Ferroglobe (GSM) financial statements
Ferroglobe reported revenue of $1.3B in fiscal 2025, down 1.8% a year over 9 years.
Net income was -$171M and the operating margin -10.0%, against -23.7% in 2016.
Free cash flow was -$12M, and the company returned $10M in dividends and $5M in net buybacks.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ferroglobe's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.7B | $2.2B | $1.6B | $1.1B | $1.8B | $2.6B | $1.7B | $1.6B | $1.3B |
| Cost of revenue | $1.0B | $1.0B | $1.4B | $1.2B | $835M | — | — | — | — | — |
| Gross profit | $533M | $698M | $795M | $401M | $309M | — | — | — | — | — |
| Operating income | -$373M | $41M | $99M | -$356M | -$184M | $31M | $661M | $197M | $38M | -$133M |
| Interest expense | $30M | $60M | $57M | $63M | $67M | $149M | $61M | $39M | $22M | $21M |
| Pre-tax income | -$405M | -$15M | $36M | -$412M | -$222M | -$120M | $592M | $156M | $37M | -$175M |
| Income tax | -$47M | -$14M | $20M | -$42M | $22M | -$5M | $148M | $58M | $16M | $2M |
| Net income | -$338M | -$678,000 | $44M | -$281M | -$246M | -$111M | $440M | $83M | $24M | -$171M |
| EPS (diluted) | -$1.97 | $0.00 | $0.25 | -$1.66 | -$1.46 | -$0.63 | $2.32 | $0.43 | $0.12 | -$0.91 |
| Diluted shares | 172M | 172M | 172M | 169M | 169M | 177M | 190M | 190M | 189M | 188M |
| Gross margin | 33.8% | 40.1% | 35.5% | 24.8% | 27.0% | — | — | — | — | — |
| Operating margin | -23.7% | 2.4% | 4.4% | -22.0% | -16.1% | 1.8% | 25.4% | 11.9% | 2.3% | -10.0% |
| Net margin | -21.5% | -0.0% | 1.9% | -17.4% | -21.5% | -6.2% | 16.9% | 5.0% | 1.4% | -12.8% |
Balance sheet
Fiscal years, from Ferroglobe's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $197M | $184M | $217M | $95M | $103M | $114M | $318M | $136M | $133M | $123M |
| Receivables | $209M | $111M | $156M | $309M | $242M | $381M | $425M | $310M | $189M | $192M |
| Inventory | — | — | — | — | — | — | $500M | $384M | $347M | $306M |
| Total current assets | $862M | $691M | $883M | $818M | $657M | $804M | $1.3B | $1.0B | $818M | $734M |
| Property, plant and equipment | $782M | $918M | $889M | $741M | $620M | $555M | $486M | $501M | $487M | $487M |
| Goodwill | $230M | $205M | $203M | $30M | $30M | $30M | $30M | $30M | $14M | $12M |
| Total assets | $2.0B | $2.0B | $2.1B | $1.7B | $1.3B | $1.5B | $2.0B | $1.8B | $1.5B | $1.4B |
| Total current liabilities | $627M | $450M | $499M | $397M | $433M | $654M | $678M | $494M | $449M | $441M |
| Long-term debt | $179M | — | $133M | $144M | $5M | $4M | $16M | $15M | $14M | $60M |
| Total liabilities | $1.1B | $1.1B | $1.2B | $1.1B | $981M | $1.2B | $1.2B | $889M | $638M | $723M |
| Shareholders' equity | -$338M | -$678,000 | $44M | -$281M | $366M | $320M | $650M | $748M | $721M | $596M |
| Net debt | $224M | -$183M | -$76M | $64M | $5M | -$15M | -$240M | -$90M | -$76M | $17M |
Cash flow
Fiscal years, from Ferroglobe's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $121M | $150M | $117M | -$31M | $154M | -$1M | $405M | $178M | $243M | $51M |
| Capital spending | $76M | $75M | $109M | $33M | $33M | $28M | $53M | $86M | $79M | $63M |
| Free cash flow | $45M | $75M | $7M | -$64M | $121M | -$29M | $352M | $92M | $164M | -$12M |
| Stock-based compensation | — | — | — | — | — | — | $6M | $7M | $5M | $2M |
| Dividends paid | $55M | — | $21M | $97,000 | — | $6M | $3M | — | $10M | $10M |
| Share buybacks (net) | — | — | -$20M | — | — | — | — | — | -$2M | -$5M |
| Net borrowing | $43M | -$422M | $146M | -$84M | -$58M | -$12M | -$21M | -$24M | $13M | $76M |
| Free cash flow margin | 2.9% | 4.3% | 0.3% | -4.0% | 10.6% | -1.6% | 13.5% | 5.6% | 10.0% | -0.9% |
| Dividends per share | $0.32 | — | $0.12 | $0.00 | — | $0.03 | $0.02 | — | $0.05 | $0.06 |
Questions
What was Ferroglobe's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ferroglobe generate?
-$12M in fiscal 2025 (operating cash flow minus capital spending).
From Ferroglobe's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.