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Howmet Aerospace Inc.
Industrials · Aerospace & Defense
Sole/dual-source content position on every major commercial jet engine - single-crystal turbine airfoils for LEAP-1A/1B (Airbus A320neo, Boeing 737 MAX), GE9X (777X), GTF (A220/A320neo), and Trent XWB. Spares + aftermarket mix (~20%+ of revenue, ~35%+ of segment EBITDA) compounds with global widebody utilization - recovery in long-haul flight hours pulls high-margin replacement airfoil demand independent of new-build delivery cadence.
Fastening Systems benefits from same dynamics on the airframe side.
(1) LEAP + GTF spares super-cycle as 2017-2024 install base hits first major overhauls. (2) GE9X (777X) ramp adds new sole-source content stream from 2026. (3) Pricing power - multi-year LTAs renewed at materially higher escalators 2024-2025.
(4) Defense exposure (F-35, helicopter forgings) provides ballast. (5) Aftermarket margin mix lifts segment margins through cycle.
(1) Boeing $BA 737 MAX + 787 production cadence remains the single biggest swing factor for OE volumes. (2) GTF powder-metal recall (RTX) compresses A320neo flight hours near-term and could spill into spares timing. (3) Wheel & Transportation segment (~15% revenue) is cyclical heavy-truck exposure.
(4) Margin already near aerospace-peer ceiling - incremental re-rate requires sustained aftermarket mix shift, not just volume. (5) Trades at premium to $TDG / $HEI on EV/EBITDA despite lower aftermarket %.
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