Latest Ratios: P/E Ratio 41.4x · EV/EBITDA 17.1x · ROE 7.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.1B | $19.5B | $23.7B | $33.7B | $29.7B | $32.9B | — | — |
| Enterprise Value | $36.0B | $19.4B | $23.9B | $34.1B | $30.3B | $32.4B | — | — |
| P/E Ratio → | 41.41 | 21.96 | — | 33.11 | 20.57 | — | — | — |
| P/S Ratio | 5.32 | 2.87 | 3.52 | 4.56 | 3.67 | 4.99 | — | — |
| P/B Ratio | 3.07 | 1.63 | 2.19 | 3.02 | 2.99 | 4.09 | — | — |
| P/FCF | 35.79 | 19.31 | 21.63 | 104.96 | — | 30.65 | — | — |
| P/OCF | 20.86 | 11.26 | 13.78 | 15.86 | 11.34 | 11.57 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.85 | 3.53 | 4.61 | 3.73 | 4.91 | — | — |
| EV / EBITDA | 17.06 | 9.18 | 17.62 | 13.20 | 10.84 | 20.77 | — | — |
| EV / EBIT | 45.18 | 21.28 | — | 28.74 | 18.63 | — | — | — |
| EV / FCF | — | 19.21 | 21.75 | 106.11 | — | 30.19 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.2% | 25.2% | 24.5% | 28.4% | 27.6% | 15.4% | -14.7% | -9.2% |
| Operating Margin | 11.7% | 11.7% | -3.2% | 15.3% | 14.4% | -0.9% | -34.1% | -28.0% |
| Net Profit Margin | 13.0% | 13.0% | -3.9% | 13.8% | 17.9% | -3.8% | -27.8% | -23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 7.8% | 7.8% | -2.4% | 9.7% | 16.1% | -3.3% | -16.6% | -15.2% |
| ROA | 5.2% | 5.2% | -1.5% | 5.7% | 8.8% | -1.8% | -10.1% | -9.5% |
| ROIC | 5.2% | 5.2% | -1.4% | 7.7% | 9.7% | -0.5% | -12.2% | -10.8% |
| ROCE | 5.6% | 5.6% | -1.5% | 7.7% | 8.9% | -0.5% | -14.7% | -13.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.21 | 0.25 | 0.29 | 0.30 | 0.39 | 0.36 |
| Debt / EBITDA | 0.81 | 0.81 | 1.71 | 1.07 | 1.02 | 1.57 | 3.24 | 3.08 |
| Net Debt / Equity | — | -0.01 | 0.01 | 0.03 | 0.05 | -0.06 | 0.26 | 0.25 |
| Net Debt / EBITDA | -0.05 | -0.05 | 0.09 | 0.14 | 0.18 | -0.32 | 2.19 | 2.14 |
| Debt / FCF | — | -0.10 | 0.12 | 1.14 | — | -0.47 | 4.60 | — |
| Interest Coverage | — | — | -0.44 | 8.65 | 13.88 | -0.68 | -7.98 | -4.10 |
Net cash position: cash ($1.8B) exceeds total debt ($1.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.62 | 2.62 | 2.11 | 2.04 | 1.73 | 1.67 | 1.58 | 1.50 |
| Quick Ratio | 1.95 | 1.95 | 1.57 | 1.56 | 1.33 | 1.32 | 1.09 | 1.35 |
| Cash Ratio | 1.29 | 1.29 | 1.11 | 1.12 | 0.91 | 0.94 | 0.48 | 0.43 |
| Asset Turnover | — | 0.40 | 0.40 | 0.41 | 0.45 | 0.44 | 0.39 | 0.40 |
| Inventory Turnover | 3.22 | 3.22 | 3.14 | 3.56 | 4.38 | 4.97 | 6.05 | 18.03 |
| Days Sales Outstanding | — | 81.97 | 75.33 | 67.55 | 63.38 | 66.96 | 73.41 | 111.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 4.6% | — | 3.0% | 4.9% | — | — | — |
| FCF Yield | 2.8% | 5.2% | 4.6% | 1.0% | — | 3.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $558M | $553M | $556M | $552M | $506M | $532M | $516M |
High fixed cost sensitivity
Based on current market data, GFS trades at a forward P/E of 42.15, which appears to command a significant geopolitical premium compared to UMC's 48.80 P/E, suggesting investors are pricing in the strategic value of its Western-based manufacturing footprint rather than pure-play earnings growth potential.
The valuation multiples suggest the market is willing to pay for the security of supply provided by GFS's U.S. and European facilities. However, this premium warrants caution, as the current P/E ratio implies an expectation of margin expansion that may be difficult to achieve given the high fixed-cost nature of the foundry business.
As reported in financial statements, GFS has struggled to maintain consistent ROIC, with figures hovering near 1.1% in 2026Q1, indicating that the company's massive investment in specialized node capacity has yet to generate returns that meaningfully exceed its cost of capital in the current cycle.
The low ROIC reflects the heavy depreciation burden inherent in the foundry model, which masks the underlying operational progress made since the 2018 strategic pivot. Investors should monitor whether future capacity expansions in Malta, New York, can drive higher asset utilization to improve these returns over the long term.
According to recent quarterly filings, the cash conversion cycle has fluctuated wildly, reaching 165 days in 2026Q1 from a low of 21 days in 2024Q2, which highlights the company's sensitivity to inventory management and the timing of customer payments within its specialized semiconductor supply chain.
The significant variance in the CCC suggests that GFS faces challenges in aligning its production schedules with the fluctuating demand from its automotive and industrial customers. This volatility in working capital efficiency may necessitate higher liquidity buffers than would be required for a more stable, high-volume commodity manufacturer.
Based on reported figures, GFS has successfully reduced its debt-to-equity ratio to 0.15 as of 2026Q1, demonstrating a disciplined approach to capital structure management that provides a necessary cushion against the cyclical downturns typical of the semiconductor foundry industry and its high fixed-cost operating model.
This reduction in leverage is a positive indicator of management's focus on financial resilience, especially given the capital-intensive nature of the business. The improved debt profile suggests the company is better positioned to navigate potential interest rate volatility or periods of reduced wafer demand without compromising its operational stability.
The P/E ratio is frequently misapplied to GFS, as it fails to account for the massive non-cash depreciation charges that artificially depress net income, thereby obscuring the company's true cash-generating capability and its underlying operational performance in the specialized foundry market segment.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better evaluate the company's ability to convert its high-volume manufacturing into sustainable cash flow. Relying on P/E ignores the structural reality that GFS's earnings are heavily influenced by accounting choices regarding the useful life of its fabrication equipment.
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Quick answers to the most common questions about buying GFS stock.
GLOBALFOUNDRIES Inc.'s current P/E ratio is 41.4x. The historical average is 25.2x. This places it at the 100th percentile of its historical range.
GLOBALFOUNDRIES Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
GLOBALFOUNDRIES Inc.'s return on equity (ROE) is 7.8%. The historical average is -0.6%.
Based on historical data, GLOBALFOUNDRIES Inc. is trading at a P/E of 41.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GLOBALFOUNDRIES Inc. has 25.2% gross margin and 11.7% operating margin. Operating margin between 10-20% is typical for established companies.
GLOBALFOUNDRIES Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.