Cash conversion remains highly disconnected from earnings, highlighted by a 2024Q1 OCF/NI ratio of -97.85 and a negative FCF margin of 5.1% in 2026Q1.
| 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 |
|---|
| Cash from Operations | 19.42M | 42.47M | 243.26M | 178.37M | 405.02M | -1.34M | 154.27M | -65.49M | 76.31M | 161.17M | 114.43M | 145.45M | 191.42M | 166.69M | 109.47M |
| Operating CF Margin % | - | 3.18% | 14.8% | 10.81% | 15.59% | -0.08% | 13.48% | -4.09% | 3.36% | 9.25% | 7.24% | 11.05% | 13.51% | 11.39% | 7.4% |
| Operating CF Growth % | 398.1% | -82.54% | 36.38% | -55.96% | 30302.68% | -100.87% | 335.55% | -185.83% | -52.65% | 40.85% | -21.33% | -24.02% | 14.83% | 52.27% | - |
| Net Income | -111.27M | -170.7M | 20.8M | 82.66M | 443.83M | -100.33M | -194.07M | -288.1M | 83.48M | 20.02M | -156.74M | -58.47M | 31.73M | 22.05M | 35.19M |
| Depreciation & Amortization | 67.43M | 84.95M | 75.46M | 73.53M | 81.56M | 97.33M | 108.19M | 123.01M | 119.14M | 104.53M | 130.17M | 67.05M | 74.75M | 79.1M | 67.13M |
| Stock-Based Compensation | 0 | 0 | 4.92M | 7.4M | 5.84M | 3.63M | 2.02M | 4.88M | 2.8M | 2.38M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 16.25M | 57.54M | 147.98M | -4.56M | 17.09M | -49.12M | 27.67M | -10.92M | -57.56M | 49.94M | 59.71M | 24.56M | 0 |
| Other Non-Cash Items | 40.79M | 36.12M | 27.83M | -31.25M | 45.23M | 137.38M | 105.05M | 115.86M | -59.4M | -3.17M | 26.86M | 8.06M | 59.09M | 58.04M | 7.15M |
| Working Capital Changes | 22.47M | 92.1M | 97.99M | -11.51M | -319.42M | -134.79M | 116.02M | 27.97M | -97.37M | 48.31M | 143.14M | 132.89M | 40.17M | 45.44M | 52.6M |
| Change in Receivables | 55.1M | 63.48M | 155.49M | 126.46M | -94.24M | -161.43M | 71.03M | 35.66M | -26.6M | 131.76M | 36.89M | 60.72M | 550K | 5.91M | 15.88M |
| Change in Inventory | 15.4M | 43.76M | 47K | 102.18M | -220.82M | -60.3M | 114.58M | 85.46M | -103.29M | -15.84M | 103.24M | 89.2M | -30.52M | 50.42M | 36.71M |
| Change in Payables | -41.87M | -28.68M | -17.25M | -70.57M | 30.64M | 64.38M | -55.41M | -70.85M | 55.41M | 20.08M | 30.66M | -17.03M | 70.14M | -10.9M | 0 |
| Cash from Investing | -70.61M | -76.69M | -66.94M | -81.81M | -51.77M | -23.85M | -31.94M | 161.21M | -87.98M | -79M | -81.06M | 17.97M | -155.29M | -32.07M | -163.48M |
| Capital Expenditures | -59.81M | -63.26M | -76.17M | -83.68M | -52.15M | -27.6M | -32.91M | -32.91M | -111.56M | -79.16M | -75.22M | -73.06M | -54.05M | -40.01M | -77.18M |
| CapEx % of Revenue | 4.35% | 4.74% | 4.63% | 5.07% | 2.01% | 1.55% | 2.88% | 2.05% | 4.91% | 4.54% | 4.76% | 5.55% | 3.81% | 2.73% | 5.22% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 181.26M | 154K | 0 | 5.2M | 77.71M | -3.89M | -4.3M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -10.8M | -13.43M | 9.23M | 1.87M | 373K | 3.75M | 971K | 11.37M | 23.42M | 503K | -3.48M | 1.49M | -1.85M | 4.18M | -86.3M |
| Cash from Financing | 13.49M | 16.01M | -175.51M | -282.15M | -140.46M | 10.45M | -113.33M | -180.97M | 53.3M | -113.22M | 49.92M | -87.59M | -50.91M | -139.8M | 91.99M |
| Debt Issued (Net) | 64.11M | 90.51M | -134.06M | -218.27M | -117.76M | 36.38M | -68.02M | -157.33M | 145.69M | -72.49M | 43.15M | -55.39M | -10.74M | -109.5M | -1.26M |
| Equity Issued (Net) | -2.01M | -4.69M | -2.43M | 0 | 0 | 40M | 0 | 0 | -20.1M | 0 | 0 | -9.41M | 0 | 0 | 1.02M |
| Dividends Paid | -10.64M | -10.45M | -9.76M | 0 | 0 | 0 | 0 | 0 | -20.64M | 0 | -54.99M | -21.48M | -40.12M | -27.5M | -46.1M |
| Share Repurchases | -1.99M | -4.69M | -2.43M | 0 | 0 | 0 | 0 | 0 | -20.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -37.97M | -59.35M | -29.27M | -63.87M | -22.7M | -65.93M | -45.31M | -23.64M | -94.66M | -40.9M | 61.76M | -1.31M | -60K | -2.8M | 138.33M |
| Net Change in Cash | -33.19M | -10.28M | -4.38M | -185.29M | 206.28M | -14.89M | 8.38M | -89.09M | 32.09M | -12.51M | 80.32M | 68.02M | -13.6M | -9.38M | 39.81M |
| Free Cash Flow | -38.87M | -19.23M | 167.09M | 91.91M | 351.72M | -28.94M | 121.36M | -98.41M | -35.25M | 82.01M | 39.2M | 72.39M | 137.37M | 126.68M | 32.29M |
| FCF Margin % | -2.83% | -1.44% | 10.16% | 5.57% | 13.54% | -1.63% | 10.6% | -6.14% | -1.55% | 4.71% | 2.48% | 5.5% | 9.69% | 8.65% | 2.18% |
| FCF Growth % | -295.4% | -111.51% | 81.81% | -73.87% | 1315.44% | -123.85% | 223.32% | -179.17% | -142.98% | 109.17% | -45.84% | -47.31% | 8.44% | 292.32% | - |
| FCF per Share | -0.21 | -0.10 | 0.88 | 0.48 | 1.85 | -0.16 | 0.72 | -0.58 | -0.21 | 0.48 | 0.23 | 0.73 | 1.40 | 1.29 | 161.46 |
| FCF Conversion (FCF/Net Income) | 0.35x | -0.25x | 10.33x | 2.16x | 0.92x | 0.01x | -0.63x | 0.18x | 0.85x | 6.40x | -0.84x | -3.36x | 4.98x | 5.86x | 3.11x |
| Interest Paid | 0 | 0 | 26.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Energy price volatility exposure
According to the provided quarterly data, the relationship between net income and operating cash flow is frequently decoupled, as evidenced by the 2024Q1 OCF/NI ratio of -97.85, which suggests that reported accounting losses often fail to capture the underlying cash volatility inherent in the company's operations.
The extreme variance in the OCF/NI ratio indicates that accruals and working capital swings are the primary drivers of cash flow rather than core operational profitability. Investors should monitor this divergence, as it implies that net income is a poor proxy for the company's actual ability to generate cash during cyclical downturns.
As reported in financial statements, Ferroglobe’s free cash flow trajectory is erratic, with a negative FCF margin of 5.1% in 2026Q1, highlighting the company's struggle to maintain positive cash generation amidst significant cyclical pressures and ongoing capital requirements for its smelting operations.
The inability to sustain positive free cash flow suggests that the business model is currently consuming rather than creating capital. This trend warrants further investigation into whether management can achieve structural cost reductions to stabilize cash generation in a high-energy-cost environment.
Based on Ferroglobe's reported figures, capital expenditures as a percentage of revenue have fluctuated between 3.1% and 6.9% over the last ten quarters, suggesting that management is balancing the necessity of furnace maintenance against the urgent need to preserve liquidity during periods of severe margin contraction.
The variability in capital intensity may indicate a reactive approach to asset upkeep, which could lead to operational inefficiencies or increased maintenance costs in the future. Analysts should consider whether current spending levels are sufficient to prevent long-term degradation of the company's core smelting infrastructure.
Data from recent filings reveals that working capital changes are the dominant force behind cash flow fluctuations, such as the $172M inflow in 2024Q1 followed by a $53.3M outflow in 2024Q2, illustrating the company's high sensitivity to inventory and receivables management in a volatile commodity market.
These dramatic swings suggest that the company's cash position is heavily dependent on the timing of inventory liquidation and trade credit cycles. This reliance on working capital management appears to mask the underlying operational cash burn, making liquidity forecasting particularly challenging for external observers.
Quick answers to the most common questions about buying GSM stock.
Ferroglobe PLC (GSM) generated $42.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ferroglobe PLC (GSM) reported negative free cash flow of $19.2M in 2025, indicating capital requirements exceeded cash from operations.
Ferroglobe PLC (GSM) spent $63.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ferroglobe PLC (GSM) returned $10.5M to shareholders via cash dividends and spent $4.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.