Operating margins remain highly sensitive to input costs, swinging from a low of 0.4% in 2024Q1 to 13.3% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 2.54B | 2.53B | 2.22B | 2.19B | 2.78B | 2.21B | 1.61B | 1.84B | 1.89B | 1.59B | 1.32B | 1.95B | 1.93B | 1.45B | 1.27B | 1.36B | 1.17B | 899.25M | 1.97B | 1.8B | 1.56B | 1.13B | 1.06B | 782.48M | 711.34M | 654.92M | 428.6M | 566.3M | 650.3M | 721M | 688.9M |
| Revenue Growth % | 7.55% | 13.85% | 1.6% | -21.31% | 25.53% | 37.84% | -12.6% | -2.99% | 19.14% | 20.47% | -32.35% | 0.97% | 32.78% | 14.32% | -6.22% | 16.01% | 30.03% | -54.37% | 9.6% | 15.37% | 37.64% | 6.75% | 35.56% | 10% | 8.61% | 52.81% | -24.32% | -12.92% | -9.81% | 4.66% | - |
| Cost of Goods Sold | 2.22B | 2.27B | 2.04B | 2.09B | 2.73B | 2.09B | 1.64B | 1.86B | 1.92B | 1.46B | 1.33B | 1.91B | 1.73B | 1.41B | 1.23B | 1.27B | 1.06B | 964.92M | 1.66B | 1.43B | 1.21B | 970.68M | 884.27M | 734.44M | 691.28M | 634.21M | 381.74M | 554.2M | 592.1M | 680.3M | 625.1M |
| COGS % of Revenue | - | 89.86% | 91.67% | 95.79% | 98.32% | 94.39% | 102.27% | 101.3% | 101.21% | 91.91% | 100.84% | 97.88% | 89.52% | 97.28% | 96.36% | 93.4% | 90.39% | 107.3% | 84.19% | 79.79% | 77.64% | 85.72% | 83.36% | 93.86% | 97.18% | 96.84% | 89.07% | 97.86% | 91.05% | 94.36% | 90.74% |
| Gross Profit | 322.3M | 256.4M | 185M | 91.9M | 46.7M | 124.2M | -36.5M | -23.9M | -22.9M | 128.6M | -11.04M | 41.31M | 202.46M | 39.52M | 46.34M | 89.52M | 112.4M | -65.67M | 311.62M | 363.46M | 348.52M | 161.68M | 176.47M | 48.04M | 20.06M | 20.71M | 46.85M | 12.1M | 58.2M | 40.7M | 63.8M |
| Gross Margin % | 12.67% | 10.14% | 8.33% | 4.21% | 1.68% | 5.61% | -2.27% | -1.3% | -1.21% | 8.09% | -0.84% | 2.12% | 10.48% | 2.72% | 3.64% | 6.6% | 9.61% | -7.3% | 15.81% | 20.21% | 22.36% | 14.28% | 16.64% | 6.14% | 2.82% | 3.16% | 10.93% | 2.14% | 8.95% | 5.64% | 9.26% |
| Gross Profit Growth % | - | 38.59% | 101.31% | 96.79% | -62.4% | 440.27% | -52.72% | -4.37% | -117.81% | 1264.69% | -126.73% | -79.59% | 412.25% | -14.71% | -48.23% | -20.35% | 271.17% | -121.07% | -14.26% | 4.29% | 115.57% | -8.38% | 267.36% | 139.46% | -3.12% | -55.8% | 287.21% | -79.21% | 43% | -36.21% | - |
| Operating Expenses | 116.5M | 98.3M | 63.6M | 60.1M | 196.9M | 58.2M | 44M | 48.2M | 40.6M | 47.56M | 44.12M | 49.55M | 61.68M | 76.08M | 53.62M | 42.23M | 9.42M | 31.79M | 48.22M | 57.46M | 39.36M | 34.77M | 24.92M | 20.83M | 15.78M | 18.6M | 28.33M | 37.6M | 38.9M | 36.3M | 36.6M |
| OpEx % of Revenue | - | 3.89% | 2.86% | 2.75% | 7.09% | 2.63% | 2.74% | 2.62% | 2.14% | 2.99% | 3.34% | 2.54% | 3.19% | 5.23% | 4.21% | 3.11% | 0.81% | 3.54% | 2.45% | 3.2% | 2.53% | 3.07% | 2.35% | 2.66% | 2.22% | 2.84% | 6.61% | 6.64% | 5.98% | 5.03% | 5.31% |
| Selling, General & Admin | 93.2M | 79.9M | 56.8M | 44.3M | 37.5M | 57.6M | 43.5M | 47.4M | 40.2M | 45.45M | 40.26M | 42.12M | 49.2M | 67.48M | 35.36M | 46.03M | 46.8M | 47.88M | 48.22M | 59.92M | 39.36M | 34.77M | 24.92M | 20.83M | 15.78M | 18.6M | 13.93M | 18.9M | 19.2M | 17.9M | 18.6M |
| SG&A % of Revenue | - | 3.16% | 2.56% | 2.03% | 1.35% | 2.6% | 2.71% | 2.58% | 2.12% | 2.86% | 3.05% | 2.16% | 2.55% | 4.64% | 2.78% | 3.39% | 4% | 5.32% | 2.45% | 3.33% | 2.53% | 3.07% | 2.35% | 2.66% | 2.22% | 2.84% | 3.25% | 3.34% | 2.95% | 2.48% | 2.7% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 18.4M | 6.8M | 15.8M | 159.4M | 600K | 500K | 800K | 400K | -1.16M | 1.32M | -356K | 991K | 496K | 5.58M | 0 | -37.39M | -16.09M | 0 | -2.46M | 0 | 0 | 0 | 0 | 0 | 0 | 14.39M | 18.7M | 19.7M | 18.4M | 18M |
| Operating Income | 205.8M | 158.1M | 121.4M | 31.8M | -150.2M | 66M | -80.5M | -72.4M | -59M | 93.86M | -234.21M | -39.09M | 140.78M | -36.56M | -7.27M | 47.3M | 102.98M | -97.46M | 168.56M | 303.54M | 309.16M | 126.9M | 151.56M | 27.2M | 4.28M | 2.11M | 23.68M | 15.6M | 19.3M | 4.4M | 27.2M |
| Operating Margin % | 8.09% | 6.25% | 5.47% | 1.46% | -5.41% | 2.98% | -5.02% | -3.94% | -3.12% | 5.91% | -17.76% | -2% | 7.29% | -2.51% | -0.57% | 3.49% | 8.81% | -10.84% | 8.55% | 16.88% | 19.84% | 11.21% | 14.29% | 3.48% | 0.6% | 0.32% | 5.53% | 2.75% | 2.97% | 0.61% | 3.95% |
| Operating Income Growth % | - | 30.23% | 281.76% | 121.17% | -327.58% | 181.99% | -11.19% | -22.71% | -162.86% | 140.07% | -499.19% | -127.77% | 485.11% | -402.56% | -115.38% | -54.07% | 205.67% | -157.82% | -44.47% | -1.82% | 143.62% | -16.27% | 457.1% | 535.93% | 102.75% | -91.09% | 51.81% | -19.17% | 338.64% | -83.82% | - |
| EBITDA | 299.6M | 249.9M | 203.2M | 106.5M | -76.8M | 148.6M | 2.5M | 10.8M | 31.1M | 178.06M | -149.43M | 41.03M | 211.51M | 30.01M | 55.3M | 109.49M | 166.53M | -24.83M | 252.82M | 381.6M | 378.38M | 183.44M | 201.81M | 78.47M | 60.93M | 46.54M | 38.08M | 34.3M | 39M | 22.8M | 45.2M |
| EBITDA Margin % | 11.78% | 9.89% | 9.15% | 4.87% | -2.77% | 6.72% | 0.16% | 0.59% | 1.64% | 11.21% | -11.33% | 2.1% | 10.95% | 2.06% | 4.35% | 8.07% | 14.24% | -2.76% | 12.83% | 21.22% | 24.28% | 16.2% | 19.03% | 10.03% | 8.57% | 7.11% | 8.88% | 6.06% | 6% | 3.16% | 6.56% |
| EBITDA Growth % | 20.71% | 22.98% | 90.8% | 238.67% | -151.68% | 5844% | -76.85% | -65.27% | -82.53% | 219.16% | -464.21% | -80.6% | 604.71% | -45.72% | -49.5% | -34.25% | 770.63% | -109.82% | -33.75% | 0.85% | 106.27% | -9.11% | 157.19% | 28.78% | 30.92% | 22.23% | 11.01% | -12.05% | 71.05% | -49.56% | - |
| D&A (Non-Cash Add-back) | 93.8M | 91.8M | 81.8M | 74.7M | 73.4M | 82.6M | 83M | 83.2M | 90.1M | 84.2M | 84.78M | 80.12M | 70.73M | 66.57M | 62.57M | 62.19M | 63.55M | 72.62M | 84.27M | 78.06M | 69.22M | 56.53M | 50.25M | 51.26M | 56.66M | 44.43M | 14.39M | 18.7M | 19.7M | 18.4M | 18M |
| EBIT | 107.3M | 50.4M | 366.9M | -31.3M | 62.7M | -167.2M | -94.7M | -60.4M | -48.2M | 84.4M | -228.7M | -19.17M | 150.1M | -18.16M | -5.29M | 47.37M | 93.17M | -119.75M | -570.27M | 306M | 309.16M | 126.9M | 160.37M | 22.54M | 4.28M | 2.11M | 18.53M | -25.5M | 19.3M | 4.4M | 27.2M |
| Net Interest Income | -35.9M | -38.5M | -41M | -33.5M | -28.8M | -29.6M | -30.8M | -24.3M | -20.9M | -20.8M | -21.4M | -21.61M | -21.71M | -22.36M | -23.48M | -24.49M | -24.56M | -28.52M | -25.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.5M | 9.2M | 2.1M | 2M | 500K | 800K | 800K | 800K | 1.5M | 1.4M | 758K | 339K | 301K | 728K | 62K | 303K | 448K | 572K | 7.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.4M | 47.7M | 43.1M | 35.5M | 29.3M | 30.4M | 31.6M | 25.1M | 22.4M | 22.17M | 22.22M | 21.95M | 22.02M | 23.09M | 23.54M | 24.79M | 25.01M | 29.09M | 32.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 108.3M | -155.4M | 202.5M | -98.7M | 183.5M | -263.7M | -45.9M | -13.4M | -11.6M | -41.8M | -22.96M | -2.03M | -10.63M | -3.29M | -22.05M | -25.06M | -35.43M | -52.69M | -771.8M | -534.29M | -418.24M | -334.56M | -100.7M | -18.51M | -42.26M | -28.29M | 12.92M | -9.7M | 8.8M | -2.7M | -2.1M |
| Pretax Income | 314.1M | 2.7M | 323.9M | -66.9M | 33.3M | -197.7M | -126.4M | -85.5M | -70.6M | 55.37M | -250.87M | -41.12M | 129.5M | -39.84M | -29.32M | 22.24M | 67.55M | -150.14M | -595.91M | -230.74M | -109.08M | -207.66M | 42.04M | 8.7M | -37.99M | -26.18M | 36.61M | 5.9M | 28.1M | 1.7M | 25.1M |
| Pretax Margin % | 12.35% | 0.11% | 14.59% | -3.06% | 1.2% | -8.94% | -7.87% | -4.66% | -3.73% | 3.48% | -19.02% | -2.11% | 6.71% | -2.74% | -2.31% | 1.64% | 5.78% | -16.7% | -30.24% | -12.83% | -7% | -18.34% | 3.96% | 1.11% | -5.34% | -4% | 8.54% | 1.04% | 4.32% | 0.24% | 3.64% |
| Income Tax | -10.7M | -13.1M | 3.2M | -14.6M | 47.4M | -30.6M | -3.1M | -8.4M | -200K | 7.58M | 2.82M | 9.28M | 18.31M | 3.13M | 8.91M | 14.36M | 11.13M | -12.36M | 319.31M | -113.85M | -52.04M | -80.7M | 14.89M | 2.84M | -14.13M | -10.03M | 11.3M | 600K | 10.2M | 600K | 8.9M |
| Effective Tax Rate % | -3.41% | -485.19% | 0.99% | 21.82% | 142.34% | 15.48% | 2.45% | 9.82% | 0.28% | 13.69% | -1.13% | -22.56% | 14.14% | -7.86% | -30.39% | 64.57% | 16.48% | 8.23% | -53.58% | 49.34% | 47.71% | 38.86% | 35.42% | 32.66% | 37.19% | 38.32% | 30.87% | 10.17% | 36.3% | 35.29% | 35.46% |
| Net Income | 349.6M | 41.8M | 336.8M | -43.1M | -14.1M | -167.1M | -123.3M | -80.8M | -66.2M | 48.58M | -252.41M | -47.73M | 112.49M | -40.31M | -35.61M | 11.32M | 59.97M | -205.98M | -898.32M | -101.25M | -40.95M | -116.25M | 27.97M | 966K | -18.61M | -13.7M | 25.3M | 3.9M | 17.9M | 1.1M | 16.5M |
| Net Margin % | 13.75% | 1.65% | 15.17% | -1.97% | -0.51% | -7.55% | -7.68% | -4.4% | -3.5% | 3.06% | -19.14% | -2.45% | 5.83% | -2.77% | -2.8% | 0.83% | 5.13% | -22.91% | -45.58% | -5.63% | -2.63% | -10.27% | 2.64% | 0.12% | -2.62% | -2.09% | 5.9% | 0.69% | 2.75% | 0.15% | 2.4% |
| Net Income Growth % | 192.06% | -87.59% | 881.44% | -205.67% | 91.56% | -35.52% | -52.6% | -22.05% | -236.27% | 119.25% | -428.88% | -142.43% | 379.05% | -13.21% | -414.44% | -81.12% | 129.11% | 77.07% | -787.23% | -147.22% | 64.77% | -515.63% | 2795.55% | 105.19% | -35.8% | -154.15% | 548.85% | -78.21% | 1527.27% | -93.33% | - |
| Net Income (Continuing) | 324.8M | 15.8M | 320.7M | -52.3M | -14.1M | -167.1M | -123.3M | -77.1M | -66.2M | 48.6M | -252.4M | -50.4M | 126.47M | -40.31M | -38.23M | 7.88M | 56.41M | -137.79M | -912.09M | -116.89M | -57.04M | -126.96M | 32.66M | 3.92M | -18.61M | -13.7M | 25.3M | 5.3M | 17.9M | 1.1M | 16.2M |
| Discontinued Operations | 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 |
| Minority Interest | 133.6M | 115M | -31.7M | -11.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.67M | 23.92M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.34 | 0.42 | 3.29 | -0.47 | -0.15 | -1.85 | -1.38 | -0.87 | -0.76 | 0.51 | -2.90 | -0.55 | 1.15 | -0.45 | -0.40 | 0.11 | 0.59 | -2.73 | -20.07 | -2.72 | -1.26 | -3.61 | 1.14 | -0.19 | -0.89 | -0.67 | 1.24 | 0.19 | 0.89 | 0.05 | 0.79 |
| EPS Growth % | 192.9% | -87.23% | 800% | -213.33% | 91.89% | -34.06% | -58.62% | -14.47% | -249.02% | 117.59% | -427.27% | -147.83% | 355.56% | -12.5% | -463.64% | -81.36% | 121.61% | 86.4% | -637.87% | -115.87% | 65.1% | -416.67% | 700% | 78.65% | -32.84% | -154.03% | 552.63% | -78.65% | 1680% | -93.67% | - |
| EPS (Basic) | - | 0.42 | 3.46 | -0.47 | -0.15 | -1.85 | -1.38 | -0.87 | -0.76 | 0.51 | -2.90 | -0.55 | 1.16 | -0.45 | -0.40 | 0.11 | 0.59 | -2.73 | -20.07 | -2.72 | -1.26 | -3.62 | 1.14 | -0.19 | -0.89 | -0.71 | 1.25 | 0.19 | 0.90 | 0.05 | 0.79 |
| Diluted Shares Outstanding | 104.6M | 95.3M | 98.4M | 92.4M | 91.4M | 90.2M | 89.5M | 88.8M | 87.6M | 88.02M | 87.06M | 87.38M | 89.43M | 88.61M | 88.53M | 92.26M | 93.3M | 75.34M | 44.76M | 37.2M | 32.5M | 32.16M | 28.7M | 21.07M | 20.82M | 20.46M | 20.41M | 20.53M | 20.11M | 22M | 20.89M |
| Basic Shares Outstanding | 99M | 94.2M | 92.8M | 92.4M | 91.4M | 90.2M | 89.5M | 88.8M | 87.6M | 87.3M | 87.03M | 87.22M | 88.82M | 88.61M | 88.53M | 91.85M | 92.68M | 75.34M | 44.76M | 37.2M | 32.5M | 32.11M | 28.7M | 20.82M | 20.82M | 19.24M | 20.24M | 20.53M | 19.89M | 22M | 20.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.84% | 1.14% | - | - | 16.48% | 105.13% | 22.35% | 363.64% | 18.18% |
Commodity price and energy volatility
According to recent financial disclosures, Century Aluminum’s revenue growth has exhibited significant volatility, fluctuating from a 11.4% decline in 2024Q1 to a 29.5% expansion by 2025Q1, reflecting the company's status as a price-taker heavily exposed to LME aluminum price cycles and regional delivery premiums.
The top-line trajectory appears disconnected from internal operational improvements, instead serving as a direct proxy for global industrial demand and commodity pricing. Investors should monitor whether the recent stabilization in revenue growth can be sustained without a corresponding increase in physical production volumes or structural pricing power.
As reported in quarterly filings, gross margins have struggled to maintain consistency, bottoming at 3.4% in 2024Q1 before recovering to 18.3% in 2026Q1, a trend that underscores the company's vulnerability to input cost spikes in electricity and alumina relative to output price realizations.
The thin gross margin profile suggests that Century Aluminum lacks the pricing power to fully pass through energy cost volatility to its customers. The recent expansion in margins warrants further investigation to determine if this is a result of favorable power contract timing or a more permanent shift in product mix.
Based on the provided income statement data, operating income has shown extreme sensitivity to gross profit fluctuations, with operating margins swinging from 0.4% in 2024Q1 to 13.3% in 2026Q1, indicating that the company's fixed-cost structure provides little cushion during periods of commodity price weakness.
The lack of consistent operating leverage suggests that management's ability to control SG&A expenses is secondary to the overwhelming impact of energy and raw material costs. This operational profile implies that profitability will likely remain tethered to external market conditions rather than internal efficiency gains.
Financial statements indicate that net income is frequently impacted by significant non-operating items, as evidenced by the $337.5 million net income figure in 2026Q1, which appears to deviate substantially from the underlying operating income of $86.1 million, suggesting potential derivative gains or tax-related anomalies.
The wide variance between operating and net income suggests that headline EPS figures may not accurately reflect the core cash-generating capability of the smelting operations. Analysts should exercise caution when using net income as a proxy for operational performance, as these non-recurring items can mask underlying margin pressures.
While recent figures show a recovery in net income, the historical pattern of sharp, short-lived earnings spikes suggests that the current profitability may be unsustainable, as the company remains fundamentally exposed to the same structural cost disadvantages that have historically compressed margins during cyclical downturns.
Short-term improvements in the income statement may be masking the long-term risks associated with the company's reliance on volatile energy markets and the potential for future impairment of idled capacity. Investors should remain skeptical of the durability of these margins until there is evidence of a structural decoupling from LME price volatility.
Quick answers to the most common questions about buying CENX stock.
For fiscal year 2025, Century Aluminum Company (CENX) reported total revenue of $2.53B. This represents a 266.9% increase compared to $688.9M in 1996.
Century Aluminum Company (CENX) is profitable, generating $41.8M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
Century Aluminum Company (CENX) reported an operating income of $158.1M, resulting in an operating profit margin of 6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Century Aluminum Company (CENX) generated $256.4M in gross profit for the year, representing a gross profit margin of 10.1%. This demonstrates the company's core pricing power and production efficiency.