Century Aluminum Co. (CENX) intrinsic value & 10-year financials

Century Aluminum Co. (CENX) has a Graham intrinsic value of $1.34 per share. At $35.03 on Oct 17, 2026, the stock trades 2514% above that value. Over the last 10 fiscal years revenue grew 7.5% a year to $2.5B, with an average return on invested capital of -0.8%.

Graham intrinsic value
$1.34
Share price (Oct 17, 2026)
$35.03
Price vs Graham value
2514% above
Market cap
$3.3B
Revenue (FY2025)
$2.5B
Revenue growth (10-yr CAGR)
7.5%
ROIC (10-yr avg)
-0.8%
Free cash flow (FY2025)
$84.8M

CENX 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $2.5B $41.8M $0.42 $84.8M 6.3% 23.0%
FY2024 $2.2B $336.8M $3.27 -$106.9M 5.5% 17.2%
FY2023 $2.2B -$43.1M -$0.47 $10.6M 1.5% 2.9%
FY2022 $2.8B -$14.1M -$0.15 -$60.4M -5.4% -11.5%
FY2021 $2.2B -$167.1M -$1.85 -$147.7M 3.0% 12.3%
FY2020 $1.6B -$123.3M -$1.38 $29.5M -5.0% -13.7%
FY2019 $1.8B -$80.8M -$0.91 -$41.9M -3.9% -9.5%
FY2018 $1.9B -$66.2M -$0.76 -$152.1M -3.1% -8.1%
FY2017 $1.6B $48.6M $0.51 $19.9M 5.9% 10.2%
FY2016 $1.3B -$252.4M -$2.90 $16.2M -17.8% -31.0%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

CENTURY ALUMINUM CO has demonstrated mature, steady growth, with revenue compounding at 7.5% annually over the past decade.

CENTURY ALUMINUM CO has historically struggled to out-earn its cost of capital, averaging just 1.6% ROIC.

CENTURY ALUMINUM CO capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, CENTURY ALUMINUM CO is modeled at -2.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.34 per share.

CENX stock: frequently asked questions

What is the intrinsic value of Century Aluminum Co. (CENX) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -2.4% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, CENX's intrinsic value is about $1.34 per share.

Is CENX stock undervalued?

At $35.03 (close on Oct 17, 2026), CENX trades 2514% above its Graham value of $1.34. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Century Aluminum Co. grown?

Revenue went from $1.3B in fiscal 2016 to $2.5B in fiscal 2025, a compound annual growth rate of 7.5%. Net income was $41.8M in fiscal 2025.

Does Century Aluminum Co. generate free cash flow?

Century Aluminum Co. generated $84.8M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 5 of the last 10 reported years.

What is CENX's return on invested capital?

Average ROIC over the last 10 fiscal years was -0.8%, and average return on equity was -4.7%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this CENX data come from?

From Century Aluminum Co.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 6, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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