Century Aluminum Company
CENX Basic Materials Aluminum
Century Aluminum Company’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 13.9% from fiscal 2024. In the quarter to June 2026, revenue grew 19.7%, EPS grew 5,140.0%, free cash flow grew 779.3% and total debt rose 4.05%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Century Aluminum Company (CENX) Altman Z-score
Century Aluminum Company's Altman Z-score for fiscal 2025 is 2.26, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.26 | 1.18 |
| FY2024 | 1.08 | 0.92 |
| FY2023 | 0.16 | (0.16) |
| FY2022 | 0.32 | (0.33) |
| FY2021 | 0.65 | 0.59 |
| FY2020 | 0.06 | (0.15) |
| FY2019 | 0.21 | (0.18) |
| FY2018 | 0.38 | (1.14) |
| FY2017 | 1.52 | 1.80 |
| FY2016 | −0.27 | (0.77) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.27 | |
| Retained earnings / total assets | (0.72) | — | −1.00 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 2.76 | — | 1.65 | |
| Sales / total assets | 1.11 | — | 1.11 | |
| Altman Z-score | Grey zone | 2.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.33 | ||
Z and Z″ put Century Aluminum Company in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| USLM United States Lime & Minerals, Inc. compare | 44.3× |
| FSM Fortuna Mining Corp. compare | 4.4× |
| ERO Ero Copper Corp. compare | 3.2× |
| ARIS Aris Mining Corporation compare | 2.6× |
| SMG The Scotts Miracle-Gro Company compare | 2.5× |
| CSTM Constellium SE compare | 2.5× |
| CENX Century Aluminum Company | 2.3× |
| AVNT Avient Corporation compare | 1.7× |
| ASH Ashland Inc. compare | 1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets