Stock

Alcoa Corporation

Aluminum · Basic Materials

Also trades as: 0HCB.L GBP 0.38 (-0.88%)

Price

$37.91

-0.79 (-2.04%)

Market Cap

$10.00B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 25, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality

Mixed

13/30

Growth

Exceptional

17/20

Cash Flow

Good

5/10

Stability

Strong

8/10

Valuation

Strong

7/10

Ownership

Weak

2/15

Dividends

Weak

1/5

53 of 100 counted points = Winston Score 53.

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Share count rising — dilution

+38.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 190.0M (2021) → 263.3M (2025)

§Winston Score History

The full picture

Alcoa makes aluminum, one of the most widely used metals in the world. It mines bauxite ore, refines it into alumina, and then smelts it into aluminum metal. Its customers include companies in the aerospace, automotive, packaging, and construction industries.

Alcoa earns money by selling alumina and aluminum at market prices, which means its revenue rises and falls with global commodity prices. The company operates mines and smelters across North America, Europe, Australia, and South America, making it one of the largest aluminum producers in the world. Its main competitive advantage is its large, vertically integrated supply chain — it controls the process from raw ore all the way to finished metal. The biggest risk Alcoa faces is that aluminum prices are set by global markets, so a drop in demand or a surge in low-cost production from countries like China can quickly squeeze its profit margins.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.7% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+103.3% YoY

Quarterly reporting periods ended:

30 Sept 2025: $0.90

30 Sept 2026: $1.83

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$24M/ year

↓ Declining (-58% vs prior year)

0.2% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Alcoa Corporation is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

23.8%

Thin — 23.8% gross margin

Profit after running costs

Operating Margin

15.7%

Healthy — 15.7% operating margin

Return on the money invested

ROCE

12.4%

Good — 12.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.1%

Steady sales growth (+7.1% YoY)

Profit growth

EPS YoY

+33.6%

Earnings growing fast (+33.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

94%

Modest — 94% of profit becomes cash

Spare cash per sale

FCF Margin

5.3%

Thin free cash flow (5.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.58

Conservative — low debt load (0.58)

Covers its interest

Interest Cover

12.52x

Comfortably covers interest (12.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.5x

Attractive valuation — P/E 6.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.0

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

0.94%

Small dividend — 0.94% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

Dividend flat

Payout Ratio

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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