I wouldn't touch Alcoa with your money and no i am not shorting it...it's just one of the better APPARENT values in this 2X overpriced market but looking deeper, past the PE ratio, it is junk! I don't know why anyone would be going long this 2+X overpriced market - there are no values that makes sense ...in bad times PE values are suppose to get down to 6 to 8 PE ratio, ON AVERAGE..and this is based on historical data..being today is so bad a PE of 5 makes most sense. Go read the article "2X overpriced market" written last year before 6 more months of unfounded gains in our masked depression.
You by cyclicals like Alcoa when their PEs are hitting highs, not lows. And then you sell when the PEs are hitting lows. That's how GDP-sensitive stocks react to the economic cycle. Counterintuitive, but true. Look it up.
Price/Book is a much better indicator for cyclical stocks. I'm ecstatic that I get to buy AA, right now, trading at 1x its tangible book value. Opportunities to buy great american companies at prices like that don't happen very often.
So you financial acumen tells you it's relevant to compare long term debt to short term equity (cash)? You find that a valid financial metric do you? Isn't it more useful to know if FCF can cover current debt? Or were you just using bad data to make a point that you like to make but don't have any other data to use to make it?