Revenue growth remains inconsistent with quarterly fluctuations, while operating margins exhibit significant variance, peaking at 14.3% in 2024Q2 before compressing to 1.9% in 2024Q4.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.93B | 1.89B | 1.9B | 1.79B | 1.58B | 1.32B | 1.5B | 2.36B | 2.19B | 1.97B | 2B | 1.86B | 1.86B | 1.68B | 1.58B | 1.39B | 1.17B | 1.11B | 1.32B | 1.17B | 1.19B | 1.16B | 1.07B | 896.9M | 850.8M | 1.01B | 1.06B | 1.15B | 1.09B | 936.9M | 695.3M |
| Revenue Growth % | 2.37% | -0.48% | 6.37% | 13.39% | 19.1% | -11.83% | -36.22% | 7.61% | 10.94% | -1.55% | 7.69% | 0.31% | 10.56% | 6.34% | 13.34% | 18.64% | 5.89% | -16.35% | 13.13% | -1.84% | 2.73% | 8.09% | 19.8% | 5.42% | -15.71% | -4.39% | -8.32% | 5.74% | 16.23% | 34.75% | 98.54% |
| Cost of Goods Sold | 1.47B | 1.46B | 1.43B | 1.36B | 1.22B | 1.07B | 1.26B | 1.72B | 1.61B | 1.42B | 1.44B | 1.33B | 1.35B | 1.22B | 1.17B | 1.05B | 891M | 859.8M | 1.04B | 888.1M | 928.3M | 907.2M | 845.4M | 722.4M | 689.5M | 818.6M | 824.3M | 847.7M | 770.3M | 678.4M | 527.2M |
| COGS % of Revenue | - | 77.04% | 75.31% | 75.79% | 77.37% | 81.12% | 84.05% | 72.81% | 73.47% | 72.04% | 71.83% | 71.37% | 72.58% | 72.95% | 74.23% | 75.43% | 75.92% | 77.58% | 78.17% | 75.83% | 77.81% | 78.11% | 78.68% | 80.54% | 81.04% | 81.1% | 78.08% | 73.62% | 70.73% | 72.41% | 75.82% |
| Gross Profit | 467.1M | 434.8M | 469.8M | 433.2M | 357.1M | 250.1M | 239.7M | 640.4M | 580.8M | 551.8M | 564.6M | 532.8M | 508.8M | 454M | 406.7M | 342.1M | 282.6M | 248.5M | 289.2M | 283M | 264.8M | 254.2M | 229.1M | 174.5M | 161.3M | 190.8M | 231.4M | 303.8M | 318.7M | 258.5M | 168.1M |
| Gross Margin % | 24.18% | 22.96% | 24.69% | 24.21% | 22.63% | 18.88% | 15.95% | 27.19% | 26.53% | 27.96% | 28.17% | 28.63% | 27.42% | 27.05% | 25.77% | 24.57% | 24.08% | 22.42% | 21.83% | 24.17% | 22.19% | 21.89% | 21.32% | 19.46% | 18.96% | 18.9% | 21.92% | 26.38% | 29.27% | 27.59% | 24.18% |
| Gross Profit Growth % | - | -7.45% | 8.45% | 21.31% | 42.78% | 4.34% | -62.57% | 10.26% | 5.26% | -2.27% | 5.97% | 4.72% | 12.07% | 11.63% | 18.88% | 21.05% | 13.72% | -14.07% | 2.19% | 6.87% | 4.17% | 10.96% | 31.29% | 8.18% | -15.46% | -17.55% | -23.83% | -4.68% | 23.29% | 53.78% | 113.6% |
| Operating Expenses | 272.2M | 263.2M | 283.7M | 217.9M | 181.9M | 198.3M | 225.6M | 215.2M | 209.6M | 201.2M | 204.5M | 200.4M | 203M | 183.1M | 157.9M | 150.1M | 152.8M | 137.3M | 154.5M | 160.8M | 143.6M | 147.1M | 137.4M | 112.7M | 100.6M | 448.6M | 145.1M | 234.9M | 201.7M | 181.9M | 165.3M |
| OpEx % of Revenue | - | 13.9% | 14.91% | 12.18% | 11.53% | 14.97% | 15.02% | 9.14% | 9.57% | 10.2% | 10.2% | 10.77% | 10.94% | 10.91% | 10.01% | 10.78% | 13.02% | 12.39% | 11.66% | 13.73% | 12.04% | 12.67% | 12.79% | 12.57% | 11.82% | 44.44% | 13.74% | 20.4% | 18.52% | 19.42% | 23.77% |
| Selling, General & Admin | 175.1M | 169M | 176.6M | 163.8M | 148M | 135M | 121.1M | 158.7M | 146M | 151.8M | 157.6M | 156.1M | 149.1M | 141.4M | 130.7M | 120.5M | 118.5M | 107.2M | 112.9M | 114M | 113.2M | 106.6M | 113.1M | 95M | 85.9M | 120.9M | 123.9M | 148.8M | 130.6M | 127.7M | 138.6M |
| SG&A % of Revenue | - | 8.92% | 9.28% | 9.16% | 9.38% | 10.19% | 8.06% | 6.74% | 6.67% | 7.69% | 7.86% | 8.39% | 8.04% | 8.43% | 8.28% | 8.65% | 10.1% | 9.67% | 8.52% | 9.73% | 9.49% | 9.18% | 10.53% | 10.59% | 10.1% | 11.98% | 11.74% | 12.92% | 11.99% | 13.63% | 19.93% |
| Research & Development | 60.4M | 56.4M | 57.1M | 52.7M | 45.8M | 45.1M | 46.6M | 56.5M | 55.9M | 49.4M | 46.9M | 44.3M | 47.9M | 41.7M | 36.7M | 32.6M | 30.8M | 30.1M | 31.4M | 34.2M | 30.4M | 25.4M | 21.3M | 17.7M | 14.7M | 18.6M | 21.2M | 24.8M | 23.6M | 18.4M | 0 |
| R&D % of Revenue | - | 2.98% | 3% | 2.95% | 2.9% | 3.4% | 3.1% | 2.4% | 2.55% | 2.5% | 2.34% | 2.38% | 2.58% | 2.48% | 2.33% | 2.34% | 2.62% | 2.72% | 2.37% | 2.92% | 2.55% | 2.19% | 1.98% | 1.97% | 1.73% | 1.84% | 2.01% | 2.15% | 2.17% | 1.96% | - |
| Other Operating Expenses | 3M | 37.8M | 50M | 1.4M | -11.9M | 18.2M | 57.9M | 0 | 7.7M | 0 | -400K | 0 | -500K | -1M | -1.1M | -3M | 3.5M | 0 | 10.2M | 12.6M | 0 | 15.1M | 3M | 0 | 0 | 309.1M | 0 | 61.3M | 47.5M | 35.8M | 26.7M |
| Operating Income | 184.1M | 171.6M | 186.1M | 215.3M | 175.2M | 51.8M | 14.1M | 425.2M | 371.2M | 350.6M | 360.1M | 332.4M | 305.8M | 270.9M | 248.8M | 192M | 129.8M | 103.7M | 134.7M | 122.2M | 121.2M | 107.1M | 91.7M | 61.8M | 60.7M | -257.8M | 86.3M | 68.9M | 117M | 76.6M | 2.8M |
| Operating Margin % | 9.53% | 9.06% | 9.78% | 12.03% | 11.1% | 3.91% | 0.94% | 18.05% | 16.96% | 17.77% | 17.97% | 17.86% | 16.48% | 16.14% | 15.76% | 13.79% | 11.06% | 9.36% | 10.17% | 10.43% | 10.16% | 9.22% | 8.53% | 6.89% | 7.13% | -25.54% | 8.17% | 5.98% | 10.74% | 8.18% | 0.4% |
| Operating Income Growth % | - | -7.79% | -13.56% | 22.89% | 238.22% | 267.38% | -96.68% | 14.55% | 5.88% | -2.64% | 8.33% | 8.7% | 12.88% | 8.88% | 29.58% | 47.92% | 25.17% | -23.01% | 10.23% | 0.83% | 13.17% | 16.79% | 48.38% | 1.81% | 123.55% | -398.73% | 25.25% | -41.11% | 52.74% | 2635.71% | -84.27% |
| EBITDA | 305.8M | 293.9M | 310.1M | 340.1M | 301.4M | 189.8M | 154.9M | 566.8M | 494.2M | 455.1M | 453.7M | 408.8M | 377M | 330.2M | 306M | 247.3M | 183M | 155.2M | 180.3M | 163.7M | 166.2M | 156.4M | 147M | 117.5M | 107.9M | -194.6M | 145M | 130.2M | 164.5M | 112.4M | 29.5M |
| EBITDA Margin % | 15.83% | 15.52% | 16.3% | 19.01% | 19.1% | 14.33% | 10.31% | 24.06% | 22.58% | 23.06% | 22.64% | 21.96% | 20.32% | 19.68% | 19.39% | 17.76% | 15.59% | 14% | 13.61% | 13.98% | 13.93% | 13.47% | 13.68% | 13.1% | 12.68% | -19.28% | 13.73% | 11.31% | 15.11% | 12% | 4.24% |
| EBITDA Growth % | 1.87% | -5.22% | -8.82% | 12.84% | 58.8% | 22.53% | -72.67% | 14.69% | 8.59% | 0.31% | 10.98% | 8.43% | 14.17% | 7.91% | 23.74% | 35.14% | 17.91% | -13.92% | 10.14% | -1.5% | 6.27% | 6.39% | 25.11% | 8.9% | 155.45% | -234.21% | 11.37% | -20.85% | 46.35% | 281.02% | 0.34% |
| D&A (Non-Cash Add-back) | 121.7M | 122.3M | 124M | 124.8M | 126.2M | 138M | 140.8M | 141.6M | 123M | 104.5M | 93.6M | 76.4M | 71.2M | 59.3M | 57.2M | 55.3M | 53.2M | 51.5M | 45.6M | 41.5M | 45M | 49.3M | 55.3M | 55.7M | 47.2M | 63.2M | 58.7M | 61.3M | 47.5M | 35.8M | 26.7M |
| EBIT | 185.6M | 172.7M | 186.1M | 143.7M | 186M | 60.3M | 14.1M | 425.2M | 371.2M | 350.6M | 359.7M | 332.4M | 305.3M | 269.9M | 247.7M | 187.1M | 123M | 103.7M | 134.7M | 122.2M | 103.3M | 87.2M | 86.6M | 61.8M | 60.7M | -257.8M | 86.3M | 68.9M | 117M | 76.6M | 2.8M |
| Net Interest Income | -41.7M | -37.7M | -31.2M | -34M | -36.2M | -38.3M | -41.8M | -45.5M | -37.7M | -27.4M | -22.1M | -14.2M | -8M | -7.3M | -10M | -11.6M | -23.2M | -26.1M | 20.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 41.7M | 37.7M | 31.2M | 34M | 36.2M | 38.3M | 41.8M | 45.5M | 37.7M | 27.4M | 22.1M | 14.2M | 8M | 7.3M | 10M | 11.6M | 23.2M | 26.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.3M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -39.6M | -36.6M | -31.2M | -97.5M | -17.3M | -29.8M | -43.4M | -41.8M | -37.7M | -27.4M | -22.5M | -14.2M | -8.5M | -8.3M | -11.1M | -16.5M | -30M | -26.1M | -24M | -29.8M | -33.6M | -80M | -49.9M | -58M | -53M | -123.2M | -5.8M | -93.9M | -38.2M | -25.9M | -18.6M |
| Pretax Income | 144.5M | 135M | 154.9M | 117.8M | 157.9M | 22M | -29.3M | 383.4M | 333.5M | 323.2M | 337.6M | 318.2M | 297.3M | 262.6M | 237.7M | 175.5M | 99.8M | 77.6M | 110.7M | 92.4M | 94.1M | 29.4M | 38.9M | 3.8M | 7.7M | -381M | 80.5M | -25M | 78.8M | 50.7M | -15.8M |
| Pretax Margin % | 7.48% | 7.13% | 8.14% | 6.58% | 10.01% | 1.66% | -1.95% | 16.28% | 15.23% | 16.38% | 16.84% | 17.1% | 16.02% | 15.65% | 15.06% | 12.6% | 8.5% | 7% | 8.36% | 7.89% | 7.89% | 2.53% | 3.62% | 0.42% | 0.91% | -37.75% | 7.63% | -2.17% | 7.24% | 5.41% | -2.27% |
| Income Tax | 26.8M | 25.6M | 22.8M | 12.1M | 31.6M | 5.9M | -61M | 76.8M | 62.5M | 42.5M | 90.3M | 83M | 89.3M | 76M | 74.1M | 41.6M | 22.9M | 22M | 15.6M | 33.4M | 34.1M | -108.3M | 11.2M | 13.5M | 11.3M | 40.5M | 26.3M | -1.7M | 28.4M | -22.9M | 3.4M |
| Effective Tax Rate % | 18.55% | 18.96% | 14.72% | 10.27% | 20.01% | 26.82% | 208.19% | 20.03% | 18.74% | 13.15% | 26.75% | 26.08% | 30.04% | 28.94% | 31.17% | 23.7% | 22.95% | 28.35% | 14.09% | 36.15% | 36.24% | -368.37% | 28.79% | 355.26% | 146.75% | -10.63% | 32.67% | 6.8% | 36.04% | -45.17% | -21.52% |
| Net Income | 117.7M | 109.4M | 132.1M | 105.7M | 126.3M | 16.1M | 31.7M | 306.6M | 276.6M | 284M | 249.8M | 237.2M | 209.4M | 187.9M | 164.3M | 135.5M | 77.4M | 56.3M | 111.2M | 61.3M | 65.9M | 141.3M | 28.8M | -11.1M | -13.6M | -433.7M | 54.2M | -23.3M | 50.4M | 73.6M | -19.2M |
| Net Margin % | 6.09% | 5.78% | 6.94% | 5.91% | 8.01% | 1.22% | 2.11% | 13.02% | 12.64% | 14.39% | 12.46% | 12.74% | 11.29% | 11.2% | 10.41% | 9.73% | 6.6% | 5.08% | 8.39% | 5.23% | 5.52% | 12.17% | 2.68% | -1.24% | -1.6% | -42.97% | 5.13% | -2.02% | 4.63% | 7.86% | -2.76% |
| Net Income Growth % | -5.46% | -17.18% | 24.98% | -16.31% | 684.47% | -49.21% | -89.66% | 10.85% | -2.61% | 13.69% | 5.31% | 13.28% | 11.44% | 14.36% | 21.25% | 75.06% | 37.48% | -49.37% | 81.4% | -6.98% | -53.36% | 390.63% | 359.46% | 18.38% | 96.86% | -900.18% | 332.62% | -146.23% | -31.52% | 483.33% | -811.11% |
| Net Income (Continuing) | 117.7M | 109.4M | 132.1M | 105.7M | 126.3M | 16.1M | 31.7M | 306.6M | 276.6M | 284M | 249.8M | 237.2M | 209.4M | 187.9M | 163.6M | 133.9M | 76.9M | 56.3M | 95.1M | 63.3M | 45M | 136.2M | 27.7M | -11.1M | -13.6M | -431M | 54.2M | -23.3M | 50.4M | 73.6M | -19.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.53 | 1.37 | 1.59 | 1.24 | 1.49 | 0.19 | 0.38 | 3.57 | 3.11 | 3.09 | 2.65 | 2.44 | 2.12 | 1.84 | 1.61 | 1.35 | 0.77 | 0.57 | 1.14 | 0.64 | 0.69 | 1.51 | 0.31 | -0.29 | -0.35 | -11.53 | 1.32 | -0.64 | 1.24 | 1.74 | -0.58 |
| EPS Growth % | 1.28% | -13.84% | 28.23% | -16.78% | 684.21% | -50% | -89.36% | 14.79% | 0.65% | 16.6% | 8.61% | 15.09% | 15.22% | 14.29% | 19.26% | 75.32% | 35.09% | -50% | 78.13% | -7.25% | -54.3% | 387.1% | 206.9% | 17.14% | 96.96% | -973.48% | 306.25% | -151.61% | -28.74% | 400% | -441.18% |
| EPS (Basic) | - | 1.38 | 1.61 | 1.25 | 1.50 | 0.19 | 0.38 | 3.61 | 3.15 | 3.13 | 2.69 | 2.48 | 2.16 | 1.88 | 1.64 | 1.37 | 0.79 | 0.58 | 1.15 | 0.65 | 0.71 | 1.84 | 0.09 | -0.29 | -0.35 | -11.53 | 1.47 | -0.64 | 1.38 | 2.00 | -0.58 |
| Diluted Shares Outstanding | 76.7M | 80M | 83M | 85.5M | 85M | 84.6M | 84M | 85.8M | 89M | 91.9M | 94.2M | 97.2M | 98.7M | 102.1M | 102M | 100.7M | 99.9M | 98.2M | 97.6M | 96.5M | 95.5M | 93.7M | 93.1M | 38.6M | 38.4M | 37.6M | 45.7M | 36.4M | 45.67M | 42.3M | 33.1M |
| Basic Shares Outstanding | 75.9M | 79.5M | 82.3M | 84.6M | 84.4M | 84.1M | 83.8M | 84.9M | 87.9M | 90.6M | 92.8M | 95.8M | 96.8M | 100M | 100.2M | 98.8M | 97.6M | 96.9M | 96.4M | 94.7M | 93.4M | 60M | 39.3M | 38.6M | 38.4M | 37.6M | 36.8M | 36.4M | 36.67M | 36.8M | 33.1M |
| Dividend Payout Ratio | - | 49.27% | 37.32% | 39.92% | 26.68% | - | 44.8% | 17.68% | 17.5% | 15% | 15.93% | 16.15% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Widebody production cycle sensitivity
Based on the provided quarterly data, Hexcel's revenue trajectory remains inconsistent, oscillating between 8.3% growth in 2026Q1 and a contraction of 3.3% in 2025Q1, suggesting that the company has yet to achieve a sustained recovery aligned with broader aerospace build rate improvements.
The volatility in top-line performance indicates that Hexcel's revenue is highly sensitive to specific OEM delivery schedules rather than broad market demand. Investors should monitor whether the recent 8.3% growth in 2026Q1 represents a durable inflection point or merely a timing-related anomaly in component shipments.
As reported in financial statements, Hexcel's gross margin has fluctuated within a narrow band, peaking at 27.2% in 2026Q1 but frequently dipping toward the low 20s, which highlights the company's struggle to achieve meaningful operating leverage despite its specialized position in the aerospace supply chain.
The inability to consistently expand gross margins suggests that high fixed costs associated with carbon fiber production lines continue to weigh on profitability. This may imply that the company is not yet capturing sufficient volume to offset the energy-intensive nature of its manufacturing processes.
According to recent SEC filings, Hexcel's operating income has shown significant variance, with operating margins swinging from a low of 1.9% in 2024Q4 to 14.3% in 2024Q2, indicating that SG&A and overhead costs are not scaling linearly with the company's top-line revenue fluctuations.
The lack of consistent operating leverage suggests that management may be maintaining high levels of fixed overhead in anticipation of future demand that has yet to materialize. This warrants further investigation into whether current SG&A levels are optimized for the existing revenue base or if they reflect structural inefficiencies.
Based on reported figures, Hexcel's net income has experienced extreme volatility, including a net loss in 2023Q4 and significant EPS swings, which appears to be driven by non-operating items and inconsistent tax or expense impacts rather than stable core operational performance.
The divergence between operating income and net income suggests that investors should look past headline EPS to understand the underlying cash-generating capability of the business. The impact of stock-based compensation, which reached $13.1M in 2024Q1, further complicates the assessment of true earnings quality.
While Hexcel maintains a valuation premium as a pure-play composite leader, the stagnant revenue growth and margin compression risks suggest that the market may be overestimating the company's ability to benefit from the current aerospace cycle without a significant increase in composite content per platform.
Short-term observers might focus on the lack of an aftermarket tail, which leaves Hexcel uniquely exposed to OEM production pauses compared to more diversified peers. If the industry shifts toward newer material technologies, Hexcel's current asset base may face risks of obsolescence that are not currently priced into the stock.
Quick answers to the most common questions about buying HXL stock.
For fiscal year 2025, Hexcel Corporation (HXL) reported total revenue of $1.89B. This represents a 172.4% increase compared to $695.3M in 1996.
Hexcel Corporation (HXL) is profitable, generating $109.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Hexcel Corporation (HXL) reported an operating income of $171.6M, resulting in an operating profit margin of 9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Hexcel Corporation (HXL) generated $434.8M in gross profit for the year, representing a gross profit margin of 23.0%. This demonstrates the company's core pricing power and production efficiency.