GrafTech International (EAF)
Market Price (8/25/2026): $6.46 | Market Cap: $169.6 MilSector: Industrials | Industry: Electrical Components & Equipment
GrafTech International (EAF)
Market Price (8/25/2026): $6.46Market Cap: $169.6 MilSector: IndustrialsIndustry: Electrical Components & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Advanced Materials, Circular Economy & Recycling, and Energy Transition & Decarbonization. Themes include High-Performance Industrial Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -159% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -17% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 621% Stock price has recently run up significantly12M Rtn12 month market price return is 566% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -3.4% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -109% High stock price volatilityVol 12M is 889% Key risksEAF key risks include [1] its dependence on petroleum needle coke supply and [2] the potential reduction of anti-dumping tariffs that could significantly weaken its competitive position. |
| Megatrend and thematic driversMegatrends include Advanced Materials, Circular Economy & Recycling, and Energy Transition & Decarbonization. Themes include High-Performance Industrial Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -159% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -17% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 621% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 566% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -3.4% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -109% |
| High stock price volatilityVol 12M is 889% |
| Key risksEAF key risks include [1] its dependence on petroleum needle coke supply and [2] the potential reduction of anti-dumping tariffs that could significantly weaken its competitive position. |
Qualitative Assessment
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Updated on 8/24/2026
GrafTech International (EAF) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Persistent pricing pressure for graphite electrodes significantly impacted profitability despite increased sales volume. In fiscal Q2 2026 (for the quarter ended June 30, 2026), GrafTech's weighted-average realized price for graphite electrodes decreased by 7% year-over-year to approximately $3,900 per metric ton. This price decline more than offset an 8% year-over-year increase in sales volume, contributing to the company remaining in a net loss position. Management acknowledged that industry-wide pricing levels do not reflect the essential nature of graphite electrodes for electric arc furnace steelmaking.
2. Fiscal Q2 2026 earnings results, released on July 24, 2026, led to investor disappointment. GrafTech reported an Adjusted Earnings Per Share (EPS) of -$1.47 for fiscal Q2 2026, which missed analysts' consensus estimates of -$1.46 by $0.01. Despite exceeding revenue estimates with $127.36 million, the reported loss led to an immediate stock decline of over 8% following the announcement.
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GrafTech International (EAF) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Persistent pricing pressure for graphite electrodes significantly impacted profitability despite increased sales volume. In fiscal Q2 2026 (for the quarter ended June 30, 2026), GrafTech's weighted-average realized price for graphite electrodes decreased by 7% year-over-year to approximately $3,900 per metric ton. This price decline more than offset an 8% year-over-year increase in sales volume, contributing to the company remaining in a net loss position. Management acknowledged that industry-wide pricing levels do not reflect the essential nature of graphite electrodes for electric arc furnace steelmaking.
2. Fiscal Q2 2026 earnings results, released on July 24, 2026, led to investor disappointment. GrafTech reported an Adjusted Earnings Per Share (EPS) of -$1.47 for fiscal Q2 2026, which missed analysts' consensus estimates of -$1.46 by $0.01. Despite exceeding revenue estimates with $127.36 million, the reported loss led to an immediate stock decline of over 8% following the announcement.
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Updated on 8/24/2026
GrafTech International (EAF) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Persistent pricing pressure for graphite electrodes significantly impacted profitability despite increased sales volume. In fiscal Q2 2026 (for the quarter ended June 30, 2026), GrafTech's weighted-average realized price for graphite electrodes decreased by 7% year-over-year to approximately $3,900 per metric ton. This price decline more than offset an 8% year-over-year increase in sales volume, contributing to the company remaining in a net loss position. Management acknowledged that industry-wide pricing levels do not reflect the essential nature of graphite electrodes for electric arc furnace steelmaking.
2. Fiscal Q2 2026 earnings results, released on July 24, 2026, led to investor disappointment. GrafTech reported an Adjusted Earnings Per Share (EPS) of -$1.47 for fiscal Q2 2026, which missed analysts' consensus estimates of -$1.46 by $0.01. Despite exceeding revenue estimates with $127.36 million, the reported loss led to an immediate stock decline of over 8% following the announcement.
3. Negative cash flow and increased debt levels raised liquidity concerns. In fiscal Q2 2026, GrafTech reported negative adjusted free cash flow of $75 million and net cash used in operating activities of $69 million. The company also drew the remaining $100 million from its delayed draw term loan facility in June 2026, which increased its gross debt to $1.225 billion. Total liquidity stood at $253 million as of the end of fiscal Q2 2026.
4. Analyst sentiment turned increasingly negative, with significant price target reductions. Around August 10, 2026, analysts decreased the average price target for GrafTech's stock by 19% to US$7.25, down from US$9.00. This revised target was approximately 11% below the last closing price of US$8.13. Overall, the company received an average "Reduce" rating from six brokerages, comprising three "sell" and three "hold" recommendations.
Show less
GrafTech International (EAF) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Persistent pricing pressure for graphite electrodes significantly impacted profitability despite increased sales volume. In fiscal Q2 2026 (for the quarter ended June 30, 2026), GrafTech's weighted-average realized price for graphite electrodes decreased by 7% year-over-year to approximately $3,900 per metric ton. This price decline more than offset an 8% year-over-year increase in sales volume, contributing to the company remaining in a net loss position. Management acknowledged that industry-wide pricing levels do not reflect the essential nature of graphite electrodes for electric arc furnace steelmaking.
2. Fiscal Q2 2026 earnings results, released on July 24, 2026, led to investor disappointment. GrafTech reported an Adjusted Earnings Per Share (EPS) of -$1.47 for fiscal Q2 2026, which missed analysts' consensus estimates of -$1.46 by $0.01. Despite exceeding revenue estimates with $127.36 million, the reported loss led to an immediate stock decline of over 8% following the announcement.
3. Negative cash flow and increased debt levels raised liquidity concerns. In fiscal Q2 2026, GrafTech reported negative adjusted free cash flow of $75 million and net cash used in operating activities of $69 million. The company also drew the remaining $100 million from its delayed draw term loan facility in June 2026, which increased its gross debt to $1.225 billion. Total liquidity stood at $253 million as of the end of fiscal Q2 2026.
4. Analyst sentiment turned increasingly negative, with significant price target reductions. Around August 10, 2026, analysts decreased the average price target for GrafTech's stock by 19% to US$7.25, down from US$9.00. This revised target was approximately 11% below the last closing price of US$8.13. Overall, the company received an average "Reduce" rating from six brokerages, comprising three "sell" and three "hold" recommendations.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -24.0% change in EAF stock from 4/30/2026 to 8/24/2026 was primarily driven by a -25.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.50 | 6.46 | -24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 504 | 513 | 1.7% |
| P/S Multiple | 0.4 | 0.3 | -25.5% |
| Shares Outstanding (Mil) | 26 | 26 | 0.3% |
| Cumulative Contribution | -24.0% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| EAF | -24.0% | |
| Market (SPY) | 6.2% | 30.9% |
| Sector (XLI) | 2.5% | 34.5% |
Fundamental Drivers
The -57.2% change in EAF stock from 1/31/2026 to 8/24/2026 was primarily driven by a -56.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.11 | 6.46 | -57.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 522 | 513 | -1.7% |
| P/S Multiple | 0.8 | 0.3 | -56.0% |
| Shares Outstanding (Mil) | 26 | 26 | -1.2% |
| Cumulative Contribution | -57.2% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| EAF | -57.2% | |
| Market (SPY) | 10.6% | 17.9% |
| Sector (XLI) | 8.5% | 17.1% |
Fundamental Drivers
The -53.5% change in EAF stock from 7/31/2025 to 8/24/2026 was primarily driven by a -53.3% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.90 | 6.46 | -53.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 509 | 513 | 0.9% |
| P/S Multiple | 0.7 | 0.3 | -53.3% |
| Shares Outstanding (Mil) | 26 | 26 | -1.3% |
| Cumulative Contribution | -53.5% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| EAF | -53.5% | |
| Market (SPY) | 21.8% | -3.4% |
| Sector (XLI) | 19.0% | -3.9% |
Fundamental Drivers
The -87.8% change in EAF stock from 7/31/2023 to 8/24/2026 was primarily driven by a -74.3% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.80 | 6.46 | -87.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,054 | 513 | -51.3% |
| P/S Multiple | 1.3 | 0.3 | -74.3% |
| Shares Outstanding (Mil) | 26 | 26 | -2.1% |
| Cumulative Contribution | -87.8% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| EAF | -87.8% | |
| Market (SPY) | 72.7% | 2.5% |
| Sector (XLI) | 68.9% | 1.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EAF Return | 11% | -60% | -54% | -21% | -10% | -56% | -94% |
| Peers Return | 3041% | -49% | 26% | -28% | 21% | 16% | 1930% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| EAF Win Rate | 58% | 25% | 33% | 42% | 50% | 50% | |
| Peers Win Rate | 46% | 21% | 46% | 33% | 50% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EAF Max Drawdown | -27% | -65% | -69% | -75% | -95% | -71% | |
| Peers Max Drawdown | -41% | -58% | -45% | -45% | -47% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ENTG, NMG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
| Event | EAF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.9% | -18.8% |
| % Gain to Breakeven | 95.8% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -43.8% | -7.8% |
| % Gain to Breakeven | 78.1% | 8.5% |
| Time to Breakeven | 42 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.5% | -33.7% |
| % Gain to Breakeven | 57.5% | 50.9% |
| Time to Breakeven | 256 days | 140 days |
In The Past
GrafTech International's stock fell -48.9% during the 2025 US Tariff Shock. Such a loss loss requires a 95.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | EAF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.9% | -18.8% |
| % Gain to Breakeven | 95.8% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -43.8% | -7.8% |
| % Gain to Breakeven | 78.1% | 8.5% |
| Time to Breakeven | 42 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.5% | -33.7% |
| % Gain to Breakeven | 57.5% | 50.9% |
| Time to Breakeven | 256 days | 140 days |
In The Past
GrafTech International's stock fell -48.9% during the 2025 US Tariff Shock. Such a loss loss requires a 95.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About GrafTech International (EAF)
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GrafTech International Ltd. (EAF) is a global industrial company that specializes in the research, development, manufacturing, and sale of graphite and carbon-based solutions. Established in 1886, the company plays a vital role in heavy industries by providing essential components and materials for metal production processes worldwide.
The company's primary product offering is graphite electrodes, which are critical consumables used in electric arc furnaces (EAFs) to melt scrap metal and produce new steel, along with various other ferrous and non-ferrous metals. Additionally, GrafTech produces petroleum needle coke, a specialized crystalline carbon material that serves as a key raw material in the production of these very graphite electrodes, demonstrating an integrated aspect of its supply chain.
GrafTech's main customers are predominantly steel producers operating electric arc furnaces around the globe, as well as other companies involved in the production of various ferrous and non-ferrous metals. The company distributes its products internationally through a dedicated sales force, independent representatives, and distributors, serving a foundational function within the global metals industry.
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Albemarle for graphite materials in the steel industry.
Corning, but specializing in advanced graphite products for heavy industry.
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- Graphite Electrodes: These are used in electric arc furnaces to produce steel and other metals.
- Petroleum Needle Coke: This is a crystalline carbon material primarily used in the production of graphite electrodes.
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Timothy K. Flanagan, Chief Executive Officer and President
Mr. Flanagan was appointed Chief Executive Officer and President of GrafTech International Ltd. in March 2024, having served as interim CEO and President since November 2023. He joined GrafTech in November 2021 as Chief Financial Officer, Vice President Finance, and Treasurer. Prior to GrafTech, he served as Executive Vice President, Chief Financial Officer of Cleveland-Cliffs Inc., a flat-rolled steel producer, from January 2017 to February 2019, and held various financial leadership roles there since 2008. Mr. Flanagan also served as Chief Financial Officer of Benesch, Friedlander, Coplan & Aronoff, LLP, a law firm, from June 2019 to November 2021. He is a Certified Public Accountant and holds a B.S. in Accounting from the University of Dayton.
Rory O'Donnell, Chief Financial Officer and Senior Vice President
Mr. O'Donnell was appointed Chief Financial Officer and Senior Vice President of GrafTech International Ltd., effective September 3, 2024. In this role, he oversees all financial aspects of the company. Before joining GrafTech, Mr. O'Donnell was Senior Vice President, Controller, and Principal Accounting Officer of Covia Corporation since February 2019, also serving as interim CFO from August 2022 to July 2023. His experience also includes serving as Senior Vice President, Controller at Signet Jewelers Limited from 2014 to 2019, and Director, Accounting & Reporting at Cleveland-Cliffs Inc. Mr. O'Donnell began his career at KPMG LLP and is a Certified Public Accountant with a B.S. in Accounting from the University of Dayton.
Iñigo Perez Ortiz, Senior Vice President, Commercial and CTS
Iñigo Perez Ortiz serves as the Senior Vice President, Commercial and CTS at GrafTech International Ltd.
Andrew J. Renacci, Chief Legal Officer and Corporate Secretary
Andrew J. Renacci is the Chief Legal Officer and Corporate Secretary for GrafTech International Ltd.
Jeremy J. Clemens, Vice President, Operations
Jeremy J. Clemens holds the position of Vice President, Operations at GrafTech International Ltd.
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The key risks to GrafTech International's business are:
1. Highly Competitive Market, Industry Cyclicality, and Pricing Pressures
The graphite electrode industry, in which GrafTech International operates, is highly cyclical and subject to fluctuating demand and pricing conditions, heavily influenced by the global steel industry. Overcapacity within the graphite electrode industry, particularly from Chinese and Indian producers, has led to intense competitive pricing pressures, significantly impacting GrafTech's profitability and market share. The expiration of lucrative long-term agreements (LTAs) has further exposed the company to these volatile spot market prices, contributing to a substantial decline in revenues and persistent losses.2. Significant Debt Burden and Financial Distress
GrafTech International faces substantial financial distress characterized by elevated debt levels, depressed earnings, and high interest expenses. The company has experienced persistent operational losses and a significant cash burn, raising concerns about its liquidity and the sustainability of its capital structure. Management has identified the company's capital structure as unsustainable, highlighting the reliance on favorable market conditions for meeting financial obligations over the longer term.3. Reliance on Petroleum Needle Coke and Supply/Price Volatility
GrafTech's operations are heavily reliant on petroleum needle coke, a critical raw material for graphite electrode production. Disruptions in the supply of petroleum needle coke or fluctuations in its cost can adversely affect the company's production capabilities and financial performance. An emerging risk is the increasing demand for petroleum needle coke from the electric vehicle (EV) battery market, which could lead to supply-demand imbalances and impact its availability and pricing for graphite electrode manufacturing.AI Analysis | Feedback
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GrafTech International (symbol: EAF) operates in the addressable markets of graphite electrodes and petroleum needle coke.
Graphite Electrodes
The global market size for graphite electrodes was valued at approximately USD 7.2 billion in 2025 and is projected to reach USD 11.2 billion by 2034, growing at a compound annual growth rate (CAGR) of 4.80% from 2026 to 2034. In terms of volume, the global market size is projected to expand from 1.72 million tons in 2025 to 2.13 million tons by 2031.
Asia-Pacific is the dominant region in the graphite electrodes market, holding over 45.7% of the market share in 2025. Within North America, the United States alone accounted for over 78.80% of the regional market share in 2025.
Petroleum Needle Coke
The global petroleum needle coke market size was valued at USD 664.92 million in 2024 and is expected to reach USD 808.78 million by 2033, growing at a CAGR of 2.2% from 2025 to 2033. Other estimates place the global needle coke market value at USD 4.93 billion in 2024, projected to grow at a CAGR of 10.9% from 2025 to 2030, or USD 3.71 billion in 2023, predicted to reach USD 5.15 billion by 2032. Another source anticipates the global market to reach approximately USD 15.39 billion by 2035, from USD 5.4 billion in 2025.
Global consumption of needle coke reached approximately 1.4 million metric tons in 2023, with petroleum-based needle coke accounting for about 1.2 million metric tons. Asia-Pacific is the leading region for petroleum needle coke consumption, representing approximately 45% (540,000 metric tons) of global consumption in 2023. North America contributed around 20% (240,000 metric tons) to the global consumption in the same year.
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GrafTech International (EAF) anticipates several key drivers for its revenue growth over the next two to three years:
- Increased Sales Volume and Market Share Gains, particularly in the United States: GrafTech projects a 5-10% year-over-year increase in sales volume for 2026, continuing its strategy of shifting geographic sales mix towards the United States. The company achieved a 48% year-over-year sales volume growth in the U.S. for the full year 2025, including an 83% increase in the fourth quarter alone. This focus on key regions and its customer value proposition are expected to drive further market share gains.
- Long-Term Demand Growth for Graphite Electrodes from EAF Steelmaking: GrafTech remains confident that the steel industry's decarbonization efforts will lead to increased adoption of the electric arc furnace (EAF) method of steelmaking, which in turn will drive sustained demand for graphite electrodes. Industry analysts project modest recovery in global steel demand (excluding China) for 2026, with anticipated growth in steel demand within the European Union and increased steel production in the United States, supported by favorable domestic trade policies.
- Accelerated Demand for Petroleum Needle Coke in Lithium-ion Batteries: The company expects an acceleration in the demand for petroleum needle coke. This is driven by its use in producing synthetic graphite, a critical component for lithium-ion batteries, which are essential for the growing electric vehicle market.
- Potential for Improved Pricing Dynamics in the Graphite Electrode Market: While the graphite electrode market faced challenging pricing dynamics and aggressive competitor behavior in 2025 and into 2026, GrafTech is prioritizing value-focused growth by foregoing volume opportunities with unacceptably low margins. The company is also taking proactive measures to promote fair trade in its key markets. A modest recovery in global steel demand and potential trade protections, particularly in regions like the European Union, could contribute to a more favorable pricing environment over the next 2-3 years.
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Capital Allocation Decisions for GrafTech International (EAF)
Capital Expenditures
- GrafTech International anticipates capital expenditures of approximately $35 million for 2026, primarily focused on maintaining assets at current utilization levels.
- The company's full-year capital expenditures were approximately $40 million for 2025.
- In 2024, anticipated capital expenditures were in the range of $35 million to $40 million, following $54 million spent in 2023.
Peer Outperformance in Electrical Components & Equipment
EAF has trailed 93% of its 40 Electrical Components & Equipment peers over 5Y. Electrical Components & Equipment ranks 11th of 23 industries in Industrials by median 5Y return.
Share of Electrical Components & Equipment constituents that EAF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 48 industry peers · 565.6% return
3Y
11%
of 45 industry peers · -81.5% return
5Y
8%
of 40 industry peers · -94.0% return
No Electrical Components & Equipment peer with a comparable growth profile has beaten EAF by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Electrical Components & Equipment is EAF's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 18.6% | 119.5% | 200.2% | CDNL 3072% · FIX 2084% · STRL 2083% |
| Marine Transportation | 4 | 55.4% | 58.5% | 147.6% | MATX 207% · KEX 152% · SFL 143% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 11.7% | 64.9% | 118.6% | CAT 312% · ALSN 277% · WAB 250% |
| Aerospace & Defense | 55 | 7.7% | 62.2% | 79.9% | ATI 1067% · FTAI 893% · DFNS 883% |
| Passenger Ground Transportation | 3 | -5.5% | 73.0% | 69.4% | UBER 91% · CAR 69% · LYFT -64% |
| Industrial Machinery & Supplies & Components | 71 | 10.0% | 54.7% | 54.5% | CRS 1403% · PSIX 808% · GHM 697% |
| Rail Transportation | 7 | 36.1% | 73.7% | 50.1% | FSTR 112% · CSX 65% · UNP 57% |
| Cargo Ground Transportation | 16 | 33.6% | 11.6% | 44.3% | XPO 256% · R 249% · CVLG 219% |
| Trading Companies & Distributors | 18 | 1.2% | 36.5% | 33.9% | DXPE 521% · AIT 300% · URI 221% |
| Diversified Support Services | 34 | 8.3% | 34.2% | 33.0% | LIME 4698% · WLFC 362% · TH 356% |
| Electrical Components & Equipment ← | 41 | 23.2% | 48.8% | 24.4% | POWL 2312% · BE 859% · VRT 826% |
| Building Products | 33 | -10.1% | 14.7% | 24.0% | LMB 421% · GFF 413% · PPIH 278% |
| Industrial Conglomerates | 17 | 15.4% | 24.7% | 5.1% | RCMT 741% · CSW 151% · TTI 136% |
| Environmental & Facilities Services | 28 | -8.1% | 17.8% | 3.3% | CECO 854% · ADUR 623% · GEO 318% |
| Office Services & Supplies | 10 | 13.0% | 23.5% | 3.2% | TILE 180% · PBI 165% · EBF 58% |
| Research & Consulting Services | 13 | -7.6% | -18.4% | -1.9% | HURN 224% · CRAI 95% · GRNQ 26% |
| Agricultural & Farm Machinery | 17 | -3.2% | -3.1% | -16.4% | BLBD 185% · DE 84% · GENC 66% |
| Data Processing & Outsourced Services | 6 | -29.8% | -8.9% | -24.1% | EXLS 57% · BR 18% · G -22% |
| Passenger Airlines | 11 | 5.4% | -2.7% | -27.9% | LTM 2383% · UAL 139% · SKYW 112% |
| Human Resource & Employment Services | 21 | 8.7% | -19.1% | -34.5% | BBSI 89% · ADP 52% · KFY 34% |
| Air Freight & Logistics | 12 | -13.9% | -23.2% | -39.0% | CHRW 78% · FDX 70% · EXPD 60% |
| Security & Alarm Services | 10 | -37.3% | -15.9% | -41.9% | CIX 114% · MG 97% · BCO 53% |
| Airport Services | 3 | -70.1% | -69.9% | -57.0% | JOBY -35% · ASLE -57% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.46 |
| Mkt Cap | 0.4 |
| Rev LTM | 513 |
| Op Inc LTM | -52 |
| FCF LTM | -58 |
| FCF 3Y Avg | -65 |
| CFO LTM | -38 |
| CFO 3Y Avg | -48 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.0% |
| Rev Chg 3Y Avg | -9.4% |
| Rev Chg Q | 4.0% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 24.0% |
| Op Inc Chg 3Y Avg | -5.4% |
| Op Mgn LTM | 6.2% |
| Op Mgn 3Y Avg | 2.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 4.0% |
| CFO/Rev 3Y Avg | 5.5% |
| FCF/Rev LTM | -3.4% |
| FCF/Rev 3Y Avg | -2.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | 3.3 |
| P/Op Inc | -1.9 |
| P/EBIT | -2.3 |
| P/E | -1.0 |
| P/CFO | -2.1 |
| Total Yield | -18.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -25.1% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | -24.5% |
| 6M Rtn | 1.5% |
| 12M Rtn | 58.1% |
| 3Y Rtn | -44.4% |
| 1M Excs Rtn | 3.9% |
| 3M Excs Rtn | -26.9% |
| 6M Excs Rtn | -10.4% |
| 12M Excs Rtn | -42.6% |
| 3Y Excs Rtn | -121.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Graphite Electrodes | 461 | 494 | 592 | ||
| By-products and other | 43 | 45 | 28 | 60 | 47 |
| Graphite Electrodes - LTAs | 870 | 1,040 | |||
| Graphite Electrodes - Non-LTAs | 351 | 258 | |||
| Total | 504 | 539 | 620 | 1,281 | 1,346 |
| $ Mil | 2016 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Corporate, R&D and Other expenses | -28 | ||||
| Industrial Materials | -64 | -50 | -22 | 143 | 159 |
| Corporate | -67 | ||||
| Engineered solutions | -138 | 20 | 13 | 7 | |
| Total | -92 | -256 | -3 | 156 | 166 |
Price Behavior
Price Behavior
| Market Price | $6.46 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/19/2018 | |
| Distance from 52W High | -67.4% | |
| 50 Days | 200 Days | |
| DMA Price | $7.01 | $10.04 |
| DMA Trend | down | down |
| Distance from DMA | -7.9% | -35.7% |
| 3M | 1YR | |
| Volatility | 94.8% | 887.5% |
| Downside Capture | 441.88 | -49.94 |
| Upside Capture | 240.42 | 181.70 |
| Correlation (SPY) | 29.8% | -3.6% |
EAF Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.29 | 1.46 | 1.68 | 1.14 | -2.58 | 0.82 |
| Up Beta | -7.41 | -6.50 | -5.33 | -2.68 | -4.06 | 0.76 |
| Down Beta | 2.60 | 3.20 | 3.10 | 2.58 | 3.16 | 2.76 |
| Up Capture | 495% | 202% | 280% | 72% | -42% | 23% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 35 | 64 | 130 | 355 |
| Down Capture | 233% | 331% | 314% | 216% | -13% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 21 | 28 | 62 | 122 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EAF | |
|---|---|---|---|---|
| EAF | -31.4% | 888.9% | 0.90 | - |
| Sector ETF (XLI) | 20.1% | 17.1% | 0.90 | -4.1% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | -3.8% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | 4.1% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -0.5% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 2.6% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | -8.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EAF | |
|---|---|---|---|---|
| EAF | -42.8% | 404.0% | 0.33 | - |
| Sector ETF (XLI) | 12.8% | 17.6% | 0.56 | 4.0% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 4.5% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 3.0% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 1.9% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 6.1% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | -1.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EAF | |
|---|---|---|---|---|
| EAF | -25.9% | 315.4% | 0.27 | - |
| Sector ETF (XLI) | 13.7% | 20.0% | 0.60 | 7.7% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 7.6% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 2.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 3.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 7.6% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 0.2% |
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Returns Analyses
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/24/2026 | 4.8% | -8.6% | -3.8% |
| 5/1/2026 | 0.5% | 5.3% | 19.3% |
| 2/6/2026 | -46.2% | -55.7% | -64.9% |
| 10/24/2025 | -2.1% | -26.9% | -30.0% |
| 7/25/2025 | 14.1% | 3.0% | -92.8% |
| 4/25/2025 | 7.8% | -9.1% | 59.2% |
| 2/7/2025 | -9.4% | -26.2% | -26.2% |
| 11/12/2024 | 5.3% | 1.4% | -7.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 9 |
| # Negative | 16 | 16 | 16 |
| Median Positive | 5.6% | 7.6% | 15.2% |
| Median Negative | -7.8% | -10.4% | -16.2% |
| Max Positive | 19.1% | 19.7% | 59.2% |
| Max Negative | -46.2% | -55.7% | -92.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/24/2026 | 4.8% | -8.6% | -3.8% |
| 5/1/2026 | 0.5% | 5.3% | 19.3% |
| 2/6/2026 | -46.2% | -55.7% | -64.9% |
| 10/24/2025 | -2.1% | -26.9% | -30.0% |
| 7/25/2025 | 14.1% | 3.0% | -92.8% |
| 4/25/2025 | 7.8% | -9.1% | 59.2% |
| 2/7/2025 | -9.4% | -26.2% | -26.2% |
| 11/12/2024 | 5.3% | 1.4% | -7.2% |
| 7/26/2024 | -4.7% | -16.9% | -13.0% |
| 4/26/2024 | -1.9% | 9.9% | 10.6% |
| 2/14/2024 | 1.5% | 0.0% | 25.8% |
| 11/3/2023 | -12.1% | -30.4% | -20.9% |
| 8/4/2023 | -22.6% | -15.7% | -31.5% |
| 4/28/2023 | -0.4% | -11.0% | -5.7% |
| 2/3/2023 | -15.3% | -20.0% | -15.3% |
| 11/4/2022 | -4.9% | -2.1% | 8.3% |
| 8/5/2022 | -9.3% | -9.8% | -25.4% |
| 5/6/2022 | -6.5% | -9.9% | -0.3% |
| 2/4/2022 | -11.9% | -9.1% | -17.1% |
| 11/5/2021 | 19.1% | 16.2% | 6.5% |
| 8/6/2021 | -1.8% | -2.8% | -4.0% |
| 5/5/2021 | -8.6% | -4.1% | -2.4% |
| 2/5/2021 | 7.0% | 19.7% | 15.2% |
| 11/3/2020 | -7.0% | 7.6% | 26.0% |
| 8/6/2020 | 5.6% | 7.9% | 0.5% |
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 9 |
| # Negative | 16 | 16 | 16 |
| Median Positive | 5.6% | 7.6% | 15.2% |
| Median Negative | -7.8% | -10.4% | -16.2% |
| Max Positive | 19.1% | 19.7% | 59.2% |
| Max Negative | -46.2% | -55.7% | -92.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q2 2026 Earnings Reported 7/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sales Volume Growth | 5.0% | 7.5% | 10.0% | 0.0% | Affirmed | Guidance: 7.5% for 2026 | |
| 2026 Cash Cost of Goods Sold per MT Decline | -0.03 | -0.02 | -0.01 | -4.0% | Affirmed | Guidance: 0.02 for 2026 | |
| 2026 Capital Expenditures | 35.00 Mil | 0.0% | Affirmed | Guidance: 35.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sales Volume Growth | 5.0% | 7.5% | 10.0% | 0.0% | Affirmed | Guidance: 7.5% for 2026 | |
| 2026 Price Increase | 600 | 900 | 1,200 | ||||
| 2026 Cash Cost of Goods Sold per MT Decline | 0.02 | 0.0% | |||||
| 2026 Capital Expenditures | 35.00 Mil | 0.0% | Affirmed | Guidance: 35.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Sales Volume Growth | 10.0% | ||||||
| 2026 Sales Volume Growth | 5.0% | 7.5% | 10.0% | -1.5% | Lower New | Guidance: 9.0% for 2025 | |
| 2026 Capital Expenditures | 35.00 Mil | -12.5% | Lower New | Guidance: 40.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 10/24/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Sales Volume Growth | 8.0% | 9.0% | 10.0% | -1.0% | Lowered | Guidance: 10.0% for 2025 | |
| 2025 Cash Cost of Goods Sold per MT Decline | 0.1 | 2.0% | Raised | Guidance: 0.08 for 2025 | |||
| 2025 Capital Expenditures | 40.00 Mil | 0 | Affirmed | Guidance: 40.00 Mil for 2025 | |||
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Electrical Components & Equipment Resources |
| EC&M (Electrical Construction & Maintenance) |
| Electrical Contracting News (ECN) |
| EE Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/24/2026