1,658	1,679	1,597	1,612
Lease right-of-use assets				66.5	58.5	50.7	49.6	29.3	25.4	25.7
Goodwill	66.6	110	108	190	193	191	187	189	187	192
Intangible assets	2.1	33.5	30.5	81.4	75.4	72.7	65.4	58.5	46.2	41.6
Other non-current assets	42.7	61.5	80.8	154	185	145	142	119	105	117
Total assets	2,401	2,781	2,824	3,129	2,918	2,819	2,837	2,919	2,726	2,704
Accounts payable	137	144	162	158	70	113	156	159	142	147
Accrued liabilities	63.5	40.7	69.9	63.4	65.4	73.4	82.5	75	99.2	93.3
Short-term debt	4.3	4.3	9.4	9.5	0.9	0.9	0.2	0.1	0.1	0
Total current liabilities	272	262	327	323	183	248	330	316	354	323
Long-term debt	684	806	947	1,051	926	822	723	699	701	993
Lease liabilities				53.6	46.5	40.3	39.4	22	19.4	18.7
Other non-current liabilities	159	173	41.3	100	92.1	71.3	60.9	33.5	30.5	22.5
Total liabilities	1,156	1,286	1,502	1,683	1,408	1,334	1,283	1,202	1,198	1,453
Total debt	689	810	957	1,060	926	823	724	700	701	993
Paid-in capital	739	774	798	830	850	879	905	937	970	995
Retained earnings	1,255	1,496	1,727	1,979	1,996	2,013	2,105	2,169	2,252	2,307
Treasury stock	-575	-731	-1,096	-1,245	-1,277	-1,280	-1,282	-1,316	-1,580	-2,039
Other comprehensive income	-174	-45	-108	-119	-59.6	-127	-174	-74.1	-115	-12.9
Shareholders' equity	1,245	1,495	1,322	1,446	1,510	1,486	1,554	1,717	1,528	1,251
Total equity	1,245	1,495	1,322	1,446	1,510	1,486	1,554	1,717	1,528	1,251
Total liabilities and equity	2,401	2,781	2,824	3,129	2,918	2,819	2,837	2,919	2,726	2,704
Shares outstanding	91.4	89.6	84.8	83.6	83.6	84	84.2	84.1	81	75.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	250	284	277	307	31.7	16.1	126	106	132	109
Depreciation and amortization	93.3	105	123	142	141	138	126	125	124	122
Stock-based compensation	16.1	17.6	16.2	18.3	15.4	19	20	20.9	22.2	14.4
Deferred income tax	62.7	3.3	29.3	15.9	-51.4	-2.6	-3.1	-32.7	-16.7	5.9
Change in receivables	-17.4	20.2	-20.7	36.5	110	-40.7	-62.8	-8.9	10.7	-22.5
Change in inventory	10.8	2.3	-25.2	-30.4	129	-40.4	-82.4	-8.9	-34	45.4
Change in payables	-7.9	-2.1	23.3	12.5	-134	49.8	80.8	-12.2	29.2	-20.4
Cash from operations	401	429	421	491	264	152	173	257	290	231
Capital expenditures	-328	-278	-184	-204	-50.6	-27.9	-76.3	-108	-87	-73.3
Acquisitions	-8.6	-64.1
Cash from investing	-367	-354	-188	-367	-50.6	-27.9	-54.6	-50.7	-87	-76
Debt issued	26.4	37.4
Debt repaid		-4.1	-4.2	-9	-49.9		0
Stock issued		16.2	5.1	10.7	3.3	7.7	3	7.8	7.1	5.8
Share buybacks	-111	-150	-358	-143	-24.6	0	0	-30.1	-252	-454
Dividends paid	-39.8	-42.6	-48.4	-4.2	-14.2	0	-33.7	-42.2	-49.3	-53.9
Cash from financing	-46.8	-58.3	-257	-91.4	-179	-96.8	-130	-92.6	-302	-212
Exchange rate effect					3.7	-2.6	-4.2	1.2	-2.8	3.4
Net change in cash	-16.6	24.9	-27.4	31.7	38.9	24.4	-15.7	115	-102	-54.4
Free cash flow	73.5	151	237	287	214	124	96.8	149	203	157
Interest paid	23.2	22.6	37.2	44.7	41.6	36.1	35.4	34.6	33.5	40.2
Income taxes paid	31.7	22.4	36.5	56.9	-0.2	1.2	35.9	59.1	42.2	7.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $85.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.0%	Gross profit / revenue.
Operating margin	11.5%	Operating income / revenue.
EBITDA margin	17.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	7.8%	Net income / revenue.
FCF margin	12.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.8%	Cash from operations / revenue.
Return on equity (ROE)	11.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	8.2%	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	3.2%	Research and development expense / revenue.
SG&A / revenue	9.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.8%	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	12.6%	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	-7.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	64.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-5.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-17.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	28.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-20.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.0%	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	-2.7%	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	-22.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.0%	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	11,725.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	461.9%	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	234.3%	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	-18.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.0%	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	-3.7%	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	-0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	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	-1.5%	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	-3.6%	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	-2.0%	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	-1.0%	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	2.43x	Current assets / current liabilities.
Quick ratio	1.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.1%	Total debt / total assets.
Liabilities / assets	52.5%	Total liabilities / total assets.
Net debt	$897.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.10x	Operating income / interest expense.
Working capital	$465.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.06B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	1.25x	Revenue / average property, plant and equipment.
Inventory turnover	4.30x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	6.61x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	105 days	Days inventory + days sales outstanding - days payables.
FCF conversion	166.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.01	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.
Revenue per share	$25.86	Revenue / diluted weighted shares.
FCF per share	$3.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.35	Cash from operations / diluted weighted shares.
Book value per share	$16.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.89	Tangible book value / shares outstanding.
Cash per share	$0.81	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	138.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.49B	Share price x shares outstanding.
Enterprise value	$7.39B	Market cap + total debt - cash - short-term investments.
P/E	42.3x	Market cap / net income. Only when net income is positive.
P/S	3.28x	Market cap / revenue.
P/B	5.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.11x	Market cap / tangible book value, when positive.
P/FCF	25.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.5x	Market cap / cash from operations, when positive.
EV/Sales	3.73x	Enterprise value / revenue.
EV/EBIT	32.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	6.3%	(Dividends paid + share buybacks) / market cap.

What was HEXCEL CORP /DE/'s revenue in fiscal 2025?

HEXCEL CORP /DE/ reported revenue of $1.89B for fiscal 2025, 0.5% lower than the year before.

Was HEXCEL CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $109.4M, a net margin of 5.8%.

How much free cash flow did HEXCEL CORP /DE/ generate in fiscal 2025?

Cash from operations of $230.5M minus capital expenditures of $73.3M left free cash flow of $157.2M.

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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