KALU

MKT CAP:$3B

Kaiser Aluminum Corporation

Market Cap

$3B

Basic Materials·Aluminum·🇺🇸 United States·NASDAQ

Materials·Aluminum·🇺🇸·NASDAQ

Stock Price

$163.03+$42.73 (+35.52%)

Apr 22, 2026

Company Details

Kaiser Aluminum Corporation engages in manufacture and sale of semi-fabricated specialty aluminum mill products in the United States and internationally. The company offers rolled, extruded, and drawn aluminum products used for aerospace an...

CEO

Keith A. Harvey

IPO Date

Jul 7, 2006

Website

www.kaiseraluminum.com

Key Metrics TTM

Revenue

$3.3B

+10.7% YoY

Net Income

$80M

EPS (Diluted)

$4.83

Free Cash Flow

-$73M

Revenue / Share

$196.66

Gross Margin

10.5%

Operating Margin

4.9%

Net Margin

2.4%

FCF Margin

-2.2%

P/S

0.9x

P/E

35.6x

Earnings Reports

FY 2025

Feb 19, 2026

$3.4B+11.5%EPS $6.77

Q4 2025

Feb 19, 2026

$929M+21.4%EPS $1.68

Q2 2025

Jul 24, 2025

$823M+6.4%EPS $1.41

Q1 2025

Apr 24, 2025

$777M+5.4%EPS $1.31

FY 2024

Feb 20, 2025

$3.0B-2.0%EPS $2.87

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$751M	$73M	$20M
Q4 21	$806M	$72M	$17M
Q1 22	$949M	$83M	$25M
Q2 22	$954M	$29M	-$2M
Q3 22	$749M	$54M	$3M
Q4 22	$776M	$30M	$3M
Q1 23	$808M	$77M	$19M
Q2 23	$814M	$96M	$36M
Q3 23	$744M	$78M	$19M
Q4 23	$722M	$82M	$22M
Q1 24	$738M	$86M	$24M
Q2 24	$773M	$104M	$36M
Q4 24	$765M	$80M	$22M
Q1 25	$777M	$104M	$41M
Q2 25	$823M	$71M	$38M
Q4 25	$929M	$93M	$61M

Valuation

Quarter	P/S	P/E
Q3 21	1.4x	—
Q4 21	1.1x	—
Q1 22	0.9x	—
Q2 22	0.8x	—
Q3 22	0.8x	—
Q4 22	0.8x	—
Q1 23	0.9x	—
Q2 23	0.9x	276.5x
Q3 23	0.9x	215.7x
Q4 23	0.9x	60.3x
Q1 24	0.9x	57.5x
Q2 24	1.0x	56.8x
Q4 24	0.9x	55.0x
Q1 25	0.9x	43.3x
Q2 25	0.9x	40.2x
Q4 25	0.9x	35.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$28M	$17M
Q4 21	$46M	$18M
Q1 22	$1M	-$27M
Q2 22	$6M	-$12M
Q3 22	-$66M	-$103M
Q4 22	-$5M	-$65M
Q1 23	-$20M	-$61M
Q2 23	$68M	$27M
Q3 23	$90M	$52M
Q4 23	$74M	$51M
Q1 24	$63M	$33M
Q2 24	$26M	-$17M
Q4 24	$43M	-$13M
Q1 25	$57M	$19M
Q2 25	$16M	-$28M
Q4 25	-$21M	-$51M

Capital Expenditures

Quarter	CapEx
Q3 21	$12M
Q4 21	$28M
Q1 22	$28M
Q2 22	$17M
Q3 22	$37M
Q4 22	$60M
Q1 23	$41M
Q2 23	$42M
Q3 23	$37M
Q4 23	$23M
Q1 24	$30M
Q2 24	$44M
Q4 24	$56M
Q1 25	$38M
Q2 25	$44M
Q4 25	$31M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+193.5%	+200.2%
Q4 21	+196.5%	+211.6%
Q1 22	+192.8%	+200.7%
Q2 22	+28.8%	+31.0%
Q3 22	-0.2%	+2.1%
Q4 22	-3.8%	-2.1%
Q1 23	-14.9%	-14.6%
Q2 23	-14.7%	-18.6%
Q3 23	-0.7%	-2.9%
Q4 23	-7.0%	-9.4%
Q1 24	-8.7%	-9.5%
Q2 24	-5.0%	-5.3%
Q4 24	+2.9%	+2.6%
Q1 25	+7.7%	+5.1%
Q2 25	+11.6%	+10.1%
Q4 25	+20.1%	+17.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$4M	0.5%
Q4 21	$2M	0.3%
Q1 22	$4M	0.4%
Q2 22	$4M	0.4%
Q3 22	$3M	0.4%
Q4 22	$3M	0.4%
Q1 23	$3M	0.4%
Q2 23	$5M	0.6%
Q3 23	$4M	0.5%
Q4 23	$4M	0.6%
Q1 24	$4M	0.5%
Q2 24	$4M	0.5%
Q4 24	$3M	0.4%
Q1 25	$4M	0.5%
Q2 25	$5M	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	—	—	—	$28M
Q4 21	$9M	$1M	$100.0K	—
Q1 22	—	—	—	$30M
Q2 22	$28M	—	—	$28M
Q3 22	—	—	$25M	—
Q4 22	—	—	—	$27M
Q1 23	—	$30M	—	—
Q2 23	—	—	$32M	—
Q3 23	—	—	$31M	—
Q4 23	—	$33M	$100.0K	—
Q1 24	—	$33M	—	—
Q2 24	—	—	—	$32M
Q4 24	—	—	—	$28M
Q1 25	—	—	—	$31M
Q2 25	$63M	—	—	$31M
Q4 25	$32M	—	—	$32M

Revenue Segments

Quarter	Aero Hs Products	Automotive Extrusions	Ge Products	Other Products	Packaging
Q3 21	$142M	$50M	$187M	$4M	$367M
Q4 21	$146M	$62M	$188M	$18M	$393M
Q1 22	$177M	$64M	$251M	$9M	$448M
Q2 22	$175M	$72M	$248M	$9M	$451M
Q3 22	$141M	$61M	$200M	$6M	$342M
Q4 22	$183M	$59M	$185M	$4M	$345M
Q1 23	$214M	$71M	$162M	$7M	$354M
Q2 23	$225M	$68M	$159M	$7M	$355M
Q3 23	$223M	$60M	$144M	$4M	$312M
Q4 23	$237M	$56M	$131M	$4M	$294M
Q1 24	$221M	$64M	$153M	$2M	$298M
Q2 24	$226M	$70M	$163M	$3M	$312M
Q4 24	$223M	$57M	$152M	$3M	$331M
Q1 25	$215M	$67M	$182M	—	$314M
Q2 25	$228M	$69M	$185M	—	$341M
Q4 25	$213M	$75M	$200M	—	$441M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$261M	$0	$261M
Q2 22	$235M	$0	$235M
Q3 22	$129M	$0	$129M
Q4 22	$57M	$0	$57M
Q1 23	$32M	$0	$32M
Q2 23	$20M	$0	$20M
Q3 23	$45M	$0	$45M
Q4 23	$82M	$0	$82M
Q1 24	$102M	$0	$102M
Q2 24	$70M	$0	$70M
Q3 24	$46M	$0	$46M
Q4 24	$18M	$0	$18M
Q1 25	$21M	$0	$21M
Q2 25	$13M	$0	$13M
Q3 25	$17M	$0	$17M
Q4 25	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	16M	+0.1%	-0.1%
Q4 21	16M	0.0%	+0.4%
Q1 22	16M	+1.2%	+0.3%
Q2 22	16M	-0.9%	+0.4%
Q3 22	16M	+0.8%	+1.1%
Q4 22	16M	-0.6%	+0.6%
Q1 23	16M	+1.0%	+0.4%
Q2 23	16M	-0.1%	+1.2%
Q3 23	16M	+0.4%	+0.8%
Q4 23	16M	-0.9%	+0.5%
Q1 24	16M	+1.3%	+0.8%
Q2 24	16M	+1.0%	+2.0%
Q4 24	16M	-0.5%	+1.0%
Q1 25	16M	+0.5%	+2.4%
Q2 25	16M	+0.4%	+1.4%
Q4 25	17M	+1.8%	+2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$291.5K	3K
Q4 21	$203.8K	4K
Q1 22	$239.8K	4K
Q2 22	$241.1K	4K
Q3 22	$189.3K	4K
Q4 22	$194.0K	4K
Q1 23	$201.9K	4K
Q2 23	$203.5K	4K
Q3 23	$185.9K	4K
Q4 23	$180.4K	4K
Q1 24	$184.4K	4K
Q2 24	$193.3K	4K
Q4 24	$191.3K	4K
Q1 25	$194.3K	4K
Q2 25	$205.8K	4K
Q4 25	$241.9K	4K

Revenue / Employee