{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","ticker":"HWM","updated_at":"2026-07-12T03:36:52.001512+00:00","canonical":"https://valuechain.wiki/howmet-aerospace","citable":"밸류체인 그래프 기준 하우멧 에어로스페이스의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Howmet Aerospace is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 7 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 항공엔진 소재 · 단결정 터빈 블레이드","kicker_en":"S&P 500 · Aero-engine materials · Single-crystal turbine blades","lead":"항공기 엔진의 가장 뜨거운 부품 — 단결정 터빈 에어포일 — 을 만드는 소수 공급자로, 엔진의 물량이 늘려면 하우멧의 주조 캐파부터 늘어야 하는 병목 위치에 있다. FY2025 매출 82억6,900만 달러·순이익 15억800만 달러(+31%)는 LEAP·GTF 내로바디 증산과 고마진 애프터마켓이 겹친 결과이고, GE·RTX가 각각 매출의 11%를 차지한다. 지금 이 노드의 관전점은 이 슈퍼사이클의 지속성 — 항공 증산에 데이터센터발 가스터빈 수요(IGT 매출의 11%)가 더해지는 상방과, 보잉 737 MAX 증산 속도·엔진 정비 이슈라는 물량 변수다.","lead_en":"Howmet makes the hottest part of a jet engine — single-crystal turbine airfoils — as one of few suppliers, sitting at a bottleneck where engine volumes can rise only as fast as its casting capacity. FY2025 revenue of $8,269M and net income of $1,508M (+31%) came from the LEAP/GTF narrow-body ramp compounding with high-margin aftermarket, with GE and RTX each ~11% of sales. The question for this node is the durability of the supercycle: upside as datacenter-driven gas-turbine demand (IGT, 11% of sales) layers onto the aero ramp, against volume swings from Boeing 737 MAX rate and engine MRO issues.","segments":{"fy":2025,"parts":[{"name":"엔진 제품 ($4.32B)"},{"name":"패스닝 시스템 ($1.75B)"},{"name":"엔지니어드 스트럭처 ($1.15B)"},{"name":"단조 휠 ($1.04B)"}],"total":"약 $8.25B (FY2025)","concentration":"GE·RTX 각 매출의 약 11%(2025). 엔진 제품 +16% YoY."},"segments_en":{"fy":2025,"parts":[{"name":"Engine Products ($4.32B)"},{"name":"Fastening Systems ($1.75B)"},{"name":"Engineered Structures ($1.15B)"},{"name":"Forged Wheels ($1.04B)"}],"total":"~$8.25B (FY2025)","concentration":"GE and RTX each ~11% of 2025 sales; Engine Products +16% YoY."},"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":3,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":3,"returns_yearly":{"2026":19.2}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":3,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":3,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":2,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":4.3}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":2,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":2,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":2,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":1,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":1,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}}],"benefiting":[],"analysis":"하우멧의 투자 논점은 '대체 어려운 공정 해자 위에 두 개의 수요 사이클이 겹친다'는 것이다. 단결정 터빈 주조는 수율·숙련도로만 캐파가 늘어 신규 진입이 어렵고, 그래서 GE·RTX(각 11%)의 엔진 증산은 하우멧 캐파에 병목으로 걸린다 — 즉 하우멧은 항공엔진 슈퍼사이클의 가격결정력 있는 소수 공급자다. 여기에 AI 데이터센터발 가스발전 붐이 IGT 부품 수요(매출 11%)를 더해 두 번째 성장축을 만든다. FY2025 순이익 +31%·영업마진 24.7%가 그 결과이고, 회사는 CAM(18억 달러) 인수와 자사주(7억 달러)로 현금을 성장·환원에 동시 배분한다. 리스크는 보잉 737 MAX 증산 속도, 엔진 정비 이슈(RTX GTF 리콜 등), 니켈·티타늄 원가. 그래프 파급: GE·RTX 양방향 미러로 엔진 OEM 실적과 직접 연동되고, IGT를 통해 지멘스에너지·GE버노바·미쓰비시중공업 발전 사이클과 간접 연결된다.","analysis_en":"Howmet's thesis: two demand cycles overlap on top of a hard-to-replicate process moat. Single-crystal turbine casting scales only through yield and skill, so new entry is hard and the engine ramps of GE and RTX (each 11%) bottleneck on Howmet's capacity — making it a price-setting, few-of-a-kind supplier to the jet-engine supercycle. On top, the AI-datacenter gas-power boom adds IGT-parts demand (11% of sales) as a second growth axis. FY2025's +31% net income and 24.7% operating margin are the result, and the company deploys cash to both growth (the $1.8B CAM deal) and returns ($700M buybacks). Risks are Boeing 737 MAX rate, engine MRO issues (e.g., RTX GTF recalls) and nickel/titanium cost. Graph propagation: two-way mirrors with GE and RTX tie it directly to engine-OEM results, and via IGT it links indirectly to the power cycles of Siemens Energy, GE Vernova and Mitsubishi Heavy.","analysis_asof":"2026-02-12"},"edges":[{"direction":"revenue","counterparty":"GE 에어로스페이스","counterparty_slug":"ge-aerospace","confidence":"high","metric":{"customer_share_pct":11},"note":"하우멧이 왜 항공엔진 슈퍼사이클의 병목 공급자인지 보여주는 관계 — GE 에어로스페이스에 LEAP·GEnx 엔진용 단결정 터빈 에어포일·주조 부품을 공급하며 제3자 매출의 약 11%(2025)를 차지한다. 좁은 단결정 주조 캐파를 쥔 소수 공급자라, GE의 협체(내로바디) 엔진 증산과 애프터마켓 스페어 수요가 하우멧 엔진제품 부문 성장으로 직결된다.","note_en":"The relationship that shows why Howmet is a bottleneck supplier to the jet-engine supercycle: it supplies single-crystal turbine airfoils and castings for GE Aerospace's LEAP and GEnx engines, ~11% of third-party sales (2025). As one of few holders of scarce single-crystal casting capacity, GE's narrow-body engine ramp and aftermarket spares demand feed straight into Howmet's Engine Products growth.","sources":[{"stance":"mentions","publisher":"데이터투자","publisher_en":"Datatooza (Korea)","kind":"news","lang":"ko","published_at":"2026-02-17","url":"https://www.datatooza.com/article/202602172308381631cd1e7e2f4a_80","title":"하우멧 에어로스페이스, IGT 터빈 블레이드 공급체인 점유율 약 50%·기록적 실적","title_en":"Howmet Aerospace — ~50% share of IGT turbine-blade supply chain; record results","excerpt":"단결정 주조·IGT 블레이드 등 항공·발전 핵심부품 공급.","excerpt_en":"Supplies critical aero and power components incl. single-crystal castings and IGT blades."},{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"RTX와 GE 에어로스페이스가 각각 제3자 매출의 약 11%(2025).","excerpt_en":"RTX and GE Aerospace each represented ~11% of third-party sales (2025)."}]},{"direction":"revenue","counterparty":"RTX","counterparty_slug":"rtx","confidence":"high","metric":{"customer_share_pct":11},"note":"프랫앤휘트니(RTX)의 GTF(기어드 터보팬) 엔진용 주조·단조 부품을 공급하며 GE와 동률 최대 고객(제3자 매출의 약 11%, 2025). GTF의 내로바디 증산과 정비 사이클이 성장 동력이자, RTX 측 엔진 리콜·정비 이슈가 그대로 물량 변수로 전이되는 양날의 의존.","note_en":"Supplies castings and forgings for RTX (Pratt & Whitney) GTF geared-turbofan engines — tied with GE as the largest customer (~11% of third-party sales, 2025). The GTF narrow-body ramp and maintenance cycle drive growth, but RTX-side engine recall/MRO issues also flow straight through as a volume variable — a two-edged dependence.","sources":[{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"RTX가 제3자 매출의 약 11%(2025), GE와 동률 최대 고객.","excerpt_en":"RTX ~11% of third-party sales (2025), tied with GE as largest customer."}]},{"direction":"revenue","counterparty":"상용 항공 엔진 슈퍼사이클·애프터마켓","counterparty_slug":null,"confidence":"high","metric":{"op_income_usd_m":2046,"total_rev_usd_m":8269,"net_income_usd_m":1508,"engine_products_rev_usd_m":4327},"note":"실적을 끄는 사이클 그 자체 — 엔진제품 부문 매출 43억2,700만 달러가 전사 82억6,900만 달러의 절반이자 성장의 핵심이다. 내로바디(LEAP·GTF) 신조 엔진 증산에 더해, 마진이 높은 정비·스페어(애프터마켓) 수요가 겹쳐 FY2025 영업이익 20억4,600만 달러(+25%)·순이익 15억800만 달러(+31%)를 만들었다. 보잉 737 MAX 증산 승인(FAA, 2025.10)은 구조물·패스너 물량의 상방 스위치.","note_en":"The cycle itself that drives results: Engine Products revenue of $4,327M is half of the $8,269M total and the growth core. On top of the narrow-body (LEAP/GTF) new-engine ramp, high-margin MRO/spares (aftermarket) demand compounded to produce FY2025 operating income of $2,046M (+25%) and net income of $1,508M (+31%). Boeing 737 MAX rate approval (FAA, Oct 2025) is the upside switch for structures and fastener volume.","sources":[{"stance":"mentions","publisher":"모건스탠리/컨센서스","publisher_en":"Morgan Stanley / consensus","kind":"research","lang":"en","published_at":"2026-05-08","url":"https://www.marketbeat.com/stocks/NYSE/HWM/forecast/","title":"하우멧(HWM) 컨센서스 Strong Buy·평균 목표주가 ~$306(모건스탠리 $315 상향)","title_en":"Howmet (HWM) consensus Strong Buy, avg target ~$306 (Morgan Stanley raised to $315)","excerpt":"컨센서스 Strong Buy·평균 목표 ~$306(모건스탠리 $315), 방산·IGT·데이터센터 마진 상방.","excerpt_en":"Consensus Strong Buy, avg ~$306 (MS $315); margin upside from defense, IGT, data centers."},{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"총매출 82.69억 달러, 엔진제품 43.27억, 영업이익 20.46억, 순이익 15.08억(+31%).","excerpt_en":"Total sales $8,269M; Engine Products $4,327M; operating income $2,046M; net income $1,508M (+31%)."}]},{"direction":"investment","counterparty":"CAM 인수·자본환원 (M&A·자사주)","counterparty_slug":null,"confidence":"high","metric":{"cam_acq_usd_bn":1.8,"buyback_2024_usd_m":500,"buyback_2025_usd_m":700},"note":"슈퍼사이클 현금을 어디에 쓰는가 — 2025.12 스탠리블랙앤데커로부터 항공 패스너 업체 CAM(연결항공제조)을 18억 달러에 인수(2026년 완료, 패스닝시스템 편입)해 체결부품 수직·애프터마켓을 강화하고, 동시에 자사주 매입을 7억 달러(2025, 전년 5억)로 늘려 환원했다. 성장(M&A)과 환원(자사주)을 병행할 수 있는 현금창출력이 논점.","note_en":"Where the supercycle cash goes: in December 2025 Howmet agreed to buy aerospace-fastener maker CAM (Consolidated Aerospace Manufacturing) from Stanley Black & Decker for $1.8B (closing 2026, into Fastening Systems), deepening its fastener/aftermarket position, while lifting buybacks to $700M in 2025 (from $500M). The thesis is cash generation strong enough to fund both M&A and returns.","sources":[{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"자사주 매입 2025년 7억 달러(2024 5억). CAM 인수 발표(스탠리B&D, 약 18억 달러).","excerpt_en":"2025 share repurchases $700M ($500M in 2024); announced CAM acquisition from Stanley B&D (~$1.8B)."},{"stance":"confirms","publisher":"글로브앤메일","publisher_en":"The Globe and Mail","kind":"news","lang":"en","published_at":"2025-12-22","url":"https://www.theglobeandmail.com/investing/markets/stocks/HWM/pressreleases/36762831/howmet-aerospace-to-acquire-cam-in-18b-deal/","title":"하우멧, CAM(연결항공제조)을 18억 달러에 인수","title_en":"Howmet Aerospace to acquire CAM (Consolidated Aerospace Manufacturing) for $1.8B","excerpt":"CAM을 18억 달러에 인수, 패스닝시스템 강화.","excerpt_en":"Acquires CAM for $1.8B, strengthening Fastening Systems."}]},{"direction":"cost","counterparty":"니켈 초합금·티타늄·알루미늄 (원재료)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"제품 원가의 뿌리 — 터빈 에어포일·시임리스 링·패스너·단조휠은 니켈 초합금·티타늄·알루미늄·코발트로 만든다. 상당분은 가격 전가되지만, 니켈·코발트·티타늄의 가격·가용성은 증산 국면에서 스루풋과 마진의 실질 변수다.","note_en":"The root of product cost: turbine airfoils, seamless rings, fasteners and forged wheels are made from nickel superalloys, titanium, aluminum and cobalt. Much is passed through, but the price and availability of nickel, cobalt and titanium are real throughput and margin variables during the ramp.","sources":[{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"주요 원재료는 니켈 초합금·티타늄·알루미늄(정밀주조·링·패스너용).","excerpt_en":"Principal raw materials are nickel superalloys, titanium and aluminum for castings, rings and fasteners."}]},{"direction":"revenue","counterparty":"산업용 가스터빈 OEM (IGT·데이터센터 전력)","counterparty_slug":null,"confidence":"mid","metric":{"igt_rev_pct":11},"note":"항공 사이클에 데이터센터 전력난이 얹힌 두 번째 성장축 — 고급 냉각·코팅 대형 IGT 터빈 부품이 매출의 약 11%(오일가스·가스터빈)를 차지한다. 지멘스에너지·GE버노바·미쓰비시중공업 등 IGT 프라임에 블레이드를 대는 소수 공급자로, AI 데이터센터발 가스발전 증설이 이 부문 수요를 끌어올린다. (개별 OEM 계약비중은 미공시, cpid 미부여)","note_en":"A second growth axis where datacenter power scarcity layers onto the aero cycle: advanced-cooling, coated large IGT turbine parts are ~11% of revenue (oil & gas / gas turbines). Howmet is one of few suppliers of blades to IGT primes such as Siemens Energy, GE Vernova and Mitsubishi Heavy, and AI-datacenter-driven gas build-outs are lifting this demand. (Per-OEM contract shares undisclosed; no cpid assigned.)","sources":[{"stance":"confirms","publisher":"데이터투자","publisher_en":"Datatooza (Korea)","kind":"news","lang":"ko","published_at":"2026-02-17","url":"https://www.datatooza.com/article/202602172308381631cd1e7e2f4a_80","title":"하우멧 에어로스페이스, IGT 터빈 블레이드 공급체인 점유율 약 50%·기록적 실적","title_en":"Howmet Aerospace — ~50% share of IGT turbine-blade supply chain; record results","excerpt":"IGT 터빈 블레이드 공급체인 점유율 약 50%, 지멘스·MHI·GE버노바 등에 공급.","excerpt_en":"~50% share of the IGT turbine-blade supply chain; supplies Siemens, MHI, GE Vernova."},{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"가스터빈·오일가스가 2025년 매출의 약 11%, 고급 냉각·코팅 터빈 부품.","excerpt_en":"Gas turbines / oil & gas ~11% of 2025 revenue; advanced-cooling coated turbine parts."}]},{"direction":"cost","counterparty":"에너지·숙련 인력 (정밀주조 공정)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"단결정 정밀주조는 에너지·기술 집약 공정이라, 용해·주조 전력과 숙련 인력 확보가 증산의 병목이다. 10-K도 엔진제품 부문 인력을 늘렸다고 밝혔는데 — 캐파는 설비가 아니라 수율·숙련도로 늘어난다는 뜻이고, 그래서 하우멧의 해자는 대체 어려운 공정 노하우다.","note_en":"Single-crystal precision casting is energy- and skill-intensive, so melting/casting power and skilled labor are the ramp's bottleneck. The 10-K notes higher Engine Products headcount — capacity grows through yield and skill, not just equipment, which is why Howmet's moat is hard-to-replicate process know-how.","sources":[{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"증산 대비 엔진제품 부문 인력 증가.","excerpt_en":"Increased Engine Products headcount in support of expected revenue increases."}]}]}