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primarysourced Photonics sector GF
GFS
~4 min read · 849 words ·updated 2026-04-29 · confidence 92%

06 — Market data

Section role

This section is the trading-side mirror of 05_financials. Where 05 covers accounting truth (revenue, EBITDA, balance sheet, capex), 06 covers how the market is positioned in GFS stock — insider activity, institutional ownership, short interest, options structure, price tape, share-count progression, and the credit-cost framework.

GFS’s market-data profile sits at an unusual intersection of structural features:

  • FPI status with voluntary Form 4 reporting. GFS is a Cayman Islands exempted foreign private issuer (annual reporting via Form 20-F, interim via Form 6-K) — but it nonetheless files Section 16 / Form 4 insider-transaction disclosures for officers and directors. This is a voluntary disclosure choice, not a regulatory requirement, and is a meaningful contrast to POET (which is FPI-exempt and uses Form 144 instead).
  • Mubadala-controlled small float. Mubadala’s 81% holding compresses the public free float to approximately 9-10% of outstanding shares (~50M) — far below typical large-cap liquidity. This drives elevated short-interest-as-%-of-float readings and structurally illiquid options at most strikes.
  • Modest debt and credit profile. GFS has $1.2B total debt (down from $1.8B FY24 after Term Loan A paydown) and $1.0B undrawn revolver — but no public senior notes outstanding. There is therefore no credit spread to triangulate; the credit profile is bank-syndicated (Bank of America, JPM, Morgan Stanley, Citi, Deutsche Bank, Credit Suisse Cayman, HSBC, First Abu Dhabi Bank).
  • First buyback authorization in company history (Feb 2026). $500M / 12-month authorization is the first formal capital-return-to-shareholders mechanism, layered against the March 2026 F-3ASR shelf registration that opens Mubadala selldown optionality.

Snapshot — current state of the trading book

MetricValueAs of
Last close$59.49 ✓2026-04-28
52-week range$31.51 – $65.05 ✓trailing 52w
All-time high / low$78.94 (2022-03-25) / $30.37 (2025-04-08) ✓per price_history.json
Market cap~$33.1B ✓2026-04-28
Diluted shares O/S~555.8M ✓FY25 20-F Item 7
Float~83M ✓per STOCK_PRICE_DATA.json
Mubadala stake81.0% (450,387,613 sh) ✓FY25 20-F Item 7
FMR LLC (Fidelity)10.0% ✓Schedule 13G/A No. 3, 2026-02-05
Public free float (excl. Mubadala + FMR)~9-10% (~50M sh)computed
Beta (5-yr levered)1.50 ◐aggregator
20-day avg volume~3.5M ✓STOCK_PRICE_DATA.json
Short interest (latest)12,358,219 sh / 14.89% of float / 4.93 days-to-cover ✓FINRA, 2026-04-15
Insider stake<1% (officer + director group) ✓FY25 20-F
First buyback authorization$500M / 12 monthsFeb 2026, FY25 20-F

What’s here

  • stock price history — Long-term price tape from Oct 2021 IPO. IPO at $47/sh → 2022 peak $78.94 → 2025 trough $30.37 → current $59.49. 52w range $31.51–$65.05.
  • short interest history — Bi-weekly FINRA short-interest history Apr 2025 to Apr 2026 (25 settlements). Peaked at 17.26M shares (~20.8% of float) on 2026-03-31 — the highest reading in the period — and currently sitting at 14.89%.
  • insider history — Detailed Form 4 ledger covering 12 filings 2026-03-20 to 2026-04-27. Predominantly small-volume officer sales (Azar, Hogan, Vicari) plus one director sale (Dorchak). Net direction: mildly negative but immaterial in dollar terms.
  • institutional holders — Schedule 13G/A filings covering Mubadala (81%, principal shareholder per Item 7) and FMR LLC (10%). Q1 2026 13F filing window opens 2026-05-15.
  • share count dilution — Quarter-by-quarter share count: ~525M (IPO Oct 2021) → ~555.8M (FY25 YE). Modest +6% over 4.5 years; SBC 3.0% of revenue.
  • options chain — CBOE-sourced options snapshot (refreshed 2026-04-29). 6 expirations through Jan 2028. Structurally bullish: P/C OI ratio 0.44, P/C volume ratio 1.92. Front-month max-pain $55.
  • darkpool offexchange — Off-exchange share routing summary; FINRA ATS data analysis.
  • credit market positioning — No public senior notes; bank-syndicated revolver + term loans. Term Loan A paid down in FY25 ($586M). No S&P / Moody’s / Fitch rating.

Reading order

Discipline reminder

GFS market-data files use primary FINRA short-interest data (not aggregator), CBOE options data (not Yahoo, which has been blocked at the API level), and Form 4 XML parsing (per companies/gfs/data/insider_history.json). Where data is aggregator-only, it is flagged ◐. The Mubadala 81.0% stake is anchored to FY25 20-F Item 7 (450,387,613 of 555.8M outstanding) — definitive, not estimated.

Key cross-references