Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 8, 2026

Graftech International Ltd (EAF)

A forensic read on Graftech International Ltd built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-1.6

Distress distance

Clean

Earnings quality

Forensic signals

-6.4%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Graftech International Ltd earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.6, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-6.8%

FY2025

Return on invested capital. Return on invested capital is -6.8% in the latest fiscal year and slipping from 33% — well below its ~9% cost of capital, and it has been across FY2023–FY2025, so reinvested dollars have not been earning their keep.

stopped

FY2023→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $5M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.

suspended

FY2023→FY2025

Dividend — suspended. The dividend has been SUSPENDED — $5M paid in FY2023, then $0 in FY2025. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

80d DSO

FY2013→FY2014

Receivables vs revenue. Measured to FY2014 — 11 years behind FY2025, the most recent year this filer has reported, because its filings carry no receivables figure after FY2014. What follows is the last reading these filings support on this line, not a read on the business as it files today. Days sales outstanding moved from 68 to 80 days FY2013→FY2014 (receivables -18% vs revenue -29%). Receivables are creeping up relative to sales.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed -90% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -53.5%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$504.1M

Revenue Growth YoY-6.4%

Revenue CAGR (3yr)-26.7%

Net Margin-43.6%

Free Cash Flow-$120.5M

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Data from SEC EDGAR public filings · metrics as of Sep 8, 2026. Forensic signals flag probability, not certainty.