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Global aluminum producer mining bauxite, refining alumina and smelting primary aluminum for industrial customers.
Global aluminum producer mining bauxite, refining alumina and smelting primary aluminum for industrial customers.
Sells aluminum and alumina at prices set on the London Metal Exchange plus regional premiums, so results swing with market prices and with power costs at its smelters. Its 2024 purchase of Alumina Limited, its partner in the AWAC alumina venture, gave it full ownership of that venture's earnings.
Moat: narrow (scale, cost advantage, installed base). Vertically integrated bauxite-to-metal assets and low-cost hydro power at some smelters support cost position.
Headquarters: Pittsburgh, Pennsylvania, US · Founded: 2016 · Employees: 14,900
Size Alcoa (AA) is a United States Materials company (Aluminum) with a market value of $10.4B, the 752nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.54 on 6 Nov 2026.
Performance Over six months the shares fell 37.4%, against -25.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 17 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +14.6%); the operating margin is 14.1% (peer median 15.7%).
Valuation It trades at 7.4× forward earnings against a peer median of 7.0× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.0 points above its cost of capital (11.3% WACC).
Credit Alcoa has 2 bonds outstanding ($2.00B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 183 bp.
Short interest Short interest is 4.5% of the free float (15 Oct 2026).
Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $14.4B | $13.2B | $12.2B | $10.7B | $12.8B |
| Revenue growth | — | +8% | +14% | -16% | — |
| Gross profit | $2.40B | $1.92B | $1.50B | $241M | $1.93B |
| EBITDA | $2.71B | $2.22B | $1.81B | $608M | $2.31B |
| Net income | $1.54B | $1.16B | $60.0M | -$651M | -$123M |
| Free cash flow | $890M | $567M | $42.0M | -$440M | $342M |
| Capital expenditure | $719M | $618M | $580M | $531M | $480M |
| Total debt | $4.82B | $2.75B | $2.81B | $1.95B | $1.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Alcoa AA | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Century Aluminum CENX | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% |
| Norsk Hydro NHY.OL | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% |
| South32 S32.AX | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.7% | -4.6% | 7th lowest of 18 |
| 6-month return | -37.4% | -25.3% | 2nd lowest of 17 |
| Distance from 52-week high | -53.1% | -41.0% | 2nd lowest of 18 |
| Revenue growth (TTM) | +10.3% | +14.6% | 8th lowest of 17 |
| Operating margin | 14.1% | 15.7% | 7th lowest of 17 |
| Forward P/E | 7.4× | 7.0× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -4.9% | -8.1% | 6th most demanding of 15 |
| Growth delivered (Del g) | +7.1% | +11.1% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -11.9 pp | -17.1 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +8.0 pp | +11.9 pp | 8th lowest of 18 |
| EV / EBITDA | 3.9× | 5.0× | 3rd cheapest of 9 |
| Net debt / EBITDA | 0.0× | 0.4× | 2nd least indebted of 9 |
| Bond spread | 183 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| National Aluminium NATIONALUM.NS | India | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% | +14.7% |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Henan Zhongfu Industrial 600595.SS | China | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% | +23.3% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Grupa Kety KTY.WA | Poland | $3.15B | +11% | +8% | 15% | 16.9× | 6.6% | +9.2% |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |
Alcoa has 2 bonds outstanding with $2.00B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 6.58%, a spread of 183 bp over government bonds.