Carpenter Technology Corporation

carpentertechnology.com

What Do They Do?

Produces specialty alloys and metal products for aerospace and defense customers, as well as medical and other industrial customers.

How Do They Make Money?

Customers pay for metal products when they are shipped or delivered, with normal payment terms of 30 days; sales of consigned products occur when customers use them.

revenue

Segment	Share	How money arrives
Aerospace and Defense Sold outright	65% FY2023: 51%	Sold outright
Medical Sold outright	8.9% FY2023: 12%	Sold outright
Energy Sold outright	7.4% FY2023: 6.4%	Sold outright
Transportation Sold outright	3.2% FY2023: 7.3%	Sold outright
Industrial and Consumer Sold outright	13% FY2023: 19%	Sold outright
Distribution Sold outright	2.5% FY2023: 4.8%	Sold outright

Who Are Their Customers?

Customers across aerospace and defense, medical, and other markets buy directly from production plants and the company's distribution network, as well as through independent distributors.

Do Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2026 and turned 12 cents into free cash flow.

Operating income, FY2026

22% of revenue

▲ +35% vs FY2025 ($521.8M, 18%)

Net income, FY2026

17% of revenue

▲ +41% vs FY2025 ($376M, 13%)

Free cash flow, FY2026

12% of revenue

▲ +27% vs FY2025 ($286.1M, 10%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Sep 30, 2026

Revenue: ▲ +9%; vs $733.7M in Q1 FY2026
Net income: ▲ +33%; vs $122.5M in Q1 FY2026

Aerospace and Defense share of revenue vs 64.2% in Q1 FY2026

Growing. Revenue grew 70% in 4 years, from $1.8B in FY2022 to $3.1B in FY2026, about 14% a year.

Revenue over time

Aerospace and Defense Medical Energy Transportation Industrial and Consumer Distribution

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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