Free cash flow volatility remains a concern, swinging from a negative $51.1 million in 2025Q4 to a positive $68.5 million in 2026Q1, reflecting sensitivity to working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 142.3M | 111.4M | 167.1M | 211.9M | -63.1M | 79.4M | 206.9M | 232.3M | 150.2M | 141.5M | 164.3M | 158.8M | 124.1M | 111.7M | 152.4M | 62.8M | 66.3M | 127.7M | 46.9M | 129.6M | 18.8M | 16.9M | -38M | -88M | -49.6M | 249.8M | 84.6M | -90.6M | 170.7M | 45M | 21.9M |
| Operating CF Margin % | - | 3.3% | 5.53% | 6.86% | -1.84% | 3.03% | 17.64% | 15.34% | 9.47% | 10.13% | 12.35% | 11.41% | 9.15% | 8.61% | 11.21% | 4.83% | 6.14% | 12.94% | 3.11% | 8.61% | 2.82% | 1.55% | -4.03% | -6.45% | -3.38% | 14.42% | 3.9% | -4.43% | 7.57% | 1.9% | 1% |
| Operating CF Growth % | -59.48% | -33.33% | -21.14% | 435.82% | -179.47% | -61.62% | -10.93% | 54.66% | 6.15% | -13.88% | 3.46% | 27.96% | 11.1% | -26.71% | 142.68% | -5.28% | -48.08% | 172.28% | -63.81% | 589.36% | 11.24% | 144.47% | 56.82% | -77.42% | -119.86% | 195.27% | 193.38% | -153.08% | 279.33% | 105.48% | -81.55% |
| Net Income | 153.4M | 112.5M | 46.8M | 47.2M | -29.6M | -18.5M | 28.8M | 62M | 91.7M | 45.4M | 91.7M | -236.6M | 71.8M | 104.8M | 85.8M | 25.1M | 14.1M | 70.5M | -68.5M | 101M | 26.2M | -753.7M | -746.8M | -788M | -468.7M | -459.4M | 16.8M | -54.1M | 600K | 48M | 8.2M |
| Depreciation & Amortization | 90.9M | 122.5M | 116.4M | 108.6M | 106.9M | 91.5M | 52.2M | 49.1M | 43.9M | 39.7M | 36M | 32.4M | 31.1M | 28.1M | 26.5M | 25.2M | 19.8M | 16.4M | 14.9M | 14M | 5.7M | 24.3M | 28.1M | 78M | 95.4M | 95.3M | 81.3M | 93.8M | 103M | 91.1M | 96M |
| Stock-Based Compensation | 4.7M | 0 | 0 | 16.1M | 14.3M | 12.9M | 10M | 9.8M | 10.3M | 13.3M | 11.8M | 9.5M | 7M | 6.8M | 5.8M | 5.4M | 4.7M | 9.1M | 10.1M | 9.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 16.7M | 33.1M | 6.8M | 7.5M | -12M | -11.4M | 15.2M | 21.1M | 36.7M | 89M | 57.4M | -131.7M | 34.3M | 55.4M | 52M | 17.6M | 14.5M | 47.3M | -31M | -8.5M | 0 | 0 | 0 | 0 | 0 | 0 | -10.2M | -55.2M | -26.2M | 0 | -36.5M |
| Other Non-Cash Items | 72.1M | 27.8M | 29.8M | 1.8M | 27.1M | 45.2M | 2.5M | 60.2M | 12.1M | -13.1M | -13.2M | 448.3M | -19.3M | -49.8M | -18.1M | 20.9M | 34M | -50.9M | 169.9M | 30M | 7.7M | 793M | 743.6M | 485M | 287M | 385.6M | -20.3M | -46.9M | 49.3M | 32.6M | 36.1M |
| Working Capital Changes | -156M | -184.5M | -32.7M | 30.7M | -169.8M | -40.3M | 98.2M | 30.1M | -44.5M | -32.8M | -19.4M | 36.9M | -800K | -33.6M | 400K | -31.4M | -20.8M | 35.3M | -48.5M | -16M | -20.8M | -46.7M | -62.9M | 137M | 36.7M | 228.3M | 17M | -28.2M | 44M | -126.7M | -81.9M |
| Change in Receivables | -40.7M | -71.9M | -19.3M | 33.2M | 15M | -117.4M | 60.8M | 20.2M | -22.3M | -37.3M | -8.6M | 30.7M | -13.6M | -28.3M | -27.1M | -8.3M | -1M | 1.4M | 0 | 13.7M | 2.3M | -9.9M | -45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -48.1M | -125.3M | -29.4M | 48.2M | -120.8M | -43.5M | 25.6M | 37.5M | -45M | -6.3M | 13.1M | -7.5M | -300K | -4.3M | 24.6M | -24.5M | -56.3M | 29.1M | -22.7M | -5.5M | -16.1M | -9.4M | -24.5M | 42M | 0 | 66.7M | 125.8M | -2.6M | 24.8M | -9.3M | -36.5M |
| Change in Payables | -81.8M | 15.1M | 14.1M | -43M | -61.2M | 112.5M | -5.9M | -24.5M | 29.2M | 13M | 3.4M | -13.6M | 20.3M | -1.6M | -1.3M | 10.9M | 4.2M | -2.5M | -18.9M | -6.2M | -2.4M | -2.4M | 16.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -59M | -77.8M | -174.6M | -128.2M | -125.8M | -665.8M | 26.9M | -101.8M | 31.1M | -25.5M | -276.4M | 20.4M | -44.7M | -113.4M | -121.9M | -116.3M | -46.4M | -40.7M | -112.5M | -52.6M | -30M | 371.3M | 708.1M | 49M | -16.2M | -9.3M | -94.8M | 3.1M | -74.4M | -108.6M | -144.3M |
| Capital Expenditures | -93.5M | 0 | -180.8M | -143.2M | -142.5M | -58M | -51.9M | -60.2M | -74.1M | -75.5M | -76.1M | -63.1M | -59.4M | -70.4M | -44.1M | -32.5M | -38.9M | -59.2M | -93.2M | -61.8M | -30M | -31M | -7.6M | -37M | -47.6M | -148.7M | -261.9M | -68.4M | -77.6M | -128.5M | -160.3M |
| CapEx % of Revenue | 2.53% | 4.06% | 5.98% | 4.64% | 4.16% | 2.21% | 4.43% | 3.98% | 4.67% | 5.4% | 5.72% | 4.53% | 4.38% | 5.43% | 3.24% | 2.5% | 3.6% | 6% | 6.18% | 4.11% | 4.49% | 2.84% | 0.81% | 2.71% | 3.24% | 8.58% | 12.07% | 3.35% | 3.44% | 5.41% | 7.32% |
| Acquisitions | 42.6M | 0 | 0 | 0 | 17M | -609.2M | 51.9M | 60.2M | -43.2M | 75.5M | 76.1M | 63.1M | 59.4M | 0 | 0 | -83.2M | -4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.8M | -77.8M | 6M | 15.2M | 17M | 1.8M | -51.6M | -60M | 600K | -74.9M | -76.1M | -63.1M | -59.4M | 1.7M | 7.2M | -1M | 1.1M | 18.5M | -19.3M | 9.2M | 371.3M | 402.3M | 715.7M | 86M | 31.4M | 139.4M | 167.1M | 71.5M | 3.2M | 19.9M | 17.2M |
| Cash from Financing | -74.6M | -44.6M | -55.3M | -54.3M | -56.8M | 109.1M | 281.9M | 8.5M | -106M | -119.4M | 94.8M | -284.4M | -71.2M | -102.2M | 193.1M | -32.3M | 85.4M | -56.9M | -2.9M | -58.3M | 49.2M | -394.1M | -293.5M | -4M | -8.8M | -110.6M | 12.4M | 10.4M | -13.8M | -1.9M | 181.8M |
| Debt Issued (Net) | 45M | 12.2M | -2.5M | -2.1M | -2.1M | 167M | 348.3M | 107.1M | -700K | -400K | 169M | -205M | -100K | -100K | 220.2M | -8.4M | 174.3M | -37.2M | 43M | -50.2M | 50M | -1.7M | 0 | 0 | 0 | -105.1M | 15.6M | 9.8M | -8.9M | 10.2M | 203.8M |
| Equity Issued (Net) | 0 | 0 | -2.1M | -1.8M | -2.8M | 0 | -12.5M | -44.2M | -60.7M | -79.5M | -32.1M | -49.2M | -46.5M | -80.8M | 0 | -3.1M | -44.2M | 0 | -28.8M | -700K | 0 | 0 | 0 | 0 | 0 | -5.5M | -2.8M | -1.5M | -8.6M | -1.7M | -5.3M |
| Dividends Paid | -51.3M | -51.3M | -50.7M | -50.4M | -50.1M | -46.7M | -43.4M | -39.4M | -37.7M | -35M | -32.4M | -28.1M | -25.4M | -23M | -19.6M | -18.9M | -19M | -19.6M | -17.2M | -7.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.2M | -10.5M |
| Share Repurchases | 0 | 0 | -2.1M | -1.8M | -2.8M | 0 | -12.5M | -44.2M | -60.7M | -79.5M | -33.3M | -49.2M | -46.5M | -80.8M | -2.2M | -3.1M | -44.2M | 0 | -28.8M | -700K | 0 | 0 | 0 | 0 | 0 | -5.5M | -2.8M | -1.6M | -8.7M | -2.1M | -5.3M |
| Other Financing | -68.3M | -5.5M | 0 | 0 | -1.8M | -11.2M | -10.5M | -15M | -6.9M | -4.5M | -9.7M | -2.1M | 800K | 1.7M | -7.5M | -1.9M | -25.7M | -100K | 100K | 0 | -800K | -392.4M | -293.5M | -4M | -8.8M | 0 | -400K | 800K | 3.7M | -6.2M | -6.2M |
| Net Change in Cash | 8.8M | -11M | -62.8M | 29.4M | -245.7M | -477.3M | 515.7M | 139M | 75.3M | -3.4M | -17.3M | -105.2M | 8.2M | -103.9M | 223.6M | -85.8M | 105.3M | 30.1M | -68.5M | 18.7M | 38M | -5.9M | 19.9M | -43M | -74.6M | 129.9M | 2.2M | -77.1M | 82.5M | -65.5M | 59.4M |
| Free Cash Flow | 24.2M | -25.5M | -13.7M | 68.7M | -205.6M | 21.4M | 155M | 172.1M | 76.1M | 66M | 88.2M | 95.7M | 64.7M | 41.3M | 108.3M | 30.3M | 27.4M | 68.5M | -46.3M | 67.8M | -11.2M | -14.1M | -45.6M | -125M | -97.2M | 101.1M | -177.3M | -159M | 93.1M | -83.5M | -138.4M |
| FCF Margin % | 0.65% | -0.76% | -0.45% | 2.23% | -6% | 0.82% | 13.22% | 11.37% | 4.8% | 4.72% | 6.63% | 6.88% | 4.77% | 3.18% | 7.96% | 2.33% | 2.54% | 6.94% | -3.07% | 4.51% | -1.68% | -1.29% | -4.84% | -9.16% | -6.61% | 5.83% | -8.17% | -7.78% | 4.13% | -3.52% | -6.32% |
| FCF Growth % | 185.82% | -86.13% | -119.94% | 133.41% | -1060.75% | -86.19% | -9.94% | 126.15% | 15.3% | -25.17% | -7.84% | 47.91% | 56.66% | -61.87% | 257.43% | 10.58% | -60% | 247.95% | -168.29% | 705.36% | 20.57% | 69.08% | 63.52% | -28.6% | -196.14% | 157.02% | -11.51% | -270.78% | 211.5% | 39.67% | -452.16% |
| FCF per Share | 1.44 | -1.53 | -0.84 | 4.26 | -12.93 | 1.35 | 9.74 | 10.62 | 4.51 | 3.82 | 4.89 | 5.56 | 3.48 | 2.15 | 5.62 | 1.60 | 1.41 | 3.49 | -2.32 | 3.34 | -0.56 | -0.18 | -0.57 | -1.56 | -1.21 | 1.26 | -2.23 | -2.00 | 1.18 | -1.12 | -1.93 |
| FCF Conversion (FCF/Net Income) | 0.16x | 0.99x | 3.57x | 4.49x | 2.13x | -4.29x | 7.18x | 3.75x | 1.64x | 3.12x | 1.79x | -0.67x | 1.73x | 1.07x | 1.78x | 2.36x | 4.70x | 1.85x | -0.68x | 1.28x | 0.72x | -0.02x | 0.05x | 0.11x | 0.11x | -0.54x | 5.04x | 1.67x | 284.50x | 0.94x | 2.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 48.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Tight liquidity and cyclicality
According to recent financial disclosures, KALU's operating cash flow to net income ratio has fluctuated significantly, reaching a high of 9.78 in 2023Q4 before normalizing to 1.41 in 2026Q1, which highlights the inherent volatility in reconciling accounting profits with actual cash generation.
The wide variance between net income and operating cash flow suggests that non-cash items and working capital swings heavily influence reported earnings. Investors should monitor whether the recent stabilization in this ratio indicates a more predictable cash conversion cycle or merely a temporary alignment of accounting and operational realities.
As reported in quarterly filings, KALU's free cash flow trajectory remains inconsistent, swinging from a negative $51.1 million in 2025Q4 to a positive $68.5 million in 2026Q1, reflecting the company's sensitivity to cyclical demand and the timing of major capital outlays.
The sharp reversal in free cash flow suggests that the company's ability to self-fund operations is highly dependent on the timing of working capital releases. This volatility warrants further investigation into whether the recent positive cash flow is sustainable or if it remains susceptible to future cyclical downturns.
Based on the provided data, KALU's capital expenditure as a percentage of revenue peaked at 7.3% in 2024Q4, though it has since moderated to 1.8% in 2026Q1, suggesting a potential shift toward prioritizing liquidity over aggressive capacity expansion or heavy maintenance cycles.
The reduction in capital intensity may imply that the company is currently in a harvest phase following previous investment periods. However, given the industrial nature of the Trentwood and Warrick facilities, analysts should monitor whether this lower spending level is sufficient to maintain long-term asset integrity.
Data from recent SEC filings indicates that working capital changes have been a significant source of cash flow volatility, most notably with a $105.5 million outflow in 2025Q4, which directly pressured the company's already thin cash position of $7 million.
The substantial swings in working capital suggest that the company's cash flow is highly sensitive to inventory management and the timing of customer collections. This dynamic appears to be a primary driver of the company's reliance on external financing to bridge seasonal or operational cash gaps.
Quick answers to the most common questions about buying KALU stock.
Kaiser Aluminum Corporation (KALU) generated $111.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kaiser Aluminum Corporation (KALU) reported negative free cash flow of $25.5M in 2025, indicating capital requirements exceeded cash from operations.
Kaiser Aluminum Corporation (KALU) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kaiser Aluminum Corporation (KALU) returned $51.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.