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Metals & mining · Basic Materials · Fiscal year ends Dec 31
Kaiser Aluminum reported revenue of $3.4B in the fiscal year ended Dec 2025, up 11.5% from the year before. Operating income was $189M, an operating margin of 5.6%, and net income was $113M. Operating cash flow of $111M less capital expenditure of $137M left free cash flow of −$26M. Net debt was $1.1B.
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,622 | 3,428 | 3,087 | 3,024 | 3,373 |
| Cost of revenue | 2,348 | 3,180 | 2,728 | 2,667 | 2,931 |
| Gross profit | 274 | 248 | 359 | 357 | 442 |
| Research & development | 9.3 | 9.3 | 11.1 | 12.0 | 10.7 |
| Operating income | 64.4 | 4.0 | 123 | 112 | 189 |
| Interest expense | 49.5 | 48.3 | 46.9 | 43.7 | 50.1 |
| Pre-tax income | −24.0 | −37.9 | 83.0 | 88.0 | 150 |
| Income tax | −5.5 | −8.3 | 15.2 | 22.3 | 37.5 |
| Net income | −18.5 | −29.6 | 67.8 | 65.7 | 113 |
| Diluted EPS | −1.17 | −1.86 | 4.21 | 4.02 | 6.77 |
| Diluted shares | 15.8 | 15.9 | 16.1 | 16.3 | 16.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 303 | 57.4 | 82.4 | 18.4 | 7.0 |
| Receivables | 333 | 297 | 325 | 320 | 423 |
| Inventory | 405 | 525 | 551 | 602 | 725 |
| Current assets | 1,205 | 1,043 | 990 | 1,075 | 1,262 |
| Net PP&E | 955 | 1,013 | 1,052 | 1,161 | 1,145 |
| Goodwill | 39.3 | 18.8 | 18.8 | 18.8 | 18.8 |
| Total assets | 2,422 | 2,289 | 2,267 | 2,410 | 2,565 |
| Payables | 351 | 305 | 253 | 267 | 275 |
| Deferred revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 457 | 419 | 370 | 401 | 427 |
| Long-term debt | 1,036 | 1,038 | 1,040 | 1,042 | 1,060 |
| Total liabilities | 1,730 | 1,658 | 1,615 | 1,667 | 1,739 |
| Shareholders' equity | 693 | 631 | 708 | 743 | 826 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 79.4 | −63.1 | 212 | 167 | 111 |
| Capital expenditure | 58.0 | 143 | 143 | 181 | 137 |
| Free cash flow | 21.4 | −206 | 68.7 | −13.7 | −25.5 |
| Depreciation & amortisation | 91.5 | 107 | 109 | 116 | 123 |
| Stock-based compensation | 12.9 | 14.3 | 16.1 | 14.4 | 18.5 |
| Acquisitions | 609 | – | – | – | – |
| Dividends paid | 46.7 | 50.1 | 50.4 | 50.7 | 51.3 |
| Dividend per share | 2.88 | 3.08 | 3.08 | 3.08 | 3.08 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.7% | −9.9% | −2.0% | 11.5% |
| Operating income growth (YoY) | – | −93.8% | 2962.5% | −8.4% | 68.3% |
| EPS growth (YoY) | – | – | – | −4.5% | 68.4% |
| Gross margin | 10.4% | 7.2% | 11.6% | 11.8% | 13.1% |
| Operating margin | 2.5% | 0.1% | 4.0% | 3.7% | 5.6% |
| Net margin | −0.7% | −0.9% | 2.2% | 2.2% | 3.3% |
| Return on equityBlank when equity is negative | −2.7% | −4.7% | 9.6% | 8.8% | 13.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.3% | 0.2% | 6.5% | 5.6% | 8.8% |
| Free cash flow margin | 0.8% | −6.0% | 2.2% | −0.5% | −0.8% |
| Cash conversion (CFO ÷ net income) | −4.29x | 2.13x | 3.13x | 2.54x | 0.99x |
| Receivable days | 46 | 32 | 38 | 39 | 46 |
| Inventory days | 63 | 60 | 74 | 82 | 90 |
| Payable days | 55 | 35 | 34 | 37 | 34 |
| Interest cover | 1.30x | 0.08x | 2.61x | 2.57x | 3.77x |
| Debt ÷ equity | 1.50x | 1.64x | 1.47x | 1.40x | 1.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 733 | 981 | 957 | 1,023 | 1,053 |
| Current ratio | 2.64x | 2.49x | 2.68x | 2.68x | 2.95x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.