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GrafTech International Ltd.

EAF

GrafTech International Ltd. • NYSE
$14.42 ▲ 1.84% (+0.26)
Market Cap $3.72 B
52w High $22.60
52w Low $5.50
Dividend Yield 0%
P/E -1.83
Volume 52.59K
Outstanding Shares 258.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $143.998M ▲ $15.423M ▲ $-28.482M ▲ -19.779% ▲ $-0.11 ▲ $12.624M ▲
Q2-2025 $131.84M ▲ $14.615M ▼ $-86.886M ▼ -65.903% ▼ $-0.34 ▼ $5.301M ▲
Q1-2025 $111.839M ▼ $16.501M ▲ $-39.351M ▲ -35.185% ▲ $-0.15 ▲ $-2.939M ▲
Q4-2024 $134.217M ▲ $14.462M ▲ $-49.476M ▼ -36.863% ▼ $-0.19 ▼ $-7.769M ▼
Q3-2024 $130.654M $14.305M $-36.068M -27.606% $-0.14 $-5.088M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $177.635M ▲ $1.108B ▼ $1.302B ▲ $-194.36M ▼
Q2-2025 $158.543M ▼ $1.112B ▼ $1.28B ▼ $-168.435M ▼
Q1-2025 $214.283M ▼ $1.208B ▼ $1.313B ▲ $-105.34M ▼
Q4-2024 $256.248M ▲ $1.224B ▲ $1.303B ▲ $-78.902M ▼
Q3-2024 $141.406M $1.143B $1.152B $-8.998M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-28.482M ▲ $24.7M ▲ $-6.059M ▼ $-46K ▼ $19.092M ▲ $18.376M ▲
Q2-2025 $-86.886M ▼ $-53.236M ▼ $-3.905M ▲ $-27K ▲ $-55.74M ▼ $-57.145M ▼
Q1-2025 $-39.351M ▲ $-32.186M ▼ $-10.252M ▲ $-237K ▼ $-41.965M ▼ $-42.467M ▼
Q4-2024 $-49.476M ▼ $-26.417M ▼ $-12.792M ▼ $155.858M ▲ $114.842M ▲ $-39.209M ▼
Q3-2024 $-36.068M $23.709M $-4.007M $-23K $20.68M $19.682M

Revenue by Products

Product Q1-2021Q2-2021Q3-2021Q1-2022
by Product
by Product
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has fallen sharply from its peak a few years ago, and the business has moved from healthy profits to losses in the most recent periods. Profitability has eroded at every level, with gross profit turning slightly negative and operating income and net income both clearly in the red. This points to a mix of weaker pricing, lower volumes, and/or higher costs that the company has not yet fully offset. Overall, recent results look like a downturn phase in a very cyclical business, and a clear contrast to the strong earnings seen earlier in the five‑year window.

Balance Sheet

Balance Sheet The balance sheet shows a company with a reasonable asset base but a capital structure that has become stretched. Debt remains sizable, while shareholder equity has slipped back into negative territory, which means past losses and leverage now weigh heavily on the company’s financial cushion. Cash on hand has improved from earlier lows but is still modest relative to total debt, leaving limited room for prolonged weakness without further action. In short, the balance sheet is serviceable for now but not especially robust, and it leaves less margin for error if business conditions stay soft.

Cash Flow

Cash Flow Historically, the company generated solid cash from its operations, but this has weakened steadily and recently dipped slightly negative. Free cash flow followed the same path: once comfortably positive, now just below break‑even after funding a relatively modest and stable level of capital spending. This pattern suggests the core business is under enough pressure that it is no longer clearly self‑funding in the latest year. Future improvement in earnings quality and working capital management will be important to restore a more comfortable cash cushion.

Competitive Edge

Competitive Edge GrafTech holds a meaningful position in the graphite electrode market, supported by a long operating history, well‑known brands, and relationships with major steel producers. Its key strength is vertical integration into petroleum needle coke, giving it better control over a critical raw material, along with potential cost and supply advantages versus competitors. The company also differentiates itself through technical services and productivity solutions that tie customers more closely to its products, rather than competing purely on price. However, demand and pricing in its end markets remain cyclical and exposed to global steel trends, so even strong structural advantages do not fully shield it from industry swings.

Innovation and R&D

Innovation and R&D The company has a long track record of technical innovation in graphite materials and electrode design, continuously pushing for larger, more durable, and higher‑performance products. Its proprietary furnace productivity system and technical support services show a shift toward being a solutions partner, not just a commodity supplier. Vertical integration into needle coke also opens doors to adjacent opportunities, such as electric‑vehicle battery materials, if the company chooses to pursue them more aggressively. Overall, R&D and engineering capabilities appear to be a key lever for maintaining differentiation and adapting to shifts in steelmaking and energy technologies.

Summary

GrafTech today reflects a sharp downturn from earlier strong years: revenues are lower, margins have compressed, and the business has swung to losses, pressuring both cash flow and equity. The balance sheet carries meaningful debt and now shows negative equity, which makes the company more sensitive to ongoing weakness, even though cash levels have improved somewhat. On the positive side, the firm retains notable strategic strengths: vertical integration into a key raw material, recognized product quality, deep customer ties, and value‑added technical services. Its innovation capabilities and exposure to electric‑arc steelmaking and potential EV‑related demand offer longer‑term opportunity, but near‑term financial trends highlight the need for operational recovery and disciplined balance sheet management in a cyclical and competitive market.

NEWS

October 24, 2025 · 6:40 AM UTC

GrafTech Reports Third Quarter 2025 Results

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October 2, 2025 · 4:30 PM UTC

GrafTech Announces Third Quarter 2025 Earnings Conference Call and Webcast

Read more