Financials summary — GlobalFoundries (GFS)
Financial snapshot
as of 2026-04-29 · sources: FY25 20-F (acc. 0001709048-26-000022), Q4'25 6-K, 424B7 (Mar 2026)As of: 2026-04-29 (data through FY2025 20-F filed 2026-02-27 + Q4’25 6-K release filed 2026-02-11 + Form 4 archive through 2026-04-27 + spot close 2026-04-28)
Reference: Detailed primary-source filings reside in quarterly trend, segment mix, balance sheet, capex cycle, margins and pricing, capital returns, comps valuation, dcf assumptions, and mubadala related party. This page is the analyst summary view.
Confidence legend: ✓ verified-primary · ◐ partial / aggregator · ⚠ inferred / estimate
Executive snapshot
GlobalFoundries Inc. (NASDAQ: GFS, CIK 0001709048) closed FY2025 with $6.79B revenue (+1% YoY), $888M IFRS net income (a ~$1.15B swing from FY24’s $(262)M loss after the Q4’24 $935M Malta impairment), and $1.16B adjusted free cash flow — the cleanest profitability print since the 2021 IPO. The Q4’25 IFRS gross margin of 27.8% (29.0% non-IFRS) was the single most important data point: a +330 bps YoY expansion that confirms the mix-shift thesis (Automotive 21%, Comm/Infra/DC 11%, Non-Wafer 11% all expanding while Smart Mobile 39% contracts at single-digits). The Board approved the company’s first-ever $500M share repurchase authorization in February 2026 and the F-3ASR shelf registration filed in March 2026 opens forward Mubadala selldown optionality — making 2026 a year defined by the interaction between buyback support and supply overhang.
Mubadala holds 77.05% of outstanding shares post the March 2026 $840M secondary + concurrent buyback (per 424B7 prospectus filed 2026-03-12; 76.50% if underwriters fully exercised the greenshoe). The FY25 20-F figure of ~81% (450,387,613 shares pre-secondary) is now stale. FMR LLC (Fidelity) is the largest non-Mubadala holder at 10.0%. The remaining ~9% public free float is small relative to a $33.1B market cap, contributing to elevated short-interest-as-%-of-float (peaks of ~20%) and structurally illiquid options. Three consecutive years of material weaknesses in ICFR (FY23, FY24, FY25) is a notable risk disclosure that has not been remediated. The CHIPS Direct Funding Agreement of $1.575B + NY State $570M + AMITC enhanced from 25% to 35% in 2026 transforms GFS’s Malta + Burlington capacity buildout into one of the most subsidy-leveraged capex programs in the industry — a load-bearing tailwind for FY26-FY28 ROIC and a structural reason GFS deserves a multiple premium to UMC, Vanguard, and Tower.
Snapshot table
| Metric | Value | As of |
|---|---|---|
| Stock price | $59.49 ✓ | 2026-04-28 close |
| Market cap | ~$33.1B ✓ | 2026-04-28 |
| Diluted shares O/S | ~555.8M ✓ (Mubadala 450.4M + FMR 55.5M + ~50M float) | FY25 20-F Item 7 |
| 52-week range | $31.51 – $65.05 ✓ | trailing 52w through 2026-04-28 |
| All-time low / high | $30.37 (2025-04-08) / $78.94 (2022-03-25) ✓ | per price_history.json |
| Cash + marketable (current basis) | $4.0B ✓ | FY25 20-F MD&A |
| Total debt outstanding | $1.2B ✓ | FY25 20-F MD&A |
| Net cash | ~$2.8B ✓ | computed |
| Undrawn revolver | $1.0B ✓ | FY25 20-F |
| FY25 revenue | $6,791M (+1%) ✓ | FY25 20-F |
| FY25 IFRS net income | $888M ✓ | FY25 20-F |
| FY25 IFRS diluted EPS | $1.59 ✓ | FY25 20-F |
| FY25 non-IFRS diluted EPS | $1.72 ✓ | Q4’25 6-K |
| FY25 adjusted EBITDA | $2,357M ✓ | Q4’25 6-K |
| FY25 adjusted FCF | $1,157M ✓ | Q4’25 6-K |
| Q4’25 IFRS GM / non-IFRS GM | 27.8% / 29.0% ✓ | Q4’25 6-K |
| Q1’26 revenue guide | $1,625M ± $25M ✓ | Q1’26 6-K guidance |
| Q1’26 non-IFRS GM guide | 27.0% ✓ | Q1’26 guidance |
| Q1’26 non-IFRS diluted EPS guide | $0.35 ✓ | Q1’26 guidance |
| Mubadala stake | 77.05% post-March 2026 secondary (~81% per FY25 20-F as of 2025-12-31; 450,387,613 shares pre-secondary) ✓ | 424B7 acc. 0001709048-26-000040 + FY25 20-F |
| FMR LLC (Fidelity) | 10.0% ✓ | Schedule 13G/A No. 3 (2026-02-05) per FY25 20-F |
| Buyback authorization (NEW) | $500M / 12 mos, approved Feb 2026 ✓ | FY25 20-F |
| Dividend | None ✓ | n/a |
| ICFR | Material weakness — FY23, FY24, FY25 ✓ | FY25 20-F Item 15 |
| Beta | 1.50 ◐ | STOCK_PRICE_DATA.json |
| Short interest (latest) | 12.36M sh (14.89% of float, 2026-04-15) ✓ | FINRA |
| Sell-side consensus PT | ~$50-58 ◐ (queued) | aggregator |
| Probability-weighted DCF FV | ~$73 ⚠ (Bear $46 / Base $70 / Bull $96) | per dcf assumptions |
P&L summary (multi-year)
| Metric | FY23 | FY24 | FY25 | YoY (FY24→FY25) |
|---|---|---|---|---|
| Revenue | $7,392M | $6,750M (-9%) | $6,791M (+1%) ✓ | +$41M / +1% |
| IFRS gross margin | 28.4% | 24.5% | 24.9% ✓ | +40 bps |
| Non-IFRS gross margin | n/d | 25.3% | 26.1% ✓ | +80 bps |
| IFRS operating profit | $1,129M | $(214)M | $797M ✓ | +$1,011M (FY24 included $935M impairment) |
| Non-IFRS operating profit | n/d | $920M | $1,066M ✓ | +$146M / +16% |
| IFRS net income | $1,018M | $(262)M | $888M ✓ | +$1,150M |
| Non-IFRS net income | n/d | $870M | $965M ✓ | +$95M / +11% |
| IFRS diluted EPS | $1.83 | $(0.48) | $1.59 ✓ | +$2.07 |
| Non-IFRS diluted EPS | n/d | $1.56 | $1.72 ✓ | +$0.16 / +10% |
| Adjusted EBITDA | n/d | n/d | $2,357M ✓ | — |
| Adjusted FCF | n/d | n/d | $1,157M ✓ | — |
| Capex | $1,804M | $625M | $722M ✓ | +$97M |
| Cash from operating activities | $2,125M | $1,722M | $1,731M ✓ | +$9M / flat |
FY25 narrative: Cycle inflection year. Revenue stabilized post the FY24 destocking trough; the Q4’24 $935M Malta-impairment reset created favorable FY25 reported comparables. Smart Mobile (-12%) was offset by Auto (+17%), Comm/Infra/DC (+29%), and Non-Wafer (+18%). Margin expansion in Q4’25 (+330 bps YoY IFRS GM) is the load-bearing data point — driven by mix shift, cost discipline, and lower interest expense (Term Loan A paid down).
Q4’25 quarterly print
| Metric | Q4’24 | Q3’25 | Q4’25 | YoY | QoQ |
|---|---|---|---|---|---|
| Net revenue ($M) | 1,830 | 1,688 | 1,830 ✓ | flat | +8.4% |
| IFRS GM | 24.5% | 24.8% | 27.8% ✓ | +330 bps | +300 bps |
| Non-IFRS GM | 25.4% | 26.0% | 29.0% ✓ | +360 bps | +300 bps |
| IFRS operating profit ($M) | (701) (incl. impairment) | 195 | 255 ✓ | +136% | +31% |
| Non-IFRS operating profit ($M) | 285 | 260 | 335 ✓ | +18% | +29% |
| IFRS net income ($M) | (729) | 249 | 200 ✓ | +127% | (20%) |
| IFRS diluted EPS | $(1.32) | $0.44 | $0.36 ✓ | +$1.68 | $(0.08) |
| Non-IFRS diluted EPS | n/d | $0.41 | $0.55 ✓ | n/a | +$0.14 |
| Adjusted EBITDA ($M) | n/d | 573 | 641 ✓ | n/a | +12% |
| Adjusted FCF ($M) | n/d | n/d | 264 ✓ | n/a | n/a |
CEO Tim Breen, Q4’25 release (verbatim): “GF delivered a strong fourth quarter, with revenue, gross margin, operating margin and earnings per share at or above the high end of the guidance ranges… we grew Non-IFRS gross margin by nearly 400 basis points year-over-year in the fourth quarter.”
End-market revenue mix (FY2025 20-F)
| End market | FY25 ($M) | FY25 % | FY24 ($M) | FY24 % | FY24→FY25 YoY |
|---|---|---|---|---|---|
| Smart Mobile Devices | 2,678 | 39% | 3,048 | 45% | −12% |
| Automotive | 1,410 | 21% | 1,206 | 18% | +17% |
| Home & Industrial IoT | 1,189 | 18% | 1,267 | 19% | −6% |
| Comm/Infra/Data Center | 745 | 11% | 577 | 9% | +29% |
| Non-Wafer Revenue | 769 | 11% | 652 | 10% | +18% |
| Total | 6,791 | 100% | 6,750 | 100% | +1% |
Mix shift FY24 → FY25: Smart Mobile dropped 6 pp; Automotive gained +3 pp; Comm/Infra/DC gained +2 pp; Non-Wafer gained +1 pp. Higher-margin segments are taking share from the legacy Smart Mobile base — the load-bearing structural trend.
Capital structure
| Component | FY25 ($M) | FY24 ($M) |
|---|---|---|
| Cash and equivalents | 1,800 | 2,200 |
| Marketable securities (current) | 2,200 | 2,000 |
| Marketable securities (non-current) | 939 | 839 |
| Total liquid pool | ~4,940 | ~5,040 |
| Total debt outstanding | 1,151 | 1,806 |
| Net cash position | +~3,790 | +~3,234 |
| Undrawn revolver | 1,000 | 1,000 |
| Total assets | 17,141 | 16,799 |
FY25 deleveraging event: Term Loan A ($586M) paid down → $1.15B total debt. Annual interest expense fell from $145M (FY24) to $93M (FY25) — a $52M favorable swing.
Capital allocation — first formal buyback in company history
| Action | Detail | Status |
|---|---|---|
| $500M share repurchase authorization | Approved by Board Feb 2026; 12-month term; first formal buyback in company history | NEW ✓ |
| Dividend | None | No dividend history |
| Mubadala selldown trajectory | 81.0% as of 2025-12-31 (down from ~89% pre-IPO; ~9 pp cumulative selldown over 4.5 years) | Stable through FY25 |
| F-3ASR shelf (Mar 2026) | Opens forward Mubadala selldown optionality | NEW — supply overhang risk |
| Acquisitions (FY25) | $682M cash for SMP + MIPS + AMF + InfiniLink + Tagore (5 deals) | Closed |
| FY25 capex | $722M (+16% YoY) | |
| FY25 SBC | $205M (3.0% of revenue) |
Subsidies / tax shields
| Program | Amount | Status |
|---|---|---|
| CHIPS Direct Funding Agreement | $1.575B ($1.5B Nov 2024 + $75M Jan 2025 add-on) | First two milestones funded in FY25; ~$1.4B remaining |
| NY State Agreement | $570M | Layered atop CHIPS, Fab 8 support |
| AMITC tax credit | 25% → 35% beginning 2026 (per OBBBA July 2025) | $7M FY25 refund inflow already received |
| OBBBA accelerated depreciation | 100% accelerated for qualifying property 2025+ | Materially favorable to GFS capex base |
| Total subsidy-related capacity | >$2.1B + 35% AMITC ongoing | One of the most subsidized capex programs in industry |
End-market and customer concentration
| Customer (per FY25 20-F Note 32) | FY25 % wafer revenue | FY24 | FY23 |
|---|---|---|---|
| Customer A (likely AMD ⚠) | 16.4% | 15.7% | 17.0% |
| Customer B (likely Qualcomm or Apple front-end RF ⚠) | <10% | 10.7% | <10% |
| Customer C (likely Auto Tier 1, single-source LTA win ⚠) | 13.9% | <10% | <10% |
| Top-3 disclosed concentration | ~30%+ | — | — |
The Customer C entry into the >10% bucket in FY25 is a positive read on the LTA-driven design-win pipeline — a single new customer became a top-3 contributor through structurally durable revenue, not cyclical inventory replenishment.
Mubadala — the load-bearing shareholder structural variable
Per mubadala related party. Mubadala Investment Company PJSC (Abu Dhabi sovereign wealth fund) holds 77.05% of GFS post the March 2026 $840M secondary (424B7 prospectus filed 2026-03-12; the FY25 20-F figure of 81% / 450,387,613 shares as of 2025-12-31 is now stale).
Strategic implications:
- Controlled-company status: 5 of board members are Mubadala designees; consent rights on major corporate actions
- No formal lockup on Mubadala holdings post-2021-IPO 180-day expiration
- March 2026 F-3ASR + 424B7 opens unrestricted selldown optionality
- Cumulative pace: ~2 pp/year since IPO; next tranche could be $1-1.8B at $60+/share if Mubadala chooses to act
- Personnel pipeline: CEO Tim Breen (ex-Mubadala 2010-2024), CFO Sam Franklin (ex-Mubadala) — deep coordination at the leadership level
Insider activity — Form 4 archive (2026-03-20 to 2026-04-27)
12 Form 4 filings; net sentiment: mildly negative but immaterial in dollar terms.
| Insider | Title | Activity 2026 YTD | Total $ |
|---|---|---|---|
| Saam Azar | CLO | 5 sales × 500 sh @ $42-60 | ~$120K |
| Mike Hogan | CBO | 3 sales × 1,800 sh + 3 gifts × 150 sh | ~$190K (sales) |
| Glenda Dorchak | Director | 1 sale × 4,000 sh @ $58.46 | $234K |
| Sam Vicari | CCO | 1 tax-withholding × 1,461 sh | $65K (tax) |
No insider buys. All sales are <$300K — likely systematic 10b5-1 plans (Hogan’s recurring 1,800-sale-then-150-gift pattern is the clearest signal). Detailed log: insider history.
Sell-side / valuation cross-check
Per comps valuation and dcf assumptions.
| Comp | EV/Sales (TTM) | EV/EBITDA (TTM) |
|---|---|---|
| GFS | 4.5x | 12.9x |
| TSMC | 10.0x | 14.5x |
| UMC | 2.3x | 5.5x |
| SMIC | 6.0x | 13.0x |
| Vanguard Intl Semi | 3.2x | 8.0x |
| Tower Semiconductor | 3.2x | 9.5x |
| Hua Hong | 2.7x | 9.0x |
GFS premium to UMC justified by: AI/photonics optionality, CHIPS subsidy uplift, US-listed liquidity premium, specialty-process pricing power.
GFS discount to TSMC justified by: No leading-edge, smaller scale, lower margin, lower overall capex absorption.
Tower-Intel terminated deal (Aug 2023, $5.4B) implied EV/Sales 3.5x / EV/EBITDA 13x — close to GFS’s current implied multiples.
Key forward catalysts
- Q1 2026 6-K (expected ~May 2026): First disclosure of buyback execution; quarterly capex pace; AMITC 35% credit first-quarter accrual.
- Mubadala F-3ASR-driven secondary — if announced, materially affects supply/demand balance.
- AI/photonics monetization milestones: LWLG PDK customer tape-outs at GF on Fotonix; Marvell custom AI ramps; Ayar Labs production scaling.
- CHIPS milestone disbursement — third + fourth milestone achievement at Fab 8 expected H2 2026.
- ICFR remediation — three consecutive years of material weakness; remediation timeline matters for investor sentiment.
- Sell-side coverage refresh — most recent firm notes ~consensus PT $50-58; an upgrade cycle on Q1’26 print could narrow the gap to spot.
Open financial questions
- Q1 2026 buyback execution rate — frontloaded ASR or evenly distributed open-market?
- Mubadala selldown timing — what spot-price threshold triggers the next $1B+ secondary?
- Customer A confirmation — definitively AMD? Required for AMD-cycle exposure modeling.
- End-market gross margins — Auto/Specialty 35-45% vs Smart Mobile 18-22%? Required for forward-margin model precision.
- AMITC enhanced-credit dollar impact — 35% credit on what AMITC-eligible base in 2026? Required for tax-rate forecasting.
- ICFR remediation cost / timeline — three-year persistent weakness; not yet quantified.
- AMF / MIPS / Tagore standalone revenue contributions — currently <1% of revenue collectively; the ramp profile through FY27 affects mix-shift modeling.
Sources
Primary SEC filings
- GFS FY2025 20-F (acc. 0001709048-26-000022, filed 2026-02-27) — SEC EDGAR
- GFS Q4’25 6-K (acc. 0001709048-26-000012, filed 2026-02-11) — Q4’25 + FY25 results, Q1 2026 guidance
- GFS Q3’25 6-K (acc. 0001709048-25-000069, filed 2025-11-12)
- GFS Q2’25 6-K (acc. 0001709048-25-000057, filed 2025-08-05)
- F-3ASR shelf (acc. 0001709048-26-000028, filed 2026-03-11)
- 424B7 prospectus supplement (acc. 0001709048-26-000040, filed 2026-03-12)
Schedule 13G institutional filings
- FMR LLC (Fidelity): acc. 0000315066-24-002696 (2024-11-12, 8.888%); Schedule 13G/A No. 3 (2026-02-05, 10.0%)
- Mubadala / MTIC / MTIIIC: pre-IPO 13G acc. 0001387131-22-001675 (2022); reporting via 20-F Item 7
Form 4 insider archive
- 12 Form 4 filings 2026-03-20 to 2026-04-27 (CIK 0001709048); see
companies/gfs/data/insider_history.json
Cross-references (KB-internal)
- quarterly trend — full quarterly P&L
- segment mix — end-market detail
- balance sheet — capital structure
- capex cycle — capex history + CHIPS / AMITC
- margins and pricing — GM trajectory
- capital returns — buyback + dividend framework
- comps valuation — peer multiples
- dcf assumptions — DCF inputs
- mubadala related party — controlling shareholder
- overview — trading-side mirror
- overview — full thesis triangulation