Carpenter Technology Corporation (CRS)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 467,300 | 422,100 | 310,200 | 260,300 | 211,500 | 166,200 | 180,100 | 132,600 | 72,500 | 29,300 | -3,000 | -45,700 | -63,100 | -147,500 | -196,400 | -257,000 | -297,800 | -367,200 | -260,100 | -114,000 |
| Revenue (ttm) | US$ in thousands | 2,877,100 | 2,920,200 | 2,878,100 | 2,825,400 | 2,759,700 | 2,719,100 | 2,724,300 | 2,679,200 | 2,550,200 | 2,355,900 | 2,154,800 | 1,971,700 | 1,836,400 | 1,694,200 | 1,557,100 | 1,509,900 | 1,475,600 | 1,491,300 | 1,724,800 | 1,949,000 |
| Pretax margin | 16.24% | 14.45% | 10.78% | 9.21% | 7.66% | 6.11% | 6.61% | 4.95% | 2.84% | 1.24% | -0.14% | -2.32% | -3.44% | -8.71% | -12.61% | -17.02% | -20.18% | -24.62% | -15.08% | -5.85% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $467,300K ÷ $2,877,100K
= 16.24%
The pretax margin of Carpenter Technology Corporation has demonstrated a notable turnaround over the period from September 2020 to June 2025. Initially, the company experienced a series of negative pretax margins, with the figures illustrating substantial losses: -5.85% in September 2020, deepening to -15.08% by December 2020, and reaching a trough of -24.62% in March 2021. Throughout the subsequent quarters, there was a consistent improvement, although margins remained negative until the end of 2022, indicating ongoing challenges in achieving profitability at the pretax level.
Beginning in the first quarter of 2023, the pretax margin shifted into positive territory, registering at 1.24%. This marked a turnaround from previous deficits and signified relative operational improvement. The upward trend continued through the middle of 2023 and into 2024, with margins rising to 2.84% in June 2023, then further improving to 4.95% in September 2023. The momentum persisted with margins reaching 6.61% by the end of 2023.
In the first quarter of 2024, the pretax margin maintained positive growth at 6.11%, and this trajectory persisted into the second quarter, with a margin of 7.66%. By September 2024, the pretax margin reached 9.21%, reflecting sustained profitability improvements. The positive trend continued into the subsequent quarters, with the margin increasing to 10.78% in December 2024, 14.45% in the first quarter of 2025, and ultimately reaching 16.24% in June 2025.
Overall, the data indicates that Carpenter Technology Corporation transitioned from consistent losses in the pre-2023 period to progressively stronger profitability margins in 2023 and 2024, culminating in double-digit pretax margins by mid-2025. This progression reflects significant operational improvements and a potential stabilization of profitability after a period characterized by substantial financial challenges.
Peer comparison
Jun 30, 2025