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Introduction 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 c…
The business is unprofitable at the operating level (-15.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.4% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$121M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$517M
▼ -6.4% YoY
Net Income (TTM)
-$224M
▼ -67.6% YoY
Op. Margin
-17.30%
▼ -1.3pp YoY
ROIC
-6.46%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$105M
▼ -62.0% YoY
Op. Cash Flow (TTM)
-$64M
▼ -103.6% YoY
Net Debt
$976M
Cash & Equiv.
$120M
5Y CAGR: -16.3%
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