GrafTech International Ltd.
EAF Industrials Electrical Equipment & Parts
GrafTech International Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $504.1 million, down 6.43% from fiscal 2024. In the quarter to June 2026, revenue fell 3.40%, EPS grew 54.7%, free cash flow fell 32.2% and total debt rose 9.88%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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GrafTech International Ltd. (EAF) Altman Z-score
GrafTech International Ltd.'s Altman Z-score for fiscal 2025 is −0.53, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.53 | (0.55) |
| FY2024 | 0.02 | 0.08 |
| FY2023 | −0.06 | (2.50) |
| FY2022 | 2.44 | (0.67) |
| FY2021 | 3.11 | 0.61 |
| FY2020 | 2.50 | (0.72) |
| FY2019 | 3.22 | 0.21 |
| FY2018 | 3.01 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.42 | |
| Retained earnings / total assets | (0.98) | — | −1.38 | |
| EBIT / total assets | (0.07) | — | −0.25 | |
| Market value of equity / total liabilities | 0.31 | — | 0.19 | |
| Sales / total assets | 0.49 | — | 0.49 | |
| Altman Z-score | Distress zone | −0.53 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.65 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ESP Espey Mfg. & Electronics Corp. compare | 5.2× |
| NEOV NeoVolta, Inc. compare | 3.8× |
| ELVA Electrovaya Inc. compare | 3.3× |
| ULBI Ultralife Corporation compare | 1.6× |
| CBAT China BAK Battery, Inc. compare | −0.3× |
| EAF GrafTech International Ltd. | −0.5× |
| OESX Orion Energy Systems, Inc. compare | −0.8× |
| SKYX SKYX Platforms Corp. compare | −3.0× |
| LTBR Lightbridge Corporation compare | −13.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets