Detailed financial statements for GLOBALFOUNDRIES Inc. (GFS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
GLOBALFOUNDRIES Inc. operates as a prominent global semiconductor foundry, specializing in the creation of integrated circuits. These vital components are instrumental in powering a wide array of ubiquitous electronic devices.
Analysis Summary
GLOBALFOUNDRIES Inc. reported revenue of $6.79B in the most recent fiscal year, growing at a 5-year CAGR of 7.0%.
Trailing-twelve-month margins: gross margin 27.4%, operating margin 11.6%, net margin 10.3%. Free cash flow grew at 19.6% CAGR over 5 years.
At $45.85 (closing price, October 29, 2026), GFS trades at a P/E of 35.82 and an ROE of 6.07%. Market capitalisation stands at $25.2B, placing it among large-cap names.
Balance sheet quality for GFS: current ratio of 2.6, net cash position of $1.34B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.01B represents 114% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.20B | $5.81B | $4.85B | $6.58B | $8.11B | $7.39B | $6.75B | $6.79B |
| Cost of Revenue | $6.65B | $6.35B | $5.56B | $5.57B | $5.87B | $5.29B | $5.10B | $5.08B |
| Gross Profit | -$450.1M | -$532.2M | -$712.0M | $1.01B | $2.24B | $2.10B | $1.65B | $1.71B |
| Research & Development | $926.2M | $583.0M | $476.0M | $478.0M | $482.0M | $428.0M | $496.0M | $518.0M |
| Selling, General & Admin | $325.3M | $358.9M | $330.0M | $546.0M | $451.0M | $448.0M | $401.0M | $362.0M |
| Operating Expenses | $2.07B | $1.09B | $944.0M | $1.07B | $1.07B | $972.0M | $1.86B | $913.0M |
| Operating Income | -$2.52B | -$1.62B | -$1.66B | -$60.0M | $1.17B | $1.13B | -$214.0M | $797.0M |
| EBITDA | $475.9M | $1.73B | $1.29B | $1.54B | $3.25B | $2.64B | $1.50B | $2.23B |
| Interest Expense | $164.8M | $230.2M | $154.4M | $113.7M | $117.0M | $137.0M | $145.0M | 0 |
| Pre-tax Income | -$2.61B | -$1.15B | -$1.36B | -$176.0M | $1.53B | $1.08B | -$170.0M | $911.0M |
| Income Tax | $16.4M | $224.1M | -$12.0M | $78.0M | $86.0M | $66.0M | $92.0M | $23.0M |
| Net Income | -$2.70B | -$1.37B | -$1.35B | -$250.0M | $1.45B | $1.02B | -$265.0M | $885.0M |
| EPS | $-5.08 | $-2.66 | $-2.54 | $-0.49 | $2.69 | $1.85 | $-0.48 | $1.59 |
| EPS (Diluted) | $-5.08 | $-2.66 | $-2.54 | $-0.49 | $2.62 | $1.83 | $-0.48 | $1.59 |
| Shares Outstanding (Diluted) | 531.8 M | 515.9 M | 531.8 M | 505.8 M | 552.0 M | 556.0 M | 553.0 M | 558.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.69B | $1.83B | $1.63B | $1.79B |
| Gross Profit | $419.0M | $528.0M | $451.0M | $505.0M |
| Operating Income | $195.0M | $255.0M | $180.0M | $174.0M |
| EBITDA | $535.0M | $587.0M | $496.0M | $481.0M |
| Net Income | $248.0M | $199.0M | $103.0M | $166.0M |
| EPS | $0.44 | $0.36 | $0.19 | $0.30 |
| EPS (Diluted) | $0.44 | $0.36 | $0.18 | $0.30 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $997.3M | $908.1M | $2.94B | $2.35B | $2.39B | $2.19B | $1.81B |
| Short-term Investments | 0 | 0 | $25.0M | $701.0M | $1.08B | $1.19B | $1.24B |
| Receivables | $1.78B | $975.7M | $1.21B | $1.41B | $1.37B | $1.39B | $1.52B |
| Inventory | $351.9M | $919.5M | $1.12B | $1.34B | $1.49B | $1.62B | $1.58B |
| Total Current Assets | $3.51B | $2.99B | $5.29B | $5.80B | $6.33B | $6.42B | $6.21B |
| Property, Plant & Equipment | $9.61B | $8.23B | $8.71B | $10.60B | $10.16B | $8.26B | $7.79B |
| Goodwill | $5.5M | $18.0M | $18.0M | $18.0M | $18.0M | $75.0M | $407.0M |
| Intangible Assets | $629.3M | $529.9M | $359.0M | $345.0M | $373.0M | $585.0M | $961.0M |
| Total Assets | $14.50B | $12.32B | $15.03B | $17.84B | $18.04B | $16.80B | $17.14B |
| Accounts Payable | $539.3M | $414.5M | $551.0M | $532.0M | $511.0M | $406.0M | $491.0M |
| Short-term Debt | $686.9M | $381.8M | $297.0M | $223.0M | $571.0M | $753.0M | $86.0M |
| Total Current Liabilities | $2.34B | $1.90B | $3.16B | $3.36B | $3.10B | $3.04B | $2.37B |
| Long-term Debt | $2.04B | $1.96B | $1.72B | $2.29B | $1.80B | $1.05B | $1.06B |
| Total Liabilities | $5.48B | $5.08B | $7.00B | $7.88B | $6.89B | $5.97B | $5.16B |
| Retained Earnings | -$13.87B | -$15.22B | -$15.47B | -$14.02B | -$13.00B | -$13.27B | -$12.38B |
| Total Equity | $9.02B | $7.18B | $7.97B | $9.91B | $11.10B | $10.78B | $11.93B |
| Total Debt | $3.25B | $2.80B | $2.44B | $2.86B | $2.75B | $2.32B | $1.71B |
| Net Debt | $2.25B | $1.89B | -$523.0M | -$197.0M | -$718.0M | -$1.07B | -$1.34B |
| Working Capital | $1.18B | $1.09B | $2.13B | $2.44B | $3.23B | $3.37B | $3.84B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.02B | $1.81B | $1.85B | $1.09B |
| Total Assets | $16.71B | $17.14B | $16.90B | $16.89B |
| Total Liabilities | $4.94B | $5.16B | $5.15B | $5.01B |
| Total Equity | $11.71B | $11.93B | $11.69B | $11.82B |
| Total Debt | $1.66B | $1.71B | $1.72B | $1.68B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$2.77B | -$1.37B | -$1.35B | -$254.0M | $1.45B | $1.02B | -$262.0M | $888.0M |
| Depreciation & Amortization | $2.95B | $2.68B | $2.52B | $1.62B | $1.62B | $1.45B | $1.57B | $1.31B |
| Stock-based Compensation | $5.5M | 0 | $1.0M | $223.0M | $181.0M | $150.0M | $186.0M | $200.0M |
| Change in Working Capital | -$448.9M | -$284.8M | $59.0M | $1.23B | -$166.0M | -$507.0M | -$619.0M | -$538.0M |
| Operating Cash Flow | $279.3M | $496.8M | $1.00B | $2.84B | $2.62B | $2.12B | $1.72B | $1.73B |
| Capital Expenditure | -$1.33B | -$772.8M | -$592.0M | -$1.77B | -$3.06B | -$1.80B | -$625.0M | -$722.0M |
| Acquisitions | $36.3M | $832.6M | $111.0M | 0 | 0 | $236.0M | -$69.0M | -$682.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$200.0M | -$5.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.05B | -$276.0M | $412.0M | $1.07B | -$435.0M | $321.0M | $1.10B | $1.01B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $595.0M | $374.0M | $542.0M | $405.0M |
| Capital Expenditure | -$189.0M | -$208.0M | -$312.0M | -$411.0M |
| Free Cash Flow | $406.0M | $166.0M | $230.0M | -$6.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $53.0M | $53.0M | $60.0M | $68.0M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -6.2% | -16.5% | +35.7% | +23.1% | -8.8% | -8.7% | +0.6% | |
| Net Income Growth (YoY) | +49.2% | +1.5% | +81.5% | +679.2% | -29.6% | -126.0% | +434.0% | |
| EPS Growth (YoY) | +47.6% | +4.5% | +80.7% | +649.0% | -31.2% | -125.9% | +431.3% | |
| Shares Change (YoY) | -3.0% | +3.1% | -4.9% | +9.1% | +0.7% | -0.5% | +0.9% | |
| FCF Growth (YoY) | +73.7% | +249.3% | +160.2% | -140.6% | +173.8% | +241.7% | -8.0% | |
| Gross Margin | -7.3% | -9.2% | -14.7% | 15.4% | 27.6% | 28.4% | 24.5% | 25.2% |
| Operating Margin | -40.7% | -28.0% | -34.1% | -0.9% | 14.4% | 15.3% | -3.2% | 11.7% |
| EBITDA Margin | 7.7% | 29.8% | 26.6% | 23.4% | 40.0% | 35.7% | 22.3% | 32.8% |
| Net Margin | -43.6% | -23.6% | -27.8% | -3.8% | 17.9% | 13.8% | -3.9% | 13.0% |
| FCF Margin | -16.9% | -4.7% | 8.5% | 16.3% | -5.4% | 4.3% | 16.3% | 14.9% |
| Effective Tax Rate | -0.6% | -19.5% | 0.9% | -44.3% | 5.6% | 6.1% | -54.1% | 2.5% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.97 | $-0.53 | $0.77 | $2.12 | $-0.79 | $0.58 | $1.98 | $1.81 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 531.8 M | 515.9 M | 531.8 M | 505.8 M | 539.0 M | 552.0 M | 553.0 M | 556.6 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 6.07% |
| Return on Invested Capital | 4.45% |
| Return on Assets | 4.24% |
| Gross Margin | 27.43% |
| Operating Margin | 11.59% |
| Net Margin | 10.32% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 2.48 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.07 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -9.13 | -17.44 | -18.27 | -132.59 | 20.03 | 32.76 | -89.40 | 21.96 |
| P/B | 0.00 | 2.65 | 3.44 | 4.12 | 2.93 | 3.01 | 2.20 | 1.63 |
| P/S | 3.98 | 4.12 | 5.09 | 4.99 | 3.58 | 4.53 | 3.52 | 2.86 |
| Gross Margin | -7.3% | -9.2% | -14.7% | 15.4% | 27.6% | 28.4% | 24.5% | 25.2% |
| Operating Margin | -40.7% | -28.0% | -34.1% | -0.9% | 14.4% | 15.3% | -3.2% | 11.7% |
| Net Margin | -43.6% | -23.6% | -27.8% | -3.8% | 17.9% | 13.8% | -3.9% | 13.0% |
Related companies: NVDA · AVGO · TSM · AMD · INTC · QCOM · TSEM · UMC
Explore sector: Technology · Semiconductors
More sections of GFS: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks