GrafTech International Balance Sheet Health
Financial Health criteria checks 0/6
GrafTech International has a total shareholder equity of $-304.4M and total debt of $1.1B, which brings its debt-to-equity ratio to -360.2%. Its total assets and total liabilities are $997.2M and $1.3B respectively.
Key information
-360.23%
Debt to equity ratio
US$1.10b
Debt
| Interest coverage ratio | n/a |
| Cash | US$120.24m |
| Equity | -US$304.43m |
| Total liabilities | US$1.30b |
| Total assets | US$997.20m |
Recent financial health updates
Recent updates
Narrative Update • Jun 01
EAF: Mixed P/E Reset And 2026 Volume Commitments Will Shape Risk Balance
Analysts have adjusted their outlook on GrafTech International, lifting the average price target by $2 to reflect updated assumptions on profit margins and future P/E, following mixed recent research that includes both a price target increase and a downgrade. Analyst Commentary Recent research on GrafTech International sends a mixed message, with one price target raised by US$2 on updated margin and P/E assumptions while JPMorgan has turned more cautious with a downgrade.Seeking Alpha • May 30
GrafTech: Some Green Shoots, But A Long Way To Go
Summary GrafTech faces persistent losses, elevated net debt near $1B, and challenging market conditions from global overcapacity. GrafTech reported Q1 sales up 12% year-over-year, with EBITDA losses narrowing to $13M and price hikes of $600-$1,200/ton on uncommitted volumes. Guidance includes 5-10% volume growth and cost reductions to $3,600-$3,700/ton, potentially supporting break-even results as legacy contracts expire. While green shoots are emerging, the equity remains highly speculative given liquidity constraints and the need for further operational improvements before the 2029 debt maturity. Read the full article on Seeking AlphaNarrative Update • May 08
EAF: Mixed Street Reset And 2026 Volume Commitments Will Shape Risk Balance
GrafTech International's analyst fair value price target has been revised to $9.25 from $8.75, as analysts factor in updated views on growth, margins, and P/E following a mix of recent price target changes and a downgrade across the Street. Analyst Commentary Recent Street research on GrafTech International shows a mix of optimism and caution, with several price target changes and at least one downgrade shaping how analysts are framing valuation, execution risk, and growth potential.Narrative Update • Apr 23
EAF: Margin Reset And 2026 Volume Outlook Will Shape Balanced Risk Profile
The analyst price target for GrafTech International has been revised from $9.75 to $8.75 as analysts factor in recent Street research downgrades and target cuts, while also updating assumptions around profit margins and forward P/E multiples. Analyst Commentary Recent Street research on GrafTech International has centered on lower price targets and at least one downgrade, with analysts reassessing assumptions for profit margins and the level of P/E multiples they are willing to apply.
Narrative Update • Apr 08
EAF: Lowered Expectations And Execution Risks Will Shape Future Return Profile
Analysts have lowered their price targets on GrafTech International by $4, $5 and $11, reflecting updated views on revenue growth, margins and P/E assumptions. The $6.00 fair value estimate and 12.33% discount rate remain unchanged.Narrative Update • Mar 25
EAF: Reset Earnings Expectations And Execution Risks Will Shape Future Returns
For GrafTech International, the analyst fair value estimate has been cut from $8.00 to $6.00 as analysts factor in more moderate revenue growth expectations, along with higher profit margin assumptions and a lower future P/E multiple. Analyst Commentary Recent Street research has focused on lower price targets for GrafTech International, with several bearish analysts revisiting their assumptions on revenue growth, profitability, and valuation multiples.Narrative Update • Mar 11
EAF: Margin Reset And 2026 Volume Guidance Will Support Upside
Analysts have lowered their price targets on GrafTech International by $4 to $11, reflecting updated views on profit margins and longer term P/E expectations, while leaving fair value estimates broadly unchanged. Analyst Commentary Recent Street research around GrafTech International has centered on recalibrated price targets while keeping fair value views relatively stable.
Narrative Update • Feb 25
EAF: Higher Margin Profile Will Support Repriced Upside Case Going Forward
Analysts have trimmed their price target on GrafTech International to $11 from $20, citing updated expectations for slower revenue growth, a higher profit margin profile, and a lower future P/E multiple. Analyst Commentary Recent research on GrafTech International has centered on recalibrated price targets that reflect updated views on revenue, profit margins, and valuation multiples.Narrative Update • Feb 11
EAF: Margin Resilience And 2026 Volume Outlook Will Support Upside
Analysts have reduced their price target on GrafTech International from US$14.75 to US$9.75, citing updated assumptions for revenue growth, profit margins, and a lower forward P/E multiple. Analyst Commentary Recent Street research on GrafTech International points to a cluster of lower price targets, including cuts of US$11, US$5, and US$4, as analysts reset their expectations for revenue, margins, and the appropriate forward P/E multiple.Narrative Update • Jan 24
EAF: Higher Margin Outlook Will Still Leave Shares Looking Expensive
Analysts have modestly revised their price outlook for GrafTech International to $14.75, citing updated assumptions for revenue growth of about 10.63%, a profit margin near 12.32%, and an expected future P/E of roughly 6.27x. Valuation Changes Fair Value Estimate held steady at US$14.75, reflecting no change in the central price assumption.Narrative Update • Jan 10
EAF: Margin Discipline And Cost Savings Will Not Offset Overvaluation Risk
Analysts have kept their price target for GrafTech International steady at US$14.75, reflecting unchanged views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News GrafTech completed a share buyback program announced on November 5, 2021, repurchasing 5,740,502 shares, representing 21.97% of the program, for US$50.97m.Analysis Article • Dec 22
GrafTech International Ltd. (NYSE:EAF) Surges 27% Yet Its Low P/S Is No Reason For Excitement
GrafTech International Ltd. ( NYSE:EAF ) shareholders would be excited to see that the share price has had a great...Narrative Update • Dec 17
EAF: Margin Discipline And Cost Improvements Will Support Balanced Outlook In 2025
Analysts have modestly increased their price target on GrafTech International to $14.75 per share from $14.50 per share, citing slightly improved profit margin expectations and a marginally lower forward price to earnings multiple while maintaining their long term growth and risk assumptions. What's in the News Completed share repurchase of 5,740,502 shares, representing 21.97% of outstanding shares, under the buyback program announced on November 5, 2021, with no additional shares repurchased in the July 1 to September 30, 2025 tranche (Key Developments).Narrative Update • Dec 03
EAF: Margin Gains And Cost Efficiencies Will Support Balanced Outlook In 2025
Analysts have nudged their price target on GrafTech International slightly higher to approximately $14.75 from about $14.60 per share, citing improving profit margin expectations and a modestly richer future earnings multiple, despite tempering their revenue growth outlook. What's in the News Completed share repurchase program totaling 5.74 million shares, or about 22% of outstanding stock, for roughly $51 million under the 2021 authorization (company filing) Reported third quarter 2025 production volume of 26.6 MT, down from 29.4 MT a year earlier; nine month 2025 production rose to 84.5 MT from 72.2 MT, highlighting improved asset utilization over the year to date (company results) Raised 2025 sales volume outlook to an 8 to 10% year over year increase, and signaled a willingness to walk away from low margin business to protect profitability (company guidance) Now targets about a 10% year over year decline in 2025 cash cost of goods sold per MT, compared with prior 7 to 9% guidance, driven by production schedule efficiencies and cost optimization (company guidance) Continues to mitigate tariff and trade policy impacts through a flexible global production network and proactive supply chain measures, including shifting volume toward higher priced U.S. markets (company guidance) Valuation Changes Fair Value: raised slightly to about $14.75 per share from roughly $14.60, reflecting modestly improved profitability and valuation assumptions.Narrative Update • Nov 19
EAF: Improved Margins And Cost Reductions Will Drive Upside In 2025
Analysts have raised their price target for GrafTech International from $13.25 to $14.60. They cite improved profit margin projections and a modest adjustment to discount rates, even though lower anticipated revenue growth is expected.Analysis Article • Nov 07
It's Down 27% But GrafTech International Ltd. (NYSE:EAF) Could Be Riskier Than It Looks
GrafTech International Ltd. ( NYSE:EAF ) shareholders won't be pleased to see that the share price has had a very rough...Analysis Article • Sep 20
GrafTech International Ltd.'s (NYSE:EAF) Shares Leap 33% Yet They're Still Not Telling The Full Story
GrafTech International Ltd. ( NYSE:EAF ) shares have had a really impressive month, gaining 33% after a shaky period...Narrative Update • Aug 30
Decarbonization And EAF Transition Will Revitalize Steel Supply Chains
Despite minimal changes in both net profit margin and future P/E ratio, the consensus analyst price target for GrafTech International has surged from $1.28 to $12.75. What's in the News GrafTech International announced a 1-for-10 stock split effective August 29, 2025.Analysis Article • Aug 01
GrafTech International Ltd. (NYSE:EAF) Soars 39% But It's A Story Of Risk Vs Reward
GrafTech International Ltd. ( NYSE:EAF ) shares have continued their recent momentum with a 39% gain in the last month...Analysis Article • Jun 17
Investors Still Aren't Entirely Convinced By GrafTech International Ltd.'s (NYSE:EAF) Revenues Despite 41% Price Jump
GrafTech International Ltd. ( NYSE:EAF ) shareholders would be excited to see that the share price has had a great...Analysis Article • Apr 01
GrafTech International Ltd. (NYSE:EAF) Stock's 25% Dive Might Signal An Opportunity But It Requires Some Scrutiny
To the annoyance of some shareholders, GrafTech International Ltd. ( NYSE:EAF ) shares are down a considerable 25% in...
New Narrative • Mar 28
US And European Markets Will Spur 800 Graphite Electrode Demand
Strategic cost reductions and a focus on 800-millimeter electrodes are expected to boost revenue and improve net margins significantly.Analysis Article • Feb 11
Revenues Working Against GrafTech International Ltd.'s (NYSE:EAF) Share Price Following 29% Dive
To the annoyance of some shareholders, GrafTech International Ltd. ( NYSE:EAF ) shares are down a considerable 29% in...Seeking Alpha • Jan 04
GrafTech: Debt Extension And Increase Buys Time
Summary GrafTech faces significant uncertainty due to declining graphite electrode prices, competition, and poor governance, making its shares a speculative call option on a market recovery. The company’s financial struggles are evident with declining revenues, increasing debt, and ongoing losses, despite efforts to cut costs. Recent positive developments include a debt maturity extension and potential acquisition interest from Indian-based HEG, but core business economics remain weak. Shares have risen from $1 to $1.70, driven by extended debt duration and acquisition hopes, yet investing remains highly speculative with limited immediate triggers. Read the full article on Seeking AlphaSeeking Alpha • Oct 28
Graftech: Why Sell Now
Summary We sold our stake in Graftech due to persistent negative short-term events and deteriorating business fundamentals over the past three years. Graftech's vertical integration and long-term contracts failed to provide the expected competitive advantage amid weak demand and strained customer relationships. Graftech's financial health is unsustainable, with high debt levels, low profitability, and reliance on favorable market conditions to meet obligations. Lessons learned: Avoid cyclical, capital-intensive investments without hard catalysts, and consider the impact of geopolitical and market-specific risks. Read the full article on Seeking AlphaSeeking Alpha • Sep 30
GrafTech: Uncertainty Prevails, The Business And Governance
Summary GrafTech International faces an uncertain outlook due to declining graphite electrode prices and competition, causing the business to be uneconomical here. EAF's equity is essentially a call option on a market recovery, with significant liquidity, and debt not being due until 2028. Poor governance and potential restructuring, with Brookfield's significant control, complicate the investment thesis and add uncertainty for investors. Read the full article on Seeking AlphaAnalysis Article • Sep 24
GrafTech International Ltd. (NYSE:EAF) Surges 36% Yet Its Low P/S Is No Reason For Excitement
GrafTech International Ltd. ( NYSE:EAF ) shareholders are no doubt pleased to see that the share price has bounced 36...Analysis Article • Aug 08
Why Investors Shouldn't Be Surprised By GrafTech International Ltd.'s (NYSE:EAF) 44% Share Price Plunge
To the annoyance of some shareholders, GrafTech International Ltd. ( NYSE:EAF ) shares are down a considerable 44% in...Analysis Article • Jun 18
Lacklustre Performance Is Driving GrafTech International Ltd.'s (NYSE:EAF) 41% Price Drop
The GrafTech International Ltd. ( NYSE:EAF ) share price has fared very poorly over the last month, falling by a...Analysis Article • May 30
Is GrafTech International (NYSE:EAF) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Apr 25
GrafTech International Ltd.'s (NYSE:EAF) Share Price Boosted 29% But Its Business Prospects Need A Lift Too
GrafTech International Ltd. ( NYSE:EAF ) shareholders would be excited to see that the share price has had a great...Analysis Article • Mar 04
GrafTech International Ltd. (NYSE:EAF) Shares Fly 30% But Investors Aren't Buying For Growth
GrafTech International Ltd. ( NYSE:EAF ) shareholders are no doubt pleased to see that the share price has bounced 30...Financial Position Analysis
Short Term Liabilities: EAF has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.
Long Term Liabilities: EAF has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.
Debt to Equity History and Analysis
Debt Level: EAF has negative shareholder equity, which is a more serious situation than a high debt level.
Reducing Debt: EAF's has negative shareholder equity, so we do not need to check if its debt has reduced over time.
Debt Coverage: EAF's operating cash flow is negative, therefore debt is not well covered.
Interest Coverage: Insufficient data to determine if EAF's interest payments on its debt are well covered by EBIT.
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/10 06:01 |
| End of Day Share Price | 2026/06/10 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
GrafTech International Ltd. is covered by 14 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Katja Jancic | BMO Capital Markets Equity Research |
| Alexander Robert Pearce | BMO Capital Markets Equity Research |
| Eric Prouty | Canaccord Genuity |