Skip to content
Sign in
Kaiser Aluminum logo
Critical MaterialsPublic

Kaiser Aluminum

No base rate yet — KALU has 2 graded prints on the record, and the bar is 3.Website
Ticker
KALU
Beat
critical materials
Size
Public Company
Revenue
$1.3B
as of Jun 2026
Cash
$58.5M
as of Jun 2026
Researched · Fresh
9 days ago

The record 2026 print is mostly a Section-232 tariff-premium + metal-price-lag windfall on flat real volume — a high-quality fabricator priced for perfection at a 52-week high after a 2.5x run, with consensus already pointing down.

Orbit · who it trades with and competes with
no links read yet
Focus · Critical materials
Kaiser Aluminum
KALU · public
No published house view
Links

NO LINKS READ YET · no published dossier names Kaiser Aluminum beside another company

TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

KALU · weekly close
116.28 USD+8.4%
Friday 30 Oct 2026 · last 52 Fridays 91.22–190.63
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: 958,467 sh · 3.91 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 111 days, Scheduled · 19 Feb 2027, scheduled
116.28USD+8.4%critical-materials +0.7%KALU · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
958,467 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
3.91
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.3B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$1.3B 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
Kaiser Aluminum, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$744M USD2.6% share of revenue$44.6M USD16.0M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$722M USD6.7% share of revenue$82.4M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$738M USD3.3% share of revenue$102M USD16.1M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$773M USD4.7% share of revenue$70.4M USD16.1M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$748M USD1.8% share of revenue$45.7M USD16.1M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$765M USD5.0% share of revenue$18.4M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$777M USD5.3% share of revenue$21.3M USD16.2M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$823M USD4.6% share of revenue$13.1M USD16.2M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$844M USD5.8% share of revenue$17.2M USD16.2M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$929M USD6.5% share of revenue$7.0M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$1.1B USD8.8% share of revenue$30.0M USD16.3M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$1.3B USD10.6% share of revenue$58.5M USD16.3M sharesFiled · primarysec.gov

Kaiser 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
$1.3B+53% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $744M, as of Sep 2023Revenue Q4 ’23: $722M, as of Dec 2023Revenue Q1 ’24: $738M, as of Mar 2024Revenue Q2 ’24: $773M, as of Jun 2024Revenue Q3 ’24: $748M, as of Sep 2024Revenue Q4 ’24: $765M, as of Dec 2024Revenue Q1 ’25: $777M, as of Mar 2025Revenue Q2 ’25: $823M, as of Jun 2025Revenue Q3 ’25: $844M, as of Sep 2025Revenue Q4 ’25: $929M, as of Dec 2025Revenue Q1 ’26: $1.1B, as of Mar 2026Revenue Q2 ’26: $1.3B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
10.6%+6.0 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 2.6%, as of Sep 2023Operating margin Q4 ’23: 6.7%, as of Dec 2023Operating margin Q1 ’24: 3.3%, as of Mar 2024Operating margin Q2 ’24: 4.7%, as of Jun 2024Operating margin Q3 ’24: 1.8%, as of Sep 2024Operating margin Q4 ’24: 5.0%, as of Dec 2024Operating margin Q1 ’25: 5.3%, as of Mar 2025Operating margin Q2 ’25: 4.6%, as of Jun 2025Operating margin Q3 ’25: 5.8%, as of Sep 2025Operating margin Q4 ’25: 6.5%, as of Dec 2025Operating margin Q1 ’26: 8.8%, as of Mar 2026Operating margin Q2 ’26: 10.6%, as of Jun 2026
Free cash flow · annualFY21 – FY25
-$25.5M

FY25 · as of Dec 2025

Free cash flow FY21: $21.4M, as of Dec 2021Free cash flow FY22: -$206M, as of Dec 2022Free cash flow FY23: $68.7M, as of Dec 2023Free cash flow FY24: -$13.7M, as of Dec 2024Free cash flow FY25: -$25.5M, as of Dec 2025

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$58.5M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $44.6M, as of Sep 2023Cash Q4 ’23: $82.4M, as of Dec 2023Cash Q1 ’24: $102M, as of Mar 2024Cash Q2 ’24: $70.4M, as of Jun 2024Cash Q3 ’24: $45.7M, as of Sep 2024Cash Q4 ’24: $18.4M, as of Dec 2024Cash Q1 ’25: $21.3M, as of Mar 2025Cash Q2 ’25: $13.1M, as of Jun 2025Cash Q3 ’25: $17.2M, as of Sep 2025Cash Q4 ’25: $7.0M, as of Dec 2025Cash Q1 ’26: $30.0M, as of Mar 2026Cash Q2 ’26: $58.5M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
16.3M+2.1% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 16.0M, as of Sep 2023Shares outstanding Q1 ’24: 16.1M, as of Mar 2024Shares outstanding Q2 ’24: 16.1M, as of Jun 2024Shares outstanding Q3 ’24: 16.1M, as of Sep 2024Shares outstanding Q1 ’25: 16.2M, as of Mar 2025Shares outstanding Q2 ’25: 16.2M, as of Jun 2025Shares outstanding Q3 ’25: 16.2M, as of Sep 2025Shares outstanding Q1 ’26: 16.3M, as of Mar 2026Shares outstanding Q2 ’26: 16.3M, as of Jun 2026

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
2026-10-22editorial noteSources added: 0 → 6The dossier's cited-link count grew from 0 to 6 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteRevenue figure revised: $1,453.2M → $439MRevenue moved from $1,453.2M (deep-dive-2026-06-18.md) to $439M (deep-dive-2026-10-22.md).dossier
2026-10-22filing10-Q: quarter ended 30 Sep 2026, net sales $1,214.5MQ3 2026 net sales $1,214.5M (vs $843.5M); net income $31.0M, $1.84 diluted EPS. Nine months net sales $3,577.9M, net income $190.3M, $11.26 diluted EPS.agent:company-events · SEC EDGAR 10-Q
2026-10-21guidanceKaiser Aluminum reports Q3 2026 net sales of $1,214.5MQuarter ended 30 Sep 2026: net sales $1,214.5M, net income $31.0M, diluted EPS $1.84, adjusted EBITDA $84.0M. FY2026 outlook reiterated. Fred Stephan succeeds Keith Harvey as CEO effective 1 Nov 2026. Quarterly dividend $0.77.agent:company-events · SEC EDGAR 8-K
2026-10-13filing8-K item 8.01: quarterly dividend $0.77 per shareBoard declared a quarterly cash dividend of $0.77 per common share, payable 13 Nov 2026 to holders of record at close of business 23 Oct 2026.agent:company-events · SEC EDGAR 8-K
dossier age
9 days
researched 22 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: 16 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 599 words, 13 filing mentions
  2. The dossier: What held, 66 words, 3 filing mentions
Research

The Kaiser Aluminum dossier

The verdict

The record 2026 print is mostly a Section-232 tariff-premium + metal-price-lag windfall on flat real volume — a high-quality fabricator priced for perfection at a 52-week high after a 2.5x run, with consensus already pointing down.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q3-2026 revenue. Net sales $1,215M against $844M; Conversion Revenue $439M against $351M (+25%); shipments 300 million lbs against 270 million. Nine-month net sales $3,578M and Conversion Revenue $1,281M against $1,088M. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-10-21, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/811596/000119312526427927/kalu-ex99_1.htm; quarter ended 2026-09-30].
  2. Q3-2026 earnings. Operating income $55M (against $49M). Net income $31M, diluted EPS $1.84 (against $40M and $2.38). Adjusted EPS $1.89. Adjusted EBITDA $84M, 19.1% of Conversion Revenue, up 3% from the prior year. Nine-month net income $190M and diluted EPS $11.26 (against $84M and $5.10). [sec.gov: 8-K filed 2026-10-21, same URL]
  3. Metal price lag has reversed. Q3-2026 Adjusted EBITDA includes an unfavourable metal price lag of about $1.0M, against a favourable lag of about $28.0M in Q3-2025; the release calls the swing about $29M. Nine-month figures are favourable lag of about $63.0M in 2026 and about $64.0M in 2025. The previous dossier puts Q1-2026 favourable lag at about $36.0M. [sec.gov: 8-K filed 2026-10-21, same URL]
  4. Q2-2026 (the quarter between). Net sales $1.3B, Conversion Revenue $437M, net income $97M, diluted EPS $5.72, adjusted EPS $5.53, Adjusted EBITDA $166M at a 38.1% margin on Conversion Revenue. The release describes these as records. [sec.gov: 8-K filed 2026-07-22, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/811596/000119312526312472/kalu-ex99_1.htm; quarter ended 2026-06-30]
  5. Guidance moved, then narrowed in practice. In July the company raised its FY2026 Adjusted EBITDA outlook to growth of 45%-55% (the previous dossier records +20%-30% ) and said Conversion Revenue growth would be at the high end of 10%-15%. In October it maintained both ranges but said Adjusted EBITDA growth is now expected "toward the lower end" of 45%-55%, citing planned outages, execution performance, customer year-end inventory alignment and metal-related headwinds. [sec.gov: 8-K filed 2026-07-22, same URL; 8-K filed 2026-10-21, same URL]
  6. Leverage and cash. Net debt leverage 2.0x at 2026-09-30, from 3.4x at year-end 2025 and 2.1x at Q2. Nine-month operating cash flow $248M and Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $176M. Cash $117M, liquidity $687M. Moody's upgraded the company to Ba3, stable outlook. [sec.gov: 8-K filed 2026-10-21, same URL; 8-K filed 2026-07-22, same URL]
  7. End-market shipments, Q3 (millions of lbs). Aero/High Strength 59.4 (against 41.8), Packaging 153.0 (against 144.1), Automotive Extrusions 20.4 (against 23.9). [sec.gov: 8-K filed 2026-10-21, same URL]
  8. Dividend. $0.77 per share declared in July (payable 2026-08-14) and again in October (payable 2026-11-13, record date 2026-10-23). [sec.gov: 8-K filed 2026-07-13, https://www.sec.gov/Archives/edgar/data/811596/000119312526302091/kalu-ex99_1.htm; 8-K filed 2026-10-13, https://www.sec.gov/Archives/edgar/data/811596/000119312526420533/kalu-ex99_1.htm]
  9. CEO succession. Fred Stephan, formerly Chief Operating Officer of Amcor Global Flexible Packaging Solutions, becomes CEO and President on 2026-11-01 and joins the board (ten directors). Keith Harvey becomes Executive Chairman and advisor through 2027-10-31. Stephan's offer letter: $1,150,000 base salary, $1,440,000 short-term incentive target, $4,430,000 long-term incentive target from 2027, plus RSU grants of about $3.8M and $2.0M target value. The Key Employee Severance Plan was amended to add a CEO tier (2.5x on a change-in-control termination, 2.0x otherwise). [sec.gov: 8-K filed 2026-08-17, https://www.sec.gov/Archives/edgar/data/811596/000119312526354093/kalu-20260812.htm]
  10. Share count. 16,349,092 shares outstanding at 2026-07-20. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-07-23, https://www.sec.gov/Archives/edgar/data/811596/000119312526314580/kalu-20260630.htm]
  11. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2 2026 print" has occurred (item 4), and the Q3 print is now out (items 1-3). The carried bear case says about 30% of the EBITDA jump is a non-repeating metal-lag windfall; the Q3 release shows the lag turning from a $28.0M tailwind to a $1.0M headwind year on year. The carried seed says "insiders selling" and names "a buyback/M&A surprise" as a risk; neither is addressed in the filings read. The carried seed's price and fair-value figures rest on market data this delta does not refresh.

What held

  • Conversion Revenue growth held and accelerated: +25% in Q3 against the +11% recorded for Q1. [sec.gov: 8-K filed 2026-10-21, same URL]
  • The company still guides Conversion Revenue growth to the high end of 10%-15% and keeps the dividend at $0.77. [sec.gov: 8-K filed 2026-10-21, same URL]
  • Aero/High Strength and Packaging shipments are both up year on year. [sec.gov: 8-K filed 2026-10-21, same URL]

How our view changed

2 dossiers

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

  1. current

    The record 2026 print is mostly a Section-232 tariff-premium + metal-price-lag windfall on flat real volume

  2. The record 2026 print is mostly a Section-232 tariff-premium + metal-price-lag windfall on flat real volume

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Kaiser Aluminum

Others in critical materials

5 names

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