Latest Ratios: P/E Ratio 26.4x · EV/EBITDA 12.8x · 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 | $2.9B | $1.9B | $1.1B | $1.1B | $1.2B | $1.5B | $1.6B | $1.8B | $1.5B | $1.8B | $1.4B |
| Enterprise Value | $4.0B | $3.0B | $2.2B | $2.1B | $2.2B | $2.3B | $1.7B | $2.1B | $1.8B | $2.2B | $1.7B |
| P/E Ratio → | 26.43 | 16.97 | 24.48 | 24.38 | — | — | 54.64 | 28.95 | 16.44 | 40.63 | 15.26 |
| P/S Ratio | 0.86 | 0.57 | 0.38 | 0.37 | 0.35 | 0.57 | 1.34 | 1.19 | 0.95 | 1.32 | 1.05 |
| P/B Ratio | 3.60 | 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 | 26.04 | 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 | 12.82 | 9.66 | 10.86 | 10.49 | 20.20 | 14.62 | 12.53 | 11.79 | 9.34 | 11.36 | 8.02 |
| EV / EBIT | 21.06 | 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 | 1.7% | 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 | 3.8% | 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% | 0.2% | 0.2% | 0.2% | 0.0% | 0.8% | 2.5% | 4.0% | 4.3% | 2.4% |
| Total Shareholder Yield | 1.7% | 2.7% | 4.6% | 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 |
Tight liquidity and cyclicality
Based on current market data, KALU trades at a forward P/E of 18.20, which appears to price in a significant recovery in aerospace demand compared to the company's historical valuation range and the broader commodity-linked aluminum peer group, suggesting investors are anticipating sustained margin expansion through 2026.
The current valuation multiple implies that the market is shifting its perception of KALU from a cyclical commodity processor to a specialized industrial manufacturer. However, given the volatility in historical earnings, this premium warrants caution, as any failure to meet aerospace build-rate expectations could lead to a rapid multiple contraction.
According to recent financial statements, KALU's ROIC has struggled to exceed 3.8% in 2026Q1, a figure that remains well below the company's likely cost of capital and indicates that the heavy investment in the Warrick facility has yet to yield the expected compounding returns on invested capital.
The persistent gap between ROIC and historical benchmarks suggests that the company's capital-intensive business model faces significant headwinds in generating value-added returns. Investors should monitor whether the recent revenue acceleration can translate into higher asset utilization, which is necessary to drive ROIC toward double-digit levels.
As reported in quarterly filings, the cash conversion cycle remains elevated at 79 days in 2026Q1, reflecting a structural reliance on inventory management that continues to tie up significant capital and limits the company's ability to maintain a robust cash buffer during periods of industrial volatility.
The high DIO and DSO figures suggest that KALU's operational efficiency is heavily dependent on the timing of customer payments and raw material procurement. This working capital intensity creates a recurring drag on free cash flow, leaving the firm with limited flexibility to navigate unexpected supply chain disruptions.
Based on reported figures, KALU maintains a debt-to-equity ratio of 1.21, which, while improved from previous periods, continues to signal a vulnerable balance sheet that relies heavily on debt financing to support its industrial footprint and ongoing capital requirements in a high-interest-rate environment.
The company's interest coverage ratio of 6.79 in 2026Q1 shows some improvement, yet the absolute debt load remains a significant risk factor. Any sustained downturn in the aerospace or automotive segments could quickly pressure the company's ability to service this debt without further reliance on external credit facilities.
Market participants frequently misapply traditional gross margin analysis to KALU, failing to account for the pass-through nature of volatile LME aluminum prices which distort the true profitability of the company's value-added conversion business, as evidenced by the fluctuations in reported margins over the last ten quarters.
Analysts should prioritize 'Value-Added Revenue' (VAR) over headline revenue to accurately assess the company's underlying earning power. Relying on standard margin metrics obscures the fact that KALU's profitability is driven by metallurgical expertise and processing premiums rather than the absolute price of the underlying commodity substrate.
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Quick answers to the most common questions about buying KALU stock.
Kaiser Aluminum Corporation's current P/E ratio is 26.4x. The historical average is 28.4x. This places it at the 63th percentile of its historical range.
Kaiser Aluminum Corporation's current EV/EBITDA is 12.8x. 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 26.4x. This is at the 63th 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 1.72% 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.