Carpenter Technology Corporation
- Open
- 477.43
- Day high
- 481.17
- Day low
- 465.02
- Prev close
- 476.43
- Volume
- 3.9M
- Mkt cap
- $23.6B
- P/E (TTM)
- 45.0
- EPS (TTM)
- $10.59
- P/B
- 10.6
- P/S
- 7.6
- Yield
- 0.17%
- Per share
- $0.80
- ▼Insiders net selling -$53.1M over the last 3 months (0 open-market buys, 22 sales)
- 🏛Institutions accumulating (13F)
Carpenter Technology Corporation (CRS) is a Industrials company listed on NYSE. The stock is up 95% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 22 sales (SEC Form 4).
Carpenter Technology Corporation (CRS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CRS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $3.09 | $3.23 | +4.6% | $851M | -1.0% |
| Apr 29, 2026 | $2.59 | $2.77 | +6.9% | $812M | +2.2% |
| Jan 29, 2026 | $2.21 | $2.33 | +5.7% | $728M | -8.1% |
| Oct 23, 2025 | $2.14 | $2.43 | +13.4% | $734M | +2.0% |
| Jul 31, 2025 | $2.10 | $2.21 | +5.3% | $756M | -5.1% |
| Apr 24, 2025 | $1.76 | $1.88 | +6.9% | $727M | -0.3% |
| Jan 30, 2025 | $1.57 | $1.66 | +5.6% | $677M | -6.1% |
| Oct 24, 2024 | $1.58 | $1.73 | +9.5% | $718M | -3.2% |
| Jul 25, 2024 | $1.51 | $1.82 | +20.5% | $799M | +3.8% |
| May 1, 2024 | $0.94 | $1.19 | +26.6% | $685M | -4.3% |
| Jan 25, 2024 | $0.85 | $0.85 | +0.0% | $624M | -5.9% |
| Oct 26, 2023 | $0.76 | $0.89 | +17.1% | $652M | -11.7% |
CRS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 11,899 | $484.61 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 8,071 | $483.61 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 6,126 | $486.35 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 1,890 | $479.89 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 10,004 | $485.71 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 7,053 | $484.35 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 7,864 | $485.17 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 2,252 | $487.21 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 4,949 | $480.46 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 8,372 | $482.27 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 2,095 | $488.74 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 2,370 | $487.85 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 5,818 | $483.26 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 6,320 | $480.34 |
| Aug 27, 2026 | Thene Tony Rdirector, officer: Chairman, President and CEO | Sell | 4,622 | $481.30 |
Source: CRS SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full CRS insider & 13F page →Carpenter Technology Corporation company profile
Overview
Carpenter Technology Corporation (NYSE:CRS) is a leading American specialty metals manufacturer founded in 1889 and headquartered in Philadelphia, Pennsylvania. The company has evolved from its origins as a steel producer into a sophisticated manufacturer of high-performance specialty alloys and engineered products that serve critical applications in aerospace, defense, medical, energy, and industrial markets. With over 130 years of metallurgical expertise, Carpenter Technology has established itself as a key supplier of mission-critical materials where performance, reliability, and quality are paramount.
Business
Carpenter Technology operates in the specialty metals manufacturing industry, producing advanced materials that are essential components in high-performance applications where standard metals cannot meet the demanding requirements. The company's core business revolves around creating specialty alloys - sophisticated metal compositions engineered to withstand extreme conditions such as high temperatures, corrosive environments, and intense mechanical stress. The company operates through two primary business segments: 1. Specialty Alloys Operations (SAO) - This segment represents approximately 85% of total revenue and manufactures premium specialty alloys including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels. These materials are produced through complex metallurgical processes including vacuum melting, powder metallurgy, and advanced finishing techniques. The SAO segment serves as the company's primary profit driver with operating margins exceeding 25%. 2. Performance Engineered Products (PEP) - Accounting for roughly 15% of revenue, this segment focuses on converting specialty alloys into finished or semi-finished components and parts. The segment includes operations like Dynamet, which specializes in titanium products, and produces metal powders, additives, and engineered components for specific customer applications. The company's products are essential in applications where failure is not an option - from jet engine components that must withstand temperatures exceeding 2000°F to medical implants that must integrate seamlessly with human tissue, to defense systems requiring materials that can perform under extreme battlefield conditions.
Revenue model
Carpenter Technology generates revenue primarily through product sales of specialty alloys and engineered products to industrial customers. The company's business model is built on several key revenue streams and value propositions. The primary revenue model involves manufacturing and selling specialty alloys at significant premiums to commodity metals. These materials command higher prices due to their superior performance characteristics, complex manufacturing processes, and the extensive qualification requirements in end-use applications. The company also benefits from surcharge pricing mechanisms that help offset raw material cost fluctuations, particularly for expensive inputs like nickel, cobalt, and titanium. Key paying customers include aerospace manufacturers (Boeing, Airbus and their supply chains), defense contractors, medical device companies, energy equipment manufacturers, and industrial firms requiring high-performance materials. The aerospace and defense sector represents approximately 60% of revenue, with medical applications contributing around 13%. Several factors influence the company's margins positively: Supply-demand imbalances in specialty metals create pricing power, as the industry has high barriers to entry with 7-10 year lead times to establish new production capacity. Long customer qualification cycles create switching costs that support premium pricing. Product mix optimization toward higher-margin applications drives profitability improvements. Margin pressures can arise from raw material cost volatility, particularly for key inputs like nickel and titanium, though surcharge mechanisms provide some protection. Energy costs significantly impact operations due to energy-intensive melting processes. Competition from international suppliers and potential economic downturns affecting end-market demand, particularly in aerospace, can pressure volumes and pricing.
Competitive moat
Carpenter Technology possesses a strong competitive moat built on several interconnected advantages that create substantial barriers to entry and customer switching costs. The company's primary moat stems from extremely long customer qualification cycles that can take 5-10 years for critical applications like jet engines. Once a material is qualified and integrated into a customer's design, switching to alternative suppliers requires extensive re-testing, re-certification, and regulatory approval processes that customers are reluctant to undertake. This creates significant customer stickiness and recurring revenue streams. Metallurgical expertise and proprietary processes accumulated over 130+ years provide technological advantages that are difficult to replicate. The company's specialized knowledge in vacuum melting, powder metallurgy, and alloy development creates products with performance characteristics that competitors struggle to match. The high capital intensity and complexity of specialty metals production create substantial barriers to entry. New entrants face 7-10 year timelines to establish meaningful production capacity, requiring hundreds of millions in capital investment and extensive regulatory approvals. However, the moat faces potential challenges from large integrated materials companies with substantial resources that could invest in competing capabilities over time. Technological disruption through alternative materials or manufacturing processes could potentially reduce demand for traditional specialty alloys. Customer consolidation in key end markets like aerospace could increase buyer power and pressure margins. Additionally, geopolitical risks and trade policies could impact the company's competitive position, particularly given its reliance on imported raw materials.
Risks & safety
The company demonstrates a solid margin of safety with strong financial fundamentals and improving operational performance. • Cash and Liquidity: $151.5 million in cash plus strong free cash flow generation of $34.1 million in Q3 2025, with total liquidity exceeding operational needs • Debt Management: Debt-to-equity ratio of 0.39, indicating manageable leverage levels with no immediate solvency concerns • Current Ratio: 3.75 provides substantial short-term liquidity cushion • Valuation Metrics: Trading at 23.8x P/E ratio and 13.9x EV/EBITDA, reasonable for a specialty manufacturer with strong market position • Operating Performance: Strong operating margins above 25% in core SAO segment with guidance for continued improvement • Other Considerations: Diversified end-market exposure reduces concentration risk, though aerospace dependence (60% of revenue) creates some cyclical exposure
Recent development
Over the past few years, Carpenter Technology has executed a strategic transformation focused on operational excellence and market positioning optimization. The company has significantly improved its production efficiency, particularly in primary melting operations, which has driven substantial margin expansion from around 20% to over 29% in the SAO segment. Key strategic developments include aggressive pricing actions to capture value from tight supply-demand dynamics, with the company successfully implementing price increases of 7-15% across transactional business and securing favorable long-term supply agreements. The company has also focused on product mix optimization, prioritizing higher-margin specialty applications while maintaining production flexibility. Capacity expansion initiatives have been carefully managed, with the company announcing brownfield expansion investments to meet growing demand while avoiding the risks of greenfield development. The Athens facility has been fully integrated and optimized to support increased production volumes. Capital allocation discipline has improved significantly, with the company launching a $400 million share repurchase program while maintaining dividend payments and strategic reinvestment. The company projects generating $1 billion in free cash flow from fiscal years 2025-2027, demonstrating strong cash generation capabilities. Recent developments also include strengthened customer relationships through long-term supply agreements that provide revenue visibility and pricing protection, while the company continues to invest in advanced manufacturing capabilities and metallurgical expertise to maintain its technological leadership position.
CRS company profile · for informational purposes only — not investment advice.
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