CENXCENTURY ALUMINUM CO

Primary Production Of Aluminum

Revenue: $2.5B; 14% YoY
Operating margin: 6.3%; 28% YoY
EBITDA: $250M; 28% YoY
Market cap: $3.3B
Employees: 2,906; $870K revenue each
Net debt / EBITDA: 0.5×; $137M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
463% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$870K · 75th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$625M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.2B	$2.8B	$2.2B	$2.2B	$2.5B	14%
Operating income	$66M	−$150M	$28M	$108M	$158M	46%
Net income	−$167M	−$14M	−$43M	$319M	$40M	87%
Operating cash flow	−$65M	$26M	$106M	−$25M	$185M	852%
Capex	$83M	$86M	$95M	$82M	$100M	22%
Stock-based comp	$21M	−$600K	$7M	$15M	$47M	205%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 4, 2026	GLENCORE INTERNATIONAL AG	SCHEDULE 13D/A	30.0%	Passive
Nov 12, 2025	GLENCORE INTERNATIONAL AG	SCHEDULE 13D/A	36.6%	Passive
Aug 12, 2024	GLENCORE INTERNATIONAL AG	SC 13D/A	42.9%	Active
Jan 5, 2024	GLENCORE INTERNATIONAL AG	SC 13D/A	43.1%	Active
Dec 16, 2022	GLENCORE INTERNATIONAL AG	SC 13D/A	42.9%	Passive
Dec 16, 2022	Givolon Ltd	SC 13D/A	0.0%	Passive
Sep 30, 2020	GLENCORE INTERNATIONAL AG	SC 13D/A	42.9%	Passive
Aug 20, 2020	GLENCORE INTERNATIONAL AG	SC 13D/A	42.9%	Passive
Jun 19, 2020	GLENCORE INTERNATIONAL AG	SC 13D/A	42.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $625M · 13
Net: −$625M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	355	241
FY2024	—	—	165	169
FY2023	—	—	110	151
FY2022	—	—	74	199
FY2021	—	—	150	259