Howmet Aerospace

Capital allocation has been disciplined and shareholder-friendly. The company invested approximately $975 M of 2024 cash into buybacks, debt paydown, and dividends. In 2024 alone, $190 M of stock was retired at an avg ~$110/share), and $60 M of term debt was paid down.

Meanwhile, necessary growth projects (IGT blades, defense structures) are funded: capex rose to $321 M in 2024. Dilution from stock comp is minimal and offset by repurchases. Overall, management reinvests at high returns while returning excess cash to investors. We rate allocation very positively (≈80).