The business behind the dividend
| Measure | KALU | Median | Formula |
|---|---|---|---|
| Return on equity | 13.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $98.10m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-25.50m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 5.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 3.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.28x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.77x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.95x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.27x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.99x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 0.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.6% | 8.8% | 9.6% | -4.7% | -2.7% | 3.9% | 8.4% | 12.4% | 6.1% | 11.4% | 8.4% |
| Return on capital employed | 10.0% | 6.3% | 7.0% | 0.2% | 3.7% | 5.2% | 10.2% | 12.9% | 13.9% | 15.4% | 7.0% |
| Operating margin | 5.6% | 3.7% | 4.0% | 0.1% | 2.5% | 6.9% | 8.3% | 9.1% | 11.1% | 13.6% | 5.6% |
| Net margin | 3.3% | 2.2% | 2.2% | -0.9% | -0.7% | 2.5% | 4.1% | 5.8% | 3.2% | 6.9% | 2.5% |
| Debt to equity | 1.28x | 1.40x | 1.47x | 1.64x | 1.50x | 1.14x | 0.67x | 0.50x | 0.50x | 0.46x | 1.14x |
| Current ratio | 2.95x | 2.68x | 2.68x | 2.49x | 2.64x | 7.08x | 4.58x | 3.20x | 3.79x | 3.98x | 2.95x |
| Cash conversion | 0.99x | 2.54x | 3.13x | — | — | 7.18x | 3.75x | 1.64x | 3.12x | 1.81x | 3.12x |