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Critical MaterialsPublic

GrafTech International

No base rate yet — EAF has 2 graded prints on the record, and the bar is 3.Website
Ticker
EAF
Beat
critical materials
Size
Public Company
Revenue
$127M
as of Jun 2026
Cash
$138M
as of Dec 2025
Burn
$75.5M/qtr
as of Jun 2026
Runway
~1 qtr at this rate
as of Dec 2025
Researched · Fresh
10 days ago

A levered, structurally-loss-making graphite-electrode pure-play whose old take-or-pay earnings are gone, now priced as a distressed call option on a 2026 electrode-price recovery that has to clear a 2029 debt wall — own the bonds' problem, not the equity, until pricing turns or the balance sheet is fixed.

Orbit · who it trades with and competes with
no links read yet
Focus · Critical materials
GrafTech International
EAF · public
No published house view
Links

NO LINKS READ YET · no published dossier names GrafTech International beside another company

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Price

Weekly closes

EAF · weekly close
11.90 USD+39.8%
Friday 30 Oct 2026 · last 52 Fridays 5.66–17.85
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 1,427,869 sh · 3.25 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 97 days, Scheduled · 8 Feb 2027, scheduled
11.90USD+39.8%critical-materials +0.7%EAF · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
1,427,869 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
3.25
see the whole series
Financials

The reported figures

Revenue · quarterly
$127M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$127M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
GrafTech International, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$159M USD-11.4% share of revenue$43.0M USD$8.5M USD$173M USD256.8M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$137M USD—$3.5M USD$5.8M USD$177M USD256.8M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$137M USD-15.6% share of revenue-$11.0M USD$10.5M USD$165M USD257.2M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$137M USD-2.0% share of revenue-$43.8M USD$7.0M USD$121M USD257.2M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$131M USD-20.1% share of revenue$19.7M USD$4.0M USD—257.2M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$134M USD-18.6% share of revenue-$39.2M USD$12.8M USD—257.3M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$112M USD-16.3% share of revenue-$42.5M USD$10.3M USD—258.1M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$132M USD-11.0% share of revenue-$57.1M USD$3.9M USD—258.2M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$144M USD-3.6% share of revenue$18.4M USD$6.3M USD—25.8M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$116M USD-33.6% share of revenue-$39.3M USD$18.4M USD—25.8M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$125M USD-24.5% share of revenue-$27.1M USD$12.1M USD—26.0M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$127M USD-11.4% share of revenue-$75.5M USD$6.9M USD—26.1M sharesFiled · primarysec.gov

GrafTech International’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$127M-3.4% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $159M, as of Sep 2023Revenue Q4 ’23: $137M, as of Dec 2023Revenue Q1 ’24: $137M, as of Mar 2024Revenue Q2 ’24: $137M, as of Jun 2024Revenue Q3 ’24: $131M, as of Sep 2024Revenue Q4 ’24: $134M, as of Dec 2024Revenue Q1 ’25: $112M, as of Mar 2025Revenue Q2 ’25: $132M, as of Jun 2025Revenue Q3 ’25: $144M, as of Sep 2025Revenue Q4 ’25: $116M, as of Dec 2025Revenue Q1 ’26: $125M, as of Mar 2026Revenue Q2 ’26: $127M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-11.4%-0.4 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -11.4%, as of Sep 2023Operating margin Q1 ’24: -15.6%, as of Mar 2024Operating margin Q2 ’24: -2.0%, as of Jun 2024Operating margin Q3 ’24: -20.1%, as of Sep 2024Operating margin Q4 ’24: -18.6%, as of Dec 2024Operating margin Q1 ’25: -16.3%, as of Mar 2025Operating margin Q2 ’25: -11.0%, as of Jun 2025Operating margin Q3 ’25: -3.6%, as of Sep 2025Operating margin Q4 ’25: -33.6%, as of Dec 2025Operating margin Q1 ’26: -24.5%, as of Mar 2026Operating margin Q2 ’26: -11.4%, as of Jun 2026

A margin beyond ±100%, or on zero revenue, is left out as not meaningful.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$75.5M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $43.0M, as of Sep 2023Free cash flow Q4 ’23: $3.5M, as of Dec 2023Free cash flow Q1 ’24: -$11.0M, as of Mar 2024Free cash flow Q2 ’24: -$43.8M, as of Jun 2024Free cash flow Q3 ’24: $19.7M, as of Sep 2024Free cash flow Q4 ’24: -$39.2M, as of Dec 2024Free cash flow Q1 ’25: -$42.5M, as of Mar 2025Free cash flow Q2 ’25: -$57.1M, as of Jun 2025Free cash flow Q3 ’25: $18.4M, as of Sep 2025Free cash flow Q4 ’25: -$39.3M, as of Dec 2025Free cash flow Q1 ’26: -$27.1M, as of Mar 2026Free cash flow Q2 ’26: -$75.5M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · annualFY21 – FY25
$138Mdebt $1.1B

FY25 · as of Dec 2025

Cash FY21: $57.5M, as of Dec 2021Cash FY22: $135M, as of Dec 2022Cash FY23: $177M, as of Dec 2023Cash FY24: $256M, as of Dec 2024Cash FY25: $138M, as of Dec 2025Debt FY21: $1.0B, as of Dec 2021Debt FY22: $922M, as of Dec 2022Debt FY23: $926M, as of Dec 2023Debt FY24: $1.1B, as of Dec 2024Debt FY25: $1.1B, as of Dec 2025

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
26.1M-90% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 256.8M, as of Sep 2023Shares outstanding Q4 ’23: 256.8M, as of Dec 2023Shares outstanding Q1 ’24: 257.2M, as of Mar 2024Shares outstanding Q2 ’24: 257.2M, as of Jun 2024Shares outstanding Q3 ’24: 257.2M, as of Sep 2024Shares outstanding Q4 ’24: 257.3M, as of Dec 2024Shares outstanding Q1 ’25: 258.1M, as of Mar 2025Shares outstanding Q2 ’25: 258.2M, as of Jun 2025Shares outstanding Q3 ’25: 25.8M, as of Sep 2025Shares outstanding Q4 ’25: 25.8M, as of Dec 2025Shares outstanding Q1 ’26: 26.0M, as of Mar 2026Shares outstanding Q2 ’26: 26.1M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-24editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-23filing10-Q: quarter ended 30 Sep 2026, net sales $140.2mQ3 net sales $140.2m (Q3 2025: $144.0m); net loss $46.8m; nine months net sales $392.6m, net loss $130.5m.agent:company-events · SEC EDGAR 10-Q
2026-10-23guidance8-K Item 2.02: Q3 2026 results, net sales $140.2m, net loss $46.8mQ3 2026 net sales $140.2m, net loss $46.8m ($1.76 per share); press release announces planned closure of Monterrey, Mexico facility, expected $20-25m annual cash cost savings.agent:company-events · SEC EDGAR 8-K
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 12 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 470 words, 9 filing mentions
  2. The dossier: What held, 79 words, 3 filing mentions
Research

The GrafTech International dossier

The verdict

A levered, structurally-loss-making graphite-electrode pure-play whose old take-or-pay earnings are gone, now priced as a distressed call option on a 2026 electrode-price recovery that has to clear a 2029 debt wall — own the bonds' problem, not the equity, until pricing turns or the balance sheet is fixed.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q3 results. Net sales $140.2M (Q2 2026: $127.4M; Q3 2025: $144.0M, so -3% year on year). Net loss $46.8M, or $1.76 per share (Q2 2026: $40.5M, $1.54; Q3 2025: $28.5M, $1.10). Adjusted net loss $32.1M, or $1.21 per share. Adjusted EBITDA $9M (Q3 2025: $13M). Net cash used in operating activities $8.4M (Q2 2026: $68.6M used; Q3 2025: $24.7M provided); adjusted Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. negative $16M. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-10-23, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/931148/000093114826000085/a2026-3qearningspressrelea.htm; quarter ended 2026-09-30]
  2. Nine months. Net sales $392.6M (2025: $387.7M); net loss $130.5M, or $4.96 per share (2025: $154.7M, $5.97); net cash used in operating activities $92.0M (2025: $60.7M used). Sales volume for the nine months rose 7%. [sec.gov: 8-K filed 2026-10-23, exhibit 99.1, same URL]
  3. Volume, price and utilisation. Q3 sales volume 28.8 thousand metric tons, flat year on year. Weighted-average realised price about $3,900 a metric ton, down 7% year on year. Production 27.0 thousand metric tons, a 64% capacity utilisation rate. [sec.gov: 8-K filed 2026-10-23, exhibit 99.1, same URL]
  4. Liquidity and debt. Total liquidity $242M at 2026-09-30: $134M of cash and $108M of availability under the revolving credit facility. Gross debt $1,225M with substantially no maturities until December 2029; net debt about $1,091M. Common shares outstanding 26,897,473 at 2026-09-30 (25,820,110 at 2025-12-31). [sec.gov: 8-K filed 2026-10-23, exhibit 99.1, same URL; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-10-23, https://www.sec.gov/Archives/edgar/data/931148/000093114826000087/gti-20260930.htm]
  5. Monterrey closure. The company disclosed in an 8-K filed 2026-08-31 (the Q3 release dates the announcement to September 2026) the phased closure of its Monterrey, Mexico electrode plant, with production expected to end early in Q2 2027; customer requirements will move to Calais, France and Pamplona, Spain. It expects $20M to $25M of annual cash cost savings and total one-time cash costs of about $20M to $25M, mostly by the end of 2027, including about $10.0M of environmental and closure costs and $11.5M of severance. [sec.gov: 8-K filed 2026-08-31, https://www.sec.gov/Archives/edgar/data/931148/000093114826000075/gti-20260806.htm; 8-K filed 2026-10-23, exhibit 99.1, same URL as item 1]
  6. Outlook. The company maintains a 5%-10% year-on-year increase in electrode sales volume for 2026, a low-single-digit percentage decline in cash cost of goods sold per metric ton, Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. of about $35M and a modest working-capital increase. It says it has reached an "inflection point" in realised pricing and has secured customer commitments at higher prices in Q3 and early Q4, with higher realised pricing expected in Q4 and 2027. [sec.gov: 8-K filed 2026-10-23, exhibit 99.1, same URL as item 1]
  7. Where the new filings meet the carried view (stated as fact, no line changed). The carried open item calls for normalising the "reverse-split-adjusted analyst price target"; the filings read contain no price target. The carried open item on the "Dec-2024 exchange terms" is not addressed by these filings. The carried seed's price figures rest on market data this delta does not refresh.

What held

  • The company remains loss-making at the GAAP level in every period shown: Q3 net loss $46.8M and nine-month net loss $130.5M. [sec.gov: 8-K filed 2026-10-23, exhibit 99.1]
  • The company still guides to 5%-10% volume growth for 2026, and nine-month volume is up 7%. [sec.gov: 8-K filed 2026-10-23, exhibit 99.1]
  • Debt is large relative to earnings: gross debt $1,225M against Q3 adjusted EBITDA of $9M, with no maturities until December 2029. [sec.gov: 8-K filed 2026-10-23, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on GrafTech International, newest first.

  1. current

    A levered, structurally-loss-making graphite-electrode pure-play whose old take-or-pay earnings are gone, now priced as a distressed call option on a…

  2. A levered, structurally-loss-making graphite-electrode pure-play whose old take-or-pay earnings are gone, now priced as a distressed call option on a…

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit GrafTech International

Others in critical materials

5 names

Where GrafTech International sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.