Ferroglobe PLC (GSM) intrinsic value & 10-year financials
Ferroglobe PLC (GSM) has a Graham intrinsic value of $0.50 per share. Over the last 10 fiscal years revenue shrank 1.8% a year to $1.3B, with an average return on invested capital of 3.4%.
- Graham intrinsic value
- $0.50
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- -1.8%
- ROIC (10-yr avg)
- 3.4%
- Free cash flow (FY2025)
- -$10.2M
GSM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | -$177.1M | -$0.91 | -$10.2M | -10.0% | -18.2% |
| FY2024 | $1.6B | $20.8M | $0.12 | $167.1M | 2.3% | 2.8% |
| FY2023 | $1.7B | $98.5M | $0.43 | $94.7M | 11.9% | 19.2% |
| FY2022 | $2.6B | $443.8M | $2.32 | $352.9M | 25.4% | 120.6% |
| FY2021 | $1.8B | -$115.4M | -$0.63 | -$28.9M | 1.8% | 8.9% |
| FY2020 | $1.1B | -$249.8M | -$1.46 | $124.0M | -16.1% | -36.6% |
| FY2019 | $1.6B | -$285.6M | -$1.66 | -$106.7M | -22.0% | -42.9% |
| FY2018 | $2.3B | $24.6M | $0.25 | -$32.4M | 5.1% | 7.5% |
| FY2017 | $1.7B | -$5.8M | $0.00 | $75.8M | 2.3% | 2.1% |
| FY2016 | $1.6B | -$358.6M | -$1.97 | $50.0M | -23.7% | -29.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ferroglobe PLC is facing top-line stagnation, with revenue contracting over the decade.
Ferroglobe PLC has historically struggled to out-earn its cost of capital, averaging just 3.4% ROIC.
Ferroglobe PLC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ferroglobe PLC is modeled at -1.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.50 per share.