Kaiser Aluminum Corp filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $4.5 billion, a 40.4% rise on the year before. That growth rate was up 7.6 percentage points from the quarter earlier.
What stands out
Net income rose 109.9% over the year while free cash flow rose 860.0%, indicating that reported profit and cash are moving at different speeds.
Profit and margins
The trailing gross margin was 13.4%. The trailing operating margin stood at 7.7%, up 2.5 percentage points from a year earlier, while the trailing net margin was 4.8%. Net income over the twelve months reached $218.5 million, rising 109.9% on the year before.
Cash flow
Operating cash flow over the twelve months was $227.5 million, up 29.7% on the year before. Capital spending amounted to $102.7 million, or 2.3% of revenue. Free cash flow, calculated as operating cash flow less capital spending, was $124.8 million, an increase of 860.0% on the year before. This represented a free-cash-flow margin of 2.8%, up 2.4 percentage points from a year earlier.
Share count
The average diluted share count rose 2.8% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 2.8% is higher than 49% of the company’s own past quarterly readings, which have ranged from −7.3% to 14.0%. Today’s operating margin of 7.7% is higher than 65% of past readings (−0.1% to 11.5%). Today’s twelve-month revenue growth rate of 40.4% is higher than 85% of past readings (−24.2% to 188.0%).
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 27.3%, and 5 percentage points higher would raise it by 34.8%. A free-cash-flow margin 1 percentage point lower would lower it by 30.4%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
