Alcoa Corporation (AA) 10-Year Financial Performance & Capital Metrics

AA • • Industrial / General

Basic MaterialsAluminumPrimary Aluminum ProductionIntegrated Primary Producers

AboutAlcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through three segments: Bauxite, Alumina, and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses. The company offers primary aluminum in the form of alloy ingot or value-add ingot to customers that produce products for the transportation, building and construction, packaging, wire, and other industrial markets. In addition, it owns hydro power plants that generates and sells electricity in the wholesale market to traders, large industrial consumers, distribution companies, and other generation companies. The company was formerly known as Alcoa Upstream Corporation and changed its name to Alcoa Corporation in October 2016. The company was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania.Show more

Revenue $12.18B +13.8%
EBITDA $1.81B +197.4%
Net Income $60M +109.2%
EPS (Diluted) 0.28 +107.7%
Gross Margin 12.29% +446.2%
EBITDA Margin 14.84% +161.3%
Operating Margin 9.57% +4368.5%
Net Margin 0.49% +108.1%
ROE 1.09% +110.4%
ROIC 12.76% +5048.8%
Debt/Equity 0.55 +62.0%
Interest Coverage 7.47 +3432.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Shares diluted 20.3% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-6.53%

5Y3.03%

3Y-0.68%

TTM21.59%

Profit (Net Income) CAGR

10Y-13.9%

5Y-

3Y-48.09%

TTM492.47%

EPS CAGR

10Y-

5Y-

3Y-50.15%

TTM346.59%

ROCE

10Y Avg9.53%

5Y Avg9.82%

3Y Avg8.3%

Latest10.7%

Peer Comparison

Integrated Primary Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AAAlcoa Corporation	16.52B	63.81	227.89	13.81%	8.64%	17.82%	0.25%	0.55

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.22B	9.32B	11.78B	13.52B	10.49B	9.37B	12.44B	12.76B	10.71B	12.18B
Revenue Growth %	-0.53%	-0.17%	0.26%	0.15%	-0.22%	-0.11%	0.33%	0.03%	-0.16%	0.14%
Cost of Goods Sold+	9.82B	8.62B	9.76B	10.82B	9.29B	8.61B	9.81B	10.83B	10.46B	10.69B
COGS % of Revenue	0.88%	0.92%	0.83%	0.8%	0.89%	0.92%	0.79%	0.85%	0.98%	0.88%
Gross Profit+	1.4B	709M	2.02B	2.69B	1.2B	765M	2.62B	1.93B	241M	1.5B
Gross Margin %	0.12%	0.08%	0.17%	0.2%	0.11%	0.08%	0.21%	0.15%	0.02%	0.12%
Gross Profit Growth %	-0.59%	-0.49%	1.85%	0.33%	-0.55%	-0.36%	2.43%	-0.26%	-0.88%	5.22%
Operating Expenses+	410M	324M	312M	279M	307M	233M	258M	236M	265M	332M
OpEx % of Revenue	0.04%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.03%
Selling, General & Admin	353M	359M	284M	248M	280M	206M	227M	204M	226M	275M
SG&A % of Revenue	0.03%	0.04%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%
Research & Development	69M	33M	32M	31M	27M	27M	31M	32M	39M	57M
R&D % of Revenue	0.01%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	991M	385M	1.71B	2.42B	895M	532M	2.36B	1.7B	-24M	1.17B
Operating Margin %	0.09%	0.04%	0.14%	0.18%	0.09%	0.06%	0.19%	0.13%	-0%	0.1%
Operating Income Growth %	-0.55%	-0.61%	3.44%	0.41%	-0.63%	-0.41%	3.44%	-0.28%	-1.01%	49.58%
EBITDA+	1.77B	1.1B	2.46B	3.15B	1.61B	1.19B	3.03B	2.31B	608M	1.81B
EBITDA Margin %	0.16%	0.12%	0.21%	0.23%	0.15%	0.13%	0.24%	0.18%	0.06%	0.15%
EBITDA Growth %	-0.44%	-0.38%	1.23%	0.28%	-0.49%	-0.26%	1.56%	-0.24%	-0.74%	1.97%
D&A (Non-Cash Add-back)	780M	718M	752M	733M	713M	653M	664M	617M	632M	642M
EBIT	-67M	81M	1.26B	1.75B	-317M	319M	1.39B	808M	-477M	445M
Net Interest Income+	-270M	-243M	-104M	-122M	-121M	-146M	-195M	-106M	-107M	-156M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	270M	243M	104M	122M	121M	146M	195M	106M	107M	156M
Other Income/Expense	-1.33B	-547M	-549M	-790M	-1.33B	-359M	-1.17B	-995M	-560M	-877M
Pretax Income+	-337M	-162M	1.16B	1.63B	-438M	173M	1.2B	702M	-584M	289M
Pretax Margin %	-0.03%	-0.02%	0.1%	0.12%	-0.04%	0.02%	0.1%	0.06%	-0.05%	0.02%
Income Tax+	402M	184M	592M	732M	415M	187M	629M	664M	189M	265M
Effective Tax Rate %	2.56%	2.47%	0.19%	0.15%	2.57%	-0.98%	0.36%	-0.18%	1.11%	0.21%
Net Income+	-863M	-400M	217M	250M	-1.13B	-170M	429M	-123M	-651M	60M
Net Margin %	-0.08%	-0.04%	0.02%	0.02%	-0.11%	-0.02%	0.03%	-0.01%	-0.06%	0%
Net Income Growth %	-4.22%	0.54%	1.54%	0.15%	-5.5%	0.85%	3.52%	-1.29%	-4.29%	1.09%
Net Income (Continuing)	-739M	-346M	559M	893M	-853M	-14M	570M	38M	-773M	24M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.07B	2.04B	2.27B	1.97B	1.77B	1.71B	1.61B	1.51B	1.59B	0
EPS (Diluted)+	-4.73	-2.19	1.16	1.20	-6.07	-0.91	2.26	-0.57	-3.65	0.28
EPS Growth %	-2.38%	0.54%	1.53%	0.03%	-6.06%	0.85%	3.48%	-1.25%	-5.4%	1.08%
EPS (Basic)	-4.73	-2.19	1.18	1.22	-6.07	-0.91	2.30	-0.57	-3.65	0.28
Diluted Shares Outstanding	182.4M	182.54M	186.98M	188.53M	185M	186M	190M	181M	178M	214.05M
Basic Shares Outstanding	182.4M	182.54M	184.42M	186.23M	185M	186M	186M	181M	178M	212.42M
Dividend Payout Ratio	-	-	-	-	-	-	0.04%	-	-	1.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.57B	3.18B	4.24B	4.33B	3.53B	4.52B	5.03B	5.25B	4.41B	4.91B
Cash & Short-Term Investments	557M	853M	1.36B	1.11B	879M	1.61B	1.81B	1.36B	944M	1.14B
Cash Only	557M	853M	1.36B	1.11B	879M	1.61B	1.81B	1.36B	944M	1.14B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	504M	834M	1.04B	1B	660M	556M	884M	909M	808M	1.24B
Days Sales Outstanding	16.4	32.64	32.32	27.08	22.95	21.65	25.94	26	27.55	37.12
Inventory	1.17B	1.16B	1.45B	1.82B	1.64B	1.4B	1.96B	2.43B	2.16B	2B
Days Inventory Outstanding	43.57	49.14	54.34	61.34	64.57	59.29	72.74	81.8	75.27	68.25
Other Current Assets	0	51M	113M	73M	59M	669M	14M	551M	495M	539M
Total Non-Current Assets+	13.85B	13.56B	13.21B	11.8B	11.1B	10.34B	10B	9.51B	9.75B	9.15B
Property, Plant & Equipment	9.39B	9.32B	9.14B	8.33B	7.92B	7.19B	6.62B	6.49B	6.79B	6.39B
Fixed Asset Turnover	1.19x	1.00x	1.29x	1.62x	1.33x	1.30x	1.88x	1.97x	1.58x	1.91x
Goodwill	152M	155M	154M	151M	150M	145M	144M	145M	146M	142M
Intangible Assets	53M	135M	62M	57M	52M	45M	36M	29M	37M	36M
Long-Term Investments	1.47B	1.36B	1.41B	1.36B	1.11B	1.05B	1.2B	1.12B	979M	980M
Other Non-Current Assets	2.19B	1.85B	1.63B	1.35B	1.23B	1.25B	1.49B	1.42B	1.47B	1.32B
Total Assets+	16.41B	16.74B	17.45B	16.13B	14.63B	14.86B	15.03B	14.76B	14.15B	14.06B
Asset Turnover	0.68x	0.56x	0.68x	0.84x	0.72x	0.63x	0.83x	0.86x	0.76x	0.87x
Asset Growth %	-0.12%	0.02%	0.04%	-0.08%	-0.09%	0.02%	0.01%	-0.02%	-0.04%	-0.01%
Total Current Liabilities+	2.4B	2.82B	3.25B	2.92B	2.56B	2.76B	3.22B	3B	3.03B	3.4B
Accounts Payable	1.38B	1.46B	1.9B	1.66B	1.48B	1.4B	1.67B	1.76B	1.71B	1.8B
Days Payables Outstanding	51.26	61.64	70.98	56.08	58.29	59.5	62.25	59.22	59.78	61.65
Short-Term Debt	18M	21M	16M	1M	1M	79M	76M	1M	135M	125M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	871M	1.2B	1.06B	829M	974M	1.19B	1.1B	1.02B	1.09B	1.36B
Current Ratio	1.07x	1.13x	1.30x	1.48x	1.38x	1.64x	1.56x	1.75x	1.45x	1.45x
Quick Ratio	0.58x	0.72x	0.86x	0.86x	0.74x	1.13x	0.95x	0.94x	0.74x	0.86x
Cash Conversion Cycle	8.7	20.15	15.68	32.35	29.24	21.44	36.43	48.58	43.03	43.71
Total Non-Current Liabilities+	2.5B	6.22B	7.4B	5.63B	6.18B	7.08B	5.52B	5.16B	5.28B	5.51B
Long-Term Debt	207M	1.42B	1.39B	1.8B	1.8B	2.46B	1.73B	1.81B	1.73B	2.47B
Capital Lease Obligations	0	0	0	0	100M	82M	64M	59M	104M	223M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.21B	4.72B	5.94B	3.76B	4.23B	4.49B	3.69B	3.27B	3.42B	2.81B
Total Liabilities	4.9B	9.04B	10.65B	8.54B	8.74B	9.84B	8.74B	8.17B	8.31B	8.91B
Total Debt+	225M	1.45B	1.4B	1.8B	1.9B	2.62B	1.87B	1.87B	1.97B	2.82B
Net Debt	-332M	592M	46M	689M	1.02B	1.02B	52M	503M	1.03B	1.68B
Debt / Equity	0.02x	0.19x	0.21x	0.24x	0.32x	0.52x	0.30x	0.28x	0.34x	0.55x
Debt / EBITDA	0.13x	1.31x	0.57x	0.57x	1.18x	2.21x	0.62x	0.81x	3.24x	1.56x
Net Debt / EBITDA	-0.19x	0.54x	0.02x	0.22x	0.63x	0.86x	0.02x	0.22x	1.69x	0.93x
Interest Coverage	3.67x	1.58x	16.42x	19.80x	7.40x	3.64x	12.12x	16.01x	-0.22x	7.47x
Total Equity+	11.51B	7.7B	6.8B	7.59B	5.89B	5.02B	6.28B	6.59B	5.84B	5.16B
Equity Growth %	-0.12%	-0.33%	-0.12%	0.12%	-0.22%	-0.15%	0.25%	0.05%	-0.11%	-0.12%
Book Value per Share	63.12	42.17	36.36	40.25	31.82	26.97	33.07	36.40	32.84	24.09
Total Shareholders' Equity	9.44B	5.65B	4.52B	5.62B	4.11B	3.31B	4.67B	5.08B	4.25B	5.16B
Common Stock	0	2M	2M	2M	2M	2M	2M	2M	2M	3M
Retained Earnings	0	-104M	113M	570M	-555M	-725M	-315M	-570M	-1.29B	-1.32B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.6B	-3.77B	-5.18B	-4.57B	-4.97B	-5.63B	-4.59B	-3.54B	-3.65B	-5.11B
Minority Interest	2.07B	2.04B	2.27B	1.97B	1.77B	1.71B	1.61B	1.51B	1.59B	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	875M	-311M	1.22B	448M	686M	394M	920M	822M	91M	622M
Operating CF Margin %	0.08%	-0.03%	0.1%	0.03%	0.07%	0.04%	0.07%	0.06%	0.01%	0.05%
Operating CF Growth %	0.04%	-1.36%	4.94%	-0.63%	0.53%	-0.43%	1.34%	-0.11%	-0.89%	5.84%
Net Income	-739M	-346M	608M	893M	-853M	-14M	570M	38M	-773M	24M
Depreciation & Amortization	780M	718M	752M	733M	713M	653M	664M	617M	632M	642M
Stock-Based Compensation	35M	28M	24M	35M	30M	25M	39M	40M	35M	36M
Deferred Taxes	86M	-46M	168M	-30M	15M	-26M	147M	219M	-22M	23M
Other Non-Cash Items	1.15B	186M	239M	-361M	1.05B	-220M	172M	756M	489M	396M
Working Capital Changes	-435M	-851M	-567M	-822M	-265M	-24M	-672M	-848M	-270M	-499M
Change in Receivables	130M	-234M	-118M	-43M	283M	16M	-414M	-59M	104M	-493M
Change in Inventory	212M	43M	-238M	-278M	137M	122M	-639M	-547M	243M	51M
Change in Payables	-156M	6M	377M	-165M	-153M	25M	354M	189M	-74M	190M
Cash from Investing+	-384M	-149M	-226M	-405M	-468M	-167M	565M	-495M	-585M	-608M
Capital Expenditures	-391M	-404M	-405M	-399M	-379M	-353M	-390M	-480M	-531M	-580M
CapEx % of Revenue	0.03%	0.04%	0.03%	0.03%	0.04%	0.04%	0.03%	0.04%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	70M	112M	245M	1M	23M	198M	966M	7M	16M	9M
Cash from Financing+	-162M	749M	-506M	-288M	-444M	514M	-1.16B	-768M	57M	201M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-19M	-72M	-72M	-90M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-138M	-441M	-474M	-663M	-437M	-224M	-190M	-199M	74M	-47M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	484M	-715M	819M	49M	307M	41M	530M	342M	-440M	42M
FCF Margin %	0.04%	-0.08%	0.07%	0%	0.03%	0%	0.04%	0.03%	-0.04%	0%
FCF Growth %	0.22%	-2.48%	2.15%	-0.94%	5.27%	-0.87%	11.93%	-0.35%	-2.29%	1.1%
FCF per Share	2.65	-3.92	4.38	0.26	1.66	0.22	2.79	1.89	-2.47	0.20
FCF Conversion (FCF/Net Income)	-1.01x	0.78x	5.64x	1.79x	-0.61x	-2.32x	2.14x	-6.68x	-0.14x	10.37x
Interest Paid	270M	226M	100M	111M	0	0	0	0	0	0
Taxes Paid	265M	265M	363M	507M	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.02%	-4.16%	2.99%	3.48%	-16.7%	-3.12%	7.59%	-1.91%	-10.47%	1.09%
Return on Invested Capital (ROIC)	6.11%	2.97%	16.93%	23.96%	8.84%	6.17%	28.67%	18.96%	-0.26%	12.76%
Gross Margin	12.49%	7.6%	17.15%	19.93%	11.45%	8.16%	21.08%	15.15%	2.25%	12.29%
Net Margin	-7.69%	-4.29%	1.84%	1.85%	-10.72%	-1.81%	3.45%	-0.96%	-6.08%	0.49%
Debt / Equity	0.02x	0.19x	0.21x	0.24x	0.32x	0.52x	0.30x	0.28x	0.34x	0.55x
Interest Coverage	3.67x	1.58x	16.42x	19.80x	7.40x	3.64x	12.12x	16.01x	-0.22x	7.47x
FCF Conversion	-1.01x	0.78x	5.64x	1.79x	-0.61x	-2.32x	2.14x	-6.68x	-0.14x	10.37x
Revenue Growth	-53.14%	-16.89%	26.33%	14.75%	-22.36%	-10.7%	32.7%	2.61%	-16.11%	13.81%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Aluminum	3.76B	6.17B	6.79B	5.43B	5.19B	8.42B	8.89B	7.04B	7.25B
Aluminum Growth	-	63.91%	10.04%	-20.05%	-4.35%	62.24%	5.55%	-20.73%	2.85%
Alumina	3.61B	3.12B	4.21B	3.25B	2.62B	3.13B	3.48B	3.1B	6.92B
Alumina Growth	-	-13.47%	34.86%	-22.88%	-19.16%	19.09%	11.30%	-10.78%	123.17%
Bauxite	1.07B	333M	254M	276M	238M	207M	168M	466M	-
Bauxite Growth	-	-68.76%	-23.72%	8.66%	-13.77%	-13.03%	-18.84%	177.38%	-
Energy	448M	446M	335M	290M	141M	286M	201M	118M	-
Energy Growth	-	-0.45%	-24.89%	-13.43%	-51.38%	102.84%	-29.72%	-41.29%	-
Other Products	-	-	-	-25M	-22M	-206M	-283M	-181M	-
Other Products Growth	-	-	-	-	12.00%	-836.36%	-37.38%	36.04%	-
Flat Rolled Aluminum	-	1.67B	1.88B	1.22B	1.11B	320M	-	-	-
Flat Rolled Aluminum Growth	-	-	13.09%	-35.24%	-8.61%	-71.30%	-	-	-
Other	-	-	-66M	-	-	-	-	-	-
Other Growth	-	-	-	-	-	-	-	-	-
Cast Products	5.52B	-	-	-	-	-	-	-	-
Cast Products Growth	-	-	-	-	-	-	-	-	-
Rolled Products	1.07B	-	-	-	-	-	-	-	-
Rolled Products Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	4.37B	5.37B	5.94B	4.61B	4.25B	5.29B	5.46B	-	-
UNITED STATES Growth	-	23.02%	10.63%	-22.47%	-7.82%	24.59%	3.25%	-	-
NETHERLANDS	-	-	-	-	-	2.64B	3.03B	-	-
NETHERLANDS Growth	-	-	-	-	-	-	14.64%	-	-
AUSTRALIA	1.64B	2.27B	2.93B	2.25B	1.88B	2.09B	2.74B	-	-
AUSTRALIA Growth	-	37.83%	29.30%	-23.24%	-16.23%	11.04%	31.07%	-	-
SPAIN	2.66B	3.3B	3.81B	3.08B	2.77B	1.47B	618M	-	-
SPAIN Growth	-	24.03%	15.23%	-19.15%	-10.11%	-47.04%	-57.82%	-	-
BRAZIL	432M	569M	498M	428M	346M	610M	527M	-	-
BRAZIL Growth	-	31.71%	-12.48%	-14.06%	-19.16%	76.30%	-13.61%	-	-
Other Geographical Regions	73M	51M	66M	68M	13M	40M	70M	-	-
Other Geographical Regions Growth	-	-30.14%	29.41%	3.03%	-80.88%	207.69%	75.00%	-	-
CANADA	141M	93M	162M	5M	31M	11M	1M	-	-
CANADA Growth	-	-34.04%	74.19%	-96.91%	520.00%	-64.52%	-90.91%	-	-

Frequently Asked Questions

Valuation & Price

Alcoa Corporation (AA) has a price-to-earnings (P/E) ratio of 227.9x. This suggests investors expect higher future growth.

Growth & Financials

Alcoa Corporation (AA) reported $13.26B in revenue for fiscal year 2024. This represents a 45% decrease from $23.95B in 2014.

Alcoa Corporation (AA) grew revenue by 13.8% over the past year. This is steady growth.

Yes, Alcoa Corporation (AA) is profitable, generating $1.15B in net income for fiscal year 2024 (0.5% net margin).

Dividend & Returns

Yes, Alcoa Corporation (AA) pays a dividend with a yield of 0.65%. This makes it attractive for income-focused investors.

Alcoa Corporation (AA) has a return on equity (ROE) of 1.1%. This is below average, suggesting room for improvement.

Alcoa Corporation (AA) generated $651.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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