# GrafTech International Ltd. (EAF)

> Source: Nexqual · https://nexqual.com/EAF · data as of 2026-10-23 16:58 UTC · cite as "Nexqual, GrafTech International Ltd. (EAF), nexqual.com/EAF" · informational, not investment advice.

**Price:** USD 8.59 (+15.23% today) · US market open, as of October 23, 2026 at 16:58 UTC; quotes may be delayed. Prev close 7.45 · day 7.65–8.99 · 52w 4.92–19.72 · market cap $224M · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $509M, net income -$196M (-38.4% margin), free cash flow -$158M (SEC filings).
- 1 of 80 tracked superinvestors hold EAF (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 3.25 on a 1–5 scale) (4 analysts), mean target USD 8.5 (range 8–9).
- Total return with dividends: 1Y -50.6% vs S&P 500 +14.6%; 5Y -91.9% vs S&P 500 +77.3%.
- Next earnings: 2026-10-23, EPS estimate USD -1.48, revenue estimate $127M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.28B | $621M | $539M | $504M | $509M |
| Gross profit | $644M | $555M | $36.2M | -$19.9M | -$15.7M | — |
| Operating income | $508M | $474M | -$214M | -$75.2M | -$77.1M | -$107M |
| Net income | $388M | $383M | -$255M | -$131M | -$220M | -$196M |
| EPS (diluted) | $14.60 | $14.80 | -$9.93 | -$5.09 | -$8.45 | — |
| Free cash flow | $385M | $252M | $22.5M | -$74.4M | -$121M | -$158M |
| Gross margin | 47.9% | 43.3% | 5.8% | -3.7% | -3.1% | — |
| Operating margin | 37.8% | 37.0% | -34.6% | -14.0% | -15.3% | -21.0% |
| Net margin | 28.9% | 29.9% | -41.1% | -24.3% | -43.6% | -38.4% |
| Revenue growth | +9.9% | -4.8% | -51.6% | -13.2% | -6.4% | — |
| Cash + short-term investments | $57.5M | $135M | $177M | $256M | $138M | — |
| Total debt | $1.03B | $922M | $926M | $1.09B | $1.09B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/S 0.4x · EV/Sales 2.5x · FCF yield -70.59% · Earnings yield -87.34% · Net debt $1.07B · EV $1.29B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold EAF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 0.08% | $6.8M | Added +7.7% |

## Analysts
Consensus Hold (mean 3.25 on a 1–5 scale), 4 analysts; mean target USD 8.5 (low 8, high 9).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target raised | Sector Perform | $7 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -50.6% | -91.9% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -50.6% | -39.5% |
| Volatility (annualized) | 111.0% | 85.2% |
| Max drawdown | -71.0% (Jan 2026→Mar 2026) | -95.8% (Nov 2021→Aug 2024) |

## Peers (Electrical Equipment & Parts)
KE (Kimball Electronics, Inc.) USD 25.02 +0.06% · EOSE (Eos Energy Enterprises, Inc.) USD 1.72 +0.58% · ENVX (Enovix Corporation) USD 2.84 +11.18% · TE (T1 Energy Inc.) USD 2.29 -1.08% · ADSE (ADS-TEC ENERGY PLC) USD 9.53 -0.21% · FCEL (FuelCell Energy, Inc.) USD 11.26 -2.76%

## More
Full page: https://nexqual.com/EAF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Graphite Electrodes | $120.4M | 85.9% | -9.4% |
| By-products and other | $19.8M | 14.1% | +78.1% |
| Total revenue | $140.2M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $206.2M | 40.9% | +20.4% |
| Europe Middle East Africa | $198.9M | 39.5% | -7.3% |
| Americas | $67.1M | 13.3% | -29.7% |
| Asia Pacific | $31.9M | 6.3% | -44.6% |
| Total revenue | $504.1M | 100% | — |

## Company outlook (8-K filed 2026-10-23)

- "Global steel demand, outside of China, is projected to grow modestly in 2026, with anticipated growth in many of our key commercial regions."
- "Based on current steel market conditions, we continue to expect modest growth in graphite electrode demand for the full year of 2026."
- "For GrafTech, we are maintaining our expectation for a 5–10% year-over-year increase in graphite electrode sales volume as we continue to gain market share."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.48 | $-1.49 | -0.7% | $126.7M | 1 |
| Next quarter (ends 2026-12-31) | $-1.60 | $-1.41 | +13.5% | $120.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $-6.60 | $-5.23 | +26.2% | $503.2M | 1 |
| Next fiscal year (ends 2027-12-31) | $-4.30 | $-4.30 | +0.0% | $578.9M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-23): ±34.6%; last 8 reports averaged ±17%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 159.5% | ±34.6% |
| 2026-12-18 | 56 | 115.3% | ±35.2% |
| 2027-01-15 | 84 | 148.4% | ±54.7% |
| 2027-04-16 | 175 | 100.4% | ±53.5% |