Ferroglobe
ConvictionModerate
Vertically integrated (own quartz mines + smelters) producer of commodity silicon metal, ferrosilicon/silicon-based alloys and manganese alloys sold to silicones, aluminum, solar-polysilicon and steel end-markets; earnings are price x volume x (power + reductant) spread, highly levered to electricity cost and the silicon/manganese price cycle. Public since the 2015 Grupo FerroAtlantica-Globe Specialty Metals merger.
Revenue
$1,335.1M FY2025$347.7M Q1 2026Rev growth
-18.8% YoY FY2025+13.2% YoY Q1 2026 (+5.6% QoQGross margin
not disclosed as a clean lineraw materials + energy consumed = 69.9% of sales FY2025 (vs 62.5% FY2024) — margin compression is the core storyOp margin
deeply negative FY2025net loss $170.7M incl. $17.5M impairments + French power-contract fair-value losses); adj. EBITDA margin only 2.1% ($27.6MCapex intensity
~4.7% of sales FY2025$63.3M capexMarket cap
~$610MNASDAQ: GSM, ~$3.27/sh x ~186.9M sh, late June/early July 2026The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Ferroglobe
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.