Graftech International
EAF on NYSE. GrafTech sells graphite electrodes to electric arc furnace steelmakers. Market value $230m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-50.33 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -8 cents a year. Above 10 is good.
Quality score: 12 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$9.40 a share, 91% above its 1-year low
Over the past year the price has ranged from $4.92 to $20.32.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.3bn | $621m | $539m | $504m |
| Operating margin | |||||
| Operating margin | 37.8% | 37.0% | -34.6% | -14.0% | -15.3% |
| Debt to equity | |||||
| Debt to equity | 44.01 | 2.73 | 11.84 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.26bn | 0.26bn | 0.26bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsShrinking, 16.3% a year
- Buying back its own sharesYes, 90% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $127 million last quarter, down 3% on a year ago.
- A loss of $40 million, compared with a loss of $87 million a year ago.
- It loses 17 cents on each $1 of sales, compared with 17 cents a year earlier.
- Over the past 12 months it spent $123 million more cash than it brought in, compared with $119 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.1 billion more than cash, up from $932 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $131m |
| December 2024 | $134m |
| March 2025 | $112m |
| June 2025 | $132m |
| September 2025 | $144m |
| December 2025 | $116m |
| March 2026 | $125m |
| June 2026 | $127m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$36m |
| December 2024 | -$49m |
| March 2025 | -$39m |
| June 2025 | -$87m |
| September 2025 | -$28m |
| December 2025 | -$65m |
| March 2026 | -$43m |
| June 2026 | -$40m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 23 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 89 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Yacktman Asset ManagementStephen Yacktman | $7m | <0.1% | Added |
Largest holders overall
- BlackRock$8mAdded
- Yacktman Asset Management$7mAdded
- Marathon Asset Management LP$6mCut
- Vanguard Capital Management$5mCut
- Franklin Resources$4mAdded
- Benefit Street Partners$4mAdded
- Ameriprise Financial$4mAdded
- Charles Schwab Investment Management$3mCut
- Marshall Wace, LLP$3mCut
- Geode Capital Management$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Colonial House Capital LimitedPassive investor12.6%Since 1 February 2026
- HEG Graphite LtdPassive investor9.9%Since 1 September 2026
- Graphite India LtdPassive investor9.8%+3.0 ptsSince 13 February 2026
- Undavia NileshPassive investorat least 8.5%+1.8 pts(filed with 10 related holders)Since 16 September 2026
What they said
Item 4 is hereby amended to add the following: The Reporting Persons acquired the additional Shares reported in this Amendment for investment purposes, based on their belief that the Common Stock is an attractive investment in light of current industry conditions. The Reporting…
Read the filing - Marathon Asset Management, L.P.Passive investorat least 4.7%−2.8 pts(filed with 4 related holders)Since 31 March 2026
- GMOPassive investorSold down below 5%Since 31 March 2025
- FMR LLCPassive investorSold down below 5%Since 28 February 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
- HEG Advanced Materials LtdPassive investorSold down below 5%Since 1 September 2026
| Holder | Stake | Since | |
|---|---|---|---|
Colonial House Capital Limited Passive investor | 12.6% | 1 February 2026 | |
HEG Graphite Ltd Passive investor | 9.9% | 1 September 2026 | |
Graphite India Ltd Passive investor | 9.8%+3.0 pts | 13 February 2026 | |
Undavia Nilesh Passive investor | at least 8.5%+1.8 pts (filed with 10 related holders) | 16 September 2026 | What they saidItem 4 is hereby amended to add the following: The Reporting Persons acquired the additional Shares reported in this Amendment for investment purposes, based on their belief that the Common Stock is an attractive investment in light of current industry conditions. The Reporting… Read the filing |
Marathon Asset Management, L.P. Passive investor | at least 4.7%−2.8 pts (filed with 4 related holders) | 31 March 2026 | |
GMO Passive investor | Sold down below 5% | 31 March 2025 | |
FMR LLC Passive investor | Sold down below 5% | 28 February 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 | |
HEG Advanced Materials Ltd Passive investor | Sold down below 5% | 1 September 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 24 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 16.3% a year.
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.