Latest Ratios: P/E Ratio 30.2x · EV/EBITDA 12.4x · ROE 7.8%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.3B | $19.5B | $23.7B | $33.7B | $29.7B | $32.9B | — | — |
| Enterprise Value | $26.2B | $19.4B | $23.9B | $34.1B | $30.3B | $32.4B | — | — |
| P/E Ratio → | 30.16 | 21.96 | — | 33.11 | 20.57 | — | — | — |
| P/S Ratio | 3.87 | 2.87 | 3.52 | 4.56 | 3.67 | 4.99 | — | — |
| P/B Ratio | 2.23 | 1.63 | 2.19 | 3.02 | 2.99 | 4.09 | — | — |
| P/FCF | 26.08 | 19.31 | 21.63 | 104.96 | — | 30.65 | — | — |
| P/OCF | 15.20 | 11.26 | 13.78 | 15.86 | 11.34 | 11.57 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.85 | 3.53 | 4.61 | 3.73 | 4.91 | — | — |
| EV / EBITDA | 12.42 | 9.18 | 17.62 | 13.20 | 10.84 | 20.77 | — | — |
| EV / EBIT | 32.88 | 21.28 | — | 28.74 | 18.63 | — | — | — |
| EV / FCF | — | 19.21 | 21.75 | 106.11 | — | 30.19 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.2% | 25.2% | 24.5% | 28.4% | 27.6% | 15.4% | -14.7% | -9.2% |
| Operating Margin | 11.7% | 11.7% | -3.2% | 15.3% | 14.4% | -0.9% | -34.1% | -28.0% |
| Net Profit Margin | 13.0% | 13.0% | -3.9% | 13.8% | 17.9% | -3.8% | -27.8% | -23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 7.8% | 7.8% | -2.4% | 9.7% | 16.1% | -3.3% | -16.6% | -15.2% |
| ROA | 5.2% | 5.2% | -1.5% | 5.7% | 8.8% | -1.8% | -10.1% | -9.5% |
| ROIC | 5.2% | 5.2% | -1.4% | 7.7% | 9.7% | -0.5% | -12.2% | -10.8% |
| ROCE | 5.6% | 5.6% | -1.5% | 7.7% | 8.9% | -0.5% | -14.7% | -13.4% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.21 | 0.25 | 0.29 | 0.30 | 0.39 | 0.36 |
| Debt / EBITDA | 0.81 | 0.81 | 1.71 | 1.07 | 1.02 | 1.57 | 3.24 | 3.08 |
| Net Debt / Equity | — | -0.01 | 0.01 | 0.03 | 0.05 | -0.06 | 0.26 | 0.25 |
| Net Debt / EBITDA | -0.05 | -0.05 | 0.09 | 0.14 | 0.18 | -0.32 | 2.19 | 2.14 |
| Debt / FCF | — | -0.10 | 0.12 | 1.14 | — | -0.47 | 4.60 | — |
| Interest Coverage | — | — | -0.44 | 8.65 | 13.88 | -0.68 | -7.98 | -4.10 |
Net cash position: cash ($1.8B) exceeds total debt ($1.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.62 | 2.62 | 2.11 | 2.04 | 1.73 | 1.67 | 1.58 | 1.50 |
| Quick Ratio | 1.95 | 1.95 | 1.57 | 1.56 | 1.33 | 1.32 | 1.09 | 1.35 |
| Cash Ratio | 1.29 | 1.29 | 1.11 | 1.12 | 0.91 | 0.94 | 0.48 | 0.43 |
| Asset Turnover | — | 0.40 | 0.40 | 0.41 | 0.45 | 0.44 | 0.39 | 0.40 |
| Inventory Turnover | 3.22 | 3.22 | 3.14 | 3.56 | 4.38 | 4.97 | 6.05 | 18.03 |
| Days Sales Outstanding | — | 81.97 | 75.33 | 67.55 | 63.38 | 66.96 | 73.41 | 111.82 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 4.6% | — | 3.0% | 4.9% | — | — | — |
| FCF Yield | 3.8% | 5.2% | 4.6% | 1.0% | — | 3.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $558M | $553M | $556M | $552M | $506M | $532M | $516M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GFS stock.
GLOBALFOUNDRIES Inc.'s current P/E ratio is 30.2x. The historical average is 25.2x. This places it at the 67th percentile of its historical range.
GLOBALFOUNDRIES Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
GLOBALFOUNDRIES Inc.'s return on equity (ROE) is 7.8%. The historical average is -0.6%.
Based on historical data, GLOBALFOUNDRIES Inc. is trading at a P/E of 30.2x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GLOBALFOUNDRIES Inc. has 25.2% gross margin and 11.7% operating margin. Operating margin between 10-20% is typical for established companies.
GLOBALFOUNDRIES Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
ICFR weakness and utilization risk
Margin Recovery Hinges on Mix
Gross margin improved to 28.3% in Q2 2026 from 24.2% a year earlier, per company filings, but remains below UMC's 29.0%, reflecting GFS's specialty-node focus and pricing dynamics.
The sequential improvement in gross margin from 24.2% in Q2 2025 to 28.3% in Q2 2026 suggests a favorable product mix shift, likely driven by automotive and industrial demand. However, operating margin at 9.7% in Q2 2026 is below the 13.9% seen in Q4 2025, indicating that operating leverage remains sensitive to utilization and fixed costs. Net margin of 9.3% in Q2 2026 is supported by lower tax rates, but the volatility in margins across quarters underscores the cyclicality inherent in the foundry business.
Capital Returns Remain Subdued
ROIC has hovered around 1.0-1.6% over the past year, per reported figures, well below the cost of capital, indicating that GFS is not yet generating economic profits despite improved margins.
ROIC of 1.1% in Q2 2026, while improved from negative levels in Q4 2024, remains extremely low, reflecting the heavy capital intensity of the business and the early stage of its profitability recovery. The gap between ROIC and the cost of capital suggests that the company is still in a value-creation transition, and investors should monitor whether the expansion in Malta and specialty node investments can lift returns over time. The low ROE of 1.4% in Q2 2026, compared to UMC's 21.0%, highlights the structural disadvantage GFS faces in capital efficiency relative to more mature peers.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 157 days in Q2 2026 from 137 days in Q5 2025, per company data, driven by higher DSO and DIO, indicating increased working capital absorption.
The CCC of 157 days in Q2 2026 is elevated compared to the 21 days seen in Q2 2024, reflecting a significant build-up in inventory (DIO at 117 days) and slower collections (DSO at 70 days). This suggests that GFS is holding more inventory to support customer commitments, but it also ties up cash and may indicate demand softness. The sharp reduction in DPO from 157 days in Q2 2024 to 30 days in Q2 2026 indicates that GFS is paying suppliers faster, which could be a strategic move to secure supply but also reduces cash on hand.
Minimal Debt Provides Flexibility
Debt-to-equity improved to 0.14 in Q2 2026 from 0.27 in Q1 2024, per balance sheet data, with D/EBITDA at 3.49, indicating a conservative capital structure that supports expansion.
GFS's leverage is minimal, with total debt of $1.7B against equity of $11.8B, providing ample headroom for its aggressive capex plans. The D/EBITDA of 3.49 in Q2 2026 is higher than the 2.82 in Q4 2025, but still manageable given the low absolute debt levels. The absence of interest coverage data is notable, but the low leverage suggests that debt service is not a near-term concern. However, the company's high capital intensity means that future borrowing for expansion could increase leverage, and investors should monitor the trajectory of D/EBITDA as capex ramps.
Liquidity Buffer Remains Comfortable
Current ratio of 2.48 and quick ratio of 1.74 in Q2 2026, per reported figures, indicate a solid liquidity position, though inventory dependence is moderate.
The current ratio of 2.48 in Q2 2026, while slightly down from 2.62 in Q4 2025, remains above the 2.0 threshold, suggesting that GFS can cover short-term obligations comfortably. The quick ratio of 1.74, which excludes inventory, is still healthy, indicating that the company does not rely heavily on inventory to meet liabilities. However, the negative FCF margin of -0.3% in Q2 2026, driven by elevated capex, could pressure liquidity if the expansion phase continues without corresponding cash inflows. The cash balance of $1.1B provides a buffer, but the company's ability to fund its growth without additional debt or equity issuance will be key.
Misapplied ROIC in Capital-Intensive Foundry
ROIC is often misapplied to GFS because it understates returns during heavy capex phases, as seen in Q2 2026 when ROIC was 1.1% despite improving margins, per company data.
The most commonly misapplied ratio for GFS is ROIC, as it penalizes the company for its massive capital expenditures that are necessary to build future capacity. In Q2 2026, ROIC of 1.1% appears weak, but this is partly due to the fact that the invested capital base has grown significantly with the Malta expansion, while the revenue from that capacity has not yet ramped. A more appropriate metric would be ROIC on a lagged basis, or the incremental return on new capital employed, which would better capture the economics of the expansion. Investors should also consider the impact of government subsidies, which may lower the effective cost of capital and improve returns over time.