Risk Sleuth
HWM · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Howmet Aerospace

31 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

RTX Corporation

earns from · approximately 11% of the Company’s third-party salesnamed as a risk
In 2025, RTX Corporation and GE Aerospace each represented approximately 11% of the Company’s third-party sales.Business (Item 1)

Also named by BA, CARR, LMT, OTIS, WWD

GE Aerospace

earns from · approximately 11% of the Company’s third-party salesnamed as a risk
In 2025, RTX Corporation and GE Aerospace each represented approximately 11% of the Company’s third-party sales.Business (Item 1)

Also named by ATI, BKR, BRK/B, KTOS, WWD

U.S. defense spending

earns from · 17%named as a risk
The defense aerospace cycle is highly dependent on U.S. and foreign government defense spending, which can be impacted by a government’s shifting priorities and budget compromises.Risk factors (Item 1A)

Also named by CW

The Boeing Company

earns fromnamed as a risk
Boeing production rates have had and are expected to have a material impact on the financial performance of Howmet.Risk factors (Item 1A)

Also named by ATI, LMT, LUV, UAL, WWD

Partners and platforms

Alcoa trademark license

depends on
Following the Alcoa Inc. Separation Transaction, the Company retained the Alcoa Wheels® business and, pursuant to a Trademark License Agreement, is the exclusive licensee of the “Alcoa” name and logo for use with the wheels, hubs, and related products that we manufacture.Business (Item 1)

Other companies

United Auto Workers (UAW)

approximately 1,865 employeesnamed as a risk
The current agreement, which covers approximately 1,865 employees, expires in April 2028.Business (Item 1)

Also named by BWA, DCH, DE, F, GM, LEA, OSK

Commercial aerospace

concentrated in · approximately 70% of the Company’s revenue in 2025named as a risk
Howmet’s largest market is aerospace, which represented approximately 70% of the Company’s revenue in 2025.Business (Item 1)

Commercial transportation

earns from · approximately 15% of the Company’s revenue in 2025named as a risk
The commercial transportation market represented approximately 15% of the Company’s revenue in 2025.Business (Item 1)

Consolidated Aerospace Manufacturing, LLC (CAM)

approximately $1.8 billionnamed as a risk
On December 22, 2025, Howmet entered into a purchase agreement with Stanley Black & Decker, pursuant to which the Company has agreed to purchase CAM for a cash purchase price of approximately $1.8 billion, subject to customary adjustments.Risk factors (Item 1A)

Gas turbines

earns from · approximately 11% of the Company’s revenue in 2025
The gas turbines market includes industrial gas turbines and oil and gas, which represented approximately 11% of the Company’s revenue in 2025.Business (Item 1)

Arconic Corporation

named as a risk
If either Alcoa Corporation or Arconic Corporation is not able to fully satisfy its indemnification obligations to us, we may be required to bear such losses.Risk factors (Item 1A)

Alcoa Corporation

named as a risk
If either Alcoa Corporation or Arconic Corporation is not able to fully satisfy its indemnification obligations to us, we may be required to bear such losses.Risk factors (Item 1A)

Competitors

Precision Castparts Corporation (Berkshire Hathaway Inc.)

competes with
Principal competitors include Berkshire Hathaway Inc., through its 2016 acquisition of Precision Castparts Corporation and subsidiaries, for titanium and titanium-based alloys, precision forgings, seamless rolled rings, investment castings, including airfoils, and aerospace fasteners; VSMPO (Russia) for titanium and titanium-based alloys and precision forgings; ATI Inc.’s High-Performance Materials & Components segment for titanium and titanium-based alloys and precision forgings; Lisi Aerospace (France) for aerospace fasteners; and Aubert & Duval (part of Airbus, Safran, and Tikehau Capital) for precision forgings.Business (Item 1)

Also named by ATI

ATI Inc.

competes with
Principal competitors include Berkshire Hathaway Inc., through its 2016 acquisition of Precision Castparts Corporation and subsidiaries, for titanium and titanium-based alloys, precision forgings, seamless rolled rings, investment castings, including airfoils, and aerospace fasteners; VSMPO (Russia) for titanium and titanium-based alloys and precision forgings; ATI Inc.’s High-Performance Materials & Components segment for titanium and titanium-based alloys and precision forgings; Lisi Aerospace (France) for aerospace fasteners; and Aubert & Duval (part of Airbus, Safran, and Tikehau Capital) for precision forgings.Business (Item 1)

Accuride Corporation

competes with
Its larger aluminum wheel competitors are Accuride Corporation, Speedline (member of the Ronal Group), Nippon Steel Corporation, Dicastal North America, Inc., Alux Co., Ltd., and Wheels India Limited.Business (Item 1)

Places

Europe

earns from · 22%
Based upon the country where the point of shipment occurred, North America and Europe generated 72% and 22%, respectively, of Howmet’s sales in 2025.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

North America

earns from · 72%
Based upon the country where the point of shipment occurred, North America and Europe generated 72% and 22%, respectively, of Howmet’s sales in 2025.Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CAT, CHRW, CLS, CPB and 19 more

Whitehall, Michigan

operates in · approximately 1,865 employees
Of these eight, the largest workforce covered under a collective bargaining agreement is between Howmet and the United Autoworkers (“UAW”) at our Engine Products facility in Whitehall, Michigan.Business (Item 1)

Hazards

Russia-Ukraine war

exposed to its pricenamed as a risk
For example, as the Russia-Ukraine conflict continues, global titanium prices may continue to fluctuate.Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more

Commodities and inputs

Aluminum

exposed to its pricenamed as a risk
The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Natural gas

exposed to its pricenamed as a risk
Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high volatility and increasing prices for crude oil, natural gas, and other energy supplies.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Nickel

exposed to its pricenamed as a risk
The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.Risk factors (Item 1A)

Also named by ALSN, ATI, BWA, CRS, FLS, HON, LNG, MOD and 4 more

Titanium

exposed to its pricenamed as a risk
For example, as the Russia-Ukraine conflict continues, global titanium prices may continue to fluctuate.Risk factors (Item 1A)

Also named by BA, CRS, HON, RTX, ZBH

Cobalt

exposed to its pricenamed as a risk
The costs of certain raw materials (including, but not limited to, nickel, titanium, aluminum, cobalt, and superalloy materials) necessary for the manufacture of Howmet’s products and other manufacturing and operating costs are influenced by market forces, including inflation, supply and demand, and shortages.Risk factors (Item 1A)

Also named by ATI, BDX, CRS, RTX, SWK

Titanium sponge

depends onnamed as a risk
For certain raw materials and services, we depend on a number of limited source or sole source suppliers, such as for titanium sponge and specialized metal alloys.Risk factors (Item 1A)

Also named by ATI

Regulators

Federal Aviation Administration (FAA)

named as a risk
For example, quality control issues at The Boeing Company (“Boeing”) relating to which the Federal Aviation Administration did not approve production rate increases for the Boeing 737 MAX until October 2025 and a Boeing labor union work stoppage in late 2024 negatively impacted narrow body and wide body production rates.Risk factors (Item 1A)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more

Laws and programs

U.S. tariffs (2025-2026 executive orders)

subject tonamed as a risk
The global trade landscape is growing more volatile, including as a result of 2025 and early 2026 executive orders in the U.S. for the imposition of new tariffs, the retaliatory counter measures by other countries and the likelihood and unpredictability of further tariffs and related countermeasures.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

International Traffic in Arms Regulations (ITAR)

subject tonamed as a risk
Although the effect of any of the foregoing factors is difficult to predict, any one or more of them could adversely affect Howmet’s business, financial condition, or results of operations.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

U.S. government contracting regulations

subject tonamed as a risk
Compliance with new laws and regulations or changes to existing ones (including, but not limited to, those related to subcontracting, cybersecurity, and specialty metals) can increase our risks and/or costs.Risk factors (Item 1A)

Also named by FIX, PBI, PRM, SNA

OECD Pillar 2

subject tonamed as a risk
Changes in applicable domestic or foreign tax laws and regulations, including the Organization for Economic Cooperation and Development’s Pillar 2 framework and related safe harbors, or their interpretation and application, could affect the Company’s tax expense and profitability.Risk factors (Item 1A)

Also named by SYK

Cybersecurity Maturity Model Certification (CMMC)

subject to
Howmet has implemented a multi-faceted cybersecurity risk management framework, which includes progressing toward alignment with cybersecurity standards published by the National Institute of Standards and Technology (NIST) and International Organization for Standardization 27001 (ISO 27001) Framework, and achievement of the U.S. Department of War (DoW) Cybersecurity Maturity Model Certification, which will require companies like Howmet that do business with the DoW to obtain specific third-party certifications relating to specified cybersecurity standards to be eligible for new contract awards.Cybersecurity (Item 1C)

Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, KTOS and 15 more