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Hexcel

HXL NYSE Aerospace & Defense Financials FY2016–FY2025

Hexcel's revenue fell 0.5% to $1.9 billion in fiscal 2025. Its operating margin was 9.1%, down from 9.8% a year earlier. Free cash flow was $157 million, down 22.5%. It paid out $508 million in dividends and buybacks, 323% of free cash flow. The diluted share count fell 3.6%.

Last close · Oct 23, 2026

$79.62

2.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
0.5% vs prior year
Operating margin Operating income as a share of revenue.
9.1%
0.7 pts
Net income Profit after all expenses, interest and tax.
$109M
17.2%
Free cash flow Cash from operations minus capital spending.
$157M
22.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.5%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
35.9x
On $2.22 EPS (TTM)

What Hexcel does

No business description yet.

Legal name
Hexcel Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-046377
0000717605

Revenue and margins

Hexcel had $1.9B of revenue in fiscal 2025, down 0.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −7.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $157M in fiscal 2025, 8.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Hexcel returned $508M to shareholders in fiscal 2025, 323% of free cash flow. The diluted share count fell 3.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Hexcel yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$922M and divides by 80.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 35.9x · peers 103.7x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Hexcel can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $128M$112M$227M$125M$71.0M
Debt incl. finance leases $825M$724M$700M$701M$993M
Net debt / EBITDA 3.7x2.0x1.4x1.9x3.1x
Debt / equity 0.6x0.5x0.4x0.5x0.8x
Interest coverage 1.4x4.8x6.3x6.0x4.6x
Current ratio 2.5x2.2x2.7x2.2x2.3x
Quick ratio 1.5x1.3x1.7x1.2x1.3x
Total assets $2.8B$2.8B$2.9B$2.7B$2.7B
Total liabilities $1.3B$1.3B$1.2B$1.2B$1.5B
Shareholders' equity $1.5B$1.6B$1.7B$1.5B$1.3B
Net debt (− = net cash) $697M$612M$473M$575M$922M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.8M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 Gail E LehmanSee Remarks Sold 13,829 $92.10 $1.3M Form 4
Aug 14, 2026 Gina FitzsimonsSee Remarks Sold 9,675 $103.14 $1.0M Form 4
Feb 27, 2026 Amy S EvansSee Remarks Sold 1,500 $92.80 $0.1M Form 4
Oct 29, 2025 Patrick WinterlichEVP, CFO Sold 3,413 $73.34 $0.3M Form 4
Oct 27, 2025 Lyndon John Smithsee remarks Sold 2,077 $73.02 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 97 / 96 / 9
Accruals ratio −5.3%−5.6%−4.5%
Altman Z'' 5.655.525.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Hexcel HXL $6.1B −0.5% 9.1% 8.3% 6.5% 35.9x 6
AeroVironment AVAV $6.1B 140.9% −15.7% −7.1% −9.1% — 3 Compare →
Kratos Defense & Security Solutions KTOS $7.4B 18.5% 1.9% −10.2% 1.2% — 4 Compare →
Axon Enterprise AXON $34.7B 33.5% −2.2% 2.7% −2.2% 174.4x 6 Compare →
BWX Technologies BWXT $11.7B 18.3% 12.7% 9.2% 13.9% 33.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.0B $2.0B $2.2B $2.4B $1.5B $1.3B $1.6B $1.8B $1.9B $1.9B
Gross profit $565M $552M $581M $640M $240M $250M $357M $433M $470M $435M
Research and development $46.9M $49.4M $55.9M $56.5M $46.6M $45.1M $45.8M $52.7M $57.1M $56.4M
Operating income $360M $351M $371M $425M $14.1M $51.8M $175M $215M $186M $172M
Interest expense $22.1M $27.4M $37.7M $45.5M $41.8M $38.3M $36.2M $34.0M $31.2M $37.7M
Pretax income $338M $323M $334M $380M −$27.7M $22.0M $150M $110M $155M $135M
Income tax $90.3M $42.5M $62.5M $76.8M −$61.0M $5.9M $31.6M $12.1M $22.8M $25.6M
Net income $250M $284M $277M $307M $31.7M $16.1M $126M $106M $132M $109M
Diluted EPS $2.65 $3.09 $3.11 $3.57 $0.38 $0.19 $1.49 $1.24 $1.59 $1.37
Diluted shares 0.09B 0.09B 0.09B 0.09B 0.08B 0.08B 0.09B 0.09B 0.08B 0.08B
Cash flow
Cash from operations $401M $429M $421M $491M $264M $152M $173M $257M $290M $231M
Capital expenditure $328M $278M $184M $204M $50.6M $27.9M $76.3M $108M $87.0M $73.3M
Free cash flow $73.5M $151M $237M $287M $214M $124M $96.8M $149M $203M $157M
Depreciation and amortization $93.3M $105M $123M $142M $141M $138M $126M $125M $124M $122M
Stock-based compensation $16.1M $17.6M $16.2M $18.3M $15.4M $19.0M $20.0M $20.9M $22.2M $14.4M
Acquisitions $8.6M $64.1M $3.4M $163M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $111M $150M $358M $143M $24.6M $0.0M $0.0M $30.1M $252M $454M
Dividends paid $39.8M $42.6M $48.4M $4.2M $14.2M $0.0M $33.7M $42.2M $49.3M $53.9M
Dividends and buybacks $151M $193M $406M $147M $38.8M $0.0M $33.7M $72.3M $302M $508M
Balance sheet
Cash and short-term investments $35.2M $60.1M $32.7M $64.4M $103M $128M $112M $227M $125M $71.0M
Total debt $689M $810M $957M $1.1B $926M $823M $724M $700M $701M $993M
Finance lease liabilities $0.0M $0.0M $0.0M $2.4M $2.2M $1.3M $0.4M $0.2M $0.1M $0.0M
Current assets $607M $657M $676M $705M $536M $616M $734M $864M $782M $731M
Current liabilities $272M $262M $327M $323M $183M $248M $330M $316M $354M $323M
Inventory $291M $314M $298M $333M $214M $246M $319M $334M $356M $329M
Property and equipment, net $1.6B $1.9B $1.9B $1.9B $1.9B $1.7B $1.7B $1.7B $1.6B $1.6B
Total assets $2.4B $2.8B $2.8B $3.1B $2.9B $2.8B $2.8B $2.9B $2.7B $2.7B
Total liabilities $1.2B $1.3B $1.5B $1.7B $1.4B $1.3B $1.3B $1.2B $1.2B $1.5B
Shareholders' equity $1.2B $1.5B $1.3B $1.4B $1.5B $1.5B $1.6B $1.7B $1.5B $1.3B
Margins
Gross margin 28.2% 28.0% 26.5% 27.2% 16.0% 18.9% 22.6% 24.2% 24.7% 23.0%
Operating margin 18.0% 17.8% 17.0% 18.1% 0.9% 3.9% 11.1% 12.0% 9.8% 9.1%
EBITDA margin 22.6% 23.1% 22.6% 24.1% 10.3% 14.3% 19.1% 19.0% 16.3% 15.5%
Net margin 12.5% 14.4% 12.6% 13.0% 2.1% 1.2% 8.0% 5.9% 6.9% 5.8%
FCF margin 3.7% 7.6% 10.8% 12.2% 14.2% 9.4% 6.1% 8.3% 10.7% 8.3%
Returns
Return on capital 14.6% 14.7% 13.4% 14.5% 0.5% 1.7% 6.4% 8.8% 7.4% 6.5%
Return on capital employed 17.9% 15.1% 14.8% 16.0% 0.5% 2.0% 6.9% 8.4% 7.5% 7.2%
Return on equity 20.6% 20.7% 19.6% 22.2% 2.1% 1.1% 8.3% 6.5% 8.1% 7.9%
Return on assets 10.9% 11.0% 9.9% 10.3% 1.1% 0.6% 4.5% 3.7% 4.7% 4.0%
Growth
Revenue growth 7.7% −1.6% 10.9% 7.6% −36.2% −11.8% 19.1% 13.4% 6.4% −0.5%
Net income growth 5.3% 13.7% −2.6% 10.9% −89.7% −49.2% 684.5% −16.3% 25.0% −17.2%
EPS growth 8.6% 16.6% 0.7% 14.8% −89.4% −50.0% 684.2% −16.8% 28.2% −13.8%
FCF growth — 104.9% 57.6% 20.9% −25.5% −42.1% −21.8% 53.8% 36.3% −22.5%
Share count change −3.1% −2.4% −3.2% −3.6% −2.1% 0.7% 0.5% 0.6% −2.9% −3.6%
Financial health
Net debt / EBITDA 1.4x 1.7x 1.9x 1.8x 5.3x 3.7x 2.0x 1.4x 1.9x 3.1x
Debt / equity 0.6x 0.5x 0.7x 0.7x 0.6x 0.6x 0.5x 0.4x 0.5x 0.8x
Interest coverage 16.3x 12.8x 9.9x 9.4x 0.3x 1.4x 4.8x 6.3x 6.0x 4.6x
Current ratio 2.2x 2.5x 2.1x 2.2x 2.9x 2.5x 2.2x 2.7x 2.2x 2.3x
Quick ratio 1.2x 1.3x 1.2x 1.2x 1.8x 1.5x 1.3x 1.7x 1.2x 1.3x
Capital allocation
Capex / revenue 16.4% 14.1% 8.4% 8.7% 3.4% 2.1% 4.8% 6.1% 4.6% 3.9%
Stock comp / revenue 0.8% 0.9% 0.7% 0.8% 1.0% 1.4% 1.3% 1.2% 1.2% 0.8%
Payouts / FCF 205.3% 128.1% 171.1% 51.3% 18.2% 0.0% 34.8% 48.6% 148.6% 323.3%
Quality scores
Piotroski F-score 6.0 6.0 4.0 8.0 6.0 5.0 7.0 7.0 7.0 6.0
Altman Z'' 4.8 4.8 4.6 4.7 4.2 4.5 5.0 5.7 5.5 5.1
Accruals ratio −6.6% −5.6% −5.2% −6.2% −7.7% −4.7% −1.7% −5.3% −5.6% −4.5%

Source: SEC EDGAR XBRL filings (CIK 0000717605). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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