Alcoa vs Century Aluminum
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The short version
- Alcoa is the larger business, with $12.8B of revenue in fiscal 2025 against $2.5B for Century Aluminum, about 5.1 times as much.
- Century Aluminum grew revenue faster (13.9%, against 7.9%).
- Alcoa turned more of its sales into free cash flow (4.4% FCF margin, against 3.4%).
- Investors pay more for each dollar of Alcoa’s earnings: a P/E of 7.9x against 5.4x for Century Aluminum.
| Latest fiscal year | AA · FY25 | CENX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.1B | $3.3B |
| Revenue | $12.8B | $2.5B |
| Free cash flow | $567M | $84.8M |
| Net income | $1.2B | $41.8M |
| Growth | ||
| Revenue growth | 7.9% | 13.9% |
| 5-year growth | 6.7% | 9.5% |
| Share count change | 22.0% | −3.2% |
| Profitability | ||
| Gross margin | — | 10.1% |
| Operating margin | — | 6.3% |
| Net margin | 9.0% | 1.7% |
| FCF margin | 4.4% | 3.4% |
| Return on capital | 18.0% | — |
| Return on equity | 20.5% | 5.6% |
| Balance sheet | ||
| Net debt | $851M | — |
| Net debt / EBITDA | 0.5x | — |
| Dividends and buybacks | $104M | $0.0M |
| Valuation & quality | ||
| P/E | 7.9x | 5.4x |
| Piotroski F-score | 6 | — |
Revenue
FY16
AA $9.3B
CENX $1.3B
FY17
AA $11.7B
CENX $1.6B
FY18
AA $13.4B
CENX $1.9B
FY19
AA $10.4B
CENX $1.8B
FY20
AA $9.3B
CENX $1.6B
FY21
AA $12.2B
CENX $2.2B
FY22
AA $12.5B
CENX $2.8B
FY23
AA $10.6B
CENX $2.2B
FY24
AA $11.9B
CENX $2.2B
FY25
AA $12.8B
CENX $2.5B
AA
CENX
Operating margin
FY16
AA —
CENX −17.3%
FY17
AA —
CENX 6.1%
FY18
AA —
CENX −3.1%
FY19
AA —
CENX −3.9%
FY20
AA —
CENX −5.0%
FY21
AA —
CENX 3.0%
FY22
AA —
CENX −5.4%
FY23
AA —
CENX 1.3%
FY24
AA —
CENX 4.9%
FY25
AA —
CENX 6.3%
AA
CENX
Free cash flow
FY16
AA −$715M
CENX $16.3M
FY17
AA $819M
CENX $19.7M
FY18
AA $49.0M
CENX −$152M
FY19
AA $307M
CENX −$41.9M
FY20
AA $41.0M
CENX $29.5M
FY21
AA $530M
CENX −$148M
FY22
AA $342M
CENX −$60.4M
FY23
AA −$440M
CENX $10.6M
FY24
AA $42.0M
CENX −$107M
FY25
AA $567M
CENX $84.8M
AA
CENX
Return on capital
FY16
AA 0.7%
CENX −17.9%
FY17
AA 8.6%
CENX 9.4%
FY18
AA 12.6%
CENX −5.0%
FY19
AA −3.3%
CENX −6.1%
FY20
AA 2.5%
CENX −9.4%
FY21
AA 11.4%
CENX 11.1%
FY22
AA 6.1%
CENX −12.5%
FY23
AA −5.5%
CENX 2.8%
FY24
AA 3.3%
CENX —
FY25
AA 18.0%
CENX —
AA
CENX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.