# Kaiser Aluminum Corporation (KALU)

> Source: Nexqual · https://nexqual.com/KALU · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Kaiser Aluminum Corporation (KALU), nexqual.com/KALU" · informational, not investment advice.

**Price:** USD 119.83 (-0.84% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 120.85 · day 119.41–122.51 · 52w 87.89–199.89 · market cap $1.96B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $4.51B, net income $219M (4.8% margin), free cash flow $125M (SEC filings).
- Valuation: P/E 9.0x (avg 17.1x at the last 3 fiscal year-ends), EV/EBITDA 6.2x, net debt $921M.
- 2 of 80 tracked superinvestors hold KALU (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $13.0M; 7 not under a Rule 10b5-1 plan ($13.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 141 (range 125–158).
- Total return with dividends: 1Y +39.3% vs S&P 500 +14.8%; 5Y +47.8% vs S&P 500 +79.1%.
- Latest earnings report: 2026-10-21 (next date not yet announced).
- Dividend: USD 3.08 a year (yield 2.55%), paid quarterly; latest ex-dividend date 2026-10-23; annual dividends grew 0.0% a year 2022–2025.
- Short interest: 7.28% of float (as of 2026-10-15), 4.8 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.62B | $3.43B | $3.09B | $3.02B | $3.37B | $4.51B |
| Gross profit | $274M | $248M | $359M | $357M | $442M | — |
| Operating income | $64.4M | $4.0M | $123M | $112M | $189M | $347M |
| Net income | -$18.5M | -$29.6M | $67.8M | $65.7M | $113M | $219M |
| EPS (diluted) | -$1.17 | -$1.86 | $4.21 | $4.02 | $6.77 | — |
| Free cash flow | $21.4M | -$206M | $68.7M | -$13.7M | -$25.5M | $125M |
| Gross margin | 10.4% | 7.2% | 11.6% | 11.8% | 13.1% | — |
| Operating margin | 2.5% | 0.1% | 4.0% | 3.7% | 5.6% | 7.7% |
| Net margin | -0.7% | -0.9% | 2.2% | 2.2% | 3.3% | 4.8% |
| Revenue growth | +123.6% | +30.7% | -9.9% | -2.0% | +11.5% | — |
| Cash + short-term investments | — | $57.4M | $82.4M | $18.4M | $7.0M | — |
| Total debt | $1.04B | $1.04B | $1.04B | $1.04B | $1.06B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 9.0x · P/S 0.4x · EV/EBITDA 6.2x · EV/Sales 0.6x · P/FCF 15.7x · P/B 2.0x · FCF yield 6.37% · Earnings yield 11.15% · Dividend yield (paid, TTM) 2.65% · Net debt $921M · EV $2.88B
P/E at fiscal year-ends: Dec 2025 17.0x, Dec 2024 17.5x, Dec 2023 16.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold KALU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 0.93% | $5.8M | Reduced -0.1% |
| First Eagle Investment | First Eagle Investment Management | 0.05% | $27.1M | Added +25.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-29 | Grimley Richard P. | Director | 1,524 | $261K | 25% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-29 | Harvey Keith | President & CEO | 3,031 | $525K | 3.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-28 | West Neal E | EVP & CFO | 5,000 | $866K | 11.8% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-27 | Wilcox Brett | Director | 15,000 | $2.6M | 56% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Donnan John Malcolm | EVP, CAO and GC | 2,743 | $489K | 8.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Gheorghe Iulian | SVP - Adv Eng & Innovation | 175 | $30K | 3.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Harvey Keith | President & CEO | 47,001 | $8.2M | 32.6% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 5 analysts; mean target USD 141 (low 125, high 158).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-27 | UBS | Target lowered | Buy | $184 → $158 |
| 2026-10-26 | Barclays | Target lowered | Overweight | $180 → $155 |
| 2026-10-26 | JP Morgan | Upgrade | Underweight → Neutral | $146 → $140 |
| 2026-10-26 | Keybanc | Target lowered | Overweight | $181 → $127 |
| 2026-10-23 | Wells Fargo | Target lowered | Equal-Weight | $160 → $125 |
| 2026-10-14 | Barclays | Initiated | Overweight | $180 |
| 2026-10-08 | Keybanc | Target lowered | Overweight | $183 → $181 |
| 2026-09-18 | Wells Fargo | Upgrade | Underweight → Equal-Weight | $169 → $160 |
| 2026-08-31 | UBS | Upgrade | Neutral → Buy | $179 → $184 |
| 2026-07-24 | Wells Fargo | Target raised | Underweight | $158 → $169 |
| 2026-07-09 | Wells Fargo | Downgrade | Equal-Weight → Underweight | $158 |
| 2026-07-08 | UBS | Target raised | Neutral | $176 → $179 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +39.3% | +47.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +39.6% | +8.1% |
| Volatility (annualized) | 57.5% | 48.7% |
| Max drawdown | -45.5% (Jun 2026→Oct 2026) | -48.2% (May 2024→Mar 2025) |

## Dividends
Annual dividend rate USD 3.08 per share, yield 2.55% at the current price. Paid over the last 12 months: USD 3.08 in 4 payments (quarterly).
Most recent ex-dividend date: Oct 23, 2026; payment date: Nov 13, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Payout ratio 24% of earnings · 5-year average yield 3.34% · annual dividends grew 0.0% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-10-23 | USD 0.77 |
| 2026-07-24 | USD 0.77 |
| 2026-04-24 | USD 0.77 |
| 2026-01-23 | USD 0.77 |
| 2025-10-24 | USD 0.77 |
| 2025-07-25 | USD 0.77 |
| 2025-04-25 | USD 0.77 |
| 2025-01-24 | USD 0.77 |
Total by calendar year: 2022 USD 3.08 · 2023 USD 3.08 · 2024 USD 3.08 · 2025 USD 3.08.

## Short interest
986,489 shares sold short, 7.28% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 946,598 shares (+4.2%). Days to cover: 4.8 (short shares ÷ average daily volume).

## Peers (Aluminum)
CSTM (Constellium SE) USD 24.02 -1.68% · CENX (Century Aluminum Company) USD 34.65 -1.28% · AA (Alcoa Corporation) USD 39.89 -0.80% · GFI (Gold Fields Limited) USD 35.12 -3.06% · NTR (Nutrien Ltd.) USD 68.48 -0.85% · STLD (Steel Dynamics, Inc.) USD 253.53 +1.42%

## More
Full page: https://nexqual.com/KALU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.54 | $2.29 | -32.7% | $1.14B | 5 |
| Next quarter (ends 2027-03-31) | $2.62 | $2.70 | -3.1% | $1.20B | 3 |
| Current fiscal year (ends 2026-12-31) | $12.71 | $13.52 | -6.0% | $4.71B | 5 |
| Next fiscal year (ends 2027-12-31) | $10.93 | $11.29 | -3.2% | $4.67B | 5 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 45.6% | ±9.0% |
| 2026-12-18 | 50 | 43.0% | ±12.8% |
| 2027-03-19 | 141 | 44.2% | ±21.9% |
| 2027-06-17 | 231 | 45.2% | ±28.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Oct 21, 2026 | Quarter ended Sep 30, 2026 | $1.89 | $2.37 | Miss −20.3% | -24.6% |
| Jul 22, 2026 | Quarter ended Jun 30, 2026 | $5.53 | $2.66 | Beat +107.9% | +9.9% |
| Apr 22, 2026 | Quarter ended Mar 31, 2026 | $3.74 | $1.96 | Beat +90.8% | +7.6% |
| Feb 18, 2026 | Quarter ended Dec 31, 2025 | $1.53 | $1.56 | Miss −1.9% | -9.6% |
| Oct 22, 2025 | — | — | — | — | +16.8% |
| Jul 23, 2025 | — | — | — | — | -4.7% |
| Apr 23, 2025 | — | — | — | — | +11.6% |
| Apr 2, 2025 | — | — | — | — | -10.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-22 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/811596/000119312526429090/0001193125-26-429090-index.htm |
| 2026-10-21 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/811596/000119312526427927/0001193125-26-427927-index.htm |
| 2026-10-13 | 8-K | Other material event — “On October 13, 2026, Kaiser Aluminum Corporation announced that its board of directors declared a quarterly cash dividend on its common stock of $0.77 per share. The dividend will be payable on November 13, 2026 to stockholders of record as of the close of business on October 23, 2026. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in the press release shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act"), or…” | https://www.sec.gov/Archives/edgar/data/811596/000119312526420533/0001193125-26-420533-index.htm |
| 2026-08-17 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Chief Executive Officer Transition On August 17, 2026, Kaiser Aluminum Corporation (the "Company") announced that Fred Stephan will become the Chief Executive Officer and President of the Company, to succeed Keith A. Harvey, effective as of November 1, 2026 (the date Mr. Stephan commences his employment with the Company, the "Effective Date") as part of the Company's succession planning process. On the Effective Date, the size of the Board will increase from nine to ten directors, and Mr. Stephan will become a…” | https://www.sec.gov/Archives/edgar/data/811596/000119312526354093/0001193125-26-354093-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/811596/000210011926001508/0002100119-26-001508-index.htm |
| 2026-07-23 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/811596/000119312526314580/0001193125-26-314580-index.htm |
| 2026-07-22 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/811596/000119312526312472/0001193125-26-312472-index.htm |
| 2026-07-14 | Schedule 13G/A | Dimensional Fund Advisors LP: 4.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/811596/000035420426000838/0000354204-26-000838-index.htm |
| 2026-07-13 | 8-K | Other material event — “On July 13, 2026, Kaiser Aluminum Corporation announced that its board of directors declared a quarterly cash dividend on its common stock of $0.77 per share. The dividend will be payable on August 14, 2026 to stockholders of record as of the close of business on July 24, 2026. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in the press release shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act"), or…” | https://www.sec.gov/Archives/edgar/data/811596/000119312526302091/0001193125-26-302091-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.