KALUKaiser Aluminum Corporation
Is the business good?
A genuinely good business: 7 of 9 health tests passed and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is mostly backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 17% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is KALU?
Kaiser Aluminum Corporation earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 5.0 points above what the capital costs: growth creates value
- Operating margin
- 8.2%
Operating margin · Basic Materials median 9.9% · 12 months to Q2 2026
- Cash conversion
- 0.72×
Cash conversion · 1.54× a year ago · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +2.7%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 6.9% |
| FY2021 | 2.5% |
| FY2022 | 0.12% |
| FY2023 | 4.0% |
| FY2024 | 3.7% |
| FY2025 | 5.6% |
Details›
- Gross margin12 months to Q2 2026
- 15%
- Operating margin12 months to Q2 2026
- 8.2%
- Net margin12 months to Q2 2026
- 5.5%
- Free cash flow margin
- 2.1%
- Revenue, trailing twelve months
- $4.14B
- Free cash flow, trailing twelve months
- $87M
- Net income, trailing twelve months
- $227M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.