Carpenter Technology vs Gates
Gates reported revenue of $3.4 billion in fiscal 2025, about the same as Carpenter Technology's $3.1 billion in fiscal 2026. Carpenter Technology's revenue grew 8.6% in its latest year, and Gates' grew 1.0%. Carpenter Technology had an operating margin of 22.5%, against 13.5% at Gates. Free cash flow was $362 million at Carpenter Technology and $405 million at Gates. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| Carpenter Technology | Gates | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $3.1B | $3.4B |
| Revenue growth | 8.6% | 1.0% |
| Revenue growth a year, last 5 years | 16.2% | 4.3% |
| Gross margin | 30.6% | 39.8% |
| Operating margin | 22.5% | 13.5% |
| Net margin | 17.0% | 7.3% |
| Free cash flow | $362M | $405M |
| Free cash flow margin | 11.6% | 11.8% |
| Return on capital | 23.7% | 7.5% |
| Net debt to EBITDA | 0.3x | 2.1x |
| Dividends and buybacks | $219M | $119M |
| Change in diluted share count | −0.6% | −1.6% |
| Last close | $278.31 | $24.10 |
| P/E at the last close | 24.5× | 16.9× |
| Insider trades, last 12 months | sold $94.6 million | sold $2.0 million |
| Piotroski F-score | 9 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Carpenter TechnologyGates
Operating margin
Percent of revenue
Carpenter TechnologyGates
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Carpenter TechnologyGates
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Carpenter Technology and Gates pages.