Ferroglobe PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ferroglobe PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,576	1,742	2,242	1,615	1,144	1,779	2,598	1,650	1,644	1,335
Cost of revenue	1,043	1,043	1,447	1,214	835
Gross profit	533	698	795	401	309
Operating income	-373	41.2	99.1	-356	-184	31.4	661	197	38.2	-133
Interest expense	30.3	60	57.1	63.2	67	149	61	38.8	21.9	20.8
Interest income	1.54	2.41	4.86	1.38	0.18	0.25	2.27	5.42	7.25	3.47
Pre-tax income	-405	-15	35.6	-412	-222	-120	592	156	37.1	-175
Income tax	-46.7	-14.2	20.5	-41.5	21.9	-4.56	148	57.5	16.3	2.47
Income from continuing operations		-0.77	15.1	-370	-244	-115	444
Net income to minority interests	-20.2	-5.14	-19.1	-5.04	-3.42	-4.75	3.51	15.8	-2.74	-6.41
Net income	-338	-0.68	43.7	-281	-246	-111	440	82.7	23.5	-171
EBITDA						129	742	270	114	-48.5
EPS, basic	-1.97	0.00	0.25	-1.66	-1.46	-0.63	2.34	0.44	0.13	-0.91
EPS, diluted	-1.97	0.00	0.25	-1.66	-1.46	-0.63	2.32	0.43	0.12	-0.91

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	197	184	217	94.9	103	114	318	136	133	123
Receivables	209	111	156	309	242	381	425	310
Inventory							500	384	347	306
Total current assets	862	691	883	818	657	804	1,287	1,037	818	734
Property, plant and equipment	782	918	889	741	620	555	486
Goodwill	230	205	203	29.7	29.7	29.7	29.7	29.7	14.2	12.5
Intangible assets	62.8	58.7	51.8	51.3	20.8	101	112	138	103	133
Total assets	2,019	2,000	2,124	1,734	1,347	1,523	1,958	1,759	1,472	1,415
Accounts payable	158	193	257	189	149	206	220	183	158	145
Short-term debt	242	1	8.19	14.6	102	95.3	62.1	31.6	43.3	79.9
Total current liabilities	627	450	499	397	433	654	678	494	449	441
Lease liabilities				17	14	9.97	12.9	54.5	56.6	57.4
Total liabilities	1,127	1,062	1,239	1,132	981	1,203	1,201	889	638	723
Total debt	421	1	141	159	108	99	77.8	46.5	57.2	140
Paid-in capital							86.2	86.2	86.2	86.2
Shareholders' equity	-338	-0.68	43.7	-281			650	748	721	596
Minority interests	126	122	116	118	115	106	107	122	114	96.6
Total equity	892	938	884	602	366	320	757	870	834	692
Total liabilities and equity	2,019	2,000	2,124	1,734	1,347	1,523	1,958	1,759	1,472	1,415

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-359	-5.82	24.6	-286	-250	-115	444	98.5	20.8	-177
Depreciation and amortization						97.3	81.6	73.5	75.5	85
Cash from operations	121	150	117	-31.2	154	-1.34	405	178	243	51.5
Capital expenditures	-71.1	-74.6	-106	-32.4	-30.3	-27.6	-52.1	-83.7	-76.2	-61.7
Cash from investing	-84.3	-74.8	-85.9	166	-31.9	-23.8	-51.8	-81.8	-66.9	-73.1
Debt issued	124	31.5	252	246	178	659	899	432	509	522
Debt repaid	-81.2	-454	-107	-330	-235	-671	-920	-457	-496	-446
Share buybacks			-20.1						-2.43	-4.69
Dividends paid	-55		-20.6	-0.1		-5.88	-3.43		-9.76	-10.5
Cash from financing	49.9	-113	10.3	-224	-113	10.5	-140	-282	-176	3.46
Exchange rate effect	-6.49	25.3	-9.03	-4.18	-0.61	-0.16	-6.51	0.29	-5.19	7.92
Free cash flow	50.1	75.8	10.7	-63.6	124	-28.9	353	94.7	167	-10.2
Interest paid	29.5	39.1	43	43
Income taxes paid	10.9	26.8	36.4	3.59	-11.8	3.79	80.5	113	15.8	10.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-10.0%	Operating income / revenue.
EBITDA margin	-3.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.1%	Pre-tax income / revenue.
Net margin	-12.8%	Net income / revenue.
FCF margin	-0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.9%	Cash from operations / revenue.
Return on equity (ROE)	-25.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-11.8%	Net income / average total assets.
Return on invested capital (ROIC)	-16.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	4.6%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-18.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-449.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-142.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-825.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-858.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-78.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-49.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-19.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-106.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-17.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.66x	Current assets / current liabilities.
Quick ratio	0.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.9%	Total debt / total assets.
Liabilities / assets	51.1%	Total liabilities / total assets.
Net debt	$17.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-6.42x	Operating income / interest expense.
Working capital	$292.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$450.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.92x	Revenue / average total assets.
Capex / operating cash flow	119.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.91	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$760.5M	Share price x shares outstanding.
Enterprise value	$777.7M	Market cap + total debt - cash - short-term investments.
P/S	0.57x	Market cap / revenue.
P/B	1.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.69x	Market cap / tangible book value, when positive.
P/OCF	14.8x	Market cap / cash from operations, when positive.
EV/Sales	0.58x	Enterprise value / revenue.
FCF yield	-1.3%	Free cash flow / market cap.
Earnings yield	-22.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.

What was Ferroglobe PLC's revenue in fiscal 2025?

Ferroglobe PLC reported revenue of $1.34B for fiscal 2025, 18.8% lower than the year before.

Was Ferroglobe PLC profitable in fiscal 2025?

No. It reported a net loss of $170.7M.

How much free cash flow did Ferroglobe PLC generate in fiscal 2025?

Cash from operations of $51.5M minus capital expenditures of $61.7M left free cash flow of -$10.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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