AAAlcoa Corp

Primary Production Of Aluminum

Revenue: $12.8B; 7.9% YoY
Operating margin: —
EBITDA: —
Market cap: $10.3B
Employees: 14,900; $861K revenue each
Net debt / EBITDA: —; $413M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
102% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$861K · 67th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 8th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.2B	$12.5B	$10.6B	$11.9B	$12.8B	7.9%
Net income	$429M	−$123M	−$651M	$60M	$1.2B	1828%
Operating cash flow	$920M	$822M	$91M	$622M	$1.2B	91%
Capex	$390M	$480M	$531M	$580M	$618M	6.6%
Stock-based comp	$39M	$40M	$35M	$36M	$41M	14%
Buybacks	$150M	$500M	$0	$0	—
Dividends	$19M	$72M	$72M	$89M	$104M	17%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 6, 2024	DEFM14A	AAC Investments Australia 2 Pty Ltd	$42.59	73.5%
May 20, 2024	PREM14A	AAC Investments Australia 2 Pty Ltd	$40.16	63.5%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 4
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.