At a glance
Alcoa Corp is worth $10.61B, about 9 times its fiscal 2025 earnings. Revenue grew 7.9% to $12.83B in fiscal 2025, with 9.0% kept as profit; over 5 years it has grown 6.7% a year. It pays a 1.24% dividend yield, and returned $1.01B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.4% over the past year with dividends reinvested and −1.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.2% in the 2020 crash (S&P 500: 33.7%) and 64.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Alcoa Corp mines bauxite (the main aluminum ore), refines it into alumina (a compound of aluminum and oxygen) and smelts alumina into aluminum metal. It owns all or part of 25 operating locations in eight countries on five continents. It reports two segments: Alumina, covering mines and refineries, and Aluminum, covering smelters, casting plants and most of its power plants.
Aluminum brought in $8.5 billion, about 66% of Alcoa's $12.8 billion revenue in fiscal 2025 (ended December 31, 2025). Alcoa casts it into ingot, billet, rod and slab that fabricators turn into products for transportation, building and construction, packaging and wire markets. Alumina added about 29% of revenue and bauxite about 6%. Alcoa's own smelters took about 34% of its alumina shipments; the rest went to outside buyers, including traders and chemical makers. Its power plants also sell electricity in Brazil and the US.
Markets set Alcoa's prices. Aluminum is priced at the London Metal Exchange price, a daily commodity quote, plus regional and product premiums. About 95% of the smelter-grade alumina it ships to outsiders is priced off the Alumina Price Index (Alcoa's average of three published price indexes) or spot prices. By country, the US made up about 48% of fiscal 2025 revenue, Australia 24%, the Netherlands 18% and Brazil 8%.
Price history
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AA +3.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Aluminum | $8.52B | 66.4% |
| Alumina | $3.66B | 28.5% |
| Bauxite | $727.0M | 5.7% |
By geography
| US | $6.12B | 47.7% |
| AU | $3.01B | 23.5% |
| NL | $2.34B | 18.3% |
| BR | $1.02B | 7.9% |
| ES | $318.0M | 2.5% |
| Other Geographical Regions | $25.0M | 0.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.70B, up 23.7% from a year earlier, and net income was $483.0M (+108.2%).
- For fiscal 2025, revenue was $12.83B (+7.9% year over year; +6.7% a year from FY2020 to FY2025) with a 9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Free cash flow margin | 4.4% watch |
| Return on equity (FY2025) | 18.9% good |
| Return on assets (FY2025) | 7.2% watch |
| Net cash (cash minus debt) | $975.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.29B | $-170.0M | $41.0M |
| FY2021 | $12.15B | $429.0M | $530.0M |
| FY2022 | $12.45B | $-123.0M | $342.0M |
| FY2023 | $10.55B | $-651.0M | $-440.0M |
| FY2024 | $11.89B | $60.0M | $42.0M |
| FY2025 | $12.83B | $1.16B | $567.0M |
Valuation snapshot
| Market value | $10.61B |
|---|---|
| P/E ratio | 9.2 |
| Dividend yield | 1.24% |
Rank among 1514 US companies
Market value at each year end
Alcoa’s market value went from $3.99B at the end of 2019 to $10.61B on Oct 28, 2026, about 2.7 times as much; since the end of 2025 it is up 11%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.61B | +11.2% |
| 2025 | $9.54B | +40.7% |
| 2024 | $6.78B | +11.8% |
| 2023 | $6.07B | -24.6% |
| 2022 | $8.05B | -27.8% |
| 2021 | $11.15B | +160.1% |
| 2020 | $4.29B | +7.4% |
| 2019 | $3.99B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AA price data to Oct 28, 2026 | -23.8% | +3.4% | +21.0% | -1.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.8% |
| 2025 | +42.5% |
| 2024 | +12.4% |
| 2023 | -24.4% |
| 2022 | -23.1% |
| 2021 | +159.0% |
| 2020 | +7.2% |
| 2019 | -19.1% |
| 2018 | -50.7% |
| 2017 | +91.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66% over that stretch · deepest drop along the way 67.2%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.6% over that stretch · deepest drop along the way 64.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 4 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 27, 2026 | Tammi A Jones EVP & CHRO | sell | $791K |
| Aug 17, 2026 | Andrew Hastings EVP & Gen. Counsel | sell | $305K |
| Jul 22, 2026 | Matthew T Reed EVP, Chief Operations Officer | sell | $215K |
| Aug 31, 2026 | Renato Bacchi EVP & Chief Commercial Officer | sell | $36K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Mar 31, 2025 |
| FMR LLC | 6.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.04% | Sep 30, 2026 |
| Allan Gray Australia Pty Ltd | 4.7% | Dec 31, 2025 |
| Eagle Capital Management, LLC | 4.5% | Jun 30, 2026 |
ETFs with the most weight in AA
| XME SPDR S&P Metals & Mining ETF | 3.83% |
| PWER Macquarie Energy Transition ETF | 3.33% |
| FXZ First Trust Materials AlphaDEX Fund | 2.62% |
| EAGL Eagle Capital Select Equity ETF | 1.41% |
| FMAT Fidelity MSCI Materials Index ETF | 0.52% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.41% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.39% |
| IQSM NYLI Candriam U.S. Mid Cap Equity ETF | 0.35% |
What could go wrong
- Australian mining approvals may stall. Alcoa has at times been unable to obtain, keep or renew mining permits. It is seeking new mine approvals in Australia, where its Pinjarra and Wagerup refineries hold most of its alumina capacity.
- Closures and restructuring are costly. In 2025 Alcoa announced the permanent closure of its Kwinana refinery in Australia, with demolition and cleanup expected through 2031. Alcoa warns such portfolio changes carry significant costs and may not deliver expected benefits.
- Energy costs can force production cuts. Refining and smelting use large amounts of energy. In 2022 Alcoa cut its San Ciprián refinery in Spain to about half of capacity to limit the financial hit from high natural gas costs.
- Tariffs and trade policy shifts. Tariffs or trade restrictions can raise costs or limit where Alcoa sells. Three of its smelters are in Canada, while the US made up about 48% of fiscal 2025 revenue.
- Profits swing with metal prices. Alcoa's prices track the London Metal Exchange and alumina price indexes, so it cannot set them. Results swing widely: it lost money in 2020, 2022 and 2023 but earned $1.16 billion in 2025.
- China can tip the global aluminum balance. China is a major source of aluminum supply and demand. Chinese policy on smelting capacity, industry overcapacity or a slowdown in Chinese demand can push world aluminum prices down.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Major agreement signed; Other company announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Alcoa pays a small dividend that has not grown: $0.10 per share each year from fiscal 2021 through fiscal 2025. It kept paying even in fiscal 2023, when it lost $651 million. In fiscal 2025 the dividend took about 9% of earnings and 18% of free cash flow (cash left after operating costs and capital spending). The yield was 1.24% as of October 28, 2026, so most of any return would have to come from the share price. Alcoa spent $650 million on buybacks over fiscal 2021–2025, yet its share count rose 41% from October 2021 to July 2026. The 10-K warns dividends and buybacks are not guaranteed.
The stock has fallen hard in downturns. It dropped 67% in the 2020 COVID crash, recovering in about eight months, and fell 65% from its March 2022 peak to September 2022, a level it had not regained as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Alcoa make money?
Alcoa makes money by mining bauxite, refining it into alumina and smelting alumina into aluminum, then selling all three. In fiscal 2025 (ended December 31, 2025), aluminum brought in about 66% of its $12.8 billion revenue, alumina about 29% and bauxite about 6%. Aluminum is priced off the London Metal Exchange plus regional and product premiums, and most alumina sold to outsiders follows the Alumina Price Index or spot prices. So Alcoa's profits rise and fall with commodity prices it does not control.
Does Alcoa raise its dividend every year?
No. Alcoa paid $0.10 per share in each year from fiscal 2021 through fiscal 2025, with no increases, after paying no dividend in 2020. The payout was small next to profits: about 9% of fiscal 2025 earnings and 18% of free cash flow. The dividend yield was 1.24% as of October 28, 2026. Alcoa's annual report says it cannot guarantee it will keep paying dividends or buying back shares.
Is Alcoa profitable?
Yes, for fiscal 2025, though its record is uneven. It earned $1.16 billion, or $4.37 per share, up from $60 million in fiscal 2024. It lost money in 2020, 2022 and 2023, including $651 million in 2023. In the quarter ended June 30, 2026, revenue rose 31% from a year earlier to nearly $4.0 billion, and net income was $407 million. As of October 28, 2026, the stock traded at about 9.2 times fiscal 2025 earnings (its price-to-earnings ratio).
How much debt does Alcoa have?
Alcoa had $2.2 billion of total debt as of June 30, 2026, against $2.7 billion of cash and investments, leaving about $487 million of net cash (cash minus debt). Alcoa ranks a strong balance sheet with low debt as a top capital priority and kept reducing total debt in 2025. A Form 8-K filing dated September 23, 2026, reported a new debt or financial obligation that came after those June figures.
Why is Alcoa stock so volatile?
Alcoa's stock swings because its profits track aluminum and alumina prices, which move with the global economy and Chinese production. In the year to October 28, 2026, its beta was 1.69, meaning it tended to move about 1.7 times as much as the broad market, and it fell as much as 54.7% from a peak. It was down 23.8% for 2026 through that date. Its worst drop since it began trading in 2016 was 90.9%.