Latest Ratios: P/E Ratio 108.0x · EV/EBITDA 10.0x · 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 | $21.2B | $19.5B | $23.7B | $33.7B | $29.7B | $32.9B | — | — |
| Enterprise Value | $21.1B | $19.4B | $23.9B | $34.1B | $30.3B | $32.4B | — | — |
| P/E Ratio → | 108.03 | 21.96 | — | 33.11 | 20.57 | — | — | — |
| P/S Ratio | 2.96 | 2.87 | 3.52 | 4.56 | 3.67 | 4.99 | — | — |
| P/B Ratio | 1.80 | 1.63 | 2.19 | 3.02 | 2.99 | 4.09 | — | — |
| P/FCF | 49.28 | 19.31 | 21.63 | 104.96 | — | 30.65 | — | — |
| P/OCF | 12.24 | 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 | 10.02 | 9.18 | 17.62 | 13.20 | 10.84 | 20.77 | — | — |
| EV / EBIT | 26.46 | 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 | 0.9% | 4.6% | — | 3.0% | 4.9% | — | — | — |
| FCF Yield | 2.0% | 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 108.0x. The historical average is 25.2x. This places it at the 100th percentile of its historical range.
GLOBALFOUNDRIES Inc.'s current EV/EBITDA is 10.0x. 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 108.0x. This is at the 100th 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
Utilization-driven margin volatility and ICFR weakness
Discount to Peers Reflects Growth Doubts
As reported in the valuation snapshot, GFS trades at 24.29x trailing earnings and 9.99x EV/EBITDA, a discount to UMC's 27.17x P/E but a premium to its own forward 7.43x EV/EBITDA, implying the market is pricing in earnings recovery rather than current momentum.
The gap between trailing (24.29x) and forward P/E (19.92x) implies consensus expects earnings to rise, yet with revenue growth of only 0.6% year over year and guidance withdrawn, that expectation rests on thin visibility. Against UMC and IMOS, GFS's P/B of 1.80 is well below UMC's 2.98, suggesting the market assigns less premium to its asset base than to peers. Investors should treat the forward multiple compression as conditional on utilization recovery, which the reported data does not yet confirm.
Margin Recovery Driven by Utilization
Based on reported quarterly figures, gross margin rose from about 22% in 2025Q1 to roughly 30% in 2026Q3, while operating margin held near 10 to 14%, indicating that utilization and mix gains are flowing through but remain partly absorbed by fixed overhead.
The expansion in gross margin appears to reflect higher fab loading and a richer product mix rather than pricing power, since the sequential pattern tracks wafer shipments. Operating margin has not expanded proportionally, which suggests R&D and SG&A consume a meaningful share of incremental gross profit. The 2026Q3 net margin of -14.3% against a positive operating margin of 12.1% points to non-operating or one-time items that warrant review before treating the operating figure as clean earning power.
Returns Thin Despite Stable Capital Base
According to the ratio series, ROIC has remained between roughly 1.0% and 1.6% across the ten quarters, while ROE stayed under 2.5% outside the 2024Q4 impairment-driven loss, a level well below UMC's 9.9% ROIC and 20.0% ROE.
Returns are low relative to a capital-heavy base of roughly $17.0B in total assets and $11.9B in equity, which indicates the fab asset base is not yet generating returns commensurate with its cost. The gap to UMC is structural in part, since UMC's returns reflect a more mature depreciation profile and different capacity utilization. Sustained ROIC improvement would require either sustained margin expansion or a slowdown in capex, neither of which the current data clearly demonstrates.
Low Leverage Masks Capex-Driven Pressure
As reported in financial statements, debt-to-equity fell from 0.25 to 0.14 and debt-to-EBITDA sits near 3.0x in 2026Q3, indicating conservative leverage even as capital expenditure rose to 15.9% of revenue in the latest quarter.
Low leverage suggests current debt service is not a binding constraint, but the trend in capex intensity could shift that picture if expansion is debt-funded in the future. Interest coverage is not reported in the latest quarters, so debt service comfort cannot be fully verified from the supplied data. Investors should monitor whether leverage remains low as capital commitments at Malta and elsewhere come due.
Liquidity Ample but Cash Balance Declining
Based on GFS's reported figures, the current ratio of 2.58 and quick ratio of 1.87 in 2026Q3 indicate strong near-term coverage, though cash fell from roughly $2.3B in 2024Q3 to $997M in 2026Q3.
Strong current and quick ratios suggest short-term obligations are well covered by liquid assets, but the decline in cash balance over the sample indicates reserves are being drawn down through capex and buybacks. The inventory-dependence gap between current and quick ratios is moderate, which appears manageable under a demand downturn. Under severe stress, the key question is whether cash burn from capex outpaces the operating cash generation that has remained positive across the sample.
Margin Gains May Not Persist
Based on reported figures, the 2026Q3 swing to a 14.3% net loss despite a 12.1% operating margin, combined with ICFR weakness, suggests the apparent earnings recovery may be less durable than headline margins imply.
The sharp gap between operating and net margin in the latest quarter points to items below the operating line that the supplied data does not fully explain, which may reduce confidence in using operating margin as a clean earnings base. With management omitting guidance and a material weakness in internal control still unremediated per the disclosures, forward estimates carry wider dispersion than the trailing ratios suggest. Investors should monitor whether utilization holds in the mid-80% range and whether the net-to-operating gap narrows, as failure on either could invalidate the margin-recovery thesis.