Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 2026

Carpenter Technology Corp (CRS)

A forensic read on Carpenter Technology Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

17.6

Distress distance

Clean

Earnings quality

Forensic signals

59.6

P / E (ttm)

19.9%

ROE

$27.9B

Market cap

0.14%

Dividend yield

4.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Carpenter Technology Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 17.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+1.5%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +5% over the last 3 years to FY2025 (+1.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.

132d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 115 to 132 FY2024→FY2025 (against cost of goods sold; inventory +8% vs -3% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

$102M

FY2020–FY2024

Goodwill impairments. Took $102M of goodwill writedowns across 3 years (FY2020 ($35M), FY2021 ($53M), FY2024 ($14M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$2.88B

Revenue Growth YoY+4.3%

Revenue CAGR (3yr)+16.1%

Net Margin13.1%

Free Cash Flow$286.1M

Return on Equity19.9%

Debt / Equity0.37x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.