Ferroglobe (GSM)
Market Price (3/30/2026): $4.3 | Market Cap: $809.6 MilSector: Materials | Industry: Diversified Metals & Mining
Ferroglobe (GSM)
Market Price (3/30/2026): $4.3Market Cap: $809.6 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 -29%, 3Y Excs Rtn is -59% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -116 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -19%, Rev Chg QQuarterly Revenue Change % is -10% | ||
| 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 -25% | ||
| 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 -29%, 3Y Excs Rtn is -59% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -116 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -19%, Rev Chg QQuarterly Revenue Change % is -10% |
| 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 -25% |
| 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. |
Qualitative Assessment
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Ferroglobe (GSM) stock has remained largely at the same level since 11/30/2025 because of the following key factors:
1. Ferroglobe reported a substantial net loss and declining profitability in Q4 and full-year 2025. The company posted a net loss attributable to the parent of $81.0 million in Q4 2025, a significant increase from a $12.8 million loss in the prior quarter and a $28.1 million loss in Q4 2024. For the full year 2025, the net loss reached $170.7 million, a sharp reversal from a net profit of $23.5 million in 2024. Adjusted EBITDA for the full year 2025 also saw a substantial decline of 82% year-over-year, falling from $153.8 million in 2024 to $27.6 million.
2. The company faced elevated energy costs and a significant fair-value loss on French energy contracts. In the fourth quarter of 2025, Ferroglobe's profitability was negatively impacted by higher underlying energy costs and a $40.2 million fair-value loss related to its long-term French energy contracts. These factors contributed to raw materials and energy costs rising to 79.4% of sales in Q4 2025.
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1. Ferroglobe reported a substantial net loss and declining profitability in Q4 and full-year 2025. The company posted a net loss attributable to the parent of $81.0 million in Q4 2025, a significant increase from a $12.8 million loss in the prior quarter and a $28.1 million loss in Q4 2024. For the full year 2025, the net loss reached $170.7 million, a sharp reversal from a net profit of $23.5 million in 2024. Adjusted EBITDA for the full year 2025 also saw a substantial decline of 82% year-over-year, falling from $153.8 million in 2024 to $27.6 million.
2. The company faced elevated energy costs and a significant fair-value loss on French energy contracts. In the fourth quarter of 2025, Ferroglobe's profitability was negatively impacted by higher underlying energy costs and a $40.2 million fair-value loss related to its long-term French energy contracts. These factors contributed to raw materials and energy costs rising to 79.4% of sales in Q4 2025.
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Stock Movement Drivers
Fundamental Drivers
The -2.3% change in GSM stock from 11/30/2025 to 3/29/2026 was primarily driven by a -2.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.40 | 4.30 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,373 | 1,335 | -2.8% |
| P/S Multiple | 0.6 | 0.6 | 0.7% |
| Shares Outstanding (Mil) | 188 | 188 | -0.1% |
| Cumulative Contribution | -2.3% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| GSM | -2.3% | |
| Market (SPY) | -5.3% | 30.5% |
| Sector (XLB) | 10.0% | 49.1% |
Fundamental Drivers
The 3.9% change in GSM stock from 8/31/2025 to 3/29/2026 was primarily driven by a 16.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.14 | 4.30 | 3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,495 | 1,335 | -10.7% |
| P/S Multiple | 0.5 | 0.6 | 16.5% |
| Shares Outstanding (Mil) | 188 | 188 | -0.1% |
| Cumulative Contribution | 3.9% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| GSM | 3.9% | |
| Market (SPY) | 0.6% | 32.8% |
| Sector (XLB) | 7.1% | 45.0% |
Fundamental Drivers
The 27.6% change in GSM stock from 2/28/2025 to 3/29/2026 was primarily driven by a 44.1% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.37 | 4.30 | 27.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,509 | 1,335 | -11.5% |
| P/S Multiple | 0.4 | 0.6 | 44.1% |
| Shares Outstanding (Mil) | 188 | 188 | 0.0% |
| Cumulative Contribution | 27.6% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| GSM | 27.6% | |
| Market (SPY) | 9.8% | 32.6% |
| Sector (XLB) | 12.4% | 45.6% |
Fundamental Drivers
The -11.3% change in GSM stock from 2/28/2023 to 3/29/2026 was primarily driven by a -50.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.85 | 4.30 | -11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,719 | 1,335 | -50.9% |
| P/S Multiple | 0.3 | 0.6 | 81.5% |
| Shares Outstanding (Mil) | 187 | 188 | -0.5% |
| Cumulative Contribution | -11.3% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| GSM | -11.3% | |
| Market (SPY) | 69.4% | 33.2% |
| Sector (XLB) | 26.8% | 43.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GSM Return | 279% | -38% | 69% | -41% | 24% | -7% | 169% |
| Peers Return | 7% | -7% | 15% | -23% | -37% | 71% | -6% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| GSM Win Rate | 75% | 42% | 58% | 50% | 67% | 67% | |
| Peers Win Rate | 42% | 58% | 42% | 42% | 25% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| GSM Max Drawdown | -4% | -41% | -5% | -41% | -19% | -19% | |
| Peers Max Drawdown | -6% | -21% | -2% | -25% | -46% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 3/27/2026 (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 DOW
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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Here are 1-2 analogies to describe Ferroglobe (GSM):
- Like an Albemarle but for silicon and manganese, supplying critical materials and alloys essential for industries from steel and aluminum to electronics.
- A specialized Dow Chemical or DuPont, providing foundational silicon and manganese-based materials and chemicals to a wide range of manufacturers.
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```html- Silicone chemicals: Used in various applications including personal care, construction, healthcare, and electronics.
- Silicon metal: Primarily supplied to primary and secondary aluminum producers.
- Silicomanganese: Functions as a deoxidizing agent in steel manufacturing.
- Ferromanganese: Acts as a deoxidizing, desulphurizing, and degassing agent for steel.
- Ferrosilicon products: Utilized in the production of stainless steel, carbon steel, other steel alloys, electrodes, and aluminum.
- Calcium silicon: Employs in deoxidation and desulfurization of liquid steel, coatings for cast iron pipes, and welding processes.
- Nodularizers and inoculants: Essential for the production of iron.
- Silica fume: A valuable by-product from the electrometallurgical process of silicon metal and ferrosilicon.
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Major Customer Categories for Ferroglobe (GSM)
Ferroglobe PLC primarily sells its products to other companies. Based on the provided description, the company serves the following major categories of customers:
- Steel and Iron Manufacturing: This includes steel manufacturers and ductile iron foundries, who utilize Ferroglobe's silicomanganese, ferromanganese, ferrosilicon, calcium silicon, nodularizers, and inoculants in their production processes.
- Aluminum Manufacturing: Primary and secondary aluminum producers are key customers for Ferroglobe's silicon metal and ferrosilicon products.
- Silicone Chemical and Advanced Materials Industries: This category encompasses silicone chemical manufacturers, as well as manufacturers of photovoltaic solar cells and computer chips, all of whom rely on Ferroglobe's silicon metal and related silicone chemicals.
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Marco Levi, Chief Executive Officer
Dr. Marco Levi has over thirty years of executive management and board-level experience spanning the chemicals, plastic, rubber, and paper industries. He is recognized for his track record in turning around multinational companies. Dr. Levi formerly served as President and CEO of Ahlstrom-Munksjö Oyj, a global fiber materials company listed in Finland, where he led a successful transformation of the business. Prior to that, he was Senior Vice President and Business President of the $3 billion emulsion polymers division of Styron, including during the period in which Styron was acquired by Bain Capital from Dow Chemical Company, indicating a pattern of managing companies involved with private equity firms. He spent over twenty-two years at Dow in various departments and roles.
Beatriz García-Cos Muntañola, Chief Finance Officer & IT
Beatriz García-Cos Muntañola has over 20 years of experience as a senior finance professional in multinational companies, including seven years as Chief Financial Officer of companies in the metals and mining sector. Most recently, she was Group Chief Financial Officer at Bekaert NV, a global steel wire transformation company listed on the Belgium Stock Exchange, where she focused on financial strategy and led numerous strategic projects. Before Bekaert NV, she served as CFO of the mining division of Trafigura Beheer BV, one of the world's largest physical commodities trading groups, and as Finance Director for EMEA and LATAM at Vestas Wind Systems A.S.
Javier López Madrid, Executive Chairman
Javier López Madrid is the Executive Chairman of Ferroglobe and also serves as the Chief Executive Officer of Grupo Villar Mir. He is the founder and largest shareholder of the venture group Siacapital and Tressis, which is Spain's largest independent private bank. Mr. López Madrid was Executive Vice Chairman of Ferroglobe PLC and previously held roles as Vice Chairman and CEO of FerroAtlántica for 25 years. He holds a Master in Law and Business from ICADE University.
Benoist Ollivier, Deputy CEO and Chief Technology & Innovation Officer
Dr. Benoist Ollivier has over twenty-five years of experience in the metallurgical industry and has been a senior member of the Ferroglobe and Grupo FerroAtlántica management teams since 2005. He is responsible for Operations, R&D, Technology, and Environment and Sustainable Development within Ferroglobe. Dr. Ollivier most recently served as Ferroglobe's Chief Operating Officer. He worked with McKinsey & Company from 1991 to 1996, specializing in restructuring, business development, turnaround, and cost efficiency projects globally.
Benjamin Crespy, Chief Operating Officer
Benjamin Crespy joined Grupo FerroAtlántica in 2003 and has held various production responsibilities across Europe, North America, and Asia. Since 2016, he successfully managed the silicon metal facility in Bécancour, Canada. Mr. Crespy was appointed as Chief Operating Officer of Ferroglobe in June 2022.
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```htmlKey Risks to Ferroglobe (GSM)
- Commodity Price Volatility and Cyclical End-Market Dependence: Ferroglobe's financial performance is highly sensitive to the cyclical nature of its end markets, such as the aluminum and steel industries, leading to significant volatility in the prices of its silicon and alloy products. Weakened demand and declining prices for these core products directly impact the company's revenue and profit margins, as it operates largely as a price-taker in global markets.
- Elevated Energy and Raw Material Costs: The production of ferroalloys is an energy-intensive process. Fluctuations and increases in energy prices, particularly electricity in Europe, along with other raw material costs like manganese ore, pose a significant threat to Ferroglobe's margins. The company may struggle to fully pass on these increased costs to customers, even with existing index-linked contracts.
- Trade-Policy Uncertainty and Competition from Low-Cost Imports: Ferroglobe faces intense competition from low-priced imports, notably from regions like China and Angola, which can lead to oversupply and depress pricing and sales volumes. The uncertainty surrounding trade protection measures, such as the implementation or potential delays of US tariffs and EU safeguards on silicon metal and ferroalloys, presents a considerable risk to the company's ability to stabilize prices and recover market share.
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Ferroglobe PLC (GSM) operates in various addressable markets for its main products and services, with market sizes detailed globally or by significant regions.
- Silicon metal: The global silicon metal market size was USD 8.51 billion in 2025 and is projected to grow to USD 13.55 billion by 2034. Asia Pacific dominated the global market with a market share of 57.57% in 2025.
- Silicomanganese: The global silicomanganese market was valued at USD 16.66 billion in 2024 and is projected to grow to USD 21.64 billion by 2032. Asia-Pacific is an emerging market and holds a significant share.
- Ferromanganese: The global ferromanganese market size was USD 85.40 billion in 2025 and is projected to grow from USD 88.70 billion in 2026 to USD 121.46 billion by 2034. Asia Pacific dominated the ferromanganese market with a market share of 40.10% in 2025.
- Ferrosilicon: The global ferrosilicon market size was valued at USD 12.21 billion in 2025 and is projected to reach USD 15.65 billion by 2035. Asia-Pacific led the market with the largest market share of 67% in 2025.
- Calcium silicon: The global calcium-silicon alloy market size was estimated at USD 1.6 billion in 2025 and is expected to reach USD 2.9 billion by the end of 2034.
- Nodularizers: The global foundry nodularizers market is valued at USD 795.0 million in 2025 and is slated to reach USD 1.2 billion by 2035. Key growth regions include East Asia, South Asia, and Europe.
- Silica fume: The global Silica Fume market size is estimated at USD 542.9 million in 2026 and is projected to reach USD 627.22 million by 2035. North America holds approximately 40% of the global market share, making it the largest market.
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Ferroglobe (GSM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market developments:
- Increased Volumes in Silicon-based and Manganese-based Alloys: Ferroglobe's management projects an approximate 20% increase in 2026 revenues, primarily driven by strong volume growth in its silicon-based and manganese-based alloys segments. The fourth quarter of 2025 already showed positive momentum with a 13% increase in total shipments and a 6% rise in revenue, led by these alloy categories.
- Benefits from Trade Measures and Protections: The company anticipates improved market conditions and pricing due to EU safeguard measures and favorable preliminary U.S. antidumping and countervailing duty determinations related to silicon metal and ferrosilicon. These actions are expected to reduce predatory imports and help Ferroglobe reclaim market share.
- Strategic Expansion into Solar and Electric Vehicle (EV) Industries: Ferroglobe is strategically focusing on the growing solar and EV sectors, including expanding its silicon metal capacity in North America. Furthermore, the company is investing in advanced battery technology through partnerships, such as with Coreshell, with initial shipments of silicon-rich EV battery materials projected for the first quarter of 2026. This positions Ferroglobe as a key Western producer in these high-growth markets.
- Enhanced Operational Flexibility and Cost Optimization: A new 10-year energy contract in France, effective in January 2026, is expected to reduce cost volatility and improve operational flexibility, allowing for more consistent year-round production and enhancing earnings potential. Additionally, the conversion of three furnaces from silicon metal to ferrosilicon provides greater flexibility to align with market demand and capitalize on improving economics in the ferrosilicon sector.
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Share Repurchases
- Ferroglobe's shareholders approved a share buyback program in June 2024, authorizing the repurchase of up to 37.8 million shares, representing approximately 20% of outstanding shares, over a 5-year period.
- As of September 30, 2025, a total of 13,465,973 shares had been repurchased under the program for US$52 million.
- During the fourth quarter of 2024, approximately 482,000 shares were repurchased at an average price of $4.02 per share.
Share Issuance
- In June 2021, Ferroglobe completed the sale of $40 million in ordinary shares to certain investors, including Rubric Capital Management LP.
- As part of a debt restructuring in June 2021, Ferroglobe offered to exchange existing senior notes for new senior secured notes and an equity fee.
Inbound Investments
- In June 2021, Rubric Capital Management LP and other investors made a $40 million investment in Ferroglobe through the purchase of ordinary shares.
Outbound Investments
- In 2023, Ferroglobe signed a term sheet for a partnership with a leading European battery materials company and a memorandum of understanding with a U.S. advanced silicon-rich EV battery technology company.
- The company is investing in long-term opportunities, including advanced silicon-rich EV batteries, with initial shipments anticipated soon.
Capital Expenditures
- Capital expenditures were $86.5 million in 2023 and $79.2 million in 2024.
- For the first half of 2025, capital expenditures amounted to $29.9 million.
- The primary focus of capital expenditures includes optimizing production by converting furnaces from silicon metal to ferrosilicon and pursuing long-term opportunities in advanced silicon-rich EV batteries.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.56 |
| Mkt Cap | 15.1 |
| Rev LTM | 20,652 |
| Op Inc LTM | 21 |
| FCF LTM | -729 |
| FCF 3Y Avg | 228 |
| CFO LTM | 542 |
| CFO 3Y Avg | 1,603 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -9.0% |
| Rev Chg 3Y Avg | -14.8% |
| Rev Chg Q | -9.7% |
| QoQ Delta Rev Chg LTM | -2.5% |
| Op Mgn LTM | -4.1% |
| Op Mgn 3Y Avg | 2.2% |
| QoQ Delta Op Mgn LTM | -2.7% |
| CFO/Rev LTM | 3.2% |
| CFO/Rev 3Y Avg | 8.6% |
| FCF/Rev LTM | -2.3% |
| FCF/Rev 3Y Avg | 3.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.1 |
| P/S | 0.7 |
| P/EBIT | -11.5 |
| P/E | -8.0 |
| P/CFO | 22.1 |
| Total Yield | -12.3% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 4.5% |
| D/E | 0.5 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.7% |
| 3M Rtn | 34.4% |
| 6M Rtn | 41.5% |
| 12M Rtn | 23.3% |
| 3Y Rtn | -9.2% |
| 1M Excs Rtn | 18.1% |
| 3M Excs Rtn | 43.0% |
| 6M Excs Rtn | 48.3% |
| 12M Excs Rtn | 7.3% |
| 3Y Excs Rtn | -63.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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 | $4.30 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 07/30/2009 | |
| Distance from 52W High | -22.1% | |
| 50 Days | 200 Days | |
| DMA Price | $4.81 | $4.49 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -10.6% | -4.2% |
| 3M | 1YR | |
| Volatility | 56.9% | 54.9% |
| Downside Capture | 0.72 | 0.59 |
| Upside Capture | 105.86 | 87.94 |
| Correlation (SPY) | 31.3% | 35.3% |
GSM Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.24 | 1.00 | 1.00 | 1.43 | 0.89 | 1.02 |
| Up Beta | 5.23 | 3.49 | 2.78 | 2.65 | 1.14 | 1.14 |
| Down Beta | 2.32 | -0.09 | -0.45 | 1.81 | 0.83 | 0.93 |
| Up Capture | 179% | 126% | 173% | 121% | 79% | 68% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 19 | 29 | 63 | 123 | 353 |
| Down Capture | 82% | 33% | 74% | 77% | 64% | 103% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 21 | 30 | 58 | 121 | 371 |
[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 GSM | |
|---|---|---|---|---|
| GSM | 15.1% | 54.7% | 0.45 | - |
| Sector ETF (XLB) | 14.6% | 20.9% | 0.55 | 46.9% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 35.2% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 21.8% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 30.4% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 25.8% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 29.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GSM | |
|---|---|---|---|---|
| GSM | 4.1% | 58.3% | 0.30 | - |
| Sector ETF (XLB) | 6.7% | 18.9% | 0.25 | 48.5% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 40.6% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 15.1% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 28.8% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 32.5% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 19.5% |
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 GSM | |
|---|---|---|---|---|
| GSM | -6.7% | 74.2% | 0.25 | - |
| Sector ETF (XLB) | 10.1% | 20.6% | 0.44 | 36.0% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 31.8% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 7.2% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 24.7% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 23.7% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/26/2026 | 20-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 08/05/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 04/25/2025 | 20-F |
| 09/30/2024 | 11/06/2024 | 6-K |
| 06/30/2024 | 08/05/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 05/13/2024 | 20-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 08/14/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 05/01/2023 | 20-F |
| 09/30/2022 | 11/15/2022 | 6-K |
| 06/30/2022 | 08/16/2022 | 6-K |
| 03/31/2022 | 05/12/2022 | 6-K |
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.