Tearsheet

Kaiser Aluminum (KALU)

Market Price (12/4/2025): $104.09 | Market Cap: $1.7 Bil
Sector: Materials | Industry: Aluminum

Kaiser Aluminum (KALU)

Market Price (12/4/2025): $104.09
Market Cap: $1.7 Bil
Sector: Materials
Industry: Aluminum

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85%
1	Low stock price volatility Vol 12M is 43%	Weak multi-year price returns 3Y Excs Rtn is -36%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.2%
2	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Circular Economy & Recycling. Themes include EV Manufacturing, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%
1	Low stock price volatility Vol 12M is 43%
2	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Circular Economy & Recycling. Themes include EV Manufacturing, Show more.
3	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4	Weak multi-year price returns 3Y Excs Rtn is -36%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.2%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$104.09	$67.51	$65.71	$67.14	$80.10
Market Cap CYE ($ Bil)	1.7	1.1	1.1	1.1	1.3
Total Debt ($ Bil)	1.1	1.1	1.1	1.1	1.1
Total Cash ($ Bil)	0.0	0.0	0.1	0.1	0.3
Enterprise Value ($ Bil)	2.7	2.2	2.2	2.2	2.4
Valuation Ratios
P/S TTM	0.4	0.4	0.4	0.3	0.6
P/EBIT TTM	8.0	10.5	11.0	116.2	58.3
P/E TTM	14.7	24.1	24.1	-40.8	-80.4
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$104.09	$67.51	$65.71
Market Cap CYE ($ Bil)	1.7	1.1	1.1
Total Debt ($ Bil)	1.1	1.1	1.1
Total Cash ($ Bil)	0.0	0.0	0.1
Enterprise Value ($ Bil)	2.7	2.2	2.2
Valuation Ratios
P/S TTM	0.4	0.4	0.4
P/EBIT TTM	8.0	10.5	11.0
P/E TTM	14.7	24.1	24.1
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	KALU	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	3.2
Rev Chg Q	12.8%	7.1%
Rev Chg LTM	7.7%	6.1%
Rev Chg 3Y Avg	-2.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	4.5%	18.8%
CFO/Rev LTM	5.5%	20.5%
Net Inc Mgn	2.7%	13.1%
VALUATION	MODERATE
P/S	0.4	3.2
P/CFO	7.1	15.8
P/FCF	96.1	20.5
P/E	14.7	23.5
STABILITY	POOR
Debt/Equity	0.86	0.20
Cash/Assets	0.01	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Shipments	270 million lbs	9302025	Link
Aerospace and High-Strength Shipments Decline	4% decline year-over-year	7252025	Link
Packaging Shipments Decline	3% to 5% expected decline year-over-year	7252025	Link
General Engineering Shipments Increase	5% increase year-over-year	7252025	Link
Automotive Shipments Decrease	15% decrease year-over-year	7252025	Link
Trentwood Facility Production Output Boost	5%	1162025	Link
Number of Production Facilities	13	1172025	Link

Upcoming
2/18/2026	Earnings Release	Rev: - EPS: -

KALU Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Kaiser Aluminum reported strong Third Quarter 2024 financial results. The company's net sales reached $748 million and conversion revenue was $362 million, with net income reported at $12 million. Adjusted net income was $8 million, and adjusted EBITDA increased to $50 million, demonstrating a positive financial performance.

2. Diluted earnings per share significantly improved in Q3 2024. Kaiser Aluminum reported $0.74 net income per diluted share for the third quarter of 2024, an increase from $0.34 in the prior year period. Adjusted net income per diluted share also rose to $0.51 from $0.46 in the prior year.

Stock Movement Drivers

Fundamental Drivers

The 38.8% change in KALU stock from 9/3/2025 to 12/3/2025 was primarily driven by a 51.7% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	74.97	104.09	38.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3113.60	3209.40	3.08%
Net Income Margin (%)	1.75%	2.65%	51.66%
P/E Multiple	22.23	19.78	-11.02%
Shares Outstanding (Mil)	16.16	16.19	-0.20%
Cumulative Contribution			38.83%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
KALU	38.8%
Market (SPY)	6.2%	35.4%
Sector (XLB)	-2.2%	45.9%

Fundamental Drivers

The 37.0% change in KALU stock from 6/4/2025 to 12/3/2025 was primarily driven by a 62.0% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	76.01	104.09	36.95%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3063.90	3209.40	4.75%
Net Income Margin (%)	1.64%	2.65%	62.03%
P/E Multiple	24.40	19.78	-18.93%
Shares Outstanding (Mil)	16.12	16.19	-0.47%
Cumulative Contribution			36.95%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
KALU	37.0%
Market (SPY)	15.1%	38.0%
Sector (XLB)	1.6%	50.6%

Fundamental Drivers

The 30.6% change in KALU stock from 12/3/2024 to 12/3/2025 was primarily driven by a 47.9% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	79.70	104.09	30.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2980.30	3209.40	7.69%
Net Income Margin (%)	1.80%	2.65%	47.88%
P/E Multiple	23.97	19.78	-17.46%
Shares Outstanding (Mil)	16.09	16.19	-0.65%
Cumulative Contribution			30.59%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
KALU	30.6%
Market (SPY)	14.3%	54.3%
Sector (XLB)	-4.3%	60.7%

Fundamental Drivers

The 31.1% change in KALU stock from 12/4/2022 to 12/3/2025 was primarily driven by a 43.7% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	79.37	104.09	31.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3458.30	3209.40	-7.20%
P/S Multiple	0.37	0.53	43.68%
Shares Outstanding (Mil)	15.93	16.19	-1.67%
Cumulative Contribution			31.11%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
KALU	84.1%
Market (SPY)	53.2%	51.7%
Sector (XLB)	11.8%	58.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
KALU Return	-8%	-2%	-16%	-2%	3%	46%	11%
Peers Return	13%	59%	-31%	23%	4%	46%	130%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
KALU Win Rate	50%	42%	50%	42%	50%	70%
Peers Win Rate	60%	56%	44%	50%	46%	70%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
KALU Max Drawdown	-53%	-12%	-33%	-25%	-15%	-28%
Peers Max Drawdown	-64%	-14%	-47%	-26%	-27%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AA, CENX, CSTM, KALU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	KALU	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-61.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	157.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-54.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	120.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	147 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-27.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	38.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	358 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-82.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	471.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2713 days	1480 days

Compare to AA, CENX, CSTM, KALU

In The Past

Kaiser Aluminum's stock fell -61.1% during the 2022 Inflation Shock from a high on 5/11/2021. A -61.1% loss requires a 157.1% gain to breakeven.

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About Kaiser Aluminum (KALU)

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 and defense, aluminum beverage and food packaging, automotive and general engineering products. The company's automotive extrusions include extruded aluminum products for structural components, crash management systems, anti-lock braking systems, and drawn tubes for drive shafts, as well as offers fabrication services, including sawing and cutting to length. Its packaging products consist of bare and coated 3000- and 5000-series alloy aluminum coil used for beverage and food packaging industry; and Its general engineering products comprise alloy plate, sheet, rod, bar, tube, wire, and standard extrusion shapes used in various applications, including the production of military vehicles, ordnances, semiconductor manufacturing cells, electronic devices, after-market motor sport parts, tooling plates, parts for machinery and equipment, bolts, screws, nails, and rivets. In addition, it offers rerolled, extruded, drawn, and cast billet aluminum products for industrial end uses. It sells its products directly to customers through sales personnel located in the United States, Canada, Western Europe, and China, as well as through independent sales agents in other regions of Asia, Latin America, and the Middle East. The company was founded in 1946 and is headquartered in Foothill Ranch, California.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for Kaiser Aluminum:

3M for specialized aluminum products.
An independent, specialized industrial materials division, similar to what you might find within General Electric or Honeywell, but dedicated exclusively to high-performance aluminum for industries like aerospace and automotive.

AI Generated Analysis | Feedback

Plate and Sheet Products: High-strength aluminum plate and sheet are fabricated for demanding applications in aerospace, general engineering, and industrial sectors.
Extruded Products: Specialized aluminum extrusions, rod, bar, tube, and wire are manufactured for automotive, industrial, and general engineering markets.

AI Generated Analysis | Feedback

Kaiser Aluminum (symbol: KALU) primarily sells its fabricated aluminum products to **other companies (B2B)** rather than directly to individuals. According to Kaiser Aluminum's financial reports, no single customer accounted for more than 10% of their consolidated net sales in recent years, indicating a diverse customer base. Therefore, while they serve major industries, they do not have a few dominant "major customers" by name that individually represent a significant portion of their revenue. Instead, Kaiser Aluminum serves manufacturers across several key industries. Below are the major categories of customer companies they supply, along with examples of public companies that operate within these sectors (though these are illustrative examples of the *type* of customer, not necessarily direct named customers of Kaiser Aluminum):

Aerospace & Defense Industry:
Kaiser Aluminum supplies high-strength aluminum plate, sheet, and extrusions for commercial and military aircraft, business jets, and space applications. Their customers are manufacturers and suppliers within this sector.

Examples of public companies in this industry that could be direct or indirect customers include:
- The Boeing Company (BA)
- Lockheed Martin Corporation (LMT)
- Northrop Grumman Corporation (NOC)
- Airbus SE (EADSY) (OTC symbol; primary listing in Paris as AIR.PA)
Automotive Industry:
They provide aluminum extrusions and other products for structural and non-structural components, supporting the automotive industry's focus on lightweighting vehicles. Their customers include automotive OEMs and Tier 1 suppliers.

Examples of public companies in this industry that could be direct or indirect customers include:
- General Motors Company (GM)
- Ford Motor Company (F)
- Stellantis N.V. (STLA)
- Magna International Inc. (MGA)
General Engineering / Industrial Markets:
Kaiser Aluminum supplies plate, sheet, rod, and bar products for a wide array of industrial applications. This segment includes manufacturers in tooling, machinery, automation, transportation, medical equipment, and other specialized industrial applications. Due to the highly diversified nature of this market, there are no specific dominant public customer companies to list; rather, their customer base consists of numerous manufacturing businesses of various sizes.

AI Generated Analysis | Feedback

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Keith A. Harvey, Chairman of the Board, President and Chief Executive Officer

Mr. Harvey joined Kaiser Aluminum in 1981. He served as President and Chief Operating Officer from December 2015 until his appointment to his current position in July 2020. Mr. Harvey has held increasingly responsible positions in engineering and sales at various Kaiser locations.

Neal E. West, Executive Vice President and Chief Financial Officer

Mr. West joined Kaiser Aluminum in 2008 as Vice President and Chief Accounting Officer, was named Chief Financial Officer in early 2019, and assumed his current position in March 2021. Before joining Kaiser, Mr. West was Vice President and Principal Accounting Officer at Gateway, Inc. Prior to Gateway, he served in several roles over 19 years with Neptune Orient Lines/APL, a container shipping and logistics company.

John M. Donnan, Executive Vice President, Chief Administrative Officer & General Counsel

Mr. Donnan previously served as an associate in the Corporate/Securities section of the Houston, Texas, office of Chamberlain Hrdlicka.

Blain Tiffany, Executive Vice President – Sales and Marketing

Mr. Tiffany served as Senior Vice President – Sales & Marketing from 2020 until he was named to his current position in April 2022. He joined Kaiser in 2013 as Vice President – Marketing, Hard Alloy Extrusions, Pipe and Tube. Prior to joining Kaiser, Mr. Tiffany held several senior management positions during his 34 years in metals distribution, most recently with A.M. Castle & Co.

Jason Walsh, Executive Vice President – Manufacturing

Mr. Walsh served as Senior Vice President – Manufacturing from August 2020 until he was named to his current position in April 2022. He joined the company in 2006 as Manager, Financial Planning & Analysis. Prior to joining Kaiser, Mr. Walsh held positions in manufacturing operations with Caterpillar Inc.

AI Generated Analysis | Feedback

The clear emerging threat to Kaiser Aluminum (KALU) is the rapid advancement and increasing adoption of **metal additive manufacturing (3D printing)**. As this technology matures, it has the potential to disrupt traditional manufacturing supply chains by enabling the direct production of complex metal components, which could reduce the demand for semi-fabricated aluminum products such as plate, sheet, extrusions, and rod/bar—Kaiser Aluminum's core offerings. Industries critical to Kaiser Aluminum, such as aerospace and automotive, are actively investing in and integrating metal additive manufacturing, which could, in the long term, diminish the reliance on traditional aluminum forging, rolling, and extrusion processes for certain applications.

AI Generated Analysis | Feedback

Kaiser Aluminum (KALU) operates in several key markets for its semi-fabricated specialty aluminum mill products. The addressable markets for its main products and services are sized as follows:

Aerospace and High-Strength Products: The global aerospace aluminum market size was valued at approximately USD 7.90 billion in 2024 and is expected to reach USD 8.54 billion in 2025. Another estimate indicates the market was approximately USD 6.7 billion in 2023 and is projected to grow to USD 10.2 billion by 2030. North America accounted for 40% of aluminum alloy aerospace shipments in 2024.
Automotive Extrusions: The global automotive aluminum market size reached USD 32.6 billion in 2024 and is anticipated to grow to USD 61.3 billion by 2033. Another report values the global automotive aluminum market at USD 69.83 billion in 2024, with projections to reach USD 186.12 billion by 2034. Specifically, the global automotive aluminum extrusion market size was USD 90.83 billion in 2024 and is projected to exceed USD 200.30 billion by 2034.
Packaging (Aluminum Beverage and Food Cans): Global aluminum consumption in the packaging industry is projected to reach 10.5 metric tons by 2030.
General Engineering Products / Flat-Rolled Products / Extrusions: The global aluminum flat-rolled products market size was valued at USD 44.70 billion in 2023 and is predicted to reach USD 79.64 billion by 2030. The global aluminum flat products market is projected to grow from USD 70.7 billion in 2025 to USD 110.9 billion by 2035. The North American extrusion market is estimated to be greater than 6.0 billion pounds, while the global flat rolled products market is estimated to be greater than 65 billion pounds. Globally, extruded products grew from USD 56.4 billion to USD 101 billion between 2024 and 2034.

AI Generated Analysis | Feedback

Kaiser Aluminum (KALU) is poised for future revenue growth over the next 2-3 years, driven by strategic investments, anticipated market recoveries, and a focus on higher-value products.

Here are 3-5 expected drivers of future revenue growth:

Growth in Key End Markets: Kaiser Aluminum anticipates increased demand across several of its core markets. The aerospace sector is "trending positively" and is expected to recover in Q4 2025, following a planned outage and destocking efforts. General engineering conversion revenue is projected to increase by 3-10% year-over-year, fueled by strong North American demand and reshoring activities. The automotive segment is also expected to see a 3-10% rise in conversion revenue year-over-year, with a focus on high-demand SUV and light truck platforms and capitalizing on the lightweighting trend for improved fuel economy and electric vehicles.
Strategic Capital Investments and Capacity Expansion: The company is nearing completion of two significant growth projects. The Trentwood Phase 7 Plate Capacity Expansion Project, aimed at aerospace and general engineering applications, is "nearly complete" and on schedule and budget. This expansion will increase capacity for high-strength aluminum products. Additionally, the Warrick coating line is expected to achieve its full run-rate for 2026 shipments, enhancing capabilities for packaging applications.
Shift to Higher-Value Product Mix: In its packaging segment, Kaiser Aluminum is strategically shifting its product mix towards higher-margin coated products. Conversion revenue in packaging is forecast to increase by 12-15% for the year, driven by this transition from bare to coated offerings, with the new Warrick coating line facilitating this change.
Improved Pricing and Operational Efficiencies: The company's recent financial performance has benefited from improved pricing and a favorable product mix. Management has emphasized a renewed focus on cost management and aims to restore "best-in-class operating metrics" as its investment cycle concludes. Ongoing operational efficiency through continuous improvement programs is also a key focus for the company.

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Capital Allocation Decisions (Last 3-5 Years) for Kaiser Aluminum (KALU)

Share Repurchases

Kaiser Aluminum has not reported significant share repurchases in the last 3-5 years, with the last 12-month buyback yield recorded as 0.0%.

Outbound Investments

Kaiser Aluminum completed the acquisition of Alcoa Warrick LLC, including the Warrick Rolling Mill, for $670 million on April 1, 2021.
This acquisition marked a strategic re-entry into the North American aluminum packaging industry.

Capital Expenditures

Capital expenditures for 2024 were approximately $181 million, aimed at supporting growth.
For the full year 2025, capital expenditures are projected to be in the range of $120 million to $130 million.
These investments are primarily focused on major strategic growth projects such as the Phase 7 expansion at the Trentwood rolling mill and the fourth coating line project at the Warrick facility, to enhance capacity and modernize operations for aerospace, industrial, and packaging markets.

Better Bets than Kaiser Aluminum (KALU)

	KALU	Better Performance than KALU
Metric	Value	INDUSTRY: Aluminum
Rev Chg LTM	7.7%	CENX (20.1%), AA (16.9%)
Rev Chg 3Y Avg	-2.2%	AA (0.5%), CSTM (-1.4%)
Op Mgn LTM	4.5%	AA (10.4%), CENX (6.9%)
CFO/Rev LTM	5.5%	AA (8.3%)
FCF/Rev LTM	0.4%	AA (4.0%)
Total Yield	7.8%	AA (14.7%)
P/S	0.4	CSTM (0.3)
P/Op Inc	8.7	CSTM (6.0), AA (6.4)

	KALU	Better Performance than KALU
Metric	Value	SECTOR: Materials
Rev Chg LTM	7.7%	AU (54.6%), AEM (35.2%), NEM (26.6%), B (16.9%), SCCO (12.7%)
Rev Chg 3Y Avg	-2.2%	AEM (26.0%), NEM (23.9%), SCCO (7.1%), SHW (2.4%), LIN (0.6%)
Op Mgn LTM	4.5%	SCCO (50.3%), AEM (49.4%), NEM (43.5%), LIN (26.9%), SHW (15.8%)
CFO/Rev LTM	5.5%	AEM (55.2%), NEM (42.9%), SCCO (37.4%), LIN (29.8%), SHW (14.2%)
FCF/Rev LTM	0.4%	AEM (34.5%), NEM (28.5%), SCCO (28.2%), LIN (15.2%), SHW (10.4%)
Total Yield	7.8%	AU (11.3%), NTR (10.1%), B (9.2%), NEM (9.0%), AMCR (8.1%)
P/S	0.4	CSTM (0.3), HUN (0.3), OI (0.3), CLF (0.3), CLMT (0.3)
P/Op Inc	8.7	B (6.7), CF (6.9), NTR (8.0), FCX (8.1), AU (8.3)

	KALU	Better Performance than KALU
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	7.7%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-2.2%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	4.5%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	5.5%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	0.4%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	7.8%	XOM (10.3%), WFC (9.9%), JNJ (8.4%), CVX (8.3%), UNH (8.1%)
P/S	0.4	CVS (0.2), MCK (0.2), CI (0.3), GM (0.3), ELV (0.4)
P/Op Inc	8.7	VZ (5.9), BUD (7.7), BMY (8.0), BN (8.1), T (8.3)

		Best Bets In Materials Sector
	KALU
What You Pay
P/E	14.7
P/EBIT	8.0
What You Get
Rev Chg Q	12.8%
Rev Chg LTM	7.7%
Rev Chg 3Y Avg	-2.2%
FCF/Rev 3Y Avg	0.2%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Can Kaiser Aluminum Stock Hold Up When Markets Turn?	Return
2	Why Kaiser Aluminum Stock Moved: KALU Stock Has Gained 50% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Day 8 of Loss Streak for Kaiser Aluminum Stock with -21% Return (vs. 7.1% YTD) [8/4/2025]	Notification
4	KALU Dip Buy Analysis
5	Time To Buy Kaiser Aluminum Stock?	Buy or Fear
6	Kaiser Aluminum (KALU) Valuation Ratios Comparison	Financials
7	Kaiser Aluminum Total Shareholder Return (TSR): 6.2% in 2024 and -0.8% 3-yr compounded annual returns (above peer average)
8	Kaiser Aluminum (KALU) Operating Cash Flow Comparison	Financials
9	Kaiser Aluminum (KALU) Net Income Comparison	Financials
10	Kaiser Aluminum (KALU) Operating Income Comparison	Financials
11	ARTICLES
12	KALU Stock Down -21% after 8-Day Loss Streak		August 5th, 2025

	Title
0	DASHBOARDS
1	Can Kaiser Aluminum Stock Hold Up When Markets Turn?
2	Why Kaiser Aluminum Stock Moved: KALU Stock Has Gained 50% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Day 8 of Loss Streak for Kaiser Aluminum Stock with -21% Return (vs. 7.1% YTD) [8/4/2025]
4	KALU Dip Buy Analysis
5	Time To Buy Kaiser Aluminum Stock?
6	Kaiser Aluminum (KALU) Valuation Ratios Comparison
7	Kaiser Aluminum Total Shareholder Return (TSR): 6.2% in 2024 and -0.8% 3-yr compounded annual returns (above peer average)
8	Kaiser Aluminum (KALU) Operating Cash Flow Comparison
9	Kaiser Aluminum (KALU) Net Income Comparison
10	Kaiser Aluminum (KALU) Operating Income Comparison
11	ARTICLES
12	KALU Stock Down -21% after 8-Day Loss Streak

Trade Ideas

Select past ideas related to KALU. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Kaiser Aluminum

Peers to compare with:

Financials

	KALU	AA	CENX	CSTM	Median
Name	Kaiser A.	Alcoa	Century .	Constell.
Mkt Price	104.09	44.10	30.94	17.98	37.52
Mkt Cap	1.7	11.4	2.9	2.5	2.7
Rev LTM	3,209	12,868	2,525	7,969	5,589
Op Inc LTM	144	1,337	174	344	259
FCF LTM	13	519	-38	-40	-12
FCF 3Y Avg	5	-59	-42	-16	-29
CFO LTM	175	1,063	41	332	254
CFO 3Y Avg	169	493	44	362	266

Growth & Margins

	KALU	AA	CENX	CSTM	Median
Name	Kaiser A.	Alcoa	Century .	Constell.
Rev Chg LTM	7.7%	16.9%	20.1%	6.5%	12.3%
Rev Chg 3Y Avg	-2.2%	0.5%	-2.9%	-1.4%	-1.8%
Rev Chg Q	12.8%	3.1%	17.3%	20.2%	15.0%
QoQ Delta Rev Chg LTM	3.1%	0.7%	3.8%	4.8%	3.5%
Op Mgn LTM	4.5%	10.4%	6.9%	4.3%	5.7%
Op Mgn 3Y Avg	3.5%	3.2%	3.5%	4.4%	3.5%
QoQ Delta Op Mgn LTM	1.0%	-1.8%	-0.5%	0.9%	0.2%
CFO/Rev LTM	5.5%	8.3%	1.6%	4.2%	4.8%
CFO/Rev 3Y Avg	5.4%	4.0%	2.0%	4.6%	4.3%
FCF/Rev LTM	0.4%	4.0%	-1.5%	-0.5%	-0.0%
FCF/Rev 3Y Avg	0.2%	-0.8%	-1.9%	-0.2%	-0.5%

Valuation

	KALU	AA	CENX	CSTM	Median
Name	Kaiser A.	Alcoa	Century .	Constell.
Mkt Cap	1.7	11.4	2.9	2.5	2.7
P/S	0.4	0.7	1.1	0.3	0.5
P/EBIT	8.0	5.6	23.8	6.7	7.3
P/E	14.7	7.4	32.2	18.3	16.5
P/CFO	7.1	8.0	67.1	6.2	7.6
Total Yield	7.8%	14.7%	3.1%	5.5%	6.7%
Dividend Yield	1.0%	1.2%	0.0%	0.0%	0.5%
FCF Yield 3Y Avg	0.5%	-1.9%	-4.4%	-0.8%	-1.4%
D/E	0.9	0.3	0.2	1.0	0.6
Net D/E	0.8	0.1	0.2	1.0	0.5

Returns

	KALU	AA	CENX	CSTM	Median
Name	Kaiser A.	Alcoa	Century .	Constell.
1M Rtn	11.6%	18.9%	0.7%	10.9%	11.2%
3M Rtn	38.8%	42.1%	39.6%	30.0%	39.2%
6M Rtn	37.0%	62.1%	56.8%	39.6%	48.2%
12M Rtn	30.6%	-2.7%	29.2%	46.7%	29.9%
3Y Rtn	31.1%	-9.2%	226.7%	45.2%	38.2%
1M Excs Rtn	11.6%	18.9%	0.7%	10.9%	11.2%
3M Excs Rtn	33.0%	36.0%	35.1%	23.5%	34.1%
6M Excs Rtn	22.2%	47.4%	42.1%	24.9%	33.5%
12M Excs Rtn	19.7%	-17.4%	22.0%	33.1%	20.9%
3Y Excs Rtn	-35.7%	-74.3%	213.0%	-20.6%	-28.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/23/2025	2/20/2025	2/23/2024	2/24/2023	3/1/2022	2/26/2021	2/25/2020
Key Financials
Total Revenue	3,209	3,024	3,087	3,428	2,622	1,173	1,514
EBITDA	278	224	212	117	117	132	154
Operating Income	144	95	101	27	64	89	151
Net Income	85	47	47	-30	-18	29	62
EPS	5.66	2.91	2.95	-1.86	-1.17	1.82	3.88
Growth Rates
Total Revenue Growth	7.7%	-2.0%	-9.9%	30.7%	123.6%	-22.5%	-4.5%
EBITDA Growth	21.8%	5.6%	80.6%	0.3%	-11.3%	-14.4%	-17.4%
Operating Income Growth	38.8%	-5.5%	277.5%	-58.0%	-28.2%	-41.3%	5.1%
Net Income Growth	59.3%	-0.8%	259.5%	-60.0%	-164.2%	-53.5%	-32.4%
Margins
EBITDA Margin	8.7%	7.4%	6.9%	3.4%	4.5%	11.2%	10.2%
Operating Income Margin	4.5%	3.2%	3.3%	0.8%	2.4%	7.6%	10.0%
Net Income Margin	2.7%	1.5%	1.5%	-0.9%	-0.7%	2.5%	4.1%
Cash & Debt
Total Cash	17	18	82	57	303	780	343
Total Debt	1,073	1,076	1,079	1,085	1,077	864	518
Net Debt / (Cash)	1,056	1,057	997	1,027	774	83	175
Cash Flows
Net Cash from Operations	175	167	212	-63	79	207	232
Free Cash from Operations	13	-14	69	-206	21	155	172
Returns to Shareholders
Dividends	51	51	50	50	47	43	39
Share Repurchases	-0	-0	-0	-0	-0	12	44

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/23/2025	7/24/2025	4/24/2025	2/20/2025	10/24/2024	7/26/2024	4/25/2024	2/23/2024	10/26/2023	7/28/2023	4/28/2023	2/24/2023
Key Financials Quarterly
Total Revenue	844	823	777	765	748	773	738	722	744	814	808	776
Ebitda	92	72	70	44	51	65	64	49	44	60	59	3
Operating Income	49	38	43	14	14	43	24	22	21	37	20	0
Net Income	40	23	22	1	9	19	18	8	5	18	16	-26
EPS	2.44	1.44	1.34	0.44	0.54	1.18	1.13	0.47	0.34	1.14	1.00	-1.66
Key Financials TTM
Total Revenue TTM	3,209	3,114	3,064	3,024	2,980	2,976	3,017	3,087	3,141	3,147	3,287	3,428
Ebitda TTM	278	237	230	224	228	222	217	213	167	164	126	117
Operating Income TTM	144	109	114	95	104	111	105	101	79	61	22	27
Net Income TTM	85	54	50	47	54	50	50	47	13	10	-22	-30
Growth Rates Quarterly
Total Revenue Growth	12.8%	6.4%	5.4%	6.1%	0.6%	-5.0%	-8.7%	-7.0%	-0.7%	-14.7%	-14.9%	-3.8%
EBITDA Growth	81.1%	11.3%	9.4%	-10.0%	14.9%	7.7%	7.7%	1381.8%	6.7%	180.8%	16.2%	-92.4%
Operating Income Growth	251.1%	-11.4%	77.0%	-37.8%	-32.9%	15.9%	19.0%	4400.0%	590.0%	1955.0%	-18.7%	-97.0%
Net Income Growth	348.9%	22.8%	18.7%	-88.2%	63.0%	3.3%	14.5%	128.8%	116.0%	232.6%	96.3%	-1652.9%
Margins Quarterly
EBITDA Margin	10.9%	8.7%	9.0%	5.7%	6.8%	8.4%	8.7%	6.8%	6.0%	7.4%	7.4%	0.4%
Operating Income Margin	5.8%	4.6%	5.6%	1.8%	1.9%	5.6%	3.3%	3.1%	2.8%	4.6%	2.5%	0.1%
Net Income Margin	4.7%	2.8%	2.8%	0.1%	1.2%	2.4%	2.5%	1.1%	0.7%	2.2%	2.0%	-3.4%
Cash & Debt
Total Cash	17	13	21	18	46	70	102	82	45	20	32	57
Total Debt	1,073	1,106	1,074	1,076	1,076	1,077	1,078	1,079	1,081	1,098	1,122	1,085
Net Debt / (Cash)	1,056	1,093	1,053	1,057	1,030	1,006	976	997	1,036	1,079	1,091	1,027
Cash Flows Quarterly
FCF from Operations	59	16	57	43	34	26	63	74	90	68	-20	-4
Cash Flows TTM
FCF from Operations TTM	175	150	161	167	198	254	296	212	133	-22	-85	-63
Returns to Shareholders Quarterly
Dividends	13	13	13	13	13	13	13	13	13	13	12	12
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.8%	9.1%	10.4%	1.0%	3.6%	11.2%	6.6%	6.8%	6.9%	10.5%	5.1%	0.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.8%	6.2%	6.7%	5.7%	6.7%	7.5%	7.7%	7.3%	6.6%	4.8%	1.4%	1.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	3,087	3,428	2,622	1,173	1,514
Total	3,087	3,428	2,622	1,173	1,514

Price Behavior

Price Behavior

Market Price	$104.09
Market Cap ($ Bil)	1.7
First Trading Date	07/07/2006
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$86.81	$75.31
DMA Trend	up	up
Distance from DMA	19.9%	38.2%
	3M	1YR
Volatility	52.5%	42.8%
Downside Capture	165.22	132.07
Upside Capture	272.67	141.31
Correlation (SPY)	35.0%	54.7%

KALU Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.09	1.51	1.50	1.53	1.18	1.48
Up Beta	-0.13	0.59	1.38	1.53	1.05	1.24
Down Beta	-0.74	-0.04	0.33	0.88	1.09	1.38
Up Capture	235%	353%	268%	218%	169%	461%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	13	23	33	66	123	382
Down Capture	128%	175%	167%	158%	118%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	19	30	60	125	368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of KALU With Other Asset Classes (Last 1Y)
	KALU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	32.7%	-4.2%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	42.6%	20.1%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.77	-0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		60.5%	54.2%	11.8%	28.8%	40.1%	31.7%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of KALU With Other Asset Classes (Last 5Y)
	KALU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.3%	6.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	45.2%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.35	0.24	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		62.9%	51.6%	12.4%	26.3%	42.1%	23.7%

Based On 10-Year Data

		Comparison of KALU With Other Asset Classes (Last 10Y)
	KALU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.4%	9.0%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	41.0%	20.8%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.27	0.39	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		63.7%	57.2%	6.8%	31.6%	47.4%	16.9%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	514,370
Short Interest: % Change Since 10312025	4.7%
Average Daily Volume	150,708
Days-to-Cover Short Interest	3.41
Basic Shares Quantity	16,192,000
Short % of Basic Shares	3.2%

Returns Analyses

	Title
0	Can Kaiser Aluminum Stock Hold Up When Markets Turn?

SEC Filings

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Report Date	Filing Date	Filing
9302025	10232025	10-Q 9/30/2025
6302025	7242025	10-Q 6/30/2025
3312025	4242025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7262024	10-Q 6/30/2024
3312024	4252024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7282023	10-Q 6/30/2023
3312023	4282023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	10252022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4252022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

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Kaiser Aluminum (KALU)

Market Price (12/4/2025): $104.09 | Market Cap: $1.7 BilSector: Materials | Industry: Aluminum

Kaiser Aluminum (KALU)

Market Price (12/4/2025): $104.09Market Cap: $1.7 BilSector: MaterialsIndustry: Aluminum

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Market Price (12/4/2025): $104.09 | Market Cap: $1.7 Bil
Sector: Materials | Industry: Aluminum

Market Price (12/4/2025): $104.09
Market Cap: $1.7 Bil
Sector: Materials
Industry: Aluminum