Skip to content
Sign in
Century Aluminum logo
Critical MaterialsPublic

Century Aluminum

catalyst tomorrowNo base rate yet — CENX has 0 graded prints on the record, and the bar is 3.Website
Ticker
CENX
Beat
critical materials
Size
Public Company
Revenue
$752M
as of Jun 2026
Cash
$343M
as of Jun 2026
Researched · Fresh
10 days ago

The single most tariff- and operationally-levered way to own a structurally walled-off US aluminum price — a high-beta, low-EV/EBITDA call levered to a record Midwest premium, gated by a Glencore-controlled cap table, a Jamalco material weakness, and a hedge book bleeding against its own thesis.

Orbit · who it trades with and competes with
3 on the rings · 2 trade · 1 rival
6 mentions across our dossiers
Focus · Critical materials
Century Aluminum
CENX · public
No published house view
Trades with
Competes with
Links · 3 companies · 2 trade · 1 rival
“- Downstream → Glencore (54%) + a few short-term customers; US metal captures MWP, Iceland metal captures EDPP.”Glencore · TRADE · from Century Aluminum’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

CENX · weekly close
33.70 USD+7.3%
Friday 30 Oct 2026 · last 52 Fridays 27.01–66.96
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 9,181,883 sh · 5.06 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 1 days, Scheduled · 1 Nov 2026, scheduled
33.70USD+7.3%critical-materials +0.7%CENX · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
9,181,883 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
5.06
see the whole series
Financials

The reported figures

Revenue · quarterly
$752M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$752M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Century Aluminum, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$545M USD-4.4% share of revenue$15.4M USD$26.1M USD$70.3M USD92.4M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$512M USD4.9% share of revenue$33.7M USD$32.3M USD$88.8M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$490M USD-0.3% share of revenue-$44.5M USD$29.7M USD$93.5M USD92.7M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$561M USD0.3% share of revenue-$5.4M USD$16.9M USD$41.3M USD92.8M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$539M USD10.9% share of revenue-$2.4M USD$22.5M USD——Filed · primarysec.gov
Q4 ’2431 Dec 2024$631M USD7.9% share of revenue-$54.6M USD$13.2M USD$32.9M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$634M USD6.8% share of revenue$51.1M USD$21.2M USD$44.9M USD92.3M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$628M USD2.9% share of revenue-$15.9M USD$23.8M USD$40.7M USD93.3M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$632M USD8.8% share of revenue-$18.1M USD$20.1M USD$151M USD93.3M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$634M USD6.5% share of revenue$67.7M USD$35.1M USD$134M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$649M USD57.6% share of revenue-$6.4M USD$74.8M USD$244M USD99.0M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$752M USD28.1% share of revenue$108M USD$59.6M USD$343M USD99.0M sharesFiled · primarysec.gov

Century Aluminum’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$752M+20% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $545M, as of Sep 2023Revenue Q4 ’23: $512M, as of Dec 2023 (Q4 worked out from the annual total)Revenue Q1 ’24: $490M, as of Mar 2024Revenue Q2 ’24: $561M, as of Jun 2024Revenue Q3 ’24: $539M, as of Sep 2024Revenue Q4 ’24: $631M, as of Dec 2024 (Q4 worked out from the annual total)Revenue Q1 ’25: $634M, as of Mar 2025Revenue Q2 ’25: $628M, as of Jun 2025Revenue Q3 ’25: $632M, as of Sep 2025Revenue Q4 ’25: $634M, as of Dec 2025 (Q4 worked out from the annual total)Revenue Q1 ’26: $649M, as of Mar 2026Revenue Q2 ’26: $752M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating margin · quarterlyQ3 ’23 – Q2 ’26
28.1%+25.3 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -4.4%, as of Sep 2023Operating margin Q4 ’23: 4.9%, as of Dec 2023 (Q4 worked out from the annual total)Operating margin Q1 ’24: -0.3%, as of Mar 2024Operating margin Q2 ’24: 0.3%, as of Jun 2024Operating margin Q3 ’24: 10.9%, as of Sep 2024Operating margin Q4 ’24: 7.9%, as of Dec 2024 (Q4 worked out from the annual total)Operating margin Q1 ’25: 6.8%, as of Mar 2025Operating margin Q2 ’25: 2.9%, as of Jun 2025Operating margin Q3 ’25: 8.8%, as of Sep 2025Operating margin Q4 ’25: 6.5%, as of Dec 2025 (Q4 worked out from the annual total)Operating margin Q1 ’26: 57.6%, as of Mar 2026Operating margin Q2 ’26: 28.1%, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$108M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $15.4M, as of Sep 2023Free cash flow Q4 ’23: $33.7M, as of Dec 2023 (Q4 worked out from the annual total)Free cash flow Q1 ’24: -$44.5M, as of Mar 2024Free cash flow Q2 ’24: -$5.4M, as of Jun 2024Free cash flow Q3 ’24: -$2.4M, as of Sep 2024Free cash flow Q4 ’24: -$54.6M, as of Dec 2024 (Q4 worked out from the annual total)Free cash flow Q1 ’25: $51.1M, as of Mar 2025Free cash flow Q2 ’25: -$15.9M, as of Jun 2025Free cash flow Q3 ’25: -$18.1M, as of Sep 2025Free cash flow Q4 ’25: $67.7M, as of Dec 2025 (Q4 worked out from the annual total)Free cash flow Q1 ’26: -$6.4M, as of Mar 2026Free cash flow Q2 ’26: $108M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$343M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $70.3M, as of Sep 2023Cash Q4 ’23: $88.8M, as of Dec 2023Cash Q1 ’24: $93.5M, as of Mar 2024Cash Q2 ’24: $41.3M, as of Jun 2024Cash Q4 ’24: $32.9M, as of Dec 2024Cash Q1 ’25: $44.9M, as of Mar 2025Cash Q2 ’25: $40.7M, as of Jun 2025Cash Q3 ’25: $151M, as of Sep 2025Cash Q4 ’25: $134M, as of Dec 2025Cash Q1 ’26: $244M, as of Mar 2026Cash Q2 ’26: $343M, as of Jun 2026
Shares outstanding · annualFY21 – FY25
95.3M+5.7% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 90.2M, as of Dec 2021Shares outstanding FY22: 91.4M, as of Dec 2022Shares outstanding FY23: 92.4M, as of Dec 2023Shares outstanding FY24: 98.4M, as of Dec 2024Shares outstanding FY25: 95.3M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-21editorial noteSources added: 0 → 10The dossier's cited-link count grew from 0 to 10 (deep-dive-2026-06-18.md → deep-dive-2026-10-21.md).dossier
dossier age
10 days
researched 21 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 14 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 500 words, 14 filing mentions
  2. The dossier: What held, 41 words, no filing mention
Research

The Century Aluminum dossier

The verdict

The single most tariff- and operationally-levered way to own a structurally walled-off US aluminum price — a high-beta, low-EV/EBITDA call levered to a record Midwest premium, gated by a Glencore-controlled cap table, a Jamalco material weakness, and a hedge book bleeding against its own thesis.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 results. Net sales $752.1M (Q1: $649.2M); six-month net sales $1,401.3M ($1,262.0M). Shipments 130,632 tonnes (Q1: 122,865). Gross profit $227.9M (Q1: $118.8M); operating income $211.6M (Q1: $374.0M, which included the $287.9M Hawesville sale gain). Net income attributable to Century $249.3M, $2.39 diluted per share (Q1: $337.5M, $3.23). Adjusted net income $257.3M, $2.46 per share (Q1: $170.7M, $1.63). Adjusted EBITDA attributable to Century $326.9M (Q1: $231.4M). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-08-06 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/949157/000162828026054300/a20260630q2ex991earningsre.htm; sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. 2026-08-06, https://www.sec.gov/Archives/edgar/data/949157/000162828026054308/cenx-20260630.htm; quarter ended 2026-06-30]
  2. Versus the guide in the dossier. The dossier records Q2 adjusted EBITDA guidance of $315–335M. Reported $326.9M sits inside that range, $1.9M above the midpoint.
  3. Price drivers. Average LME $3,576/t in Q2 (Q1: $3,191); average Midwest Premium $2,518/t (Q1: $2,294; six-month 2026 $2,406 against $855 for the six months of 2025); average European duty-paid premium $581/t (Q1: $390). The 10-Q ties the premium to the Section 232 aluminum tariff rate of 50% in effect since 2025-06-04 and notes it "may change rapidly". [sec.gov: 10-Q 2026-08-06, MD&A, https://www.sec.gov/Archives/edgar/data/949157/000162828026054308/cenx-20260630.htm]
  4. Q3-2026 outlook. Adjusted EBITDA attributable to Century of $325–345M. [sec.gov: 8-K 2026-08-06 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/949157/000162828026054300/a20260630q2ex991earningsre.htm; as of 2026-08-06]
  5. Operations. The restart of the last 90 pots at Mt. Holly is complete; Grundartangi Line 2 returned to near full production; Jamalco's new power turbine TG4 came online in August; a 2025 45X refund of $94.3M was received in July. Net exceptional items in Q2 included $61.3M (net of tax) of Iceland equipment-failure items and $10.7M of Mt. Holly expansion costs. [sec.gov: 8-K 2026-08-06 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/949157/000162828026054300/a20260630q2ex991earningsre.htm]
  6. Liquidity. Liquidity at 2026-06-30 was $784.9M: cash $343.4M, restricted cash $44.8M and $396.7M of borrowing availability. The release states that at the end of July cash exceeded total debt. Long-term debt on the balance sheet was $480.0M ($479.5M at 2025-12-31). Open hedges at 2026-06-30: 58,600 tonnes of LME forward financial sales through December 2027 and 109,300 tonnes of Midwest Premium forward financial sales through December 2028. [sec.gov: 8-K 2026-08-06 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/949157/000162828026054300/a20260630q2ex991earningsre.htm; sec.gov: 10-Q 2026-08-06, https://www.sec.gov/Archives/edgar/data/949157/000162828026054308/cenx-20260630.htm; as of 2026-06-30]
  7. Glencore. The 10-Q states Glencore beneficially owned 30.0% of Century's common stock at 2026-06-30. Glencore accounted for about 44.0% of Q2 net sales (58.5% in Q2-2025) and 45.5% of six-month net sales (59.1%). Related-party net sales were $330.9M in Q2 (Q1: $305.9M). [sec.gov: 10-Q 2026-08-06, related-party note, https://www.sec.gov/Archives/edgar/data/949157/000162828026054308/cenx-20260630.htm; sec.gov: 8-K 2026-08-06 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/949157/000162828026054300/a20260630q2ex991earningsre.htm]
  8. Material weakness. The 10-Q states the previously reported material weakness was not remediated as of 2026-06-30. [sec.gov: 10-Q 2026-08-06, Item 4, https://www.sec.gov/Archives/edgar/data/949157/000162828026054308/cenx-20260630.htm]

Bearing on the position seed (facts only; the seed is unchanged). The seed names the Q2-2026 result against the $315–335M guide as a catalyst (item 2) and lists the Mt. Holly restart and Grundartangi Line 2 restart as Q3-2026 events (item 5). Its key risks name the unremediated material weakness (item 8) and Glencore concentration (item 7). The seed's EGA/Inola joint-venture decision is described in the 10-Q's forward-looking list as a possibility ("the likelihood of our formalizing a joint venture"); no filing I read reports a decision.

What held

  • Premium-driven earnings: the Midwest Premium averaged $2,518/t, above the Q1 figure the dossier cited ($2,294/t) (item 3).
  • Section 232 at 50% remains the stated driver of the premium (item 3).
  • The Jamalco-related material weakness remains unremediated (item 8).

How our view changed

2 dossiers

Every dossier we have written on Century Aluminum, newest first.

  1. current

    The single most tariff- and operationally-levered way to own a structurally walled-off US aluminum price

  2. The single most tariff- and operationally-levered way to own a structurally walled-off US aluminum price

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Century Aluminum

Others in critical materials

5 names

Where Century Aluminum sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.