At a glance
Century Aluminum Company is worth $3.47B, about 84 times its fiscal 2025 earnings. Revenue grew 13.9% to $2.53B in fiscal 2025, with 1.7% kept as profit; over 5 years it has grown 9.5% a year. It pays no dividend. The stock returned +19.6% over the past year with dividends reinvested and +19.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.8% in the 2020 crash (S&P 500: 33.7%) and 82.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 36 months after the lows.
The business in plain English
Century Aluminum makes primary aluminum: new metal made from alumina, a refined form of bauxite ore, rather than from scrap. It runs three smelters, which are plants that turn alumina into metal: Grundartangi in Iceland, Sebree in Kentucky and Mt. Holly in South Carolina. Together they could make about 770,000 tonnes a year as of December 31, 2025, and they made about 638,000 tonnes in 2025. Century also owns 55% of Jamalco, a bauxite mine and alumina refinery in Jamaica.
Its prices start with the London Metal Exchange (LME) benchmark. A regional premium is added on top: the Midwest premium in the US or the European Duty Paid premium in Europe. Value-added products such as billet (aluminum logs) and foundry alloy earn a further premium. Profit depends on that price compared with costs such as alumina and electricity. Customers are few. Glencore owned 36.4% of the stock as of the annual report filed March 3, 2026, and accounted for about 54% of 2025 sales.
Century reports a single business segment. Of its $2.53 billion in 2025 revenue, aluminum made up 88.8% and alumina 11.2%. By location, the US provided 68.6% and Iceland 31.4%. On February 2, 2026, Century sold its Hawesville, Kentucky smelter, which had been idle since 2022. The price was $200.0 million plus a 6.8% stake in a data center planned for the site.
Price history
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CENX +19.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Aluminum | $2.24B | 88.8% |
| Alumina | $283.7M | 11.2% |
By geography
| United States | $1.73B | 68.6% |
| Iceland | $793.2M | 31.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $752.1M, up 19.7% from a year earlier, and net income was $249.3M.
- For fiscal 2025, revenue was $2.53B (+13.9% year over year; +9.5% a year from FY2020 to FY2025) with a 1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.5% good |
|---|---|
| Operating margin | 6.3% watch |
| Free cash flow margin | 3.4% watch |
| Return on equity (FY2025) | 5.2% weak |
| Return on assets (FY2025) | 1.8% weak |
| Net cash (cash minus debt) | $-136.6M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.61B | $-123.3M | $29.5M |
| FY2021 | $2.21B | $-167.1M | $-147.7M |
| FY2022 | $2.78B | $-14.1M | $-60.4M |
| FY2023 | $2.19B | $-43.1M | $10.6M |
| FY2024 | $2.22B | $336.8M | $-106.9M |
| FY2025 | $2.53B | $41.8M | $84.8M |
Valuation snapshot
| Market value | $3.47B |
|---|---|
| P/E ratio | 83.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Century Aluminum’s market value went from $745.4M at the end of 2016 to $3.47B on Oct 28, 2026, about 4.7 times as much; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.47B | -5.0% |
| 2025 | $3.66B | +116.3% |
| 2024 | $1.69B | +50.7% |
| 2023 | $1.12B | +50.1% |
| 2022 | $747.2M | -49.9% |
| 2021 | $1.49B | +51.2% |
| 2020 | $987.0M | +47.7% |
| 2019 | $668.0M | +4.3% |
| 2018 | $640.6M | -62.6% |
| 2017 | $1.72B | +130.1% |
| 2016 | $745.4M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CENX price data to Oct 28, 2026 | -10.4% | +19.6% | +78.4% | +19.5% | +16.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.4% |
| 2025 | +115.0% |
| 2024 | +50.1% |
| 2023 | +48.4% |
| 2022 | -50.6% |
| 2021 | +50.1% |
| 2020 | +46.8% |
| 2019 | +2.8% |
| 2018 | -62.8% |
| 2017 | +129.4% |
| 2016 | +93.7% |
| 2015 | -81.9% |
| 2014 | +133.3% |
| 2013 | +19.4% |
| 2012 | +3.0% |
| 2011 | -45.2% |
| 2010 | -4.1% |
| 2009 | +61.9% |
| 2008 | -81.5% |
| 2007 | +20.8% |
| 2006 | +70.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 98.2% over that stretch · deepest drop along the way 98.7%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.6% over that stretch · deepest drop along the way 51.8%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 62.3% over that stretch · deepest drop along the way 82.1%, back to its old high 36.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 12 sales ($353.1M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 4, 2026 | International Ag Glencore 10% owner | sell | $326.8M |
| Mar 16, 2026 | Jesse E Gary President and CEO, Director | sell (plan) | $8.3M |
| Jan 23, 2026 | Jesse E Gary President and CEO, Director | sell (plan) | $7.2M |
| Feb 23, 2026 | John DeZee EVP, GC and Secretary | sell | $3.3M |
| Feb 25, 2026 | Gunnar Gudlaugsson EVP - Global Operations | sell | $2.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.5% | Sep 30, 2026 |
| STATE STREET CORPORATION | 5.6% | Jun 30, 2026 |
ETFs with the most weight in CENX
| VAMO Cambria Value & Momentum ETF | 0.63% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.62% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.53% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.48% |
| IFRA iShares U.S. Infrastructure ETF | 0.45% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.36% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.3% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.28% |
What could go wrong
- Heavy reliance on Glencore. Glencore accounted for about 54% of 2025 sales and owned 36.4% of the shares per the March 3, 2026 annual report. Losing this customer could hurt results, and Glencore's interests may differ from other shareholders'.
- Iceland smelter outage cut output. An October 2025 electrical failure shut the larger of the Iceland smelter's two production lines, cutting its output by about two-thirds. A restart was expected to begin by the end of April 2026, without guarantee.
- Restated financials and control weaknesses. On March 3, 2026, Century said some earlier financial statements were no longer reliable and restated them. It also reported material weaknesses in internal controls, the checks meant to keep reported numbers accurate.
- Oklahoma smelter plan may not proceed. Century would own 40% of a planned 750,000-tonne-a-year smelter with Emirates Global Aluminium. It depends on a final go-ahead, a long-term power deal and agreed terms for $500 million in Energy Department funding.
- Electricity costs and supply. Electricity is one of Century's largest costs. Its Sebree smelter pays market-based rates under a contract through May 31, 2028, so price spikes or supply disruptions can squeeze profits or force production cuts.
- Aluminum price and tariff swings. Revenue tracks the London Metal Exchange price plus regional premiums, both outside Century's control. Falling prices in 2015 led it to halve Mt. Holly's output. The full restart there was prompted by tariffs that could change.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Earlier financial statements no longer reliable
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Acquisition or sale of assets completed
For income and retirement investors
Century Aluminum paid no dividends and repurchased no shares from FY2021 through FY2025, so it has offered no income stream. Anyone wanting cash from it would have to raise it by selling shares, at whatever price the market sets. Instead of shrinking, the share count grew 9.8%, from about 90.1 million in November 2021 to about 99.0 million in August 2026. That spreads each holder's stake more thinly.
The stock has fallen hard in downturns. It lost 98.7% between May 2008 and March 2009 and had not regained that peak as of October 28, 2026. It dropped 51.8% in the 2020 COVID crash but recovered about 2.5 months after its low. It then fell 82.1% in 2022 and took about 36 months from its low to recover. For retirees drawing on savings, swings this large can force selling at low prices. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Century Aluminum pay a dividend?
No. Century Aluminum paid no dividends from FY2021 through FY2025, and it did not repurchase shares in that period either. Shareholder returns came only from changes in the share price, which were large in both directions: the stock gained 115% in 2025 but lost 50.6% in 2022. Without a dividend, it may suit investors focused on price growth more than those who need regular income from their holdings.
How does Century Aluminum make money?
Century Aluminum makes money by producing and selling primary aluminum (new metal, not recycled). This brought in 88.8% of its $2.53 billion in 2025 revenue. Alumina from its majority-owned Jamaican refinery supplied the other 11.2%. Prices follow the London Metal Exchange benchmark plus regional and product premiums, and profit is the gap between those prices and production costs. Alumina, power, carbon products, labor and other controllable costs made up over 84% of 2025 cost of goods sold. The US provided 68.6% of revenue and Iceland 31.4%.
Who is Century Aluminum's largest shareholder?
Glencore was the largest shareholder as of Century's annual report filed March 3, 2026, owning 36.4% of the shares. The next day a Glencore entity sold about $327 million of stock, which would have reduced that stake. BlackRock reported owning 10.5% as of September 30, 2026, and State Street reported 5.6% as of June 30, 2026. Glencore was also Century's biggest customer, accounting for about 54% of 2025 sales.
Is Century Aluminum profitable?
Yes in 2024 and 2025, but unevenly. Century lost money every year from 2020 through 2023. It earned $336.8 million in 2024, then $41.8 million in 2025, an 87.6% drop. Its 2025 net margin was 1.7%, with diluted earnings of $0.42 per share. In the quarter ended June 30, 2026, it earned $249.3 million on revenue of $752.1 million. As of October 28, 2026, the stock traded at 83.6 times its 2025 earnings per share, a figure known as the price-to-earnings ratio.
What is Century Aluminum's new Oklahoma smelter?
It is a planned smelter in Inola, Oklahoma. On January 26, 2026, Century announced it would develop the plant with Emirates Global Aluminium (EGA). It is designed to make 750,000 tonnes of aluminum a year and would be the first new US primary aluminum smelter since Century's Mt. Holly plant came online in 1980. EGA would own 60% and Century 40%. Construction was expected to start by the end of 2026. That depended on engineering work and a long-term power deal, and a final investment decision was not assured.