MeritValue

GRAFTECH INTERNATIONAL LTD

EAFdata completeness 100%19 fiscal years on file
The thesis, from the filings

GRAFTECH INTERNATIONAL LTD earns about 5% on invested capital, and has bought back 90% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.35B1$1.28B2$620.5M3$538.8M3$504.1M3
Net income$388.3M4$383M5−$255.3M6−$131.2M6−$219.8M6
Operating cash flow$443M7$324.6M8$76.6M9−$40.1M9−$81.6M9
Capital expenditure$58.3M10$72.2M11$54M12$34.3M12$38.9M12
Free cash flow (derived)$384.8M7$252.5M8$22.5M9−$74.4M9−$120.5M9
Total debt$2.06B13$1.84B14$1.85B15$2.17B16$2.19B16
Cash & equivalents$57.5M17$134.6M18$176.9M18$256.2M19$138.4M19
Diluted shares266.3M258.8M25.7M25.8M26.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$99.84
your share of equity
Profit it earned you last year
−$84.54
Free cash flow it threw off
−$46.34
Debt you’d be carrying
$841.92

10 shares is a claim on −$99.84 of net worth that earned you −$84.54 and generated −$46.34 of cash last year, against $841.92 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 22%FY22 20%FY23 -10%FY24 -3%FY25 -3%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−90% shares · 5y

Share count is down 90% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000931148-24-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000931148-25-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000931148-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000931148-24-000021 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000931148-25-000028 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000931148-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000931148-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000931148-25-000028 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000931148-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000931148-24-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000931148-25-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000931148-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000931148-23-000035 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000931148-24-000021 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000931148-25-000028 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000931148-26-000017 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000931148-23-000035 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000931148-24-000021 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0000931148-26-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)