TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 8 US-GAAP Steel peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 8 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2028 analyst estimates

On the record · verbatim from the earnings calls

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Carpenter Technology Corporation SG&A versus peers, in text

Carpenter Technology Corporation (CRS) reports revenue of $2,877 million. On a normalized basis its SG&A runs 7.5% of revenue, against a median of 8.1% across 7 Steel peers; 4 of the 7 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: R&D 0.9% of revenue (1 of 8 companies disclose it); Stock-based comp 0.8% of revenue (6 of 8 companies disclose it).

Over 1 year (FY2024 to FY2025), Carpenter Technology Corporation's total shareholder return was +160% against +13% for the peer composite; SG&A contributed +26.1 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/CRS.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.