Latest Ratios: P/E Ratio -6.8x · 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 | $1.5B | $4.0B | $4.5B | $5.6B | $12.3B | $31.5B | $28.6B | $33.6B | $34.1B | — | — |
| Enterprise Value | $2.5B | $5.0B | $5.3B | $6.4B | $13.1B | $32.5B | $29.8B | $35.3B | $36.2B | — | — |
| P/E Ratio → | -6.81 | — | — | — | 3.22 | 8.10 | 65.80 | 45.04 | 39.86 | — | — |
| P/S Ratio | 3.00 | 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 | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.2% | 0.1% | 0.8% | 0.7% | — | — |
| Total Shareholder Yield | 0.0% | 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 |
Insolvency and liquidity risk
As reported in recent financial statements, GrafTech's gross margin plummeted to -20.9% in 2025Q4, underscoring a fundamental inability to cover production costs that suggests the company's current pricing power is insufficient to offset the high fixed-cost burden inherent in its specialized graphite electrode manufacturing operations.
The persistent negative operating margins, which reached -33.6% in the most recent quarter, indicate that the company is currently operating well below the utilization levels required for break-even. Investors should monitor whether this margin compression is a temporary cyclical trough or a structural shift caused by the loss of legacy high-priced contracts and increased competition.
Based on quarterly data, the cash conversion cycle has remained stubbornly high, peaking at 218 days in 2025Q1, which highlights significant inefficiencies in inventory management and a potential reliance on extended payment terms that further strains the company's already limited cash-generative capacity during this downturn.
The elevated days inventory outstanding (DIO) suggests that the company is struggling to clear finished goods in a softening steel market, effectively tying up capital in non-productive assets. This inefficiency exacerbates the cash burn, as the company is forced to finance its working capital requirements while simultaneously absorbing heavy operating losses.
According to balance sheet disclosures, the current ratio has fluctuated between 3.33 and 4.95 over the last ten quarters, yet this headline strength is misleading as it masks the underlying cash depletion and the lack of positive operating cash flow required to sustain long-term operations.
While the current ratio appears adequate on the surface, the rapid decline in cash reserves suggests that the company's liquidity position is deteriorating under the weight of persistent net losses. The reliance on current assets that may be difficult to liquidate at book value during a sector-wide downturn warrants further investigation into the company's actual cash runway.
Investors frequently misapply the price-to-sales (P/S) ratio to evaluate GrafTech, which obscures the company's severe lack of profitability and ignores the fact that revenue growth is currently decoupled from the underlying unit economics of the graphite electrode business model.
Using P/S as a primary valuation metric is dangerous here because it fails to account for the negative gross margins and the high fixed-cost structure that prevents revenue from translating into cash flow. A more appropriate focus would be on the enterprise value relative to replacement cost or a liquidation analysis, given the current inability of the business to generate positive returns on invested capital.
Includes 30+ ratios · 30 years · Updated daily
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GrafTech International Ltd.'s current P/E ratio is -6.8x. The historical average is 32.4x.
Based on historical data, GrafTech International Ltd. is trading at a P/E of -6.8x. Compare with industry peers and growth rates for a complete picture.
GrafTech International Ltd. has -3.1% gross margin and -15.3% operating margin.