Howmet Aerospace debt and dilution89

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$4,501M

Cash & equivalents

USD millions

$563M

Net debt

USD millions

$3,938M

Debt / equity

0.79×

Debt / assets

33.97%

Net debt / EBITDA

× · TTM

1.41×

Debt / FCF

× · TTM

2.51×

Interest coverage

× · TTM

—

Current ratio

1.82×

Diluted shares

Million shares

402M shares

Basic shares

Million shares

400M shares

Share count growth

-0.99%

Share repurchases

USD millions

$300M

Quarterly data

Howmet Aerospace capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	4,501	563	3,938	0.79×	33.97%	1.41×	2.51×	—	1.82×	402	400	-0.99%	300
FY 2026 Q1	Mar 31, 2026	4,686	2,435	2,251	0.85×	35.86%	0.87×	2.83×	—	2.44×	403	401	-0.99%	300
FY 2025 Q4	Dec 31, 2025	3,050	742	2,308	0.57×	27.28%	0.99×	2.13×	11.63×	2.13×	406	404	-0.98%	200
FY 2025 Q3	Sep 30, 2025	3,189	659	2,530	0.62×	28.53%	1.11×	2.49×	—	2.35×	405	403	-1.23%	200
FY 2025 Q2	Jun 30, 2025	3,258	545	2,713	0.65×	29.49%	1.26×	3.2×	—	2.31×	406	404	-0.98%	175
FY 2025 Q1	Mar 31, 2025	3,324	536	2,788	0.69×	30.86%	1.37×	3.27×	—	2.3×	407	405	-1.22%	125
FY 2024 Q4	Dec 31, 2024	3,315	564	2,751	0.73×	31.51%	1.44×	3.39×	8.37×	2.17×	407.02	408	-0.97%	190
FY 2024 Q3	Sep 30, 2024	3,394	475	2,919	0.75×	32.15%	1.63×	3.39×	—	2.24×	410	408	-0.97%	100
FY 2024 Q2	Jun 30, 2024	3,659	752	2,907	0.86×	34.26%	1.74×	3.76×	6.86×	1.53×	411	408	-1.21%	60
FY 2024 Q1	Mar 31, 2024	3,692	533	3,159	0.9×	35.47%	2.03×	4.51×	6.13×	1.97×	412	410	-0.49%	150
FY 2023 Q4	Dec 31, 2023	3,706	610	3,096	0.92×	35.54%	2.1×	5.43×	5.32×	1.86×	413.03	412	-0.25%	100
FY 2023 Q3	Sep 30, 2023	3,794	424	3,370	0.98×	37.32%	2.46×	5.51×	4.92×	2.14×	415	412	-0.72%	25
FY 2023 Q2	Jun 30, 2023	3,989	535	3,454	1.06×	38.98%	2.69×	6.88×	4.5×	2.22×	417	413	-0.96%	100
FY 2023 Q1	Mar 31, 2023	—	537	—	—	—	—	—	4.27×	2.18×	418	412	-1.67%	25
FY 2022 Q4	Dec 31, 2022	4,162	791	3,371	1.16×	40.59%	2.85×	7.71×	3.88×	2.12×	418.03	413.03	-3.28%	65
FY 2022 Q3	Sep 30, 2022	4,172	453	3,719	1.27×	42.02%	3.35×	11.22×	3.68×	2.06×	420	415	-3.26%	100
FY 2022 Q2	Jun 30, 2022	4,171	537	3,634	1.22×	41.49%	3.33×	11.3×	3.49×	2.15×	422	417	-3.47%	60
FY 2022 Q1	Mar 31, 2022	4,234	520	3,714	1.22×	41.8%	3.51×	13.93×	2.94×	2.22×	425	419	-3.46%	175
FY 2021 Q4	Dec 31, 2021	4,237	720	3,517	1.21×	41.46%	3.45×	16.95×	1.81×	2.18×	429.07	427.03	-1.15%	205
FY 2021 Q3	Sep 30, 2021	4,300	724	3,576	1.2×	41.52%	3.27×	38.39×	2.74×	2.33×	434	429	-1.61%	25
FY 2021 Q2	Jun 30, 2021	4,253	715	3,538	1.18×	40.98%	3.69×	24.44×	2.2×	2.28×	437	432	-0.92%	200
FY 2021 Q1	Mar 31, 2021	5,202	1,238	3,964	1.42×	47.42%	4.75×	41.95×	1.51×	1.98×	439	434	-0.23%	0
FY 2020 Q4	Dec 31, 2020	5,451	1,610	3,841	1.52×	47.64%	3.98×	—	1.64×	2.21×	436.02	432.02	0.2%	22
FY 2020 Q3	Sep 30, 2020	5,465	1,365	4,100	1.56×	48.2%	3.01×	97.59×	2.44×	2.28×	439	436	0%	51
FY 2020 Q2	Jun 30, 2020	5,477	1,281	4,196	1.59×	48.2%	2.5×	—	3.01×	2.23×	436	436	-2.02%	0
FY 2020 Q1	Mar 31, 2020	8,428	2,591	5,837	1.76×	45.64%	3.68×	—	3.08×	1.69×	440	435	-7.64%	0
FY 2019 Q4	Dec 31, 2019	6,943	1,648	5,295	1.5×	39.5%	3.37×	—	3.06×	1.42×	486.74	431.16	-10.73%	50
FY 2019 Q3	Sep 30, 2019	7,743	1,321	6,422	1.64×	44.29%	4.29×	—	2.75×	1.32×	457	436	-9.73%	200
FY 2019 Q2	Jun 30, 2019	6,740	1,357	5,383	1.39×	37.63%	3.53×	—	2.79×	1.66×	445	445	-7.87%	200
FY 2019 Q1	Mar 31, 2019	6,739	1,319	5,420	1.3×	36.7%	2.8×	—	3.91×	1.65×	489	471	-2.28%	700
FY 2018 Q4	Dec 31, 2018	6,735	2,277	4,458	1.21×	36.03%	2.35×	—	3.51×	1.87×	503	483	0.48%	0
FY 2018 Q3	Sep 30, 2018	6,360	1,535	4,825	1.18×	34.7%	4.39×	—	1.37×	2.03×	502	483	9.28%	0
FY 2018 Q2	Jun 30, 2018	6,360	1,455	4,905	1.22×	34.91%	4.79×	—	1.14×	2.04×	502	483	9.52%	0
FY 2018 Q1	Mar 31, 2018	6,357	1,205	5,152	1.2×	34.89%	5.29×	—	0.84×	2.1×	503	482	9.55%	0
FY 2017 Q4	Dec 31, 2017	6,845	2,150	4,695	1.39×	36.57%	5.35×	65.19×	0.66×	2.26×	302.63	480.67	9.74%	—
FY 2017 Q3	Sep 30, 2017	6,803	1,815	4,988	1.14×	35.36%	3.11×	85.04×	1.97×	2.3×	462	442	0.91%	—
FY 2017 Q2	Jun 30, 2017	6,796	1,785	5,011	1.18×	35.57%	2.87×	115.19×	1.78×	2.27×	462	441	-66.46%	—
FY 2017 Q1	Mar 31, 2017	—	2,553	—	—	—	—	—	1.99×	2.59×	499	440	-66.51%	—
FY 2016 Q4	Dec 31, 2016	8,084	1,863	6,221	1.57×	40.34%	2.98×	—	1.91×	2.14×	423.11	438	-66.63%	—
FY 2016 Q3	Sep 30, 2016	10,274	1,863	8,411	0.74×	27.44%	—	—	—	1.7×	453	438	-65.81%	—
FY 2016 Q2	Jun 30, 2016	9,052	1,929	7,123	0.62×	25.05%	—	—	—	1.47×	1,356	1,315	7.61%	—
FY 2016 Q1	Mar 31, 2016	9,029	1,384	7,645	0.63×	24.98%	—	—	—	1.38×	1,314	1,314	7.62%	—
FY 2015 Q4	Dec 31, 2015	9,103	1,919	7,184	0.64×	24.92%	3.77×	22.64×	1.26×	1.53×	1,264.93	1,312.41	9.59%	—
FY 2015 Q3	Sep 30, 2015	9,227	1,739	7,488	0.63×	25.22%	—	—	—	1.67×	1,294	1,281	8.84%	—
FY 2015 Q2	Jun 30, 2015	8,739	1,311	7,428	0.6×	23.89%	—	—	—	1.5×	1,237	1,222	4.18%	—
FY 2015 Q1	Mar 31, 2015	8,737	1,191	7,546	0.63×	24.48%	—	—	—	1.52×	1,238	1,221	10.9%	—
FY 2014 Q4	Dec 31, 2014	8,852	1,877	6,975	0.6×	23.67%	—	19.45×	—	1.49×	1,209.67	1,197.61	11.62%	—
FY 2014 Q3	Sep 30, 2014	8,931	3,272	5,659	0.59×	24.06%	—	—	—	1.81×	1,205	1,177	10%	—
FY 2014 Q2	Jun 30, 2014	7,922	1,183	6,739	0.54×	21.82%	—	—	—	1.26×	1,189	1,173	9.73%	—
FY 2014 Q1	Mar 31, 2014	7,694	665	7,029	0.54×	21.61%	—	—	—	1.28×	1,101	1,101	2.99%	—
FY 2013 Q4	Dec 31, 2013	8,319	1,437	6,882	0.62×	23.28%	—	21.61×	—	1.14×	1,043.29	1,072.97	0.28%	—
FY 2013 Q3	Sep 30, 2013	8,285	1,017	7,268	0.52×	21.67%	—	19.63×	—	1.17×	1,079	1,070	0.28%	—
FY 2013 Q2	Jun 30, 2013	8,304	1,202	7,102	0.52×	21.54%	—	19.82×	—	1.18×	1,069	1,069	0.19%	—
FY 2013 Q1	Mar 31, 2013	8,874	1,555	7,319	0.53×	22.13%	—	20.31×	—	1.2×	1,169	1,069	0.28%	—
FY 2012 Q4	Dec 31, 2012	8,829	1,861	6,968	0.53×	21.97%	—	37.41×	—	1.3×	1,105.78	1,069.98	0.56%	—
FY 2012 Q3	Sep 30, 2012	8,933	1,432	7,501	0.53×	22.23%	—	25.02×	—	1.19×	1,067	1,067	0.28%	—
FY 2012 Q2	Jun 30, 2012	8,983	1,712	7,271	0.53×	22.74%	—	16.04×	—	1.26×	1,067	1,067	0.28%	—
FY 2012 Q1	Mar 31, 2012	9,021	1,749	7,272	0.51×	22.16%	—	10.74×	—	1.25×	1,164	1,066	1.33%	—
FY 2011 Q4	Dec 31, 2011	9,147	1,939	7,208	0.53×	22.8%	—	10.1×	—	1.28×	1,163.97	1,063.97	4.21%	—
FY 2011 Q3	Sep 30, 2011	9,254	1,332	7,922	0.51×	23.37%	—	7.37×	—	1.36×	1,164	1,064	4.21%	—
FY 2011 Q2	Jun 30, 2011	9,283	1,260	8,023	0.48×	22.39%	—	7.33×	—	1.36×	1,165	1,064	4.21%	—
FY 2011 Q1	Mar 31, 2011	9,073	887	8,186	0.49×	22.49%	—	10.96×	—	1.26×	1,153	1,052	4.47%	—
FY 2010 Q4	Dec 31, 2010	9,165	1,543	7,622	0.54×	23.32%	—	7.36×	—	1.31×	1,030.93	1,020.97	—	—
FY 2010 Q3	Sep 30, 2010	9,190	843	8,347	0.55×	23.95%	—	9.17×	—	1.39×	1,027	1,021	—	—
FY 2010 Q2	Jun 30, 2010	9,666	1,344	8,322	0.61×	25.91%	—	15.1×	—	1.2×	1,117	1,021	4.83%	—
FY 2010 Q1	Mar 31, 2010	9,591	1,292	8,299	0.61×	25.35%	—	20.63×	—	1.29×	1,007	1,007	—	—
FY 2009 Q4	Dec 31, 2009	9,819	1,481	8,338	0.63×	25.52%	—	—	—	1.3×	973.58	—	—	0
FY 2009 Q3	Sep 30, 2009	9,730	1,066	8,664	0.6×	25.54%	—	—	—	1.4×	978	—	—	0
FY 2009 Q2	Jun 30, 2009	10,165	851	9,314	0.79×	27%	—	—	—	1.48×	974	974	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 19, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · HWM, USD. Latest completed close Oct 22, 2026. Price data retrieved Oct 23, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.