Alcoa CorporationAA
NYSE•Basic Materials•Aluminum
Alcoa Corporation, together with its subsidiaries, engages in the bauxite mining, alumina refining, aluminum production, and energy generation business in Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and internationally. The company operates through two segments: Alumina and Aluminum. It operates bauxite and other aluminous ores mining and processes bauxite into alumina for sale to aluminum smelter customers and customers who process it into industrial chemical products through supply contracts to third parties, as well as aluminum smelting and casting businesses. The company also offers aluminium powder and scrap and primary aluminum in the form of commodity grade ingot and value-add ingot to customers that produce products for transportation, building and construction, packaging, wire, and other industrial markets. In addition, it provides energy that generates and sells electricity in the wholesale market to traders, large industrial consumers, distribution companies, and other generation companies. The company was formerly known as Alcoa Upstream Corporation and changed its name to Alcoa Corporation in May 2016. The company was founded in 1886 and is headquartered in Pittsburgh, Pennsylvania.
Alcoa Corporation (AA) reported trailing twelve months revenue of $12.65B as of March 2026, a 0.1% decline year-over-year. Quarterly revenue reached $3.19B, reflecting a contraction in sales.
Alcoa Corporation generated $1.03B in TTM net income, with quarterly EBITDA of $535.00M. The operating margin contracted from 19.1% to 11.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (11.7%) and net margin (13.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 16.3% a year ago, reflecting increased costs or interest expense.
AA trades at a P/E of 16.1x (in line with broad market averages) and a P/S of 1.3x. The price-to-book ratio of 2.4x reflects a moderate premium to book value.
The company reported negative free cash flow of $-298.00M, indicating cash consumption over the period. The balance sheet shows $16.64B in total assets with $2.44B in long-term debt against $6.83B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 3.6%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 126.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 46.7% — significant dilution, likely from stock compensation or capital raises.