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Held by 836 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $377.09 today, the market must believe free cash flow compounds 29.2%/yr for a decade (off $275.6M on the 3-yr avg basis).
On the basis ($252.6M) the requirement is 30.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 29.2% is more conservative than its 9-yr track record.
Default is 12.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt $297.4M
mean 28.1% · volatility σ 103% · implied rate exceeded in 3/7 yrs
Central path = implied 29.2%/yr growth; shaded band = ±1σ (103%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 11% of free cash flow, leaving room to grow it and fund buybacks. Last year: $40.3M dividends + $179.1M buybacks = $219.4M returned on $362.3M FCF.
2 consecutive years of dividend increases · 1%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 18%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
Where each multiple sits in its own 15-yr range · 85th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 24% against ROIC 18% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 25.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 4.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 81.3 | — | — | — | — | — | — | — |
| Gross Profit | 18.7 | 15.1 | 0.1 | 8.2 | 13.2 | 21.2 | 26.7 | 30.6 |
| R&D | 1.0 | 1.3 | 1.3 | 1.1 | 1.0 | 0.9 | 0.9 | 0.9 |
| SG&A | 8.5 | 9.2 | 12.2 | 9.5 | 8.0 | 8.3 | 8.5 | 8.1 |
| Operating Income | 10.1 | 1.2 | -16.8 | -1.4 | 5.2 | 11.7 | 18.1 | 22.5 |
| Income Tax | 2.1 | 0.2 | -4.6 | -0.8 | 0.6 | 0.9 | 3.2 | 4.0 |
| Net Income | 7.0 | 0.1 | -15.6 | -2.7 | 2.2 | 6.8 | 13.1 | 17.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CRS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $393.3M covers all $0 of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.5% on $690.7M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.12B 100.0% | $2.88B 100.0% | $2.76B 100.0% | $2.55B 100.0% | $1.84B 100.0% | $1.48B 100.0% | $2.18B 100.0% | $2.38B 100.0% | $2.16B 100.0% | $1.80B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $1.94B 81.3% | $1.78B 82.3% | $1.50B 83.3% |
| Gross Profit | $955.5M 30.6% | $768.6M 26.7% | $584.3M 21.2% | $337.3M 13.2% | $149.8M 8.2% | $1.0M 0.1% | $329.4M 15.1% | $444.8M 18.7% | $382.3M 17.7% | $300.8M 16.7% |
| Research & Development | $27.7M 0.9% | $26.1M 0.9% | $25.6M 0.9% | $24.4M 1.0% | $20.4M 1.1% | $19.7M 1.3% | $28.0M 1.3% | $23.3M 1.0% | $19.3M 0.9% | $16.9M 0.9% |
| Selling, General & Admin | $253.5M 8.1% | $243.2M 8.5% | $230.2M 8.3% | $204.2M 8.0% | $174.7M 9.5% | $180.2M 12.2% | $201.0M 9.2% | $203.4M 8.5% | $193.0M 8.9% | $176.1M 9.8% |
| Operating Income | $702.0M 22.5% | $521.8M 18.1% | $323.1M 11.7% | $133.1M 5.2% | -$24.9M -1.4% | -$248.6M -16.8% | $25.3M 1.2% | $241.4M 10.1% | $189.3M 8.8% | $121.5M 6.8% |
| Interest Expense | $37.8M 1.2% | $48.4M 1.7% | $51.0M 1.8% | $54.1M 2.1% | $44.9M 2.4% | $32.7M 2.2% | $19.8M 0.9% | $26.0M 1.1% | $28.3M 1.3% | $29.8M 1.7% |
| Other Income (Expense), net | $7.6M 0.2% | -$6.1M -0.2% | -$60.5M -2.2% | -$6.5M -0.3% | $12.7M 0.7% | -$8.4M -0.6% | $600K 0.0% | $600K 0.0% | -$800K -0.0% | -$21.5M -1.2% |
| Pretax Income | $656.2M 21.0% | $467.3M 16.2% | $211.6M 7.7% | $72.5M 2.8% | -$63.1M -3.4% | -$297.9M -20.2% | $6.1M 0.3% | $216.0M 9.1% | $160.2M 7.4% | $70.2M 3.9% |
| Income Tax Expense | $126.4M 4.0% | $91.3M 3.2% | $25.1M 0.9% | $16.1M 0.6% | -$14.0M -0.8% | -$68.3M -4.6% | $4.6M 0.2% | $49.0M 2.1% | -$28.3M -1.3% | $23.2M 1.3% |
| Net Income | $530.0M 17.0% | $376.0M 13.1% | $187.0M 6.8% | $56.0M 2.2% | -$49.0M -2.7% | -$229.6M -15.6% | $1.5M 0.1% | $167.0M 7.0% | $188.5M 8.7% | $47.0M 2.6% |
| Per Share | ||||||||||
| EPS (Basic) | $10.59 | $7.50 | $3.75 | $1.15 | -$1.01 | -$4.76 | $0.02 | $3.46 | $3.96 | $0.99 |
| EPS (Diluted) | $10.52 | $7.42 | $3.70 | $1.14 | -$1.01 | -$4.76 | $0.02 | $3.43 | $3.92 | $0.99 |
| Weighted Avg Shares (Basic) | 50.0M | 50.2M | 49.7M | 48.8M | 48.5M | 48.3M | 48.1M | 47.7M | 47.2M | 47.0M |
| Weighted Avg Shares (Diluted) | 50.4M | 50.7M | 50.3M | 49.2M | 48.5M | 48.3M | 48.2M | 48.1M | 47.6M | 47.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 13 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NUE | $57.8B | 33.9× | — | 1.8× | 5.7% | 11.9% | 5.4% | 8.3% | 8.3% | — | 1,505 |
| STLD | $34.5B | 30.1× | 18.7× | 1.9× | 3.6% | 13.2% | 6.5% | 13.2% | 9.0% | 1.7× | 989 |
| ATI | $25.8B | 66.4× | 31.4× | 5.6× | 5.2% | 22.0% | 8.8% | 22.4% | 22.0% | -0.5× | 758 |
| CRS | $18.9B | 36.2× | 22.6× | 6.0× | 8.6% | 30.6% | 17.0% | 23.8% | 18.2% | 0.3× | 836 |
| CMC | $7.2B | 88.3× | — | 0.9× | -1.6% | 15.6% | 1.1% | 2.0% | 1.6% | — | 506 |
| WOR | $3.1B | 20.3× | 29.7× | 2.3× | 19.7% | 27.4% | 11.3% | 15.2% | 11.7% | 2.4× | 283 |
| WS | $2.0B | 231.2× | 29.5× | 0.6× | 11.3% | 11.7% | 0.2% | 0.8% | 0.7% | 2.0× | 231 |
| ROCK | $1.2B | — | 6.9× | 1.0× | 11.0% | 26.9% | -3.9% | -4.7% | -4.7% | -0.8× | 236 |
| NWPX | $946M | 27.6× | — | 1.8× | 6.8% | 19.7% | 6.7% | 9.0% | 8.7% | — | 221 |
| SXC | $864M | — | 13.4× | 0.5× | -5.1% | — | -2.4% | -7.4% | -3.4% | 5.5× | 227 |
| MTUS | $846M | — | 12.0× | 0.7× | 6.9% | 8.2% | -0.1% | -0.2% | -0.2% | -2.7× | 201 |
| IIIN | $574M | 14.1× | 7.4× | 0.9× | 22.4% | 14.4% | 6.3% | 11.0% | 11.0% | -0.5× | 186 |
| TWI | $436M | — | 9.6× | 0.2× | -0.9% | 13.9% | -3.5% | -12.3% | -5.7% | 4.6× | 171 |
| FRD | $298M | 47.4× | 46.4× | 0.7× | -13.9% | 0.6% | 1.4% | 4.6% | 4.6% | -0.6× | 82 |
Peers = companies sharing CRS's sector (Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Earns 11.32pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 1.0% | 12.0% (today's — no rate published for this year) | -11.0pts |
| FY2021 | -11.0% | 12.0% (today's — no rate published for this year) | -23.0pts |
| FY2022 | -1.1% | 8.4% | -9.5pts |
| FY2023 | 5.2% | 9.8% | -4.6pts |
| FY2024 | 12.1% | 10.4% | 1.7pts |
| FY2025 | 18.3% | 10.6% | 7.7pts |
| FY2026 | 22.2% | 10.9% | 11.3pts |
| Now | 18.2% | 12.0% | 6.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 16.7% | 6.8% | 2.6% |
| FY2018 | 17.7% | 8.8% | 8.7% |
| FY2019 | 18.7% | 10.1% | 7.0% |
| FY2020 | 15.1% | 1.2% | 0.1% |
| FY2021 | 0.1% | -16.8% | -15.6% |
| FY2022 | 8.2% | -1.4% | -2.7% |
| FY2023 | 13.2% | 5.2% | 2.2% |
| FY2024 | 21.2% | 11.7% | 6.8% |
| FY2025 | 26.7% | 18.1% | 13.1% |
| FY2026 | 30.6% | 22.5% | 17.0% |
Leverage and buybacks account for 6 points of the 24% return on equity in FY2026. The business earns 18% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$227M of goodwill — 9% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 3 of the last 5 years.
Converts 8.29x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 4% since FY2020 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 13.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 18.57x |
| 5% | 17.64x |
| 10% | 16.71x |
| 15% | 15.79x |
| 20% | 14.86x |
| 25% | 13.93x |
| 30% | 13.00x |
| 35% | 12.07x |
| 40% | 11.14x |
| 45% | 10.21x |
| 50% | 9.29x |
| 55% | 8.36x |
| 60% | 7.43x |
Ladder as of 2026-06-30 (10-K); cash from the 2026-06-30 balance sheet; FCF from FY2026.
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $380.56, free cash flow must compound 29.35%/yr for 10 years. It has done 34.79%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 147.5% | 29.3% |
| FY2022 | −157.1% | 29.3% |
| FY2025 | 60.5% | 29.3% |
| FY2026 | 26.6% | 29.3% |
The implied rate has been matched or beaten in 2 of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $530M | $530M |
| Share-based comp | $26M | $556M |
| Other non-cash & working capital | $49M | $605M |
| Operating cash flow | $605M | $605M |
| Capex | −$243M | $362M |
| Free cash flow | $362M | $362M |
| FCF after SBC | $336M | $336M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -32.4% | 5.6% | 38.0 points |
| FY2022 | 24.4% | 23.8% | -0.6 points |
| FY2023 | 38.9% | 39.0% | 0.1 points |
| FY2024 | 8.2% | 5.9% | -2.3 points |
| FY2025 | 4.3% | 2.3% | -2.0 points |
| FY2026 | 8.6% | 22.0% | 13.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 48.9 days | not reported | not reported | not reported |
| FY2021 | 76.4 days | not reported | not reported | not reported |
| FY2022 | 76 days | not reported | not reported | not reported |
| FY2023 | 76 days | not reported | not reported | not reported |
| FY2024 | 74.4 days | not reported | not reported | not reported |
| FY2025 | 73 days | not reported | not reported | not reported |
| FY2026 | 82 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -7.1 percent |
| FY2021 | -16.1 percent |
| FY2022 | -1.9 percent |
| FY2023 | 1.4 percent |
| FY2024 | -2.7 percent |
| FY2025 | -1.9 percent |
| FY2026 | -2.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.