Kaiser Aluminum Corporation
KALU Basic Materials Aluminum
Kaiser Aluminum Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, up 11.5% from fiscal 2024. In the quarter to June 2026, revenue grew 52.7%, EPS grew 311.1%, free cash flow grew 255.3% and total debt fell 3.43%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Kaiser Aluminum Corporation (KALU) Altman Z-score
Kaiser Aluminum Corporation's Altman Z-score for fiscal 2025 is 2.67, 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 | 2.67 | 0.47 |
| FY2024 | 2.20 | (0.10) |
| FY2023 | 2.30 | 0.02 |
| FY2022 | 2.28 | 0.17 |
| FY2021 | 2.11 | (0.23) |
| FY2020 | 2.34 | (0.91) |
| FY2019 | 3.24 | (0.04) |
| FY2018 | 3.29 | (0.30) |
| FY2017 | 3.59 | 0.47 |
| FY2016 | 3.12 | 0.75 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.39 | |
| Retained earnings / total assets | 0.06 | — | 0.08 | |
| EBIT / total assets | 0.07 | — | 0.24 | |
| Market value of equity / total liabilities | 1.07 | — | 0.64 | |
| Sales / total assets | 1.32 | — | 1.32 | |
| Altman Z-score | Grey zone | 2.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.31 | ||
Z and Z″ put Kaiser Aluminum Corporation in different zones: grey zone by Z, safe 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 |
|---|---|
| WDFC WD-40 Company compare | 12.5× |
| DRD DRDGOLD Limited compare | 6.4× |
| IOSP Innospec Inc. compare | 4.8× |
| BCC Boise Cascade, L.L.C. compare | 4.7× |
| TTAM Titan America SA compare | 4.3× |
| KALU Kaiser Aluminum Corporation | 2.7× |
| KWR Quaker Houghton compare | 2.3× |
| NGVT Ingevity Corporation compare | 1.8× |
| PPTA Perpetua Resources Corp. compare | — |
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