Howmet Aerospace dividend
Howmet Aerospace's latest declared quarterly dividend is $0.14 per share. Free cash flow covered shareholder payments in 2025.
How much does Howmet Aerospace pay per share?
Dividends rise in the base case from $0.60 per share in October 2027 to $0.68 in 2028 and $0.76 in 2029. The bear case holds at $0.56, while the bull case reaches $0.96. The latest declared quarterly rate is $0.14, and dividends have risen from $0.04 per share in 2021 to $0.44 in 2025. Strong free cash flow supports increases, but CAM leverage and rising capital spending compete with distributions.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 3.52 | 2.38 | 1.64 | 1.28 | 0.57 |
| − Paid to minority owners, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| − Dividends paid, per share | 0.44 | 0.26 | 0.17 | 0.10 | 0.04 |
What this means. The company's own free cash flow per share is higher because it does not subtract shares given to employees as pay; we subtract them because they reduce each existing owner's share.
Is Howmet Aerospace's dividend covered by its cash?
The starting point was difficult. In 2021, shareholder payments exceeded free cash flow by $197 million, even as Howmet repaid $1,547 million of debt and issued $700 million. Cash fell by $889 million. By 2025, shareholder payments used 61.4% of free cash flow, leaving substantial cash for debt reduction and investment.
Buybacks dominated shareholder returns. Howmet repurchased $700 million of shares in 2025, compared with $179 million of dividends, retiring approximately 4.4 million shares at an average price of about $161. It repurchased another $600 million in the first half of 2026 and $200 million in July. Buybacks reduce the share count, but they create value only if the company does not overpay.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,431 | 977 | 682 | 540 | 250 |
| − Dividends paid | 179 | 107 | 71 | 42 | 17 |
| − Share buybacks | 700 | 500 | 250 | 400 | 430 |
| = Free cash flow not paid out | 552 | 370 | 361 | 98 | |
| Paid out, % of free cash flow | 61.4% | 62.1% | 47.1% | 81.9% | 178.8% |
What this means. The company's own net debt is slightly different because it counts restricted cash, which is set aside and not freely available, while our count does not.
What could change Howmet Aerospace's dividend?
During 2027, slow qualification, supplier constraints or poor delivery performance would move the forecast toward the bear case. CAM integration costs, higher capital spending or slower debt reduction would reinforce that move.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 2,862 (2,475 / 3,164) | 3,101 (2,254 / 3,654) | 3,276 (2,448 / 4,130) |
| Dividends per share | 0.60 (0.56 / 0.64) | 0.68 (0.56 / 0.80) | 0.76 (0.56 / 0.96) |
| Net debt | 2,407 (2,409 / 2,360) | 1,336 (1,621 / 1,080) | 174 (702 / -478) |
What is Howmet Aerospace's dividend yield against its price?
At $219.75 a share on October 16, 2026, Howmet’s market value was $87,636.61 million. Its enterprise value was $91,574.61 million because enterprise value includes the operating business and the net financing claims ahead of shareholders. The difference is net debt.