公司概述
Alcoa Corporation operates within the basic materials sector as a leading producer engaged in the integrated supply chain of bauxite mining, alumina refining, aluminum production, and energy generation. Its operational footprint spans multiple jurisdictions including Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and international markets, allowing for a diversified geographic presence. The company maintains a substantial market capitalization of $19.33 billion and reports a trailing twelve-month revenue of $12.83 billion, supported by a workforce of 14,900 employees. These valuation and revenue figures indicate that Alcoa is a significant entity within the aluminum industry, possessing the scale necessary to influence market dynamics while managing a complex global production network across two primary business segments.
财务健康
The company reported a total revenue of $12.83 billion, net income of $1.14 billion, and EBITDA of $1.94 billion over the trailing twelve months, highlighting a substantial difference between top-line revenue and bottom-line profit. This gap between revenue and net income reveals a cost structure where operating expenses, including cost of goods sold, taxes, and interest, consume approximately 91% of total revenue before arriving at the final profit. Free cash flow stands at $1.19 billion, which signifies strong financial flexibility allowing the firm to fund capital expenditures, repay debt obligations, or pursue strategic acquisitions without relying heavily on external financing. The gross margin is recorded at 17.9%, the operating margin at 13.6%, and the profit margin at 9.0%, indicating that for every dollar of revenue, roughly nine cents remains as net profit after all costs are deducted. On the balance sheet, the company holds $1.60 billion in cash against $2.76 billion in debt, resulting in a debt-to-equity ratio of 44.49% which suggests a moderately leveraged capital structure typical for capital-intensive manufacturing industries. The current ratio of 1.44 demonstrates that the company possesses sufficient current assets to cover its current liabilities, indicating a healthy short-term liquidity position that can withstand temporary market disruptions. Return on equity is calculated at 19.7% while return on assets sits at 5.5%, revealing that management generates significant returns for shareholders relative to the equity invested, though asset utilization efficiency is moderated by the heavy asset base inherent to the aluminum business.
估值评估
The stock carries a trailing P/E ratio of 16.77 and a forward P/E ratio of 12.84, implying that the market expects earnings growth that would justify a lower multiple in the coming year compared to historical performance. The price-to-book ratio is 3.15, suggesting that the market values the company at more than three times its book value, reflecting a premium assigned to its brand, technology, or future growth prospects over tangible assets. Alternative valuation metrics such as a price-to-sales ratio of 1.51 and an EV/EBITDA of 10.59 provide additional context, indicating that the company is valued slightly above one dollar of sales for every dollar of revenue generated while maintaining a reasonable multiple relative to earnings before interest, taxes, depreciation, and amortization. The 52-week high is $75.70 and the 52-week low is $21.53, placing the current trading environment within a wide historical range that reflects significant price volatility and sensitivity to commodity cycles. The beta value of 1.70 indicates that the stock price is approximately 70% more volatile than the broader market, meaning price movements in Alcoa are amplified compared to the general equity market index during periods of economic uncertainty.
Growth & Income
Revenue growth year-over-year stands at -1.1% while earnings growth year-over-year is 6.4%, demonstrating that profitability is expanding at a significantly faster pace than top-line sales, likely driven by operational efficiencies or margin expansion despite flat revenue. The company offers a dividend yield of 0.6% with a payout ratio of 9.2%, indicating a very conservative approach to dividend distribution where less than 10% of earnings are returned to shareholders. This low payout ratio suggests that the majority of earnings are retained to fund operations, debt reduction, or capital investment rather than being distributed as dividends, providing a cushion against fluctuating aluminum prices. Overall, the growth and income profile reflects a mature asset-heavy business that prioritizes earnings stability and capital allocation over aggressive dividend growth or rapid revenue expansion in the immediate term.