Alcoa

AA · NYSE · Materials · Financials, fiscal 2016 to 2025

AA · Last close · October 26, 2026

$38.70

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%.

Alcoa Corp Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001193125-26-077167 Updated October 9, 2026

Revenue

$12.8B

7.9%

Net margin

9.0%

8.5 pts

Net income

$1.2B

1828.3%

Free cash flow

$567M

1250.0%

Return on capital

18.0%

14.7 pts

Market cap

$10.3B

Oct 26 close

P/E

8.0x

On $4.81 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Swings in aluminum and alumina prices, which it does not control.
Competition across the aluminum supply chain, including from steel, plastics and other materials.
Health, safety and environmental rules that could bring large claims and costs, including at waste storage sites.
Climate change laws and the cost of cutting emissions.
Debt, limits on funding capital projects, and the need to renegotiate union agreements as they expire.

From Alcoa's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 14.4% a year and net income 19.5% a year, as new shares raised the share count by 40% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Alcoa yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Alcoa's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Alcoa's fiscal 2025 free cash flow of $567M, net cash of −$851M at December 31, 2025 and 261 million diluted shares, from its filings. The scenarios are fitted to Alcoa: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Aluminum), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Alcoa's own revenue growth, as above. Cautious: growth of -1% then 0.5% a year, 2% after year 10, a 13% discount rate. Base: growth of 1% then 2% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 3% then 3% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $38.70
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Alcoa's earnings per share of $4.81 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.5×, the middle of Alcoa's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Kaiser Aluminum, Century Aluminum, Ball, Crown.

Earnings growth in the years ahead (% a year) Starts at Alcoa's revenue growth over the last 3 years, 1.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $38.70
Value at this multiple, against the last close: —
Alcoa's P/E at the last close: 8.0×

Company	Last close	Earnings per share	P/E today
BallBALL	$64.45	$3.52	18.3×
CrownCCK	$116.71	$6.96	16.8×
Kaiser AluminumKALU	$105.47	$12.94	8.2×
AlcoaAA	$38.70	$4.81	8.0×
Century AluminumCENX	$31.80	$5.79	5.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,814	1,363	944	1,138	1,597
Debt incl. finance leases	1,802	1,807	1,867	2,595	2,448
Net debt (negative means net cash)	−12	444	923	1,457	851
Net debt to EBITDA	−0.0x	0.3x	6.0x	1.3x	0.5x
Debt to 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	1.4x	1.4x	1.4x
Quick ratio	0.9x	0.9x	0.7x	0.9x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Alcoa shares on the open market, and 4 insiders sold $1.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 31, 2026	Renato BacchiEVP & Chief Commercial Officer	Sold	700	$51.02	$35,714	Form 4
Aug 27, 2026	Tammi A JonesEVP & CHRO	Sold	15,628	$50.60	$790,777	Form 4
Aug 17, 2026	Andrew HastingsEVP & Gen. Counsel	Sold	6,000	$50.90	$305,400	Form 4
Jul 22, 2026	Matthew T ReedEVP, Chief Operations Officer	Sold	4,600	$46.82	$215,372	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 8	5 of 8	6 of 8
Accruals ratio	−5.1%	−4.0%	−0.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Alcoa side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Alcoa	FY25	7.9%	—	4.4%	18.0%	0.5x	6
Kaiser Aluminum	FY25	11.5%	5.6%	−0.8%	7.7%	3.4x	7	Compare
Century Aluminum	FY25	13.8%	6.2%	3.4%	—	—	—	Compare
Ball	FY25	11.6%	—	6.0%	10.3%	2.8x	6	Compare
Crown	FY25	4.8%	12.6%	9.0%	13.7%	2.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	9,318	11,652	13,403	10,433	9,286	12,152	12,451	10,551	11,895	12,831
Revenue growth	−16.8%	25.1%	15.0%	−22.2%	−11.0%	30.9%	2.5%	−15.3%	12.7%	7.9%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	33	32	31	27	27	31	32	39	57	24
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	−400	279	250	−1,125	−170	429	−123	−651	60	1,157
Diluted EPS (US$)	−2.19	1.49	1.33	−6.07	−0.91	2.26	−0.68	−3.65	0.26	4.37
Diluted shares (millions)	183	187	189	185	186	190	181	178	214	261
Cash flow
Cash from operations	−311	1,224	448	686	394	920	822	91	622	1,185
Capital expenditure	404	405	399	379	353	390	480	531	580	618
Free cash flow	−715	819	49	307	41	530	342	−440	42	567
Dividends paid	0	0	0	0	0	19	72	72	89	104
Share buybacks	0	0	50	0	0	150	500	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	28	24	35	30	25	39	40	35	36	41
Balance sheet at fiscal year end
Cash and short-term investments	853	1,358	1,113	879	1,607	1,814	1,363	944	1,138	1,597
Debt incl. finance leases	1,445	1,404	1,802	1,800	2,542	1,802	1,807	1,867	2,595	2,448
Total assets	16,741	17,447	16,132	14,631	14,860	15,025	14,756	14,155	14,064	16,129
Total liabilities	9,044	10,649	8,544	8,745	9,844	8,741	8,167	8,310	8,907	9,935
Shareholders' equity	5,654	4,523	5,618	4,112	3,311	4,672	5,076	4,251	5,157	6,118
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	−4.3%	2.4%	1.9%	−10.8%	−1.8%	3.5%	−1.0%	−6.2%	0.5%	9.0%
Free cash flow margin	−7.7%	7.0%	0.4%	2.9%	0.4%	4.4%	2.8%	−4.2%	0.3%	4.4%
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 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%	−1.1%	2.9%	−0.8%	−4.5%	0.4%	7.7%
Net debt to EBITDA	0.7x	0.0x	0.3x	2.3x	1.0x	−0.0x	0.3x	6.0x	1.3x	0.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Alcoa's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Alcoa.