# Hexcel Corporation (HXL)

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

**Price:** USD 81.27 (-9.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 89.84 · day 78.01–82.38 · 52w 63.21–111.74 · market cap $6.15B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $2.02B, net income $172M (8.5% margin), free cash flow $210M (SEC filings).
- Valuation: P/E 35.8x (avg 51.0x at the last 3 fiscal year-ends), EV/EBITDA 19.0x, net debt $857M.
- 1 of 80 tracked superinvestors hold HXL (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $2.3M; 2 not under a Rule 10b5-1 plan ($2.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.56 on a 1–5 scale) (16 analysts), mean target USD 102.2 (range 90–123).
- Total return with dividends: 1Y +15.5% vs S&P 500 +14.9%; 5Y +46.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.66, revenue estimate $559M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.32B | $1.58B | $1.79B | $1.90B | $1.89B | $2.02B |
| Gross profit | $250M | $357M | $433M | $470M | $435M | — |
| Operating income | $51.8M | $175M | $215M | $186M | $172M | $246M |
| Net income | $16.1M | $126M | $106M | $132M | $109M | $172M |
| Free cash flow | $124M | $96.8M | $149M | $203M | $157M | $210M |
| Gross margin | 18.9% | 22.6% | 24.2% | 24.7% | 23.0% | — |
| Operating margin | 3.9% | 11.1% | 12.0% | 9.8% | 9.1% | 12.2% |
| Net margin | 1.2% | 8.0% | 5.9% | 6.9% | 5.8% | 8.5% |
| Revenue growth | -11.8% | +19.1% | +13.4% | +6.4% | -0.5% | — |
| Cash + short-term investments | $128M | $112M | $227M | $125M | $71.0M | — |
| Total debt | $823M | $724M | $700M | $701M | $993M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 35.8x · P/S 3.0x · EV/EBITDA 19.0x · EV/Sales 3.5x · P/FCF 29.3x · P/B 4.6x · FCF yield 3.41% · Earnings yield 2.79% · Dividend yield (paid, TTM) 0.88% · Buyback yield (TTM) 5.75% · Net debt $857M · EV $7.00B
P/E at fiscal year-ends: Dec 2025 54.0x, Dec 2024 39.4x, Dec 2023 59.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HXL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Gayner | Markel Group | 0.14% | $18.9M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Lehman Gail E | See Remarks | 13,829 | $1.3M | 40.7% | No | Too little history (no open-market trades in 2025) |
| 2026-08-14 | Fitzsimons Gina | See Remarks | 9,675 | $998K | 55.6% | No | Too little history (no open-market trades in 2023) |
% 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 Hold (mean 2.56 on a 1–5 scale), 16 analysts; mean target USD 102.2 (low 90, high 123).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target lowered | Equal-Weight | $110 → $97 |
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $115 → $105 |
| 2026-10-12 | Seaport Global | Upgrade | Neutral → Buy | $104 |
| 2026-10-09 | TD Cowen | Target lowered | Hold | $115 → $90 |
| 2026-09-30 | Wells Fargo | Target lowered | Overweight | $120 → $105 |
| 2026-09-28 | Jefferies | Target lowered | Hold | $110 → $98 |
| 2026-09-15 | Guggenheim | Initiated | Buy | $120 |
| 2026-08-04 | Goldman Sachs | Target raised | Neutral | $88 → $97 |
| 2026-08-04 | Wells Fargo | Target raised | Overweight | $95 → $120 |
| 2026-08-02 | Jefferies | Target raised | Hold | $105 → $110 |
| 2026-07-31 | UBS | Target raised | Buy | $113 → $126 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $105 → $115 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +15.5% | +46.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +15.5% | +7.9% |
| Volatility (annualized) | 32.1% | 31.6% |
| Max drawdown | -26.2% (Jul 2026→Oct 2026) | -36.3% (Jul 2023→Mar 2025) |

## Peers (Aerospace & Defense)
SARO (StandardAero, Inc.) USD 21.72 +1.26% · KTOS (Kratos Defense & Security Solut) USD 38.27 -1.21% · CAE (CAE Inc) USD 25.02 +2.08% · DRS (Leonardo DRS, Inc.) USD 34.3 +1.06% · MOG-A (Moog Inc.) USD 341.71 -6.96% · HII (Huntington Ingalls Industries, ) USD 278.86 +1.79%

## More
Full page: https://nexqual.com/HXL · 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

## Supply chain and relationships (SEC annual reports)

Named in HXL's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/717605/000119312526046377/hxl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Airbus | "Approximately 39%, 40% and 39% of our 2025, 2024 and 2023 net sales, respectively, were to Airbus and its subcontractors." |
| Supplier | Boeing (BA) | "Approximately 13%, 15% and 15% of our 2025, 2024 and 2023 net sales, respectively, were to Boeing and its subcontractors." |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Composite Materials | $390.3M | 78.6% | +7.5% | $61.1M | 15.7% |
| Engineered Products | $106.1M | 21.4% | +14.1% | $12.7M | 12.0% |
| Total revenue | $496.4M | 100% | — | $54.8M | 11.0% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial Aerospace Market Applications | $330.3M | 66.5% | +20.5% |
| Space & Defense Market Applications | $166.1M | 33.5% | -8.7% |
| Total revenue | $496.4M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 39%, 13% of revenue from unnamed direct customers (10-K, filed 2026-02-11).

## Company outlook (8-K filed 2026-10-21)

- "Guidance (unchanged) • Sales of $2.025 billion to $2.125 billion • Adjusted diluted earnings per share of $2.30 to $2.40 • Free cash flow of greater than $195 million • Capital expenditures less than $100 million ***** Hexcel will host a conference call at 9:30 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.66 | $0.65 | +2.4% | $558.9M | 14 |
| Next quarter (ends 2027-03-31) | $0.65 | $0.64 | +1.3% | $538.9M | 8 |
| Current fiscal year (ends 2026-12-31) | $2.41 | $2.28 | +5.4% | $2.09B | 17 |
| Next fiscal year (ends 2027-12-31) | $3.22 | $3.20 | +0.6% | $2.32B | 15 |