CARPENTER TECHNOLOGY CORP — Form 8-K
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
Carpenter Technology reported Q4 FY26 operating income of $206.9M (up 37% YoY, 11% vs Q3), with SAO adjusted operating margin reaching record 37.8%. The company generated $362.3M adjusted free cash flow in FY26 and executed $179.1M in share repurchases against a $400M authorization ($281M completed to date). For FY27, management guides operating income of $850–880M (21–25% growth over FY26's $702M), with FY29 target of $1,200–1,300M representing 20–23% three-year CAGR, driven by strong aerospace/defense demand and brownfield capacity expansion commissioning in early FY28.
Why this rating
Record profitability and strong forward guidance materially validate execution; brownfield ramp is transformational capex event. At ~$8.5B market cap, $362M FCF and $850–1,300M operating income trajectory are substantial. However, guidance is forward-looking and contingent on aerospace demand; no major M&A or structural shift disclosed. Material but not yet business-altering.
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