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Chemicals · Basic Materials · Fiscal year ends Dec 31
Hexcel reported revenue of $1.9B in the fiscal year ended Dec 2025, down 0.5% from the year before. Operating income was $172M, an operating margin of 9.1%, and net income was $109M. Operating cash flow of $231M less capital expenditure of $73M left free cash flow of $157M. Net debt was $922M.
Ranks among the 18 chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,325 | 1,578 | 1,789 | 1,903 | 1,894 |
| Cost of revenue | 1,075 | 1,221 | 1,356 | 1,433 | 1,459 |
| Gross profit | 250 | 357 | 433 | 470 | 435 |
| Research & development | 45.1 | 45.8 | 52.7 | 57.1 | 56.4 |
| Selling, general & admin | 135 | 148 | 164 | 177 | 169 |
| Operating income | 51.8 | 175 | 215 | 186 | 172 |
| Interest expense | 38.3 | 36.2 | 34.0 | 31.2 | 37.7 |
| Pre-tax income | 22.0 | 150 | 110 | 155 | 135 |
| Income tax | 5.9 | 31.6 | 12.1 | 22.8 | 25.6 |
| Net income | 16.1 | 126 | 106 | 132 | 109 |
| Diluted shares | 84.6 | 85.0 | 85.5 | 83.0 | 80.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 128 | 112 | 227 | 125 | 71.0 |
| Receivables | 160 | 223 | 235 | 212 | 249 |
| Inventory | 246 | 319 | 334 | 356 | 329 |
| Current assets | 616 | 734 | 864 | 782 | 731 |
| Net PP&E | 1,746 | 1,658 | 1,679 | 1,597 | 1,612 |
| Goodwill | 191 | 187 | 189 | 187 | 192 |
| Total assets | 2,819 | 2,837 | 2,919 | 2,726 | 2,704 |
| Payables | 113 | 156 | 159 | 142 | 147 |
| Current liabilities | 248 | 330 | 316 | 354 | 323 |
| Short-term debt | 0.9 | 0.2 | 0.1 | 0.1 | 0.0 |
| Long-term debt | 822 | 723 | 699 | 701 | 993 |
| Total liabilities | 1,334 | 1,283 | 1,202 | 1,198 | 1,453 |
| Shareholders' equity | 1,486 | 1,554 | 1,717 | 1,528 | 1,251 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 152 | 173 | 257 | 290 | 231 |
| Capital expenditure | 27.9 | 76.3 | 108 | 87.0 | 73.3 |
| Free cash flow | 124 | 96.8 | 149 | 203 | 157 |
| Depreciation & amortisation | 138 | 126 | 125 | 124 | 122 |
| Stock-based compensation | 19.0 | 20.0 | 20.9 | 22.2 | 14.4 |
| Share buybacks | 0.0 | 0.0 | 30.1 | 252 | 454 |
| Dividends paid | 0.0 | 33.7 | 42.2 | 49.3 | 53.9 |
| Dividend per share | – | 0.40 | 0.50 | 0.60 | 70.95 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.1% | 13.4% | 6.4% | −0.5% |
| Operating income growth (YoY) | – | 238.2% | 22.9% | −13.6% | −7.8% |
| Gross margin | 18.9% | 22.6% | 24.2% | 24.7% | 23.0% |
| Operating margin | 3.9% | 11.1% | 12.0% | 9.8% | 9.1% |
| Net margin | 1.2% | 8.0% | 5.9% | 6.9% | 5.8% |
| Return on equityBlank when equity is negative | 1.1% | 8.1% | 6.2% | 8.6% | 8.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.0% | 7.0% | 8.3% | 7.8% | 7.2% |
| Free cash flow margin | 9.3% | 6.1% | 8.3% | 10.7% | 8.3% |
| Cash conversion (CFO ÷ net income) | 9.42x | 1.37x | 2.43x | 2.19x | 2.11x |
| Receivable days | 44 | 52 | 48 | 41 | 48 |
| Inventory days | 83 | 95 | 90 | 91 | 82 |
| Payable days | 38 | 46 | 43 | 36 | 37 |
| Interest cover | 1.35x | 4.84x | 6.33x | 5.96x | 4.55x |
| Debt ÷ equity | 0.55x | 0.47x | 0.41x | 0.46x | 0.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 696 | 612 | 473 | 575 | 922 |
| Current ratio | 2.49x | 2.23x | 2.74x | 2.21x | 2.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.