Market Overview - The U.S. equity markets have experienced a downturn recently, primarily due to a pullback in blue-chip tech stocks, which has negatively impacted the overall market [1] - The 10-year Treasury yield has increased to 4.2%, influenced by solid economic data, including a revision of second-quarter GDP growth from 3.3% to 3.8% [1][2] - Weekly jobless claims decreased to 218,000 from 232,000, contrasting with expectations of 235,000 claims, indicating a robust job market [1][2] Federal Reserve and Interest Rates - The strong job market and revised GDP estimates have raised concerns about the Federal Reserve's potential interest rate cuts, following a recent reduction of 25 basis points to a range of 4.00%-4.25% [2] - Investors are awaiting the personal consumption expenditures price index reports for August for further insights into the Fed's rate cut policy [2] Momentum Investing Strategy - Momentum investing is highlighted as a strategy to capitalize on current trends, based on the principle of "buying high and selling higher" [3] - This strategy aims to profit from the tendency to extrapolate current trends into the future before mean reversion occurs [3] Screening Parameters for Momentum Stocks - The screening process identifies stocks with the best percentage price change over the last 52 weeks, selecting the top 50 performers [5] - From these, the bottom 10 performers over the past week are chosen to identify those experiencing short-term pullbacks [6] - Stocks with a Zacks Rank 1 (Strong Buy) and a Momentum Style Score of B or better are prioritized, indicating a higher probability of success [7] Selected Stocks - Wolverine World Wide, Inc. has seen a 62.5% increase over the past year but experienced an 8.2% decline last week, holding a Momentum Score of B [9][11] - Carpenter Technology Corporation has risen 48.9% in the past year but fell 5.8% last week, also with a Momentum Score of B [12][13] - Astera Labs, Inc. has surged 266.5% over the past year but dropped 20.3% last week, backed by a Momentum Score of A [14][15]

Core Viewpoint - Carpenter Technology Corporation has been reclassified under the Global Industry Classification Standard (GICS) to Aerospace & Defense, effective September 30, 2025, which is expected to enhance visibility with sector-focused investors and better reflect the company's earnings power and growth trajectory [1][2][3]. Company Overview - Carpenter Technology is a leading provider of advanced alloy solutions for various applications in commercial aerospace and defense, indicating a strong strategic position and revenue concentration in these markets [3]. - The company specializes in high-performance specialty alloy materials and process solutions for critical applications across aerospace, defense, and medical sectors, showcasing its evolution since its founding in 1889 [4].

Shares of Carpenter Technology (CRS) have gained 1.4% over the past four weeks to close the last trading session at $251.88, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $318 indicates a potential upside of 26.3%.The mean estimate comprises five short-term price targets with a standard deviation of $31.94. While the lowest estimate of $300.00 indicates a 19.1% increase from t ...

Market Overview - U.S. stock markets have continued to rise in 2025, with major indexes achieving significant gains in August: Dow up 3.2%, S&P 500 up 1.9%, and Nasdaq Composite up 1.6% [1][2] - All three major indexes reached several all-time and closing highs, with positive investor sentiment driven by the absence of tariff-related concerns, weak labor market data, and indications of a possible rate cut by the Fed [2][8] Company Highlights CrowdStrike Holdings Inc. (CRWD) - CRWD reported Q2 2025 adjusted EPS of $0.93, exceeding the Zacks Consensus Estimate of $0.83, with total revenues of $1.17 billion, surpassing the estimate of $1.15 billion [7] - The company added a record $221 million in net new annual recurring revenues (ARR), bringing total ARR to $4.66 billion, a 20% increase year-over-year [7][8] - CRWD is focusing on securing AI agents and has launched new products like Signal, an AI detection engine, to enhance its cybersecurity offerings [10][12] - Expected revenue and earnings growth rates for CRWD are 20.9% and -9.9%, respectively, for the current year [13] Interactive Brokers Group Inc. (IBKR) - IBKR is expected to see a CAGR of 6.5% in total net revenues (GAAP) by 2027, supported by proprietary software development and expansion into emerging markets [14] - Recent initiatives include launching zero-commission U.S. stock trading in Singapore and extending trading hours for Forecast Contracts [15] - Expected revenue and earnings growth rates for IBKR are 8.8% and 11.4%, respectively, for the current year [16] Robinhood Markets Inc. (HOOD) - HOOD operates a financial services platform allowing users to trade various assets, including cryptocurrencies [17] - The company is expected to benefit from increased retail market participation, with trading revenues projected to improve [18] - Expected revenue and earnings growth rates for HOOD are 35.8% and 42.2%, respectively, for the current year [19] Carpenter Technology Corp. (CRS) - CRS specializes in premium specialty alloys and has expanded its additive manufacturing capabilities [20] - The company has experienced strong booking growth, indicating robust demand, and is well-positioned to invest in emerging technologies [21] - Expected revenue and earnings growth rates for CRS are 8.1% and 27.1%, respectively, for the current year [22] Sportradar Group AG (SRAD) - SRAD provides sports data services and reported Q2 2025 adjusted EPS of $0.17, beating the Zacks Consensus Estimate of $0.04, with total revenues of $360.57 million, a 20.3% year-over-year increase [24][26] - The company offers a comprehensive suite of solutions for the sports betting industry, including live streaming and risk management services [25] - Expected revenue and earnings growth rates for SRAD are 24.3% and over 100%, respectively, for the current year [26]

Group 1 - Carpenter Technology (NYSE: CRS) has experienced a 290% increase since the last article published in September 2023, where a buy recommendation was made [1] - The focus is on GARP (Growth at Reasonable Price) opportunities within the industrial, consumer, and technology sectors [1] - The company ranks among the top 50 financial experts out of approximately 39,000 tracked by Tipranks, based on the consistency of stock recommendations and returns generated [1]

Group 1 - The article discusses the author's long-term and sometimes contrarian approach to equities investing, initially starting as a Tech analyst and now covering Commodities and Energy sectors due to the ongoing energy transition [1] Group 2 - No relevant content available for this section [2][3]

Industry Overview - 3D Printing, or additive manufacturing, is a transformative technology that creates physical objects from digital designs by layering materials with high precision, significantly changing product design and manufacturing since the 1980s [1] - The technology is gaining traction across various sectors, including healthcare, aerospace, automotive, and consumer goods, due to its ability to produce complex shapes and reduce supply chain costs [3][4] Market Growth - The global 3D Printing market is projected to grow from $24.61 billion in 2024 to $29.29 billion in 2025, and is expected to reach $134.6 billion by 2034, with a CAGR of 18.52% [6] - The healthcare 3D Printing market is anticipated to increase from $1.66 billion in 2024 to $1.96 billion by the end of the year, with projections to exceed $8.71 billion by 2034, reflecting a CAGR of 18% [5] Regional Insights - North America currently leads the 3D Printing market with over 35% share, followed closely by Asia Pacific at 30%, with strong growth expected in the U.S. market at a CAGR of 19.18% from 2025 to 2034 [7] Key Players - Xometry, Proto Labs Inc., and Stratasys, Ltd. are recognized as leaders in the 3D Printing space, capitalizing on the technology's advantages in cost, customization, precision, and sustainability [2] - GE Aerospace has made significant investments in additive manufacturing, enhancing fuel efficiency in its engines by 10% to 15% through 3D-printed components [11][12][13] - PTC's Creo software is designed to optimize product development in 3D printing, offering advanced capabilities for manufacturers [15][16] - Carpenter Technology has developed its additive manufacturing capabilities through strategic acquisitions and is recognized for its versatile metal powder production [17][18][19] - Proto Labs is noted for its rapid prototyping and on-demand production capabilities, generating approximately $84 million in revenue from its 3D Printing services in 2024 [22] - 3D Systems provides a wide range of 3D printing solutions and has made strides in digital dentistry and bioprinting, collaborating on projects with NASA [23][24][25][26]

Core Points - Carpenter Technology Corporation has announced a succession plan for its Board of Directors, with Tony R. Thene being elected as Chairman effective October 7, 2025 [2][3] - Mr. Thene has been instrumental in the company's growth over the past 10 years, transforming it into a leading provider of specialty materials [2] - Brian Malloy has been promoted to President and Chief Operating Officer, succeeding Mr. Thene in that role [4] - Steven M. Ward has been elected as Lead Independent Director, continuing the company's commitment to high-quality corporate governance [5] Leadership Changes - Tony R. Thene will assume the role of Chairman of the Board, effective October 7, 2025, prior to the 2025 Annual Stockholders Meeting [2] - I. Martin Inglis will not stand for reelection when his term expires at the 2025 Annual Stockholders Meeting, having served on the Board since 2003 [3] - Brian Malloy, previously Senior Vice President and Chief Operating Officer, will take over as President and COO on the same date [4] - Steven M. Ward, who has been on the Board since 2001, will become the Lead Independent Director [5] Company Overview - Carpenter Technology Corporation is a leader in high-performance specialty alloy materials for critical applications across various sectors including aerospace, defense, medical, and energy [6] - The company has a long history, founded in 1889, and specializes in premium specialty alloys such as nickel, cobalt, and titanium [6]

Part I [Business](index=4&type=section&id=Item%201.%20Business) Carpenter Technology manufactures specialty metals through SAO and PEP segments, serving diverse markets like aerospace and defense - The company is organized into two reportable business segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP)[13](index=13&type=chunk) - SAO comprises the company's major premium alloy and stainless steel manufacturing operations, managed in an integrated manner for efficiency[15](index=15&type=chunk) - PEP consists of differentiated operations, including the Dynamet titanium business, Carpenter Additive, and distribution businesses, managed with an entrepreneurial structure to respond quickly to market dynamics[16](index=16&type=chunk) - The business depends on critical raw materials such as nickel, cobalt, and titanium, with the company using pricing surcharges, indexing, and forward contracts to mitigate price volatility[17](index=17&type=chunk)[18](index=18&type=chunk) - As of June 30, 2025, the company had approximately **4,500 employees**, with collective bargaining agreements covering employees in Washington, PA (expiring Aug 2025) and Latrobe, PA (expiring July 2027)[35](index=35&type=chunk) Research & Development and Environmental Expenditures (FY2023-2025) | Expense Category | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **R&D Expenditures** | $26.1M | $25.6M | $24.4M | | **Environmental Control Operating Costs** | $18.0M | $17.4M | $15.7M | | **Environmental Control Capital Expenditures** | $1.1M | $0.7M | $0.3M | International Operations Data (FY2023-2025) | Metric | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **Sales Outside U.S.** | $1,177.2M | $1,136.7M | $994.1M | | **Long-Lived Assets Outside U.S. (Year-End)** | $5.0M | $5.2M | N/A | [Risk Factors](index=8&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from cyclical markets, raw material volatility, environmental regulations, operational disruptions, and cybersecurity threats - Demand in end-use markets is cyclical, particularly in commercial aerospace, defense, and energy, which can significantly affect financial results[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - The company relies on third parties for critical raw materials like nickel, cobalt, and titanium, making it vulnerable to price volatility and supply disruptions[46](index=46&type=chunk)[47](index=47&type=chunk) - Extensive environmental, health, and safety regulations create potential for significant liabilities from cleanup costs, fines, and third-party claims[51](index=51&type=chunk)[52](index=52&type=chunk) - Manufacturing processes are complex and depend on critical, high-cost equipment, with significant production facilities concentrated in Pennsylvania and Alabama, increasing exposure to geographic-specific disruptions[58](index=58&type=chunk)[59](index=59&type=chunk) - International operations expose the company to risks from tariffs, political instability, and currency fluctuations, alongside potential changes to U.S. trade policies[64](index=64&type=chunk)[65](index=65&type=chunk) - The company is a regular target of cybersecurity threats, and a breach could lead to operational disruptions, theft of confidential data, and financial losses[68](index=68&type=chunk)[69](index=69&type=chunk) [Unresolved Staff Comments](index=14&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[72](index=72&type=chunk) [Cybersecurity](index=14&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, aligned with NIST frameworks and overseen by the Audit/Finance Committee, has not materially impacted its business - The company's cybersecurity program is aligned with NIST standards and focuses on imperatives such as rapid response, identity management, and supply chain risk management[74](index=74&type=chunk)[76](index=76&type=chunk) - The Audit/Finance Committee of the Board of Directors oversees cybersecurity risk, which is integrated into the company's Enterprise Risk Management (ERM) process[80](index=80&type=chunk) - A dedicated Chief Information Security Officer (CISO) with over 15 years of experience is responsible for the overall cybersecurity program[81](index=81&type=chunk) - As of the report date, the company is not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[79](index=79&type=chunk) [Properties](index=16&type=section&id=Item%202.%20Properties) The company owns principal manufacturing mills in PA and AL, with PEP facilities in PA, FL, and AL, and leases corporate offices - The principal locations of the SAO segment's integrated mills are in Reading, PA, Latrobe, PA, and Athens, AL, and these facilities are owned[83](index=83&type=chunk)[84](index=84&type=chunk) - The PEP segment's main locations include facilities in Washington, PA, Clearwater, FL, and Athens, AL[83](index=83&type=chunk) - Corporate offices are leased and located in Philadelphia, Pennsylvania, and Raleigh, North Carolina[85](index=85&type=chunk) [Legal Proceedings](index=16&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings, including environmental remediation, not expected to materially impact its long-term financial position - The company has environmental remediation liabilities and has been designated as a Potentially Responsible Party (PRP) for certain Superfund and other waste disposal sites[87](index=87&type=chunk) - Based on current information, management does not expect the ultimate resolution of known contingencies to have a material adverse effect on the company's long-term financial position, cash flows, or results of operations[88](index=88&type=chunk) [Mine Safety Disclosures](index=16&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[90](index=90&type=chunk) [Executive Officers of the Registrant](index=16&type=section&id=Item%204A.%20Executive%20Officers%20of%20the%20Registrant) This section provides a list of the company's corporate executive officers, including their positions and tenure Executive Officers | Name | Age | Position | Assumed Present Position | | :--- | :--- | :--- | :--- | | Tony R. Thene | 64 | President and Chief Executive Officer | July 2015 | | Timothy Lain | 53 | Senior Vice President and Chief Financial Officer | August 2020 | | Brian J. Malloy | 58 | Senior Vice President and Chief Operating Officer | December 2023 | | James D. Dee | 68 | Senior Vice President, General Counsel and Secretary | August 2020 | | Marshall D. Akins | 42 | Vice President - Chief Commercial Officer | February 2022 | Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=19&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Carpenter Technology's common stock trades on NYSE, pays quarterly dividends, and has an active share repurchase program with **$298.1 million** remaining Quarterly Common Stock Price Range (NYSE) | Period Ended | Fiscal Year 2025 High | Fiscal Year 2025 Low | Fiscal Year 2024 High | Fiscal Year 2024 Low | | :--- | :--- | :--- | :--- | :--- | | September 30 | $166.51 | $103.37 | $71.19 | $51.94 | | December 31 | $198.24 | $144.76 | $74.06 | $60.38 | | March 31 | $213.66 | $165.14 | $71.65 | $58.87 | | June 30 | $279.51 | $138.61 | $112.75 | $70.19 | - The company paid a quarterly cash dividend of **$0.20 per share** of common stock during each quarter of fiscal years 2025 and 2024[99](index=99&type=chunk) - A share repurchase program of up to **$400.0 million** was authorized in July 2024, with **$298.1 million** remaining available for future purchases as of June 30, 2025[101](index=101&type=chunk) Share Repurchases for Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | May 1-31, 2025 | 50,000 | $233.11 | | June 1-30, 2025 | 50,000 | $248.32 | | **Total** | **100,000** | **$240.72** | [Reserved](index=22&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information - Item 6 is reserved[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 was a record year with **$521.8 million** operating income and **$2.9 billion** net sales, driven by SAO performance and strong market demand [Business Trends](index=23&type=section&id=Business%20Trends) Financial performance shows strong growth, with Aerospace and Defense sales increasing to **62%** of total net sales in fiscal 2025 Selected Financial Results (FY2023-2025) | ($ in millions, except per share data) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net sales | $2,877.1 | $2,759.7 | $2,550.3 | | Operating income | $521.8 | $323.1 | $133.1 | | Net income | $376.0 | $186.5 | $56.4 | | Diluted earnings per share | $7.42 | $3.70 | $1.14 | | Adjusted free cash flow | $287.5 | $179.0 | $(67.6) | Net Sales by End-Use Market (% of Total) | End-Use Market | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Aerospace and Defense | 62% | 56% | 51% | | Medical | 12% | 14% | 12% | | Energy | 7% | 7% | 6% | | Transportation | 4% | 5% | 7% | | Industrial and Consumer | 12% | 15% | 19% | | Distribution | 3% | 3% | 5% | [Results of Operations — Fiscal Year 2025 Compared to Fiscal Year 2024](index=26&type=section&id=Results%20of%20Operations%20%E2%80%94%20Fiscal%20Year%202025%20Compared%20to%20Fiscal%20Year%202024) Fiscal 2025 net income more than doubled to **$376.0 million** on **4%** net sales growth, driven by strong market performance and improved margins FY2025 vs. FY2024 Performance Summary | Metric | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Net Income | $376.0M | $186.5M | | Diluted EPS | $7.42 | $3.70 | | Net Sales | $2,877.1M | $2,759.7M | | Operating Income | $521.8M | $323.1M | - Sales to the Aerospace and Defense market increased by **15%** to **$1,768.6 million**, and sales to the Energy market increased by **8%** to **$200.3 million**[133](index=133&type=chunk) - Gross profit increased to **$768.6 million**, or **26.7%** of net sales, compared to **$584.3 million**, or **21.2%** of net sales, in the prior year[138](index=138&type=chunk) - The effective tax rate for fiscal year 2025 was **19.5%**, compared to **11.9%** for fiscal year 2024[151](index=151&type=chunk) [Business Segment Results (FY2025 vs. FY2024)](index=31&type=section&id=Business%20Segment%20Results) SAO segment operating income increased **44%** to **$588.6 million** on **5%** sales growth, while PEP segment performance remained flat Segment Operating Income (FY2025 vs. FY2024) | Segment | FY2025 Operating Income | FY2024 Operating Income | % Change | | :--- | :--- | :--- | :--- | | Specialty Alloys Operations (SAO) | $588.6M | $408.5M | +44.1% | | Performance Engineered Products (PEP) | $37.0M | $36.0M | +2.8% | - SAO's net sales increased **5%** to **$2,563.6 million**, while its operating margin expanded significantly to **23.0%** from **16.7%** in the prior year[159](index=159&type=chunk)[160](index=160&type=chunk) - PEP's net sales decreased **1%** to **$405.4 million**, with operating income remaining nearly flat compared to fiscal 2024[161](index=161&type=chunk)[162](index=162&type=chunk) [Results of Operations — Fiscal Year 2024 Compared to Fiscal Year 2023](index=33&type=section&id=Results%20of%20Operations%20%E2%80%94%20Fiscal%20Year%202024%20Compared%20to%20Fiscal%20Year%202023) Fiscal 2024 net income surged to **$186.5 million** on **8%** net sales growth, driven by strong market demand and operational efficiencies FY2024 vs. FY2023 Performance Summary | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net Income | $186.5M | $56.4M | | Diluted EPS | $3.70 | $1.14 | | Net Sales | $2,759.7M | $2,550.3M | | Operating Income | $323.1M | $133.1M | - Sales growth was strong in key markets: Aerospace and Defense (**+19%**), Medical (**+25%**), and Energy (**+14%**)[167](index=167&type=chunk) - Gross profit margin improved to **21.2%** in FY2024 from **13.2%** in FY2023[173](index=173&type=chunk) - Special items in FY2024 included a **$14.1M** goodwill impairment charge, **$16.9M** in restructuring charges, and a **$51.9M** noncash pension settlement charge[164](index=164&type=chunk) [Liquidity and Financial Resources](index=40&type=section&id=Liquidity%20and%20Financial%20Resources) Fiscal 2025 saw improved liquidity with **$440.4 million** cash from operations and **$664.4 million** total liquidity, with capital expenditures projected to increase in fiscal 2026 Cash Flow and Liquidity Summary | ($ in millions) | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Cash from Operating Activities | $440.4 | $274.9 | | Adjusted Free Cash Flow | $287.5 | $179.0 | | Capital Expenditures | $154.3 | $96.6 | | Total Liquidity (at year-end) | $664.4 | N/A | - Capital expenditures are expected to be in the range of **$280.0 million** to **$300.0 million** in fiscal year 2026[199](index=199&type=chunk) - During fiscal year 2025, the company repurchased **575,000 shares** of common stock for **$101.9 million** and paid dividends of **$40.3 million**[200](index=200&type=chunk) - As of June 30, 2025, the company was in compliance with all financial covenants under its Credit Facility, with a consolidated interest coverage ratio of **14.37 to 1.00** (minimum **3.00**) and a net leverage ratio of **0.86 to 1.00** (maximum **4.00**)[208](index=208&type=chunk)[209](index=209&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from commodity prices, energy costs, and currency fluctuations using non-speculative derivative financial instruments - The company uses commodity forward contracts to reduce the risk of profit margin fluctuations on firm price sales arrangements due to volatile raw material prices[250](index=250&type=chunk) - Foreign currency forward contracts are used to hedge certain foreign exchange risks associated with international operations and customer transactions[252](index=252&type=chunk) - All hedging strategies are reviewed and approved by senior financial management, and the use of speculative or leveraged derivatives is prohibited[254](index=254&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section provides the company's audited consolidated financial statements, including statements of operations, balance sheets, and cash flows, with accompanying notes and auditor reports Consolidated Statement of Operations Highlights (FY2025) | ($ in millions) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net sales | $2,877.1 | $2,759.7 | $2,550.3 | | Gross profit | $768.6 | $584.3 | $337.3 | | Operating income | $521.8 | $323.1 | $133.1 | | Net income | $376.0 | $186.5 | $56.4 | Consolidated Balance Sheet Highlights (June 30, 2025) | ($ in millions) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,764.7 | $1,591.2 | | Total Assets | $3,486.8 | $3,291.7 | | Total Current Liabilities | $483.7 | $466.3 | | Total Liabilities | $1,599.8 | $1,662.9 | | Total Stockholders' Equity | $1,887.0 | $1,628.8 | Consolidated Statement of Cash Flows Highlights (FY2025) | ($ in millions) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net cash provided from operating activities | $440.4 | $274.9 | $14.7 | | Net cash used for investing activities | $(152.9) | $(95.9) | $(82.3) | | Net cash used for financing activities | $(167.1) | $(23.3) | $(40.1) | | Increase (Decrease) in Cash | $116.4 | $154.6 | $(109.7) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=100&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[476](index=476&type=chunk) [Controls and Procedures](index=101&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2025, with no material changes - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[477](index=477&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, these controls[479](index=479&type=chunk) [Other Information](index=101&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the fourth quarter of fiscal 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[480](index=480&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=101&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[482](index=482&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=102&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on executive officers, directors, and corporate governance is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[483](index=483&type=chunk) [Executive Compensation](index=102&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information, including discussion and analysis, is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[484](index=484&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=102&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference, with **3,283,169** securities available for future issuance under equity compensation plans Equity Compensation Plan Information as of June 30, 2025 | Plan Category | Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 273,991 | $44.76 | 3,283,169 | | Equity compensation plans not approved by security holders | — | — | — | | **Total** | **273,991** | **$44.76** | **3,283,169** | [Certain Relationships, Related Transactions and Director Independence](index=103&type=section&id=Item%2013.%20Certain%20Relationships%2C%20Related%20Transactions%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[486](index=486&type=chunk) [Principal Accounting Fees and Services](index=103&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[486](index=486&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=103&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, including consolidated financial statements and Schedule II - The consolidated financial statements are included in Item 8 of the report[487](index=487&type=chunk) - Schedule II — Valuation and Qualifying Accounts is included and should be read with the consolidated financial statements[487](index=487&type=chunk) [Form 10-K Summary](index=108&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided under this item - None[494](index=494&type=chunk)

Market Overview - The U.S. equity markets have been volatile, reaching record highs due to strong quarterly earnings from blue-chip technology companies, but also experiencing sharp declines due to inflation concerns [1] - Stable labor market conditions and increased nonfarm productivity indicate a robust U.S. economy, although upcoming key inflation data is causing market uncertainty regarding future interest rate cuts [1] Momentum Investing Strategy - Investors are turning to momentum stocks, such as Carpenter Technology Corporation (CRS), Virtu Financial, Inc. (VIRT), and Root, Inc. (ROOT), as a strategy to achieve sustained profits when traditional value or growth investing falls short [2] - Momentum investing is based on the principle of "buying high and selling higher," capitalizing on established trends that are likely to continue due to existing momentum [3] Screening Parameters for Momentum Stocks - The strategy involves selecting the top 50 stocks with the best percentage price change over the last 52 weeks, ensuring steady appreciation [5] - From these, the bottom 10 performers over the past week are chosen to identify short-term pullbacks, combined with a Zacks Rank 1 (Strong Buy) for proven outperformance [6] - Stocks must have a Momentum Style Score of B or better, indicating favorable trading conditions and high probability of success [7] - Additional criteria include a current price greater than $5, being among the top 3000 by market capitalization, and an average 20-day trading volume exceeding 100,000 [8] Company Profiles - **Carpenter Technology Corporation (CRS)**: Specializes in premium specialty alloys, with a stock price increase of 78.4% over the past year but a recent decline of 1.8% in the past week. It holds a Momentum Score of B [9] - **Virtu Financial, Inc. (VIRT)**: A financial services firm that has seen a stock price increase of 45.9% in the past year, with a recent decline of 3.2%. It also has a Momentum Score of B [10] - **Root, Inc. (ROOT)**: Provides insurance products and has experienced a stock price surge of 89.3% over the past year, despite a recent decline of 26.3%. It maintains a Momentum Score of B [11]