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GlobalFoundries Inc. (GFS)

被高估
TechnologySemiconductorsUnited States

基本面

56

价格

$50.20

市值

$26.23B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

Smart Mobile Devices39%

Radio-frequency and other chips used in smartphones and mobile devices; the largest end market, though the one relied on least for growth.

Automotive21%

Power, sensor and connectivity chips sold to carmakers, the fastest-growing end market as vehicles add more electronics content.

Home and Industrial IoT18%

Chips for smart-home devices, wearables, and industrial sensors and controls.

Communications Infrastructure and Data Center11%

Chips for networking equipment and data-center hardware, a small but fast-growing market tied to AI infrastructure build-out.

Non-wafer11%

Engineering services, intellectual-property licensing and other revenue not tied to the sale of a manufactured wafer.

护城河

规模效应 · 狭窄

Building 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.

需求驱动因素

周期性

Chip 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.

主要风险

  • 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.

客户集中度

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.

看多理由

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.

看空理由

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 87.5Score: 58Market cap: $25.71B

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.

P/E: 33.2Score: 77Market cap: $2.34T

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.

United Microelectronics Corporation (聯華電子股份有限公司)UMC

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.

Semiconductor Manufacturing International Corporation (中芯国际集成电路制造有限公司)Not tracked

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 International Semiconductor Corporation (世界先進積體電路股份有限公司)Not tracked

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.

资产负债表与流动性

营收

$6.94B

最近12个月(截至2026/6/30)

净利润

$716M

最近12个月(截至2026/6/30)

自由现金流

$758M

股东权益合计

$12.00B

负债合计

$1.68B

流动比率

2.48

利息覆盖率

-

债务/EBITDA

0.85

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被高估

公允价值

$38.14

当前价格

$50.20

安全边际

-31.6%

公允价值区间

$24.79 - $51.49

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$76.00
现金流折现法(DCF):$15.46
市盈率法(P/E):$26.06
格雷厄姆成长公式:$21.16
盈利能力价值(EPV):$7.96
合理市净率(P/B):$6.46
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$61.40
分析师共识:买入 (16B / 9H / 1S)
最近财报超预期:+2.95%

估值指标

市盈率(P/E)

36.76

ROE

6.2%

市净率(P/B)

2.18

P/FCF

34.59

毛利率

27.1%

ROIC

3.9%

盈利能力雷达图

价值创造(经济护城河)

ROIC

3.9%

WACC

13.5%

ROIC − WACC

-9.6 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(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%

未通过(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

不可用(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)

Piotroski F-评分

2/9

存在严重财务隐患

score
criteria

盈利质量

2.16

高质量:盈利有现金流支撑

股权稀释

-

正在回购股份,对股东友好

机构持股

该公司暂无机构申报数据。

公司治理

管理团队

姓名职位年龄
Dr. Thomas H. Caulfield DES, Ph.D.Executive Chairman66
Mr. Timothy Graham BreenCEO & Director47
Mr. Sam FranklinChief Financial Officer-
Mr. Greg PedersenChief Accounting Officer-
Mr. Gregg BartlettChief Technology Officer63
Mr. Vishal MehraChief Information Officer-
Mr. Eric ChowDirector of Investor Relations-
Mr. Samak L. Azar J.D.Senior VP, Chief Legal Officer & Secretary48
Ms. Nancy KellyChief Communications & Marketing Officer-
Mr. Matthew C. ZackChief Corporate Development Officer55

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

Recent headlines for GFS, sourced from Markets Gazette.

  • 5/26/2026NEUTRAL
    Mubadala 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.

  • 5/4/2026POSITIVE
    Optics 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