Alcoa
AA NYSE Aluminum Financials FY2016–FY2025
Alcoa's revenue rose 7.9% to $12.8 billion in fiscal 2025. Its net margin was 9.0%, up from 0.5% a year earlier. Free cash flow was $567 million, up 1250.0%. It paid out $104 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 22.0%.
What Alcoa does
Alcoa is a vertically integrated aluminum company. It mines bauxite, the ore aluminum comes from, refines the ore into alumina, smelts and casts aluminum metal, and generates energy. Through direct and indirect ownership, it has 25 operating locations in eight countries, mainly Australia, Brazil, Canada, Iceland, Norway, Spain and the United States. At the end of 2025 it had approximately 14,900 employees in 16 countries.
It reports two segments. The Alumina segment mostly holds the bauxite mines and alumina refineries and sells smelter-grade and other alumina. The Aluminum segment holds the smelting and casting operations and most of the company's energy assets. Alcoa sells to customers in North America, South America, Europe, the Middle East, Australia, China and other parts of Asia.
Aluminum is a commodity traded on the London Metal Exchange and priced daily, and alumina is priced against an index, so both prices swing and affect Alcoa's results. Alcoa competes with other bauxite miners, alumina suppliers, aluminum producers and makers of other materials such as steel and plastics. In 2025 it formed a joint venture to keep its San Ciprián complex in Spain running and sold its stake in a Saudi Arabia joint venture.
- Legal name
- Alcoa Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-077167
0001675149
Revenue and margins
Alcoa had $12.8B of revenue in fiscal 2025, up 7.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $567M in fiscal 2025, 4.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Alcoa returned $104M to shareholders in fiscal 2025, 18% of free cash flow. The diluted share count rose 22.0%.
Value Alcoa yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$851M and divides by 261.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 7.9x · peers 12.6x · sector 20.6x.
Balance sheet
Cash, debt and the ratios that show how comfortably Alcoa can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $1.4B | $944M | $1.1B | $1.6B |
| Debt incl. finance leases | $1.8B | $1.8B | $1.9B | $2.6B | $2.4B |
| Net debt / EBITDA | −0.0x | 0.3x | 6.0x | 1.3x | 0.5x |
| Debt / equity | 0.4x | 0.4x | 0.4x | 0.5x | 0.4x |
| Interest coverage | 7.2x | 7.6x | −4.5x | 2.9x | 7.7x |
| Current ratio | 1.6x | 1.8x | 1.5x | 1.5x | 1.4x |
| Quick ratio | 1.0x | 0.9x | 0.7x | 0.9x | 0.9x |
| Total assets | $15.0B | $14.8B | $14.2B | $14.1B | $16.1B |
| Total liabilities | $8.7B | $8.2B | $8.3B | $8.9B | $9.9B |
| Shareholders' equity | $4.7B | $5.1B | $4.3B | $5.2B | $6.1B |
| Net debt (− = net cash) | −$12.0M | $444M | $923M | $1.5B | $851M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.3M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Renato BacchiEVP & Chief Commercial Officer | Sold | 700 | $51.02 | $0.0M | Form 4 |
| Aug 27, 2026 | Tammi A JonesEVP & CHRO | Sold | 15,628 | $50.60 | $0.8M | Form 4 |
| Aug 17, 2026 | Andrew HastingsEVP & Gen. Counsel | Sold | 6,000 | $50.90 | $0.3M | Form 4 |
| Jul 22, 2026 | Matthew T ReedEVP, Chief Operations Officer | Sold | 4,600 | $46.82 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 3 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | −5.1% | −4.0% | −0.2% |
| Altman Z'' | 0.85 | 1.22 | 1.78 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Alcoa AA | $10.1B | 7.9% | — | 4.4% | 18.0% | 7.9x | 6 | |
| Kaiser Aluminum KALU | $1.8B | 11.5% | 5.6% | −0.8% | 7.7% | 8.3x | 7 | Compare → |
| Century Aluminum CENX | $3.3B | 13.9% | 6.3% | 3.4% | — | 5.4x | — | Compare → |
| Ball BALL | $17.3B | 11.6% | — | 6.0% | 10.4% | 18.4x | 6 | Compare → |
| Crown CCK | $12.9B | 4.8% | 12.6% | 9.0% | 13.7% | 16.9x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.3B | $11.7B | $13.4B | $10.4B | $9.3B | $12.2B | $12.5B | $10.6B | $11.9B | $12.8B |
| Research and development | $33.0M | $32.0M | $31.0M | $27.0M | $27.0M | $31.0M | $32.0M | $39.0M | $57.0M | $24.0M |
| Interest expense | $243M | $104M | $122M | $121M | $146M | $195M | $106M | $107M | $156M | $158M |
| Pretax income | −$162M | $1.2B | $1.6B | −$438M | $173M | $1.2B | $702M | −$584M | $289M | $1.1B |
| Income tax | $184M | $592M | $732M | $415M | $187M | $629M | $664M | $189M | $265M | −$55.0M |
| Net income | −$400M | $279M | $250M | −$1.1B | −$170M | $429M | −$123M | −$651M | $60.0M | $1.2B |
| Diluted EPS | −$2.19 | $1.49 | $1.33 | −$6.07 | −$0.91 | $2.26 | −$0.68 | −$3.65 | $0.26 | $4.37 |
| Diluted shares | 0.18B | 0.19B | 0.19B | 0.19B | 0.19B | 0.19B | 0.18B | 0.18B | 0.21B | 0.26B |
| Cash flow | ||||||||||
| Cash from operations | −$311M | $1.2B | $448M | $686M | $394M | $920M | $822M | $91.0M | $622M | $1.2B |
| Capital expenditure | $404M | $405M | $399M | $379M | $353M | $390M | $480M | $531M | $580M | $618M |
| Free cash flow | −$715M | $819M | $49.0M | $307M | $41.0M | $530M | $342M | −$440M | $42.0M | $567M |
| Depreciation and amortization | $718M | $750M | $733M | $713M | $653M | $664M | $617M | $632M | $642M | $623M |
| Stock-based compensation | $28.0M | $24.0M | $35.0M | $30.0M | $25.0M | $39.0M | $40.0M | $35.0M | $36.0M | $41.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $50.0M | $0.0M | $0.0M | $150M | $500M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $19.0M | $72.0M | $72.0M | $89.0M | $104M |
| Dividends and buybacks | $0.0M | $0.0M | $50.0M | $0.0M | $0.0M | $169M | $572M | $72.0M | $89.0M | $104M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $853M | $1.4B | $1.1B | $879M | $1.6B | $1.8B | $1.4B | $944M | $1.1B | $1.6B |
| Total debt | $1.4B | $1.4B | $1.8B | $1.8B | $2.5B | $1.8B | $1.8B | $1.9B | $2.6B | $2.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $3.2B | $4.2B | $4.3B | $3.5B | $4.5B | $5.0B | $5.3B | $4.4B | $4.9B | $5.5B |
| Current liabilities | $2.8B | $3.3B | $2.9B | $2.6B | $2.8B | $3.2B | $3.0B | $3.0B | $3.4B | $3.8B |
| Inventory | $1.2B | $1.5B | $1.8B | $1.6B | $1.4B | $2.0B | $2.4B | $2.2B | $2.0B | $2.2B |
| Property and equipment, net | $9.3B | $9.1B | $8.3B | $7.9B | $7.2B | $6.6B | $6.5B | $6.8B | $6.4B | $6.7B |
| Total assets | $16.7B | $17.4B | $16.1B | $14.6B | $14.9B | $15.0B | $14.8B | $14.2B | $14.1B | $16.1B |
| Total liabilities | $9.0B | $10.6B | $8.5B | $8.7B | $9.8B | $8.7B | $8.2B | $8.3B | $8.9B | $9.9B |
| Shareholders' equity | $5.7B | $4.5B | $5.6B | $4.1B | $3.3B | $4.7B | $5.1B | $4.3B | $5.2B | $6.1B |
| Margins | ||||||||||
| EBITDA margin | 8.6% | 17.6% | 18.5% | 3.8% | 10.5% | 16.9% | 11.4% | 1.5% | 9.1% | 14.4% |
| Net margin | −4.3% | 2.4% | 1.9% | −10.8% | −1.8% | 3.5% | −1.0% | −6.2% | 0.5% | 9.0% |
| FCF margin | −7.7% | 7.0% | 0.4% | 2.9% | 0.4% | 4.4% | 2.8% | −4.2% | 0.4% | 4.4% |
| Returns | ||||||||||
| Return on capital | 0.7% | 8.6% | 12.6% | −3.3% | 2.5% | 11.4% | 6.1% | −5.5% | 3.3% | 18.0% |
| Return on capital employed | 0.6% | 9.3% | 12.8% | −2.5% | 2.6% | 11.7% | 6.9% | −4.2% | 4.1% | 10.6% |
| Return on equity | −5.3% | 5.5% | 4.9% | −23.1% | −4.6% | 10.8% | −2.5% | −14.0% | 1.3% | 20.5% |
| Return on assets | −2.4% | 1.6% | 1.5% | −7.3% | −1.2% | 2.9% | −0.8% | −4.5% | 0.4% | 7.7% |
| Growth | ||||||||||
| Revenue growth | −16.8% | 25.1% | 15.0% | −22.2% | −11.0% | 30.9% | 2.5% | −15.3% | 12.7% | 7.9% |
| Net income growth | — | — | −10.4% | −550.0% | — | — | −128.7% | — | — | 1,828.3% |
| EPS growth | — | — | −10.7% | −556.4% | — | — | −130.1% | — | — | 1,580.8% |
| FCF growth | −247.7% | — | −94.0% | 526.5% | −86.6% | 1,192.7% | −35.5% | −228.7% | — | 1,250.0% |
| Share count change | 0.6% | 2.2% | 1.1% | −2.1% | 0.5% | 2.2% | −4.7% | −1.7% | 20.2% | 22.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.7x | 0.0x | 0.3x | 2.3x | 1.0x | −0.0x | 0.3x | 6.0x | 1.3x | 0.5x |
| Debt / equity | 0.3x | 0.3x | 0.3x | 0.4x | 0.8x | 0.4x | 0.4x | 0.4x | 0.5x | 0.4x |
| Interest coverage | 0.3x | 12.5x | 14.3x | −2.6x | 2.2x | 7.2x | 7.6x | −4.5x | 2.9x | 7.7x |
| Current ratio | 1.1x | 1.3x | 1.5x | 1.4x | 1.6x | 1.6x | 1.8x | 1.5x | 1.5x | 1.4x |
| Quick ratio | 0.7x | 0.9x | 0.9x | 0.7x | 1.1x | 1.0x | 0.9x | 0.7x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.3% | 3.5% | 3.0% | 3.6% | 3.8% | 3.2% | 3.9% | 5.0% | 4.9% | 4.8% |
| Stock comp / revenue | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| Payouts / FCF | — | 0.0% | 102.0% | 0.0% | 0.0% | 31.9% | 167.3% | — | 211.9% | 18.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 5.0 | 3.0 | 4.0 | 6.0 | 5.0 | 3.0 | 5.0 | 6.0 |
| Altman Z'' | 1.1 | 1.6 | 2.4 | 0.9 | 1.3 | 2.1 | 2.1 | 0.9 | 1.2 | 1.8 |
| Accruals ratio | −0.5% | −5.5% | −1.2% | −11.8% | −3.8% | −3.3% | −6.4% | −5.1% | −4.0% | −0.2% |
Source: SEC EDGAR XBRL filings (CIK 0001675149). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.