Maroc Aluminium Du SA

Maroc Aluminium Du SA maintains a conservative capital structure with a debt-to-equity ratio of 0.44 and a current ratio of 1.26, indicating adequate short-term liquidity coverage. The balance sheet shows total assets of MAD 1.08 billion against total liabilities of MAD 817.9 million, resulting in total equity of MAD 262.1 million. Long-term debt stands at MAD 114.4 million, while cash and equivalents are minimal at MAD 144,000, leading to a negative net cash position after subtracting total debt. Operating cash flow is robust at MAD 92.5 million, supporting a free cash flow of MAD 40.1 million after capital expenditures of MAD 19.3 million.

Profitability metrics demonstrate strong returns on capital, with a return on equity of 23.81% and a return on assets of 5.78%. The company generated a gross profit of MAD 382.5 million on revenue of MAD 1.30 billion, yielding a gross margin of approximately 29.3%. Operating income reached MAD 129.9 million, translating to a net income of MAD 62.4 million for the period. These figures suggest efficient operational leverage and cost management within the aluminum production cycle.

Segment and geographic revenue breakdowns are not disclosed in the available data, preventing a detailed analysis of revenue concentration risks. The company's activity is broadly categorized under building products, implying exposure to construction and industrial demand cycles. Without specific segment data, the revenue mix is assumed to be consolidated under the primary aluminum manufacturing operations.

Historical revenue and net income trends are not provided in the input data, limiting the ability to assess long-term growth trajectory. The current financial snapshot reflects a single normalized period, offering a static view of performance rather than a dynamic growth profile. Analyst estimates suggest a mean EPS of 122.82 MAD, compared to the last actual EPS of 132.77 MAD, indicating a slight downward revision in near-term earnings expectations.

Risk assessment highlights medium liquidity risk and low dilution risk. The key flag notes that net cash is negative after subtracting total debt, which may constrain financial flexibility during periods of high capital intensity or market volatility. The low dilution risk is supported by the identical basic and diluted share counts of 465,954 shares, indicating no significant outstanding options or convertible securities.

Recent observations include an analyst mean recommendation of 2.00, driven by one buy rating and no hold, sell, or strong sell ratings. The absence of strong buy ratings suggests cautious optimism among analysts. No specific filing, news, or transcript events are disclosed in the available data to provide additional context on recent corporate actions or strategic shifts.

Net income surged 69.4% year-over-year to MAD 62.4 million in FY2026, demonstrating strong bottom-line growth momentum.

Free cash flow improved by 152.8% year-over-year to MAD 40.1 million in FY2026, signaling significant cash generation recovery.

Long-term debt decreased to MAD 114.4 million in FY2026, reducing leverage and strengthening the balance sheet position.

Net margin of 4.78% remains below the cohort median of 5.45%, suggesting weaker bottom-line efficiency compared to industry peers.

The company faces a medium liquidity risk flag, indicating potential challenges in meeting short-term financial obligations.

Revenue growth slowed to a 2.7% CAGR over four years, indicating modest top-line expansion despite profit improvements.

Operating income declined from MAD 128.9 million in FY2022 to MAD 82.8 million in FY2024 before recovering, showing volatility.

Free cash flow turned negative at MAD -75.9 million in FY2025, highlighting recent cash flow instability prior to FY2026 recovery.

Revenue MAD 1.30B, +4,9% YoY; Operating income +27,1% YoY.

• ▍Revenue MAD 1.30B, +4,9% YoY
• ▍Operating income +27,1% YoY
• ▍Net income +69,4% YoY
• ▍Free cash flow +152,8% YoY
• ▍Net margin 4.8%

Revenue MAD 1.24B, −2,1% YoY; Operating income +23,5% YoY.

• ▍Revenue MAD 1.24B, −2,1% YoY
• ▍Operating income +23,5% YoY
• ▍Net income +453,1% YoY
• ▍Free cash flow −427,6% YoY
• ▍Net margin 3.0%

Revenue MAD 1.27B, −10,5% YoY; Operating income −26,7% YoY.

• ▍Revenue MAD 1.27B, −10,5% YoY
• ▍Operating income −26,7% YoY
• ▍Net income +51,4% YoY
• ▍Free cash flow +291,6% YoY
• ▍Net margin 0.5%

Revenue MAD 1.42B, +21,1% YoY; Operating income −12,3% YoY.

• ▍Revenue MAD 1.42B, +21,1% YoY
• ▍Operating income −12,3% YoY
• ▍Net income −75,8% YoY
• ▍Free cash flow −126,1% YoY
• ▍Net margin 0.3%

Revenue MAD 1.17B; Operating income MAD 128.9M.

• ▍Revenue MAD 1.17B
• ▍Operating income MAD 128.9M
• ▍Net margin 1.6%