Revenue and earnings continue to deteriorate with no near-term catalyst for a turnaround. The Monterrey closure is a positive structural cost move but benefits are back-end loaded to 2028. Watch Q4 pricing realization and any further volume guidance changes; the stock remains under pressure from weak pricing and negative free cash flow.
Price Chart
Executive Summary
GrafTech Q3 2026 net sales fell 3% YoY to $140M, net loss widened to $47M ($1.76/share) from $28M a year ago, including $14M in restructuring charges for the planned Monterrey facility closure. Adjusted EBITDA dropped to $9M from $13M, and adjusted free cash flow was negative $16M. Management reaffirmed full-year volume and cost guidance and expects a mid-single-digit pricing increase in Q4, but the ongoing revenue decline and deepening losses keep the outlook cautious.
Key Financial Metrics
Key Facts
- Q3 2026 net sales $140M, down 3% YoY from $144M
- Net loss $47M ($1.76/share) vs $28M ($1.10/share) in Q3 2025
- Adjusted EBITDA $9M vs $13M a year ago
- Adjusted free cash flow negative $16M vs positive $18M in Q3 2025
- Planned closure of Monterrey facility with $14M restructuring charge; expects $20-25M annual cash cost savings by 2028
- Weighted-average realized price ~$3,900/MT, down 7% YoY, flat sequentially
- Sales volume 28.8k MT, flat YoY; 9-month volume up 7%
- Total liquidity $242M ($134M cash + $108M revolver); gross debt $1,225M, net debt ~$1,091M
- Reaffirming full-year 2026 volume growth of 5-10% and low-single-digit decline in cash cost of goods sold per MT
- Expects mid-single-digit percentage increase in Q4 weighted-average realized pricing vs Q3
Financial Impact
Revenue decline of 3% YoY, net loss widening by $19M, and adjusted EBITDA falling 31% YoY
Risk Factors
- Persistent pricing pressure with weighted-average realized price down 7% YoY
- Negative adjusted free cash flow for three consecutive quarters
- High leverage with net debt ~$1,091M against $194M market cap
- Execution risk on Monterrey closure and cost savings targets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000931148-26-000085 |
| Document: gti-20261023.htm | 0000931148-26-000085 |
| Document: 0000931148-26-000085-index-headers.html | 0000931148-26-000085 |
| Document: 0000931148-26-000085-index.html | 0000931148-26-000085 |
| Document: 0000931148-26-000085.txt | 0000931148-26-000085 |
| 8-K Data (Synthetic) | 0000931148-26-000085 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $7.60 | awaiting T+60 | — | $8.51 (−11.97%) |
Sep 22, 2026 4w ago | Institutional Cluster | $11.21 | awaiting T+60 | — | $8.51 (−24.09%) |
Sep 18, 2026 5w ago | SC 13D/A | $9.36 | awaiting T+60 | — | $8.51 (−9.08%) |
Jul 24, 2026 13w ago | 8-K | $7.44 $7.41 | ▼ −0.40% | ▼ −3.69% | $8.51 (+14.38%) |
Jun 12, 2026 19w ago | Institutional Cluster | $8.55 $6.30 | ▼ −26.32% | ▼ −29.58% | $8.51 (−0.47%) |
May 29, 2026 21w ago | 8-K | $10.14 $6.70 | ▲ +33.93% | ▲ +35.16% | $8.51 (+16.07%) |
May 29, 2026 21w ago | 424B5 | $10.14 $6.70 | ▲ +33.93% | ▲ +35.16% | $8.51 (+16.07%) |
May 28, 2026 21w ago | EFFECT | $10.00 $6.83 | ▲ +31.70% | ▲ +33.44% | $8.51 (+14.90%) |
May 22, 2026 22w ago | S-3 | $9.08 $7.02 | ▲ +22.69% | ▲ +25.41% | $8.51 (+6.28%) |
Mar 27, 2026 30w ago | DEFA14A | $6.27 $6.87 | ▲ +9.57% | ▼ −6.50% | $8.51 (+35.73%) |
US Market Status
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