Alcoa Corporation
- Open
- 48.70
- Day high
- 49.40
- Day low
- 48.22
- Prev close
- 48.72
- Volume
- 5.0M
- Mkt cap
- $12.8B
- P/E (TTM)
- 12.1
- EPS (TTM)
- $4.01
- P/B
- 1.9
- P/S
- 1.0
- Yield
- 0.82%
- Per share
- $0.40
Alcoa Corporation (AA) is a Basic Materials company listed on NYSE. The stock is up 54% over the past year. Drillr has 12 published research articles covering AA.
Alcoa Corporation (AA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $1.60 | $1.40 | -12.5% | $3.2B | -2.6% |
| Jan 22, 2026 | $0.95 | $1.26 | +32.6% | $3.4B | +4.0% |
| Oct 22, 2025 | $-0.14 | $-0.02 | +85.8% | $3.0B | -3.1% |
| Jul 16, 2025 | $0.32 | $0.39 | +21.0% | $3.0B | +3.8% |
| Apr 16, 2025 | $1.68 | $2.15 | +28.0% | $3.4B | -3.0% |
| Jan 22, 2025 | $0.93 | $1.04 | +11.8% | $3.5B | +0.7% |
| Oct 16, 2024 | $0.25 | $0.57 | +128.6% | $2.9B | -2.1% |
| Jul 17, 2024 | $0.08 | $0.16 | +107.8% | $2.9B | +2.2% |
| Apr 17, 2024 | $-0.64 | $-0.81 | -26.4% | $2.6B | +2.1% |
| Jan 17, 2024 | $-0.99 | $-0.56 | +43.4% | $2.6B | -1.2% |
| Oct 18, 2023 | $-1.13 | $-1.14 | -0.9% | $2.6B | +0.9% |
| Jul 19, 2023 | $-0.59 | $-0.35 | +40.7% | $2.7B | -0.4% |
AA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 12, 2026 | HUGHES JAMES ALTONdirector | Grant | 2,532 | — |
| May 12, 2026 | de Oliveira Marques Robertodirector | Grant | 2,532 | — |
| May 12, 2026 | Citrino Mary Annedirector | Grant | 2,532 | — |
| May 12, 2026 | Bevan John Adirector | Grant | 2,532 | — |
| May 12, 2026 | Field Alistairdirector | Grant | 2,532 | — |
| May 12, 2026 | Gorman Thomas Josephdirector | Grant | 2,532 | — |
| May 12, 2026 | Roberts Carol Ldirector | Grant | 2,532 | — |
| May 12, 2026 | Fiore Pasqualedirector | Grant | 2,532 | — |
| May 12, 2026 | Galovich Briandirector | Grant | 2,532 | — |
| May 12, 2026 | Roberts Jackson Princedirector | Grant | 2,532 | — |
| Apr 17, 2026 | Olson Emily M.officer: EVP & Chief Ext. Aff. Officer | Grant | 8,760 | — |
| Feb 25, 2026 | Beerman Molly S.officer: EVP & CFO | Grant | 6,990 | — |
| Feb 25, 2026 | Jones Tammi Aofficer: EVP & CHRO | Tax | 16 | $59.81 |
| Feb 25, 2026 | Beerman Molly S.officer: EVP & CFO | Tax | 3,040 | $59.81 |
| Feb 25, 2026 | Jones Tammi Aofficer: EVP & CHRO | Tax | 2,059 | $59.81 |
Source: AA SEC Form 4 filings, latest May 12, 2026. For informational purposes only — not investment advice.
See the full AA insider & 13F page →AA research & analysis
Hormuz Blockade: XOM, CVX Surge as Copper Miners FCX, BHP Stumble — AA Surprise
US Hormuz blockade plans sparked copper price drops and aluminum spread spikes, favoring oil majors like XOM, CVX, and OXY while pressuring copper miners FCX and BHP. Alcoa emerges as a metals winner. Ranked picks prioritize energy scale over mining exposure.
XOMCVXOXYSteel Tariffs 25%: STLD Hits Shipment Record and AA Margins Surge on Trump Overhaul
WSJ-reported Trump tariff overhaul proposes 25% duties on finished steel/aluminum, boosting STLD's shipment records and AA's EBITDA rebound. Stocks popped on news, with analysis showing margin tailwinds outweigh risks. Bullish stance with specific upside targets.
XSTLDAA and CENX Jump 2%+ as Iran Airstrike Tightens Global Aluminum Supply
An airstrike on Iran's IRALCO smelter April 7, 2026, tightens global aluminum supply, boosting US producers Alcoa and Century Aluminum via higher LME prices and premiums. Both stocks rallied 2%+ that day, backed by strong FY2025 financials and low valuations. Bullish outlook as war risks favor domestic capacity.
CENXIran Airstrike Squeezes Aluminum Supply — AA, CENX Among Top 5 Winners
Airstrike on Iran's IRALCO on April 7, 2026, tightens aluminum supply, favoring US producers CENX, AA, CSTM, KALU, and RIO with higher premiums and margins. CENX tops conviction on pure-play smelting and 14% revenue growth; all show strong TTM gains amid 71% EBITDA surges for leaders.
CENXKALUCSTMQatar Alumina Disruption Hits Global Smelters — Pricing Impact and Winner Analysis
QatarEnergy's gas supply disruption has forced the Qatalum smelter to operate at ~60% capacity, removing approximately 235,000 metric tons of annualized aluminum production from global supply. Alcoa (AA) is best positioned as a vertically integrated beneficiary on both alumina pricing and aluminum supply tightness, while Century Aluminum (CENX) offers higher-beta upside but trades at stretched valuations with thin margins vulnerable to input cost spikes.
CENXNHYACHAlcoa vs Century Aluminum: Side-by-Side in a Supply-Disrupted Market
Alcoa dominates Century Aluminum on profitability (14.6% vs 6.0% EBITDA margin) and balance sheet strength (net cash vs 2.7x net debt/EBITDA), but Century's 203% one-year stock surge reflects the market pricing in tariff-driven upside and the transformative Mississippi smelter project. Alcoa is the quality play at 13.1x forward earnings; Century is the higher-beta policy bet.
CENXHow do Alcoa and Century's cost curves compare as US smelter capacity ramps in 2026?
Alcoa's vertically integrated model delivers a 13.6% gross margin versus Century's 10.4%, with an even wider EBITDA margin gap of 14.6% vs 6.0%. Alcoa enters 2026 essentially debt-free with $1.6B in cash, while Century carries $548M in debt and faces massive capex for its Kentucky greenfield smelter. Alcoa offers better risk-adjusted exposure; Century is the higher-beta bet contingent on successful smelter execution.
CENXWhich US aluminum smelter benefits more from tariff protection — Alcoa's integrated model or Century's pure-play?
Century Aluminum captures more tariff upside per revenue dollar due to its concentrated US smelting footprint and high Midwest Premium exposure, making it the higher-beta tariff play at 7.4x forward P/E. Alcoa's vertically integrated model delivers structurally superior margins (14.6% vs 5.6% EBITDA) and a fortress balance sheet with near-zero debt, offering better downside protection across commodity cycles.
CENXWhich non-Qatar alumina sources can ramp to fill the supply gap?
The Qatar alumina supply disruption creates a meaningful but manageable gap in seaborne markets. Alcoa's ~2 million tonne trading book offers the fastest response, Rio Tinto's vertically integrated system is neutral to slightly negative for external supply, and Chinese exports act as a price ceiling rather than structural replacement. Medium-term relief depends on Indian and Indonesian refinery buildouts over 2026–2028.
RIOBHPACHHow much alumina price uplift does Alcoa capture from Qatar supply disruptions in Q1?
Alcoa enters Q1 2026 positioned to capture significant alumina price uplift from Qatar supply disruptions, with its vertically integrated refinery network of 9.7–9.9 million tons of annual production providing direct exposure. The Q1 2025 template — when elevated alumina prices drove EBITDA to $869M and EPS to $2.07 — demonstrates how each $50/ton alumina price move translates to roughly $500M in annualized EBITDA, creating an asymmetric setup against consensus expectations of $1.18 EPS.
CENXNHYWhat does Mt. Holly's 100% restart mean for US domestic aluminum self-sufficiency?
Century Aluminum's $50M restart of Mt. Holly to 100% capacity (~220,000+ tonnes/year) is on track for summer 2026, representing a ~10% increase in US primary aluminum production. With Q1 FY2026 adjusted EBITDA guided at $215–235M and a new greenfield smelter in the pipeline, the restart is a concrete step toward reducing US import dependence, though execution risk and aluminum price cyclicality remain key concerns.
CENXACHHow much incremental aluminum capacity does Grundartangi's full restoration add to the global market?
Century Aluminum's Grundartangi smelter restoration by end of July 2026 adds an estimated 130,000–155,000 annualized tonnes back to global aluminum supply — roughly 0.2% of world output. While small in percentage terms, the incremental volume is meaningful in a structurally tight Western aluminum market and positions CENX for a significant EBITDA step-up in FY2026, with Q1 guided at $215–$235 million.
CENXNHY
Alcoa Corporation company profile
Overview
Alcoa Corporation (NYSE:AA) is one of the world's largest integrated aluminum companies, tracing its roots back to 1888 when it was originally founded as the Pittsburgh Reduction Company. The company was spun off from Alcoa Inc. in November 2016 as an independent entity focused on upstream aluminum operations. Headquartered in Pittsburgh, Pennsylvania, Alcoa operates as a vertically integrated producer spanning the entire aluminum value chain from bauxite mining through alumina refining to primary aluminum smelting. The company maintains operations across multiple continents including the United States, Australia, Brazil, Canada, Iceland, Norway, and Spain, positioning itself as a critical supplier to global aluminum markets.
Business
Alcoa operates in the aluminum industry through three interconnected business segments that form a complete vertical supply chain. Bauxite mining represents the foundation of aluminum production, where Alcoa extracts bauxite ore - a reddish-brown rock containing aluminum oxide - primarily from mines in Western Australia and Brazil. Bauxite serves as the raw material for alumina production and cannot be directly converted into aluminum metal. The Alumina segment processes bauxite ore through chemical refining to produce alumina (aluminum oxide), a white powder that serves as the essential feedstock for aluminum smelting. This segment generates approximately 40-45% of total company revenue. Alcoa operates alumina refineries in Australia, Brazil, and Spain, with the company being one of the world's largest alumina producers. The alumina refining process involves crushing bauxite, mixing it with caustic soda at high temperatures, and then precipitating and calcining the resulting aluminum hydroxide to create pure alumina. The Aluminum segment represents the final stage of production, where alumina is smelted using electrolytic processes to produce primary aluminum metal. This segment accounts for approximately 55-60% of total revenue. Aluminum smelting requires enormous amounts of electricity to separate aluminum from oxygen in alumina, making energy costs a critical factor. Alcoa operates smelters in the United States, Canada, Iceland, Norway, and Brazil, producing aluminum ingots and value-added products for customers in transportation, building and construction, packaging, electrical, and other industrial markets. The company also owns hydroelectric power plants that generate electricity for its smelting operations and sell excess power to wholesale markets, providing both operational cost advantages and additional revenue streams.
Revenue model
Alcoa generates revenue through direct product sales across its three business segments, operating under a commodity-based business model where pricing is largely determined by global market dynamics. The company sells bauxite to third-party alumina refiners, alumina to aluminum smelters and chemical companies, and primary aluminum to manufacturers who fabricate finished products. Revenue streams include bauxite sales to external customers, alumina sales to both internal smelting operations and third-party buyers, aluminum ingot sales, and electricity sales from owned hydroelectric facilities. The company's customers span industrial manufacturers in automotive, aerospace, packaging, construction, and electrical sectors, with pricing typically linked to commodity indices such as the London Metal Exchange (LME) for aluminum and various regional pricing mechanisms for alumina. Margin-enhancing factors include rising global aluminum and alumina demand driven by electrification trends and lightweight vehicle requirements, supply disruptions that tighten commodity markets, operational efficiency improvements through technology and process optimization, and favorable energy costs at facilities with access to low-cost hydroelectric power. The company benefits from vertical integration, capturing margins across multiple production stages. Margin-pressuring factors include volatile commodity pricing cycles, high energy costs (particularly impacting European operations), raw material cost inflation for inputs like caustic soda and carbon products, environmental compliance costs, transportation and logistics expenses, and competitive pressure from lower-cost producers in regions like China and the Middle East. Currency fluctuations also impact international operations, while trade policies and tariffs can significantly affect market dynamics and profitability.
Risks & safety
Alcoa presents a moderate margin of safety with manageable debt levels but exposure to commodity price volatility and operational challenges. Liquidity and Solvency: - Cash position of $1.2 billion provides adequate liquidity buffer - Current ratio of 1.71 indicates solid short-term financial health - Debt-to-equity ratio of 0.46 represents manageable leverage levels - Free cash flow recently turned slightly negative at -$18 million in Q1 2025, indicating working capital pressures Valuation Metrics: - Price-to-earnings ratio of 3.6 suggests potential value at current levels - EV/EBITDA of 2.7 appears attractive for a capital-intensive business - Price-to-book ratio of 1.36 indicates modest premium to asset value - Graham number of $32.72 suggests current price may offer value opportunity Other Considerations: - Commodity price sensitivity creates earnings volatility risk - Energy cost pressures, particularly in European operations - Capital expenditure requirements of approximately $700 million annually - Ongoing restructuring costs and potential asset impairments
Recent development
Alcoa has undertaken significant strategic repositioning over the past several years, focusing on portfolio optimization and operational excellence. The company completed the $1.1 billion acquisition of Alumina Limited in August 2024, significantly expanding its alumina production capacity and market position while achieving immediate cost synergies of $12 million annually. Asset portfolio restructuring has been a major theme, with the company announcing the sale of its 25.1% stake in Saudi Arabian Ma'aden joint ventures valued at $1.3 billion, providing substantial cash proceeds for debt reduction. The company has also been addressing underperforming assets, including ongoing efforts to find viable solutions for the San Ciprian complex in Spain through potential partnerships or sales. Operational improvements have centered on a comprehensive $645 million profitability improvement program completed ahead of schedule, focusing on raw material savings, productivity enhancements, and cost reduction across global operations. The company achieved production records at multiple facilities and successfully restarted several previously curtailed operations, including progress on the Alumar smelter in Brazil. Technology and sustainability initiatives include continued development of the ELYSIS low-carbon aluminum smelting technology in partnership with Rio Tinto, advancement of the "Refinery of the Future" program to reduce alumina refining emissions, and expansion of low-carbon product offerings including EcoLum and EcoSource aluminum products to meet growing customer demand for sustainable materials. Recent developments have also included navigation of trade policy challenges, particularly managing the impact of increased U.S. Section 232 tariffs on Canadian aluminum, which created an estimated $400-425 million annual cost impact requiring strategic pricing and operational adjustments.
AA company profile · for informational purposes only — not investment advice.
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