Latest Ratios: P/E Ratio 23.1x · EV/EBITDA 11.7x · ROE 15.1%. (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 | $2.6B | $1.9B | $1.1B | $1.1B | $1.2B | $1.5B | $1.6B | $1.8B | $1.5B | $1.8B | $1.4B |
| Enterprise Value | $3.7B | $3.0B | $2.2B | $2.1B | $2.2B | $2.3B | $1.7B | $2.1B | $1.8B | $2.2B | $1.7B |
| P/E Ratio → | 23.08 | 16.97 | 24.48 | 24.38 | — | — | 54.64 | 28.95 | 16.44 | 40.63 | 15.26 |
| P/S Ratio | 0.76 | 0.57 | 0.38 | 0.37 | 0.35 | 0.57 | 1.34 | 1.19 | 0.95 | 1.32 | 1.05 |
| P/B Ratio | 3.14 | 2.31 | 1.72 | 1.76 | 1.91 | 2.15 | 2.15 | 2.45 | 2.03 | 2.47 | 1.74 |
| P/FCF | — | — | — | 16.72 | — | 69.52 | 10.15 | 10.44 | 19.80 | 27.94 | 15.88 |
| P/OCF | 22.93 | 17.14 | 6.86 | 5.42 | — | 18.74 | 7.61 | 7.73 | 10.03 | 13.03 | 8.53 |
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 | — | 0.90 | 0.73 | 0.69 | 0.65 | 0.87 | 1.42 | 1.36 | 1.10 | 1.55 | 1.29 |
| EV / EBITDA | 11.72 | 9.66 | 10.86 | 10.49 | 20.20 | 14.62 | 12.53 | 11.79 | 9.34 | 11.36 | 8.02 |
| EV / EBIT | 19.25 | 15.12 | 20.68 | 20.79 | 215.43 | 89.36 | 19.78 | 14.27 | 12.60 | 12.73 | 9.50 |
| EV / FCF | — | — | — | 31.22 | — | 106.48 | 10.77 | 11.97 | 23.02 | 32.77 | 19.44 |
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 | 9.5% | 9.5% | 11.0% | 10.8% | 7.2% | 10.4% | 19.7% | 19.7% | 15.2% | 19.5% | 21.7% |
| Operating Margin | 5.7% | 5.7% | 2.9% | 3.1% | 0.1% | 2.5% | 6.9% | 8.3% | 9.1% | 10.8% | 13.4% |
| Net Profit Margin | 3.3% | 3.3% | 1.5% | 1.5% | -0.9% | -0.7% | 2.5% | 4.1% | 5.8% | 3.2% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.1% | 15.1% | 7.1% | 7.4% | -4.5% | -2.6% | 3.9% | 8.4% | 12.3% | 5.9% | 11.6% |
| ROA | 4.6% | 4.6% | 2.0% | 2.1% | -1.3% | -0.9% | 1.7% | 4.2% | 6.5% | 3.2% | 6.8% |
| ROIC | 7.8% | 7.8% | 3.9% | 4.3% | 0.2% | 4.2% | 6.7% | 9.5% | 10.5% | 10.4% | 13.2% |
| ROCE | 9.4% | 9.4% | 4.6% | 5.1% | 0.2% | 3.5% | 5.3% | 9.8% | 11.8% | 12.1% | 15.1% |
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 | 1.36 | 1.36 | 1.63 | 1.65 | 1.73 | 1.58 | 1.20 | 0.72 | 0.50 | 0.50 | 0.46 |
| Debt / EBITDA | 3.58 | 3.58 | 5.33 | 5.28 | 9.83 | 7.02 | 6.57 | 3.02 | 1.98 | 1.94 | 1.73 |
| Net Debt / Equity | — | 1.35 | 1.60 | 1.53 | 1.64 | 1.14 | 0.13 | 0.36 | 0.33 | 0.43 | 0.39 |
| Net Debt / EBITDA | 3.56 | 3.56 | 5.24 | 4.88 | 9.31 | 5.07 | 0.72 | 1.51 | 1.31 | 1.67 | 1.47 |
| Debt / FCF | — | — | — | 14.51 | — | 36.97 | 0.62 | 1.53 | 3.22 | 4.83 | 3.56 |
| Interest Coverage | 3.99 | 3.99 | 2.45 | 2.20 | 0.22 | 0.52 | 2.06 | 5.87 | 6.12 | 7.65 | 8.89 |
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 | 2.95 | 2.95 | 2.44 | 2.68 | 2.49 | 2.64 | 7.08 | 4.58 | 3.20 | 3.79 | 3.98 |
| Quick Ratio | 1.26 | 1.26 | 1.18 | 1.39 | 1.24 | 1.75 | 6.12 | 3.53 | 2.15 | 2.59 | 2.75 |
| Cash Ratio | 0.02 | 0.02 | 0.05 | 0.22 | 0.14 | 0.66 | 4.93 | 2.01 | 0.79 | 1.36 | 1.73 |
| Asset Turnover | — | 1.32 | 1.31 | 1.36 | 1.50 | 1.08 | 0.63 | 0.99 | 1.12 | 1.01 | 0.92 |
| Inventory Turnover | 4.21 | 4.21 | 5.34 | 5.77 | 6.05 | 5.80 | 6.19 | 6.84 | 6.25 | 5.41 | 5.17 |
| Days Sales Outstanding | — | 52.67 | 50.10 | 46.83 | 45.71 | 62.49 | 49.96 | 57.81 | 59.91 | 47.14 | 41.04 |
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 | 2.0% | 2.7% | 4.4% | 4.4% | 4.1% | 3.1% | 2.8% | 2.2% | 2.5% | 1.9% | 2.3% |
| Payout Ratio | 45.6% | 45.6% | 108.3% | 106.8% | — | — | 150.7% | 63.5% | 41.1% | 77.1% | 35.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 5.9% | 4.1% | 4.1% | — | — | 1.8% | 3.5% | 6.1% | 2.5% | 6.6% |
| FCF Yield | — | — | — | 6.0% | — | 1.4% | 9.8% | 9.6% | 5.1% | 3.6% | 6.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 0.2% | 0.0% | 0.8% | 2.5% | 4.0% | 4.3% | 2.4% |
| Total Shareholder Yield | 2.0% | 2.7% | 4.4% | 4.5% | 4.4% | 3.1% | 3.6% | 4.7% | 6.5% | 6.2% | 4.7% |
| Shares Outstanding | — | $17M | $16M | $16M | $16M | $16M | $16M | $16M | $17M | $17M | $18M |
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Quick answers to the most common questions about buying KALU stock.
Kaiser Aluminum Corporation's current P/E ratio is 23.1x. The historical average is 28.4x. This places it at the 50th percentile of its historical range.
Kaiser Aluminum Corporation's current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Kaiser Aluminum Corporation's return on equity (ROE) is 15.1%. The historical average is 4.1%.
Based on historical data, Kaiser Aluminum Corporation is trading at a P/E of 23.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kaiser Aluminum Corporation's current dividend yield is 1.98% with a payout ratio of 45.6%.
Kaiser Aluminum Corporation has 9.5% gross margin and 5.7% operating margin.
Kaiser Aluminum Corporation's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage with thin margins
Metrics are mathematically derived from official filings.
Margin Expansion Defies Commodity Cycle
Gross margin improved to 13.5% in 2026Q2 from 8.6% a year earlier, as reported in financial statements, suggesting operational leverage and favorable mix are overcoming the pass-through model's inherent thinness.
The sequential improvement from 10.0% in 2025Q4 to 13.5% in 2026Q2 indicates that the company is capturing more value per pound, likely due to aerospace recovery and packaging stability. Operating margin nearly doubled from 5.8% to 10.6% over the same period, implying fixed cost absorption is accelerating. However, the metal lag tailwind cited by management may be inflating these margins temporarily, so investors should monitor whether volume and mix can sustain this level once aluminum prices normalize.
ROIC Recovery from Cyclical Trough
ROIC climbed to 5.2% in 2026Q2 from 1.0% in 2024Q4, according to the ratio data, indicating a cyclical recovery but still below the cost of capital, suggesting value creation is not yet robust.
The improvement is driven by margin expansion rather than asset efficiency, as asset turnover remained flat around 0.33-0.44. ROE also rose from 1.1% to 10.6% over the same period, but this is partly amplified by high leverage. The company's returns are still modest relative to peers like Constellium (ROIC 13.4%), implying that KALU's capital intensity and debt load are weighing on true economic returns. Sustained recovery in aerospace and packaging volumes will be critical to push ROIC above the cost of capital.
Working Capital Drag Persists
Cash conversion cycle improved to 72 days in 2026Q2 from 89 days in 2025Q4, based on reported figures, but remains elevated due to high inventory days of 69, indicating ongoing working capital intensity.
DSO has been stable around 44-54 days, while DPO has increased from 36 to 42 days, suggesting some supplier leverage. However, DIO remains high at 69 days, reflecting the need to hold metal inventory for production flexibility. The cumulative working capital outflow of $336.7M over ten quarters, as per cash flow data, highlights that growth is consuming cash. Management's ability to optimize inventory and extend payables will be key to improving free cash flow conversion.
Leverage Eases but Remains Elevated
Debt-to-equity improved to 1.13 in 2026Q2 from 1.62 in 2024Q1, as reported in the balance sheet, yet interest coverage of 9.29x suggests debt service is manageable but sensitive to margin compression.
The D/EBITDA ratio has fallen sharply from 20.80x in 2024Q4 to 6.55x in 2026Q2, indicating that EBITDA growth is deleveraging the balance sheet. However, the absolute debt level of $1.1B remains substantial relative to equity, and the thin gross margins provide limited cushion. If aluminum prices normalize and metal lag reverses, EBITDA could decline, pressuring coverage ratios. Investors should monitor refinancing needs and covenant headroom, as the current leverage is still above the peer average.
Liquidity Buffer Thin but Improving
Current ratio improved to 2.50 in 2026Q2 from 2.44 in 2024Q4, according to the balance sheet data, but quick ratio of 1.17 indicates reliance on inventory to meet short-term obligations.
Cash rose from $7.0M in 2025Q4 to $58.5M in 2026Q2, providing a modest cushion, but the company still depends on revolving credit for seasonal working capital needs. The quick ratio below 1.2 suggests that if inventory values were to decline, liquidity could tighten quickly. Given the capital-intensive nature and volatile cash flows, the current liquidity position appears adequate for normal operations but vulnerable to a sharp downturn.
Misapplied Metric: Headline Gross Margin
Headline gross margin is often misapplied to KALU because it is distorted by aluminum price pass-through, as noted in the company intelligence, obscuring the true conversion economics.
Traditional margin analysis fails to capture the company's earning power because revenue is inflated by metal costs that carry no margin. Instead, investors should focus on Value-Added Revenue (VAR) and conversion margin per pound, which strip out commodity price noise. The reported gross margin of 13.5% may appear thin, but the underlying conversion spread could be more stable and profitable. Using headline margins to compare KALU to non-integrated manufacturers can lead to undervaluation or mispricing of its high-tech processing capabilities.