Alcoa

Balance sheet improved in 2025: year‑end cash about 1.6 billion dollars, total debt 2.4 billion dollars, adjusted net debt 1.5 billion dollars. 2025 CFO was 1.2 billion dollars with free cash flow of 567 million dollars despite higher capex.

Debt ladder looks manageable after redeeming the remaining 2027 notes; next notable maturities are modest in 2028 and then larger in 2029–2030. Cyclicality and pension/OPEB obligations still warrant caution, but the company appears positioned to withstand normal downturns.