Revenue growth remains erratic, evidenced by a 13.2% increase in 2026Q1 following a 10.4% contraction in 2025Q4, while operating margins have struggled, reaching a trough of -45.5% in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 1.38B | 1.34B | 1.64B | 1.65B | 2.6B | 1.78B | 1.14B | 1.6B | 2.27B | 1.74B | 1.58B | 1.32B | 1.42B | 1.46B | 1.48B |
| Revenue Growth % | -2.81% | -18.79% | -0.37% | -36.49% | 46.04% | 55.44% | -28.61% | -29.51% | 30.56% | 10.2% | 20.05% | -7.09% | -3.2% | -1.06% | - |
| Cost of Goods Sold | 1.34B | 1.29B | 1.1B | 952.82M | 1.37B | 1.28B | 943.67M | 1.32B | 1.56B | 1.15B | 1.18B | 885.79M | 954.73M | 990M | 924.04M |
| COGS % of Revenue | - | 96.56% | 67.07% | 57.75% | 52.61% | 72.08% | 82.46% | 82.36% | 68.77% | 65.94% | 74.67% | 67.28% | 67.37% | 67.63% | 62.45% |
| Gross Profit | 38.19M | 45.99M | 541.35M | 697.22M | 1.23B | 496.68M | 200.76M | 282.76M | 710.11M | 593.18M | 400.36M | 430.8M | 462.35M | 473.88M | 555.57M |
| Gross Margin % | 2.78% | 3.44% | 32.93% | 42.25% | 47.39% | 27.92% | 17.54% | 17.64% | 31.23% | 34.06% | 25.33% | 32.72% | 32.63% | 32.37% | 37.55% |
| Gross Profit Growth % | - | -91.5% | -22.36% | -43.37% | 147.9% | 147.4% | -29% | -60.18% | 19.71% | 48.16% | -7.07% | -6.82% | -2.43% | -14.7% | - |
| Operating Expenses | 209.52M | 244.79M | 503.17M | 500.28M | 570.72M | 465.3M | 385.11M | 466.67M | 578.94M | 522.01M | 508.88M | 390.41M | 355.69M | 378.29M | 487.24M |
| OpEx % of Revenue | - | 18.34% | 30.61% | 30.32% | 21.97% | 26.16% | 33.65% | 29.11% | 25.46% | 29.97% | 32.2% | 29.65% | 25.1% | 25.84% | 32.93% |
| Selling, General & Admin | 247.21M | 245.9M | 409.48M | 413.47M | 482.57M | 389.77M | 214.78M | 291.14M | 341.04M | 302.14M | 294.63M | 205.87M | 213.83M | 217.53M | 212.43M |
| SG&A % of Revenue | - | 18.42% | 24.91% | 25.06% | 18.58% | 21.91% | 18.77% | 18.16% | 15% | 17.35% | 18.64% | 15.64% | 15.09% | 14.86% | 14.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.1M | 11.2M | 7M | 11.2M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.84% | 0.79% | 0.48% | 0.76% |
| Other Operating Expenses | -1.04M | -1.1M | 93.69M | 86.81M | 88.15M | 75.53M | 170.33M | 175.53M | 13.41M | -4.47M | 1.54M | -1.26M | -9.53M | 6.47M | 0 |
| Operating Income | -171.33M | -198.8M | 38.18M | 196.94M | 660.55M | 31.39M | -184.35M | -13.6M | 177.4M | 66.36M | -182.07M | -15.13M | 95.11M | 98.65M | 94.85M |
| Operating Margin % | -12.45% | -14.89% | 2.32% | 11.94% | 25.43% | 1.76% | -16.11% | -0.85% | 7.8% | 3.81% | -11.52% | -1.15% | 6.71% | 6.74% | 6.41% |
| Operating Income Growth % | - | -620.69% | -80.61% | -70.19% | 2004.59% | 117.03% | -1255.41% | -107.67% | 167.33% | 136.45% | -1103.78% | -115.9% | -3.59% | 4.01% | - |
| EBITDA | -103.9M | -113.85M | 113.64M | 270.47M | 742.11M | 128.71M | -76.16M | 106.53M | 291.25M | 168.85M | -63.73M | 51.92M | 169.86M | 177.75M | 161.98M |
| EBITDA Margin % | -7.55% | -8.53% | 6.91% | 16.39% | 28.57% | 7.24% | -6.65% | 6.65% | 12.81% | 9.69% | -4.03% | 3.94% | 11.99% | 12.14% | 10.95% |
| EBITDA Growth % | -126% | -200.18% | -57.98% | -63.55% | 476.55% | 269% | -171.49% | -63.42% | 72.49% | 364.96% | -222.73% | -69.43% | -4.44% | 9.74% | - |
| D&A (Non-Cash Add-back) | 67.43M | 84.95M | 75.46M | 73.53M | 81.56M | 97.33M | 108.19M | 120.13M | 113.84M | 102.49M | 118.34M | 67.05M | 74.75M | 79.1M | 67.13M |
| EBIT | -165.29M | -198.8M | 52.52M | 189.55M | 643.92M | -63.59M | -177.31M | -360.24M | 78.33M | 37.36M | -375.06M | 14.76M | 100.78M | 85.92M | -10.19M |
| Net Interest Income | -19.54M | -17.3M | -12.91M | -33.53M | -52.11M | -56.35M | -66.79M | -61.84M | -52.21M | -57.56M | -28.71M | -22.64M | -23.82M | -45M | 0 |
| Interest Income | 2.6M | 3.47M | 2.56M | 0 | 0 | 0 | 177K | 1.38M | 4.86M | 3.7M | 1.55M | 1.09M | 3.76M | 1.74M | 32.36M |
| Interest Expense | 22.14M | 20.77M | 15.47M | 33.53M | 52.11M | 56.35M | 66.97M | 63.23M | 57.07M | 62.31M | 30.27M | 23.74M | 21.69M | 39.31M | 0 |
| Other Income/Expense | 51.82M | 24.16M | -1.13M | -40.92M | -68.74M | -151.32M | -38.07M | -56.23M | -63.51M | -56.2M | -32.23M | 6.59M | -16.02M | -52.04M | -111.92M |
| Pretax Income | -119.52M | -174.64M | 37.05M | 156.02M | 591.81M | -119.94M | -222.42M | -419.59M | 111.15M | 9.11M | -214.29M | -8.53M | 79.09M | 46.61M | 35.96M |
| Pretax Margin % | -8.69% | -13.08% | 2.25% | 9.46% | 22.78% | -6.74% | -19.43% | -26.17% | 4.89% | 0.52% | -13.56% | -0.65% | 5.58% | 3.18% | 2.43% |
| Income Tax | -2.17M | 2.47M | 16.25M | 57.54M | 147.98M | -4.56M | 21.94M | -50.13M | 27.67M | -10.92M | -57.56M | 49.94M | 57.65M | 24.56M | 1.28M |
| Effective Tax Rate % | 1.81% | -1.41% | 43.86% | 36.88% | 25.01% | 3.8% | -9.86% | 11.95% | 24.89% | -119.92% | 26.86% | -585.49% | 72.89% | 52.69% | 3.56% |
| Net Income | -111.27M | -170.7M | 23.54M | 82.66M | 440.31M | -110.62M | -246.34M | -369.45M | 89.52M | 25.17M | -136.55M | -43.27M | 38.44M | 28.45M | 35.19M |
| Net Margin % | -8.09% | -12.79% | 1.43% | 5.01% | 16.95% | -6.22% | -21.52% | -23.05% | 3.94% | 1.44% | -8.64% | -3.29% | 2.71% | 1.94% | 2.38% |
| Net Income Growth % | 21.8% | -825.21% | -71.53% | -81.23% | 498.03% | 55.09% | 33.32% | -512.69% | 255.71% | 118.43% | -215.6% | -212.57% | 35.11% | -19.15% | - |
| Net Income (Continuing) | -117.35M | -177.11M | 20.8M | 98.48M | 443.83M | -115.37M | -244.36M | -370.28M | 15.11M | -772K | -358.61M | -58.47M | 21.44M | 22.05M | -19.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -5.4M | 0 | 9.46M | 0 | 0 | 0 | 10.29M | 0 | 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 |
| EPS (Diluted) | -0.59 | -0.91 | 0.03 | 0.46 | 2.32 | -0.54 | -1.13 | -2.18 | 0.52 | -0.00 | -0.79 | -0.43 | 0.39 | 0.29 | 175.94 |
| EPS Growth % | 32.14% | -3133.33% | -93.48% | -80.17% | 529.63% | 52.21% | 48.17% | -519.23% | - | 99.51% | -83.72% | -210.26% | 34.48% | -99.84% | - |
| EPS (Basic) | - | -0.91 | 0.03 | 0.46 | 2.34 | -0.54 | -1.13 | -2.18 | 0.52 | -0.00 | -0.79 | -0.43 | 0.39 | 0.29 | 175.94 |
| Diluted Shares Outstanding | 188.29M | 188.36M | 188.81M | 190.29M | 189.63M | 176.51M | 169.26M | 169.15M | 171.53M | 171.95M | 171.84M | 99.7M | 98.08M | 98.08M | 200K |
| Basic Shares Outstanding | 188.29M | 188.36M | 188.15M | 187.87M | 187.82M | 176.51M | 169.26M | 169.15M | 171.41M | 171.95M | 171.79M | 99.7M | 98.08M | 98.08M | 200K |
| Dividend Payout Ratio | - | - | 41.46% | - | - | - | - | - | 23.06% | - | - | - | 104.37% | 96.66% | 131.01% |
Energy price volatility exposure
According to the provided quarterly financial data, Ferroglobe’s revenue trajectory remains highly erratic, characterized by a 13.2% growth in 2026Q1 following a 10.4% contraction in 2025Q4, suggesting that top-line performance is tethered to volatile commodity pricing rather than consistent volume expansion across its core industrial segments.
The revenue fluctuations appear to mirror the cyclical nature of the steel and automotive sectors, which dictate demand for silicon metal and manganese alloys. Investors should monitor whether recent growth signals represent a sustainable recovery or merely a temporary rebound from previous inventory de-stocking phases.
As reported in the income statement, Ferroglobe’s gross margin plummeted to -28.6% in 2025Q4 before recovering to 12.5% in 2026Q1, highlighting a precarious reliance on input cost stability that remains vulnerable to the extreme energy price fluctuations inherent in the European electrometallurgical smelting landscape.
The inability to maintain consistent positive gross margins suggests limited pricing power in a commodity-driven market where input costs often outpace realized selling prices. This volatility warrants further investigation into the company's long-term ability to pass through energy-related cost spikes to downstream customers.
Based on the company's reported figures, operating income has frequently dipped into negative territory, reaching a trough of -45.5% operating margin in 2025Q4, which indicates that the firm's high fixed-cost structure prevents effective scaling during periods of suppressed demand or elevated operational expenses.
The lack of consistent operating leverage suggests that SG&A and production overheads are not sufficiently flexible to offset revenue declines. This operational rigidity may continue to weigh on profitability until management can successfully implement more aggressive cost-rationalization measures across its global smelting footprint.
While the company maintains a cash balance of $122M, the persistent net losses, including a -24.6% net margin in 2025Q4, suggest that the current business model may be fundamentally unsustainable without significant improvements in energy efficiency or a structural shift toward higher-margin specialty silicon products.
Short-sellers may focus on the recurring nature of these losses and the potential for liquidity depletion if the current commodity cycle remains depressed. The reliance on non-operating items or potential government subsidies to bolster the bottom line warrants careful scrutiny by fundamental analysts.
Quick answers to the most common questions about buying GSM stock.
For fiscal year 2025, Ferroglobe PLC (GSM) reported total revenue of $1.34B. This represents a 9.8% decline compared to $1.48B in 2012.
Ferroglobe PLC (GSM) reported a net loss of $170.7M for the fiscal year ending 2025.
Ferroglobe PLC (GSM) reported an operating income of $-198.8M, resulting in an operating profit margin of -14.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ferroglobe PLC (GSM) generated $46.0M in gross profit for the year, representing a gross profit margin of 3.4%. This demonstrates the company's core pricing power and production efficiency.