Ferroglobe (GSM) Cash Flow: Operating & Free Cash Flow

Ferroglobe Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Ferroglobe PLC (GSM) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-177.11	20.80	82.66	443.83	-115.37	-194.07	-288.10	83.48	20.02
Depreciation & Amortization	84.95	75.46	73.53	81.56	97.33	108.19	123.01	119.14	104.53
Deferred Income Tax	-0.90	16.25	57.54	147.98	-4.56	17.09	-49.12	27.67	-10.92
Stock Based Compensation	1.81	4.92	7.40	5.84	3.63	2.02	4.88	2.80	2.39
Change in Working Capital	92.10	90.74	-25.20	-319.42	-127.55	116.02	27.97	-97.37	48.31
Change in Accounts Receivable	63.48	155.49	126.46	-94.24	-155.96	71.03	35.66	-26.60	131.76
Change in Inventory	43.76	0.05	102.18	-220.82	-60.30	114.59	85.46	-103.29	-15.84
Change in Accounts Payable	-28.68	-17.26	-70.57	30.64	64.38	-55.41	-70.85	55.41	20.08
Change in Other Working Capital	-61.99	-78.45	33.40	-34.99	146.73	-14.20	-22.30	-22.89	-87.69
Other Operating Activities	125.24	82.23	33.40	45.23	146.73	105.05	115.86	-59.40	-3.17
Net Cash from Operating Activities	51.46	243.26	178.37	405.02	-1.34	154.27	-65.49	76.31	161.17
Investing Activities
Capital Expenditures	-61.70	-76.17	-86.47	-53.29	-27.60	-32.91	-32.91	-111.56	-79.16
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	181.26	0.15	0.00
Purchases of Investments	-15.12	-3.00	0.00	0.00	0.00	0.00	-1.25	0.00	-0.34
Sales/Maturities of Investments	-1.56	-3.02	0.00	0.00	0.00	0.00	2.74	0.00	0.00
Other Investing Activities	3.56	15.25	1.87	0.37	0.21	0.97	11.37	23.42	0.50
Net Cash from Investing Activities	-73.13	-66.94	-81.81	-51.77	-23.85	-31.94	161.21	-87.98	-79.00
Financing Activities
Debt Repayment	-35.76	-147.62	-650.55	-117.76	-682.70	-68.02	-157.33	145.69	-72.49
Common Stock Issued	0.00	0.00	0.00	0.00	40.00	0.00	0.00	0.00	0.18
Common Stock Repurchased	-4.69	-2.43	0.00	0.00	0.00	0.00	0.00	-20.10	0.00
Dividends Paid	-10.45	-9.76	0.00	0.00	0.00	0.00	0.00	-20.64	0.00
Other Financing Activities	-11.17	-29.27	-21.67	-22.70	-43.76	-45.32	-23.64	-94.66	-40.90
Net Cash from Financing Activities	3.46	-175.51	-282.15	-140.46	10.45	-113.33	-180.97	53.30	-113.22
Summary
Effect of Forex Changes on Cash	7.92	-5.19	0.29	-6.51	-0.16	-0.61	-3.83	-9.54	18.54
Net Change in Cash	-10.28	-4.38	-185.58	206.28	-14.74	8.38	-89.09	32.09	-12.51
Cash at Beginning of Period	133.27	137.65	322.94	116.66	131.56	123.18	216.65	184.47	196.98
Cash at End of Period	122.99	133.27	137.65	322.94	116.66	131.56	127.56	216.56	184.47
Free Cash Flow	-10.24	167.09	91.91	351.72	-28.94	121.36	-98.41	-35.25	82.01
Supplemental Disclosures
Interest Paid	12.55	26.19	42.21	60.82	22.18	-	-	-	-
Income Taxes Paid	10.33	15.80	113.31	80.52	3.79	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ferroglobe Cash Flow

What is Ferroglobe's free cash flow?

Ferroglobe had negative free cash flow of $10.24M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $51.46M minus $61.70M of capital expenditures.

How much does Ferroglobe spend on capital expenditures?

Ferroglobe spent $61.70M on capital expenditures in fiscal 2025, compared with $76.17M a year earlier. That equals 119.9% of operating cash flow.

Does Ferroglobe pay dividends or buy back shares?

Yes. In fiscal 2025 Ferroglobe returned $10.45M in dividends and $4.69M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition