At a glance
Kaiser Aluminum Corporation is worth $1.98B, about 18 times its fiscal 2025 earnings. Revenue grew 11.5% to $3.37B in fiscal 2025, with 3.3% kept as profit; over 5 years it has grown 23.5% a year. It pays a 2.55% dividend yield, and returned $249.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +32.0% over the past year with dividends reinvested and +7.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.4% in the 2020 crash (S&P 500: 33.7%) and 40.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 19 months after the lows.
The business in plain English
Kaiser Aluminum buys primary aluminum, recycled scrap and alloying metals and turns them into semi-fabricated specialty products: plate, sheet and coil, plus extruded (pushed through a shaped opening) and drawn rod, bar, tube and wire. Semi-fabricated means customers process the metal further before final use. It targets demanding, hard-to-enter uses where it believes its skills earn premium prices. Its plants are in the United States and Canada, and most sales go to North American customers.
Packaging is the largest business, at 44.2% of the $3.37 billion in revenue for the fiscal year ended December 31, 2025. The Warrick plant makes coil for beverage and food cans; higher-margin coated products were about 75% of Packaging shipments in 2025. Aero/HS Products (aerospace and high-strength), at 24.8%, are plate, sheet, extrusions and tube for aircraft, space and defense uses; demand rises and falls with commercial jet production.
GE Products (general engineering), at 22.5%, are plate, rod, bar and tube in versatile alloys, sold mostly to metal distributors called service centers for uses from military vehicle armor to chipmaking equipment. Automotive Extrusions, at 8.5%, go mainly to tier one auto suppliers, which supply parts directly to carmakers. Most aerospace, packaging and auto sales run under long-term agreements; GE Products are sold order by order.
Price history
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KALU +32.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Packaging | $1.49B | 44.2% |
| Aero Hs Products | $837.8M | 24.8% |
| Ge Products | $759.2M | 22.5% |
| Automotive Extrusions | $286.4M | 8.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.21B, up 44% from a year earlier, and net income was $31.0M (-21.5%).
- For fiscal 2025, revenue was $3.37B (+11.5% year over year; +23.5% a year from FY2020 to FY2025) with a 3.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.5% good |
|---|---|
| Operating margin | 5.6% watch |
| Free cash flow margin | -0.8% weak |
| Return on equity (FY2025) | 13.6% watch |
| Return on assets (FY2025) | 4.4% watch |
| Net cash (cash minus debt) | $-921.4M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.17B | $28.8M | $155.0M |
| FY2021 | $2.62B | $-18.5M | $21.4M |
| FY2022 | $3.43B | $-29.6M | $-205.6M |
| FY2023 | $3.09B | $67.8M | $68.7M |
| FY2024 | $3.02B | $65.7M | $-13.7M |
| FY2025 | $3.37B | $112.5M | $-25.5M |
Valuation snapshot
| Market value | $1.98B |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | 2.55% |
Rank among 1514 US companies
Market value at each year end
Kaiser Aluminum’s market value went from $1.39B at the end of 2016 to $1.98B on Oct 28, 2026, up 42%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.98B | +6.1% |
| 2025 | $1.86B | +64.7% |
| 2024 | $1.13B | -0.8% |
| 2023 | $1.14B | -5.8% |
| 2022 | $1.21B | -18.7% |
| 2021 | $1.49B | -4.7% |
| 2020 | $1.56B | -11.2% |
| 2019 | $1.76B | +19.5% |
| 2018 | $1.47B | -18.4% |
| 2017 | $1.81B | +29.8% |
| 2016 | $1.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KALU price data to Oct 28, 2026 | +7.6% | +32.0% | +35.2% | +7.8% | +8.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.6% |
| 2025 | +70.2% |
| 2024 | +2.9% |
| 2023 | -2.1% |
| 2022 | -16.1% |
| 2021 | -2.4% |
| 2020 | -7.5% |
| 2019 | +27.3% |
| 2018 | -14.7% |
| 2017 | +40.6% |
| 2016 | -4.5% |
| 2015 | +19.5% |
| 2014 | +3.7% |
| 2013 | +16.0% |
| 2012 | +37.1% |
| 2011 | -6.6% |
| 2010 | +23.2% |
| 2009 | +90.6% |
| 2008 | -71.1% |
| 2007 | +42.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 76.2% over that stretch · deepest drop along the way 80.4%, back to its old high 57.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.4% over that stretch · deepest drop along the way 48.4%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.5% over that stretch · deepest drop along the way 40.7%, back to its old high 19.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 9 sales ($15.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 27, 2026 | Keith Harvey President & CEO, Director | sell | $8.2M |
| Apr 27, 2026 | Brett Wilcox Director | sell | $2.6M |
| Feb 23, 2026 | John Malcolm Donnan EVP, CAO and GC | sell | $2.3M |
| Apr 28, 2026 | Neal E West EVP & CFO | sell | $866K |
| Feb 23, 2026 | Neal E West EVP & CFO | sell | $609K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.8% | Mar 31, 2026 |
| Vanguard Portfolio Management | 9.52% | Sep 30, 2026 |
| STATE STREET CORPORATION | 8.2% | Mar 31, 2026 |
| Vanguard Capital Management | 5.1% | Jun 30, 2026 |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 4.77% | Sep 30, 2025 |
| Dimensional Fund Advisors LP | 4.7% | Jun 30, 2026 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 4.4% | Mar 31, 2026 |
| Victory Capital Management, Inc. | 2.88% | Dec 31, 2024 |
ETFs with the most weight in KALU
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.74% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.52% |
| IFRA iShares U.S. Infrastructure ETF | 0.45% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.37% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.31% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.24% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.24% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.22% |
What could go wrong
- Reliance on Alcoa at Warrick. Kaiser relies on Alcoa Corporation for certain resources essential to running Warrick, its packaging plant. Packaging was 44.2% of fiscal 2025 revenue, so trouble there could hit a large share of sales.
- Aerospace swings hit Kaiser early and hard. Aerospace products can take over a year to reach an aircraft. When customers expect weaker demand, they use up inventory first, so Kaiser's orders can drop sooner and further than plane production.
- Volatile metal costs and pricing pressure. Primary aluminum, scrap and alloying metal prices can move sharply. Kaiser can't pass all cost changes to customers, who also push on price, and aluminum price swings can cut its borrowing capacity.
- Significant debt and negative free cash flow. Total debt was $1.04 billion against $117.3 million of cash and investments as of September 30, 2026. Servicing it takes significant cash, and free cash flow was negative in fiscal 2024 and 2025.
- Key customers and tough competition. Kaiser depends on a core group of significant customers. Losing one, or a sharp slowdown at one, could cut shipments and profits. Rivals, some much larger or with lower-cost foreign plants, add pressure.
- Substitute materials and looser fuel rules. Plane makers use titanium and composites in place of aluminum on some newer designs. If governments relax or delay fuel-efficiency or emissions standards, carmakers may slow their shift from steel to aluminum.
Recent events
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
For income and retirement investors
Kaiser pays a regular dividend, but it has no streak of increases. Dividends per share rose from $2.68 in fiscal 2020 to $3.08 in fiscal 2022, then held there through fiscal 2025, averaging about 2.8% growth a year. The yield was 2.55% as of October 28, 2026. The fiscal 2025 dividend took about 46% of earnings, but free cash flow (cash left after capital spending) was negative in fiscal 2024 and 2025, so it did not cover the dividend. Kaiser kept paying through losses in fiscal 2021 and 2022, made no buybacks from fiscal 2021 to 2025, and warns dividends may not continue.
The shares fell 80.4% in the 2008 financial crisis and took about 58 months to recover. They fell 48.4% in the 2020 COVID crash, recovering in about 10 months, and 40.7% in the 2022 bear market, recovering in about 19. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Kaiser Aluminum make money?
Kaiser Aluminum makes money by turning aluminum into engineered plate, sheet, coil, extrusions and tube that other companies finish into products. Revenue for the fiscal year ended December 31, 2025, was $3.37 billion. Packaging (coil for beverage and food cans) brought in 44.2%, Aero/HS Products for aircraft, space and defense 24.8%, GE Products for industrial uses 22.5%, and Automotive Extrusions 8.5%. Net income was $112.5 million, about 3.3 cents of profit per dollar of sales. Most sales go to North American customers, often under long-term agreements.
Does Kaiser Aluminum raise its dividend every year?
No. Dividends per share were $2.68 in fiscal 2020 and $2.88 in fiscal 2021, then held at $3.08 each year from fiscal 2022 through 2025. The yield was 2.55% as of October 28, 2026. The fiscal 2025 dividend was about 46% of earnings per share of $6.77. But free cash flow was negative that year, at minus $25.5 million, while dividends paid totaled $51.3 million. The company warns dividends may not continue.
How much debt does Kaiser Aluminum have?
Kaiser had about $1.04 billion of total debt as of September 30, 2026, against $117.3 million of cash and investments, leaving net debt of about $921 million. Shareholders' equity was $975.5 million. Its annual report warns that servicing the debt takes significant cash, that covenants (rules set by lenders) can limit some transactions, and that aluminum price swings can reduce how much it can borrow. Free cash flow was negative in fiscal 2024 and 2025.
Is Kaiser Aluminum stock volatile?
Yes. As of October 28, 2026, its one-year beta was 2.01, meaning the shares tended to move about twice as much as the overall market. Over that year the stock fell as much as 45.4% from a high, yet still gained 32%. It dropped 19.7% in the month to October 28. Calendar-year price returns have ranged from a 71.1% loss in 2008 to a 90.6% gain in 2009. Its deepest fall from a peak in about 20 years of history was 82.1%.
Are Kaiser Aluminum insiders selling shares?
Yes. Insiders sold shares and bought none between October 29, 2025, and October 29, 2026. The 25 of 29 insider filings reviewed for that period show nine sales worth about $15.9 million. The largest was CEO Keith Harvey's sale of about $8.2 million on April 27, 2026. Director Brett Wilcox sold about $2.6 million the same day. None of the sales used prearranged trading plans, which set up sales on a schedule in advance. Insiders sell for many reasons, including taxes and diversification.