Latest Ratios: P/E Ratio 92.4x · EV/EBITDA 17.0x · ROE 5.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $3.7B | $1.8B | $1.1B | $748M | $1.5B | $987M | $667M | $640M | $1.7B | $745M |
| Enterprise Value | $4.3B | $4.1B | $2.3B | $1.5B | $1.2B | $1.9B | $1.2B | $932M | $881M | $1.8B | $868M |
| P/E Ratio → | 92.43 | 93.29 | 5.54 | — | — | — | — | — | — | 38.51 | — |
| P/S Ratio | 1.52 | 1.48 | 0.81 | 0.51 | 0.27 | 0.68 | 0.62 | 0.36 | 0.34 | 1.09 | 0.56 |
| P/B Ratio | 3.93 | 3.97 | 2.71 | 3.26 | 1.87 | 3.55 | 1.81 | 0.99 | 0.84 | 2.08 | 0.98 |
| P/FCF | 45.31 | 44.03 | — | 105.82 | — | — | 33.46 | — | — | 108.25 | 45.92 |
| P/OCF | 20.93 | 20.34 | — | 10.62 | 28.87 | — | 23.01 | 37.70 | — | 45.60 | 19.52 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.64 | 1.03 | 0.69 | 0.45 | 0.88 | 0.78 | 0.51 | 0.47 | 1.14 | 0.66 |
| EV / EBITDA | 17.03 | 16.59 | 11.22 | 14.15 | — | 13.05 | 498.31 | 86.32 | 28.33 | 10.21 | — |
| EV / EBIT | 26.91 | 82.27 | 6.21 | — | 19.81 | — | — | — | — | 21.53 | — |
| EV / FCF | — | 48.90 | — | 142.14 | — | — | 42.23 | — | — | 113.81 | 53.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.1% | 10.1% | 8.3% | 4.2% | 1.7% | 5.6% | -2.3% | -1.3% | -1.2% | 8.1% | -0.8% |
| Operating Margin | 6.3% | 6.3% | 5.5% | 1.5% | -5.4% | 3.0% | -5.0% | -3.9% | -3.1% | 5.9% | -17.8% |
| Net Profit Margin | 1.7% | 1.7% | 15.2% | -2.0% | -0.5% | -7.6% | -7.7% | -4.4% | -3.5% | 3.1% | -19.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.2% | 5.2% | 66.9% | -11.6% | -3.4% | -34.6% | -20.2% | -11.2% | -8.3% | 6.1% | -28.4% |
| ROA | 2.0% | 2.0% | 17.8% | -2.6% | -0.9% | -11.3% | -8.5% | -5.3% | -4.2% | 3.1% | -15.3% |
| ROIC | 9.5% | 9.5% | 9.7% | 2.9% | -12.8% | 5.9% | -6.9% | -5.6% | -4.6% | 7.8% | -17.2% |
| ROCE | 9.8% | 9.8% | 9.5% | 3.0% | -14.4% | 6.1% | -6.6% | -5.6% | -4.4% | 6.8% | -15.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.58 | 0.58 | 0.78 | 1.38 | 1.37 | 1.13 | 0.62 | 0.45 | 0.37 | 0.31 | 0.34 |
| Debt / EBITDA | 2.19 | 2.19 | 2.56 | 4.45 | — | 3.19 | 136.08 | 28.13 | 8.99 | 1.44 | — |
| Net Debt / Equity | — | 0.44 | 0.73 | 1.12 | 1.24 | 1.06 | 0.47 | 0.39 | 0.32 | 0.11 | 0.16 |
| Net Debt / EBITDA | 1.65 | 1.65 | 2.39 | 3.61 | — | 3.00 | 103.44 | 24.53 | 7.74 | 0.50 | — |
| Debt / FCF | — | 4.87 | — | 36.31 | — | — | 8.77 | — | — | 5.56 | 7.59 |
| Interest Coverage | 1.06 | 1.06 | 8.51 | -0.88 | 2.14 | -5.50 | -3.00 | -2.41 | -2.15 | 3.81 | -10.29 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.97 | 1.97 | 1.73 | 1.01 | 1.65 | 1.13 | 1.90 | 2.09 | 2.26 | 2.91 | 2.46 |
| Quick Ratio | 0.98 | 0.98 | 0.57 | 0.38 | 0.68 | 0.35 | 0.69 | 0.71 | 0.73 | 1.24 | 1.16 |
| Cash Ratio | 0.26 | 0.26 | 0.07 | 0.12 | 0.13 | 0.05 | 0.34 | 0.17 | 0.17 | 0.88 | 0.74 |
| Asset Turnover | — | 1.11 | 1.14 | 1.18 | 1.89 | 1.41 | 1.15 | 1.22 | 1.23 | 1.00 | 0.86 |
| Inventory Turnover | 4.37 | 4.37 | 3.78 | 4.39 | 6.85 | 4.91 | 5.64 | 5.80 | 5.57 | 4.60 | 5.69 |
| Days Sales Outstanding | — | 50.56 | 32.16 | 28.29 | 9.42 | 14.67 | 13.94 | 19.91 | 20.28 | 12.29 | 8.05 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 1.1% | 18.1% | — | — | — | — | — | — | 2.6% | — |
| FCF Yield | 2.2% | 2.3% | — | 0.9% | — | — | 3.0% | — | — | 0.9% | 2.2% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $95M | $98M | $92M | $91M | $90M | $90M | $89M | $88M | $88M | $87M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CENX stock.
Century Aluminum Company's current P/E ratio is 92.4x. The historical average is 36.9x. This places it at the 91th percentile of its historical range.
Century Aluminum Company's current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
Century Aluminum Company's return on equity (ROE) is 5.2%. The historical average is -7.7%.
Based on historical data, Century Aluminum Company is trading at a P/E of 92.4x. This is at the 91th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Century Aluminum Company has 10.1% gross margin and 6.3% operating margin.
Century Aluminum Company's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Power contract renegotiation risk
Metrics are mathematically derived from official filings.
Margin Expansion at Cyclical Peak
Gross margin surged to 30.3% in Q2 2026 from 5.8% a year earlier, per financial statements, reflecting favorable LME pricing and cost discipline, though historical averages near 10% suggest sustainability is uncertain.
The 30.3% gross margin in Q2 2026 is the highest in the ten-quarter period, driven by a favorable spread between aluminum prices and input costs, particularly electricity and alumina. Operating margin of 28.1% and net margin of 33.1% (boosted by a $37.7M tax benefit) indicate significant operating leverage from fixed-cost smelting. However, given the cyclicality of aluminum prices and the company's historical average gross margin near 10%, investors should monitor whether this expansion is sustainable or a peak-cycle phenomenon.
ROIC Inflection Signals Cyclical Recovery
ROIC improved to 9.7% in Q2 2026 from 0.5% in Q2 2024, as per reported figures, indicating a sharp cyclical recovery, though it remains below the cost of capital over the full cycle.
ROIC has swung from near-zero levels in 2024 to 9.7% in Q2 2026, driven by margin expansion rather than asset efficiency, as asset turnover has remained stable around 0.27-0.33. ROE of 17.7% in Q2 2026 benefits from both improved profitability and a lower equity base relative to assets, but the historical pattern of negative returns in downturns suggests the company has not consistently earned its cost of capital. The recent improvement appears tied to favorable commodity spreads, which may reverse if alumina or power costs rise.
Working Capital Drags Persist Despite Strong Sales
Cash conversion cycle extended to 106 days in Q2 2026, up from 78 days in Q2 2024, per reported data, driven by higher DSO and DIO, indicating increased working capital absorption during the upcycle.
DSO rose to 47 days in Q2 2026 from 30 days in Q2 2024, while DIO increased to 95 days from 80 days, reflecting higher inventory levels as production ramps up. DPO has remained relatively stable around 33-36 days, suggesting limited supplier leverage. The extended CCC indicates that working capital is consuming cash, which is consistent with the negative working capital changes reported in Q1 and Q2 2026. This trend may pressure free cash flow if it continues, despite strong operating margins.
Leverage Declines as Debt Repaid
Debt-to-equity fell to 0.31 in Q2 2026 from 0.90 in Q1 2024, per financial statements, while interest coverage improved to 28.04, indicating a significantly strengthened balance sheet.
Total debt dropped to $480M while equity expanded to $1.4B, driven by retained earnings and no dividends or buybacks. D/EBITDA improved to 2.10 from 24.22 in Q1 2024, reflecting both debt reduction and higher EBITDA. Interest coverage of 28.04 in Q2 2026 is robust, but it was negative in Q4 2025, highlighting the cyclicality of earnings. The low leverage provides flexibility, but investors should monitor the potential renegotiation of Iceland power contracts, which could increase costs and pressure coverage ratios.
Liquidity Buffer Strengthens Sharply
Current ratio improved to 2.75 in Q2 2026 from 1.67 in Q1 2024, per reported figures, with cash at $343.4M, providing a robust cushion against operational shocks.
The quick ratio of 1.61 in Q2 2026 indicates that even excluding inventory, the company can cover current liabilities, a significant improvement from 0.63 in Q2 2024. This liquidity build is partly due to strong operating cash flow and restrained capex, which remains below replacement levels. However, the company's high fixed costs and cyclicality mean that a sharp downturn could quickly erode this buffer, especially if working capital continues to absorb cash.
Misapplied P/E Distorts Cyclical Earnings
The trailing P/E of 111.24 is misleading for a cyclical like CENX, as it reflects trough earnings; forward P/E of 4.54 better captures normalized earnings, per reported multiples.
The trailing P/E is distorted by the cyclical trough in 2025, while the forward P/E of 4.54 suggests the market expects significantly higher earnings, which is consistent with the Q2 2026 beat. However, using P/E on peak earnings can overstate value; EV/EBITDA of 20.16 (trailing) and 25.88 (forward) indicate the market is pricing in sustained margin expansion. Investors should use a mid-cycle earnings estimate or EV/EBITDA normalized over the cycle, rather than a single-year P/E, to avoid mispricing the company's true earning power.