HWM

Howmet Aerospace Inc

research_scan theme='defense-modernization'; value_chain_position='picks-and-shovels'; Defence-grade structural castings, engine forgings (F-35), titanium/Inconel investment castings — sells into every prime regardless of which platform wins. The picks-and-shovels durability profile across LMT/RTX/NOC/GD/HII production-rate ramps is the cleanest non-headline beneficiary of reconciliation obligation flow.