GLOBALFOUNDRIES Inc.
GFSdata completeness 100%7 fiscal years on fileData notes: no data for concept 'interestExpense'
GLOBALFOUNDRIES Inc. earns about 6% on invested capital, below its ~9% cost of capital, but has diluted owners by 5% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $16.5 and $109.44 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $6.59B1 | $8.11B2 | $7.39B3 | $6.75B3 | $6.79B3 |
| Net income | −$250M4 | $1.45B5 | $1.02B6 | −$265M6 | $885M6 |
| Operating cash flow | $2.84B7 | $2.62B8 | $2.13B9 | $1.72B9 | $1.73B9 |
| Capital expenditure | $1.77B10 | $3.06B11 | $1.8B12 | $625M12 | $722M12 |
| Free cash flow (derived) | $1.07B7 | −$435M8 | $321M9 | $1.1B9 | $1.01B9 |
| Total debt | $2.01B13 | $2.51B14 | $2.37B15 | $1.81B15 | $1.15B15 |
| Cash & equivalents | $2.94B16 | $2.35B17 | $2.39B17 | $2.19B17 | $1.81B17 |
| Diluted shares | 531.8M | 547.8M | 553.5M | 552.9M | 555.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $214.58 of net worth that earned you $15.92 and generated $18.15 of cash last year, against $20.71 of debt.
It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 43% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $16.5 and $109.44 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$1.01B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$1.01B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$885M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $27.12 |
| Base | 20.0% | $60.36 |
| Bull | 20.0% | $60.36 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001709048-24-000013 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001709048-25-000024 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001709048-26-000022 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001709048-24-000013 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001709048-25-000024 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001709048-26-000022 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001709048-24-000013 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001709048-25-000024 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001709048-26-000022 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001709048-24-000013 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001709048-25-000024 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001709048-26-000022 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001709048-24-000013 (Borrowings)
- 20-F · period ending 2022-12-31 · accession 0001709048-25-000024 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001709048-26-000022 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001709048-25-000024 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001709048-26-000022 (CashAndCashEquivalents)