Ferroglobe (GSM) Company Report

Analyst Coverage

Research analysts who have asked questions during Ferroglobe earnings calls.

Martin Englert

S&P Global Commodity Insights

7 questions for GSM

Also covers: CLF, NUE, RS +2 more

Nick Giles

B. Riley Securities

4 questions for GSM

Also covers: AA, AMR, APLD +25 more

Kyle Mowery

GrizzlyRock Capital

2 questions for GSM

Lucas Pipes

B. Riley Securities

2 questions for GSM

Also covers: AA, AMR, AMRK +21 more

Fedor Shabalin

B. Riley Securities

1 question for GSM

Also covers: ABTC, BITF, BTDR +6 more

Latest news

Recent press releases and 8-K filings for GSM.

Ferroglobe Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

GSM

Earnings

Guidance Update

Dividends

Ferroglobe reported Q4 2025 revenue of $329 million and adjusted EBITDA of $15 million, contributing to a full-year 2025 adjusted EBITDA of $28 million. The company's net debt increased to $30 million in 2025, while CapEx was reduced by 20% to $63 million.
The company anticipates 2026 revenues to improve to a range of $1.5 billion-$1.7 billion, a 20% increase at the midpoint over 2025, driven by expected strong volume growth in silicon-based and manganese-based alloys.
Ferroglobe secured significant trade measures, including EU safeguards for ferroalloys and U.S. antidumping/countervailing duties on ferrosilicon, and converted three furnaces to ferrosilicon to optimize production. However, silicon metal was excluded from EU safeguards, leading to continued challenges from imports.
In capital allocation, Ferroglobe increased its quarterly dividend by 7% to $0.015 per share starting Q1 2026 and repurchased 1.3 million shares at an average price of $3.55 per share in early 2025.

Feb 18, 2026, 1:30 PM

Transcript

Ferroglobe Reports Q4 and Full Year 2025 Results, Provides 2026 Revenue Guidance

GSM

Earnings

Guidance Update

Dividends

Ferroglobe reported Q4 2025 sales of $329 million and Adjusted EBITDA of $15 million, with full-year 2025 Adjusted EBITDA declining to $28 million from $154 million in 2024.
The company anticipates 2026 revenues to improve to a range of $1.5 billion-$1.7 billion, representing a 20% increase at the midpoint over 2025, primarily driven by strong volume growth in silicon-based and manganese-based alloys.
Strategic progress in 2025 included the implementation of EU safeguards for ferroalloys and U.S. antidumping and countervailing duties on ferrosilicon imports, leading to the conversion of three furnaces from silicon metal to ferrosilicon.
Ferroglobe increased its quarterly dividend by 7% to $0.015 per share starting Q1 2026 and repurchased 1.3 million shares at an average price of $3.55 per share in early 2025.
The silicon metal segment remains challenged due to weak demand and predatory imports from China and Angola, and its exclusion from EU safeguards, though the company is pursuing new anti-dumping measures in Europe.

Feb 18, 2026, 1:30 PM

Transcript

Ferroglobe Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

GSM

Earnings

Guidance Update

Share Buyback

Ferroglobe reported Q4 2025 revenue of $329 million and adjusted EBITDA of $15 million, with full-year 2025 adjusted EBITDA at $28 million.
The company projects 2026 revenues of $1.5 billion-$1.7 billion, representing a 20% increase at the midpoint over 2025, driven by anticipated strong volume growth in silicon-based and manganese-based alloys.
Strategic actions in 2025 included securing significant trade measures in the EU and U.S. for ferroalloys and ferrosilicon, respectively, and converting three furnaces from silicon metal to ferrosilicon.
Ferroglobe increased its dividend by 7% to $0.015 per share starting Q1 2026 and repurchased 1.3 million shares at an average price of $3.55 per share in early 2025.
The company reduced net working capital by $48 million in 2025 and expects 2026 CapEx to be similar to the $63 million spent in 2025.

Feb 18, 2026, 1:30 PM

Transcript

Ferroglobe Announces Q4 and Full-Year 2025 Results, Raises Dividend, and Projects Stronger 2026 Market

GSM

Earnings

Dividends

Guidance Update

Ferroglobe reported Q4 2025 revenue of $329.4 million and Adjusted EBITDA of $14.6 million, with Adjusted diluted EPS of $(0.06).
For the full year 2025, the company's sales were $1,335 million, Adjusted EBITDA was $28 million, and Adjusted diluted EPS was $(0.39).
The company announced an increase in its 2026 quarterly dividend by 7% to $0.015 per share.
Ferroglobe anticipates a significantly more favorable market backdrop in 2026, driven by EU Safeguard measures and favorable preliminary decisions in U.S. silicon antidumping/countervailing trade cases, which are expected to lead to strong improvement in ferroalloys markets.

Feb 18, 2026, 1:30 PM

Presentation

Ferroglobe PLC Reports Fourth Quarter and Full Year 2025 Financial Results

GSM

Earnings

Dividends

Demand Weakening

Ferroglobe PLC reported Q4 2025 sales of $329.4 million and adjusted EBITDA of $14.6 million, with an adjusted diluted EPS of $(0.06).
For the full year 2025, the company recorded sales of $1,335.1 million, adjusted EBITDA of $27.6 million, and an adjusted diluted EPS of $(0.39).
The company ended 2025 with total cash of $123.0 million and net debt of $29.8 million as of December 31, 2025.
Ferroglobe announced a 7% increase in its quarterly dividend to $0.015 per share, payable on March 30, 2026.
Operational highlights include the implementation of EU ferroalloy safeguard measures and positive momentum in the U.S. silicon metal trade case, which are expected to improve market conditions.

Feb 17, 2026, 10:00 PM

6-K

Ferroglobe Reports Q3 2025 Results Amid Trade Challenges, Anticipates 2026 Improvement

GSM

Earnings

Legal Proceedings

Demand Weakening

Ferroglobe reported Q3 2025 sales of $312 million, a 19% sequential decline, and adjusted EBITDA of $18 million, down 15% from the prior quarter, but generated positive free cash flow.
The company is facing significant challenges from unfair trade practices in the U.S. and EU, leading to preliminary U.S. countervailing and anti-dumping duties on silicon metal imports and the idling of all European silicon metal plants.
A final decision on EU safeguards for silicon metal, silicon base alloys, and manganese alloys is expected by November 18th, with the company optimistic for improved market conditions in 2026 due to these and U.S. trade measures.
Ferroglobe finalized a joint development agreement with Corshell for silicon anode technology, with commercial deployment for robotics and defense applications expected in early 2026, and secured a new multi-year energy agreement in France effective January 1, 2026.

Nov 6, 2025, 1:30 PM

Transcript

Ferroglobe Reports Q3 2025 Results Amidst Soft Demand and Trade Developments

GSM

Earnings

Demand Weakening

New Projects/Investments

Ferroglobe reported Q3 2025 sales of $311.7 million and Adjusted EBITDA of $18.3 million, resulting in an Adjusted diluted EPS of $(0.02), primarily due to soft demand and low-priced imports.
The company generated $1.6 million in positive free cash flow in Q3 2025, driven by $20.8 million in cash from operations and effective working capital management.
Significant trade developments include strong U.S. preliminary Silicon Metal AD/CVD decisions with duties up to 240%, and anticipated EU trade measures by November 18, which are expected to bolster the business environment in 2026.
Strategic progress was made with Coreshell beginning pilot battery deliveries to OEMs, with commercial deliveries for robotics and defense planned for early 2026.
Ferroglobe maintained a strong balance sheet, reporting $127 million in adjusted gross debt as of Q3 2025, and secured a competitive multi-year energy agreement for its French operations.

Nov 6, 2025, 1:30 PM

Presentation

Ferroglobe Reports Third Quarter 2025 Financial Results

GSM

Earnings

Dividends

New Projects/Investments

Ferroglobe reported Q3 2025 sales of $311.7 million, a 19.4% decrease from the prior quarter and a 28.1% decrease year-over-year. The company posted an adjusted EBITDA of $18.3 million and a net loss attributable to the parent of $12.8 million, resulting in an adjusted diluted EPS of $(0.02) for the quarter ended September 30, 2025.
As of September 30, 2025, Ferroglobe had total cash of $121.5 million and net debt of $5.2 million. The company generated operating cash flow of $20.8 million and free cash flow of $1.6 million during Q3 2025.
Market conditions remained challenging in Q3 2025 due to weak demand and low-priced imports. However, there is encouraging progress on the preliminary U.S. silicon metal trade case and a final EU safeguard decision is expected by November 18, which are anticipated to lead to significantly more favorable market conditions in 2026.
Ferroglobe declared a dividend of $0.014 per share payable on December 29, 2025. Additionally, Coreshell, a partner in silicon anode technology, began shipping pilot batteries to OEMs for testing and plans commercial battery deliveries for robotics and defense applications in early 2026.

Nov 5, 2025, 10:00 PM

Press Release

Ferroglobe PLC Reports Third Quarter 2025 Financial Results

GSM

Earnings

Dividends

New Projects/Investments

Ferroglobe PLC reported Q3 2025 sales of $311.7 million, representing a 19.4% decrease from the prior quarter, and adjusted EBITDA of $18.3 million.
The company's adjusted diluted EPS was $(0.02) for Q3 2025.
As of September 30, 2025, Ferroglobe maintained a strong balance sheet with total cash of $121.5 million and net debt of $5.2 million, while generating $1.6 million in free cash flow.
Ferroglobe declared a dividend of $0.014 per share payable on December 29, 2025, and anticipates U.S. and EU trade measures to significantly strengthen the business environment in 2026.
Furthermore, Coreshell began shipping pilot batteries to OEMs for testing, with commercial battery deliveries planned for robotics and defense applications in early 2026.

Nov 5, 2025, 9:59 PM

6-K

Ferroglobe PLC Highlights Deleveraging, Market Position, and Trade Measure Impact

GSM

Dividends

Share Buyback

New Projects/Investments

Ferroglobe PLC has significantly deleveraged, reducing debt from $550 million in 2021 to $100 million today, achieving a net cash position of $10 million (gross debt of $125 million and cash of $135 million) at the end of the second quarter. The company has also initiated capital returns, paying a quarterly dividend of $0.14 per share and executing $7 million in share buybacks since Q3 last year.
As the largest producer of silicon metal in Europe and the U.S., Ferroglobe has diversified revenues with approximately 50% from silicon metal, 25% from manganese alloys, and 25% from silicon-based alloys.
The company is currently facing headwinds from Chinese silicon metal dumping in Europe, which has caused prices to drop by 30% in the last six months to €1,600-€1,700 per ton. However, ongoing trade measures, including an EU safeguard investigation with a final decision expected by November 20, and a U.S. silicon metal case (CVD preliminary decision in September), are anticipated to help the company regain market share and improve economic metrics.
Ferroglobe is strategically investing in future growth, including a $10 million investment in CorShell, a company developing enhanced silicon use in EV battery anodes, with test battery shipments to OEMs expected in Q3 or Q4. The company also maintains an operational focus on working capital enhancements, aiming for a $100 million reduction from Q3 last year to the end of this year.