{"schemaVersion":1,"research":true,"symbol":"hwm","name":"Howmet Aerospace","topic":"moat","path":"/stock/hwm/moat","status":"published","version":3,"updatedAt":"2026-10-17T23:15:55.868Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Howmet has a narrow moat supported by specialized manufacturing intellectual property and know-how, with demonstrated pricing above cost pass-through in 2025 and the first half of 2026. The evidence supports current differentiation but does not establish exceptional durability, customer qualification barriers, or costly switching. Competitive substitution, customer bargaining power and technological change remain credible erosion paths.","advantages":[{"mechanism":"intangible_assets","claim":"A substantial patent portfolio and manufacturing-process and material-composition trade secrets support differentiated engine and other engineered components. Realized pricing above inflationary and material cost pass-through corroborates commercial value, although it does not establish that intellectual property alone caused the pricing outcome.","durability":"Continued patent development and dispersed intellectual property support persistence beyond a single product or patent. However, patent lives, competitive manufacturing capabilities and program-level customer commitments are absent, limiting confidence in long-term durability.","risks":"Customers can seek alternative suppliers or enter production themselves. Emerging technologies and competing products could weaken differentiation. Aircraft production disruptions also affect demand without necessarily indicating moat erosion. The reported pricing and operating improvements weigh against treating generic competition risks as realized competitive weakness.","invalidation":"The thesis would weaken materially if customers demonstrably replaced Howmet components with interchangeable alternatives, competitors replicated its processes without meaningful disadvantage, or sustained price concessions beyond changes in costs and product mix accompanied lost business. Margin declines alone would not establish invalidation.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—Engine Products; advanced designs and engine programs","excerpt":"Engine Products Engine Products utilizes advanced designs and techniques to support next-generation engine programs and produces components primarily for aircraft engines and industrial gas turbines, including airfoils and seamless rolled rings."},{"id":"e2","sourceId":"filing-1","location":"Business—Patents, Trade Secrets, and Trademarks; year-end 2025 portfolio","excerpt":"As of the end of 2025, the Company’s worldwide patent portfolio consisted of approximately 1,020 granted patents and 180 pending patent applications."},{"id":"e3","sourceId":"filing-1","location":"Business—Patents, Trade Secrets, and Trademarks; manufacturing and materials know-how","excerpt":"The Company also has a significant number of trade secrets, mostly regarding manufacturing processes and material compositions that give many of its businesses important advantages in their markets."},{"id":"e4","sourceId":"filing-1","location":"Business—Patents, Trade Secrets, and Trademarks; single-asset dependency","excerpt":"Howmet’s business as a whole is not, however, materially dependent on any single patent, trade secret, or trademark."},{"id":"e5","sourceId":"filing-1","location":"Business—Patents, Trade Secrets, and Trademarks; continuing patent development","excerpt":"As a result of product development and technological advancement, the Company continues to pursue patent protection in jurisdictions throughout the world."},{"id":"e6","sourceId":"filing-1","location":"MD&A—2025 product pricing above inflationary cost pass-through","excerpt":"Product price increases are in excess of inflationary cost pass through to our customers."},{"id":"e7","sourceId":"filing-2","location":"MD&A—2026 product pricing above material and inflationary cost pass-through","excerpt":"Product price increases are in excess of material and inflationary cost pass through to our customers."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors—customer switching and potential customer integration","excerpt":"Howmet’s customers may also change their business strategies or modify their business relationships with Howmet, including to reduce the amount of Howmet’s products they purchase, to switch to alternative suppliers, or to enter into the markets themselves to compete with Howmet."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors—highly competitive product markets","excerpt":"As discussed in “Competitive Conditions” in Part I, Item 1 (Business) of this report, the markets for Howmet’s products are highly competitive."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors—alternative solutions, pricing pressure and technological change","excerpt":"The willingness of customers to accept alternative solutions for the products sold by Howmet, pricing pressure from competitors, and technological advancements or other developments, including the use of AI, by or affecting Howmet’s competitors or customers could adversely affect Howmet’s business, financial condition, or results of operations."},{"id":"e11","sourceId":"filing-1","location":"Risk Factors—competitive constraints on price increases","excerpt":"Additionally, we may not be able to increase the prices of our products due to competitive pricing pressure and other factors."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors—contractual cost pass-through intentions and timing delays","excerpt":"While we generally intend to pass along higher raw material and energy costs to our customers through contractual agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the prices of our products."},{"id":"e13","sourceId":"filing-1","location":"MD&A—2025 sales drivers, engine spares and commercial transportation weakness","excerpt":"The increase was primarily due to higher sales in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares, and favorable product pricing, partially offset by lower volumes in the commercial transportation market."},{"id":"e14","sourceId":"filing-2","location":"MD&A—second-quarter and first-half 2026 growth drivers, including acquisitions","excerpt":"The increase of $494, or 24%, in the second quarter of 2026 and the increase of $865, or 22% in the six months ended June 30, 2026, was primarily due to growth in the commercial and defense aerospace and gas turbines markets, including engine spares, favorable product pricing, cost pass through, and sales from the Consolidated Aerospace Manufacturing, LLC (“CAM”) and Brunner Manufacturing Co."},{"id":"e15","sourceId":"filing-1","location":"MD&A—2025 versus 2024 COGS relative to sales","excerpt":"Cost of goods sold (“COGS”). COGS as a percentage of Sales was 65.8% in 2025 compared with 68.9% in 2024."},{"id":"e16","sourceId":"filing-1","location":"MD&A—2024 versus 2023 COGS relative to sales","excerpt":"COGS as a percentage of Sales was 68.9% in 2024 compared with 71.9% in 2023."},{"id":"e17","sourceId":"filing-2","location":"MD&A—second-quarter and first-half 2026 COGS relative to sales","excerpt":"Cost of goods sold (“COGS”). COGS as a percentage of Sales was 62.7% in the second quarter of 2026 compared to 66.5% in the second quarter of 2025 and 62.9% in the six months ended June 30, 2026 compared to 66.5% in the six months ended June 30, 2025."},{"id":"e18","sourceId":"filing-2","location":"MD&A—2026 COGS improvement drivers and offsetting costs","excerpt":"The decrease in the second quarter and six months ended June 30, 2026 was primarily due to growth in the commercial and defense aerospace and gas turbines markets, favorable product pricing, partially offset by lower volumes in the commercial transportation market, higher cost pass through, and increased net headcount, primarily in the Engine Products segment, in support of expected revenue increases."},{"id":"e19","sourceId":"filing-2","location":"MD&A—acquisition and divestiture effects on COGS comparisons","excerpt":"Additionally, the decrease includes the impact of the acquisitions and divestiture completed this year, including amortization expense of inventory step-up recorded in accordance with the allocation of purchase price under accounting principles generally accepted in the United States of America (“GAAP”)."},{"id":"e20","sourceId":"filing-2","location":"Segment results—Forged Wheels cost reductions during weak demand","excerpt":"31 Segment Adjusted EBITDA Margin for the Forged Wheels segment increased approximately 180 basis points in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to cost reductions, including lower net headcount in response to lower volumes in the commercial transportation market, as well as favorable foreign currency exchange rates, partially offset by higher aluminum and other inflationary cost pass through."},{"id":"e21","sourceId":"filing-2","location":"Note D—actual segment and consolidated capital expenditures","excerpt":"Second quarter ended Six months ended June 30, June 30, 2026 2025 2026 2025 Total segment capital expenditures $ 100 $ 98 $ 191 $ 214 Corporate 4 4 7 7 Capital expenditures $ 104 $ 102 $ 198 $ 221 13 The following table disaggregates segment revenue by major market served."},{"id":"e22","sourceId":"filing-2","location":"Note I—actual share repurchases and retirement","excerpt":"The following table provides details for share repurchases made for the periods presented: Number of shares(1) Average price per share(2) Total Q1 2026 open market repurchase 1,301,914 $ 230.43 $ 300 Q2 2026 open market repurchase 1,197,056 $ 250.61 $ 300 2026 open market repurchases as of June 30, 2026 2,498,970 $ 240.10 $ 600 Q1 2025 open market repurchase 1,006,102 $ 124.24 $ 125 Q2 2025 open market repurchase 1,229,313 $ 142.36 $ 175 2025 open market repurchases as of June 30, 2025 2,235,415 $ 134.20 $ 300 (1)All of the shares repurchased have been retired."},{"id":"e23","sourceId":"filing-2","location":"MD&A—financing activity, debt additions and shareholder distributions","excerpt":"The increase of $1,191, or 235%, was primarily due to additions to debt of $1,200 and a net increase in commercial paper of $450, partially offset by increased common stock repurchases of $300, increased payments on debt of $109, increased taxes paid for the net share settlement of equity awards of $21 primarily due to the timing of payments year over year, and increased dividends paid to common stock shareholders of $14 due to a $0.02 increase in dividends per common share, from $0.10 per share in the second quarter of 2025 to $0.12 per share in the second quarter of 2026, and debt issuance costs of $12."},{"id":"e24","sourceId":"filing-2","location":"MD&A—acquisition spending, divestiture proceeds and capital expenditures","excerpt":"The increase of $1,688, or 796%, was primarily due to cash used for the CAM and Brunner acquisitions, net of cash acquired, of $1,929, partially offset by an increase in proceeds from the sale of assets and businesses of $217, primarily due to the sale of its disk forging facility, and a decrease in capital expenditures of $23."},{"id":"e25","sourceId":"filing-2","location":"Note O—revolving credit covenant compliance","excerpt":"As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants under the Revolving Credit Agreements."},{"id":"e26","sourceId":"filing-3","location":"Executive Compensation—long-term award structure and performance period","excerpt":"Individual NEO performance is assessed, and an individual multiplier is applied to the funded payout results, thus allocating the incentive pool across the eligible population ​ ​ ​ Long- Term ​ ​ LONG-TERM INCENTIVE COMPENSATION ​ ​ ▪ Make LTI equity the most significant portion of total compensation for senior executives and managers ​ ▪ Set equity target grant levels in line with industry peers that are competitive to attract, retain and motivate executives and factor in individual performance and future potential for long-term retention ​ ​ ​ ▪ NEO long-term incentives are granted as 40% time-vested restricted share units (RSUs) and 60% performance-based restricted share units (PRSUs) ​ ▪ Financial metrics used are aligned with driving long-term stock price performance and are measured over three years ​ ▪ A standalone relative Total Shareholder Return (“TSR”) metric is used to further reinforce shareholder alignment ​ ​ COMPENSATION LEVELS Base salaries and target incentive compensation levels are designed to attract, motivate, reward and retain executive talent, as well as to align pay with performance."},{"id":"e27","sourceId":"filing-3","location":"Executive Compensation—2023 PRSU performance results and actual payout","excerpt":"​ ​ ​ ​ ​ Payout Level ​ ​ ​ ​ ​ ​ ​ ​ Measure ​ ​ Threshold (payout = 50%) ​ ​ Target (payout = 100%) ​ ​ Maximum (payout = 200%) ​ ​ Result ​ ​ Weighted Payout ​ ​ Three-Year Increase in Adjusted EBITDA excluding special items (1/3 Weight) ​ ​ $160M ​ ​ $240M ​ ​ $320M ​ ​ 2022 Baseline = $1,276M 2025 Result = $2,416M Increase = $1,140M ​ ​ ~67% ​ ​ Three-Year Cumulative Adjusted EPS excluding special items (1/3 Weight) ​ ​ $4.38 ​ ​ $5.15 ​ ​ $5.92 ​ ​ 2022 EPS = $1.84 2024 EPS = $2.69 2025 EPS = $3.77 Cumulative EPS = $8.30 ​ ​ ~67% ​ ​ Relative TSR (1/3 Weight) ​ ​ 25th Percentile of PRSU Peer Group ​ ​ Median PRSU Peer Group ​ ​ 75th Percentile of PRSU Peer Group ​ ​ Final TSR = +423% 100th Percentile of PRSU Peer Group ​ ​ ~67% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Result: ​ ​ 200% ​ The payout for the 2023 PRSUs was 200% as performance for all the metrics exceeded maximum."},{"id":"e28","sourceId":"filing-3","location":"Executive Compensation—prohibition on hedging and speculative transactions","excerpt":"NO SHORT SALES, DERIVATIVE TRANSACTIONS OR HEDGING ​ We do not allow short sales or derivative or speculative transactions in, or hedging of, Company securities by our directors, officers or employees."},{"id":"e29","sourceId":"filing-3","location":"Corporate Governance—current Board leadership structure","excerpt":"​ ​ ​ ​ ​ BOARD LEADERSHIP ​ ​ ​ ​ ▪ Current Board leadership structure comprises an Executive Chairman of the Board, an independent Lead Director and independent chairs of each Board Committee."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance—actual 2025 Board and committee attendance","excerpt":"​ ​ ​ ​ ​ BOARD ENGAGEMENT ​ ​ ​ ​ ▪ Attendance: ​ ▫ All directors attended more than 75% of Board and their respective Committee meetings in 2025; director attendance in 2025 averaged 96.4%."},{"id":"e31","sourceId":"filing-3","location":"Corporate Governance—independent Board committees","excerpt":"26 | HOWMET AEROSPACE 2026 PROXY STATEMENT TABLE OF CONTENTS Corporate Governance​ ​ HOWMET AEROSPACE 2026 PROXY STATEMENT | 27 TABLE OF CONTENTS​ Corporate Governance ​ COMMITTEES OF THE BOARD Each of the Audit, Compensation and Benefits, Governance and Nominating, Cybersecurity, and Finance Committees is composed solely of directors who have been determined by the Board of Directors to be independent in accordance with SEC regulations, NYSE listing standards and the Company’s Director Independence Standards (including the heightened independence standards for members of the Audit and Compensation and Benefits Committees)."},{"id":"e32","sourceId":"filing-3","location":"Corporate Governance—absence of supermajority voting provisions","excerpt":"​ ▪ No supermajority voting provisions in the Company’s Certificate of Incorporation or Bylaws."},{"id":"e33","sourceId":"filing-2","location":"Unaudited consolidated operations—2026 and 2025 sales, earnings and restructuring credits","excerpt":"and subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share amounts) Second quarter ended Six months ended June 30, June 30, 2026 2025 2026 2025 Sales (D) $ 2,547 $ 2,053 $ 4,860 $ 3,995 Cost of goods sold (exclusive of expenses below) 1,596 1,365 3,055 2,655 Selling, general administrative, and other expenses 148 89 259 174 Research and development expenses 8 9 17 17 Provision for depreciation and amortization 84 69 158 138 Restructuring and other credits (E) — — (93) (4) Operating income 711 521 1,464 1,015 Interest expense, net 51 38 94 77 Other expense, net (G) 11 14 13 23 Income before income taxes 649 469 1,357 915 Provision for income taxes (H) 115 62 243 164 Net income $ 534 $ 407 $ 1,114 $ 751 Amounts Attributable to Howmet Aerospace Common Shareholders (I): Net income $ 534 $ 407 $ 1,114 $ 750 Earnings per share: Basic $ 1.33 $ 1.01 $ 2.78 $ 1.85 Diluted $ 1.33 $ 1.00 $ 2.77 $ 1.84 Average Shares Outstanding (I): Basic 400 404 400 404 Diluted 402 406 402 407 The accompanying notes are an integral part of the consolidated financial statements."},{"id":"e34","sourceId":"filing-1","location":"Risk Factors—actual and expected financial sensitivity to Boeing production","excerpt":"Boeing production rates have had and are expected to have a material impact on the financial performance of Howmet."}],"changes":["No comparable previous version; previous accepted analysis was null."],"limitations":["Assessment uses only the supplied passages from filings dated February 12, April 6 and August 6, 2026; each date retains dateKind filed. No later operating developments are established.","No competitors are specifically identified as competitors in the supplied passages. Named customers, acquisition targets and companies in director biographies do not establish competitor coverage.","The intellectual-property portfolio is disclosed, but its competitive significance is primarily an issuer assertion. Patent counts do not establish remaining patent lives, enforceability, superiority or barriers to replication.","Customer qualification requirements, switching costs, sole-source positions, market shares, customer-level renewals and contract durations are absent. Demand and engine-spares growth provide only indirect retention evidence.","Pricing above cost pass-through is reported for actual periods, but customer-level price changes, concessions, volumes and contract repricing rights are not quantified.","Acquisitions, divestitures, demand growth, product mix and restructuring credits affect operating comparisons. Improved margins alone do not establish a moat.","Actual acquisition spending and financing are disclosed, but acquisition returns, full operating cash generation and repurchase valuation discipline cannot be established from these passages.","The proxy supplies actual compensation structures and governance practices, but detailed executive ownership and the terms of the special CEO equity award are missing. Nominee independence disclosures do not establish subsequent election results."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Specialized components, patents and manufacturing trade secrets support differentiation, corroborated by realized pricing above cost pass-through. Relative technical superiority and barriers to replication remain insufficiently demonstrated.","evidenceIds":["e1","e2","e3","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Ongoing patent development and lack of dependence on a single intellectual-property asset support persistence. Missing patent lives and customer commitments, together with substitution risk, prevent a stronger durability assessment.","evidenceIds":["e4","e5","e8","e10"]},{"criterion":"customer_dependency","grade":2,"rationale":"Engine-spares demand across successive reporting periods provides indirect evidence of recurring product need. It does not establish dependency on Howmet specifically; customers may switch suppliers, and Howmet is sensitive to customer production.","evidenceIds":["e13","e14","e8","e34"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Pricing above pass-through and operating improvements demonstrate current resilience. Highly competitive markets, possible substitution and limited evidence through a prolonged downturn leave longer-term resistance to erosion mixed.","evidenceIds":["e6","e7","e17","e20","e9","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Howmet reports actual product price increases exceeding inflationary cost pass-through in 2025 and material and inflationary pass-through in 2026. This is strong observed pricing evidence, although the contribution is not quantified by customer or product.","evidenceIds":["e6","e7"]},{"criterion":"retention","grade":2,"rationale":"Growth including engine spares in successive periods supports repeat demand indirectly while favorable pricing was reported. Acquisitions and market growth confound the inference; no customer retention rate or renewal outcome is disclosed.","evidenceIds":["e13","e14","e6","e7","e8"]},{"criterion":"margin_resilience","grade":3,"rationale":"COGS relative to sales improved from 2023 through 2025 and again in the first half of 2026. Forged Wheels also improved adjusted profitability through cost reductions during weak demand. Volume, currency and portfolio effects limit attribution to pricing and prevent an exceptional grade.","evidenceIds":["e15","e16","e17","e18","e19","e20"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Disclosed contractual pass-through arrangements and realized increases beyond pass-through indicate some pricing latitude. Recovery can lag, competition can constrain increases, and unilateral repricing rights are not supplied.","evidenceIds":["e12","e11","e6","e7"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual capital spending, retired repurchased shares and covenant compliance support financial discipline. Substantial acquisition spending and new debt alongside increased repurchases create a mixed assessment; acquisition returns and comprehensive cash funding coverage are unestablished.","evidenceIds":["e21","e22","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual long-term compensation combines time-vested and performance-based equity with multi-year financial and relative shareholder-return measures. Disclosed performance-linked payouts and hedging restrictions support alignment. Missing ownership details and special CEO award terms limit completeness.","evidenceIds":["e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"Successive pricing improvements, lower COGS relative to sales and cost reductions in a weak transportation market demonstrate execution through operating evidence. Growth also reflects favorable markets and acquisitions, while first-half operating income includes restructuring credits; acquisition integration success is not yet established.","evidenceIds":["e6","e7","e15","e17","e20","e14","e33"]},{"criterion":"governance","grade":3,"rationale":"Independent committees, an independent lead director, high actual Board attendance and absence of supermajority provisions support strong governance arrangements. Combined executive chairman and CEO roles concentrate authority, and disclosed structures alone do not prove exceptional oversight effectiveness.","evidenceIds":["e29","e30","e31","e32"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"f4608580a47045a542f0dd671cd81c93f04921592d32a8fa4915054f1cfbef0f","updatedAt":"2026-10-17T23:15:55.868Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","publishedAt":"2026-02-12","sha256":"7592a85bc5e7f1ccc70bdb34e0255f5839f79b6f35dd619991cf3728add674f3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000025/hwm-20260630.htm","publishedAt":"2026-08-06","sha256":"9b35c703ef74b5dd3b23f9cadd6647eaea847d12a376abbb661c1a9a3a8bcb14","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/4281/000110465926039940/tm261330-1_def14a.htm","publishedAt":"2026-04-06","sha256":"e15e0d410e4d8e487c3836b8d0a7826658847832d74dfe065d621a3b6aafef5d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:02bde2958856b597da3f24d14d7e378cc2f007d6a8df1911034ef63420c9dd3d","usage":{"input_tokens":54313,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3828,"reasoning_output_tokens":129}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":27.67497988736927,"operating_margin":15.04424778761062,"roic":8.248004287608248,"fcf_margin":5.02815768302494,"sbc_revenue":0.8045052292839904},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":27.547236447112837,"operating_margin":16.22814762493378,"roic":10.162738785845434,"fcf_margin":9.53558184707752,"sbc_revenue":0.9535581847077521},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":28.11746987951807,"operating_margin":18.117469879518072,"roic":13.383797344095111,"fcf_margin":10.271084337349398,"sbc_revenue":0.7530120481927711},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":31.103633916554507,"operating_margin":21.978465679676983,"roic":18.89160894109573,"fcf_margin":13.149394347240914,"sbc_revenue":0.847913862718708},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":34.17353368880271,"operating_margin":24.793989335918564,"roic":22.4085318025205,"fcf_margin":17.341250605913718,"sbc_revenue":0.8846340281143965},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","publishedAt":"2026-02-12","sha256":"7592a85bc5e7f1ccc70bdb34e0255f5839f79b6f35dd619991cf3728add674f3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000025/hwm-20260630.htm","publishedAt":"2026-08-06","sha256":"9b35c703ef74b5dd3b23f9cadd6647eaea847d12a376abbb661c1a9a3a8bcb14","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/4281/000110465926039940/tm261330-1_def14a.htm","publishedAt":"2026-04-06","sha256":"e15e0d410e4d8e487c3836b8d0a7826658847832d74dfe065d621a3b6aafef5d","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}