Detailed financial statements for Carpenter Technology Corporation (CRS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Carpenter Technology Corporation is a global leader in the production and supply of high-performance metallic materials, serving markets across the United States, Europe, Asia Pacific, Mexico, and Canada. The company's operations are structured into two primary divisions: Specialty Alloys Operations and Performance Engineered Products.
Analysis Summary
Carpenter Technology Corporation reported revenue of $3.12B in the most recent fiscal year, growing at a 5-year CAGR of 16.2%.
Trailing-twelve-month margins: gross margin 31.2%, operating margin 23.4%, net margin 17.9%. Free cash flow grew at 19.4% CAGR over 5 years.
At $283.08 (closing price, October 30, 2026), CRS trades at a P/E of 24.96 and an ROE of 26.93%. Market capitalisation stands at $14.0B, placing it among large-cap names.
Balance sheet quality for CRS: debt-to-equity ratio of 0.32, current ratio of 3.94 over the last 12 months, net debt of $297.4M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $362.3M represents 68% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.80B | $2.16B | $2.38B | $2.18B | $1.48B | $1.84B | $2.55B | $2.76B | $2.88B | $3.12B |
| Cost of Revenue | $1.50B | $1.78B | $1.94B | $1.85B | $1.47B | $1.69B | $2.21B | $2.18B | $2.11B | $2.17B |
| Gross Profit | $300.8M | $382.3M | $444.8M | $329.4M | $1.0M | $149.8M | $337.3M | $584.3M | $768.6M | $955.5M |
| Research & Development | 0 | 0 | 0 | 0 | $19.7M | 0 | $24.4M | $25.6M | $26.1M | 0 |
| Selling, General & Admin | $176.1M | $193.0M | $203.4M | $201.0M | $180.2M | $174.7M | $204.2M | $230.2M | $243.2M | $253.5M |
| Operating Expenses | $179.3M | $193.0M | $203.4M | $304.1M | $249.6M | $174.7M | $204.2M | $261.2M | $246.8M | $253.5M |
| Operating Income | $121.5M | $189.3M | $241.4M | $25.3M | -$248.6M | -$24.9M | $133.1M | $323.1M | $521.8M | $702.0M |
| EBITDA | $217.8M | $305.1M | $363.6M | $149.8M | -$140.7M | $113.2M | $267.6M | $411.6M | $670.4M | $841.1M |
| Interest Expense | $29.8M | $28.3M | $26.1M | $19.8M | $33.6M | $44.9M | $64.1M | $65.4M | $63.9M | $37.8M |
| Pre-tax Income | $70.2M | $160.2M | $216.0M | $6.1M | -$297.9M | -$63.1M | $72.5M | $211.6M | $467.3M | $656.2M |
| Income Tax | $23.2M | -$28.3M | $49.0M | $4.6M | -$68.3M | -$14.0M | $16.1M | $25.1M | $91.3M | $126.4M |
| Net Income | $47.0M | $188.5M | $167.0M | $1.5M | -$229.6M | -$49.1M | $56.4M | $186.5M | $376.0M | $529.8M |
| EPS | $0.99 | $3.99 | $3.50 | $0.02 | -$4.75 | -$1.01 | $1.15 | $3.75 | $7.49 | $10.59 |
| EPS (Diluted) | $0.99 | $3.96 | $3.47 | $0.02 | -$4.75 | -$1.01 | $1.14 | $3.70 | $7.42 | $10.52 |
| Shares Outstanding (Diluted) | 47.1 M | 47.6 M | 48.1 M | 48.2 M | 48.3 M | 48.5 M | 49.2 M | 50.3 M | 50.7 M | 50.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $728.0M | $811.5M | $851.0M | $798.2M |
| Gross Profit | $218.3M | $251.8M | $269.0M | $256.3M |
| Operating Income | $155.2M | $186.5M | $207.0M | $196.4M |
| EBITDA | $176.3M | $222.1M | $250.4M | $236.1M |
| Net Income | $105.3M | $139.6M | $162.4M | $162.5M |
| EPS | $2.10 | $2.79 | $3.25 | $3.26 |
| EPS (Diluted) | $2.09 | $2.77 | $3.23 | $3.25 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $66.3M | $56.2M | $27.0M | $193.1M | $287.4M | $154.2M | $44.5M | $199.1M | $315.5M | $393.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $290.4M | $378.5M | $384.1M | $292.3M | $308.7M | $382.3M | $531.3M | $562.6M | $575.5M | $701.9M |
| Inventory | $690.4M | $689.2M | $787.7M | $724.3M | $425.7M | $496.1M | $639.7M | $735.4M | $793.8M | $822.9M |
| Total Current Assets | $1.09B | $1.18B | $1.24B | $1.27B | $1.12B | $1.12B | $1.28B | $1.59B | $1.76B | $1.98B |
| Property, Plant & Equipment | $1.32B | $1.31B | $1.37B | $1.55B | $1.46B | $1.42B | $1.38B | $1.34B | $1.36B | $1.49B |
| Goodwill | $263.4M | $268.7M | $326.4M | $290.4M | $241.4M | $241.4M | $241.4M | $227.3M | $227.3M | $227.3M |
| Intangible Assets | $64.9M | $63.3M | $67.2M | $52.1M | $43.1M | $35.2M | $28.7M | $15.2M | $9.5M | $3.9M |
| Total Assets | $2.88B | $3.01B | $3.19B | $3.23B | $2.97B | $2.93B | $3.05B | $3.29B | $3.49B | $3.84B |
| Accounts Payable | $201.1M | $214.7M | $238.7M | $124.2M | $142.4M | $242.1M | $278.1M | $263.9M | $267.4M | $313.4M |
| Short-term Debt | $55.0M | 0 | $19.7M | $170.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $396.0M | $363.3M | $416.0M | $452.1M | $306.3M | $375.6M | $459.4M | $466.3M | $483.7M | $520.0M |
| Long-term Debt | $550.0M | $545.7M | $550.6M | $551.8M | $694.5M | $691.8M | $693.0M | $694.2M | $695.4M | $690.7M |
| Total Liabilities | $1.68B | $1.52B | $1.67B | $1.78B | $1.58B | $1.60B | $1.66B | $1.66B | $1.60B | $1.61B |
| Retained Earnings | $1.32B | $1.48B | $1.61B | $1.57B | $1.30B | $1.21B | $1.23B | $1.37B | $1.71B | $2.20B |
| Total Equity | $1.20B | $1.49B | $1.52B | $1.45B | $1.39B | $1.33B | $1.40B | $1.63B | $1.89B | $2.23B |
| Total Debt | $605.0M | $545.7M | $570.3M | $783.6M | $739.0M | $744.4M | $745.7M | $741.4M | $738.3M | $690.7M |
| Net Debt | $538.7M | $489.5M | $543.3M | $590.5M | $451.6M | $590.2M | $701.2M | $542.3M | $422.8M | $297.4M |
| Working Capital | $697.6M | $815.5M | $820.2M | $814.2M | $811.1M | $743.8M | $822.5M | $1.12B | $1.28B | $1.46B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $231.9M | $294.8M | $393.3M | $159.5M |
| Total Assets | $3.50B | $3.68B | $3.84B | $3.74B |
| Total Liabilities | $1.52B | $1.61B | $1.61B | $1.56B |
| Total Equity | $1.99B | $2.07B | $2.23B | $2.18B |
| Total Debt | $698.7M | $699.3M | $690.7M | $691.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $47.0M | $188.5M | $167.0M | $1.5M | -$229.6M | -$49.1M | $56.4M | $186.5M | $376.0M | $529.8M |
| Depreciation & Amortization | $117.8M | $116.6M | $121.5M | $123.9M | $123.6M | $131.4M | $131.0M | $134.6M | $139.2M | $147.1M |
| Stock-based Compensation | $13.0M | $17.6M | $17.6M | $10.9M | $10.4M | $10.8M | $16.4M | $19.8M | $22.8M | $26.4M |
| Change in Working Capital | -$143.2M | -$69.1M | -$91.6M | -$41.7M | $220.7M | -$80.0M | -$211.1M | -$163.2M | -$109.5M | -$11.6M |
| Operating Cash Flow | $129.3M | $209.2M | $232.4M | $231.8M | $250.0M | $6.0M | $14.7M | $274.9M | $440.4M | $605.0M |
| Capital Expenditure | -$98.5M | -$135.0M | -$180.3M | -$171.4M | -$100.5M | -$91.3M | -$82.3M | -$96.6M | -$154.3M | -$242.7M |
| Acquisitions | -$17.0M | -$7.0M | -$79.0M | 0 | $20.0M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$101.9M | -$179.1M |
| Dividends Paid | -$34.1M | -$34.4M | -$38.6M | -$38.8M | -$39.1M | -$39.2M | -$39.4M | -$40.0M | -$40.3M | -$40.3M |
| Free Cash Flow | $30.8M | $74.2M | $52.1M | $60.4M | $149.5M | -$85.3M | -$67.6M | $178.3M | $286.1M | $362.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $132.2M | $193.5M | $240.1M | $52.8M |
| Capital Expenditure | -$46.3M | -$68.7M | -$85.1M | -$77.7M |
| Free Cash Flow | $85.9M | $124.8M | $155.0M | -$24.9M |
| Dividends Paid | -$10.0M | -$10.1M | -$10.1M | -$9.9M |
| Stock-based Compensation | $6.0M | $7.0M | $7.8M | $6.4M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.0% | +10.3% | -8.4% | -32.3% | +24.4% | +38.9% | +8.2% | +4.3% | +8.6% | |
| Net Income Growth (YoY) | +301.1% | -11.4% | -99.1% | -15,406.7% | +78.6% | +214.9% | +230.7% | +101.6% | +40.9% | |
| EPS Growth (YoY) | +303.0% | -12.3% | -99.3% | -20,842.4% | +78.7% | +213.9% | +226.1% | +99.7% | +41.4% | |
| Shares Change (YoY) | +1.1% | +1.1% | +0.2% | +0.2% | +0.4% | +1.4% | +2.2% | +0.8% | -0.6% | |
| FCF Growth (YoY) | +140.9% | -29.8% | +15.9% | +147.5% | -157.1% | +20.8% | +363.8% | +60.5% | +26.6% | |
| Gross Margin | 16.7% | 17.7% | 18.7% | 15.1% | 0.1% | 8.2% | 13.2% | 21.2% | 26.7% | 30.6% |
| Operating Margin | 6.8% | 8.8% | 10.1% | 1.2% | -16.8% | -1.4% | 5.2% | 11.7% | 18.1% | 22.5% |
| EBITDA Margin | 12.1% | 14.1% | 15.3% | 6.9% | -9.5% | 6.2% | 10.5% | 14.9% | 23.3% | 26.9% |
| Net Margin | 2.6% | 8.7% | 7.0% | 0.1% | -15.6% | -2.7% | 2.2% | 6.8% | 13.1% | 17.0% |
| FCF Margin | 1.7% | 3.4% | 2.2% | 2.8% | 10.1% | -4.6% | -2.7% | 6.5% | 9.9% | 11.6% |
| Effective Tax Rate | 33.0% | -17.7% | 22.7% | 75.4% | 22.9% | 22.2% | 22.2% | 11.9% | 19.5% | 19.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.65 | $1.56 | $1.08 | $1.25 | $3.10 | -$1.76 | -$1.37 | $3.54 | $5.64 | $7.19 |
| Dividends Per Share | $0.72 | $0.72 | $0.80 | $0.80 | $0.81 | $0.81 | $0.80 | $0.80 | $0.79 | $0.80 |
| Shares Outstanding (Basic) | 47.0 M | 47.2 M | 47.7 M | 48.1 M | 48.3 M | 48.5 M | 48.8 M | 49.7 M | 50.2 M | 50.0 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 26.93% |
| Return on Invested Capital | 18.41% |
| Return on Assets | 15.22% |
| Gross Margin | 31.22% |
| Operating Margin | 23.37% |
| Net Margin | 17.87% |
Financial Health
| Debt / Equity | 0.32 |
| Current Ratio | 3.94 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 14.17 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 37.81 | 13.18 | 13.77 | 1,060.26 | -8.47 | -27.63 | 48.81 | 28.53 | 36.90 | 58.25 |
| P/B | 1.47 | 1.67 | 1.51 | 0.81 | 1.40 | 1.02 | 1.96 | 3.26 | 7.35 | 13.85 |
| P/S | 0.98 | 1.15 | 0.97 | 0.54 | 1.32 | 0.74 | 1.07 | 1.93 | 4.82 | 9.87 |
| Gross Margin | 16.7% | 17.7% | 18.7% | 15.1% | 0.1% | 8.2% | 13.2% | 21.2% | 26.7% | 30.6% |
| Operating Margin | 6.8% | 8.8% | 10.1% | 1.2% | -16.8% | -1.4% | 5.2% | 11.7% | 18.1% | 22.5% |
| Net Margin | 2.6% | 8.7% | 7.0% | 0.1% | -15.6% | -2.7% | 2.2% | 6.8% | 13.1% | 17.0% |
Related companies: HWM · ATI · HXL · MTRN · DPC
Explore sector: Basic Materials · Steel
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