# Aluminum — company-by-company sector analysis

> Aluminum: Constellium SE owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Aluminum has outperformed S&P 500 by 75.4% over 52 weeks and 19.7% over 13 weeks. 2 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 4 beat the sector itself. Constellium SE leads with revenue of $8,931 million, based on 2 of 4 comparable companies through Mar 2026.

### Is the Aluminum sector outperforming S&P 500?

Aluminum has outperformed S&P 500 by 75.4% over 52 weeks and 19.7% over 13 weeks. 2 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Aluminum company is largest by revenue?

Constellium SE leads with revenue of $8,931 million, based on 2 of 4 comparable companies through Mar 2026.

### Which Aluminum company is growing fastest?

Constellium SE has the fastest current revenue growth at 20.1%, across 2 of 4 comparable companies.

### Which Aluminum company has the strongest 4-Factor Sector Score?

Constellium SE ranks first at 67.5/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Aluminum company reports the most CAPEX?

Alcoa Corporation reports the largest latest CAPEX at $186 million, with 4 of 4 companies comparable.

### Which Aluminum company has the least gross debt?

Century Aluminum Company has the lowest comparable gross debt at $546 million. Alcoa Corporation has the highest at $2,225 million.

### Which Aluminum company has the lowest comparable PEG?

Constellium SE has the lowest comparable Guarded PEG at 1.94, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Aluminum comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Aluminum has outperformed S&P 500 by 75.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 19.7%. 2 of 4 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Kaiser Aluminum Corporation is the strongest against the sector itself at +15.2%.

13-week sector return versus NIFTY 500: -20%
52-week sector return versus NIFTY 500: 75%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹22.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Constellium SE (CSTM): 68/100 — Favorable setup; evidence 79%
   - Growth & earnings 31.5/35 | Capital efficiency 7.2/25 | Valuation 8.8/20 | Relative strength 20.0/20
   - Exact sum: 31.5 + 7.2 + 8.8 + 20 = 67.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Kaiser Aluminum Corporation (KALU): 62/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 24.6/35 | Capital efficiency 7.7/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 24.6 + 7.7 + 10 + 20 = 62.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Century Aluminum Company (CENX): 56/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 26.8/35 | Capital efficiency 18.7/25 | Valuation 10.0/20 | Relative strength 0.4/20
   - Exact sum: 26.8 + 18.7 + 10 + 0.4 = 55.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.5% and the one-year return is 114.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Alcoa Corporation (AA): 40/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.0/35 | Capital efficiency 11.1/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 19 + 11.1 + 10 + 0 = 40.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Constellium SE is the scale leader at $8,931 million, 251.2% ahead of Century Aluminum Company. Constellium SE's growth is 20.1% from a $8,931 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Constellium SE is the scale benchmark; Constellium SE is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Constellium SE's growth falls below Constellium SE's for two consecutive comparable reports while operating margin also compresses.

Evidence: Constellium SE · $8,931 million | 251.2% versus #2 · Century Aluminum Company | 5/8 recent comparable periods | 2/4 companies · 76 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Constellium SE (CSTM): ₹8.9K Cr
2. Century Aluminum Company (CENX): ₹2.5K Cr

### Revenue growth — fastest growers
1. Constellium SE (CSTM): 20%
2. Century Aluminum Company (CENX): 7.5%

### 20-quarter Revenue history
- AA: Sep 2021 ₹1.3K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- CENX: Sep 2021 ₹581 Cr | Dec 2021 ₹659 Cr | Mar 2022 ₹754 Cr | Jun 2022 ₹857 Cr | Sep 2022 ₹637 Cr | Dec 2022 ₹530 Cr | Mar 2023 ₹552 Cr | Jun 2023 ₹576 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹512 Cr | Mar 2024 ₹490 Cr | Jun 2024 ₹561 Cr | Sep 2024 ₹539 Cr | Dec 2024 ₹631 Cr | Mar 2025 ₹634 Cr | Jun 2025 ₹628 Cr | Sep 2025 ₹632 Cr | Dec 2025 ₹634 Cr | Mar 2026 ₹649 Cr | Jun 2026 —
- CSTM: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- KALU: Sep 2021 ₹751 Cr | Dec 2021 ₹806 Cr | Mar 2022 ₹949 Cr | Jun 2022 ₹954 Cr | Sep 2022 ₹749 Cr | Dec 2022 ₹776 Cr | Mar 2023 ₹808 Cr | Jun 2023 ₹814 Cr | Sep 2023 ₹744 Cr | Dec 2023 ₹722 Cr | Mar 2024 ₹738 Cr | Jun 2024 ₹773 Cr | Sep 2024 ₹748 Cr | Dec 2024 ₹765 Cr | Mar 2025 ₹777 Cr | Jun 2025 ₹823 Cr | Sep 2025 ₹844 Cr | Dec 2025 ₹929 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- AA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 -1.9% | Mar 2023 -51% | Jun 2023 93% | Sep 2023 16% | Dec 2023 -32% | Mar 2024 14% | Jun 2024 8.3% | Sep 2024 11% | Dec 2024 13% | Mar 2025 85% | Jun 2025 3.9% | Sep 2025 14% | Dec 2025 6.2% | Mar 2026 -5.2% | Jun 2026 —
- CENX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 9.6% | Dec 2022 -20% | Mar 2023 -27% | Jun 2023 -33% | Sep 2023 -14% | Dec 2023 -3.4% | Mar 2024 -11% | Jun 2024 -2.6% | Sep 2024 -1.1% | Dec 2024 23% | Mar 2025 29% | Jun 2025 12% | Sep 2025 17% | Dec 2025 0.5% | Mar 2026 2.4% | Jun 2026 —
- CSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 8.0% | Dec 2022 2.0% | Mar 2023 -3.0% | Jun 2023 -11% | Sep 2023 -8.2% | Dec 2023 -9.9% | Mar 2024 -12% | Jun 2024 -9.3% | Sep 2024 -1.0% | Dec 2024 -3.5% | Mar 2025 5.3% | Jun 2025 8.9% | Sep 2025 20% | Dec 2025 28% | Mar 2026 24% | Jun 2026 —
- KALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 -0.3% | Dec 2022 -3.7% | Mar 2023 -15% | Jun 2023 -15% | Sep 2023 -0.7% | Dec 2023 -7.0% | Mar 2024 -8.7% | Jun 2024 -5.0% | Sep 2024 0.5% | Dec 2024 6.0% | Mar 2025 5.3% | Jun 2025 6.5% | Sep 2025 13% | Dec 2025 21% | Mar 2026 42% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Century Aluminum Company leads both opm at 57.6% and margin change at +50.8 percentage points.

Investor read: Century Aluminum Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Century Aluminum Company · 57.6% | 350% versus #2 · Alcoa Corporation | 6/8 recent comparable periods | 4/4 companies · 76 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Century Aluminum Company (CENX): 58%
2. Alcoa Corporation (AA): 13%
3. Constellium SE (CSTM): 12%
4. Kaiser Aluminum Corporation (KALU): 8.8%

### Margin change — fastest expanders
1. Century Aluminum Company (CENX): +50.8 pp
2. Constellium SE (CSTM): +7.7 pp
3. Kaiser Aluminum Corporation (KALU): +3.5 pp
4. Alcoa Corporation (AA): −7.8 pp

### 20-quarter OPM history
- AA: Sep 2021 22% | Dec 2021 23% | Mar 2022 24% | Jun 2022 23% | Sep 2022 21% | Dec 2022 13% | Mar 2023 22% | Jun 2023 -2.5% | Sep 2023 23% | Dec 2023 -11% | Mar 2024 24% | Jun 2024 3.8% | Sep 2024 27% | Dec 2024 -1.8% | Mar 2025 21% | Jun 2025 3.5% | Sep 2025 29% | Dec 2025 1.3% | Mar 2026 13% | Jun 2026 —
- CENX: Sep 2021 6.9% | Dec 2021 7.7% | Mar 2022 11% | Jun 2022 -18% | Sep 2022 -8.1% | Dec 2022 -5.8% | Mar 2023 5.0% | Jun 2023 -0.1% | Sep 2023 -4.4% | Dec 2023 5.7% | Mar 2024 0.4% | Jun 2024 1.1% | Sep 2024 12% | Dec 2024 5.8% | Mar 2025 6.8% | Jun 2025 3.3% | Sep 2025 9.2% | Dec 2025 5.2% | Mar 2026 58% | Jun 2026 —
- CSTM: Sep 2021 9.6% | Dec 2021 2.9% | Mar 2022 13% | Jun 2022 -0.2% | Sep 2022 1.5% | Dec 2022 3.3% | Mar 2023 3.2% | Jun 2023 4.1% | Sep 2023 6.9% | Dec 2023 4.8% | Mar 2024 3.0% | Jun 2024 6.7% | Sep 2024 2.8% | Dec 2024 0.9% | Mar 2025 4.5% | Jun 2025 4.0% | Sep 2025 7.1% | Dec 2025 8.6% | Mar 2026 12% | Jun 2026 —
- KALU: Sep 2021 2.6% | Dec 2021 2.1% | Mar 2022 2.7% | Jun 2022 -0.2% | Sep 2022 0.4% | Dec 2022 -2.9% | Mar 2023 2.4% | Jun 2023 4.4% | Sep 2023 2.6% | Dec 2023 3.0% | Mar 2024 3.3% | Jun 2024 2.0% | Sep 2024 2.3% | Dec 2024 2.9% | Mar 2025 5.3% | Jun 2025 4.6% | Sep 2025 5.8% | Dec 2025 6.5% | Mar 2026 8.8% | Jun 2026 —

### 20-quarter Margin change history
- AA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.8 pp | Sep 2022 −1.2 pp | Dec 2022 −9.4 pp | Mar 2023 −1.4 pp | Jun 2023 −25.0 pp | Sep 2023 +2.2 pp | Dec 2023 −24.1 pp | Mar 2024 +1.8 pp | Jun 2024 +6.3 pp | Sep 2024 +3.7 pp | Dec 2024 +9.1 pp | Mar 2025 −3.3 pp | Jun 2025 −0.3 pp | Sep 2025 +2.8 pp | Dec 2025 +3.1 pp | Mar 2026 −7.8 pp | Jun 2026 —
- CENX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −19.8 pp | Sep 2022 −15.0 pp | Dec 2022 −13.5 pp | Mar 2023 −5.8 pp | Jun 2023 +17.4 pp | Sep 2023 +3.7 pp | Dec 2023 +11.5 pp | Mar 2024 −4.6 pp | Jun 2024 +1.2 pp | Sep 2024 +16.2 pp | Dec 2024 +0.1 pp | Mar 2025 +6.4 pp | Jun 2025 +2.2 pp | Sep 2025 −2.6 pp | Dec 2025 −0.6 pp | Mar 2026 +50.8 pp | Jun 2026 —
- CSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −11.2 pp | Sep 2022 −8.1 pp | Dec 2022 +0.4 pp | Mar 2023 −9.3 pp | Jun 2023 +4.3 pp | Sep 2023 +5.4 pp | Dec 2023 +1.5 pp | Mar 2024 −0.2 pp | Jun 2024 +2.6 pp | Sep 2024 −4.1 pp | Dec 2024 −3.9 pp | Mar 2025 +1.5 pp | Jun 2025 −2.7 pp | Sep 2025 +4.3 pp | Dec 2025 +7.7 pp | Mar 2026 +7.7 pp | Jun 2026 —
- KALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −2.2 pp | Dec 2022 −5.0 pp | Mar 2023 −0.3 pp | Jun 2023 +4.6 pp | Sep 2023 +2.2 pp | Dec 2023 +5.9 pp | Mar 2024 +0.9 pp | Jun 2024 −2.4 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 +2.0 pp | Jun 2025 +2.6 pp | Sep 2025 +3.5 pp | Dec 2025 +3.6 pp | Mar 2026 +3.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Constellium SE leads with $433 million of TTM profit, 19.9% above Century Aluminum Company. Century Aluminum Company shows ≥100% on the scoring scale (362.8% uncapped) growth from a $361 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Constellium SE sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Constellium SE · $433 million | 19.9% versus #2 · Century Aluminum Company | 4/8 recent comparable periods | 2/4 companies · 76 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Constellium SE (CSTM): ₹433 Cr
2. Century Aluminum Company (CENX): ₹361 Cr

### Profit growth — fastest growers
1. Century Aluminum Company (CENX): 100%
2. Constellium SE (CSTM): 100%

### 20-quarter Net profit history
- AA: Sep 2021 ₹281 Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹763 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹297 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹355 Cr | Jun 2023 ₹-121 Cr | Sep 2023 ₹379 Cr | Dec 2023 ₹-616 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹488 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹614 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- CENX: Sep 2021 ₹-52 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-39 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹-46 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹327 Cr | Jun 2026 —
- CSTM: Sep 2021 ₹115 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹198 Cr | Jun 2022 ₹-34 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹196 Cr | Jun 2026 —
- KALU: Sep 2021 ₹-2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹63 Cr | Jun 2026 —

### 20-quarter Profit growth history
- AA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 5.7% | Dec 2022 -43% | Mar 2023 -53% | Jun 2023 -138% | Sep 2023 28% | Dec 2023 -156% | Mar 2024 23% | Jun 2024 — | Sep 2024 29% | Dec 2024 — | Mar 2025 26% | Jun 2025 387% | Sep 2025 26% | Dec 2025 -42% | Mar 2026 -24% | Jun 2026 —
- CENX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -168% | Mar 2023 -317% | Jun 2023 -81% | Sep 2023 -205% | Dec 2023 — | Mar 2024 — | Jun 2024 -200% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 -91% | Jun 2025 — | Sep 2025 -74% | Dec 2025 52% | Mar 2026 1,386% | Jun 2026 —
- CSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -127% | Sep 2022 11% | Dec 2022 300% | Mar 2023 -88% | Jun 2023 — | Sep 2023 -47% | Dec 2023 -63% | Mar 2024 -8.3% | Jun 2024 120% | Sep 2024 -88% | Dec 2024 -375% | Mar 2025 73% | Jun 2025 -53% | Sep 2025 1,000% | Dec 2025 — | Mar 2026 416% | Jun 2026 —
- KALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,400% | Mar 2023 100% | Jun 2023 — | Sep 2023 67% | Dec 2023 — | Mar 2024 13% | Jun 2024 -83% | Sep 2024 140% | Dec 2024 -13% | Mar 2025 22% | Jun 2025 667% | Sep 2025 233% | Dec 2025 300% | Mar 2026 186% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Alcoa Corporation reports $186 million of CAPEX; Century Aluminum Company has the highest covered intensity at 11.6%. Coverage is only 4 of 4 companies and 78 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Alcoa Corporation · $186 million | 148% versus #2 · Century Aluminum Company | 8/8 recent comparable periods | 4/4 companies · 78 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Alcoa Corporation (AA): ₹186 Cr
2. Century Aluminum Company (CENX): ₹75 Cr
3. Constellium SE (CSTM): ₹72 Cr
4. Kaiser Aluminum Corporation (KALU): ₹24 Cr

### CAPEX intensity — highest reinvestment intensity
1. Century Aluminum Company (CENX): 12%
2. Alcoa Corporation (AA): 3.7%
3. Constellium SE (CSTM): 2.9%
4. Kaiser Aluminum Corporation (KALU): 1.7%

### 20-quarter CAPEX history
- AA: Sep 2021 ₹47 Cr | Dec 2021 ₹252 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹367 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹289 Cr | Mar 2026 ₹119 Cr | Jun 2026 ₹186 Cr
- CENX: Sep 2021 ₹20 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- CSTM: Sep 2021 ₹63 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- KALU: Sep 2021 ₹12 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹24 Cr

### 20-quarter CAPEX intensity history
- AA: Sep 2021 3.7% | Dec 2021 3.0% | Mar 2022 2.2% | Jun 2022 2.3% | Sep 2022 2.9% | Dec 2022 4.0% | Mar 2023 4.0% | Jun 2023 5.0% | Sep 2023 8.7% | Dec 2023 6.5% | Mar 2024 4.5% | Jun 2024 6.3% | Sep 2024 2.5% | Dec 2024 5.7% | Mar 2025 2.8% | Jun 2025 4.3% | Sep 2025 7.4% | Dec 2025 4.3% | Mar 2026 3.7% | Jun 2026 —
- CENX: Sep 2021 3.4% | Dec 2021 5.6% | Mar 2022 3.4% | Jun 2022 3.0% | Sep 2022 2.8% | Dec 2022 3.0% | Mar 2023 2.5% | Jun 2023 3.8% | Sep 2023 4.8% | Dec 2023 6.3% | Mar 2024 6.1% | Jun 2024 3.0% | Sep 2024 4.3% | Dec 2024 2.1% | Mar 2025 3.3% | Jun 2025 3.8% | Sep 2025 3.2% | Dec 2025 5.5% | Mar 2026 12% | Jun 2026 —
- CSTM: Sep 2021 3.4% | Dec 2021 6.1% | Mar 2022 1.7% | Jun 2022 2.2% | Sep 2022 3.9% | Dec 2022 5.9% | Mar 2023 3.5% | Jun 2023 3.3% | Sep 2023 4.4% | Dec 2023 7.9% | Mar 2024 3.9% | Jun 2024 4.3% | Sep 2024 5.8% | Dec 2024 8.8% | Mar 2025 3.5% | Jun 2025 3.7% | Sep 2025 3.5% | Dec 2025 5.0% | Mar 2026 2.9% | Jun 2026 —
- KALU: Sep 2021 1.6% | Dec 2021 3.5% | Mar 2022 3.0% | Jun 2022 1.8% | Sep 2022 4.9% | Dec 2022 7.7% | Mar 2023 5.1% | Jun 2023 5.2% | Sep 2023 5.0% | Dec 2023 3.2% | Mar 2024 4.1% | Jun 2024 5.7% | Sep 2024 6.8% | Dec 2024 7.3% | Mar 2025 4.9% | Jun 2025 5.3% | Sep 2025 3.0% | Dec 2025 3.3% | Mar 2026 1.7% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Century Aluminum Company has the clearest covered balance-sheet capacity with $302 million and gross debt of $546 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Century Aluminum Company · $546 million | 48.5% versus #2 · Kaiser Aluminum Corporation | 0/8 recent comparable periods | 4/4 companies · 78 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Century Aluminum Company (CENX): ₹546 Cr
2. Kaiser Aluminum Corporation (KALU): ₹1.1K Cr
3. Constellium SE (CSTM): ₹2.0K Cr
4. Alcoa Corporation (AA): ₹2.2K Cr

### Net debt — lowest net debt
1. Century Aluminum Company (CENX): ₹302 Cr
2. Alcoa Corporation (AA): ₹873 Cr
3. Kaiser Aluminum Corporation (KALU): ₹1.0K Cr
4. Constellium SE (CSTM): ₹1.8K Cr

### 20-quarter Gross debt history
- AA: Sep 2021 ₹4.3K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.2K Cr
- CENX: Sep 2021 ₹412 Cr | Dec 2021 ₹474 Cr | Mar 2022 ₹470 Cr | Jun 2022 ₹449 Cr | Sep 2022 ₹511 Cr | Dec 2022 ₹528 Cr | Mar 2023 ₹540 Cr | Jun 2023 ₹672 Cr | Sep 2023 ₹512 Cr | Dec 2023 ₹479 Cr | Mar 2024 ₹528 Cr | Jun 2024 ₹480 Cr | Sep 2024 ₹486 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹489 Cr | Sep 2025 ₹619 Cr | Dec 2025 ₹548 Cr | Mar 2026 ₹546 Cr | Jun 2026 —
- CSTM: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- KALU: Sep 2021 ₹1.1K Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr

### 20-quarter Net debt history
- AA: Sep 2021 ₹3.6K Cr | Dec 2021 ₹-87 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹669 Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹867 Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹842 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹873 Cr
- CENX: Sep 2021 ₹354 Cr | Dec 2021 ₹445 Cr | Mar 2022 ₹443 Cr | Jun 2022 ₹419 Cr | Sep 2022 ₹446 Cr | Dec 2022 ₹474 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹621 Cr | Sep 2023 ₹442 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹434 Cr | Jun 2024 ₹439 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹495 Cr | Mar 2025 ₹438 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹302 Cr | Jun 2026 —
- CSTM: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- KALU: Sep 2021 ₹780 Cr | Dec 2021 ₹-190 Cr | Mar 2022 ₹816 Cr | Jun 2022 ₹-122 Cr | Sep 2022 ₹946 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹966 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹1.0K Cr

## Return On Capital Employed

What the numbers say: Century Aluminum Company leads ROCE at 20.7%, 12.2 percentage points above Constellium SE. Century Aluminum Company has the strongest latest improvement at +17.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Century Aluminum Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Century Aluminum Company · 20.7% | 143.5% versus #2 · Constellium SE | 6/8 recent comparable periods | 4/4 companies · 78 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Century Aluminum Company (CENX): 21%
2. Constellium SE (CSTM): 8.5%
3. Kaiser Aluminum Corporation (KALU): 6.1%
4. Alcoa Corporation (AA): 5.8%

### ROCE change — fastest improvers
1. Century Aluminum Company (CENX): +17.7 pp
2. Constellium SE (CSTM): +5.9 pp
3. Alcoa Corporation (AA): +4.9 pp
4. Kaiser Aluminum Corporation (KALU): +4.2 pp

### 20-quarter ROCE history
- AA: Sep 2021 3.0% | Dec 2021 16% | Mar 2022 7.1% | Jun 2022 3.5% | Sep 2022 3.4% | Dec 2022 9.3% | Mar 2023 2.9% | Jun 2023 -0.8% | Sep 2023 4.4% | Dec 2023 -5.4% | Mar 2024 4.3% | Jun 2024 1.1% | Sep 2024 5.5% | Dec 2024 1.0% | Mar 2025 7.7% | Jun 2025 0.9% | Sep 2025 6.6% | Dec 2025 0.8% | Mar 2026 3.7% | Jun 2026 5.8%
- CENX: Sep 2021 3.7% | Dec 2021 4.6% | Mar 2022 7.7% | Jun 2022 -14% | Sep 2022 -4.8% | Dec 2022 -2.9% | Mar 2023 2.6% | Jun 2023 -0.1% | Sep 2023 -2.1% | Dec 2023 2.7% | Mar 2024 0.2% | Jun 2024 0.5% | Sep 2024 5.0% | Dec 2024 3.6% | Mar 2025 3.0% | Jun 2025 1.4% | Sep 2025 3.9% | Dec 2025 1.9% | Mar 2026 21% | Jun 2026 —
- CSTM: Sep 2021 5.0% | Dec 2021 1.6% | Mar 2022 7.9% | Jun 2022 -0.1% | Sep 2022 0.9% | Dec 2022 1.9% | Mar 2023 2.0% | Jun 2023 2.5% | Sep 2023 3.6% | Dec 2023 2.5% | Mar 2024 1.6% | Jun 2024 3.6% | Sep 2024 1.4% | Dec 2024 0.5% | Mar 2025 2.6% | Jun 2025 2.4% | Sep 2025 4.3% | Dec 2025 5.6% | Mar 2026 8.5% | Jun 2026 —
- KALU: Sep 2021 1.1% | Dec 2021 0.9% | Mar 2022 1.3% | Jun 2022 -0.1% | Sep 2022 0.2% | Dec 2022 -1.2% | Mar 2023 1.0% | Jun 2023 1.9% | Sep 2023 1.0% | Dec 2023 1.2% | Mar 2024 1.3% | Jun 2024 0.8% | Sep 2024 0.9% | Dec 2024 1.1% | Mar 2025 2.1% | Jun 2025 1.9% | Sep 2025 2.4% | Dec 2025 2.9% | Mar 2026 4.6% | Jun 2026 6.1%

### 20-quarter ROCE change history
- AA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −6.7 pp | Mar 2023 −4.2 pp | Jun 2023 −4.3 pp | Sep 2023 +1.0 pp | Dec 2023 −14.7 pp | Mar 2024 +1.4 pp | Jun 2024 +1.9 pp | Sep 2024 +1.1 pp | Dec 2024 +6.4 pp | Mar 2025 +3.4 pp | Jun 2025 −0.2 pp | Sep 2025 +1.1 pp | Dec 2025 −0.2 pp | Mar 2026 −4.0 pp | Jun 2026 +4.9 pp
- CENX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.5 pp | Dec 2022 −7.5 pp | Mar 2023 −5.1 pp | Jun 2023 +13.8 pp | Sep 2023 +2.7 pp | Dec 2023 +5.6 pp | Mar 2024 −2.4 pp | Jun 2024 +0.6 pp | Sep 2024 +7.1 pp | Dec 2024 +0.9 pp | Mar 2025 +2.8 pp | Jun 2025 +0.9 pp | Sep 2025 −1.1 pp | Dec 2025 −1.7 pp | Mar 2026 +17.7 pp | Jun 2026 —
- CSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.1 pp | Dec 2022 +0.3 pp | Mar 2023 −5.9 pp | Jun 2023 +2.6 pp | Sep 2023 +2.7 pp | Dec 2023 +0.6 pp | Mar 2024 −0.4 pp | Jun 2024 +1.1 pp | Sep 2024 −2.2 pp | Dec 2024 −2.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.2 pp | Sep 2025 +2.9 pp | Dec 2025 +5.1 pp | Mar 2026 +5.9 pp | Jun 2026 —
- KALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −2.1 pp | Mar 2023 −0.3 pp | Jun 2023 +2.0 pp | Sep 2023 +0.8 pp | Dec 2023 +2.4 pp | Mar 2024 +0.3 pp | Jun 2024 −1.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.8 pp | Jun 2025 +1.1 pp | Sep 2025 +1.5 pp | Dec 2025 +1.8 pp | Mar 2026 +2.5 pp | Jun 2026 +4.2 pp

## Valuation Against Growth & Quality

What the numbers say: Constellium SE has the lowest comparable Guarded PEG at 1.94×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Constellium SE · 1.94× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Constellium SE (CSTM): 1.9

### P/E — lowest P/E
1. Constellium SE (CSTM): 8.0
2. Alcoa Corporation (AA): 10.8
3. Kaiser Aluminum Corporation (KALU): 14.5
4. Century Aluminum Company (CENX): 17.5

### 20-quarter Guarded PEG history
- AA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.2 | Jun 2026 —
- CSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- AA: Sep 2021 35.0 | Dec 2021 26.4 | Mar 2022 31.0 | Jun 2022 14.8 | Sep 2022 10.5 | Dec 2022 — | Mar 2023 37.0 | Jun 2023 147.5 | Sep 2023 59.3 | Dec 2023 — | Mar 2024 32.5 | Jun 2024 23.1 | Sep 2024 18.6 | Dec 2024 145.3 | Mar 2025 8.1 | Jun 2025 6.9 | Sep 2025 7.6 | Dec 2025 12.2 | Mar 2026 17.0 | Jun 2026 10.8
- CENX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13.4 | Sep 2022 3.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.1 | Jun 2024 8.1 | Sep 2024 5.4 | Dec 2024 5.6 | Mar 2025 16.0 | Jun 2025 15.8 | Sep 2025 35.4 | Dec 2025 93.3 | Mar 2026 17.5 | Jun 2026 —
- CSTM: Sep 2021 8.5 | Dec 2021 9.0 | Mar 2022 6.0 | Jun 2022 7.0 | Sep 2022 5.1 | Dec 2022 5.6 | Mar 2023 15.8 | Jun 2023 11.9 | Sep 2023 17.3 | Dec 2023 19.4 | Mar 2024 26.0 | Jun 2024 16.7 | Sep 2024 22.6 | Dec 2024 27.0 | Mar 2025 21.0 | Jun 2025 60.5 | Sep 2025 18.8 | Dec 2025 9.8 | Mar 2026 8.0 | Jun 2026 —
- KALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 45.3 | Sep 2023 42.8 | Dec 2023 16.9 | Mar 2024 29.1 | Jun 2024 28.5 | Sep 2024 22.1 | Dec 2024 17.5 | Mar 2025 14.4 | Jun 2025 17.9 | Sep 2025 12.2 | Dec 2025 17.0 | Mar 2026 13.1 | Jun 2026 14.5

## Enterprise Value & Book Value

What the numbers say: Constellium SE leads ev/ebitda at 4.88×; Alcoa Corporation leads p/bv at 1.87×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Constellium SE · 4.88× | 6% versus #2 · Alcoa Corporation | 0/8 recent comparable periods | 4/4 companies · 75 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Constellium SE (CSTM): 4.9
2. Alcoa Corporation (AA): 5.2
3. Kaiser Aluminum Corporation (KALU): 9.1
4. Century Aluminum Company (CENX): 36.1

### P/BV — lowest P/BV
1. Alcoa Corporation (AA): 1.9
2. Constellium SE (CSTM): 3.0
3. Kaiser Aluminum Corporation (KALU): 3.4
4. Century Aluminum Company (CENX): 5.1

### 20-quarter EV/EBITDA history
- AA: Sep 2021 9.3 | Dec 2021 7.4 | Mar 2022 5.2 | Jun 2022 3.3 | Sep 2022 2.7 | Dec 2022 7.3 | Mar 2023 4.5 | Jun 2023 4.8 | Sep 2023 4.3 | Dec 2023 23.8 | Mar 2024 24.6 | Jun 2024 17.6 | Sep 2024 9.9 | Dec 2024 9.0 | Mar 2025 6.2 | Jun 2025 5.6 | Sep 2025 4.5 | Dec 2025 18.6 | Mar 2026 8.5 | Jun 2026 5.2
- CENX: Sep 2021 18.2 | Dec 2021 13.2 | Mar 2022 17.5 | Jun 2022 74.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 37.6 | Sep 2023 11.8 | Dec 2023 14.1 | Mar 2024 121.5 | Jun 2024 76.8 | Sep 2024 10.3 | Dec 2024 8.6 | Mar 2025 13.7 | Jun 2025 12.3 | Sep 2025 19.7 | Dec 2025 13.4 | Mar 2026 36.1 | Jun 2026 —
- CSTM: Sep 2021 4.6 | Dec 2021 4.6 | Mar 2022 9.4 | Jun 2022 5.0 | Sep 2022 5.3 | Dec 2022 5.8 | Mar 2023 9.3 | Jun 2023 8.2 | Sep 2023 6.8 | Dec 2023 7.0 | Mar 2024 8.3 | Jun 2024 8.7 | Sep 2024 10.8 | Dec 2024 5.9 | Mar 2025 5.6 | Jun 2025 6.8 | Sep 2025 6.0 | Dec 2025 5.2 | Mar 2026 4.9 | Jun 2026 —
- KALU: Sep 2021 17.5 | Dec 2021 8.3 | Mar 2022 13.0 | Jun 2022 10.9 | Sep 2022 13.0 | Dec 2022 20.1 | Mar 2023 12.3 | Jun 2023 15.7 | Sep 2023 8.1 | Dec 2023 5.1 | Mar 2024 11.3 | Jun 2024 7.5 | Sep 2024 6.4 | Dec 2024 9.5 | Mar 2025 9.5 | Jun 2025 10.0 | Sep 2025 8.5 | Dec 2025 9.4 | Mar 2026 8.2 | Jun 2026 9.1

### 20-quarter P/BV history
- AA: Sep 2021 166.3 | Dec 2021 2.4 | Mar 2022 3.7 | Jun 2022 152.9 | Sep 2022 110.1 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 110.1 | Sep 2023 94.3 | Dec 2023 1.4 | Mar 2024 110.3 | Jun 2024 1.8 | Sep 2024 181.2 | Dec 2024 1.9 | Mar 2025 143.6 | Jun 2025 1.9 | Sep 2025 154.8 | Dec 2025 2.3 | Mar 2026 2.6 | Jun 2026 1.9
- CENX: Sep 2021 3.8 | Dec 2021 3.6 | Mar 2022 5.5 | Jun 2022 1.4 | Sep 2022 0.9 | Dec 2022 1.9 | Mar 2023 2.6 | Jun 2023 2.2 | Sep 2023 2.0 | Dec 2023 3.2 | Mar 2024 2.4 | Jun 2024 2.6 | Sep 2024 2.3 | Dec 2024 2.5 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 3.7 | Dec 2025 4.8 | Mar 2026 5.1 | Jun 2026 —
- CSTM: Sep 2021 9.7 | Dec 2021 8.1 | Mar 2022 4.4 | Jun 2022 3.1 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 2.7 | Jun 2023 3.0 | Sep 2023 2.8 | Dec 2023 4.1 | Mar 2024 3.4 | Jun 2024 2.7 | Sep 2024 2.4 | Dec 2024 2.2 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.7 | Mar 2026 3.0 | Jun 2026 —
- KALU: Sep 2021 2.4 | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 2.2 | Jun 2024 2.1 | Sep 2024 1.8 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 2.3 | Mar 2026 2.2 | Jun 2026 3.4

## Market action

Constellium SE has the strongest one-year price move in Aluminum at +120%. Kaiser Aluminum Corporation leads on Mansfield relative strength against the S&P 500 at +22%. 2 of 4 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Constellium SE (CSTM): 120%
2. Kaiser Aluminum Corporation (KALU): 120%
3. Century Aluminum Company (CENX): 115%
4. Alcoa Corporation (AA): 56%

### Strongest relative strength versus NIFTY 500
1. Kaiser Aluminum Corporation (KALU): 22%
2. Constellium SE (CSTM): 19%
3. Century Aluminum Company (CENX): -4.2%
4. Alcoa Corporation (AA): -19%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings.

## Every company
- Alcoa Corporation (AA) — market value ₹11.7K Cr; latest fundamentals Jun 2026
- Century Aluminum Company (CENX) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Constellium SE (CSTM) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Kaiser Aluminum Corporation (KALU) — market value ₹2.6K Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Aluminum company is the biggest?

Constellium SE is the largest, with trailing-twelve-month revenue of $8,931 million, ahead of Century Aluminum Company at $2,543 million. That covers 2 of 4 companies with comparable reporting through Mar 2026.

### Which Aluminum company is growing fastest?

Constellium SE has the fastest revenue growth at 20.1% year on year, across 2 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Aluminum company has the best profit margins?

Century Aluminum Company has the highest operating margin at 57.6%, from 4 of 4 comparable companies. Century Aluminum Company shows the biggest recent improvement, at +50.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Aluminum company makes the most profit?

Constellium SE earns the most, at $433 million of trailing-twelve-month net profit, from 2 of 4 comparable companies. Century Aluminum Company has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Aluminum company earns the highest return on capital?

Century Aluminum Company leads on return on capital employed at 20.7%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Aluminum stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Constellium SE screens cheapest at 1.94×. Only 1 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Aluminum company has the strongest balance sheet?

Century Aluminum Company carries the lowest comparable gross debt at $546 million, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Aluminum company is investing most in new capacity?

Alcoa Corporation reports the largest capital spending at $186 million, across 4 of 4 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Aluminum sector beating the market?

Aluminum has outperformed S&P 500 by 75.4% over the last 52 weeks and 19.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Aluminum stock has the strongest price momentum?

Kaiser Aluminum Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Aluminum company scores highest for research priority?

Constellium SE scores 67.5 out of 100 with 79% evidence confidence, from 31.5 points on growth and earnings, 7.2 on capital efficiency, 8.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Aluminum companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Aluminum sector?

The 4 Aluminum companies on this page carry $22,643 million of combined market value. Alcoa Corporation is the largest at $11,706 million, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Aluminum sector performing?

2 of the 4 covered Aluminum companies are beating S&P 500 on Mansfield relative strength. The sector itself is 75.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Aluminum stocks are listed in the US?

This comparison covers 4 listed Aluminum companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/aluminum