Kaiser Aluminum Corporation (KALU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-148.3%

-$56.14

vs $116.12 price

Levered DCF

-$104.83

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.07

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.5×	24.15×	24.13×	-40.84×	-80.29×	54.34×	28.58×	16.15×
P/B	2.25×	1.69×	1.75×	1.91×	2.15×	2.13×	2.42×	2×
P/S	0.55×	0.37×	0.37×	0.35×	0.57×	1.33×	1.17×	0.93×
EV / EBITDA	9.21×	9.84×	10.08×	19.1×	19.48×	12.14×	10.53×	9.44×
Gross margin	9.5%	11.0%	10.8%	7.2%	10.4%	19.7%	19.7%	15.2%
Operating margin	5.7%	2.9%	3.1%	0.1%	2.5%	6.9%	8.3%	9.1%
Net margin	3.3%	1.5%	1.5%	-0.9%	-0.7%	2.5%	4.1%	5.8%
Current ratio	2.95×	2.44×	2.68×	2.49×	2.64×	7.08×	4.58×	3.2×
Debt / equity	1.36×	1.63×	1.65×	1.73×	1.58×	1.2×	0.72×	0.5×
Interest coverage	3.81×	2.01×	2.04×	0.08×	1.3×	1.98×	5.11×	6.33×
Dividend yield	2.8%	4.5%	4.4%	4.1%	3.1%	2.8%	2.2%	2.5%
Payout ratio	45.6%	108.3%	106.8%	-169.3%	-252.4%	150.7%	63.5%	41.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	7.0%	7.2%	-4.7%	-2.7%	3.9%	8.4%	12.4%
Return on invested capital	6.7%	3.4%	4.2%	0.2%	2.5%	3.5%	7.1%	9.0%
Return on assets	4.4%	2.0%	2.1%	-1.3%	-0.8%	1.5%	4.1%	6.5%
Free cash flow yield	-1.4%	-1.2%	6.0%	-17.0%	1.4%	9.9%	9.7%	5.1%
Earnings yield	6.1%	4.1%	4.1%	-2.4%	-1.2%	1.8%	3.5%	6.2%
Enterprise value	$3B	$2.2B	$2.1B	$2.2B	$2.3B	$1.7B	$2B	$1.7B
Net debt / EBITDA	3.46×	4.79×	4.71×	8.8×	6.76×	0.7×	1.36×	1.34×
Cash conversion cycle (days)	107	82	77	71	71	76	84	85