Forensic Analysis · Chemicals · as of Nov 9, 2026

Hexcel Corp /De/ (HXL)

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

B · Sound & dependable

Forensic grade

Safe

Financial health

5.1

Distress distance

Clean

Earnings quality

Forensic signals

7.9%

ROE

-0.5%

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 (auditor quality, say on pay, board independence, going concern). 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.

Hexcel Corp /De/ earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 5.1, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

323% of FCF

FY2025

Shareholder returns. Returned $508M to shareholders (buybacks + dividends) in FY2025 — 323% of free cash flow. That is $351M (223%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash fell $54M and total debt rose $292M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $14M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 332%.

6.1%

FY2025

Return on invested capital. Return on invested capital is 6.1% in the latest fiscal year and slipping across FY2023–FY2025 from 8.1%. After-tax operating profit was $192M in FY2023 and $139M in FY2025, with operating income at 12.0% of revenue in FY2023, 9.8% in FY2024 and 9.1% in FY2025. The capital base behind it went from $2.4B in FY2023 to $2.3B in FY2025 (-4%), while the revenue it carried went from $1.8B to $1.9B.

Key fundamentals

Latest Revenue$1.89B

Revenue Growth YoY-0.5%

Revenue CAGR (2yr)+2.9%

Net Margin5.8%

Free Cash Flow$157.2M

Return on Equity7.9%

Debt / Equity0.79x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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