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CSTM, Constellium SE Ordinary Shares (France)

Metals & Mining capital-intensive

A metals and mining business, a price-taker on a global commodity.

Latest annual: FY2025 10-K

CSTM · Constellium SE Ordinary Shares (France)

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$8.4B

+15.2% YoY · −0% 3-yr CAGR

Vital signs · TTM, with 4-yr average

Revenue $8.9B 4-yr avg $8.0B

Operating margin 8.2% 4-yr avg 4.1%

ROIC 17% 4-yr avg 9%

Owner-earnings margin 2% 4-yr avg 1%

Free cash flow margin 2% 4-yr avg 1%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has run about 3.3% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. That margin has held in a narrow 2.9%–6.1% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Inventory runs near 16% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price and the cost position.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2022–2025

realized figures from each filing · older years to the left

2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
					Income statement
$8.5B	$7.8B	$7.3B	$8.4B	$8.9B	RevenueRevenue
3%	4%	4%	4%	4%	SG&A / revenueSG&A/rev
1%	1%	1%	1%	1%	R&D / revenueR&D/rev
$246M	$338M	$242M	$515M	$730M	Operating incomeOp. inc.
2.9%	4.3%	3.3%	6.1%	8.2%	Operating marginOp. mgn
$308M	$152M	$56M	$273M	$435M	Net incomeNet inc.
—	33%	57%	33%	30%	Effective tax rateTax rate
					Cash flow & returns
$365M	$432M	$301M	$489M	$504M	Operating cash flowOp. cash
$290M	$300M	$304M	$330M	$335M	DepreciationDeprec.
($233M)	($20M)	($59M)	($114M)	($266M)	Working capital & otherWC & other
$289M	$366M	$413M	$330M	$333M	CapexCapex
3.4%	4.7%	5.6%	3.9%	3.7%	Capex / revenueCapex/rev
$76M	$66M	($112M)	$159M	$171M	Owner earningsOwner earn.
0.9%	0.8%	−1.5%	1.9%	1.9%	Owner earnings marginOE mgn
$76M	$66M	($112M)	$159M	$171M	Free cash flowFCF
0.9%	0.8%	−1.5%	1.9%	1.9%	Free cash flow marginFCF mgn
$0	$0	$0	$0	$0	AcquisitionsAcquis.
$0	$0	$79M	$115M	—	BuybacksBuybacks
—	9%	5%	12%	17%	ROICROIC
51%	21%	8%	29%	39%	Return on equityROE
51%	21%	8%	29%	39%	Retained to equityRetained/eq
					Balance sheet
$176M	$223M	$141M	$120M	$143M	Cash & investmentsCash+inv
—	$418M	$381M	$611M	$853M	ReceivablesReceiv.
—	$1.2B	$1.2B	$1.4B	$1.7B	InventoryInvent.
—	$1.0B	$959M	$1.2B	$1.5B	Accounts payablePayables
—	$590M	$603M	$796M	$995M	Operating working capitalOper. WC
—	$2.0B	$1.8B	$2.3B	$3.0B	Current assetsCur. assets
—	$1.6B	$1.4B	$1.8B	$2.1B	Current liabilitiesCur. liab.
—	1.3×	1.3×	1.3×	1.4×	Current ratioCurr. ratio
—	$41M	$46M	$47M	$47M	GoodwillGoodwill
—	$4.9B	$4.7B	$5.4B	$5.8B	Total assetsAssets
—	$1.9B	$1.9B	$1.9B	$2.0B	Total debtDebt
—	$1.7B	$1.8B	$1.8B	$1.8B	Net debt / (cash)Net debt
2.4×	3.0×	2.2×	4.7×	6.6×	Interest coverageInt. cov.
$603M	$718M	$706M	$952M	$1.1B	Shareholders’ equityEquity
					Per share
147M	148M	148M	142M	140M	Shares out (diluted)Shares
$58.06	$52.71	$49.56	$59.52	$63.75	Revenue / shareRev/sh
$2.10	$1.02	$0.38	$1.92	$3.11	EPS (diluted)EPS
$0.52	$0.44	$-0.76	$1.12	$1.22	Owner earnings / shareOE/sh
$0.52	$0.44	$-0.76	$1.12	$1.22	Free cash flow / shareFCF/sh
$1.97	$2.47	$2.79	$2.32	$2.38	Cap. spending / shareCapex/sh
$4.10	$4.84	$4.77	$6.71	$7.99	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	3-yr	5-yr
Revenue / share	+0.8%/yr	+0.8%/yr (3-yr)
Owner earnings / share	+29.4%/yr	+29.4%/yr (3-yr)
EPS	−2.8%/yr	−2.8%/yr (3-yr)
Capital spending / share	+5.7%/yr	+5.7%/yr (3-yr)
Book value / share	+17.8%/yr	+17.8%/yr (3-yr)

The record, charted

FY2022–2025

Each measure over its full record; the current point and the worst year marked.

Share count

142Mpeak FY2023

ROIC

12%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$159Mowner earningsvs.$273Mnet incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2022FY2025

Owner-earnings bridge

FY2022–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $273M of profit but $159M of owner earnings: $114M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$273M

Owner earnings$159M · 2% of revenue

	FY2025	FY2024	FY2023	FY2022
Reported net income	$273M	$56M	$152M	$308M
Depreciation & amortizationnon-cash charge added back	+$330M	+$304M	+$300M	+$290M
Working capital & othertiming of cash in and out, other non-cash items	−$114M	−$59M	−$20M	−$233M
Cash from operations	$489M	$301M	$432M	$365M
Capital expenditurecash put back in to keep running and to grow	−$330M	−$413M	−$366M	−$289M
Owner earnings	$159M	($112M)	$66M	$76M
Owner-earnings marginowner earnings ÷ revenue	2%	-2%	1%	1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 4.7×

Adequate

Operating income $515M ÷ interest expense $109M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $1.8B · 3.5× operating profit

Meaningful net debt

Cash $120M − debt $1.9B

What this means
Netting $120M of cash and short-term investments against $1.9B of debt leaves $1.8B owed, about 3.5× a year's operating profit (3.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

3-yr median, range 5%–12%; 12% latest = NOPAT $346M ÷ invested capital $2.8B

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 12% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 1%

Thin through the cycle

4-yr median margin, range -2%–2%; latest $159M = operating cash $489M − maintenance capex $330M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 2% of revenue this year, a 1% median across 4 years.
Are earnings backed by cash? 1.79×

Cash-backed

Cash from ops $489M ÷ net income $273M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 72%

Returns about half

Dividends + buybacks $115M ÷ Owner Earnings $159M

What this means
Of $159M Owner Earnings, $115M (72%) went back to shareholders, $0 dividends, $115M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.00×

Maintaining

Capex $330M ÷ depreciation $330M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 3 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $8.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.29×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.9B vs $524M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.18/share (latest year $2.01), the averaged base the calculator's gate runs on, and book value is $6.99/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2022–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 4

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 3 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 5% (2-yr avg ends)

What this means
Through the cycle the operating margin widened — about 4% early to 5% lately, median 3% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −31%/yr

What this means
Owner earnings shrank about 31% a year over the record.
Worst year 2022 · 2.9% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −1.2%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.0B

Cash & short-term investments$143M
Receivables$853M
Inventory$1.7B
Other current assets$284M

Current liabilities$2.1B

Debt due within a year$35M
Accounts payable$1.5B
Other current liabilities$554M

Current ratio1.39×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.60×stricter: inventory excluded

Cash ratio0.07×strictest: cash alone against what's due

Working capital$833Mthe cushion left after near-term bills

Debt due this year vs. cash$35M due · $143M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+24.4%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.4×

Deeper floors

Tangible book value$988Mequity stripped of goodwill & intangibles

Net current asset value($1.8B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$154M$119M of it operating leases

Deferred revenue$104Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2022–2025

Over the record, the business generated $1.6B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.4B · 88%
Buybacks$194M · 12%

Returned to owners$194M
103% of the owner earnings the business produced over the span, $0 as dividends and $194M as buybacks.
Average price paid for buybacks—
Buybacks ran $194M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−4.7%
The diluted count fell from 147M to 140M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained5%
Of the earnings it kept rather than paid out ($595M over the span), annual owner earnings (first three years vs last three) grew $28M, so each retained $1 added about 0.05 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Jean-Marc Germain	$8.9M	−$3.4M	$76M
2023	Jean-Marc Germain	$10.0M	$23.0M	$66M
2024	Jean-Marc Germain	$8.9M	−$5.3M	($112M)
2025	Jean-Marc Germain	$30.2M	$23.4M	$159M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Inverting the record

Invert: instead of why Constellium SE Ordinary Shares (France) is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2022–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereAre "one-time" charges a yearly habit?4 of 4 years
Management took an impairment or write-down in 4 of the last 4 years, $83M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Metals & Mining

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
STLDSteel Dynamics Inc.	$18.2B	16%	11.2%	17%	9%
GLWCorning Incorporated	$15.6B	36%	12.7%	6%	7%
AAAlcoa	$12.8B	—	4.6%	5%	2%
CSTMConstellium SE Ordinary Shares (France)	$8.4B	—	3.8%	9%	1%
HWMHowmet Aerospace	$8.3B	—	13.5%	9%	1%
CMCCommercial Metals	$7.8B	16%	5.7%	9%	6%
ATIATI Inc	$4.6B	15%	6.5%	8%	-0%
MLIMueller Industries	$4.2B	16%	13.8%	25%	8%
Group median	—	—	8.9%	9%	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Constellium SE Ordinary Shares (France) has delivered.

Constellium SE Ordinary Shares (France)’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Constellium SE Ordinary Shares (France) earns about $73M on its 0.9% median owner-earnings margin. This year’s 1.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($73M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’25−31%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $171M on 136M shares outstanding, per the 10-Q cover, as of 2026-03-31; net debt $1.8B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CSTM against another business →

The owners of CSTM: the meeting and the votes →

Cite: Owner Scorecard, "Constellium SE Ordinary Shares (France) (CSTM), the owner's record," https://ownerscorecard.com/c/CSTM, data as of 2026-07-09.

Manual order: ← CSTL its page in the Manual CSV →

Industry order: ← CMP the Metals & Mining chapter ELVR →