Howmet Aerospace
Sector unknown·HWM · USA (SEC 10-K)·Fiscal year to 31/12/2025
Howmet seeks to provide its customers with innovative solutions through offering differentiated products such as airfoils with advanced cooling and coatings for extreme temperature applications; specially-designed fasteners for lightweight composite airframe construction, reduced assembly costs, and lightning strike protection; and lightweight aluminum commercial wheels. Its products and solutions include investment castings for jet engines and industrial gas turbines (nickel superalloys, titanium, and aluminum), including airfoils and structural parts; seamless rolled rings for jet engines (mostly nickel superalloys); fastening systems for aerospace, industrial and commercial transportation applications (titanium, steel, and nickel superalloys); forged jet engine components (e.g., jet engine disks); machined and forged aircraft parts (titanium and aluminum); and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or through distributors.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Automotive
End markets
DriverPositive impact: strengthens
“Third-party sales for the Fastening Systems segment increased $169, or 11%, in 2025 compared with 2024, primarily due to growth in the commercial aerospace market, partially offset by lower volumes in the commercial transportation market.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Demand in the commercial transportation market is expected to remain low with recovery beginning in the second half of 2026, given tariff-related, economic, and regulatory uncertainty in North America.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Third-party sales for the Forged Wheels segment decreased $15, or 1%, in 2025 compared with 2024, primarily due to lower volumes in the commercial transportation market, partially offset by an increase in aluminum cost pass through. Third-party sales for the Forged Wheels segment decreased $93, or 8%, in 2024 compared with 2023, primarily due to lower volumes in the commercial transportation market as well as a decrease in aluminum and other inflationary cost pass through.”
Annual report 2025A · The company itself
Market
“Fastening Systems 2025 2024 2023 Third-party sales $ 1,745 $ 1,576 $ 1,349 Segment Adjusted EBITDA 530 406 Fastening Systems produces aerospace and industrial fastening systems, as well as commercial transportation fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. The business’s products are also critical components of commercial transportation vehicles and construction and industrial equipment.”
Annual report 2025A · The company itself
Market
“Forged Wheels 2025 2024 2023 Third-party sales $ 1,039 $ 1,054 $ 1,147 Segment Adjusted EBITDA 296 287 Forged Wheels produces forged aluminum wheels and related products globally for heavy-duty trucks, trailers, and buses. Forged Wheels’ products are sold directly to OEMs and through distributors.”
Annual report 2025A · The company itself
Market
“Overview Howmet is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged aluminum wheels for commercial transportation.”
Annual report 2025A · The company itself
Market
“Howmet’s largest market is aerospace, which represented approximately 70% of the Company’s revenue in 2025. The Company produces a range of high performance multi-materials, highly engineered products, and vertically integrated machined solutions for aero engines and airframe structures, ranging from investment castings, advanced coatings, seamless rings, forgings, titanium extrusions, and titanium mill products, to fasteners that hold aircraft together.”
Annual report 2025A · The company itself
Market
“The commercial transportation market represented approximately 15% of the Company’s revenue in 2025. The Company invented the forged aluminum truck wheel in 1948, and continues to advance technology to deliver breakthrough solutions that make trucks and buses lighter, more fuel efficient and sharper-looking.”
Annual report 2025A · The company itself
Market
“Howmet is currently under contract to supply components for a number of existing and new commercial, general aviation, military aircraft, and aircraft engine programs.”
Annual report 2025A · The company itself
Market
“For example, quality control issues at The Boeing Company (“Boeing”) relating to which the Federal Aviation Administration did not approve production rate increases for the Boeing 737 MAX until October 2025 and a Boeing labor union work stoppage in late 2024 negatively impacted narrow body and wide body production rates. Boeing production rates have had and are expected to have a material impact on the financial performance of Howmet.”
Annual report 2025A · The company itself
Aviation and travel
End markets
DriverPositive impact: strengthens
“Third-party sales for the Engine Products segment increased $585, or 16%, in 2025 compared with 2024, primarily due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares growth.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Third-party sales for the Fastening Systems segment increased $169, or 11%, in 2025 compared with 2024, primarily due to growth in the commercial aerospace market, partially offset by lower volumes in the commercial transportation market.”
Annual report 2025A · The company itself
Market
“Engine Products 2025 2024 2023 Third-party sales $ 4,320 $ 3,735 $ 3,266 Segment Adjusted EBITDA 1,438 1,150 Engine Products produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines (aerospace commercial and defense) and gas turbine applications. Engine Products produces rotating parts as well as structural parts, which are sold directly to customers.”
Annual report 2025A · The company itself
Market
“Fastening Systems 2025 2024 2023 Third-party sales $ 1,745 $ 1,576 $ 1,349 Segment Adjusted EBITDA 530 406 Fastening Systems produces aerospace and industrial fastening systems, as well as commercial transportation fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. The business’s products are also critical components of commercial transportation vehicles and construction and industrial equipment.”
Annual report 2025A · The company itself
Market
“Howmet is currently under contract to supply components for a number of existing and new commercial, general aviation, military aircraft, and aircraft engine programs.”
Annual report 2025A · The company itself
Market
“RTX Corporation and GE Aerospace each represented approximately 11% of the Company’s third-party sales for the year ended December 31, 2025. These sales were primarily from the Engine Products segment.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Defence industry
End markets
DriverPositive impact: strengthens
“Third-party sales for the Engine Products segment increased $585, or 16%, in 2025 compared with 2024, primarily due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares growth.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Third-party sales for the Engineered Structures segment increased $83, or 8%, in 2025 compared with 2024, primarily due to growth in the defense aerospace market.”
Annual report 2025A · The company itself
Market
“Engine Products 2025 2024 2023 Third-party sales $ 4,320 $ 3,735 $ 3,266 Segment Adjusted EBITDA 1,438 1,150 Engine Products produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines (aerospace commercial and defense) and gas turbine applications. Engine Products produces rotating parts as well as structural parts, which are sold directly to customers.”
Annual report 2025A · The company itself
Market
“Overview Howmet is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged aluminum wheels for commercial transportation.”
Annual report 2025A · The company itself
Market
“Howmet is currently under contract to supply components for a number of existing and new commercial, general aviation, military aircraft, and aircraft engine programs.”
Annual report 2025A · The company itself
Market
“RTX Corporation and GE Aerospace each represented approximately 11% of the Company’s third-party sales for the year ended December 31, 2025. These sales were primarily from the Engine Products segment.”
Annual report 2025A · The company itself
Chains in: Defence budgets strengthens
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Employees Total worldwide employment at the end of 2025 was approximately 25,430 employees in 23 countries.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Inflation worldwide and in the United States has resulted in an increase in the costs of materials and labor.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Howmet’s global operations require qualified and skilled personnel with relevant industry and technical experience. Additionally, the increase in aerospace demand requires the Company to successfully recruit, train, and retain new workers and talent. Shortages in certain skills, in areas such as engineering, manufacturing, and technology, and other labor market inadequacies have created more competition for talent. A sustained labor shortage, lack of skilled labor, increased turnover, labor inflation, or increase in general labor costs could lead to higher labor, recruiting, or training costs to attract and retain personnel.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The segment absorbed approximately 1,445 net headcount throughout the year in support of expected revenue increases, resulting in unfavorable near-term recruiting, training, and operational costs.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Human Capital Howmet strives to attract, recruit, engage, develop and retain world-class talent. Our Code of Conduct describes how we lead with integrity and work with one another while supporting our stakeholders.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Attracting and recruiting candidates through workforce planning, increased hiring efficiency and effective onboarding have been a priority for the Company. New technology that increases the automation of job postings enables us to more widely disseminate our job vacancies to various partners and job boards, including our campus recruitment platform that helps us to proactively reach a broad talent network of students and schools across the United States.”
Annual report 2025A · The company itself
Construction
End markets
Market
“Fastening Systems 2025 2024 2023 Third-party sales $ 1,745 $ 1,576 $ 1,349 Segment Adjusted EBITDA 530 406 Fastening Systems produces aerospace and industrial fastening systems, as well as commercial transportation fasteners. The business’s high-tech, multi-material fastening systems are found nose to tail on aircraft and aero engines. The business’s products are also critical components of commercial transportation vehicles and construction and industrial equipment.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Solar power
Technology
Market
“In addition to highly engineered aerospace fasteners with a broad range of fastening systems, the segment also supplies the commercial transportation, renewable, and material handling industries.”
Annual report 2025A · The company itself
Utilities
End markets
Market
“Engine Products 2025 2024 2023 Third-party sales $ 4,320 $ 3,735 $ 3,266 Segment Adjusted EBITDA 1,438 1,150 Engine Products produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines (aerospace commercial and defense) and gas turbine applications.”
Annual report 2025A · The company itself
Wind power
Technology
Market
“In addition to highly engineered aerospace fasteners with a broad range of fastening systems, the segment also supplies the commercial transportation, renewable, and material handling industries.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Howmet is subject to cyclical fluctuations in global economic conditions and lightweight metals end-use markets. Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The commercial aerospace industry is historically driven by the demand from commercial airlines for new aircraft and spare parts. Demand for commercial aircraft and spare parts is influenced by airline industry profitability, trends in domestic and global airline passenger traffic, the state of U.S., regional and world economies, the ability of aircraft purchasers to obtain required financing and numerous other factors.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Risks Related to Our Business and Operations The markets for Howmet’s products are cyclical, and such markets and Howmet’s operations are influenced by a number of factors, including global economic conditions and regulations. Howmet is subject to cyclical fluctuations in global economic conditions and lightweight metals end-use markets.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“The Company believes that it faces threats of cyberattacks due to the industries it serves, the locations of its operations, and its technological innovations. The Company has experienced cybersecurity attacks in the past, including breaches of its information technology systems in which information was taken, and may experience them in the future, potentially with more frequency or sophistication.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While the Company continually works to safeguard its systems and mitigate potential risks, there is no assurance that such actions will be sufficient to prevent cybersecurity incidents that manipulate or improperly use the Company’s systems or networks, compromise confidential, personal or otherwise protected information, destroy or corrupt data, block access to its systems, or otherwise disrupt its operations. The occurrence of such events could negatively impact Howmet’s reputation and its competitive position and could result in litigation with third parties, regulatory action, loss of business, potential liability, and increased remediation costs, any of which could have a material adverse effect on its financial condition and results of operations.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Inflation
Macro
DriverNegative impact: weakens
“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Rare earths and critical raw materials
Raw materials and inputs
InputNegative impact: weakens
“The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For certain raw materials and services, we depend on a number of limited source or sole source suppliers, such as for titanium sponge and specialized metal alloys.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“Table of Contents Sources and Availability of Raw Materials Important raw materials purchased in 2025 for each of the Company’s reportable segments are listed below. Engine Products Fastening Systems Engineered Structures Forged Wheels Ceramics Aluminum Alloys Aluminum Aluminum Cobalt Energy Energy Energy Energy Nickel Alloys and Stainless Steels Nickel Alloys Nickel Steels Titanium Scrap Platinum Titanium Alloys Titanium Sponge Superalloy materials Vanadium Alloys Titanium Generally, raw materials are purchased from third-party suppliers under competitively priced supply contracts or bidding arrangements.”
Annual report 2025A · The company itself
Copper
Raw materials and inputs
InputNegative impact: weakens
“The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.”
Annual report 2025A · The company itself
Chains in: Electrification strengthens, Data centres strengthens
Chains out: this strengthens Mining
Precious metals
Raw materials and inputs
InputNegative impact: weakens
“Table of Contents Sources and Availability of Raw Materials Important raw materials purchased in 2025 for each of the Company’s reportable segments are listed below. Engine Products Fastening Systems Engineered Structures Forged Wheels Ceramics Aluminum Alloys Aluminum Aluminum Cobalt Energy Energy Energy Energy Nickel Alloys and Stainless Steels Nickel Alloys Nickel Steels Titanium Scrap Platinum Titanium Alloys Titanium Sponge Superalloy materials Vanadium Alloys Titanium Generally, raw materials are purchased from third-party suppliers under competitively priced supply contracts or bidding arrangements.”
Annual report 2025A · The company itself
Electricity
Raw materials and inputs
DriverPositive impact: strengthens
“The gas turbines market includes industrial gas turbines and oil and gas, which represented approximately 11% of the Company’s revenue in 2025.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Additionally, Howmet and its customers and suppliers utilize natural gas, electricity and other fuels to operate their facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to the Company and its suppliers.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Natural gas
Raw materials and inputs
DriverMixed impact: mixed
“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high volatility and increasing prices for crude oil, natural gas, and other energy supplies. Energy costs impact operating expenses at our manufacturing facilities, the expense of shipping raw materials to our facilities, and the expense of shipping products to our customers.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Additionally, Howmet and its customers and suppliers utilize natural gas, electricity and other fuels to operate their facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to the Company and its suppliers.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Governmental constraints, including export restrictions, sanctions, new or increased import duties or tariffs, and countervailing or anti-dumping duties, also impact the cost of raw materials and other manufacturing and operating costs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The global trade landscape is growing more volatile, including as a result of 2025 and early 2026 executive orders in the U.S. for the imposition of new tariffs, the retaliatory counter measures by other countries and the likelihood and unpredictability of further tariffs and related countermeasures.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Demand in the commercial transportation market is expected to remain low with recovery beginning in the second half of 2026, given tariff-related, economic, and regulatory uncertainty in North America.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Aluminium
Raw materials and inputs
InputNegative impact: weakens
“The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Third-party sales for the Forged Wheels segment decreased $15, or 1%, in 2025 compared with 2024, primarily due to lower volumes in the commercial transportation market, partially offset by an increase in aluminum cost pass through.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
DriverNegative impact: weakens
“The use of new and evolving technologies, such as AI, presents risks and challenges that can 11 Table of Contents impact our business. Unauthorized use or misuse of AI by the Company's employees, vendors or others may result in the disclosure of confidential Company or customer data, reputational harm, privacy law violations, cybersecurity risks, and legal liability. Additionally, while the use of AI can be beneficial to the Company, AI algorithms are currently known to sometimes produce unexpected results or behave in unpredictable ways that can generate, among other things, irrelevant, nonsensical, inaccurate, harmful, discriminatory or infringing results, which could harm the Company’s business, reputation, or result in legal or regulatory actions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Howmet’s competitive position and future performance depend, in part, on the Company’s ability to develop and innovate products, deploy technology initiatives, and implement advanced manufacturing technologies, including through the use of new and evolving technologies, including AI. The Company's competitors may adopt new technological initiatives and implement technological advancements using AI to pursue new or improved products and services more quickly, profitably, successfully and effectively than the Company. While Howmet intends to continue to develop innovative new products and services, and implement advanced technologies, including through the use of AI, it may not be able to successfully differentiate its products or services from those of its competitors or achieve and maintain technological advantages.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Consumer spending
Macro
DriverPositive impact: strengthens
“The commercial aerospace industry is historically driven by the demand from commercial airlines for new aircraft and spare parts. Demand for commercial aircraft and spare parts is influenced by airline industry profitability, trends in domestic and global airline passenger traffic, the state of U.S., regional and world economies, the ability of aircraft purchasers to obtain required financing and numerous other factors.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Many of these contracts contemplate production increases over the next several years. If Howmet fails to meet production targets and commitments, or encounters difficulty or unexpected costs in meeting such levels, it could have a material adverse effect on the Company’s reputation, business, operating results, or financial condition. Similarly, to the extent demand for our products increases rapidly and significantly in future periods, we may not be able to ramp up production quickly enough to meet the demand, which could result in lost opportunities for growth and adversely affect our business, financial condition, results of operations, or competitive position.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Defence budgets
Regulation
DriverPositive impact: strengthens
“The defense aerospace cycle is highly dependent on U.S. and foreign government defense spending, which can be impacted by a government’s shifting priorities and budget compromises. It is also impacted by the effects of terrorism, a changing global geopolitical environment, U.S. foreign policy, the impact of government shutdowns and federal debt ceiling on funding and appropriations, whether older military aircraft are retired, and technological improvements to new engines and airframes.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Howmet’s products are used in a variety of military applications, including military aircraft. Although many of the military programs in which Howmet participates extend several years, changes in military strategy, policy and priorities, or reductions in defense spending, may affect current and future funding of these programs and could reduce the demand for Howmet’s products, which could adversely affect Howmet’s business, financial condition, or results of operations.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Oil
Raw materials and inputs
DriverMixed impact: mixed
“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high volatility and increasing prices for crude oil, natural gas, and other energy supplies. Energy costs impact operating expenses at our manufacturing facilities, the expense of shipping raw materials to our facilities, and the expense of shipping products to our customers.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“Increased concern over climate change has led to new and proposed legislative and regulatory initiatives, such as cap-and-trade systems and additional limits on emissions of greenhouse gases, which in turn may trigger customer decarbonization requirements. New or revised laws, regulations, and policies in this area and customer decarbonization requirements could directly and indirectly affect Howmet and its customers and suppliers, including by increasing the costs of production or impacting demand for certain products, which could result in an adverse effect on our financial condition, results of operations, and cash flows.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“A material disruption of, or manufacturing difficulties at, Howmet’s manufacturing operations could adversely affect Howmet’s business. If Howmet’s operations, particularly at one of its key manufacturing facilities, were to be disrupted, including because of significant equipment failures, natural disasters, power outages, fires, explosions, terrorism, violence, theft, sabotage, adverse weather conditions, public health crises, labor disputes, labor shortages, or other reasons, Howmet may be unable to effectively meet its obligations to, or demand from, its customers.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Currency exposure
Macro
DriverMixed impact: mixed
“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
Data centres
Technology
DriverPositive impact: strengthens
“The gas turbines market includes industrial gas turbines and oil and gas, which represented approximately 11% of the Company’s revenue in 2025.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Energy efficiency
Technology
InputNegative impact: weakens
“Additionally, Howmet and its customers and suppliers utilize natural gas, electricity and other fuels to operate their facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to the Company and its suppliers.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Increased concern over climate change has led to new and proposed legislative and regulatory initiatives, such as cap-and-trade systems and additional limits on emissions of greenhouse gases, which in turn may trigger customer decarbonization requirements. New or revised laws, regulations, and policies in this area and customer decarbonization requirements could directly and indirectly affect Howmet and its customers and suppliers, including by increasing the costs of production or impacting demand for certain products, which could result in an adverse effect on our financial condition, results of operations, and cash flows.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“For example, as the Russia-Ukraine conflict continues, global titanium prices may continue to fluctuate.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverMixed impact: mixed
“Many of these contracts contemplate production increases over the next several years. If Howmet fails to meet production targets and commitments, or encounters difficulty or unexpected costs in meeting such levels, it could have a material adverse effect on the Company’s reputation, business, operating results, or financial condition. Similarly, to the extent demand for our products increases rapidly and significantly in future periods, we may not be able to ramp up production quickly enough to meet the demand, which could result in lost opportunities for growth and adversely affect our business, financial condition, results of operations, or competitive position.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Interest rates
Macro
DriverMixed impact: mixed
“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour regulation
Regulation
DriverNegative impact: weakens
“Table of Contents Approximately 3,860 employees, or 26% of the U.S. workforce, are represented by labor unions in the United States. Within the United States, there are eight collective bargaining agreements with varying expiration dates between Howmet and various labor unions.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“In addition, Howmet may face increased competition due to industry consolidation. Companies that are strategic partners in some areas of Howmet’s business may acquire or form alliances with Howmet’s competitors, thereby reducing their business with Howmet. Industry consolidation may result in stronger competitors who are better able to obtain favorable terms from suppliers or who are better able to compete as sole-source vendors for customers.”
Annual report 2025A · The company itself
Steel
Raw materials and inputs
InputNegative impact: weakens
“The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
China
Geography
Geography
“In addition to the United States, Canada, and Mexico in North America and France, United Kingdom, Hungary, and Germany in Europe, Howmet has operating activities in numerous other countries and regions, including Japan and China.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“In addition to the United States, Canada, and Mexico in North America and France, United Kingdom, Hungary, and Germany in Europe, Howmet has operating activities in numerous other countries and regions, including Japan and China.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“Based upon the country where the point of shipment occurred, North America and Europe generated 72% and 22%, respectively, of Howmet’s sales in 2025.”
Annual report 2025A · The company itself
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“If Howmet’s operations, particularly at one of its key manufacturing facilities, were to be disrupted, including because of significant equipment failures, natural disasters, power outages, fires, explosions, terrorism, violence, theft, sabotage, adverse weather conditions, public health crises, labor disputes, labor shortages, or other reasons, Howmet may be unable to effectively meet its obligations to, or demand from, its customers.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
United States
Geography
Geography
“Based upon the country where the point of shipment occurred, North America and Europe generated 72% and 22%, respectively, of Howmet’s sales in 2025.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 8.25 bn USD |
| Revenue growth vs. the year before, same method | 11.1 % |
| EBITDA reported by the company | 2.33 bn USD |
| Net debt debt incl. leasing minus cash | 2.47 bn USD |
| Diluted EPS per share | 3.71 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.