undamentalytics Newsletter
Sign in

Alcoa Corp (AA) stock

Add to watchlist

Add holding +

NYSE: AA NYSE Aluminum Next results ~January 21, 2027

B Fundamentals grade

Alcoa Corp is a US-listed company in the aluminum industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$47

Cash-flow model

Base case. Range ~$35–$63 across our lower- and higher-growth cases (5.8%–15.8% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 15% below our base value.

Price used: $39.90, November 2, 2026

Alcoa Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds340 adding, 385 cuttingOf 78 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Alcoa files

10-Q filed October 29: Alcoa

Alcoa's revenue for the twelve months to September 2026 reached $14.3bn, an 11.2% increase on the prior year. That pace marks a clear acceleration from the 6.5% growth recorded a quarter earlier. Profitability also improved: free-cash-flow margin climbed to 6.2%, up from 4.0% a year ago. Together, these shifts have pushed the company's fundamentals grade up from C+ to B, reflecting both stronger top-line momentum and better cash conversion.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Alcoa stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.6bn, up 6.5% on a year earlier, faster than -0.1% a quarter earlier. Free-cash-flow margin fell to 2.6% from 4.6% a year earlier. The diluted share count is up 3.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $12.66 a share, against a share price of $40.81. At that price, our model says the market is pricing in about 25.2% a year of cash-flow growth for five years, faster than the 2.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Alcoa Corp's trailing-twelve-month revenue grew 11.2% year on year, with a free-cash-flow margin of 6.2%.

Our discounted-cash-flow model values the business at ~$47 per share in the base case (~$35–$63 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 71.5% while net income grew 33.3%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.8 points higher than a quarter earlier.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 53% and a beta of 1.6 against the S&P 500.
  • Weak cash conversion. Free cash flow was 58% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 10.2% over 90 days.
  • Earnings expected to fall. The consensus expects earnings per share to fall 23% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.82 against an average estimate of $1.51: beat by 20.2%
Revenue
$3.70bn, up 23.7% on a year earlier
Share reaction
+3.4% in the first session after the results on October 15, 2026, against -0.8% for the S&P 500
Guidance given
alumina segment production 9.5 to 9.6 (2026); alumina segment shipments 11.5 to 11.6 (2026)
Next report
October 15, 2026; average EPS estimate $1.56

Alcoa's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+3.4%
  • 1 month-4.6%
  • This year-24.3%
  • 1 year+9.6%
  • 5 years-11.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.3B
Net margin
10.7%
EPS (TTM, diluted)
$5.76

Growth

Revenue growth
+11.2%
Change in growth rate
+4.8 pts
Share count change
+1.7%

Cash

Free cash flow (TTM)
$890M
FCF margin
6.2%
Stock pay % of revenue
0.4%

Earnings

Last results
October 15, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Dividend
  3. Guidance
  4. Deal
  5. Announcement
  6. Announcement
  7. Deal
  8. Deal
  9. Announcement
  10. Announcement
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Alcoa Corp valuation models and calculator

What the price is pricing in

The share price implies about 6.2% a year of cash-flow growth for five years.That is close to the 3.3% a year revenue growth Alcoa has delivered.

  • Priced in6.2%
  • Last 12 months11.2%
  • 3 years a year10.5%
  • 5 years a year3.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($39.60, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$47
Price used
$39.60close November 3, 2026
Implied change
▲ +19%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Alcoa Corp's free cash flow after stock-based pay with after-tax interest added back ($542M, FY2026 Q3 TTM), growing 5.9% and 7.6% in the next two years (forecasts, guidance and its record), then back to 10.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$35–~$63 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Alcoa Corp's free cash flow after stock-based pay ( $542M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Alcoa Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.21 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$47 ~$35–$63 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$53 ~$44–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$11 ~$7.5–$17 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.3 ~$2.9–$3.7 Left out: out of range vs price (0.08x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$49 ~$47–$53 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alcoa Corp with Materials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▲ +48%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $26$36$50$69$93$124
8.5% $19$27$37$50$67$89
10% $15$21$29$39$52$68

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$22.17$26.61$51.06$25.19$20.39$21.85$56.59$43.51$32.92$37.01$52.73$39.90
Market value$4.0bn$4.9bn$9.5bn$4.8bn$3.8bn$4.1bn$10.8bn$7.9bn$5.9bn$7.9bn$13.8bn$10.6bn
+ Net debt (− = net cash)−$332m$592m$46m$689m$921m$935m−$12m$444m$923m$1.5bn$851m$414m
Enterprise value$3.7bn$5.5bn$9.6bn$5.5bn$4.7bn$5.0bn$10.7bn$8.3bn$6.8bn$9.4bn$14.6bn$11.0bn
Multiples
Price / sales 0.4x0.5x0.8x0.4x0.4x0.4x0.9x0.6x0.6x0.7x1.1x0.7x
Price / earnings ——34.2x19.0x——25.1x——132.0x11.9x6.9x
Price / free cash flow 8.3x—11.7x97.2x12.3x99.1x20.3x23.0x—188.6x24.3x11.9x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Alcoa's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -0.4% of total assets over 10 years.

  • Durability 10 / 20

    Net margin has been a median -0.4%; its worst year was -8.4%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 3.3% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 40.5% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.79 +80% $14.7bn +14%
Next $5.21 −23% $14.9bn +2%

Next year's EPS estimate has moved −10.2% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.5% on 90 days ago. In the last 30 days, 5 analysts raised Alcoa Corp's forecast and 3 cut it.

Consensus EPS forecast Alcoa Corp, last 90 days
$5.00 $5.50 $6.00 $6.50 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.50 Current fiscal year, 60 days ago: $6.50 Current fiscal year, 30 days ago: $6.44 Current fiscal year, 7 days ago: $6.52 Current fiscal year, Now: $6.79 $6.79 Next fiscal year, 90 days ago: $5.80 Next fiscal year, 60 days ago: $5.80 Next fiscal year, 30 days ago: $5.50 Next fiscal year, 7 days ago: $5.74 Next fiscal year, Now: $5.21 $5.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.50$5.80
60 days ago $6.50$5.80
30 days ago $6.44$5.50
7 days ago $6.52$5.74
Now $6.79$5.21

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.51 $1.82 +20.2%
Jun 2026 $2.19 $2.12 −3.2%
Mar 2026 $1.55 $1.40 −9.6%
Dec 2025 $1.01 $1.26 +24.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 15, 2026
  • Alumina segment production 2026 9.5m to 9.6m Maintained
    “Alcoa reaffirms its 2026 Alumina segment production and shipment projection of 9.5 to 9.6 million metric tons and 11.5 to 11.6 million metric tons, respectively.” source
  • Alumina segment shipments 2026 11.5m to 11.6m Maintained
    “Alcoa reaffirms its 2026 Alumina segment production and shipment projection of 9.5 to 9.6 million metric tons and 11.5 to 11.6 million metric tons, respectively.” source
  • Aluminum segment production 2026 2.4m to 2.6m Maintained
    “Alcoa reaffirms its 2026 Aluminum segment production and shipment projection of 2.4 to 2.6 million metric tons and 2.6 to 2.8 million metric tons, respectively.” source
  • Aluminum segment shipments 2026 2.6m to 2.8m Maintained
    “Alcoa reaffirms its 2026 Aluminum segment production and shipment projection of 2.4 to 2.6 million metric tons and 2.6 to 2.8 million metric tons, respectively.” source
  • Interest expense the year about $185m Raised
    “Alcoa expects Interest expense to approximate $185 million for the year, an increase from the prior projection, as a result of the Notes issuance.” source
  • Aluminum Segment Adjusted EBITDA (unfavorable sequential impact from higher raw material costs and planned maintenance) fourth quarter 2026 about $30m Non-GAAP
    “Within the fourth quarter 2026 Aluminum Segment Adjusted EBITDA, the Company expects higher raw material costs and planned maintenance, intended to support continued operational stability, to result in unfavorable impacts of approximately $30 million sequentially.” source
Show 2 more items
  • Other income (expected sequential increase) fourth quarter 2026 about $20m
    “Other income is expected to increase by approximately $20 million in the fourth quarter 2026 due to higher interest earned on cash held for the AliGroup acquisition.” source
  • Operational tax expense fourth quarter 2026 $65m to $75m Non-GAAP
    “Based on current alumina and aluminum market conditions, Alcoa expects fourth quarter 2026 operational tax expense to approximate $65 million to $75 million, which may vary with market conditions and jurisdictional profitability.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Alcoa Corp's revenue by +5.9% next year and +7.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.7%, weight 69%) and the company's own record (+10.8%, weight 31%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy964%
Hold429%
Sell17%

Monthly trend

  1. Oct 2026274114
  2. Sep 2026183113
  3. Aug 202684113
  4. Jul 202684113

Counts of recommendations published by analysts covering Alcoa Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.5%
of tradable shares
Days to cover
2.66
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
86%
of shares
Held by insiders
0.5%
of shares
Employees
14,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.6%

$36.41 on October 31, 2025 to $39.90

ThenNowEffect
Revenue (last 12 months) $12.8bn $13.6bn +6.5%
Net margin 7.9% 9.4% +19.5%
P/E multiple 9.2x 8.2x −10.4%
Share count 254m 264m −3.8%

Biggest factor: net margin.

Last 3 years +55.3%

$25.69 on November 3, 2023 to $39.90

ThenNowEffect
Revenue (last 12 months) $10.9bn $13.6bn +25.2%
P/S multiple 0.4x 0.8x +85.6%
Share count 177m 264m −33.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AA+159%−23%−24%+12%+43%−24%
Industry peers (median)+28%−34%+48%+3%+84%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AA75%42%42%50%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AA−29%−65%−58%−37%−43%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 91% from April 19, 2018 to March 20, 2020. Getting back needed a 999% gain, reached on January 3, 2022, 654 days after the low.

Price behaviour

52-week range
$34.99 – $83.41
From 52-week high
−52.2%
vs 50-day average
−10.0%
vs 200-day average
−28.8%
Volatility (1 year)
53%
Beta vs S&P 500
1.56

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±4.7%
After a week
4 up, 8 down
typical move ±6.7%
After a month
4 up, 7 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 15, 2026 +3.4% −0.8% −3.4% —
July 16, 2026 −9.5% −1.5% −6.8% +3.1%
April 16, 2026 −6.8% +1.5% −7.1% −11.2%
January 22, 2026 −2.6% +0.6% −5.1% −6.4%
October 22, 2025 +7.8% +0.1% +4.5% −3.5%
July 16, 2025 +3.2% +0.9% +12.7% +10.3%
April 16, 2025 −5.5% −2.1% +7.1% +19.1%
January 22, 2025 −3.3% +1.1% −9.0% −10.9%
October 16, 2024 −2.3% +0.4% +1.4% 0.0%
July 17, 2024 −7.8% −2.2% −15.1% −16.7%
July 10, 2024 −2.9% +0.1% −8.7% −24.1%
April 17, 2024 −1.7% −0.8% 0.0% +11.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Alcoa Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.15× the last 60 days’ realised volatility , richer than 41% of the 229 stocks we screen today.
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

AA Alcoa Corp Grade B $40.00

Own 100 shares, sell the $50.00 call expiring December 18, 2026 (46 days) for $0.28 a share — $28.00 per contract.

Previous session · Bid $0.28, ask $0.37, quoted Mon 2 Nov, 17:13 New York time with AA at $40.00. Option prices move with the shares: check the live chain at your broker before trading.

  • If AA ends below $50.00: you keep your shares and the $28.00 — 0.7% extra on the position, 5.6% a year at that pace.
  • If it ends above $50.00: your shares are sold at $50.00, a total return of 25.7% including the premium — at or above our value of ~$47.
$1.0k $0 −$794 Break-even $39.72 Price $40.00 Our value $47.00
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$28.00
Annualised
5.6%
Break-even
$39.72
Max gain
$1,028
Chance of selling
~12%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Alcoa Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Alcoa Corp
$10B $11B $12B $13B $14B $15B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10.6B Revenue (TTM), FY24 Q1: $10.5B Revenue (TTM), FY24 Q2: $10.7B Revenue (TTM), FY24 Q3: $11B Revenue (TTM), FY24 Q4: $11.9B Revenue (TTM), FY25 Q1: $12.7B Revenue (TTM), FY25 Q2: $12.8B Revenue (TTM), FY25 Q3: $12.9B Revenue (TTM), FY25 Q4: $12.8B Revenue (TTM), FY26 Q1: $12.7B Revenue (TTM), FY26 Q2: $13.6B Revenue (TTM), FY26 Q3: $14.3B $14.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10.6B
FY24 Q1 $10.5B
FY24 Q2 $10.7B
FY24 Q3 $11B
FY24 Q4 $11.9B
FY25 Q1 $12.7B
FY25 Q2 $12.8B
FY25 Q3 $12.9B
FY25 Q4 $12.8B
FY26 Q1 $12.7B
FY26 Q2 $13.6B
FY26 Q3 $14.3B
Revenue growth, TTM YoY Alcoa Corp
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -15.3% Revenue growth, TTM YoY, FY24 Q1: -11.4% Revenue growth, TTM YoY, FY24 Q2: -1.5% Revenue growth, TTM YoY, FY24 Q3: 3.6% Revenue growth, TTM YoY, FY24 Q4: 12.7% Revenue growth, TTM YoY, FY25 Q1: 20.8% Revenue growth, TTM YoY, FY25 Q2: 19.4% Revenue growth, TTM YoY, FY25 Q3: 16.9% Revenue growth, TTM YoY, FY25 Q4: 7.9% Revenue growth, TTM YoY, FY26 Q1: -0.1% Revenue growth, TTM YoY, FY26 Q2: 6.5% Revenue growth, TTM YoY, FY26 Q3: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -15.3%
FY24 Q1 -11.4%
FY24 Q2 -1.5%
FY24 Q3 3.6%
FY24 Q4 12.7%
FY25 Q1 20.8%
FY25 Q2 19.4%
FY25 Q3 16.9%
FY25 Q4 7.9%
FY26 Q1 -0.1%
FY26 Q2 6.5%
FY26 Q3 11.2%
FCF margin (TTM) Alcoa Corp
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -4.2% FCF margin (TTM), FY24 Q1: -4.9% FCF margin (TTM), FY24 Q2: -2.5% FCF margin (TTM), FY24 Q3: -1.8% FCF margin (TTM), FY24 Q4: 0.4% FCF margin (TTM), FY25 Q1: 2.7% FCF margin (TTM), FY25 Q2: 4.6% FCF margin (TTM), FY25 Q3: 4.0% FCF margin (TTM), FY25 Q4: 4.4% FCF margin (TTM), FY26 Q1: 2.3% FCF margin (TTM), FY26 Q2: 2.6% FCF margin (TTM), FY26 Q3: 6.2% 6.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -4.2%
FY24 Q1 -4.9%
FY24 Q2 -2.5%
FY24 Q3 -1.8%
FY24 Q4 0.4%
FY25 Q1 2.7%
FY25 Q2 4.6%
FY25 Q3 4.0%
FY25 Q4 4.4%
FY26 Q1 2.3%
FY26 Q2 2.6%
FY26 Q3 6.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 13.1 11.2 9.3 11.7 13.4 10.4 9.3 12.2 12.5 10.6 11.9 12.8 14.3
Net income −0.3 −0.9 −0.4 0.3 0.3 −1.1 −0.2 0.4 −0.1 −0.7 0.1 1.2 1.5
Diluted EPS — −$4.73 −$2.19 $1.49 $1.33 −$6.07 −$0.91 $2.26 −$0.68 −$3.65 $0.26 $4.37 $5.76
Growth (year on year)
Revenue — −14.8% −16.8% +25.0% +15.0% −22.2% −11.0% +30.9% +2.5% −15.3% +12.7% +7.9% +11.2%
Net income — — — — −10.4% — — — −128.7% — — — +33.3%
Diluted EPS — — — — −10.7% — — — −130.1% — — — +31.1%
Margins
Net margin −1.9% −7.7% −4.3% 2.4% 1.9% −10.8% −1.8% 3.5% −1.0% −6.2% 0.5% 9.0% 10.7%
Free-cash-flow margin 3.0% 4.3% −7.7% 7.0% 0.4% 2.9% 0.4% 4.4% 2.7% −4.2% 0.4% 4.4% 6.2%
Cash flow
Cash from operations 0.8 0.9 −0.3 1.2 0.4 0.7 0.4 0.9 0.8 0.1 0.6 1.2 1.6
Capital spending 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.7
Free cash flow 0.4 0.5 −0.7 0.8 0.0 0.3 0.0 0.5 0.3 −0.4 0.0 0.6 0.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Free cash flow after stock pay 0.4 0.4 −0.7 0.8 0.0 0.3 0.0 0.5 0.3 −0.5 0.0 0.5 0.8
Balance sheet
Cash 0.3 0.6 0.9 1.4 1.1 0.9 1.6 1.8 1.4 0.9 1.1 1.6 4.4
Total debt 0.0 0.2 1.4 1.4 1.8 1.8 2.5 1.8 1.8 1.9 2.6 2.4 4.8
Net debt (negative = net cash) −0.3 −0.3 0.6 0.0 0.7 0.9 0.9 −0.0 0.4 0.9 1.5 0.9 0.4
Diluted shares 182m 182m 183m 187m 189m 185m 186m 190m 181m 178m 214m 261m 265m
Returned to shareholders
Dividends — — — — — — — 0.0 0.1 0.1 0.1 0.1 0.1
Buybacks — — — — 0.1 — — 0.2 0.5 0.0 0.0 — —
Total returned — — — — 0.1 — — 0.2 0.6 0.1 0.1 0.1 0.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $20.4bn
Short-term assets $9.2bnLonger-term assets $11.2bn
What it owes, and who funded it · $20.4bn
Short-term liabilities $4.0bnLonger-term liabilities $8.1bnShareholders' equity $8.2bn
  • Short-term assets cover short-term liabilities $9.2bn of assets due within a year against $4.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.2bn short-term assets against $8.1bn of longer-dated liabilities.
  • More cash than debt $4.4bn of cash against $4.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 58% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 38% to 58% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $4.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Alcoa Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$106M
Diluted share count
+1.7%
year over year
Total shareholder yield
1.0%
dividends 1.0% + buybacks 0.0% of market value
Dividend payout ratio
7%
of net income paid out
R&D spending
0.1%
of revenue
Sales & admin spending
2.4%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aluminum
Last 12 months unless stated AA CSTM KALU CENX Median
Revenue, last 12 months $14.3bn $10.0bn $4.5bn $2.7bn $7.3bn
Revenue growth, last 12 months 11.2% 26.1% 40.4% 9.7% 18.7%
Revenue growth, 3-year average 10.5% — 12.8% 5.1% 10.5%
Revenue growth, latest quarter 23.7% 21.8% 44.0% 19.7% 22.8%
Gross margin — — 13.4% 18.9% 16.1%
Operating margin — — 7.7% 25.3% 16.5%
Operating margin, 3-year average — — 5.7% 10.6% 8.1%
Net margin 10.7% 5.7% 4.8% 22.6% 8.2%
Cash from operations / revenue 11.2% 6.3% 5.0% 12.8% 8.8%
Free-cash-flow margin 6.2% 3.2% 2.8% 5.7% 4.4%
Free-cash-flow margin, 3-year average 2.8% — 1.6% 1.6% 1.6%
Stock pay / revenue 0.4% 0.3% 0.4% 1.7% 0.4%
Change in share count 1.7% −2.1% 2.8% 0.9% 1.3%

Median of all 4 companies we cover in aluminum. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

171 materials companies
Measure Company Peer median Rank
Revenue growth Growth 11.2% 8.3% 70 of 170
Change in growth rate Growth +4.8pp +2.4pp 64 of 168
Net margin Profitability 10.7% 3.8% 43 of 170
Free-cash-flow margin Cash generation 6.2% 5.0% 71 of 167
Stock pay as % of revenue Cash generation 0.4% 0.7% 33 of 137
Long-term debt as % of assets Balance sheet 23.7% 22.8% 77 of 147
Change in share count Balance sheet 1.7% 0.4% 106 of 161
Days sales outstanding Balance sheet 34 days 45 days 42 of 125

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Aluminum $8.5B 66.4% ▲ 15.7%
Alumina $3.7B 28.5% ▼ 13.8%
Bauxite $727M 5.7% ▲ 93.4%
Energy $190M 1.5% ▲ 29.3%
Other Products -$263M -2.0% —
Geography
Region Revenue Share YoY
United States $6.1B 47.7% ▲ 14.0%
Australia $3B 23.5% ▼ 3.7%
Netherlands $2.3B 18.3% ▲ 6.8%
Brazil $1B 7.9% ▲ 16.2%
ES $318M 2.5% ▲ 8.5%
Other Geographical Regions $25M 0.2% ▼ 34.2%

From Alcoa Corp's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.7B
Institutions reporting
707
Shares held vs prior quarter
▲ 3.0%
Positions opened / closed
82 / 139

Top buyers and sellers, Q2 2026: 340 institutions bought and 385 sold ; the biggest buyer was FMR LLC (+4.1M shares) and the biggest seller Dimensional Fund Advisors LP (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.5B 29.3M 14.2% ▲ 3.3%
FMR LLC $886M 17.0M 8.3% ▲ 32.2%
Vanguard Portfolio Management LLC $678M 13.0M 6.3% ▲ 2.8%
Vanguard Capital Management LLC $622M 11.9M 5.8% ▲ 1.3%
Eagle Capital Management LLC $619M 11.9M 5.8% ▼ 15.7%
State Street Corp $567M 10.9M 5.3% ▼ 0.1%
Dimensional Fund Advisors LP $305M 5.8M 2.8% ▼ 32.2%
Geode Capital Management, LLC $304M 5.8M 2.8% ▼ 1.9%
AQR Capital Management LLC $213M 4.1M 2.0% ▼ 21.0%
Morgan Stanley $187M 3.6M 1.7% ▼ 12.4%
D. E. Shaw & Co., Inc. $187M 3.6M 1.7% ▼ 0.7%
Bank Of New York Mellon Corp $166M 3.2M 1.5% ▲ 1.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alcoa Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.3M 4 trades by 4 insiders · 0% under pre-set plans
Net ▼ $1.3M net selling
Insider Date Trade Shares Price Value
Bacchi Renato EVP & Chief Commercial Officer August 31, 2026 Sell 700 $51.02 $35,714
Jones Tammi A EVP & CHRO August 27, 2026 Sell 15,628 $50.60 $790,777
Hastings Andrew EVP & Gen. Counsel August 17, 2026 Sell 6,000 $50.90 $305,400
Reed Matthew T EVP, Chief Operations Officer July 22, 2026 Sell 4,600 $46.82 $215,372

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 17 trades and filings

No trades in Alcoa Corp disclosed in the last 12 months; 17 earlier trades on record.

  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded October 23, 2024, filed January 13, 2026
  • Virginia Foxx(R-NC 5):Sale (full), $15,001 - $50,000, traded September 28, 2022, filed October 12, 2022
  • Virginia Foxx(R-NC 5):Purchase, $1,001 - $15,000, traded September 1, 2022, filed October 12, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 15, 2026
  • July 16, 2026
  • April 16, 2026
  • January 22, 2026
  • October 22, 2025
  • July 16, 2025

Recent SEC filings

Data status

When each part of this page on Alcoa Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Alcoa Corp in brief

What does Alcoa Corp do?
Alcoa Corp is a US-listed company in the aluminum industry. Its financial year ends in December.
What is Alcoa Corp's stock ticker?
Alcoa Corp trades under the ticker AA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Alcoa Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Alcoa Corp reported revenue of $14.3B, 11.2% higher than a year earlier, according to its SEC filings.
What is Alcoa Corp's free cash flow?
Alcoa Corp's free-cash-flow margin is 6.2% of revenue over the trailing twelve months, ranking 71 of the 167 materials companies we cover.
What is Alcoa Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Alcoa Corp's free cash flow after stock-based pay gives ~$47 per share in the base case, and ~$35–$63 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Alcoa Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Alcoa Corp's market cap?
On November 2, 2026, Alcoa Corp's market capitalisation was about $10.6B, with a price-to-earnings ratio of 6.9 and net debt of $414M. Market figures come from third-party market data and may be delayed.
Does Alcoa Corp pay a dividend?
Yes: Alcoa Corp paid $106M in dividends over the trailing twelve months, a dividend yield of 1.00% and a payout ratio of 6.9%.
How much debt does Alcoa Corp have?
Alcoa Corp's debt-to-equity ratio is 58.5%, from its latest balance sheet (37.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Alcoa Corp's competitors?
In our Aluminum peer group, the companies closest to Alcoa Corp are Constellium SE, Kaiser Aluminum Corp and Century Aluminum Co. The side-by-side comparison below sets their revenue, margins and growth against Alcoa Corp's.
Are insiders buying or selling Alcoa Corp stock?
Over the last 12 months, Alcoa Corp's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Alcoa Corp's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Alcoa Corp announces its own schedule.