# Carpenter Technology Corporation (CRS)

> Source: Nexqual · https://nexqual.com/CRS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Carpenter Technology Corporation (CRS), nexqual.com/CRS" · informational, not investment advice.

**Price:** USD 292.26 (-20.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 368.16 · day 284.27–329 · 52w 262.25–625.99 · market cap $14.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.12B, net income $530M (17.0% margin), free cash flow $362M (SEC filings).
- Valuation: P/E 27.3x (avg 41.9x at the last 3 fiscal year-ends), EV/EBITDA 17.4x, net debt $297M.
- 3 of 80 tracked superinvestors hold CRS (13F, Q2 2026): 0 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $61.3M; 7 not under a Rule 10b5-1 plan ($61.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (8 analysts), mean target USD 512 (range 361–620).
- Total return with dividends: 1Y -2.5% vs S&P 500 +14.9%; 5Y +867.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 2.93, revenue estimate $794M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.84B | $2.55B | $2.76B | $2.88B | $3.12B | $3.12B |
| Gross profit | $150M | $337M | $584M | $769M | $956M | — |
| Operating income | -$24.9M | $133M | $323M | $522M | $702M | $702M |
| Net income | -$49.1M | $56.4M | $187M | $376M | $530M | $530M |
| EPS (diluted) | -$1.01 | $1.14 | $3.70 | $7.42 | $10.52 | — |
| Free cash flow | -$85.3M | -$67.6M | $178M | $286M | $362M | $362M |
| Gross margin | 8.2% | 13.2% | 21.2% | 26.7% | 30.6% | — |
| Operating margin | -1.4% | 5.2% | 11.7% | 18.1% | 22.5% | 22.5% |
| Net margin | -2.7% | 2.2% | 6.8% | 13.1% | 17.0% | 17.0% |
| Revenue growth | +24.4% | +38.9% | +8.2% | +4.3% | +8.6% | — |
| Cash + short-term investments | $154M | $44.5M | $199M | $316M | $393M | — |
| Total debt | $692M | $693M | $694M | $695M | $691M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.3x · P/S 4.6x · EV/EBITDA 17.4x · EV/Sales 4.7x · P/FCF 40.0x · P/B 6.5x · FCF yield 2.50% · Earnings yield 3.66% · Dividend yield (paid, TTM) 0.28% · Buyback yield (TTM) 1.24% · Net debt $297M · EV $14.8B
P/E at fiscal year-ends: Jun 2026 58.7x, Jun 2025 37.3x, Jun 2024 29.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CRS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 3.63% | $594M | Reduced -47.0% |
| Daniel Loeb | Third Point | 2.86% | $133M | Reduced -30.6% |
| Polen Capital | Polen Capital Management | 0.04% | $4.2M | Reduced -45.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Karol Steven E | Director | 3,275 | $1.6M | 0.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-25 | Thene Tony R | Chairman, President and CEO | 109,283 | $52.9M | 19% | No | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Younessi Ramin | Director | 438 | $216K | 18.3% | No | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Karol Steven E | Director | 2,000 | $975K | 0.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-28 | Hart Anastasios John | Director | 250 | $115K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-05 | Akins Marshall D | VP and Chief Comm Officer | 11,815 | $5.2M | 39.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-04 | Hart Anastasios John | Director | 750 | $318K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 8 analysts; mean target USD 512 (low 361, high 620).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | JP Morgan | Target lowered | Overweight | $700 → $520 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $650 → $500 |
| 2026-10-08 | Keybanc | Target lowered | Overweight | $608 → $465 |
| 2026-09-30 | Wells Fargo | Target lowered | Equal-Weight | $540 → $430 |
| 2026-08-04 | Wells Fargo | Target raised | Equal-Weight | $425 → $540 |
| 2026-08-03 | Keybanc | Target lowered | Overweight | $644 → $608 |
| 2026-07-31 | JP Morgan | Target lowered | Overweight | $705 → $700 |
| 2026-07-31 | Susquehanna | Target lowered | Positive | $680 → $600 |
| 2026-07-31 | BTIG | Target raised | Buy | $450 → $620 |
| 2026-07-14 | JP Morgan | Target raised | Overweight | $470 → $705 |
| 2026-07-13 | TD Cowen | Target raised | Buy | $470 → $650 |
| 2026-07-09 | Susquehanna | Target raised | Positive | $495 → $680 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.5% | +867.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.5% | +57.3% |
| Volatility (annualized) | 48.9% | 48.3% |
| Max drawdown | -52.8% (Jul 2026→Oct 2026) | -51.5% (Jul 2026→Oct 2026) |

## Peers (Metal Fabrication)
MLI (Mueller Industries, Inc.) USD 54.53 -5.23% · ATI (ATI Inc.) USD 161.84 -10.43% · ESAB (ESAB Corporation) USD 66.89 +0.80% · GPGI (GPGI, Inc.) USD 12.55 -2.86% · WOR (Worthington Enterprises, Inc.) USD 64.44 -1.01% · PRLB (Proto Labs, Inc.) USD 84.36 -5.94%

## More
Full page: https://nexqual.com/CRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Specialty Alloys Operations | $730.4M | 91.5% | +10.7% | $216.3M | 29.6% |
| Performance Engineered Products | $91.1M | 11.4% | -2.7% | $7.3M | 8.0% |
| Corporate costs (not allocated) | — | — | — | -$26.1M | — |
| Total revenue | $798.2M | 100% | — | $196.4M | 24.6% |
The lines above cover 102.9% of total revenue.

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aerospace and Defense | $509.2M | 63.8% | +13.9% |
| Industrial and Consumer | $97.5M | 12.2% | +14.6% |
| Medical | $56.3M | 7.1% | +6.4% |
| Energy | $43.1M | 5.4% | -20.0% |
| Transportation | $24.3M | 3.0% | +17.4% |
| Total revenue | $798.2M | 100% | — |
The lines above cover 91.5% of total revenue.

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $464.6M | 58.2% | +7.4% |
| Europe | $155.5M | 19.5% | -6.4% |
| Asia Pacific | $101.3M | 12.7% | +21.9% |
| Mexico | $48.8M | 6.1% | +96.8% |
| Canada | $17.4M | 2.2% | +20.8% |
| Other | $10.6M | 1.3% | -17.2% |
| Total revenue | $798.2M | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "Further, in the strong demand environment, pricing continues to strengthen across our business." "We maintain our recently communicated fiscal year 2027 operating income outlook of $850 million to $880 million and our fiscal year 2029 operating income target of $1.2 billion to $1.3 billion which reflects the accelerating demand envir"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.93 | $2.86 | +2.4% | $794.4M | 2 |
| Next quarter (ends 2027-03-31) | $3.46 | $3.40 | +1.8% | $879.8M | 2 |
| Current fiscal year (ends 2027-06-30) | $13.48 | $12.91 | +4.4% | $3.39B | 4 |
| Next fiscal year (ends 2028-06-30) | $15.94 | $15.36 | +3.8% | $3.84B | 5 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 51.5% | ±11.7% |
| 2026-12-18 | 56 | 47.9% | ±15.1% |
| 2027-01-15 | 84 | 46.9% | ±18.0% |
| 2027-03-19 | 147 | 48.4% | ±24.3% |
| 2027-06-17 | 237 | 48.5% | ±30.8% |