GlobalFoundries Inc. (GFS)
SurévaluéFondamental
56
Prix
$47.92
Capitalisation boursière
$26.23B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
GlobalFoundries manufactures chips for other companies that design them but do not own factories. It is a pure-play foundry, focused not on the smallest, fastest transistors that TSMC and Samsung chase, but on differentiated, feature-rich chips for radio-frequency, power-management and analog functions used in smartphones, cars and connected devices. Its factories sit in the US, Germany and Singapore, giving customers a manufacturing base outside Taiwan that governments increasingly value.
Comment l'entreprise gagne de l'argent
Customers pay for wafers manufactured to their chip designs, with prices set well ahead of production through multi-year supply agreements that lock in capacity and, in some cases, minimum purchase commitments. Because building and running fabs is extremely capital-intensive, profitability depends heavily on factory utilization: a plant running near full capacity is very profitable, while one running below it destroys margin regardless of how much revenue it books.
Chiffre d'affaires par segment
Radio-frequency and other chips used in smartphones and mobile devices; the largest end market, though the one relied on least for growth.
Power, sensor and connectivity chips sold to carmakers, the fastest-growing end market as vehicles add more electronics content.
Chips for smart-home devices, wearables, and industrial sensors and controls.
Chips for networking equipment and data-center hardware, a small but fast-growing market tied to AI infrastructure build-out.
Engineering services, intellectual-property licensing and other revenue not tied to the sale of a manufactured wafer.
Avantage concurrentiel
Économies d'échelle · ÉtroitBuilding and equipping a semiconductor fab costs billions of dollars, which keeps most competitors out of the business entirely. But within that small group GlobalFoundries sits behind TSMC and Samsung in leading-edge technology and behind larger players on cost per wafer, so its edge is the capital barrier around the industry as a whole rather than an advantage specific to GlobalFoundries.
Ce qui stimule la demande
CycliqueChip demand follows the inventory and capex cycles of the electronics industry: customers over-order when supply is tight and then work down stockpiles when it loosens, producing swings in orders sharper than swings in end-consumer demand. GlobalFoundries has lived through both a 2021-2022 shortage that filled its factories and a subsequent inventory correction that emptied them.
Principaux risques
- Customer and end-market concentration — A small number of large fabless customers account for most factory volume; losing one, or seeing it shift orders to a rival foundry, leaves expensive capacity underutilized.
- Cyclicality and utilization risk — Revenue and profitability swing sharply with factory utilization, and a downturn in customer inventory or end demand can leave fabs running well below the level needed to be profitable.
- Technology gap versus leading-edge foundries — GlobalFoundries does not offer the most advanced process nodes sold by TSMC and Samsung, which excludes it from the highest-value chip designs and the AI-accelerator business built around them.
- Geopolitics and government dependence — A significant part of recent capacity expansion has relied on government incentives and national-security-driven demand for chip production outside Taiwan; a change in that policy support could slow growth plans.
Concentration des clients
GlobalFoundries does not break out revenue by customer, but discloses that its ten largest customers made up about 63% of 2025 wafer shipment volume — factory loading still depends on a handful of large fabless buyers.
Les arguments en faveur
Buyers argue that GlobalFoundries' factories outside Taiwan give it a geopolitical value that pure economics understates, that its shift toward automotive and data-center customers is diversifying it away from a declining smart-mobile business, and that rising utilization after the 2023-2024 inventory correction is starting to show up in margins.
Les arguments contre
Sellers fear that GlobalFoundries will remain permanently behind TSMC and Samsung on the leading-edge technology that captures most of the industry's growth, that its revenue stays exposed to volatile customer inventory cycles, and that government incentives supporting its expansion could be reduced or redirected elsewhere.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Tower is the other specialty foundry competing for the same radio-frequency, analog and power-management wafer orders that GlobalFoundries targets, and the two are litigating over the process patents behind that business.
TSMC is the dominant foundry and takes orders from the same fabless customers, including on its large 28nm-and-above capacity, and is building a specialty fab in Dresden right where GlobalFoundries serves the European automotive market.
UMC is the closest peer to GlobalFoundries: a pure-play foundry of almost identical size that sells the same mature and specialty process nodes (28nm to 90nm) to the same automotive, IoT and communications chip designers.
SMIC offers the same mature-node wafer manufacturing at aggressive capacity, and is the alternative that Chinese and Asian chip designers choose instead of GlobalFoundries for consumer, IoT and display driver parts.
Vanguard is a mature-node specialty foundry chasing the same power-management, display driver and automotive wafer business, and is adding Singapore capacity in the same region where GlobalFoundries runs its Asian fab.
Bilan & Liquidités
Chiffre d'affaires
$6.94B
12 derniers mois (au 30/06/2026)
Résultat net
$716M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$758M
Capitaux propres totaux
$12.00B
Passif total
$1.68B
Ratio de liquidité général
2.48
Couverture des intérêts
-
Dette/EBITDA
0.85
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$38.01
Prix actuel
$47.92
Marge de sécurité
-26.1%
Fourchette de juste valeur
$24.71 - $51.32
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
36.76
ROE
6.2%
Ratio P/B
2.18
P/FCF
34.59
Marge brute
27.1%
ROIC
3.9%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
3.9%
WACC
13.5%
ROIC − WACC
-9.6 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (10)
- P/B Ratio 2.18
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 7.0%
- Analyst Consensus 62% Buy
- Earnings Surprise avg 11.4%
- Earnings Quality (OCF/NI) 2.16
- Net Margin Trend 13.1% vs -3.9%
Échoué (8)
- Price CAGR -6.50%
- ROIC 3.9%
- Gross Margin 27.1%
- P/FCF 34.59
- CapEx intensity
- DCF valuation (Overvalued)
- ROE 6.1%
- Piotroski F-Score 2/9
Indisponible (9)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Dr. Thomas H. Caulfield DES, Ph.D. | Executive Chairman | 66 |
| Mr. Timothy Graham Breen | CEO & Director | 47 |
| Mr. Sam Franklin | Chief Financial Officer | - |
| Mr. Greg Pedersen | Chief Accounting Officer | - |
| Mr. Gregg Bartlett | Chief Technology Officer | 63 |
| Mr. Vishal Mehra | Chief Information Officer | - |
| Mr. Eric Chow | Director of Investor Relations | - |
| Mr. Samak L. Azar J.D. | Senior VP, Chief Legal Officer & Secretary | 48 |
| Ms. Nancy Kelly | Chief Communications & Marketing Officer | - |
| Mr. Matthew C. Zack | Chief Corporate Development Officer | 55 |
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for GFS, sourced from Markets Gazette.
- 5/26/2026NEUTRALMubadala Offer $1.91 Billion GlobalFoundries Share Block
Mubadala Investment Co., Abu Dhabi's sovereign wealth fund, is reportedly planning to sell a block of GlobalFoundries Inc. shares valued at approximately $1.91 billion. The sale is being conducted as an unregistered block trade, according to sources close to the matter. This move by a major shareholder could indicate a shift in Mubadala's investment strategy or a realization of gains. Investors will monitor the execution of this sale and its potential impact on GlobalFoundries' stock price and market liquidity.
- 5/4/2026POSITIVEOptics is the next big AI bottleneck. This company could be an underrated beneficiary.
GlobalFoundries has unveiled a new technology aimed at enhancing the adoption of co-packaged optics within AI data centers. This innovation addresses a critical bottleneck in AI infrastructure, where optical interconnects are becoming increasingly vital for high-speed data transfer. By improving the efficiency and integration of these optical components, GlobalFoundries positions itself as a key enabler for the next wave of AI hardware advancements. Investors may view this development positively, as it taps into the rapidly expanding AI market and highlights the company's role in providing essential semiconductor solutions for high-performance computing.
via Markets Gazette