The company's liquidity buffer has tightened, with the current ratio declining from 2.10 in 2023Q4 to 1.43 in 2026Q1, reflecting increased pressure on the firm's capital structure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 760.17M | 733.73M | 817.6M | 1.04B | 1.29B | 804.27M | 657.24M | 818.14M | 882.66M | 770.52M | 809.81M | 851.76M | 803.42M | 944.28M | 1B |
| Cash & Short-Term Investments | 96.4M | 134.09M | 138.47M | 136.47M | 317.94M | 114.5M | 132.56M | 100.4M | 216.56M | 264.63M | 201.03M | 120.78M | 48.65M | 98.97M | 113.56M |
| Cash Only | 96.39M | 122.99M | 132.97M | 136.47M | 317.94M | 114.39M | 131.56M | 94.85M | 216.56M | 184.47M | 196.98M | 116.67M | 48.65M | 62.25M | 71.58M |
| Short-Term Investments | 4K | 11.1M | 5.5M | 2K | 3K | 104K | 1.01M | 5.54M | 0 | 80.16M | 4.05M | 4.11M | 0 | 36.73M | 20.35M |
| Accounts Receivable | 308.84M | 271.76M | 286.5M | 334.69M | 440.18M | 394.79M | 257.41M | 339.95M | 197.63M | 133.19M | 247.46M | 295.48M | 260.08M | 286.25M | 97.17M |
| Days Sales Outstanding | 80.39 | 74.3 | 63.61 | 74.04 | 61.84 | 81 | 82.1 | 77.4 | 31.72 | 27.91 | 57.15 | 81.92 | 66.99 | 71.37 | 23.97 |
| Inventory | 334.26M | 306.16M | 347.14M | 383.84M | 480.56M | 271.86M | 246.55M | 354.12M | 459.26M | 361.91M | 312.8M | 425.19M | 438.88M | 466.85M | 494.81M |
| Days Inventory Outstanding | 91.13 | 86.69 | 114.92 | 147.04 | 128.35 | 77.39 | 95.36 | 97.9 | 107.18 | 115.02 | 96.74 | 175.21 | 167.79 | 172.12 | 195.45 |
| Other Current Assets | 20.67M | 21.72M | 36.22M | 170.25M | 28.33M | 4.9M | 10.06M | 10.26M | 5.14M | 9.42M | 100.58M | 10.13M | 55.67M | 92.2M | 165.63M |
| Total Non-Current Assets | 760.92M | 687.22M | 654.84M | 721.81M | 671.02M | 719.06M | 689.91M | 916.21M | 1.29B | 1.26B | 1.45B | 1.55B | 584.74M | 731.7M | 619.6M |
| Property, Plant & Equipment | 480.83M | 486.68M | 487.2M | 501.4M | 486.25M | 554.91M | 620.03M | 740.91M | 929.42M | 917.97M | 900.2M | 1.01B | 479.55M | 514.45M | 563.49M |
| Fixed Asset Turnover | 2.74x | 2.74x | 3.37x | 3.29x | 5.34x | 3.21x | 1.85x | 2.16x | 2.45x | 1.90x | 1.76x | 1.30x | 2.96x | 2.85x | 2.63x |
| Goodwill | 0 | 12.47M | 14.22M | 29.7M | 29.7M | 29.7M | 29.7M | 29.7M | 202.85M | 236.46M | 402.49M | 403.93M | 2.64M | 3.4M | 13.21M |
| Intangible Assets | 198.32M | 132.68M | 103.09M | 138.34M | 111.8M | 100.64M | 20.76M | 51.27M | 65.85M | 57.14M | 62.84M | 71.62M | 50.45M | 53.74M | 41.32M |
| Long-Term Investments | 135.83M | 28.48M | 14.74M | 14.07M | 14.19M | 4.09M | 7.51M | 33.19M | 72.86M | 6.68M | 15.67M | 3.66M | 1.3M | 1.47M | 1.58M |
| Other Non-Current Assets | 21.52M | 21.44M | 29.01M | 29.54M | 21.95M | 22.7M | 11.9M | 1.6M | 19.18M | 36.23M | 22.94M | 26.63M | 30.2M | 158.64M | -619.6M |
| Total Assets | 1.52B | 1.42B | 1.47B | 1.76B | 1.96B | 1.52B | 1.35B | 1.73B | 2.18B | 2.03B | 2.26B | 2.41B | 1.39B | 1.68B | 1.77B |
| Asset Turnover | 0.90x | 0.94x | 1.12x | 0.94x | 1.33x | 1.17x | 0.85x | 0.92x | 1.04x | 0.86x | 0.70x | 0.55x | 1.02x | 0.87x | 0.84x |
| Asset Growth % | -11.29% | -3.5% | -16.28% | -10.17% | 28.52% | 13.08% | -22.33% | -20.3% | 7.36% | -10.44% | -5.94% | 73.33% | -17.17% | -5.22% | - |
| Total Current Liabilities | 532.03M | 441.29M | 448.61M | 494M | 678.5M | 653.63M | 432.79M | 397.46M | 495.47M | 391.67M | 572.98M | 492.69M | 411.9M | 414.88M | 580.15M |
| Accounts Payable | 207M | 144.85M | 157.89M | 182.95M | 219.02M | 201M | 149.2M | 189.23M | 241.94M | 192.86M | 157.71M | 143.39M | 147.24M | 114.83M | 117.5M |
| Days Payables Outstanding | 54.76 | 41.01 | 52.27 | 70.08 | 58.5 | 57.22 | 57.71 | 52.31 | 56.46 | 61.29 | 48.78 | 59.09 | 56.29 | 42.34 | 46.41 |
| Short-Term Debt | 125.14M | 118.14M | 98.26M | 50.1M | 134.51M | 35.36M | 156.56M | 57.83M | 71.65M | 100.36M | 243.41M | 131.91M | 88.94M | 222.24M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.13M | 2K | 30.49M | 86.14M | 85.86M | 0 | 0 |
| Other Current Liabilities | 199M | 177.14M | 97.37M | 136.81M | 256.21M | 389.88M | 101.12M | 123.84M | 134.27M | 118.85M | 187.75M | 126.83M | 84.57M | 77.82M | 462.65M |
| Current Ratio | 1.43x | 1.66x | 1.82x | 2.10x | 1.90x | 1.23x | 1.52x | 2.06x | 1.78x | 1.97x | 1.41x | 1.73x | 1.95x | 2.28x | 1.73x |
| Quick Ratio | 0.80x | 0.97x | 1.05x | 1.32x | 1.19x | 0.81x | 0.95x | 1.17x | 0.85x | 1.04x | 0.87x | 0.87x | 0.89x | 1.15x | 0.88x |
| Cash Conversion Cycle | 116.75 | 119.97 | 126.26 | 150.99 | 131.7 | 101.17 | 119.75 | 122.99 | 82.44 | 81.64 | 105.11 | 198.03 | 178.49 | 201.16 | 173.01 |
| Total Non-Current Liabilities | 318.6M | 287.4M | 189.59M | 394.88M | 522.53M | 549.68M | 548.64M | 734.6M | 736.86M | 664.55M | 596.85M | 618.4M | 468.58M | 477.13M | 154.62M |
| Long-Term Debt | 0 | 117.56M | 31.1M | 223.71M | 380.09M | 408.61M | 380.99M | 521.96M | 483.8M | 350.3M | 265.24M | 223.68M | 244.77M | 366.06M | 130.25M |
| Capital Lease Obligations | 243.4M | 57.43M | 56.59M | 54.48M | 12.94M | 9.97M | 13.99M | 16.97M | 53.47M | 69.71M | 3.38M | 89.77M | 109.05M | 7.23M | 9.2M |
| Deferred Tax Liabilities | 61.24M | 16.47M | 19.63M | 32.58M | 35.85M | 25.14M | 27.78M | 74.06M | 68.57M | 65.41M | 159.14M | 206.65M | 49.63M | 0 | 0 |
| Other Non-Current Liabilities | 254.87M | 69.54M | 62.01M | 57.13M | 89.81M | 105.06M | 125.25M | 120.36M | 124.28M | 123.97M | 88.39M | 93.92M | 60.86M | 103.83M | 15.18M |
| Total Liabilities | 850.63M | 728.69M | 638.2M | 888.88M | 1.2B | 1.2B | 981.43M | 1.13B | 1.23B | 1.06B | 1.17B | 1.11B | 880.48M | 892.01M | 969.83M |
| Total Debt | 180.66M | 293.14M | 198.82M | 340.05M | 536.47M | 462.32M | 551.55M | 596.76M | 560.08M | 433.91M | 507.91M | 509.43M | 512.68M | 588.3M | 0 |
| Net Debt | 84.27M | 170.15M | 65.85M | 203.58M | 218.54M | 347.93M | 419.99M | 501.91M | 343.51M | 249.43M | 310.93M | 392.76M | 464.03M | 526.05M | -71.58M |
| Debt / Equity | 0.27x | 0.42x | 0.24x | 0.39x | 0.71x | 1.44x | 1.51x | 0.99x | 0.53x | 0.40x | 0.42x | 0.39x | 1.01x | 0.75x | - |
| Debt / EBITDA | -1.74x | - | 1.75x | 1.26x | 0.72x | 3.59x | - | 5.60x | 1.92x | 2.57x | - | 9.81x | 3.02x | 3.31x | - |
| Net Debt / EBITDA | -0.81x | - | 0.58x | 0.75x | 0.29x | 2.70x | - | 4.71x | 1.18x | 1.48x | - | 7.56x | 2.73x | 2.96x | -0.44x |
| Interest Coverage | -7.47x | -9.57x | 3.39x | 5.65x | 12.36x | -1.13x | -2.65x | -5.70x | 1.37x | 0.60x | -12.39x | 0.62x | 4.65x | 2.19x | - |
| Total Equity | 670.46M | 692.26M | 834.25M | 869.89M | 756.81M | 320.03M | 365.72M | 602.3M | 1.06B | 1.09B | 1.22B | 1.29B | 507.68M | 783.97M | 798.45M |
| Equity Growth % | -52.44% | -17.02% | -4.1% | 14.94% | 136.48% | -12.49% | -39.28% | -43.18% | -2.98% | -10.37% | -5.87% | 155.08% | -35.24% | -1.81% | - |
| Book Value per Share | 3.56 | 3.68 | 4.42 | 4.57 | 3.99 | 1.81 | 2.16 | 3.56 | 6.18 | 6.35 | 7.09 | 12.99 | 5.18 | 7.99 | 3992.27 |
| Total Shareholders' Equity | 670.46M | 692.26M | 720.51M | 748.06M | 650.06M | 213.98M | 251.22M | 484.22M | 943.79M | 970.78M | 1.09B | 1.15B | 489.7M | 763.18M | 771.1M |
| Common Stock | 0 | 0 | 1.96M | 1.96M | 1.96M | 1.96M | 1.78M | 1.78M | 1.78M | 1.8M | 1.79M | 1.29B | 285.76M | 285.76M | 263.7M |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | -246.34M | -280.6M | 43.66M | -678K | -338.43M | -43.27M | -16.6M | 28.45M | 88.84M |
| Treasury Stock | 0 | 0 | -14.36M | -11.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28.97M | -4K |
| Accumulated OCI | 0 | 0 | 614.52M | 580.79M | 110.83M | 317.12M | 495.77M | 763.04M | 722.78M | 814.91M | 1.1B | -92.37M | 220.54M | 448.97M | 0 |
| Minority Interest | 0 | 0 | 113.74M | 121.83M | 106.75M | 106.05M | 114.5M | 118.08M | 116.14M | 121.73M | 125.56M | 141.82M | 17.98M | 20.79M | 27.36M |
Energy-driven liquidity erosion
According to recent quarterly filings, Ferroglobe’s total assets have contracted from $1.8B in 2023Q4 to $1.5B by 2026Q1, reflecting a persistent trend of asset base shrinkage that underscores the company's struggle to maintain scale during prolonged periods of industrial demand weakness and margin compression.
The consistent decline in total assets suggests that the company is either divesting non-core assets to preserve liquidity or experiencing significant depreciation of its industrial footprint. Investors should monitor whether this contraction represents a strategic right-sizing or a forced liquidation of productive capacity in response to unfavorable energy-to-silicon price spreads.
As reported in financial statements, Ferroglobe’s debt levels have fluctuated significantly, peaking at $340.1M in 2023Q4 before settling at $180.7M in 2026Q1, a trend that indicates management's reactive approach to debt management in the face of volatile operating cash flows and cyclical industry downturns.
While the current debt-to-equity ratio of 0.27 appears manageable on the surface, the historical volatility in debt levels suggests that the company remains highly sensitive to credit market conditions. The reliance on debt to bridge operational gaps during troughs warrants caution, as any sustained inability to generate positive cash flow could quickly elevate refinancing risks.
Based on the company's reported figures, the current ratio has tightened from 2.10 in 2023Q4 to 1.43 in 2026Q1, signaling a diminishing buffer against short-term operational shocks as cash reserves remain constrained relative to the capital-intensive nature of electrometallurgical smelting operations.
The reduction in liquidity metrics suggests that the company has less room for error in managing its working capital requirements during periods of inventory de-stocking. Given the high fixed-cost nature of the business, this tightening liquidity profile may limit management's ability to navigate future energy price spikes without further external financing.
Analysis of the balance sheet reveals that goodwill has fluctuated from $29.7M to $210.8M, a significant variance that, according to regulatory disclosures, may mask underlying impairments or accounting adjustments that distort the true book value of the company's long-term industrial assets.
The sudden increase in goodwill in 2026Q1 warrants further investigation, as it may indicate aggressive accounting treatments or recent acquisitions that have yet to prove their value in a depressed commodity cycle. Investors should be wary that these intangible assets could be subject to future write-downs if the core smelting business fails to achieve sustained profitability.
Quick answers to the most common questions about buying GSM stock.
As of 2025, Ferroglobe PLC (GSM) had total assets of $1.42B including $733.7M in current assets.
Ferroglobe PLC (GSM) carries total debt of $293.1M, offset by $134.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ferroglobe PLC (GSM) has total shareholders' equity (book value) of $692.3M ($3.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ferroglobe PLC (GSM) reported a current ratio of 1.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.