Constellium SE
CSTMNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $22.47 Prior regular-session close from the quote source.
- $22.62–$23.22 Regular-session low and high so far today.
- 1.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 17 projected Projected for 2027-02-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $14.62–$36.99 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CSTM if its value-added aluminum franchises keep converting lightweighting and recyclability demand into cash, and that cash is used to reduce balance-sheet risk rather than merely ride another commodity cycle.
CSTM price history
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Investment thesis
What must happen next
Customer demand for lightweight, recyclable aluminum in qualified industrial applications remains strong enough for Constellium to convert its engineering and supply positions into volume and price realization through the cycle.HoldingMateriality: High
GAAP annual revenue rose to $8.449 billion in FY2025 from $7.335 billion in FY2024. If this holds, revenue can recover without being purely dependent on spot aluminum; if it breaks, Constellium becomes a more commoditized cyclical processor.
Watch: Large automotive or packaging customers re-source qualified programs to Novelis, Hydro, Kaiser Aluminum, Arconic, or lower-cost regional mills.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose to $8.449 billion in FY2025 from $7.335 billion in FY2024.
Open source ↗Constellium’s value-added fabrication, qualification, and recycling capabilities protect spreads better than a commodity aluminum producer, so gross profit should remain resilient even when reported revenue moves with metal prices.StrengtheningMateriality: High
IFRS annual gross_profit increased to €710 million in FY2023 from €672 million in FY2022. Durable spread protection is what separates a cash-generative engineered-products business from a low-multiple commodity converter.
Watch: Novelis, Hydro, or other rolling competitors add capacity in Constellium’s qualified niches and force contract repricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross_profit increased to €710 million in FY2023 from €672 million in FY2022.
Open source ↗The operating model can convert earnings into cash after working-capital swings, giving management the capacity to fund maintenance, growth investments, and debt reduction without relying on equity issuance.StrengtheningMateriality: Medium
GAAP annual operating_cash_flow was positive in each FY2022-FY2025 period shown. For a levered cyclical manufacturer, cash conversion determines whether operating gains accrue to shareholders or are consumed by the balance sheet.
Watch: A sharp aluminum price move or inventory build absorbs working capital before customer pass-through catches up.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow was positive in each FY2022-FY2025 period shown.
Open source ↗The balance sheet remains the main equity risk: high fixed obligations can capture much of the operating recovery if the cycle turns before Constellium materially lowers leverage.StrengtheningMateriality: Medium
GAAP liabilities were $4.383 billion at FY2025 against GAAP assets of $5.354 billion. Even a sound industrial franchise can deliver poor equity returns if creditors, refinancing costs, or liquidity needs absorb the cash flow.
Watch: Management uses sustained operating cash flow to reduce gross debt and future refinancing exposure.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities were $4.383 billion at FY2025 against GAAP assets of $5.354 billion.
Open source ↗Operational productivity, mix, and cost control must translate the industrial recovery into GAAP diluted EPS rather than leaving shareholders with revenue growth but weak per-share economics.HoldingMateriality: Medium
GAAP annual eps_diluted recovered to $1.92 in FY2025 from $0.38 in FY2024. The owner ultimately needs the value-added model and deleveraging to show up in per-share earnings, not just in sales volume.
Watch: Cost inflation in energy, labor, freight, or scrap outpaces productivity initiatives and contract pass-through.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual eps_diluted recovered to $1.92 in FY2025 from $0.38 in FY2024.
Open source ↗
Full investment case & evidence
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Original research
Customer demand for lightweight, recyclable aluminum in qualified industrial applications remains strong enough for Constellium to convert its engineering and supply positions into volume and price realization through the cycle. If this holds, revenue can recover without being purely dependent on spot aluminum; if it breaks, Constellium becomes a more commoditized cyclical processor.
Constellium’s value-added fabrication, qualification, and recycling capabilities protect spreads better than a commodity aluminum producer, so gross profit should remain resilient even when reported revenue moves with metal prices. Durable spread protection is what separates a cash-generative engineered-products business from a low-multiple commodity converter.
The operating model can convert earnings into cash after working-capital swings, giving management the capacity to fund maintenance, growth investments, and debt reduction without relying on equity issuance. For a levered cyclical manufacturer, cash conversion determines whether operating gains accrue to shareholders or are consumed by the balance sheet.
The balance sheet remains the main equity risk: high fixed obligations can capture much of the operating recovery if the cycle turns before Constellium materially lowers leverage. Even a sound industrial franchise can deliver poor equity returns if creditors, refinancing costs, or liquidity needs absorb the cash flow.
Operational productivity, mix, and cost control must translate the industrial recovery into GAAP diluted EPS rather than leaving shareholders with revenue growth but weak per-share economics. The owner ultimately needs the value-added model and deleveraging to show up in per-share earnings, not just in sales volume.
All standing thesis claims
Original report summary
its value-added aluminum franchises keep converting lightweighting and recyclability demand into cash, and that cash is used to reduce balance-sheet risk rather than merely ride another commodity cycle.
Bull case and bear case
Bull case and bear case for Constellium Se
Where the evidence on Constellium Se stands: Holding on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Customer demand for lightweight, recyclable aluminum in qualified industrial applications remains strong enough for Constellium to convert its engineering and supply positions into volume and price realization through the cycle.
Constellium’s value-added fabrication, qualification, and recycling capabilities protect spreads better than a commodity aluminum producer, so gross profit should remain resilient even when reported revenue moves with metal prices.
The operating model can convert earnings into cash after working-capital swings, giving management the capacity to fund maintenance, growth investments, and debt reduction without relying on equity issuance.
The balance sheet remains the main equity risk: high fixed obligations can capture much of the operating recovery if the cycle turns before Constellium materially lowers leverage.
Operational productivity, mix, and cost control must translate the industrial recovery into GAAP diluted EPS rather than leaving shareholders with revenue growth but weak per-share economics.
Bear case: what would count against it
Large automotive or packaging customers re-source qualified programs to Novelis, Hydro, Kaiser Aluminum, Arconic, or lower-cost regional mills.
Novelis, Hydro, or other rolling competitors add capacity in Constellium’s qualified niches and force contract repricing.
A sharp aluminum price move or inventory build absorbs working capital before customer pass-through catches up.
Thesis-Break Engine
Thesis-break watch · Constellium Se
No break has crossed Constellium Se’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Constellium Se filed an SEC 8-K on 2026-07-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Constellium Se filed an SEC 8-K on 2026-04-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large automotive or packaging customers re-source qualified programs to Novelis, Hydro, Kaiser Aluminum, Arconic, or lower-cost regional mills.
- Novelis, Hydro, or other rolling competitors add capacity in Constellium’s qualified niches and force contract repricing.
- A sharp aluminum price move or inventory build absorbs working capital before customer pass-through catches up.
- Management uses sustained operating cash flow to reduce gross debt and future refinancing exposure.
- Cost inflation in energy, labor, freight, or scrap outpaces productivity initiatives and contract pass-through.
CSTM news
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Financial statements
CSTM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CSTM: quick answers
- When does Constellium Se (CSTM) report earnings next?
- Constellium Se's next results are projected for February 17, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is CSTM's short interest?
- As of October 30, 2026, 4.4M CSTM shares were sold short, 3.27% of its shares outstanding, down 25.1% from the count before. At the stock's average daily volume that is 2.4 days to cover. FINRA publishes the count twice a month. CSTM short interest history
- Have members of Congress traded CSTM?
- 1 trade in CSTM has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed CSTM trade
- Which well-known investors own CSTM?
- 1 of the 37 well-known funds tracked here reported CSTM shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
CSTM in well-known investors’ portfolios
1 of 37 funds reported CSTM shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.04% | $9.9M | −38.1% | Q2 2026 |