Revenue surged 53.8% year-over-year to $2.7B in 2026Q2, but gross margin contracted to 12.7% from 26.4% in 2024Q4, indicating cost pressures and operating leverage challenges.
Constellium SE (CSTM) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 9.58B | 8.45B | 7.08B | 7.11B | 7.93B | 6.97B | 4.88B | 4.88B | 5.69B | 5.24B | 4.74B | 5.15B | 3.67B | 3.5B | 3.61B | 3.56B | 2.95B |
| Revenue Growth % | 42% | 19.28% | -0.39% | -10.31% | 13.83% | 42.65% | 0% | -14.12% | 8.57% | 10.42% | -7.96% | 40.56% | 4.89% | -3.19% | 1.52% | 20.56% | - |
| Cost of Goods Sold | 8.32B | 7.59B | 6.18B | 6.15B | 7.03B | 6.21B | 4.39B | 4.39B | 5.15B | 4.68B | 4.21B | 4.7B | 3.18B | 3.02B | 3.14B | 3.24B | 2.71B |
| COGS % of Revenue | - | 89.86% | 87.21% | 86.52% | 88.71% | 89.21% | 89.97% | 89.97% | 90.54% | 89.4% | 88.72% | 91.27% | 86.82% | 86.52% | 86.87% | 91.09% | 91.82% |
| Gross Profit | 1.26B | 857M | 905.83M | 958.68M | 894.89M | 751.79M | 490M | 490M | 538M | 555M | 535M | 450M | 483M | 471M | 474M | 317M | 241.39M |
| Gross Margin % | 13.15% | 10.14% | 12.79% | 13.48% | 11.29% | 10.79% | 10.03% | 10.03% | 9.46% | 10.6% | 11.28% | 8.73% | 13.18% | 13.48% | 13.13% | 8.91% | 8.18% |
| Gross Profit Growth % | - | -5.39% | -5.51% | 7.13% | 19.03% | 53.43% | 0% | -8.92% | -3.06% | 3.74% | 18.89% | -6.83% | 2.55% | -0.63% | 49.53% | 31.32% | - |
| Operating Expenses | 620M | 383M | 643.16M | 607.92M | 576.15M | 203.8M | 365M | 365M | 134M | 217M | 268M | 876M | 333M | 262M | 211M | 380M | 243.38M |
| OpEx % of Revenue | - | 4.53% | 9.08% | 8.55% | 7.27% | 2.93% | 7.47% | 7.47% | 2.36% | 4.14% | 5.65% | 17% | 9.08% | 7.5% | 5.84% | 10.69% | 8.25% |
| Selling, General & Admin | 361M | 332M | 302.26M | 288.06M | 263.91M | 292.11M | 237M | 237M | 247M | 247M | 253M | 245M | 200M | 210M | 212M | 216M | 190.52M |
| SG&A % of Revenue | - | 3.93% | 4.27% | 4.05% | 3.33% | 4.19% | 4.85% | 4.85% | 4.34% | 4.72% | 5.33% | 4.75% | 5.46% | 6.01% | 5.87% | 6.07% | 6.46% |
| Research & Development | 53M | 51M | 47.32M | 47.25M | 42.75M | 44.16M | 39M | 39M | 40M | 36M | 31M | 35M | 38M | 36M | 36M | 33M | 52.87M |
| R&D % of Revenue | - | 0.6% | 0.67% | 0.66% | 0.54% | 0.63% | 0.8% | 0.8% | 0.7% | 0.69% | 0.65% | 0.68% | 1.04% | 1.03% | 1% | 0.93% | 1.79% |
| Other Operating Expenses | 2M | 0 | 293.57M | 272.61M | 269.49M | -132.47M | 89M | 89M | -153M | -66M | -16M | 596M | 95M | 16M | -37M | 131M | 0 |
| Operating Income | 639M | 474M | 262.67M | 350.76M | 318.74M | 547.99M | 125M | 125M | 404M | 338M | 267M | -426M | 150M | 209M | 263M | -63M | -1.99M |
| Operating Margin % | 6.67% | 5.61% | 3.71% | 4.93% | 4.02% | 7.87% | 2.56% | 2.56% | 7.11% | 6.45% | 5.63% | -8.27% | 4.09% | 5.98% | 7.29% | -1.77% | -0.07% |
| Operating Income Growth % | - | 80.45% | -25.11% | 10.05% | -41.84% | 338.4% | 0% | -69.06% | 19.53% | 26.59% | 162.68% | -384% | -28.23% | -20.53% | 517.46% | -3058.01% | - |
| EBITDA | 976M | 804M | 556.24M | 623.37M | 588.23M | 850.3M | 384M | 381M | 601M | 509M | 422M | -286M | 199M | 241M | 277M | -61M | 35.91M |
| EBITDA Margin % | 10.19% | 9.52% | 7.85% | 8.77% | 7.42% | 12.21% | 7.86% | 7.8% | 10.57% | 9.72% | 8.9% | -5.55% | 5.43% | 6.9% | 7.67% | -1.72% | 1.22% |
| EBITDA Growth % | 93.23% | 44.54% | -10.77% | 5.97% | -30.82% | 121.43% | 0.79% | -36.61% | 18.07% | 20.62% | 247.55% | -243.72% | -17.43% | -13% | 554.1% | -269.88% | - |
| D&A (Non-Cash Add-back) | 337M | 330M | 293.57M | 272.61M | 269.49M | 302.3M | 259M | 256M | 197M | 171M | 155M | 140M | 49M | 32M | 14M | 2M | 37.9M |
| EBIT | 729M | 522M | 229.84M | 308.05M | 231.39M | 500.44M | 108M | 108M | 356M | 209M | 250M | -443M | 121M | 166M | 227M | -169M | -1.99M |
| Net Interest Income | -85M | -114M | -112M | -99M | -126.12M | -154.84M | -174.42M | -189.15M | -144.6M | -245.74M | -189.16M | -140M | -29M | -52M | -38.01M | -33M | -3.99M |
| Interest Income | 0 | 0 | 0 | 16M | 0 | 0 | 0 | 0 | 7.23M | 6.75M | 5.53M | 1M | 0 | 2M | 3.9M | 2M | 1.99M |
| Interest Expense | 85M | 114M | 112M | 115M | 126.12M | 154.84M | 174.42M | 189.15M | 151.83M | 252.48M | 194.69M | 141M | 29M | 54M | 41.91M | 35M | 5.98M |
| Other Income/Expense | 137M | -66M | -132.3M | -139.94M | -179.35M | -189.08M | -159M | -159M | -182M | -289M | -202M | -158M | -59M | -74M | -68M | -141M | -250.36M |
| Pretax Income | 776M | 408M | 130.37M | 210.82M | 139.39M | 358.91M | -34M | -34M | 222M | 49M | 65M | -584M | 91M | 135M | 195M | -204M | -252.36M |
| Pretax Margin % | 8.1% | 4.83% | 1.84% | 2.96% | 1.76% | 5.15% | -0.7% | -0.7% | 3.9% | 0.94% | 1.37% | -11.33% | 2.48% | 3.86% | 5.4% | -5.74% | -8.56% |
| Income Tax | 231M | 133M | 72.43M | 68.15M | -153.33M | 62.27M | -17M | -17M | 32M | 80M | 69M | -32M | 37M | 39M | 46M | -34M | -43.89M |
| Effective Tax Rate % | 29.77% | 32.6% | 55.56% | 32.33% | -110% | 17.35% | 50% | 50% | 14.41% | 163.27% | 106.15% | 5.48% | 40.66% | 28.89% | 23.59% | 16.67% | 17.39% |
| Net Income | 545M | 273M | 54.08M | 138.12M | 286.22M | 290.98M | -21M | -21M | 188M | -31M | -4M | -554M | 51M | 98M | 139M | -179M | -206.47M |
| Net Margin % | 5.69% | 3.23% | 0.76% | 1.94% | 3.61% | 4.18% | -0.43% | -0.43% | 3.31% | -0.59% | -0.08% | -10.75% | 1.39% | 2.8% | 3.85% | -5.03% | -7% |
| Net Income Growth % | 1796.94% | 404.82% | -60.85% | -51.74% | -1.64% | 1485.62% | 0% | -111.17% | 706.45% | -675% | 99.28% | -1186.27% | -47.96% | -29.5% | 177.65% | 13.31% | - |
| Net Income (Continuing) | 545M | 275M | 57.94M | 142.67M | 292.72M | 296.64M | -17M | -17M | 190M | -31M | -4M | -552M | 54M | 96M | 149M | -170M | -208.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | -8M | -8M | 1.99M |
| Minority Interest | 8M | 18.99M | 21M | 21.02M | 22.41M | 19.33M | 17.13M | 12.35M | 8M | 8M | 9M | 11M | 6M | 4M | 4M | 2M | 2.02M |
| EPS (Diluted) | 3.89 | 1.92 | 0.37 | 0.84 | 1.96 | 1.75 | -0.15 | 0.41 | 1.36 | -0.28 | -0.04 | -5.25 | 0.48 | 0.99 | 1.35 | -1.74 | 0.00 |
| EPS Growth % | 1182.56% | 418.92% | -55.95% | -57.14% | 12% | 1266.67% | -136.59% | -69.85% | 585.71% | -638.79% | 99.28% | -1193.75% | -51.52% | -26.67% | 177.59% | - | - |
| EPS (Basic) | - | 1.95 | 0.37 | 0.84 | 2.00 | 1.82 | -0.15 | 0.43 | 1.40 | -0.28 | -0.04 | -5.27 | 0.48 | 1.00 | 1.35 | -1.74 | 0.00 |
| Diluted Shares Outstanding | 140.15M | 141.94M | 147.44M | 149.24M | 146.61M | 147.17M | 138.74M | 142.65M | 138.15M | 110.16M | 105.5M | 105.48M | 105.33M | 98.89M | 102.78M | 102.78M | 0 |
| Basic Shares Outstanding | 135.87M | 139.68M | 145.49M | 148.81M | 143.63M | 141M | 138.74M | 136.86M | 134.76M | 110.16M | 105.5M | 105.1M | 104.64M | 98.22M | 102.78M | 102.78M | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 150% | - | - | - |
Quick answers to the most common questions about buying CSTM stock.
For fiscal year 2025, Constellium SE (CSTM) reported total revenue of $8.45B. This represents a 186.5% increase compared to $2.95B in 2010.
Constellium SE (CSTM) is profitable, generating $273.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
Constellium SE (CSTM) reported an operating income of $474.0M, resulting in an operating profit margin of 5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Constellium SE (CSTM) generated $857.0M in gross profit for the year, representing a gross profit margin of 10.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
European energy price volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Revenue surged 53.8% year-over-year in 2026Q2 to $2.7B, according to the latest quarterly report, marking a clear acceleration from the prior quarter's 36.6% growth and signaling robust demand across segments.
The sequential acceleration from 36.6% to 53.8% growth suggests that the company is benefiting from a broad-based recovery in aerospace and automotive demand, as well as favorable pricing pass-through. However, investors should note that revenue growth is partly driven by aluminum price inflation, which may not translate directly into profitability. The sustainability of this growth will depend on continued strength in aircraft build rates and EV adoption.
Gross Margin Volatility Reflects Cost Pressures
Gross margin swung from 26.4% in 2024Q4 to 12.7% in 2026Q2, as per financial statements, indicating significant volatility likely driven by energy costs and metal price lags, with the latest quarter below the 10-quarter average.
The wide fluctuation in gross margin, from a high of 26.4% to a low of 10.6%, underscores the company's exposure to input cost volatility, particularly energy prices in Europe. The pass-through pricing model for aluminum helps stabilize margins, but energy costs are not fully hedged, leading to compression. The recent 12.7% margin is below the peer average of 12.2%, suggesting that CSTM may be facing higher structural costs or less favorable product mix. Management's focus on higher-margin aerospace and automotive structures could help improve margins over time, but near-term volatility is likely to persist.
Operating Leverage Emerges in Recovery
Operating income jumped from $72.2M in 2025Q2 to $110.0M in 2026Q2, a 52% increase, while revenue grew 53.8%, indicating that operating leverage is beginning to kick in as fixed costs are spread over a larger revenue base.
The operating margin improved from 4.0% to 4.0% year-over-year, but the absolute increase in operating income is notable. SG&A expenses grew only 41.7% compared to revenue growth of 53.8%, suggesting that overhead costs are not scaling proportionally, which is a positive sign for operating leverage. However, the operating margin remains thin at 4.0%, and the company's high fixed-cost structure means that any downturn in demand could quickly erode profitability. Investors should monitor whether this leverage can be sustained as revenue growth normalizes.
Earnings Quality Boosted by Non-Operating Items
Net income of $146.0M in 2026Q2 exceeded operating income of $110.0M, as reported in the income statement, indicating significant non-operating gains that may not be recurring, warranting scrutiny of earnings quality.
The fact that net income is higher than operating income suggests that the company benefited from items such as tax credits, interest income, or gains on derivatives. This is a red flag for earnings quality, as these items are often volatile and not indicative of core operational performance. The effective tax rate appears to be negative or very low, which may be due to one-time tax benefits. Investors should adjust for these non-operating items to assess the true earning power of the business. The lack of stock-based compensation in recent quarters is also notable, but it may be due to data unavailability rather than a real change.
COGS Dominates Cost Structure
COGS averaged 86.5% of revenue over the last ten quarters, as per financial data, reflecting the pass-through of aluminum costs, while SG&A and R&D remain relatively stable, indicating that cost control is focused on operational efficiency.
The cost structure is heavily weighted towards COGS, which is expected given the aluminum pass-through model. However, the gross margin volatility suggests that the company is not fully able to pass through all cost increases, particularly energy costs. SG&A expenses have grown modestly, from $60.2M in 2024Q3 to $101.0M in 2026Q2, but as a percentage of revenue, they have declined from 3.8% to 3.7%, indicating some discipline. R&D spending has also been relatively stable, but the company may need to increase investment in new product development to maintain its competitive edge in aerospace and automotive structures.
2024Q4 Marks a Turning Point
The most significant inflection occurred in 2024Q4, when revenue fell 26.1% year-over-year and net income turned negative at -$41.9M, as per the income statement, marking the trough before a strong recovery.
The 2024Q4 quarter was clearly the low point, with a sharp revenue decline and a net loss, likely due to a combination of weak demand and high costs. Since then, the company has staged a remarkable recovery, with revenue growing sequentially and net income turning positive. This inflection suggests that the company has successfully navigated a cyclical downturn and is now benefiting from a recovery in its end markets. The lasting impact is that the company has emerged with a leaner cost structure and improved operational efficiency, as evidenced by the strong operating leverage in recent quarters. However, the sustainability of this recovery remains uncertain given the macroeconomic headwinds.
What Could Invalidate the Base Case
Despite record EBITDA in 2026Q2, the reported Debt/Equity of 2.00% appears anomalous and may signal a data error or undisclosed leverage, while European energy volatility could compress margins, challenging the recovery narrative.
Short-sellers might argue that the recent earnings strength is not sustainable, given that net income in 2026Q2 exceeded operating income, suggesting reliance on non-operating items. Additionally, the gross margin of 12.7% remains below the 10-quarter average, and the company's high fixed-cost structure makes it vulnerable to any demand slowdown. The reported Debt/Equity of 2.00% is implausibly low for a capital-intensive firm, which could indicate either a massive de-leveraging or a data anomaly; if the latter, the true leverage could be much higher, posing a risk to the balance sheet. Furthermore, persistent European energy price volatility could erode margins, especially if hedging is insufficient. Investors should monitor whether the record Q2 performance can be replicated in H2 2026, given management's own acknowledgment of macroeconomic and geopolitical uncertainties.