olivLaw · US equity research
GLOBALFOUNDRIES Inc. GFS
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
GlobalFoundries is one of the world's largest semiconductor foundries, with fabs in the United States, Europe and Asia. In 2025 the company recovered from the industry's downturn, reporting net revenue of 6791 mn USD and net income of 888 mn USD, and its relevance grows as customers seek supply chain resilience and AI-driven chip technologies.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, GLOBALFOUNDRIES Inc. (GFS) stock was 40.34 USD (−5.95% on the day), with market capitalisation 22.4 bn USD, P/E 25.4 on diluted EPS of 1.59 USD over the last 12 months, beta 1.90, 52-week range 32.24–89.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.8
- weak (30–45)
- Bollinger (20, 2)
- 40.73 – 50.89
- below the lower band · %B -0.04 · band width 22.2%
- SMA 50 / 200
- 46.18 / 55.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.48 / -0.92
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.9% | −2.0% | −14.9 pp | — |
| 3 months | −18.4% | −2.2% | −16.3 pp | — |
| 6 months | −44.2% | +4.3% | −48.5 pp | — |
| Year to date | +15.5% | +10.6% | +5.0 pp | — |
| 1 year | +17.2% | +10.5% | +6.7 pp | +37.3% |
| 3 years | −23.7% | +73.7% | −97.3 pp | +75.2% |
| 5 years | −36.6% | +61.7% | −98.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 20.6, median 22.0, max 33.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 5.8 bn | 4.9 bn | 6.6 bn | 8.1 bn | 7.4 bn | 6.8 bn | 6.8 bn |
| Revenue YoY | unavailable | −16.5% | +35.7% | +23.1% | −8.8% | −8.7% | +0.6% |
| Net income | -1.4 bn | -1.4 bn | -250.0 m | 1.4 bn | 1.0 bn | -265.0 m | 885.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −29.6% | −126.0% | unavailable |
| Diluted EPS | -2.72 | -2.70 | -0.49 | 2.62 | 1.83 | -0.48 | 1.59 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −30.2% | −126.2% | unavailable |
| net % | -23.6% | -27.8% | -3.8% | 17.9% | 13.8% | -3.9% | 13.0% |
| Free cash flow | -91.1 m | 412.0 m | 1.1 bn | -435.0 m | 321.0 m | 1.1 bn | 1.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.8 bn USD
- Financial debt
- 1.2 bn USD
- Net debt
- -658.0 m USD
- Equity
- 12.0 bn USD
- Total assets
- 17.1 bn USD
- Debt / equity
- 0.10x
- Current ratio
- 2.62x
- ROE
- 7.8%
- ROA
- 5.2%
- FCF margin
- 14.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.9 bn | 6.6 bn | 8.1 bn | 7.4 bn | 6.8 bn | 6.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 5.6 bn | 5.6 bn | 5.9 bn | 5.3 bn | 5.1 bn | 5.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | -712.0 m | 1.0 bn | 2.2 bn | 2.1 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 476.0 m | 478.0 m | 482.0 m | 428.0 m | 496.0 m | 518.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -1.7 bn | -60.0 m | 1.2 bn | 1.1 bn | -214.0 m | 797.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 2.2 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 531.0 m ≈ | 1.4 bn ≈ | 2.6 bn ≈ | 2.5 bn ≈ | 1.2 bn ≈ | 2.0 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 154.0 m | 114.0 m | 111.0 m | 137.0 m | 145.0 m | 93.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -1.4 bn | -176.0 m | 1.5 bn | 1.1 bn | -170.0 m | 911.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -12.0 m | 78.0 m | 86.0 m | 66.0 m | 92.0 m | 23.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -1.4 bn | -250.0 m | 1.4 bn | 1.0 bn | -265.0 m | 885.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -2.70 | -0.49 | 2.62 | 1.83 | -0.48 | 1.59 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 500.0 m | 506.0 m | 552.0 m | 556.0 m | 553.0 m | 558.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 908.0 m | 2.9 bn | 2.4 bn | 2.4 bn | 2.2 bn | 1.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 919.5 m | 1.1 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 3.0 bn | 5.3 bn | 5.8 bn | 6.3 bn | 6.4 bn | 6.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 8.2 bn | 8.7 bn | 10.6 bn | 9.8 bn | 7.8 bn | 7.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 12.3 bn | 15.0 bn | 17.8 bn | 18.0 bn | 16.8 bn | 17.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 1.3 bn | 2.6 bn | 2.8 bn | 2.3 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 381.8 m | 297.0 m | 223.0 m | 571.0 m | 753.0 m | 86.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 2.0 bn | 1.7 bn | 2.3 bn | 1.8 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.9 bn | 3.2 bn | 3.4 bn | 3.1 bn | 3.0 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 5.1 bn | 7.0 bn | 7.9 bn | 6.9 bn | 6.0 bn | 5.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 7.2 bn | 8.0 bn | 10.0 bn | 11.2 bn | 10.8 bn | 12.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Shares outstanding at year end | — | 531.8 m | 547.8 m | 553.5 m | 552.9 m | 555.9 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 2.8 bn | 2.6 bn | 2.1 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 592.0 m | 1.8 bn | 3.1 bn | 1.8 bn | 625.0 m | 722.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 412.0 m ≈ | 1.1 bn ≈ | -435.0 m ≈ | 321.0 m ≈ | 1.1 bn ≈ | 1.0 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -366.0 m | -1.5 bn | -4.1 bn | -1.9 bn | -1.1 bn | -1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -733.0 m | 650.0 m | 842.0 m | -212.0 m | -785.0 m | -845.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 200.0 m | 0 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 22.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation84
- Balance sheet86
- Quality33
- Growth8
- Returns33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.47 – 193.79 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)22.47 – 33.66 (Mid 26.81)WACC 9.1% · starting FCFF 1.1 bn USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 13.7%
- Peers: EV/Sales56.91 – 193.79 (Mid 94.87)24 companies used · median multiple 7.7x · quartiles 4.6x – 15.8xAAOI, ADI, ALGM, AMAT, AMD, AVGO, AXTI, FORM, FSLR, INTC, LSCC, MCHP, MOBX, MRVL, MTSI, MU, NVDA, NXPI, ON, OSIS, Q, SUNE, TE, TXN
- Peers: EV/EBITDA40.31 – 94.60 (Mid 60.31)8 companies used · median multiple 16.7x · quartiles 11.1x – 26.4xAMAT, FSLR, MCHP, MU, NVDA, NXPI, ON, OSIS
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 24.9% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 11.7% | 49 (vs peers) | 9% |
| FCF margin · Quality | 14.9% | 59 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -5.7% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 0.6% | 24 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.3x | 73 (vs peers) | 6% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 6% |
| EV/Sales · Valuation | 3.2x | 80 (vs peers) | 17% |
| FCF yield · Valuation | 4.5% | 90 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 33 (on a fixed band) | 4% |
Score groups
- Balance sheet86/100 · 2/2 factors with a value
- Growth8/100 · 2/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns33/100 · 1/1 factors with a value
- Valuation84/100 · 2/2 factors with a value
Memo
GLOBALFOUNDRIES Inc. (GFS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.8 bn USD in 2025; YoY growth 0.6%; net margin 13.0%; ROE 7.8%; net debt/EBITDA -0.3x.
The estimated value range is 40.31–94.60 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 60.31 USD, the price of 40.34 USD leaves a potential of 49.5% (value / price − 1) and a margin of safety of 33.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.3x
- Current ratio: 2.6x
- EV/Sales: 3.2x
- FCF yield: 4.5%
What contradicts it
- Gross margin: 24.9%
- Revenue CAGR 3Y: -5.7%
- Revenue growth (YoY): 0.6%
- The valuation methods diverge
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,981.2 bn | 26.1 | 117.2% | 63.7% | +65.5% | +17% / +342% |
| AVGOBroadcom Inc. | 1,585.5 bn | 42.4 | 44.2% | 42.9% | +23.9% | −18% / +259% |
| MUMicron Technology, Inc. | 967.5 bn | 11.5 | 88.3% | 63.8% | +256.3% | +262% / +1,023% |
| AMDAdvanced Micro Devices Inc | 790.0 bn | 124.5 | 10.1% | 15.6% | +34.3% | +122% / +299% |
| INTCIntel Corporation | 321.8 bn | — | -10.9% | -20.1% | −0.5% | +49% / +35% |
| AMATApplied Materials Inc | 303.1 bn | 32.9 | 41.1% | 30.1% | +4.4% | +51% / +155% |
| TXNTexas Instruments Inc | 285.5 bn | 40.5 | 39.7% | 34.3% | +13.0% | +86% / +105% |
| ADIAnalog Devices Inc | 203.4 bn | 49.8 | 12.2% | 29.8% | +16.9% | +58% / +129% |
| MRVLMarvell Technology, Inc | 150.8 bn | 56.8 | 16.5% | 27.9% | +42.1% | +92% / +209% |
| NXPINXP Semiconductors N.V. | 66.2 bn | 20.7 | 29.2% | 23.4% | −2.7% | +35% / +29% |
| MPWRMonolithic Power Systems, Inc. | 64.8 bn | 73.2 | 25.1% | 23.9% | +26.4% | +43% / +142% |
| MCHPMicrochip Technology Incorporated | 42.3 bn | 107.7 | 7.2% | 9.3% | +7.1% | +45% / −7% |
| ALABAstera Labs, Inc. | 40.5 bn | 115.8 | 25.8% | 30.7% | +115.1% | +48% / unavailable |
| CRDOCredo Technology Group Holding Ltd | 28.4 bn | 53.8 | 30.7% | 33.8% | +205.7% | −15% / +743% |
| ONOn Semiconductor Corp | 28.3 bn | 42.2 | 8.9% | 10.8% | −15.3% | +45% / +2% |
| QQnity Electronics, Inc. | 24.9 bn | 40.1 | 8.9% | 12.4% | +9.7% | +47% / unavailable |
| GFSGLOBALFOUNDRIES Inc. | 22.4 bn | 25.4 | 7.8% | 13.0% | +0.6% | +17% / −24% |
| FSLRFirst Solar, Inc. | 20.0 bn | 10.8 | 18.7% | 37.1% | +24.1% | −32% / +18% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 18.0 bn | 75.3 | 17.2% | 20.7% | +32.6% | +35% / +180% |
| LSCCLattice Semiconductor Corp | 15.3 bn | 330.1 | 4.2% | 5.5% | unavailable | +53% / +83% |
| FORMFormFactor, Inc. | 6.7 bn | 38.9 | 15.9% | 17.7% | +2.8% | +55% / +127% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| CRUSCirrus Logic, Inc. | 5.8 bn | 14.2 | 20.9% | 21.0% | +5.3% | −4% / +53% |
| AAOIApplied Optoelectronics, Inc. | 5.4 bn | — | -5.4% | -9.6% | +82.8% | +139% / +383% |
| SQNSSequans Communications S.A. | 4.3 bn | 13.4 | 233.6% | — | +5.9% | −56% / −96% |
1- and 3-year price returns: for GFS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.60 Total return -46% · Per year -46% | 38.37 Total return -5% · Per year -5% | 58.06 Total return 44% · Per year 44% |
| 3 years | 17.15 Total return -57% · Per year -25% | 34.63 Total return -14% · Per year -5% | 58.06 Total return 44% · Per year 13% |
| 5 years | 13.62 Total return -66% · Per year -20% | 31.25 Total return -23% · Per year -5% | 58.06 Total return 44% · Per year 8% |
- Exit P/E± 8.66
- Net margin± 6.06
- Annual revenue growth± 5.47
- Annual dilution± 0.51
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Feb 2026; since then the company filed 6-K (14 Oct 2026), 6-K (08 Sept 2026), 6-K (27 Aug 2026), 6-K (05 Aug 2026), 6-K (29 Jul 2026).
In brief
GlobalFoundries is one of the world's largest semiconductor foundries, with fabs in the United States, Europe and Asia. In 2025 the company recovered from the industry's downturn, reporting net revenue of 6791 mn USD and net income of 888 mn USD, and its relevance grows as customers seek supply chain resilience and AI-driven chip technologies.
SWOT
Strengths
- The company has a diversified fab base across three continents and a high share of single-sourced products, which strengthens its position with customers.
- A portfolio of differentiated technologies and an expanded IP base, including recent acquisitions, supports its ability to win new customers.
- Long-term agreements with customers provide some visibility into future demand as contractual commitments are fulfilled.
Weaknesses
- The company depends on a small number of customers for a significant share of revenue, so losing them could affect results.
- The semiconductor industry is capital-intensive, and ongoing investment needs could pressure liquidity and financial flexibility.
- The company reported material weaknesses in internal control over financial reporting for 2025, which could affect investor confidence.
Opportunities
- Rising demand for physical AI, satellite communications and electrified vehicles could open new orders for the company's technologies.
- Public funding under CHIPS and similar programs in Europe and Singapore could support capacity expansion.
- Customer preference for geographically diversified suppliers could bring additional market share, especially outside China and Taiwan.
Threats
- US-China trade tensions, tariffs and export controls could restrict market access and reshape growth strategy.
- Industry overcapacity, if prolonged, could pressure wafer prices and margins.
- If IDMs and competitors expand capacity in the company's locations, its competitive position could be affected.
Risks
- Dependence on large customershigh
A small number of customers account for a significant share of revenue, and losing them or further customer consolidation could sharply reduce sales.
- Industry cyclicalityhigh
Semiconductor demand is cyclical and seasonal, and downturns can be prolonged, which could affect fab utilization.
- Geopolitical and trade tensionsmedium
Export restrictions, sanctions and US-China tensions could disrupt the supply chain and the ability to compete in international markets.
- Internal control and compliancemedium
The company concluded that internal control over financial reporting was not effective as of 31 December 2025, which could affect future results.
- Intellectual property disputesmedium
The company has been and could again be targeted by intellectual property disputes, which can be costly and create financial liability.
Investment thesis
What would need to be true (bull case)
- If demand for physical AI and electrified vehicles keeps growing, the company could benefit from its differentiated technologies and single-source supplier position.
- Fabs on three continents could attract customers seeking supply chain resilience amid trade tensions.
- The recovery in capacity utilization seen in 2025 could improve margins if the trend holds.
What would break the thesis
- If industry overcapacity lasts, prices and margins could come under pressure and heavy investments could remain unrecovered.
- Dependence on a few customers and cycle-sensitive segments could keep revenue volatile.
- The internal control weaknesses reported for 2025 could weigh on investor confidence and compliance costs.
What to watch
- Trend in average shipment utilization and revenue by segmentQ1 2027
- Progress of US investments and CHIPS funds received2027
- Remediation of the reported internal control weaknessesnext 10-K
- New export rules and their impact on China-related business2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Feb 2026; since then the company filed 6-K (14 Oct 2026), 6-K (08 Sept 2026), 6-K (27 Aug 2026), 6-K (05 Aug 2026), 6-K (29 Jul 2026).
The business
GlobalFoundries operates as a foundry: it manufactures and ships silicon wafers for customers who design their own chips, and wafer sales are the main revenue source, about 89% of 2025 net revenue 1. The company runs four manufacturing sites, in Malta (New York), Burlington (Vermont), Dresden (Germany) and Singapore, a setup meant to offer customers geographically diversified supply 1. Its strategy rests on differentiated technologies, a customer base spanning automotive, smartphone, communications and data center chips, and an expanded IP portfolio including the MIPS acquisition 1.
The business is supported by public funding, including a Direct Funding Agreement with the U.S. Department of Commerce of up to 1.5 billion USD under the CHIPS and Science Act 1. The company says it plans to invest more than 16 billion USD over the next 10 or more years across its two U.S. sites, subject to market requirements and expected government funding 1.
Operationally, the company reported average shipment utilization of 86% in 2025, up from 77% in 2024, and gross profit of 1690 mn USD in 2025 1. Research and development spending reached 518 mn USD in 2025, roughly 8% of revenue 1.
Segments
Automotive
The automotive segment generated 1410 mn USD in 2025, about 21% of revenue, up from 1206 mn USD in 2024, and includes components for advanced driver assistance, power management for electrified vehicles and in-vehicle networking 1.
Smart Mobile Devices
This segment generated 2678 mn USD in 2025, the largest of the four, but down from 3048 mn USD in 2024; it covers cellular, Wi-Fi, sensor and power management chips under cost and qualification pressure 1.
Home and Industrial IoT
The segment generated 1189 mn USD in 2025, down from 1267 mn USD in 2024, and covers connected home devices, industrial automation and aerospace and defense systems 1.
Market context
The semiconductor industry began recovering in 2025 after a cyclical downturn, as customers reduced excess inventory, but demand remains uneven across markets, with more uncertainty in consumer-centric segments 1. The communications infrastructure and data center segment grew to 745 mn USD in 2025 from 577 mn USD in 2024 1.
Demand is supported by megatrends such as IoT, physical AI, satellite communications and vehicle electrification, which raise semiconductor content across many industries 1.
Trends
- Industry cycle recoverymixed
Customers have worked down inventory built up in prior years, leading to a gradual normalization of demand, though a uniform recovery across all markets has not yet appeared 1.
- AI and edge computing megatrendstailwind
Growth in connected devices and physical AI could increase demand for differentiated technologies, particularly with the MIPS acquisition extending the processor IP portfolio 1.
- Trade tensions and export controlsheadwind
US-China restrictions, tariffs and sanctions could reshape supply chains and growth strategy in China, with potential impact on competitiveness 1.
- Demand for geographic resiliencetailwind
Tariffs and geopolitical tensions strengthen customer demand for geographically diversified suppliers outside China and Taiwan, a structural advantage for the company 1.
Competitive position
The foundry segment is highly competitive globally, with rivals including pure-play foundries and integrated device manufacturers (IDMs) offering their own foundry services 1. The company says it differentiates on technology leadership, manufacturing yields, cycle time and its geographically diversified footprint 1.
Competitive risk rises if IDMs and other competitors expand capacity in the United States, Europe and Singapore, or if overcapacity lasts beyond normal cycles, which could pressure prices and margins 1.
- Pure-play foundries
Foundry competitors offering manufacturing services to third parties, named generically in the source without identities.
- Integrated device manufacturers (IDMs)
Companies that design and manufacture their own chips and may also offer foundry services, named generically in the source.
- Competitors expanding in the US and Europe
Companies that have announced or begun capacity expansion in the United States, Europe and Singapore, according to the source.
- China-based foundry partner
The company has a strategic partnership with a foundry based in China to serve domestic Chinese demand.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Japan to invest up to $21 billion in two U.S. chip factories to be run by GlobalFoundriesThe Japan Times · 15 Oct 2026 · EN
- Japan to invest up to $21 billion in two US chip factories to be run by GlobalFoundriesCNA (Channel NewsAsia) · 14 Oct 2026 · EN
- TSMC taps GlobalFoundries to bolster US silicon interposer production in $2B dealThe Register · 08 Oct 2026 · EN
- GlobalFoundries to make key AI chip component for TSMCCNA (Channel NewsAsia) · 08 Oct 2026 · EN
- GlobalFoundries to make key AI chip component for TSMC in $2 billion dealCNA (Channel NewsAsia) · 08 Oct 2026 · EN
- Marvell (MRVL) and GlobalFoundries (GFS) Rise on Expanded Deal: What Investors Should KnowYahoo Finance — News · 19 Sept 2026 · EN
- The U.S. Government Is Preparing to Offload Over 9 Million GlobalFoundries Shares. How You Should Play GFS Stock in Response.Yahoo Finance — News · 18 Sept 2026 · EN
- Marvell pushes GlobalFoundries to light up wafer productionThe Register · 17 Sept 2026 · EN
- GlobalFoundries, Marvell expand chip capacity deal for AI data center connectivityCNA (Channel NewsAsia) · 17 Sept 2026 · EN
- GLOBALFOUNDRIES (GFS) Surged on Robust CID Growth and Dividend AnnouncementYahoo Finance — News · 04 Sept 2026 · EN
- Uncle Sam sees the light, offers GlobalFoundries $300M to pursue silicon photonics while taking 1% stakeThe Register · 29 Jul 2026 · RO
- Mubadala Offer $1.91 Billion GlobalFoundries Share BlockBloomberg Markets · 26 May 2026 · EN
- Trump pariază miliarde pe tehnologia care ar putea schimba lumea: SUA intră agresiv în cursa calculatoarelor cuantice şi anunţă investiţii de 2 miliarde de dolari în nouă companii tech, printre care IBM şi GlobalFoundries. Sectorul quantum, raliu pe burseZiarul Financiar · 21 May 2026 · RO
SEC filings
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)15 Jun 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)05 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / GLOBALFOUNDRIES Inc. · 27 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.