Howmet Aerospace Inc. (HWM)

Rolling Drawing & Extruding of Nonferrous Metals

Latest Price

$226.18

TTM P/E

48.75

Normalized P/E

86.57

Div Yield

0.21%

Book Value

14.33

P/B Ratio

15.79

Valuation metrics

EPS: $3.71

Book value / share: $13.33

Formula: √(22.5 × EPS × BVPS)

Graham Number

$33.36

85% downside

Norm. op. income: $1.0B (median of 7yr)

Tax rate: 19%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$15.05

93% downside

Base FCF: $682M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$120.63

47% downside

EPS: $3.71

Target P/E: 87×

Formula: EPS × P/E

P/E Fair Value

$322.77

+43% upside

90.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	45.82M	$12.32B	11.45%	-2.14M	2026-06-30
Vanguard Capital Management LLC	26.14M	$7.03B	6.53%	+79.7K	2026-06-30
State Street Corp	18.93M	$5.09B	4.73%	+612.9K	2026-06-30
JPMorgan Chase & Co	18.56M	$4.99B	4.64%	-9.17M	2026-06-30
Vanguard Portfolio Management LLC	18.55M	$4.99B	4.64%	+13.0K	2026-06-30
FMR LLC	15.41M	$4.14B	3.85%	-363.8K	2026-06-30
Price T Rowe Associates Inc	13.50M	$3.63B	3.38%	-1.92M	2026-06-30
Bank of America Corp	10.29M	$2.77B	2.57%	-437.6K	2026-06-30
Geode Capital Management, LLC	9.51M	$2.56B	2.38%	-2.07M	2026-06-30
Norges Bank	7.90M	$2.12B	1.97%	-853.6K	2026-06-30