Latest Ratios: P/E Ratio -10.0x · EV/EBITDA N/A · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $226M | $4.0B | $4.5B | $5.6B | $12.3B | $31.5B | $28.6B | $33.6B | $34.1B | — | — |
| Enterprise Value | $1.2B | $5.0B | $5.3B | $6.4B | $13.1B | $32.5B | $29.8B | $35.3B | $36.2B | — | — |
| P/E Ratio → | -10.01 | — | — | — | 3.22 | 8.10 | 65.80 | 45.04 | 39.86 | — | — |
| P/S Ratio | 0.45 | 8.00 | 8.27 | 9.07 | 9.61 | 23.41 | 23.33 | 18.76 | 17.97 | — | — |
| P/B Ratio | — | — | — | 71.94 | 36.48 | 1346.26 | — | — | — | — | — |
| P/FCF | — | — | — | 249.96 | 48.79 | 81.88 | 54.14 | 45.32 | 44.33 | — | — |
| P/OCF | — | — | — | 73.53 | 37.95 | 71.11 | 50.67 | 41.71 | 40.72 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.90 | 9.83 | 10.29 | 10.23 | 24.13 | 24.37 | 19.72 | 19.08 | — | — |
| EV / EBITDA | — | — | — | 1587.44 | 25.19 | 55.70 | 46.12 | 34.40 | 30.23 | — | — |
| EV / EBIT | — | — | — | — | 26.68 | 62.06 | 49.42 | 36.37 | 34.85 | — | — |
| EV / FCF | — | — | — | 283.43 | 51.91 | 84.40 | 56.55 | 47.65 | 47.07 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -3.1% | -3.1% | -4.1% | 4.3% | 42.6% | 48.6% | 53.6% | 57.6% | 62.7% | 15.9% | -6.5% |
| Operating Margin | -15.3% | -15.3% | -13.8% | -8.5% | 36.3% | 38.4% | 47.7% | 53.9% | 59.6% | 5.8% | -19.8% |
| Net Profit Margin | -43.6% | -43.6% | -24.3% | -41.1% | 29.9% | 28.9% | 35.5% | 41.6% | 45.1% | 1.4% | -53.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -122.7% | 212.1% | 1659.4% | — | — | — | — | -34.0% |
| ROA | -19.5% | -19.5% | -10.4% | -17.6% | 25.4% | 27.3% | 29.4% | 49.1% | 63.2% | 0.7% | -18.2% |
| ROIC | -7.9% | -7.9% | -7.0% | -4.1% | 32.9% | 40.0% | 44.1% | 69.9% | 82.3% | — | -6.2% |
| ROCE | -7.8% | -7.8% | -6.8% | -4.3% | 36.5% | 42.9% | 46.0% | 77.7% | 1110.7% | 74.7% | -7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 11.90 | 2.73 | 44.00 | — | — | — | — | 0.63 |
| Debt / EBITDA | — | — | — | 231.47 | 1.77 | 1.77 | 2.20 | 1.77 | 1.80 | 3.43 | — |
| Net Debt / Equity | — | — | — | 9.63 | 2.33 | 41.54 | — | — | — | — | 0.61 |
| Net Debt / EBITDA | — | — | — | 187.48 | 1.51 | 1.67 | 1.97 | 1.69 | 1.76 | 3.29 | — |
| Debt / FCF | — | — | — | 33.47 | 3.12 | 2.53 | 2.42 | 2.34 | 2.74 | 170.77 | — |
| Interest Coverage | -0.64 | -0.64 | -0.65 | -2.82 | 12.60 | 7.82 | 6.16 | 7.63 | 7.68 | 1.11 | -3.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.78 | 3.78 | 4.55 | 3.54 | 3.43 | 2.68 | 3.18 | 3.10 | 1.95 | 0.16 | 2.94 |
| Quick Ratio | 2.03 | 2.03 | 2.80 | 1.73 | 1.55 | 1.39 | 1.77 | 1.68 | 1.05 | 0.08 | 1.56 |
| Cash Ratio | 1.08 | 1.08 | 1.83 | 0.93 | 0.57 | 0.25 | 0.73 | 0.37 | 0.15 | 0.01 | 0.10 |
| Asset Turnover | — | 0.49 | 0.44 | 0.48 | 0.80 | 0.95 | 0.85 | 1.17 | 1.26 | 0.46 | 0.37 |
| Inventory Turnover | 2.31 | 2.31 | 2.29 | 1.72 | 1.64 | 2.29 | 2.05 | 2.42 | 2.41 | 2.50 | 2.99 |
| Days Sales Outstanding | — | 53.02 | 78.24 | 76.48 | 52.70 | 67.70 | 58.08 | 50.35 | 47.80 | 89.78 | 77.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.1% | 0.1% | 0.0% | 0.1% | 0.3% | 4.5% | — | — |
| Payout Ratio | — | — | — | — | 2.7% | 2.7% | 7.1% | 13.2% | 180.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 31.1% | 12.3% | 1.5% | 2.2% | 2.5% | — | — |
| FCF Yield | — | — | — | 0.4% | 2.0% | 1.2% | 1.8% | 2.2% | 2.3% | — | — |
| Buyback Yield | 0.1% | 0.0% | 0.0% | 0.0% | 0.5% | 0.2% | 0.1% | 0.8% | 0.7% | — | — |
| Total Shareholder Yield | 0.1% | 0.0% | 0.0% | 0.1% | 0.6% | 0.2% | 0.2% | 1.1% | 5.2% | — | — |
| Shares Outstanding | — | $260M | $258M | $257M | $259M | $266M | $268M | $289M | $298M | $302M | $302M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EAF stock.
GrafTech International Ltd.'s current P/E ratio is -10.0x. The historical average is 32.4x.
Based on historical data, GrafTech International Ltd. is trading at a P/E of -10.0x. Compare with industry peers and growth rates for a complete picture.
GrafTech International Ltd. has -3.1% gross margin and -15.3% operating margin.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Negative Gross Margin Persists
Gross margin remained negative at -0.3% in Q2 2026, with cumulative gross profit over the last four quarters at -$29.4M, as reported in financial statements, indicating production costs exceed revenue.
The negative gross margin is not a one-off but a persistent trend, with four consecutive quarters of negative gross profit. This suggests that the company's cost structure, particularly fixed costs and input costs, is not being covered by current pricing. The operating margin of -11.4% in Q2 2026 further underscores the severity, as SG&A expenses remain stable around $13M, amplifying the impact of revenue declines. The net margin of -31.8% is even worse, implying significant non-operating charges such as interest and impairments, which may indicate deeper financial strain.
Return on Capital Deeply Negative
ROIC has been negative for nine consecutive quarters, reaching -1.6% in Q2 2026, per quarterly data, indicating that the company is destroying value on its invested capital.
The negative ROIC, coupled with a negative ROA of -4.0%, suggests that the company's asset base is not generating sufficient returns to cover its cost of capital. The trend has been consistently negative, with only a slight improvement from -4.1% in Q4 2025 to -1.6% in Q2 2026, but this is still far from positive. The drivers appear to be both margin compression and low asset turnover, as the asset turnover ratio has remained stagnant at 0.12, indicating that the company is not efficiently utilizing its assets to generate revenue.
Working Capital Cycle Lengthens
The cash conversion cycle extended to 171 days in Q2 2026, up from 155 days in Q1 2026, based on reported figures, driven by a rise in days inventory outstanding to 164.
The lengthening cash conversion cycle indicates that cash is being tied up in inventory for longer periods, which is concerning given the negative cash flow from operations. DIO increased from 144 days in Q1 2026 to 164 days in Q2 2026, suggesting that inventory is not being sold as quickly, possibly due to weak demand or overproduction. DSO remained relatively stable at 56 days, while DPO increased slightly to 49 days, but the overall effect is a longer cash cycle, which may exacerbate liquidity pressures.
Liquidity Buffer Masks Cash Burn
The current ratio stands at 4.13 in Q2 2026, per balance sheet data, but with negative operating cash flow of -$54.5M in the same quarter, the liquidity cushion may be eroding.
While the current ratio of 4.13 appears strong, it is largely driven by inventory and receivables, which may not be easily convertible to cash in a distressed scenario. The quick ratio of 2.24 provides a more conservative view, but still suggests adequate short-term liquidity. However, the persistent negative free cash flow, with a FCF margin of -54.5% in Q2 2026, indicates that the company is burning through cash at an alarming rate. With cash at $145.4M, the company may have limited runway to sustain operations without additional financing or a significant turnaround in profitability.
Debt Burden Intensifies Amid Negative Equity
Total debt rose to $1.2B in Q2 2026, while shareholders' equity turned negative at -$345.6M, per balance sheet data, making the debt-to-equity ratio incalculable and signaling extreme leverage.
The negative equity position indicates that the company's liabilities exceed its assets, which is a severe financial strain. Interest coverage has been negative for the past several quarters, with a ratio of -1.13 in Q2 2026, suggesting that operating income is insufficient to cover interest expenses. The D/EBITDA ratio, when available, has been extremely high, such as 95.98 in Q3 2025, indicating that debt levels are unsustainable relative to earnings. This leverage, combined with negative cash flow, raises concerns about the company's ability to service its debt and refinance obligations.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly misapplied to GrafTech because its EBITDA is negative, making the ratio meaningless, as per reported figures; instead, investors should focus on cash flow metrics.
The forward EV/EBITDA of 42.99 appears misleading because it is based on forward estimates that may not materialize given the current negative EBITDA. In cyclical downturns, EV/EBITDA can be distorted by low or negative earnings, and for GrafTech, the more relevant metric is the price-to-sales ratio or the EV-to-installed-capacity ratio, which better reflects the asset base and potential recovery. Additionally, the company's high fixed costs and negative gross margins suggest that EBITDA is not a reliable indicator of cash generation, and investors should monitor free cash flow and working capital changes to assess the true financial health.