Tearsheet

Ferroglobe (GSM)

Market Price (12/5/2025): $4.69 | Market Cap: $882.1 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Ferroglobe (GSM)

Market Price (12/5/2025): $4.69
Market Cap: $882.1 Mil
Sector: Materials
Industry: Diversified Metals & Mining

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Advanced Materials. Themes include Solar Energy Generation, Specialty Chemicals for Performance, Show more.	Weak multi-year price returns 2Y Excs Rtn is -67%, 3Y Excs Rtn is -67%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.1%
1			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -19%, Rev Chg QQuarterly Revenue Change % is -28%
2			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18%

0	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Advanced Materials. Themes include Solar Energy Generation, Specialty Chemicals for Performance, Show more.
1	Weak multi-year price returns 2Y Excs Rtn is -67%, 3Y Excs Rtn is -67%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.1%
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -19%, Rev Chg QQuarterly Revenue Change % is -28%
4	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18%

Valuation, Metrics & Events

	12/5/25	2024	2023	2022	2021
Share Price CYE	$4.69	$3.76	$6.37	$3.77	$6.08
Market Cap CYE ($ Mil)	882.1	707.3	1,196.5	711.5	1,138.2
Total Debt ($ Mil)	212.8	198.8	340.1	536.5	620.1
Total Cash ($ Mil)	133.8	138.5	136.5	317.9	114.5
Enterprise Value ($ Mil)	961.1	906.1	1,536.6	1,248.0	1,758.3
Valuation Ratios
P/S TTM	0.6	0.4	0.7	0.3	0.6
P/EBIT TTM	-7.8	13.6	6.5	1.1	-17.2
P/E TTM	-7.3	30.4	14.8	1.6	-9.9
Sector Ratios
P/S TTM (Sector)	1.6	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	6.7	6.9	6.7	4.9	6.0
P/E TTM (Sector)	-0.0	9.7	8.0	4.8	7.3

	12/5/25	2024	2023
Share Price CYE	$4.69	$3.76	$6.37
Market Cap CYE ($ Mil)	882.1	707.3	1,196.5
Total Debt ($ Mil)	212.8	198.8	340.1
Total Cash ($ Mil)	133.8	138.5	136.5
Enterprise Value ($ Mil)	961.1	906.1	1,536.6
Valuation Ratios
P/S TTM	0.6	0.4	0.7
P/EBIT TTM	-7.8	13.6	6.5
P/E TTM	-7.3	30.4	14.8
Sector Ratios
P/S TTM (Sector)	1.6	1.3	1.4
P/EBIT TTM (Sector)	6.7	6.9	6.7
P/E TTM (Sector)	-0.0	9.7	8.0

	GSM	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.4
Rev Chg Q	-28.1%	7.1%
Rev Chg LTM	-9.0%	6.1%
Rev Chg 3Y Avg	-19.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-4.1%	18.8%
CFO/Rev LTM	6.4%	20.5%
Net Inc Mgn	-8.6%	13.1%
VALUATION	HIGH
P/S	0.6	3.2
P/CFO	9.8	15.8
P/FCF	41.1	20.5
P/E	-7.3	23.5
STABILITY	GOOD
Debt/Equity	0.25	0.20
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Total Shipments	146.1 kt	9302025	Link
Silicon Metal Shipments	33,561 mt	9302025	Link
Silicon-based Alloys Shipments	43,000 tons	9302025	Link
Manganese-based Alloys Shipments	70,000 tons	9302025	Link
Silicon Metal Average Selling Price	$2,950 /mt	9302025	Link
Silicon-based Alloys Average Selling Price	$2,149 /ton	9302025	Link
Manganese-based Alloys Average Selling Price	$1,214 /ton	9302025	Link
Raw materials and energy as a percentage of sales	58%	9302025	Link
Annual Silicon Metal Production Capacity	329,000 tons	12312023	Link
Annual Silicon-based Alloys Production Capacity	302,000 tons	12312023	Link
Annual Manganese-based Alloys Production Capacity	562,000 tons	12312023	Link
Number of Production Centers	23	11072025	Link
Number of Furnaces	62	11072025	Link
North America Silicon Metal Production Capacity Market Share	66%	11072024	Link

Upcoming
12/22/2025	Dividend	Amount: $0.01 Payment On: 12/29/2025
2/18/2026	Earnings Release	Rev: - EPS: -

GSM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Stock Movement Drivers

Fundamental Drivers

The 12.3% change in GSM stock from 9/4/2025 to 12/4/2025 was primarily driven by a 22.3% change in the company's P/S Multiple.

	9042025	12042025	Change
Stock Price ($)	4.17	4.68	12.34%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1495.08	1373.24	-8.15%
P/S Multiple	0.52	0.64	22.26%
Shares Outstanding (Mil)	188.14	188.07	0.04%
Cumulative Contribution			12.34%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
GSM	12.3%
Market (SPY)	5.4%	35.4%
Sector (XLB)	-51.6%	13.7%

Fundamental Drivers

The 16.9% change in GSM stock from 6/5/2025 to 12/4/2025 was primarily driven by a 21.2% change in the company's P/S Multiple.

	6052025	12042025	Change
Stock Price ($)	4.00	4.68	16.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1415.40	1373.24	-2.98%
P/S Multiple	0.53	0.64	21.22%
Shares Outstanding (Mil)	187.01	188.07	-0.57%
Cumulative Contribution			16.93%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
GSM	16.9%
Market (SPY)	15.7%	35.1%
Sector (XLB)	-49.2%	14.6%

Fundamental Drivers

The 7.8% change in GSM stock from 12/4/2024 to 12/4/2025 was primarily driven by a 18.3% change in the company's P/S Multiple.

	12042024	12042025	Change
Stock Price ($)	4.34	4.68	7.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1508.52	1373.24	-8.97%
P/S Multiple	0.54	0.64	18.31%
Shares Outstanding (Mil)	188.32	188.07	0.13%
Cumulative Contribution			7.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
GSM	7.8%
Market (SPY)	13.7%	34.6%
Sector (XLB)	-52.0%	19.8%

Fundamental Drivers

The 15.3% change in GSM stock from 12/5/2022 to 12/4/2025 was primarily driven by a 129.0% change in the company's P/S Multiple.

	12052022	12042025	Change
Stock Price ($)	4.06	4.68	15.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2719.06	1373.24	-49.50%
P/S Multiple	0.28	0.64	129.04%
Shares Outstanding (Mil)	187.42	188.07	-0.35%
Cumulative Contribution			15.28%

LTM = Last Twelve Months as of date shown

Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
GSM	-18.6%
Market (SPY)	53.3%	33.9%
Sector (XLB)	-43.6%	20.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
GSM Return	74%	279%	-38%	69%	-41%	24%	409%
Peers Return	28%	15%	14%	-4%	-3%	41%	120%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
GSM Win Rate	50%	75%	42%	58%	50%	70%
Peers Win Rate	37%	28%	33%	32%	34%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
GSM Max Drawdown	-61%	-4%	-41%	-5%	-41%	-19%
Peers Max Drawdown	-35%	-6%	-9%	-13%	-12%	-26%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WRN, XPL, CRML, NEXM, TECK.
[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] 2025 data is for the year up to 12/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	GSM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-61.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	160.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-66.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	197.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	252 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-97.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	3221.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to WRN, XPL, CRML, NEXM, TECK

In The Past

Ferroglobe's stock fell -61.6% during the 2022 Inflation Shock from a high on 9/2/2021. A -61.6% loss requires a 160.4% gain to breakeven.

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About Ferroglobe (GSM)

Ferroglobe PLC operates in the silicon and specialty metals industry in the United States, Europe, and internationally. The company offers silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese that is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel. It also provides ferrosilicon products that are used to produce stainless steel, carbon steel, and various other steel alloys, as well as to manufacture electrodes and aluminum; calcium silicon, which is used in the deoxidation and desulfurization of liquid steel, and production of coatings for cast iron pipes, as well as in the welding process of powder metal and in pyrotechnics; nodularizers and inoculants, which are used in the production of iron; and silica fume, a by-product of the electrometallurgical process of silicon metal and ferrosilicon. In addition, the company operates quartz mines in Spain, South Africa, the United States, and Canada; and low-ash metallurgical coal mines in the United States, as well as holds interests in hydroelectric power plant in France. It serves silicone chemical, aluminum, and steel manufacturers; auto companies and their suppliers; ductile iron foundries; manufacturers of photovoltaic solar cells and computer chips; and concrete producers. The company was formerly known as VeloNewco Limited and changed its name to Ferroglobe PLC in December 2015. The company was incorporated in 2015 and is headquartered in London, the United Kingdom. Ferroglobe PLC is a subsidiary of Grupo Villar Mir, S.A.U.

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Rio Tinto for silicon and specialty metal alloys.
Alcoa for industrial silicon and ferroalloys.

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Silicon Metal: A critical component in the production of aluminum, silicones, and polysilicon for solar cells and semiconductors.
Manganese-based Alloys: (Ferromanganese and Silicomanganese) are essential for enhancing the strength, hardness, and durability of steel.
Ferrosilicon: Primarily used as a deoxidizer and alloying agent in the production of steel and cast iron.
Specialty Alloys & Metals: A range of advanced materials, including Calcium Silicon, Magnesium Ferrosilicon, inoculants, and nodularizers, used for specific metallurgical applications to improve material properties.

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Ferroglobe (GSM) sells primarily to other companies (B2B) rather than directly to individuals. As a leading global producer of silicon metal, silicon-based alloys, and manganese-based alloys, its products are essential raw materials for various industrial applications worldwide.

According to its latest annual filings (10-K), Ferroglobe maintains a highly diversified customer base, and no single customer accounted for 10% or more of its consolidated revenues in recent fiscal years. Therefore, Ferroglobe does not disclose specific "major customers" by name in its public reports.

However, Ferroglobe serves industrial customers across several key sectors. Below are examples of the types of companies that operate within these sectors and could be potential customers for Ferroglobe's products. Please note that these are illustrative examples of companies in relevant industries and are not confirmed direct customers of Ferroglobe:

Steel Producers: Companies that use Ferrosilicon, Ferromanganese, and Silicomanganese as deoxidizers and alloying agents in the production of various steel grades.
- ArcelorMittal (NYSE: MT)
- Nucor Corporation (NYSE: NUE)
- United States Steel Corporation (NYSE: X)
Aluminum Producers: Companies that use Silicon Metal for aluminum alloys, particularly in the automotive, aerospace, and construction industries to enhance strength and castability.
- Alcoa Corporation (NYSE: AA)
- Rio Tinto Group (NYSE: RIO)
- Constellium SE (NYSE: CSTM)
Chemical Manufacturers (producing Silicones): Companies that use Silicon Metal as a primary feedstock for manufacturing silicones, which are versatile materials used in sealants, adhesives, lubricants, coatings, and personal care products.
- Dow Inc. (NYSE: DOW)
- Wacker Chemie AG (FWB: WCH)
Polysilicon and Semiconductor Manufacturers: Companies that utilize high-purity Silicon Metal as a critical raw material for producing polysilicon, which is then processed into wafers for solar panels (photovoltaics) and electronic components.
- Wacker Chemie AG (FWB: WCH)
- Daqo New Energy Corp. (NYSE: DQ)

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Marco Levi, Chief Executive Officer

Mr. Marco Levi was appointed Chief Executive Officer of Ferroglobe in January 2020. He possesses over thirty years of executive management and board-level experience across the chemicals, plastic, rubber, and paper industries. Prior to joining Ferroglobe, he served as President and CEO of Ahlstrom-Munksjö Oyj, a global fiber materials company, where he successfully transformed the business by re-focusing its product portfolio. Before Ahlstrom-Munksjö, Mr. Levi was Senior Vice President and Business President of the $3 billion emulsion polymers division of Styron. Notably, Styron was acquired by Bain Capital from Dow Chemical Company, and Mr. Levi was involved with Styron during this acquisition period. He also spent over twenty-two years at Dow in various departments and roles, ultimately serving as general manager of the emulsion polymers business. He currently serves as a Director of Mativ Holdings, Inc.

Beatriz García-Cos Muntañola, Chief Financial Officer

Ms. Beatriz García-Cos Muntañola was appointed Chief Financial Officer of Ferroglobe in October 2019. She brings over two decades of experience as a senior finance professional in multinational companies, including seven years as CFO in the metals and mining sector. Before Ferroglobe, she served as Group CFO at Bekaert NV, a global steel wire transformation company listed on the Belgium Stock Exchange, where her focus included financial strategy and leading strategic projects for business growth and enhanced operational efficiency. Prior to Bekaert NV, she was the CFO of the mining division of Trafigura Beheer BV, one of the world's largest physical commodities trading groups. Her earlier career also includes roles as Finance Director for EMEA & LATAM at Vestas Wind Systems AS and Finance Manager at PPG Industries Inc. She currently serves as a Director of Bodycote plc.

Javier López Madrid, Executive Chairman

Mr. Javier López Madrid has served as the Executive Chairman of Ferroglobe since 2015. He has also been the Chief Executive Officer of Grupo VM since 2008. With substantial experience in executive and non-executive roles, his background includes business strategy, banking, and finance. Mr. López Madrid is the founder and partner of Abrego Capital S.L., a firm that provides strategic and financial advisory services. He is also a co-founder and board member of Observatorio Industria 4.0. He began his career in management consulting and investment banking, holding the position of Country Executive Officer and General Manager with Bank of America in Spain from 2003 to 2008.

Benoist Ollivier, Chief Technology & Innovation Officer, Deputy CEO

Dr. Benoist Ollivier was appointed Chief Technology & Innovation Officer in June 2022, while also maintaining his role as Deputy CEO. He brings over twenty-five years of experience in the industry and has been a senior member of the Ferroglobe and Grupo FerroAtlántica management teams since 2005. Prior to his current role, he served as Ferroglobe's Chief Operating Officer. His earlier experience also includes roles as Executive Vice President of Planning and Technology at Ferroglobe, Head of Business Development of FerroAtlantica Group, and R&D Project Manager at Pechiney Central Research Center.

Benjamin Crespy, Chief Operating Officer

Mr. Benjamin Crespy was appointed Chief Operating Officer of Ferroglobe in June 2022. He joined Grupo FerroAtlántica in 2003 and has accumulated diverse production responsibilities across Europe, North America, and Asia. From 2016, he successfully managed the silicon metal facility in Bécancour, Canada.

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Ferroglobe (symbol: GSM) operates in several key markets for its metallurgical products. The addressable markets for its main products are as follows:

Silicon Metal

Global: The global silicon metal market is estimated to be valued at USD 7.98 billion in 2025 and is expected to reach USD 11.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2025 to 2032. Other estimates for the global market include a value of USD 7.92 billion in 2024, projected to reach USD 12.19 billion by 2032, growing at a CAGR of 5.53% from 2025 to 2032.
North America: The North America silicon metal market generated a revenue of USD 1,190.5 million in 2024 and is expected to reach USD 1,645.9 million by 2030, growing at a CAGR of 3% from 2025 to 2030. In 2025, North America holds a significant share, accounting for 35.1% of the global silicon metal market. The U.S. silicon metal market specifically was valued at USD 1.48 billion in 2024 and is expected to reach USD 2.43 billion by 2032, growing at a CAGR of 6.39% over the forecast period of 2025-2032.

Ferroalloys (including Ferrosilicon)

Global: The global ferroalloys market is estimated at USD 59.25 billion in 2025 and is projected to reach USD 122.54 billion by 2034, growing at a CAGR of 8.41%. Another valuation indicates the market size was USD 57.26 billion in 2024 and is projected to reach USD 115.42 billion by 2033, with a CAGR of 8.1% from 2025 to 2033.
North America: The North American ferroalloys market revenue rose to USD 2.8 billion in 2024 and is forecast to increase to USD 3.8 billion by the end of 2035, with an anticipated CAGR of 2.8% in value from 2024 to 2035. The U.S. ferroalloys market alone generated USD 3,574.3 million in 2020 and is expected to reach USD 6,387.6 million by 2028, growing at a CAGR of 7.5% from 2021 to 2028.

Manganese Alloys

Global: The global manganese alloys market size is projected to be USD 32,820 million (USD 32.82 billion) in 2025. It is expected to expand at a CAGR of 6.30% from 2025 to 2033, reaching USD 53,506.27 million (USD 53.51 billion) by 2033. Other reports show the market was valued at USD 28,425.55 million (USD 28.43 billion) in 2024 and is expected to reach USD 42,600.60 million (USD 42.60 billion) by 2031, growing at a CAGR of 6.0%.
North America: In North America, the manganese alloys market is projected to hold a significant share of more than 40% of the global revenue in 2025, with a market size of USD 12,143.40 million (USD 12.14 billion). It is expected to grow at a CAGR of 4.8% from 2025 to 2033. The U.S. manganese alloy market is projected to reach USD 1,670.4 million by 2027.

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Ferroglobe (GSM) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

Favorable Trade Measures: The implementation of preliminary countervailing and anti-dumping duties in the U.S. and anticipated safeguard measures in the European Union are expected to significantly improve the market balance and business environment for Ferroglobe. These actions aim to reduce the impact of low-priced imports, particularly from China, which should lead to more stable and potentially higher pricing for Ferroglobe’s products, thereby accelerating revenue recovery.
Advancement in Silicon Anode Technology Partnership: Ferroglobe's partnership with Coreshell for silicon anode technology is progressing, with pilot batteries being delivered to Original Equipment Manufacturers (OEMs) and commercial battery deliveries planned for robotics and defense applications in early 2026. This initiative represents an expansion into the high-growth battery materials market, offering a new avenue for revenue generation through the launch and growth of specialized silicon products.
Improved Market Conditions and Demand Recovery: Management and analysts anticipate an improvement in overall market conditions, particularly in 2026. This includes expected volume growth from the solar and electric vehicle (EV) markets. The increasing demand for high-value silicon specialties within these sectors is projected to boost both sales volumes and profit margins for Ferroglobe.
Enhanced Operational Efficiency and Cost Competitiveness: Ferroglobe has secured competitive multi-year energy agreements, such as for its French operations, which are expected to enhance operational efficiency and cost competitiveness. These agreements provide the flexibility to produce year-round, which can support consistent production volumes and more competitive pricing strategies, indirectly contributing to revenue growth by improving market share and responsiveness.
Focus on High-Value Silicon Specialties: The company's strategic emphasis on high-value silicon specialties, including silicon-rich anodes for batteries, along with expanding partnerships in the tech sector, is poised to drive both increased volumes and improved margins. This product and market focus is crucial for pushing earnings higher and supporting premium pricing.

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Share Repurchases

Ferroglobe completed a share buyback program between July 1 and September 30, 2025, repurchasing 13,465,973 shares (7.19% of outstanding shares) at a cost of US$52 million.
In June 2024, shareholders authorized a program to repurchase up to 37.8 million shares, approximately 20% of outstanding shares, over a five-year period.
During the fourth quarter of 2024, Ferroglobe repurchased approximately 482,000 shares at an average price of $4.02 per share.

Inbound Investments

Charles Schwab Investment Management Inc. increased its position in Ferroglobe PLC by 820.5% in Q1 2025, acquiring 304,381 additional shares for a total of 341,479 shares valued at USD 1.27 million.

Outbound Investments

Ferroglobe signed a joint development agreement with Coreshell and has begun pilot battery shipments to original equipment manufacturers (OEMs), with commercial deliveries planned for early 2026.
A total of $10 million has been strategically allocated to Coreshell.

Capital Expenditures

Capital expenditures were $19.1 million in Q3 2025.
For the full year 2024, capital expenditures amounted to $79.2 million.
In 2023, capital expenditures totaled $82 million.

Better Bets than Ferroglobe (GSM)

	GSM	Better Performance than GSM
Metric	Value	INDUSTRY: Diversified Metals & Mining
Rev Chg LTM	-9.0%	TECK (29.1%), MP (26.4%), ALM (7.5%), MTRN (3.9%), USAS (-3.3%)
Rev Chg 3Y Avg	-19.3%	USAS (12.2%), ALM (7.9%), MTRN (0.3%), TECK (-12.0%), MP (-18.7%)
Op Mgn LTM	-4.1%	TECK (11.9%), MTRN (8.4%), CMP (4.5%)
CFO/Rev LTM	6.4%	CMP (15.7%), TECK (14.4%), MTRN (9.2%)
FCF/Rev LTM	1.5%	CMP (9.6%), MTRN (4.7%)
Total Yield	-13.5%	TECK (7.0%), MTRN (1.0%), MP (-1.0%), TMC (-5.4%), SKE (-9.0%)
P/S	0.6
P/Op Inc	-15.4

	GSM	Better Performance than GSM
Metric	Value	SECTOR: Materials
Rev Chg LTM	-9.0%	AEM (35.2%), NEM (26.6%), SCCO (12.7%), LIN (1.3%), SHW (1.0%)
Rev Chg 3Y Avg	-19.3%	AEM (26.0%), NEM (23.9%), SCCO (7.1%), SHW (2.4%), LIN (0.6%)
Op Mgn LTM	-4.1%	SCCO (50.3%), AEM (49.4%), NEM (43.5%), LIN (26.9%), SHW (15.8%)
CFO/Rev LTM	6.4%	AEM (55.2%), NEM (42.9%), SCCO (37.4%), LIN (29.8%), SHW (14.2%)
FCF/Rev LTM	1.5%	AEM (34.5%), NEM (28.5%), SCCO (28.2%), LIN (15.2%), SHW (10.4%)
Total Yield	-13.5%	NEM (9.0%), SCCO (6.1%), AEM (4.9%), LIN (4.2%), SHW (3.9%)
P/S	0.6	CLF (0.3), DOW (0.4), LYB (0.4), CE (0.5), SON (0.6)
P/Op Inc	-15.4

	GSM	Better Performance than GSM
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-9.0%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-19.3%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	-4.1%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	6.4%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	1.5%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-13.5%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.6	CVS (0.2), MCK (0.2), CI (0.3), GM (0.3), ELV (0.4)
P/Op Inc	-15.4

		Best Bets In Materials Sector
	GSM	SCCO	USLM	CF	NEU	EXP	NEM	RGLD	CBT	AXTA	CCK
What You Pay
P/E	-7.3	26.1	28.8	10.5	17.3	16.8	12.9	27.5	9.4	13.5	11.8
P/EBIT	-7.8	15.7	24.6	6.5	12.4	12.3	8.9	23.0	6.1	8.2	6.1
What You Get
Rev Chg Q	-28.1%	15.2%	14.1%	21.1%	-4.8%	2.5%	20.0%	30.0%	-9.2%	-2.4%	4.2%
Rev Chg LTM	-9.0%	12.7%	20.3%	12.6%	-1.1%	1.5%	26.6%	28.1%	-3.6%	-1.8%	3.3%
Rev Chg 3Y Avg	-19.3%	7.1%	17.8%	-13.5%	1.1%	4.1%	23.9%	12.3%	-2.5%	2.7%	-2.1%
FCF/Rev 3Y Avg	7.6%	27.0%	25.6%	22.3%	17.5%	16.7%	13.8%	9.3%	8.9%	8.0%	7.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Is Ferroglobe Stock Built to Withstand More Downside?	Return
2	Ferroglobe Stock Dips 17% In One Month, Why You Shouldn Not Be Buying The Stock	Buy or Fear
3	Ferroglobe (GSM) Operating Cash Flow Comparison	Financials
4	Ferroglobe (GSM) EBITDA Comparison	Financials
5	Ferroglobe (GSM) Debt Comparison	Financials
6	Ferroglobe (GSM) Operating Income Comparison	Financials
7	Ferroglobe (GSM) Net Income Comparison	Financials
8	Ferroglobe (GSM) Tax Expense Comparison	Financials
9	Ferroglobe (GSM) Revenue Comparison	Financials
10	Why Ferroglobe Stock Moved: GSM Stock Has Lost 36% Since 2023 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to GSM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.4%	3.4%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.0%	1.0%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	29.7%	29.7%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	9.9%	9.9%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.2%	5.2%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.4%	3.4%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.0%	1.0%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	29.7%	29.7%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	9.9%	9.9%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.2%	5.2%	-2.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for Ferroglobe

Peers to compare with:

Financials

	GSM	WRN	XPL	CRML	NEXM	TECK	Median
Name	Ferroglo.	Western .	Solitari.	Critical.	NexMetal.	Teck Res.
Mkt Price	4.68	2.51	0.63	9.94	3.77	44.88	4.22
Mkt Cap	0.9	0.5	0.1	-	-	21.9	0.7
Rev LTM	1,373	0	0	-	0	10,484	0
Op Inc LTM	-56	-8	-5	-	-46	1,243	-8
FCF LTM	21	-24	-5	-	-45	-328	-24
FCF 3Y Avg	123	-22	-4	-	-40	-894	-22
CFO LTM	88	-3	-5	-	-43	1,508	-3
CFO 3Y Avg	199	-4	-4	-	-31	2,675	-4

Growth & Margins

	GSM	WRN	XPL	CRML	NEXM	TECK	Median
Name	Ferroglo.	Western .	Solitari.	Critical.	NexMetal.	Teck Res.
Rev Chg LTM	-9.0%	-	-	-	-	29.1%	10.1%
Rev Chg 3Y Avg	-19.3%	-	-	-	-	-12.0%	-15.7%
Rev Chg Q	-28.1%	-	-	-	-	18.4%	-4.8%
QoQ Delta Rev Chg LTM	-8.1%	-	-	-	-	5.3%	-1.4%
Op Mgn LTM	-4.1%	-	-	-	-	11.9%	3.9%
Op Mgn 3Y Avg	4.4%	-	-	-	-	13.2%	8.8%
QoQ Delta Op Mgn LTM	-3.2%	-	-	-	-	0.5%	-1.3%
CFO/Rev LTM	6.4%	-	-	-	-	14.4%	10.4%
CFO/Rev 3Y Avg	12.6%	-	-	-	-	26.0%	19.3%
FCF/Rev LTM	1.5%	-	-	-	-	-3.1%	-0.8%
FCF/Rev 3Y Avg	7.6%	-	-	-	-	-7.9%	-0.1%

Valuation

	GSM	WRN	XPL	CRML	NEXM	TECK	Median
Name	Ferroglo.	Western .	Solitari.	Critical.	NexMetal.	Teck Res.
Mkt Cap	0.9	0.5	0.1	-	-	21.9	0.7
P/S	0.6	-	-	-	-	2.0	1.3
P/EBIT	-7.8	-48.2	-11.6	-	-	11.6	-9.7
P/E	-7.3	-105.8	-12.8	-	-	17.1	-10.0
P/CFO	9.7	-115.4	-13.1	-	-	14.2	-1.7
Total Yield	-13.5%	-0.9%	-7.8%	-	-	7.0%	-4.4%
Dividend Yield	0.3%	0.0%	0.0%	-	-	1.2%	0.2%
FCF Yield 3Y Avg	13.3%	-8.0%	-8.1%	-	-	-3.9%	-6.0%
D/E	0.2	0.0	0.0	-	-	0.4	0.1
Net D/E	0.1	-0.1	-0.1	-	-	0.2	-0.0

Returns

	GSM	WRN	XPL	CRML	NEXM	TECK	Median
Name	Ferroglo.	Western .	Solitari.	Critical.	NexMetal.	Teck Res.
1M Rtn	4.0%	32.8%	2.2%	-9.6%	-0.3%	9.2%	3.1%
3M Rtn	12.3%	68.5%	-24.4%	73.5%	-29.7%	37.3%	24.8%
6M Rtn	16.9%	100.8%	-6.0%	600.0%	-	16.8%	16.9%
12M Rtn	7.8%	128.2%	7.3%	22.7%	-	-1.1%	7.8%
3Y Rtn	15.3%	44.3%	4.0%	-	-	29.7%	22.5%
1M Excs Rtn	2.7%	31.5%	1.0%	-10.8%	-1.5%	7.9%	1.8%
3M Excs Rtn	3.9%	60.4%	-29.5%	65.3%	-38.5%	25.3%	14.6%
6M Excs Rtn	1.5%	85.3%	-21.5%	584.5%	-	1.3%	1.5%
12M Excs Rtn	-6.0%	117.9%	-9.4%	36.5%	-	-15.3%	-6.0%
3Y Excs Rtn	-66.7%	-0.2%	-62.9%	-	-	-40.5%	-51.7%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	4/25/2025	5/13/2024	5/1/2023	5/2/2022	4/30/2021	5/29/2020
Key Financials
Total Revenue	1,373	1,644	1,650	2,598	1,779	1,144	1,615
EBITDA	-35	128	263	725	34	-69	-237
Operating Income	-56	81	222	718	31	-112	-176
Net Income	-118	24	83	440	-111	-246	-281
EPS	-0.74	0.13	0.44	2.34	-0.63	-1.46	-1.66
Growth Rates
Total Revenue Growth	-9.0%	-0.4%	-36.5%	46.0%	55.4%	-29.1%	-28.0%
EBITDA Growth	-153.2%	-51.4%	-63.7%	2050.0%	148.8%	70.9%	-220.1%
Operating Income Growth	-322.2%	-63.4%	-69.0%	2196.2%	127.8%	36.0%	-258.5%
Net Income Growth	-93.8%	-71.5%	-81.2%	498.0%	55.1%	12.2%	-742.7%
Margins
EBITDA Margin	-2.5%	7.8%	15.9%	27.9%	1.9%	-6.0%	-14.7%
Operating Income Margin	-4.1%	4.9%	13.5%	27.6%	1.8%	-9.8%	-10.9%
Net Income Margin	-8.6%	1.4%	5.0%	16.9%	-6.2%	-21.5%	-17.4%
Cash & Debt
Total Cash	134	138	136	318	114	104	100
Total Debt	213	199	340	536	620	552	597
Net Debt / (Cash)	79	60	204	219	506	448	496
Cash Flows
Net Cash from Operations	88	243	178	405	-1	154	-31
Free Cash from Operations	21	164	92	352	-29	121	-64
Returns to Shareholders
Dividends	10	10	-0	-0	-0	-0	-0
Share Repurchases	7	2	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/5/2025	5/7/2025	4/25/2025	11/6/2024	8/5/2024	5/14/2024	5/13/2024	11/7/2023	8/14/2023	5/9/2023	5/1/2023
Key Financials Quarterly
Total Revenue	312	387	307	368	434	307	392	376	417	456	401	449
Ebitda	19	9	-44	-18	54	-43	25	30	96	74	62	48
Operating Income	-2	9	-56	-6	41	-56	3	38	76	64	44	87
Net Income	-13	-10	-66	-28	19	-66	-2	-11	41	32	21	6
EPS	-0.07	-0.06	-0.36	-0.25	0.10	-0.36	-0.01	-0.03	0.22	0.17	0.11	0.14
Key Financials TTM
Total Revenue TTM	1,373	1,495	1,415	1,500	1,509	1,492	1,641	1,650	1,723	1,899	2,284	2,598
Ebitda TTM	-35	-0	-52	18	65	107	224	261	279	356	560	725
Operating Income TTM	-56	-13	-78	-19	25	61	181	222	271	349	551	718
Net Income TTM	-118	-86	-142	-78	-61	-39	60	83	100	157	310	440
Growth Rates Quarterly
Total Revenue Growth	-28.1%	25.9%	-21.6%	-2.2%	4.0%	-32.7%	-2.2%	-16.2%	-29.7%	-45.7%	-44.0%	-21.3%
EBITDA Growth	-64.4%	120.0%	-277.4%	-161.8%	-43.8%	-157.9%	-60.0%	-37.9%	-44.5%	-73.4%	-72.7%	-47.2%
Operating Income Growth	-104.9%	115.6%	-2284.5%	-117.1%	-46.9%	-187.8%	-94.2%	-56.4%	-50.5%	-76.0%	-79.1%	56.5%
Net Income Growth	-168.1%	84.3%	-3184.7%	-153.1%	-54.0%	-308.4%	-109.6%	-279.4%	-58.1%	-82.8%	-86.1%	-88.0%
Margins Quarterly
EBITDA Margin	6.1%	2.2%	-14.4%	-5.0%	12.4%	-13.9%	6.4%	7.9%	23.0%	16.2%	15.5%	10.6%
Operating Income Margin	-0.6%	2.3%	-18.2%	-1.8%	9.4%	-18.2%	0.7%	10.1%	18.3%	14.0%	11.0%	19.3%
Net Income Margin	-4.1%	-2.7%	-21.6%	-7.7%	4.3%	-21.6%	-0.5%	-3.0%	9.8%	7.0%	5.2%	1.4%
Cash & Debt
Total Cash	134	148	138	138	124	144	159	136	162	359	340	318
Total Debt	213	220	175	199	146	138	124	340	238	414	376	536
Net Debt / (Cash)	79	72	37	60	22	-7	-35	204	76	55	36	219
Cash Flows Quarterly
FCF from Operations	21	16	19	32	11	2	198	29	-9	24	135	119
Cash Flows TTM
FCF from Operations TTM	88	78	65	243	240	220	242	178	269	333	474	405
Returns to Shareholders Quarterly
Dividends	3	3	3	2	2	2	2	0	0	0	0	0
Share Repurchases	-0	2	3	2	0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-1.1%	3.4%	-31.8%	-2.9%	11.6%	-29.9%	1.0%	16.1%	24.1%	21.1%	21.9%	21.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-7.4%	-1.7%	-11.0%	-2.5%	3.1%	8.1%	15.8%	14.9%	21.3%	31.4%	69.0%	62.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
North America Silicon Metal	505
Europe Silicon Metal	307
North America Silicon Alloys	283
Europe Manganese	278
Europe Silicon Alloys	216
South Africa Silicon Alloys	110
Other segments	55
South Africa Silicon Metal	50
Adjustments / Eliminations	-154
Ferrosilicon		562	338	176	275
Manganese-based alloys		525	469	267	447
Other		170	140	85	137
Other silicon-based alloys		192	162	127	182
Silica fume		32	32	26	34
Silicon metal		1,116	638	463	540
Total	1,650	2,598	1,779	1,144	1,615

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Europe Silicon Metal	87
North America Silicon Alloys	42
Europe Silicon Alloys	36
North America Silicon Metal	34
Europe Manganese	23
South Africa Silicon Alloys	2
Adjustments / Eliminations	-0
South Africa Silicon Metal	-11
Other segments	-17
Total	197

Price Behavior

Price Behavior

Market Price	$4.68
Market Cap ($ Bil)	0.9
First Trading Date	07/30/2009
Distance from 52W High	-15.8%
	50 Days	200 Days
DMA Price	$4.59	$4.08
DMA Trend	up	up
Distance from DMA	1.9%	14.8%
	3M	1YR
Volatility	61.2%	51.7%
Downside Capture	66.10	64.22
Upside Capture	105.23	63.38
Correlation (SPY)	35.6%	34.6%

GSM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.21	1.75	1.71	1.71	0.90	1.05
Up Beta	2.01	2.93	2.66	2.69	1.14	1.14
Down Beta	3.99	4.13	3.52	3.15	1.01	0.95
Up Capture	-49%	16%	58%	83%	42%	77%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	21	33	62	116	351
Down Capture	139%	84%	78%	78%	75%	104%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	19	28	61	122	371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of GSM With Other Asset Classes (Last 1Y)
	GSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.8%	-52.6%	14.6%	57.6%	4.7%	-5.6%	-3.5%
Annualized Volatility	51.4%	54.1%	19.6%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.33	-1.06	0.57	2.22	0.10	-0.47	0.03
Correlation With Other Assets		19.8%	34.6%	12.5%	27.4%	23.0%	22.7%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of GSM With Other Asset Classes (Last 5Y)
	GSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	30.4%	-7.4%	15.1%	18.0%	11.7%	4.8%	40.5%
Annualized Volatility	67.5%	29.4%	17.1%	15.5%	18.8%	19.0%	49.0%
Sharpe Ratio	0.66	-0.18	0.71	0.93	0.51	0.17	0.68
Correlation With Other Assets		28.9%	37.9%	11.8%	27.1%	31.8%	19.1%

Based On 10-Year Data

		Comparison of GSM With Other Asset Classes (Last 10Y)
	GSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-6.2%	1.7%	14.5%	14.2%	5.7%	5.3%	76.1%
Annualized Volatility	74.7%	26.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.26	0.12	0.69	0.79	0.25	0.23	0.94
Correlation With Other Assets		29.0%	31.8%	5.2%	24.8%	23.8%	13.1%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,325,638
Short Interest: % Change Since 10312025	38.6%
Average Daily Volume	1,905,665
Days-to-Cover Short Interest	3.32
Basic Shares Quantity	188,075,000
Short % of Basic Shares	3.4%

Returns Analyses

	Title
0	Is Ferroglobe Stock Built to Withstand More Downside?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	6-K 9/30/2025
6302025	8052025	6-K 6/30/2025
3312025	5072025	6-K 3/31/2025
12312024	4252025	20-F 12/31/2024
9302024	11062024	6-K 9/30/2024
6302024	8052024	6-K 6/30/2024
3312024	5142024	6-K 3/31/2024
12312023	5132024	20-F 12/31/2023
9302023	11072023	6-K 9/30/2023
6302023	8142023	6-K 6/30/2023
3312023	5092023	6-K 3/31/2023
12312022	5012023	20-F 12/31/2022
9302022	11152022	6-K 9/30/2022
6302022	8162022	6-K 6/30/2022
3312022	5122022	6-K 3/31/2022
12312021	5022022	20-F 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Ferroglobe (GSM)

Market Price (12/5/2025): $4.69 | Market Cap: $882.1 MilSector: Materials | Industry: Diversified Metals & Mining

Ferroglobe (GSM)

Market Price (12/5/2025): $4.69Market Cap: $882.1 MilSector: MaterialsIndustry: Diversified Metals & Mining

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GSM Stock

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About Ferroglobe (GSM)

Silicon Metal

Ferroalloys (including Ferrosilicon)

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Market Price (12/5/2025): $4.69 | Market Cap: $882.1 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Market Price (12/5/2025): $4.69
Market Cap: $882.1 Mil
Sector: Materials
Industry: Diversified Metals & Mining