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GrafTech International
(NYSE:EAF)
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Rating:45Neutral
Price Target:
$6.50
▼(-16.56% Downside)
Action:Reiterated
Date:07/24/26
The score is held down primarily by weak financial performance (sharp revenue contraction, sustained losses, negative equity, and recent cash burn). Technicals are mixed with the stock still below key longer-term moving averages, offering limited confirmation of a trend reversal. The earnings call adds some support via improving volume visibility and expected H2 pricing uplift, but near-term profitability and cash flow remain pressured, and valuation is difficult to support with a negative P/E and no stated dividend yield.
Positive Factors
Order Book Visibility
High order-book visibility (>85% committed for 2026) provides durable revenue predictability, reduces downside volume risk and allows management to plan production, working capital and pricing actions. This lowers forecasting uncertainty and supports near-term liquidity and operational planning.
Negative Factors
Weak Balance Sheet / Negative Equity
A negative equity position and debt materially larger than reported assets constrain financial flexibility and increase refinancing risk. Persistent weak capitalization limits the company's ability to absorb shocks, raises cost of capital, and makes sustained recovery dependent on operational turnaround or external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Order Book Visibility
High order-book visibility (>85% committed for 2026) provides durable revenue predictability, reduces downside volume risk and allows management to plan production, working capital and pricing actions. This lowers forecasting uncertainty and supports near-term liquidity and operational planning.
Read all positive factors
GrafTech International Key Performance Indicators (KPIs)
Any
Sales Volume
Indicates the quantity of products sold, providing insight into market demand, revenue potential, and competitive position.
Indicates the quantity of products sold, providing insight into market demand, revenue potential, and competitive position.
Data provided by:
The Fly
The FlyGrafTech International (EAF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$175.34M
Dividend YieldN/A
Average Volume (3M)302.17K
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth0.86%
EPS Growth17.02%
CountryUS
Employees1,071
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.68
Shares Outstanding26,092,163
10 Day Avg. Volume247,042
30 Day Avg. Volume302,172
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)-15.54
Price to Sales (P/S)8.00
P/FCF Ratio-33.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$7.25Price Target Upside-6.93% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)-5.74
Revenue Forecast (FY)$505.22M
GrafTech International Business Overview & Revenue Model
Company Description
GrafTech International Ltd. 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 crucia...
How the Company Makes Money
GrafTech makes money primarily by selling graphite electrodes (especially ultra-high power electrodes) to steel producers that operate electric arc furnaces. Revenue is generated through (1) contracted sales under long-term agreements, where custo...
GrafTech International Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call presented a cautiously optimistic view: GrafTech reported solid volume growth (28,000 mt, +14% YoY; U.S. +37% YoY), improved order visibility (>85% committed), sequential cost improvement, supportive trade developments and strategic advantages (vertical integration, strong liquidity). However, profitability remains under pressure (net loss $43M, adjusted EBITDA negative $14M), ASPs declined YoY, utilization is low (65%), and geopolitical input-cost risks persist. Management expects pricing momentum and trade remedies to materially improve results in H2 2026 and into 2027, making the outlook constructive but with near-term headwinds.Positive Updates
Strong Sales Volume Growth
First-quarter sales volume of 28,000 metric tons, up 14% year-over-year; production was 29,000 metric tons with a capacity utilization rate of 65%.
Negative Updates
Profitability Pressure
Net loss of $43 million (loss of $1.66 per share) in Q1 and adjusted EBITDA negative $14 million versus negative $4 million in the prior year, primarily driven by lower average selling prices.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Sales Volume Growth
First-quarter sales volume of 28,000 metric tons, up 14% year-over-year; production was 29,000 metric tons with a capacity utilization rate of 65%.
Read all positive updates
Company Guidance
GrafTech reiterated 2026 financial and operational guidance anchored by volume, cost and liquidity targets: Q1 production was 29,000 metric tons (65% utilization) and sales were 28,000 t (+14% YoY; U.S. sales +37% YoY), management maintains full‑year sales volume growth guidance of +5% to +10% YoY with >85% of anticipated 2026 volume already committed; Q1 average selling price was ~$3,900/ton (‑5% YoY, ‑2% QoQ) and the company announced a March 26 price uplift of $600–$1,200/ton on uncommitted volumes (with ~90% of the affected volume expected to flow in H2 and ASP inflection likely to show in Q3–Q4); Q1 cash costs were $3,848/ton (4% QoQ decline) and GrafTech’s target cash cost long‑run range is ~$3,600–$3,700/ton with a modest year‑over‑year improvement expected; Q1 net loss was $43M ($1.66/sh) and adjusted EBITDA was ‑$14M (vs. ‑$4M PY), cash used in operations was $15M and adjusted free cash flow was ‑$27M (vs. ‑$40M PY); full‑year CapEx ~ $35M; liquidity totaled $329M (cash $120M, $108M revolver availability, $100M delayed‑draw availability), revolver borrowing availability currently limited to ~ $115M less ~$7M of letters of credit, the remaining delayed‑draw is available until July 2026 and is expected to be drawn by end of Q2, and management noted that each $100/ton improvement in ASP equates to roughly $12M of incremental EBITDA/liquidity; safety TRIR improved to 0.35.GrafTech International Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 512.92M | 504.13M | 538.78M | 620.50M | 1.28B | 1.35B |
| Gross Profit | -29.44M | -15.68M | -22.19M | 26.66M | 545.40M | 653.70M |
| EBITDA | -52.34M | -4.74M | 1.67M | -145.21M | 546.80M | 589.04M |
| Net Income | -177.35M | -219.84M | -131.16M | -255.25M | 382.96M | 388.33M |
Balance Sheet | ||||||
| Total Assets | 1.04B | 1.03B | 1.22B | 1.29B | 1.60B | 1.41B |
| Cash, Cash Equivalents and Short-Term Investments | 145.36M | 138.43M | 256.25M | 176.88M | 134.64M | 57.51M |
| Total Debt | 1.20B | 1.09B | 1.09B | 930.75M | 921.93M | 1.03B |
| Total Liabilities | 1.39B | 1.29B | 1.30B | 1.21B | 1.27B | 1.39B |
| Stockholders Equity | -345.56M | -259.63M | -78.90M | 78.25M | 337.71M | 23.40M |
Cash Flow | ||||||
| Free Cash Flow | -117.38M | -120.50M | -74.40M | 22.52M | 252.46M | 384.78M |
| Operating Cash Flow | -73.67M | -81.62M | -40.09M | 76.56M | 324.63M | 443.04M |
| Investing Cash Flow | -33.92M | -38.33M | -34.21M | -53.82M | -71.97M | -57.86M |
| Financing Cash Flow | 100.21M | -341.00K | 155.72M | 18.71M | -176.27M | -471.79M |
GrafTech International Technical Analysis
Positive
7.79
Price Trends
7.52
Positive
7.70
Negative
10.54
Negative
Market Momentum
0.10
Negative
56.15
Neutral
61.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EAF, the sentiment is Positive. The current price of 7.79 is above the 20-day moving average (MA) of 6.90, above the 50-day MA of 7.52, and below the 200-day MA of 10.54, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 61.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EAF.
GrafTech International Risk Analysis
GrafTech International disclosed 28 risk factors in its most recent earnings report. GrafTech International reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
GrafTech International Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.75B | 40.07 | 9.03% | 0.27% | 17.07% | 3.40% | |
73 Outperform | $6.78B | 23.73 | 15.60% | 0.55% | 3.70% | -14.17% | |
64 Neutral | $1.44B | 7.57 | 47.41% | 5.73% | 2.71% | 266.27% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $1.73B | -3.29 | -31.69% | ― | 29.71% | 11.38% | |
48 Neutral | $2.87B | -1.45 | -139.28% | ― | 15.19% | 42.87% | |
45 Neutral | $175.34M | -9.88 | 64.26% | ― | 0.86% | 17.02% |
* Industrials Sector Average
EAF
GrafTech International
7.64
-4.86
-38.88%
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GrafTech International Corporate Events
Business Operations and StrategyPrivate Placements and Financing
GrafTech Launches $50 Million At-The-Market Equity Program
Neutral
May 29, 2026
On May 29, 2026, GrafTech International Ltd. entered into an Equity Distribution Agreement with Evercore Group L.L.C. that allows the company, at its discretion, to sell up to $50 million of its common stock through an at-the-market offering struc...
Executive/Board ChangesShareholder Meetings
GrafTech Shareholders Back Board, Auditors, Executive Pay
Positive
May 8, 2026
GrafTech International Ltd. held its Annual Meeting of Stockholders on May 7, 2026, with 25,988,349 common shares entitled to vote as of the March 9, 2026 record date. Stockholders elected Jean-Marc Germain and Henry R. Keizer to three-year terms ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.