Kaiser Aluminum Corporation (KALU)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis

$116.28▼ 2.96%

EOD close · as of 2026-10-30

Market Cap

$1.90B

Enterprise Value

$2.95B

P/E

17.2×

EV/EBITDA

9.5×

P/S

0.6×

Revenue (FY)

$3.37B

Rev. growth

10.9%/yr

basis changed FY2023

Gross margin

13%

Net margin

ROIC

Net debt / EBITDA

3.4×

Revenue· FY2025$3.37B

Net Income· FY2025$112.5M

Free Cash Flow· FY2025-$25.5M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 72th pct blended

P/E

16.8× now

8.3×44.1×

73th

rich

EV/EBITDA

9.4× now

4.7×18.3×

77th

rich

P/S

0.6× now

0.3×1.1×

36th

cheap

P/B

2.3× now

0.8×2.2×

100th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Cash-backed earnings

Operating cash flow 1.0× net income

0.99×

Capital intensity

Reinvests 123% of operating cash flow

high

⚠

Balance-sheet strength

3.38× net debt / EBITDA

high lev.

Returns on capital

ROIC 6%

Pricing power

Gross margin 13%

13%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 13.6%

DuPont — the three levers

Net margin

3.3%

profit / rev

Asset turns

1.32×

rev / assets

Leverage

3.10×

assets / year-end equity

ROE

13.6%

on year-end equity

ROE 14% against ROIC 6% — 8% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$1.06B

Cash & Equivalents

$7.0M

Net Debt

$1.05B

Net debt / EBITDA3.4×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+11.5%

Op. income Δ

+68.3%

Op. leverage

5.9×

High operating leverage: profit moved 5.9× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of Revenue	82.0	80.3	80.3	89.6	92.8	88.4	88.2	86.9
R&D	0.6	0.7	0.8	0.4	0.3	0.4	0.4	0.3
Operating Income	9.1	8.3	6.9	2.5	0.1	4.0	3.7	5.6
Income Tax	1.8	1.2	0.9	-0.2	-0.2	0.5	0.7	1.1
Net Income	5.8	4.1	2.5	-0.7	-0.9	1.5	1.6	3.4

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

14%

FY2025 · latest

Net margin

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

13%

FY2025 · latest

Net debt / EBITDA

3.4×

FY2025 · latest

Current ratio

3.0×

FY2025 · latest

FCF margin

-1%

FY2025 · latest

Free cash flow

-$25.5M

FY2025 · latest

Institutional ownership: 57 holders · 1% of shares · 83th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on KALU: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$116.28▼ 2.96%

EOD close · as of 2026-10-30

Market Cap

$1.90B

Enterprise Value

$2.95B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$3.37B 100.0%	$3.02B 100.0%	$3.09B 100.0%	$3.43B 100.0%	$2.62B 100.0%	$1.17B 100.0%	$1.51B 100.0%	$1.59B 100.0%	$1.40B 100.0%	$1.33B 100.0%
Cost of Revenue	$2.93B 86.9%	$2.67B 88.2%	$2.73B 88.4%	$3.18B 92.8%	$2.35B 89.6%	$941.3M 80.3%	$1.22B 80.3%	$1.30B 82.0%	$1.09B 77.7%	$1.00B 75.2%
Cost of Products	—	—	—	—	—	—	—	—	$1.11B 79.1%	$1.02B 76.6%
Research & Development	$10.7M 0.3%	$12.0M 0.4%	$11.1M 0.4%	$9.3M 0.3%	$9.3M 0.4%	$9.1M 0.8%	$10.5M 0.7%	$9.8M 0.6%	$10.0M 0.7%	$10.2M 0.8%
Total Operating Expenses	$3.18B 94.4%	$2.91B 96.3%	$2.96B 96.0%	$3.42B 99.9%	$2.56B 97.5%	$1.09B 93.1%	$1.39B 91.7%	$1.44B 90.9%	$1.24B 88.9%	$1.15B 86.4%
Operating Income	$188.8M 5.6%	$112.2M 3.7%	$122.5M 4.0%	$4.0M 0.1%	$64.4M 2.5%	$81.1M 6.9%	$125.7M 8.3%	$143.6M 9.1%	$155.2M 11.1%	$181.1M 13.6%
Interest Expense	$50.1M 1.5%	$43.7M 1.4%	$46.9M 1.5%	$48.3M 1.4%	$49.5M 1.9%	$40.9M 3.5%	$24.6M 1.6%	$22.7M 1.4%	$22.2M 1.6%	$20.3M 1.5%
Interest & Investment Income	$800K 0.0%	$3.6M 0.1%	$1.7M 0.1%	$1.3M 0.0%	$200K 0.0%	$600K 0.1%	$600K 0.0%	$300K 0.0%	$200K 0.0%	$100K 0.0%
Other Income (Expense), net	$11.3M 0.3%	$19.5M 0.6%	$7.4M 0.2%	$6.4M 0.2%	-$38.9M -1.5%	-$1.4M -0.1%	-$20.7M -1.4%	-$900K -0.1%	$0 0.0%	-$13.6M -1.0%
Pretax Income	$150.0M 4.4%	$88.0M 2.9%	$83.0M 2.7%	-$37.9M -1.1%	-$24.0M -0.9%	$38.8M 3.3%	$80.4M 5.3%	$120.0M 7.6%	$133.0M 9.5%	$147.2M 11.1%
Income Tax Expense	$37.5M 1.1%	$22.3M 0.7%	$15.2M 0.5%	-$8.3M -0.2%	-$5.5M -0.2%	$10.0M 0.9%	$18.4M 1.2%	$28.3M 1.8%	$87.6M 6.3%	$55.5M 4.2%
Net Income	$113.0M 3.4%	$47.0M 1.6%	$47.0M 1.5%	-$30.0M -0.9%	-$19.0M -0.7%	$28.8M 2.5%	$62.0M 4.1%	$91.7M 5.8%	$45.4M 3.2%	$91.7M 6.9%
Per Share
EPS (Basic)	$6.96	$4.08	$4.25	-$1.86	-$1.17	$1.82	$3.88	$5.53	$2.67	$5.15
EPS (Diluted)	$6.77	$4.02	$4.21	-$1.86	-$1.17	$1.81	$3.83	$5.43	$2.63	$5.09
Weighted Avg Shares (Basic)	16.2M	16.1M	16.0M	15.9M	15.8M	15.8M	16.0M	16.6M	17.0M	17.8M
Weighted Avg Shares (Diluted)	16.6M	16.3M	16.1M	15.9M	15.8M	15.9M	16.2M	16.9M	17.3M	18.0M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Weak

Earns -3.11pts against its cost of capital — capital is being consumed, not created.

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2019	9.4%	10.6% (today's — no rate published for this year)	-1.1pts
FY2020	7.3%	10.6% (today's — no rate published for this year)	-3.2pts
FY2021	3.2%	9.1%	-5.9pts
FY2022	0.2%	10.3%	-10.1pts
FY2023	5.3%	9.7%	-4.4pts
FY2024	4.7%	11.6%	-6.9pts
FY2025	7.6%	9.7%	-2.2pts
Now	6.0%	10.6%	-4.6pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used⋮ reporting basis changed

ROIC − WACC spread

-3.1pts↗ widening

robust to a ±2pt WACC move

Net margin vs 3yr ago

4.2pts

-86.35% → 333.53%

ROIC

7.5%

invested capital: average of quarter-ends

WACC

10.6%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	24.8%	13.6%	6.9%
FY2017	22.3%	11.1%	3.2%
FY2018	18.0%	9.1%	5.8%
FY2019	19.7%	8.3%	4.1%
FY2020	19.7%	6.9%	2.5%
FY2021	10.4%	2.5%	-0.7%
FY2022	7.2%	0.1%	-0.9%
FY2023	11.6%	4.0%	2.2%
FY2024	11.8%	3.7%	2.2%
FY2025	13.1%	5.6%	3.3%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

14%

ROIC

Gap

+8pts

Leverage and buybacks account for 8 points of the 14% return on equity in FY2025. The business earns 6% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

What the acquisitions cost the return

ROIC as reported

7.5% · on $2.0B

ROIC ex-goodwill

7.5% · on $1.9B

$19M of goodwill — 1% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.

The other side

The spread was positive in only 0 of the last 5 years.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Weak

Accruals are positive and DSO is up +14 days over 3 years — profit is being recognised ahead of collection.

FCF / net income

1.75×↘ narrowing

5-year average; latest -0.23x

Sloan accruals

0.0%

(net income − OCF) / assets · negative is better

Share count since FY2019

2.2%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

0.6%

benign

Cash conversion cycle

101.9↘ narrowing

DSO 46d; DIO 90d; DPO 34d; +45d over 3 years

The other side

Reported free cash flow is -$26M; after share-based compensation it is -$44M. The difference is a real cost that the cash flow statement adds back.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Adequate

Covers interest 2.6x under stress — adequate, without much room.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	3.77x
5%	3.58x
10%	3.39x
15%	3.20x
20%	3.01x
25%	2.83x
30%	2.64x
35%	2.45x
40%	2.26x
45%	2.07x
50%	1.88x
55%	1.70x
60%	1.51x

Stress

At 0% EBITDA, coverage is 3.77×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

2.64×

EBIT after a 30% decline

Net debt / EBITDA

3.51×

includes $41,200,000 of lease liabilities

Interest coverage, today

3.77×

What is on hand

Cash & equivalents

$7M

excludes restricted cash

Net debt

$1.1B

total debt less cash

Current ratio

2.95×

current assets / current liabilities

Quick ratio

1.26×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Free cash flow is negative, so debt service depends on the cash balance rather than on the business.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $116.28, free cash flow must compound 19.58%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−9.9%	19.6%
FY2021	−86.2%	19.6%
FY2022	−1060.7%	19.6%
FY2024	−119.9%	19.6%

The rate the price requires sits outside every year on record (4 years). Shaded band is ±1σ of its own free-cash-flow growth. The record spans a reporting-basis change, so part of the variation is the restatement rather than the business.

Implied FCF growth

19.6%

for 10 years, discounted at 10.6% (computed WACC)

Achieved FCF growth

—

no positive start and end year to compound between

Required vs achieved

—

above 1 means the price asks for more than the record

Each multiple against its own 14-year history

P/E

16.8× FY · 8.7× TTM

8.3×44.1×

73th

11 yrs

EV/EBITDA

9.4× FY · 6.1× TTM

4.7×18.3×

77th

13 yrs

P/S

0.6× FY · 0.4× TTM

0.3×1.1×

36th

14 yrs

P/B

2.3× FY · 1.9× TTM

0.8×2.2×

100th

14 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

17.2× · med 27.5× · 15.0×–55.9×

P / S

0.56× · med 1.2× · 0.58×–2.4×

EV / EBITDA

9.5× · med 15.0× · 9.1×–29.5×

P / B

2.3× · med 2.7× · 1.4×–4.1×

KALU cohort median p25–p7526 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

KALU vs. Rolling Drawing & Extruding of Nonferrous Metals peers

Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

KALU 17.2× · med 27.5× · p25–p75 15.0×–55.9×

78th pct

P / S

KALU 0.6× · med 1.2× · p25–p75 0.6×–2.4×

78th pct

EV / EBITDA

KALU 9.5× · med 15.0× · p25–p75 9.1×–29.5×

75th pct

P / B

KALU 2.3× · med 2.7× · p25–p75 1.4×–4.1×

56th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

KALU 11.5% · med 9.9% · p25–p75 4.8%–14.4%

70th pct

ProfitabilityMargins vs the sector

Gross margin

KALU 13.1% · med 22.0% · p25–p75 11.8%–29.0%

32nd pct

Operating margin

KALU 5.6% · med 5.2% · p25–p75 -0.0%–11.6%

58th pct

Net margin

KALU 3.3% · med 3.6% · p25–p75 -2.0%–8.9%

52nd pct

FCF margin

KALU -0.8% · med 3.9% · p25–p75 1.0%–9.0%

22nd pct

Returns on capitalHow hard the capital works

Return on equity

KALU 13.6% · med 8.1% · p25–p75 -4.8%–18.8%

67th pct

Return on invested capital

KALU 6.0% · med 7.8% · p25–p75 -3.2%–9.9%

48th pct

LeverageLess debt scores higher

Net debt / EBITDA

KALU 3.4× · med 1.5× · p25–p75 -0.6×–2.0×

19th pct

13F convictionInstitutional breadth & ownership

13F holders

KALU 57 · med 53 · p25–p75 35–194

56th pct

Institutional ownership

KALU 0.9% · med 2.2% · p25–p75 1.2%–3.2%

19th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
GLWCORNING INC /NY	$106.2B	67.4×	32.2×	6.8×	19.1%	36.0%	10.2%	13.5%	7.9%	2.0×	829
HWMHowmet Aerospace Inc.	$79.4B	53.7×	35.1×	9.6×	11.1%	—	18.3%	28.2%	17.9%	1.0×	458
NUENUCOR CORP	$62.1B	36.4×	—	1.9×	5.7%	11.9%	5.4%	8.3%	8.3%	—	501
STLDSTEEL DYNAMICS INC	$35.7B	31.4×	19.3×	2.0×	3.6%	13.2%	6.5%	13.2%	9.0%	1.7×	298
ATIATI INC	$22.5B	58.1×	29.5×	4.9×	5.2%	22.0%	8.8%	22.4%	11.4%	1.6×	218
CRSCARPENTER TECHNOLOGY C…	$14.0B	26.9×	16.9×	4.5×	8.6%	30.6%	17.0%	23.8%	18.2%	0.3×	195
MLIMUELLER INDUSTRIES INC	$11.9B	8.0×	10.3×	2.9×	10.9%	—	18.3%	23.8%	23.8%	-1.3×	194
AAAlcoa Corp	$10.3B	9.0×	17.8×	0.8×	7.9%	—	9.0%	18.9%	13.5%	1.4×	134
CMCCOMMERCIAL METALS Co	$7.1B	10.9×	—	0.8×	20.5%	18.6%	7.0%	14.0%	8.2%	—	120
BDCBELDEN INC.	$4.1B	17.9×	11.3×	1.5×	10.3%	38.0%	8.7%	18.8%	9.3%	2.0×	64
CENXCENTURY ALUMINUM CO	$3.3B	80.2×	15.0×	1.3×	13.9%	10.1%	1.7%	5.2%	3.1%	1.7×	66
CSTMCONSTELLIUM SE	$3.1B	12.0×	—	0.4×	15.2%	—	3.2%	28.7%	9.4%	—	53
WORWORTHINGTON ENTERPRISE…	$3.1B	20.0×	29.3×	2.2×	19.7%	27.4%	11.3%	15.2%	11.7%	2.4×	73
WSWorthington Steel, Inc…	$2.1B	239.2×	31.1×	0.6×	11.3%	11.7%	0.2%	0.8%	0.7%	2.0×	52
KALUKAISER ALUMINUM CORP	$1.9B	17.2×	9.5×	0.6×	11.5%	13.1%	3.3%	13.6%	6.0%	3.4×	57
ROCKGIBRALTAR INDUSTRIES, …	$1.2B	—	7.0×	1.1×	11.0%	26.9%	-3.9%	-4.7%	-4.7%	-0.8×	46
SXCSunCoke Energy, Inc.	$962M	—	14.3×	0.5×	-5.1%	—	-2.4%	-7.4%	-3.4%	5.5×	38
NXQuanex Building Produc…	$947M	—	—	0.5×	43.8%	27.2%	-13.6%	-34.5%	-17.7%	—	37
NWPXNWPX Infrastructure, I…	$943M	27.5×	—	1.8×	6.8%	19.7%	6.7%	9.0%	8.7%	—	33
MTUSMetallus Inc.	$875M	—	12.5×	0.8×	6.9%	8.2%	-0.1%	-0.2%	-0.2%	-2.7×	43
MATWMATTHEWS INTERNATIONAL…	$602M	—	8.7×	0.4×	-16.6%	33.9%	-1.6%	-5.1%	-2.1%	4.6×	24
IIININSTEEL INDUSTRIES INC	$551M	18.8×	9.1×	0.7×	14.2%	10.2%	4.0%	7.8%	7.8%	-0.7×	36
UAMYUNITED STATES ANTIMONY…	$442M	—	—	11.3×	163%	25.2%	-11.1%	-3.1%	-3.1%	—	50
FRDFRIEDMAN INDUSTRIES IN…	$304M	48.5×	47.4×	0.7×	-13.9%	0.6%	1.4%	4.6%	4.6%	-0.6×	11
TWITITAN INTERNATIONAL IN…	$300M	—	8.0×	0.2×	-0.9%	13.9%	-3.5%	-12.3%	-5.7%	4.6×	27

Peers = companies sharing KALU's sector (Rolling Drawing & Extruding of Nonferrous Metals) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$16.7m · 7 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 30 filings

0 open-market purchases and 5 discretionary sales against the share price · hover a marker

2025-10-31$88.60 – $188.552026-10-23

Shares held by reporting insiders2 → 16 insiders reporting — no comparable change

2025-11-07 · 33,6382026-06-04 · 274,757 (16 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-06-04	Foster David A Director	Grant	786	$0.00	$0
2026-06-04	Glas Kimberly Thompson Director	Grant	786	$0.00	$0
2026-06-04	2 co-filers Group filing	Grant	786	$0.00	$0
2026-06-04	2 co-filers Group filing	Grant	786	$0.00	$0
2026-06-04	Grimley Richard P. Director

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

-22.6%

-32.5%

-9.9 points

FY2021

123.6%

194.9%

71.4 points

FY2022

30.7%

-10.7%

-41.4 points

FY2023

-9.9%

9.4%

19.4 points

FY2024

-2.0%

-1.7%

0.4 points

FY2025

11.5%

32.4%

20.9 points

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2019

40.3 days

53.3 days

27.6 days

66 days

FY2020

35.1 days

58.9 days

33.4 days

60.7 days

FY2021

46.3 days

62.9 days

54.6 days

FY2022

31.6 days

60.3 days

35 days

56.9 days

FY2023

38.5 days

73.7 days

33.8 days

78.3 days

FY2024

38.6 days

82.4 days

36.5 days

84.4 days

FY2025

45.8 days

90.3 days

34.2 days

101.9 days

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-11.2 percent

FY2020

-9.6 percent

FY2021

-4.0 percent

FY2022

1.5 percent

FY2023

-6.4 percent

FY2024

-4.2 percent

FY2025

0.0 percent

Step	Amount	Running total
Net income	$113M	$113M
Share-based comp	$19M	$131M
Other non-cash & working capital	−$20M	$111M
Operating cash flow	$111M	$111M
Capex	−$137M	−$26M
Free cash flow	−$26M	−$26M
FCF after SBC	−$44M	−$44M

Kaiser Aluminum Corporation (KALU)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 13.6%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -42%

KALU vs. Rolling Drawing & Extruding of Nonferrous Metals peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -42%

Ownership Map

KALU vs. Rolling Drawing & Extruding of Nonferrous Metals peers

Where it ranks

Peer table

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Financials

Revenue → Profit Flow

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 13.6%

Debt structure

How profit responds to sales

Common-size income statement