Pulling SEC filings + quote and writing the call…

CARPENTER TECHNOLOGY CORP
Next earnings Jul 29, 2026 (before open) · consensus $3.11 EPS, $870M rev
Last earnings -5.0% on 2026-04-29
Best-in-class aerospace-alloy turnaround firing on all cylinders, but a 79x P/E already prices the success in.
Sources: SEC EDGAR (CIK 0000017843, latest 10-Q filed 2026-04-29) · EODHD · analysis by claude-code · as of 6/21/2026, 7:03:28 PM.
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Middling fundamentals and a rich price (~53% above fair value) leave little margin of safety — a wait-and-see.
Carpenter Technology has executed one of the cleaner industrial turnarounds in the market. Revenue has climbed from $1.48B with a $230M loss in FY2021 to $2.88B with $376M of net income in FY2025, and the operating line has compounded violently — operating income up 61.5% to $521.8M and diluted EPS more than doubling to $7.42. Margins are now genuinely good for a metals producer: 18.1% operating, 13.1% net, and a 19.9% ROE. The balance sheet supports the story — liabilities/equity of 0.85x, $316M cash (up 58.5%), stable long-term debt of $695M, and operating cash flow of $440M funding both $154M of capex and $102M of buybacks. The MD&A confirms the quality engine: aerospace & defense is now 62% of sales ($1,768.6M, up from 51% two years ago), and the surcharge mechanism passes raw-material and tariff costs through to customers, structurally protecting net income from nickel/cobalt/titanium volatility (subject to a timing lag).
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.48B | $1.84B | $2.55B | $2.76B | $2.88B |
| Gross profit | $1.00M | $150M | $337M | $584M | $769M |
| Operating income | -$249M | -$24.9M | $133M | $323M | $522M |
| Net income | -$230M | -$49.1M | $56.4M | $187M | $376M |
| Diluted EPS | -$4.76 | -$1.01 | $1.14 | $3.70 | $7.42 |
| Net margin | -15.6% | -2.7% | 2.2% | 6.8% | 13.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1070 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Last 90 days: 0 open-market buys · 11 sales
| 2026-06-01 | KAROL STEVEN E Director | Sell | 2.00K @ $487.74 | $975K |
| 2026-05-28 | HART ANASTASIOS JOHN Director | Exercise | 250.00 @ $45.12 | $11.3K |
| 2026-05-28 | HART ANASTASIOS JOHN Director | Sell | 250.00 @ $461.88 | $115K |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 560.00 @ $436.37 | $244K |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 837.00 @ $437.86 | $366K |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 999.00 @ $438.87 | $438K |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 850.00 @ $439.86 | $374K |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 1.95K @ $441.18 | $862K |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 2.95K @ $442.15 | $1.30M |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 3.43K @ $443.37 | $1.52M |
| 2026-05-05 | AKINS MARSHALL D VP and Chief Comm Officer | Sell | 235.00 @ $443.78 | $104K |
| 2026-05-04 | HART ANASTASIOS JOHN Director | Exercise | 750.00 @ $45.12 | $33.8K |
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.