GRAFTECH INTERNATIONAL LTD
EAF · Electrical Industrial Apparatus · 26.0M shares · -45%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $56M (gross $60M, SBC $4M)
Reference price $0.84 · est. market cap ~$22M — last insider purchase, 2025-05-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D43Leading ex-China graphite-electrode producer in a deep cyclical trough with negative gross margin and cash burn.
Strengths
- ~23% of ex-China capacity, vertically integrated into needle coke, strong current ratio 3.78
- Liquidity cushion (quick ratio 2.0) to weather the downcycle
Risks
- Negative gross margin -3.1% (3.7 pct) and net margin -43.6% — selling below cost
- FCF -$120M (7.3 pct), negative book equity (D/E -4.2); the 0.85 ROE is an artifact, not real return
Notable findings
- No interest coverageInterest coverage -0.74 (cannot cover interest)
- Negative equityNegative book equity (debt/equity -4.22)
- Net lossNet loss (net margin -43.6%)
- Cash burnNegative free cash flow (-120.5M)
- Buying back stockNet buyback — share count -45%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-15.3%
Net margin
-43.6%
Return on equity
84.7%
Return on assets
-21.4%
ROIC
-7.3%
Revenue growth (QoQ)
7.4%
Debt / equity
-4.2×
Interest coverage
-0.7×
Current ratio
3.8×
Free cash flow
-$121M
EBITDA
-$15M
Tangible book value
-$287M
Stock comp / revenue
1.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-12 | Perez Ortiz Inigo | Option exercise | 10K | — |
| 2026-03-12 | Renacci Andrew James | Option exercise | 1.8K | — |
| 2026-03-12 | Renacci Andrew James | Tax withheld | 526 | $5.23 |
| 2026-03-12 | Clemens Jeremy Joseph | Option exercise | 3.0K | — |
| 2026-03-12 | Clemens Jeremy Joseph | Tax withheld | 1.1K | $5.23 |
| 2026-03-12 | Flanagan Timothy K | Option exercise | 15K | — |
| 2026-03-12 | Flanagan Timothy K | Tax withheld | 4.5K | $5.23 |
| 2026-02-25 | Renacci Andrew James | Option exercise | 480 | — |
| 2026-02-25 | Renacci Andrew James | Tax withheld | 150 | $6.81 |
| 2026-02-25 | Renacci Andrew James | Option exercise | 7.9K | — |
| 2026-02-25 | Renacci Andrew James | Tax withheld | 2.5K | $6.81 |
| 2026-02-25 | Flanagan Timothy K | Option exercise | 1.0K | — |
| 2026-02-25 | Flanagan Timothy K | Tax withheld | 311 | $6.81 |
| 2026-02-25 | Flanagan Timothy K | Option exercise | 1.6K | — |
| 2026-02-25 | Flanagan Timothy K | Tax withheld | 467 | $6.81 |
| 2026-02-25 | Flanagan Timothy K | Option exercise | 18K | — |
| 2026-02-25 | Flanagan Timothy K | Tax withheld | 5.3K | $6.81 |
| 2026-02-25 | Clemens Jeremy Joseph | Option exercise | 81 | — |
| 2026-02-25 | Clemens Jeremy Joseph | Tax withheld | 30 | $6.81 |
| 2026-02-25 | Clemens Jeremy Joseph | Option exercise | 571 | — |
| 2026-02-25 | Clemens Jeremy Joseph | Tax withheld | 203 | $6.81 |
| 2026-02-25 | Clemens Jeremy Joseph | Option exercise | 3.8K | — |
| 2026-02-25 | Clemens Jeremy Joseph | Tax withheld | 1.3K | $6.81 |
| 2026-02-25 | Perez Ortiz Inigo | Option exercise | 1.4K | — |
| 2026-02-25 | Perez Ortiz Inigo | Option exercise | 1.7K | — |
| 2026-02-25 | Perez Ortiz Inigo | Option exercise | 12K | — |
| 2026-02-25 | O'Donnell Rory F. | Option exercise | 9.8K | — |
| 2026-02-25 | O'Donnell Rory F. | Tax withheld | 2.9K | $6.81 |
| 2025-09-03 | O'Donnell Rory F. | Option exercise | 6.2K | — |
| 2025-09-03 | O'Donnell Rory F. | Tax withheld | 1.9K | $9.13 |
| 2025-05-15 | Shivaram Sachin M | Buy | 20K | $0.84 |
| 2025-05-14 | Shivaram Sachin M | Buy | 30K | $0.85 |
| 2025-05-12 | Germain Jean-Marc | Buy | 50K | $0.78 |
| 2025-03-14 | Roegner Eric V | Buy | 226 | $1.11 |
| 2025-03-14 | Roegner Eric V | Buy | 100 | $1.09 |
| 2025-03-12 | Flanagan Timothy K | Option exercise | 153K | — |
| 2025-03-12 | Flanagan Timothy K | Tax withheld | 46K | $1.04 |
| 2025-03-12 | Renacci Andrew James | Option exercise | 18K | — |
| 2025-03-12 | Renacci Andrew James | Tax withheld | 6.1K | $1.04 |
| 2025-03-12 | Perez Ortiz Inigo | Option exercise | 101K | — |
| 2025-03-12 | Halford Jeremy S. | Option exercise | 129K | — |
| 2025-03-12 | Halford Jeremy S. | Tax withheld | 39K | $1.04 |
| 2025-02-25 | Renacci Andrew James | Tax withheld | 1.7K | $1.19 |
| 2025-02-25 | Renacci Andrew James | Option exercise | 4.8K | — |
| 2025-02-25 | Flanagan Timothy K | Option exercise | 10K | — |
| 2025-02-25 | Flanagan Timothy K | Tax withheld | 3.7K | $1.19 |
| 2025-02-25 | Flanagan Timothy K | Option exercise | 16K | — |
| 2025-02-25 | Flanagan Timothy K | Tax withheld | 5.6K | $1.19 |
| 2025-02-25 | Perez Ortiz Inigo | Option exercise | 14K | — |
| 2025-02-25 | Perez Ortiz Inigo | Option exercise | 17K | — |
| 2025-02-25 | Halford Jeremy S. | Option exercise | 11K | — |
| 2025-02-25 | Halford Jeremy S. | Tax withheld | 3.9K | $1.19 |
| 2025-02-25 | Halford Jeremy S. | Option exercise | 20K | — |
| 2025-02-25 | Halford Jeremy S. | Tax withheld | 7.0K | $1.19 |
| 2025-02-13 | O'Donnell Rory F. | Buy | 50K | $1.04 |
| 2025-02-13 | Flanagan Timothy K | Buy | 50K | $1.07 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-29 | 2026-05-29 | 0001193125-26-248897 ↗ |
| 8-K | 2026-05-08 | 2026-05-07 | 0000931148-26-000053 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0000931148-26-000051 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0000931148-26-000049 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0000931148-26-000017 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0000931148-26-000014 ↗ |
| 8-K | 2025-12-02 | 2025-11-25 | 0000931148-25-000161 ↗ |
| 10-Q | 2025-10-24 | 2025-09-30 | 0000931148-25-000156 ↗ |
| 8-K | 2025-10-24 | 2025-10-24 | 0000931148-25-000154 ↗ |
| 8-K/A | 2025-09-05 | 2025-05-08 | 0000931148-25-000137 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0000931148-25-000131 ↗ |
| 8-K | 2025-08-18 | 2025-08-14 | 0000931148-25-000128 ↗ |