CRS · Carpenter Technology Corp
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AI Brief
Q4 FY26 earnings call · Jul 30, 2026TL;DR. Carpenter Technology reported record FY2026 results with Q4 operating income of $206.9 million (+37% YoY), SAO adjusted operating margin reaching 37.8%, and full-year adjusted operating income of $702 million, while guiding FY2027 operating income to $850–880 million (21–25% growth) and setting an FY2029 target of $1.2–1.3 billion; offsetting headwinds include a YoY decline in PEP operating income and cautious structural aerospace customer ordering.
- + Record Q4 operating income of $206.9M, up 37% YoY and 11% sequentially
- + SAO adjusted operating margin hit a record 37.8% for the 18th consecutive quarter of expansion
- + Record SAO segment operating income of $229.7M
- + Full-year FY26 adjusted operating income of $702M, a 34% increase over FY25
- + FY27 adjusted free cash flow guided to $400–430M
- + FY29 operating income target of $1.2–1.3B, implying a 20%+ three-year CAGR
- − PEP segment Q4 operating income of $7.1M was down from $11.7M a year ago
- − Medical end-use market sales declined 30% YoY in Q4
- − Energy end-use market sales declined 22% sequentially and 12% YoY in Q4
- − Structural aerospace customers remain cautious, ordering below expected demand rates
- − Defense sub-market sales declined about 10% sequentially in Q4
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted diluted earnings per share non-GAAP | $10.76 | fiscal year 2026 filing | — |
| Adjusted free cash flow non-GAAP | $362.3M | fiscal year 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided from operating activities $605M
-$242.7M Purchases of property, plant, equipment and software
+$0M Proceeds from disposals of property, plant and equipment and assets held for sale
= Adjusted free cash flow $362.3M
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| Adjusted gross margin excluding surcharge revenue non-GAAP | 37.8% | fiscal year 2026 filing | +15.2% |
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| Adjusted operating income non-GAAP | $702M | fiscal year 2026 filing | — |
| Adjusted operating income excluding special item non-GAAP | $702M | fiscal year 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Operating income 702M
+0M Restructuring and asset impairment charges
= Adjusted operating income excluding special item 702M
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| Adjusted operating margin excluding surcharge revenue - PEP non-GAAP | 9.9% | Fiscal Year 2025 filing | — |
| Adjusted operating margin excluding surcharge revenue - SAO non-GAAP | 28.6% | Fiscal Year 2025 filing | — |
| Adjusted operating margin excluding surcharge revenue and special item non-GAAP | 27.8% | fiscal year 2026 filing | +24.1% |
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| International sales as a percentage of total net sales | 42% | fiscal year 2026 filing | — |
| Net sales excluding surcharge revenue non-GAAP | $2.53B | fiscal year 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net sales 3.12B
-596.7M Less: surcharge revenue
= Net sales excluding surcharge revenue 2.53B
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| Operating margin (SAO segment, % of net sales) | 27.7% | fiscal year 2026 filing | — |
| Pounds sold | 207.87M | fiscal year 2026 filing | — |
| Pounds sold - Performance Engineered Products | 10.1M | Fiscal Year 2025 filing | — |
| Pounds sold - Specialty Alloys Operations | 186.27M | Fiscal Year 2025 filing | — |
| Total pounds sold | 207.87M | fiscal year 2026 filing | +7.7% |
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Metal Fabrication — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CRS
this stock
Carpenter Technology Corp
|
$20.85B | +29.6% | +20.0% | 40.0 | 3.0% |
|
ATI
Ati Inc
|
$25.42B | +67.0% | -13.4% | 54.6 | 2.7% |
|
MLI
Mueller Industries Inc
|
$13.29B | — | +10.9% | 15.7 | 2.2% |
|
CMC
COMMERCIAL METALS Co
|
$7.21B | -6.8% | +25.6% | 12.3 | 5.5% |
|
ESAB
ESAB Corp
|
$4.14B | -41.9% | +3.7% | 21.2 | 8.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CRS | -7.9% | -16.6% | +8.3% | -14.3% | +29.6% |
| SPY | -0.3% | -0.1% | +20.1% | -0.7% | +11.7% |
| vs SPY | -7.6% | -16.4% | -11.8% | -13.6% | +17.9% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.