GRAFTECH INTERNATIONAL LTD EAF
GrafTech International Ltd., founded in 1886 and incorporated in Delaware, is a leading manufacturer of high-quality graphite electrode products essential to the production of EAF steel and other ferrous and non-ferrous metals. We believe that we have a competitive portfolio of low-cost ultra-high power ("UHP") graphite electrode manufacturing facilities, with some of the highest capacity facilities in the world. We have graphite electrode manufacturing facilities in Calais, France; Pamplona, Spain; Monterrey, Mexico and St. Marys, Pennsylvania (idled in 2024). We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, our key raw material for graphite electrode manufacturing. This unique position provides us with a number of competitive advantages.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $504.1M | $538.8M | $620.5M | $1.28B | $1.35B | $1.22B | $1.79B | $1.90B | $550.8M | $438.0M |
| Cost of revenue | — | — | — | $726.4M | $701.3M | $563.9M | $750.4M | $705.7M | $463.1M | $449.2M |
| Gross profit | -$15.7M | -$19.9M | $36.2M | $554.9M | $644.5M | $660.5M | $1.04B | $1.19B | $87.7M | -$30.2M |
| R&D | $6.5M | $5.7M | $5.5M | $3.6M | $3.8M | $4.0M | $2.7M | $2.1M | $3.5M | $2.5M |
| SG&A | $54.9M | $46.5M | $74.0M | $77.0M | $132.6M | $67.9M | $63.7M | $62.0M | $52.5M | $58.5M |
| Operating income | -$77.1M | -$75.2M | -$214.4M | $474.3M | $508.1M | $588.6M | $974.0M | $1.13B | $31.8M | -$94.1M |
| Interest expense | $104.1M | $85.3M | $58.1M | $36.6M | $68.8M | $98.1M | $127.3M | $135.1M | $30.8M | $26.9M |
| Pre-tax income | -$170.4M | -$153.3M | -$273.8M | $452.3M | $456.4M | $510.0M | $842.8M | $902.8M | $3.4M | -$116.4M |
| Income tax | $49.4M | $22.1M | $18.5M | $69.4M | $68.1M | $75.7M | $98.2M | $48.9M | $10.8M | $7.6M |
| Net income | -$219.8M | -$131.2M | -$255.2M | $383.0M | $388.3M | $434.4M | $744.6M | $854.2M | $8.0M | -$235.8M |
| EPS, basic | -8.45 | -5.09 | -9.93 | 1.48 | 1.46 | 1.62 | 2.58 | 2.87 | 0.03 | -0.78 |
| EPS, diluted | -8.45 | -5.09 | -9.93 | 1.48 | 1.46 | 1.62 | 2.58 | 2.87 | 0.03 | -0.78 |
| Shares, diluted (wtd. avg.) | $26.0M | $25.8M | $25.7M | $258.8M | $266.3M | $267.9M | $289.1M | $297.8M | $302.2M | $302.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $138.4M | $256.2M | $176.9M | $134.6M | $57.5M | $145.4M | $80.9M | $49.9M | $13.4M | $11.6M |
| Inventory | $224.7M | $231.2M | $330.1M | $447.7M | $289.4M | $266.0M | $313.6M | $293.7M | — | — |
| Total current assets | $484.5M | $636.8M | $674.8M | $815.2M | $627.9M | $629.2M | $682.6M | $638.1M | — | — |
| Property, plant and equipment | $489.9M | $482.7M | $522.1M | $519.1M | $501.5M | $506.2M | $513.0M | $513.7M | — | — |
| Goodwill | — | — | $0 | $171.1M | $171.1M | $171.1M | $171.1M | $171.1M | $171.1M | — |
| Other intangibles | $27.1M | $34.4M | $42.4M | $51.5M | $61.7M | $72.4M | $83.9M | $96.0M | — | — |
| Total assets | $1.03B | $1.22B | $1.29B | $1.60B | $1.41B | $1.43B | $1.53B | $1.51B | — | — |
| Accounts payable | $67.0M | $72.8M | $83.3M | $103.2M | $117.1M | $71.0M | $78.7M | $88.1M | — | — |
| Short-term debt | — | $0 | $134.0K | $124.0K | $127.0K | $131.0K | $141.0K | $106.3M | — | — |
| Total current liabilities | $128.2M | $139.9M | $190.5M | $237.9M | $234.6M | $198.1M | $220.2M | $327.1M | — | — |
| Long-term debt | $1.09B | $1.09B | $925.5M | $921.8M | $1.03B | $1.42B | $1.81B | $2.05B | $2.16B | — |
| Retained earnings | -$1.01B | -$793.5M | -$662.4M | -$401.9M | -$733.2M | -$1.07B | -$1.45B | -$1.89B | — | — |
| Total equity | -$259.6M | -$78.9M | $78.2M | $337.7M | $23.4M | -$329.4M | -$691.1M | -$1.08B | $613.2M | $577.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$81.6M | -$40.1M | $76.6M | $324.6M | $443.0M | $563.6M | $805.3M | $836.6M | $36.6M | $22.8M |
| Depreciation and amortisation | $54.3M | $54.3M | $47.7M | $45.4M | $55.0M | $51.5M | $49.7M | $53.5M | $50.4M | $63.4M |
| Stock-based compensation | $5.0M | $6.0M | $4.4M | $2.3M | $16.6M | $2.7M | $2.1M | — | — | — |
| Capital expenditure | $38.9M | $34.3M | $54.0M | $72.2M | $58.3M | $36.1M | $64.1M | $68.2M | $34.7M | $27.9M |
| Investing cash flow | -$38.3M | -$34.2M | -$53.8M | -$72.0M | -$57.9M | -$35.7M | -$63.9M | -$67.3M | -$2.2M | -$10.5M |
| Financing cash flow | -$341.0K | $155.7M | $18.7M | -$176.3M | -$471.8M | -$463.7M | -$709.6M | -$731.0M | -$33.0M | -$8.3M |
| Dividends paid | $0 | $0 | $5.1M | $10.3M | $7.4M | $8.6M | $20.6M | $55.6M | $0 | $0 |
| Buybacks | — | $0 | $0 | $60.0M | $50.0M | $30.1M | $10.9M | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000931148-26-000017.
Others in SIC 3620
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BE | Bloom Energy Corp | $71.93B | — | 38.9% |
| WWD | Woodward, Inc. | $20.44B | 48.2x | 7.3% |
| PLUG | PLUG POWER INC | $3.03B | — | 12.9% |
| FCEL | FUELCELL ENERGY INC | $1.20B | — | 41.0% |
| NPWR | Net Power Inc. | $170.6M | — | -100.0% |
| BLDP | Ballard Power Systems Inc. | — | — | — |
| FPS | Forgent Power Solutions, Inc. | — | — | — |