GrafTech International Ltd. is a global enterprise dedicated to the research, development, manufacturing, and sale of a diverse range of graphite and ...
GrafTech International Ltd. (NYSE: EAF) is a global enterprise dedicated to the research, development, manufacturing, and sale of a diverse range of graphite and carbon-based solutions. The company's key offerings include graphite electrodes, which are crucial for the production of electric arc furnace (EAF) steel and various other ferrous and ...GrafTech International Ltd. (NYSE: EAF) is a global enterprise dedicated to the research, development, manufacturing, and sale of a diverse range of graphite and carbon-based solutions. The company's key offerings include graphite electrodes, which are crucial for the production of electric arc furnace (EAF) steel and various other ferrous and non-ferrous metals. Additionally, it supplies petroleum needle coke, a specialized crystalline carbon compound integral to the fabrication of these graphite electrodes. GrafTech reaches its clientele through a multi-faceted sales approach, employing both its direct sales team and a network of independent representatives and distributors. The company was established in 1886 and is headquartered in Brooklyn Heights, Ohio.
GrafTech is a leading manufacturer of high-quality graphite electrode products, serving the global steel industry. With manufacturing facilities in Europe (Calais, France; Pamplona, Spain) and the Americas (Monterrey, Mexico, and St. Marys, Pennsylvania, USA), the company produces essential components for EAF steelmaking. The company employs more than 1,000 people worldwide (approximately 1,071 as of latest data) and works with customers in over 50 countries. Its vision is to provide highly engineered graphite electrode products, services, and solutions to electric arc furnace operators.
Financially, GrafTech has faced challenges in recent years. As of the latest TTM data, the company reported a market capitalization of about $204 million, with a stock price of $7.85. The company's revenue per share is $1.96, but it has a net profit margin of -34.6%, indicating losses. The company has a high debt load, with a debt-to-equity ratio of -3.469 (due to negative equity) and an enterprise value of approximately $1.26 billion. GrafTech's dividend yield is currently 0%, as it suspended dividends amid financial difficulties. The company's return on equity is 64.3% (likely distorted by negative equity), and its operating cash flow is negative. Despite these challenges, GrafTech remains a key player in the graphite electrode market, with a long history and deep expertise in the steelmaking process.
Key people include CEO Timothy K. Flanagan, who was appointed in March 2024. The company also has a board chair and founder, Debra Fine, who served as CEO from 2004 to 2018. The company's products and services are critical to the steel industry, and it continues to innovate in carbon-based solutions. With a focus on customer-first solutions and exceptional history, GrafTech aims to maintain its leadership in the graphite electrode sector.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$504.1M
-6.4%
+1.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-219.8M
-67.6%
+6.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-3.1%
+24.5%
+97.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-15.3%
-10.7%
+53.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-43.6%
-79.1%
+8.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-120.5M
-62.0%
-156.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-23.9%
-73.1%
-151.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-421.6%
+69.6%
+3.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
3.78x
-16.9%
+24.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Hello everyone, thank you for joining us and welcome to the GrafTech's Second Quarter 2026 Earnings Conference Call and Webcast. I will now hand the conference over to Mike Dillon, Vice President of Investor Relations and Treasurer. Please go ahead.
Michael Dillon : Good morning and welcome to GrafTech International's second quarter 2026 earnings call. Thank you for joining us. Joining me on the call are Tim Flanagan, Chief Executive Officer, and Rory O'Donnell, Chief Financial Officer. We'll begin with opening comments on our key strategic initiatives. Rory will then provide color on our quarterly results, outlook, and other financial matters. After closing comments by Tim, we will then open the call to questions. Turning to our next slide. As a reminder, our comments today may include forward-looking statements regarding, among other things, performance, trends, and strategies. These statements are based on current expectations that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward-looking statements are shown here. We will also discuss certain non-GAAP financial measures in these slides, including the relevant non-GAAP reconciliations. You can find these slides in the Investor Relations section of our website at graftech.com. A replay of the call will also be available on our website. I'm now turning the call over to Tim.
Timothy Flanagan : Good morning everyone, and thank you for joining us today. The second quarter marked another period of meaningful progress for GrafTech. We delivered strong sales volume growth, increased production and capacity utilization, and further improved our manufacturing cost structure. We also reaffirmed our full year sales volume and cost expectations while advancing the commercial and strategic initiatives we introduced earlier this year to improve both profitability and strengthen our business. In addition, we believe the underlying fundamentals of our end markets are moving in a positive direction. We are taking decisive actions to strengthen our business in the areas where we can make the greatest difference today. Taken together, we believe that this positions GrafTech to deliver stronger financial performance as industry conditions continue to improve. This morning, I'd like to begin with an update on our strategic priorities, then provide our perspective on the steel market and broader industry environment before discussing safety and turning the call over to Rory for a review of our financial results. When we spoke with you 3 months ago, we introduced a series of strategic initiatives designed to strengthen GrafTech's earnings power while supporting healthier long-term industry fundamentals. Those priorities build on the commercial, operational, and financial improvements we have made over the past several years, and I'm pleased with the progress we are making across each of them. First on the commercial …
