Ferroglobe (GSM)
Market Price (12/25/2025): $4.765 | Market Cap: $896.2 MilSector: Materials | Industry: Diversified Metals & Mining
Ferroglobe (GSM)
Market Price (12/25/2025): $4.765Market Cap: $896.2 MilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Advanced Materials. Themes include Solar Energy Generation, Specialty Chemicals for Performance, Show more. | Weak multi-year price returns2Y Excs Rtn is -70%, 3Y Excs Rtn is -55% | Not profitable at operating income levelOp 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% |
| Weak revenue growthRev 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% | ||
| 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 -17% | ||
| Key risksGSM key risks include [1] significant earnings exposure to commodity price volatility due to its largely unhedged position and [2] a heavy reliance on uncertain protectionist trade policies for its financial recovery. |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Advanced Materials. Themes include Solar Energy Generation, Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -70%, 3Y Excs Rtn is -55% |
| Not profitable at operating income levelOp 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% |
| Weak revenue growthRev 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% |
| 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 -17% |
| Key risksGSM key risks include [1] significant earnings exposure to commodity price volatility due to its largely unhedged position and [2] a heavy reliance on uncertain protectionist trade policies for its financial recovery. |
Why The Stock Moved
Qualitative Assessment
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Ferroglobe (GSM) experienced a 14.6% stock movement during the approximate period from August 31, 2025, to December 25, 2025. This movement can be attributed to several key factors.1. Positive Outlook on Trade Measures for 2026: Ferroglobe's management expressed optimism regarding future market conditions, anticipating that favorable preliminary trade case decisions in the U.S. and expected measures in the European Union would significantly enhance the business environment in 2026. These potential trade protections against low-priced imports, particularly from China, are expected to reduce price pressure and strengthen the company's position.
2. Q3 2025 Earnings Report and Market Challenges: On November 5, 2025, Ferroglobe reported its third-quarter 2025 financial results. The company faced challenging market conditions, with sales decreasing by 19.4% sequentially to $311.7 million and adjusted EBITDA falling to $18.3 million from $21.6 million in Q2. Despite these declines, Ferroglobe maintained positive adjusted EBITDA and generated positive free cash flow, supported by effective working capital management.
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Stock Movement Drivers
Fundamental Drivers
The 8.5% change in GSM stock from 9/24/2025 to 12/24/2025 was primarily driven by a 18.1% change in the company's P/S Multiple.| 9242025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 4.39 | 4.76 | 8.51% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1495.08 | 1373.24 | -8.15% |
| P/S Multiple | 0.55 | 0.65 | 18.09% |
| Shares Outstanding (Mil) | 188.14 | 188.07 | 0.04% |
| Cumulative Contribution | 8.51% |
Market Drivers
9/24/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| GSM | 8.5% | |
| Market (SPY) | 4.4% | 35.1% |
| Sector (XLB) | 3.0% | 46.4% |
Fundamental Drivers
The 35.7% change in GSM stock from 6/25/2025 to 12/24/2025 was primarily driven by a 40.7% change in the company's P/S Multiple.| 6252025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 3.51 | 4.76 | 35.70% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1415.40 | 1373.24 | -2.98% |
| P/S Multiple | 0.46 | 0.65 | 40.66% |
| Shares Outstanding (Mil) | 187.01 | 188.07 | -0.57% |
| Cumulative Contribution | 35.70% |
Market Drivers
6/25/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| GSM | 35.7% | |
| Market (SPY) | 14.0% | 34.1% |
| Sector (XLB) | 6.1% | 45.3% |
Fundamental Drivers
The 27.3% change in GSM stock from 12/24/2024 to 12/24/2025 was primarily driven by a 39.6% change in the company's P/S Multiple.| 12242024 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 3.74 | 4.76 | 27.28% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1508.52 | 1373.24 | -8.97% |
| P/S Multiple | 0.47 | 0.65 | 39.64% |
| Shares Outstanding (Mil) | 188.32 | 188.07 | 0.13% |
| Cumulative Contribution | 27.28% |
Market Drivers
12/24/2024 to 12/24/2025| Return | Correlation | |
|---|---|---|
| GSM | 27.3% | |
| Market (SPY) | 15.8% | 33.5% |
| Sector (XLB) | 8.8% | 42.2% |
Fundamental Drivers
The 25.1% change in GSM stock from 12/25/2022 to 12/24/2025 was primarily driven by a 148.6% change in the company's P/S Multiple.| 12252022 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 3.80 | 4.76 | 25.14% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2719.06 | 1373.24 | -49.50% |
| P/S Multiple | 0.26 | 0.65 | 148.64% |
| Shares Outstanding (Mil) | 187.42 | 188.07 | -0.35% |
| Cumulative Contribution | 25.14% |
Market Drivers
12/25/2023 to 12/24/2025| Return | Correlation | |
|---|---|---|
| GSM | -27.0% | |
| Market (SPY) | 48.9% | 33.1% |
| Sector (XLB) | 10.6% | 40.6% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GSM Return | 74% | 279% | -38% | 69% | -41% | 27% | 419% |
| Peers Return | 8% | 7% | -7% | 15% | -23% | -39% | -42% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| GSM Win Rate | 50% | 75% | 42% | 58% | 50% | 67% | |
| Peers Win Rate | 67% | 42% | 58% | 42% | 42% | 25% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| GSM Max Drawdown | -61% | -4% | -41% | -5% | -41% | -19% | |
| Peers Max Drawdown | -59% | -6% | -21% | -2% | -25% | -46% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: DOW.
[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 12/24/2025 (YTD)
How Low Can It Go
| Event | GSM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -61.6% | -25.4% |
| % Gain to Breakeven | 160.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -66.4% | -33.9% |
| % Gain to Breakeven | 197.2% | 51.3% |
| Time to Breakeven | 252 days | 148 days |
| 2018 Correction | ||
| % Loss | -97.0% | -19.8% |
| % Gain to Breakeven | 3221.8% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to WRN, XPL, CRML, TECK, MP
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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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 GarcÃa-Cos Muntañola, Chief Financial Officer
Ms. Beatriz GarcÃa-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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The key risks to Ferroglobe's business (GSM) include:
- Commodity Price Volatility: Ferroglobe is highly exposed to fluctuations in the prices of silicon metal, ferrosilicon, and ferromanganese. The company is largely unhedged, meaning low or declining commodity prices can significantly impact revenues and margins, leading to weak or further declining financial performance. A prolonged slump in commodity prices poses a main risk to the company's earnings and cash flow.
- Trade Policy Uncertainty: The company's recovery and future profitability are heavily dependent on the implementation and effectiveness of protectionist trade measures, such as tariffs and safeguards, in the United States and the European Union. Delays, weakening, or successful circumvention of these measures could lead to persistent oversupply in the market, erode planned margin gains, and postpone the company's turnaround.
- Macroeconomic Downturn: Ferroglobe operates in the metals industry, which is highly cyclical and sensitive to the overall macroeconomic environment, particularly sectors like construction and manufacturing. A significant macroeconomic downturn could lead to reduced demand for its products, thereby negatively affecting its financial results.
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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.
Latest Trefis Analyses
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| ARTICLES |
Trade Ideas
Select ideas related to GSM. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | DD | DuPont de Nemours | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 7.1% | 7.1% | -0.2% |
| 11212025 | CF | CF Industries | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.2% | -1.2% | -3.1% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 48.2% | 48.2% | 0.0% |
| 11072025 | CDE | Coeur Mining | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 27.4% | 27.4% | -5.7% |
| 10312025 | ATR | AptarGroup | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.8% | 5.8% | -2.5% |
Research & Analysis
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Peer Comparisons for Ferroglobe
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.91 |
| Mkt Cap | 8.7 |
| Rev LTM | 21,143 |
| Op Inc LTM | 208 |
| FCF LTM | -550 |
| FCF 3Y Avg | 513 |
| CFO LTM | 825 |
| CFO 3Y Avg | 1,922 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.1% |
| Rev Chg 3Y Avg | -15.3% |
| Rev Chg Q | -18.2% |
| QoQ Delta Rev Chg LTM | -5.2% |
| Op Mgn LTM | -1.5% |
| Op Mgn 3Y Avg | 4.0% |
| QoQ Delta Op Mgn LTM | -1.9% |
| CFO/Rev LTM | 5.1% |
| CFO/Rev 3Y Avg | 10.4% |
| FCF/Rev LTM | -0.6% |
| FCF/Rev 3Y Avg | 4.8% |
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 |
| $ 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 | $4.76 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 07/30/2009 | |
| Distance from 52W High | -14.1% | |
| 50 Days | 200 Days | |
| DMA Price | $4.51 | $4.14 |
| DMA Trend | up | down |
| Distance from DMA | 5.5% | 15.0% |
| 3M | 1YR | |
| Volatility | 61.7% | 51.9% |
| Downside Capture | 102.18 | 56.92 |
| Upside Capture | 119.73 | 72.36 |
| Correlation (SPY) | 33.7% | 33.5% |
GSM Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 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
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 | 28.1% | 10.6% | 19.2% | 71.9% | 8.9% | 6.0% | -10.4% |
| Annualized Volatility | 51.7% | 20.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 0.65 | 0.39 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 42.3% | 33.4% | 11.9% | 28.2% | 22.8% | 22.0% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
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 | 24.8% | 7.3% | 14.9% | 18.7% | 11.7% | 4.8% | 32.6% |
| Annualized Volatility | 65.8% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.60 | 0.29 | 0.70 | 0.97 | 0.51 | 0.17 | 0.59 |
| Correlation With Other Assets | 44.8% | 38.7% | 11.9% | 27.9% | 32.5% | 19.9% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
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% | 9.8% | 14.7% | 14.9% | 6.9% | 5.2% | 69.2% |
| Annualized Volatility | 74.6% | 20.8% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.26 | 0.43 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 36.0% | 31.8% | 5.5% | 25.1% | 23.9% | 13.2% | |
ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
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
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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