KALUKAISER ALUMINUM CORP

Rolling Drawing & Extruding Of Nonferrous Metals

Revenue: $3.4B; 12% YoY
Operating margin: 5.6%; 51% YoY
EBITDA: $311M; 36% YoY
Market cap: $1.9B
Employees: 3,840; $878K revenue each
Net debt / EBITDA: -0.4×; −$113M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
99% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$878K · 79th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.6B	$3.4B	$3.1B	$3.0B	$3.4B	12%
Operating income	$64M	$4M	$123M	$112M	$189M	68%
Net income	−$19M	−$30M	$47M	$47M	$113M	140%
Operating cash flow	$79M	−$63M	$212M	$167M	$111M	33%
Capex	$58M	$143M	$143M	$181M	$137M	24%
Stock-based comp	$13M	$14M	$16M	$14M	$19M	28%
Dividends	$47M	$50M	$50M	$51M	$51M	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 10
Net: −$17M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$21M	140	154
FY2024	$7M	$6M	82	135
FY2023	$6M	$5M	80	133
FY2022	$5M	$2M	82	111
FY2021	$6M	$3M	98	118