GrafTech International (EAF)
Market Price (10/28/2026): $11.62 | Market Cap: $312.5 MilSector: Industrials | Industry: Electrical Components & Equipment
GrafTech International (EAF)
Market Price (10/28/2026): $11.62Market Cap: $312.5 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 -63%, 3Y Excs Rtn is -146% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -93 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 340% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -2.7% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -31% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 104% 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 -68% High stock price volatilityVol 12M is 106% 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 -63%, 3Y Excs Rtn is -146% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -93 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 340% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -2.7% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -31% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 104% |
| 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 -68% |
| High stock price volatilityVol 12M is 106% |
| 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
AI Analysis | Feedback
Updated on 10/27/2026
GrafTech International (EAF) stock has gained about 100% since 6/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q3 2026 Financial Results. GrafTech International reported net sales of $140 million for fiscal Q3 2026, surpassing analyst estimates of $126.67 million. Additionally, the company's adjusted loss per share of $1.21 was narrower than the consensus estimate of a $1.48 loss, signaling a positive surprise in its financial performance.
2. Strategic Cost Reduction Through Facility Closure. In September 2026, GrafTech announced the planned closure of its Monterrey, Mexico manufacturing facility. This strategic move is expected to generate $20 million to $25 million in annual cash cost savings, with the full benefit anticipated to be realized in 2028, thereby improving the company's long-term profitability and aligning production capacity with market demand.
Show more
GrafTech International (EAF) stock has gained about 100% since 6/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q3 2026 Financial Results. GrafTech International reported net sales of $140 million for fiscal Q3 2026, surpassing analyst estimates of $126.67 million. Additionally, the company's adjusted loss per share of $1.21 was narrower than the consensus estimate of a $1.48 loss, signaling a positive surprise in its financial performance.
2. Strategic Cost Reduction Through Facility Closure. In September 2026, GrafTech announced the planned closure of its Monterrey, Mexico manufacturing facility. This strategic move is expected to generate $20 million to $25 million in annual cash cost savings, with the full benefit anticipated to be realized in 2028, thereby improving the company's long-term profitability and aligning production capacity with market demand.
Show more
Updated on 10/27/2026
GrafTech International (EAF) stock has gained about 100% since 6/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q3 2026 Financial Results. GrafTech International reported net sales of $140 million for fiscal Q3 2026, surpassing analyst estimates of $126.67 million. Additionally, the company's adjusted loss per share of $1.21 was narrower than the consensus estimate of a $1.48 loss, signaling a positive surprise in its financial performance.
2. Strategic Cost Reduction Through Facility Closure. In September 2026, GrafTech announced the planned closure of its Monterrey, Mexico manufacturing facility. This strategic move is expected to generate $20 million to $25 million in annual cash cost savings, with the full benefit anticipated to be realized in 2028, thereby improving the company's long-term profitability and aligning production capacity with market demand.
3. Positive Outlook on Future Pricing Momentum. Management projected a mid-single-digit percentage increase in weighted-average realized pricing in fiscal Q4 2026, with "meaningfully higher realized pricing" expected in 2027. This anticipated improvement is attributed to higher-priced customer commitments secured in fiscal Q3 2026 and early fiscal Q4 2026, suggesting an inflection point for the company's pricing power after a prolonged industry downturn.
4. Improving Global Graphite Electrode Market Conditions and Trade Protections. The company noted improving pricing trends in key regions and an improving steel market outlook in Europe, partly due to recently approved increases in trade protections. Furthermore, the ongoing U.S. Department of Commerce's antidumping investigation into large-diameter graphite electrodes from China and India, with a final determination expected in fiscal Q1 2027, suggests potential for a more favorable competitive landscape and pricing support within the industry.
Show less
GrafTech International (EAF) stock has gained about 100% since 6/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q3 2026 Financial Results. GrafTech International reported net sales of $140 million for fiscal Q3 2026, surpassing analyst estimates of $126.67 million. Additionally, the company's adjusted loss per share of $1.21 was narrower than the consensus estimate of a $1.48 loss, signaling a positive surprise in its financial performance.
2. Strategic Cost Reduction Through Facility Closure. In September 2026, GrafTech announced the planned closure of its Monterrey, Mexico manufacturing facility. This strategic move is expected to generate $20 million to $25 million in annual cash cost savings, with the full benefit anticipated to be realized in 2028, thereby improving the company's long-term profitability and aligning production capacity with market demand.
3. Positive Outlook on Future Pricing Momentum. Management projected a mid-single-digit percentage increase in weighted-average realized pricing in fiscal Q4 2026, with "meaningfully higher realized pricing" expected in 2027. This anticipated improvement is attributed to higher-priced customer commitments secured in fiscal Q3 2026 and early fiscal Q4 2026, suggesting an inflection point for the company's pricing power after a prolonged industry downturn.
4. Improving Global Graphite Electrode Market Conditions and Trade Protections. The company noted improving pricing trends in key regions and an improving steel market outlook in Europe, partly due to recently approved increases in trade protections. Furthermore, the ongoing U.S. Department of Commerce's antidumping investigation into large-diameter graphite electrodes from China and India, with a final determination expected in fiscal Q1 2027, suggests potential for a more favorable competitive landscape and pricing support within the industry.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 100.2% change in EAF stock from 6/30/2026 to 10/27/2026 was primarily driven by a 106.7% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.91 | 11.83 | 100.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 517 | 509 | -1.6% |
| P/S Multiple | 0.3 | 0.6 | 106.7% |
| Shares Outstanding (Mil) | 26 | 27 | -1.6% |
| Cumulative Contribution | 100.2% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| EAF | 100.2% | |
| Market (SPY) | 3.1% | 29.1% |
| Sector (XLI) | -9.3% | 38.7% |
Fundamental Drivers
The 74.5% change in EAF stock from 3/31/2026 to 10/27/2026 was primarily driven by a 74.0% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.78 | 11.83 | 74.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 504 | 509 | 1.0% |
| P/S Multiple | 0.4 | 0.6 | 74.0% |
| Shares Outstanding (Mil) | 26 | 27 | -0.7% |
| Cumulative Contribution | 74.5% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| EAF | 74.5% | |
| Market (SPY) | 18.7% | 29.7% |
| Sector (XLI) | 4.1% | 30.2% |
Fundamental Drivers
The -7.7% change in EAF stock from 9/30/2025 to 10/27/2026 was primarily driven by a -5.7% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.82 | 11.83 | -7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 509 | 509 | 0.1% |
| P/S Multiple | 0.7 | 0.6 | -5.7% |
| Shares Outstanding (Mil) | 26 | 27 | -2.2% |
| Cumulative Contribution | -7.7% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| EAF | -7.7% | |
| Market (SPY) | 16.5% | 24.0% |
| Sector (XLI) | 9.8% | 24.4% |
Fundamental Drivers
The -69.1% change in EAF stock from 9/30/2023 to 10/27/2026 was primarily driven by a -45.2% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.30 | 11.83 | -69.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 876 | 509 | -41.9% |
| P/S Multiple | 1.1 | 0.6 | -45.2% |
| Shares Outstanding (Mil) | 26 | 27 | -3.1% |
| Cumulative Contribution | -69.1% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| EAF | -69.1% | |
| Market (SPY) | 86.2% | 2.6% |
| Sector (XLI) | 72.2% | 1.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EAF Return | 11% | -60% | -54% | -21% | -10% | -31% | -90% |
| Peers Return | 3041% | -49% | 26% | -28% | 21% | 2% | 1689% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| EAF Win Rate | 58% | 25% | 33% | 42% | 50% | 60% | |
| Peers Win Rate | 46% | 21% | 46% | 33% | 50% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| EAF Max Drawdown | -27% | -65% | -69% | -75% | -95% | -71% | |
| Peers Max Drawdown | -41% | -58% | -45% | -45% | -47% | -57% | |
| 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 10/27/2026 (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
Actively managed asset allocation strategies protect wealth. Learn more.
| 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)
```html
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.
```AI Analysis | Feedback
Albemarle for graphite materials in the steel industry.
Corning, but specializing in advanced graphite products for heavy industry.
AI Analysis | Feedback
```html
- 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.
AI Analysis | Feedback
null
AI Analysis | Feedback
null
AI Analysis | Feedback
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.
AI Analysis | Feedback
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
null
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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 86% of its 36 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
44%
of 43 industry peers · -13.0% return
3Y
10%
of 41 industry peers · -64.6% return
5Y
14%
of 36 industry peers · -88.8% 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 | 30 | -4.8% | 121.3% | 153.5% | STRL 1507% · FIX 1488% · AGX 783% |
| Marine Transportation | 5 | 54.5% | 55.5% | 146.4% | MATX 198% · KEX 146% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -2.1% | 62.7% | 95.9% | CAT 294% · ALSN 256% · WAB 223% |
| Aerospace & Defense | 52 | -13.6% | 61.4% | 64.5% | ATI 1012% · FTAI 714% · HWM 563% |
| Trading Companies & Distributors | 19 | 13.4% | 41.4% | 62.4% | DXPE 425% · URI 247% · AIT 222% |
| Industrial Machinery & Supplies & Components | 72 | 1.6% | 58.8% | 38.5% | CRS 899% · MLI 351% · SYM 292% |
| Diversified Support Services | 34 | 15.0% | 43.7% | 34.6% | CXW 268% · OPLN 157% · CACI 145% |
| Rail Transportation | 7 | 35.6% | 66.8% | 31.4% | CSX 56% · UNP 40% · NSC 31% |
| Building Products | 32 | -9.0% | 21.3% | 26.9% | GFF 373% · TT 176% · JCI 140% |
| Cargo Ground Transportation | 16 | 36.9% | 11.6% | 20.2% | XPO 264% · R 263% · ARCB 54% |
| Electrical Components & Equipment ← | 37 | -8.9% | 78.2% | 10.9% | POWL 1955% · VRT 749% · BE 691% |
| Industrial Conglomerates | 17 | 9.0% | 6.5% | -4.7% | CSW 127% · DD 83% · CSL 65% |
| Agricultural & Farm Machinery | 16 | 0.2% | -7.4% | -11.8% | DE 102% · TTC 20% · AGCO -5% |
| Data Processing & Outsourced Services | 6 | -24.0% | 0.8% | -16.4% | EXLS 66% · BR 7% · G -14% |
| Security & Alarm Services | 9 | -55.6% | 27.9% | -18.1% | BCO 72% |
| Office Services & Supplies | 9 | 19.9% | 17.8% | -20.4% | PBI 214% · TILE 152% · HNI 54% |
| Environmental & Facilities Services | 29 | -31.4% | 37.5% | -23.0% | GEO 269% · CLH 180% · RSG 94% |
| Research & Consulting Services | 13 | -0.8% | -18.0% | -27.0% | HURN 297% · BAH 16% · FCN 11% |
| Passenger Airlines | 11 | -0.8% | 30.5% | -31.9% | LTM 3073% · UAL 129% · DAL 117% |
| Passenger Ground Transportation | 3 | -31.8% | 59.5% | -35.2% | UBER 47% · CAR -35% · LYFT -64% |
| Air Freight & Logistics | 12 | -23.5% | -6.6% | -39.1% | FDX 80% · EXPD 77% · CHRW 66% |
| Human Resource & Employment Services | 22 | 15.0% | -6.5% | -42.4% | ADP 48% · FA 12% · PAYX 4% |
| Airport Services | 4 | -53.6% | -56.0% | -85.2% | JOBY -43% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.62 |
| Mkt Cap | 0.3 |
| Rev LTM | 509 |
| Op Inc LTM | -52 |
| FCF LTM | -58 |
| FCF 3Y Avg | -65 |
| CFO LTM | -38 |
| CFO 3Y Avg | -49 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.4% |
| Rev Chg 3Y Avg | -7.2% |
| Rev Chg Q | 4.4% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 24.0% |
| Op Inc Chg 3Y Avg | -5.4% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 2.4% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 0.6% |
| CFO/Rev 3Y Avg | 3.7% |
| FCF/Rev LTM | -6.9% |
| FCF/Rev 3Y Avg | -4.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.3 |
| P/S | 3.8 |
| P/Op Inc | -3.3 |
| P/EBIT | -3.4 |
| P/E | -1.6 |
| P/CFO | -2.7 |
| Total Yield | -26.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -25.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.2% |
| 3M Rtn | 28.4% |
| 6M Rtn | 4.9% |
| 12M Rtn | -14.5% |
| 3Y Rtn | -54.3% |
| 1M Excs Rtn | 1.4% |
| 3M Excs Rtn | 37.4% |
| 6M Excs Rtn | -2.0% |
| 12M Excs Rtn | -43.8% |
| 3Y Excs Rtn | -143.5% |
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 | $11.83 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 04/19/2018 | |
| Distance from 52W High | -34.3% | |
| 50 Days | 200 Days | |
| DMA Price | $8.04 | $8.48 |
| DMA Trend | up | down |
| Distance from DMA | 47.2% | 39.4% |
| 3M | 1YR | |
| Volatility | 114.9% | 105.6% |
| Downside Capture | 242.96 | 317.58 |
| Upside Capture | 291.62 | 192.21 |
| Correlation (S&P 500) | 20.6% | 22.3% |
EAF Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.45 | 3.51 | 2.61 | 2.32 | 1.85 | 0.85 |
| Up Beta | 9.75 | 3.78 | -0.16 | -0.34 | -1.40 | 0.82 |
| Down Beta | 5.61 | 4.46 | 3.21 | 3.41 | 2.81 | 2.75 |
| Up Capture | 203% | 453% | 542% | 432% | 355% | 34% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 20 | 33 | 64 | 129 | 351 |
| Down Capture | -1% | 232% | 221% | 251% | 175% | 109% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 22 | 31 | 62 | 123 | 379 |
[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 | -30.6% | 105.6% | 0.19 | - |
| Sector ETF (XLI) | 9.4% | 17.2% | 0.35 | 24.3% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 23.2% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | 14.5% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -3.8% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | -0.2% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | 4.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EAF | |
|---|---|---|---|---|
| EAF | -35.7% | 404.6% | 0.37 | - |
| Sector ETF (XLI) | 11.8% | 17.6% | 0.50 | 4.2% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 4.6% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 3.1% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 1.7% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 6.1% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | -0.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EAF | |
|---|---|---|---|---|
| EAF | -21.2% | 312.6% | 0.29 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 7.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 7.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 2.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 3.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 7.5% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 0.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/23/2026 | 14.2% | ||
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 8 |
| # Negative | 16 | 16 | 16 |
| Median Positive | 7.0% | 6.4% | 17.2% |
| 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 |
| 10/23/2026 | 14.2% | ||
| 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% |
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 8 |
| # Negative | 16 | 16 | 16 |
| Median Positive | 7.0% | 6.4% | 17.2% |
| 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 |
|---|---|---|
| 09/30/2026 | 10/23/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/23/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/26/2026Latest: Q3 2026 Earnings Reported 10/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Graphite Electrode Sales Volume Growth | Reported | 5.0% | 7.5% | 10.0% | 0.0% | Affirmed | Guidance: 7.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 35.00 Mil | 0.0% | Affirmed | Guidance: 35.00 Mil for 2026 | |||
| 2028 Annual Cash Cost Savings | Reported | 20.00 Mil | 22.50 Mil | 25.00 Mil | ||||
| 2028 Annual Graphite Electrode Production Capacity | Reported | 0.13 Mil | ||||||
Prior: Q2 2026 Earnings Reported 7/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Cost of Goods Sold per MT Decline | Reported | -0.03 | -0.02 | -0.01 | -4.0% | Affirmed | Guidance: 0.02 for 2026 | |
| 2026 Sales Volume Growth | Reported | 5.0% | 7.5% | 10.0% | 0.0% | Affirmed | Guidance: 7.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 35.00 Mil | 0.0% | Affirmed | Guidance: 35.00 Mil for 2026 | |||
Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Price Increase | Reported | 600 | 900 | 1200 | ||||
| 2026 Cash Cost of Goods Sold per MT Decline | Reported | 0.02 | 0.0% | |||||
| 2026 Sales Volume Growth | Reported | 5.0% | 7.5% | 10.0% | 0.0% | Affirmed | Guidance: 7.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 35.00 Mil | 0.0% | Affirmed | Guidance: 35.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Sales Volume Growth | Reported | 10.0% | ||||||
| 2026 Sales Volume Growth | Reported | 5.0% | 7.5% | 10.0% | -1.5% | Lower New | Guidance: 9.0% for 2025 | |
| 2026 Capital Expenditures | Reported | 35.00 Mil | -12.5% | Lower New | 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 |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 10/27/2026