Carpenter Technology makes and sells specialty metal alloys — primarily nickel, titanium, and cobalt-based alloys — used in high-performance applications where precise metallurgical specifications are required. Aerospace and defense is the dominant end market at roughly 60% of revenue, with Carpenter Technology's alloys found on virtually every commercial jet engine platform as well as structural airframe components. Every major jet engine manufacturer is a customer. Medical (~13% of revenue) and energy/power generation (~10%) round out the key end markets. Carpenter Technology operates two segments: Specialty Alloys Operations (SAO), the core manufacturing business; and Performance Engineered Products (PEP), a smaller segment that includes Dynamet (titanium products focused on medical and aerospace) and a small additive manufacturing alloys business. Carpenter Technology sells primarily under multi-year long-term agreements directly to OEMs and tier-1/tier-2 suppliers, using surcharge mechanisms to pass through raw material cost volatility. The company is effectively sold out of capacity, which supports pricing power. Management actively prioritizes higher-margin product mix over volume — SAO margins have expanded to roughly 30% — with ongoing LTA renewals serving as a recurring source of pricing uplift. Carpenter Technology is investing $400M in a brownfield capacity expansion expected to begin contributing to earnings in FY28, targeting returns on capital above 20%.