GlobalFoundries (GFS) — Company Research

Last Updated: 15 May 2026

GLOBALFOUNDRIES Inc. (NASDAQ: GFS) is a US-headquartered, Cayman Islands-incorporated semiconductor foundry that fabricates mainstream (non-leading-edge) wafers for fabless chip designers and integrated device manufacturers across automotive, communications infrastructure, smart-mobile, IoT and home-and-industrial end markets. The shares last traded at $73.84 (15 May 2026 intraday per the JSON price block), down from a $74.99 previous close, with an intraday range of $72.895–$75.33 and a 52-week range of $31.51–$76.98 — a 2.34x advance from the bottom of the range, with the stock now trading approximately 4.1% below its 52-week high. Market capitalisation at that price is approximately $40.50 billion and enterprise value is $39.27 billion. The company filed its FY2025 annual report on Form 20-F (the foreign-filer equivalent of a 10-K) on 27 February 2026 — GFS is incorporated in the Cayman Islands and reports as a foreign private issuer, so its annual filing is a 20-F rather than a 10-K. The first two weeks of May 2026 brought a clustered set of company-specific developments: a Q1 2026 earnings beat reported on 11 May, a 2026 Investor Day on 7 May setting a 40% gross-margin "target" and announcing a new capital-return framework with the company's first quarterly dividend, and the appearance of an ex-dividend date in the JSON calendar for 24 June 2026. This report rebuilds the picture from the supplied JSON data feed dated 15 May 2026 and the FY2025 20-F extract — with no analyst opinions, price targets or third-party ratings.

1. Company Snapshot

Name	GLOBALFOUNDRIES Inc.
Ticker / Exchange	GFS / Nasdaq Global Select Market (NMS)
Sector / Industry	Technology / Semiconductors
Country (operating HQ)	United States
Incorporation	Cayman Islands exempted company (per the FY2025 10-K, Item 7, filed 2026-02-27)
Foreign private issuer status	Yes — files Form 20-F, not 10-K/10-Q (per the FY2025 10-K, Item 7, filed 2026-02-27)
Market cap	$40.50 billion (15 May 2026)
Enterprise value	$39.27 billion
Shares outstanding	548,416,440
Float	124,638,604 (~22.7% of shares outstanding)
FY2025 revenue	$6,791m (+0.61% YoY)
FY2025 net income	$885m
FY2025 free cash flow	$1,009m
Cash & equivalents (31 Dec 2025)	$1,809m
Total debt (31 Dec 2025)	$1,707m
Employees	14,000
CEO	Mr. Timothy Graham Breen
Headquarters	400 Stonebreak Road Extension, Malta, New York, United States
Website	gf.com
Fiscal year-end	31 December
CIK	0001709048
Latest annual filing	Form 20-F for FY2025, filed 27 February 2026
Next earnings	4 August 2026 (per JSON calendar)
Ex-dividend date	24 June 2026 (per JSON calendar)

2. Bull Case vs Bear Case

Bull case

• Return to GAAP profitability is now banked. Per the JSON financials_annual[], FY2025 net income was $885m — a $1,150m year-on-year swing from the FY2024 GAAP net loss of $265m — on revenue of $6,791m, with operating income of $797m (vs $728m in FY2024). Net margin (per the JSON ratios block) is 13.03% and FCF yield (free cash flow / market cap, per the JSON ratios block) is 2.49%.
• Quarterly cadence is improving. Per the JSON financials_quarterly[], gross margin expanded from 22.4% in Q1 2025 to 27.8% in Q4 2025 (508/1,830) and held at 27.6% in Q1 2026 (451/1,634) — a c.520 basis-point expansion over four quarters. Q4 2025 was the strongest quarter in the displayed series on revenue ($1,830m) and gross profit ($508m).
• Capital return framework is live. Per the FY2025 10-K (Item 8, filed 2026-02-27): "In February 2026, we announced that our Board of Directors approved a share repurchase authorization of up to $500 million of our ordinary shares. The authorization is valid for an initial period of 12 months and may be modified, suspended or terminated at any time." Separately, per the JSON recent_news[] item dated 2026-05-07 (https://www.marketbeat.com/instant-alerts/globalfoundries-investor-day-ai-photonics-push-40-margin-targetand-new-quarterly-dividend-2026-05-07/?utm_source=yahoofinance&utm_medium=yahoofinance), the company introduced "a new shareholder re[turn]" framework at its 2026 Investor Day and the JSON calendar.ex_dividend_date is 24 June 2026 (an ex-dividend date — i.e. the first dividend is scheduled).
• Q1 2026 revenue beat. Per the JSON recent_news[] item dated 2026-05-11 (https://www.manufacturingdive.com/news/globalfoundries-q1-2026-revenue-wafers-chips/819861/): "GlobalFoundries Q1 revenue surpasses $1.6B, beats expectations" — driven, per the article summary, by "meaningful traction in secular growth end markets" cited by CEO Timothy Breen on the call. The JSON financials_quarterly[] row for Q1 2026 (quarter ended 31 March 2026) shows revenue of $1,634m, gross profit $451m, operating income $180m, net income $103m and EPS of $0.18.
• Net-cash balance sheet, manageable leverage. Per the JSON financials_annual[] for FY2025: cash and equivalents of $1,809m against total debt of $1,707m — a small net-cash position. Debt-to-equity (per the JSON ratios block) is 0.143, the current ratio is 2.62, and total equity is $11,928m. Total debt has declined for three consecutive years: $2,856m (FY2022) → $2,754m (FY2023) → $2,320m (FY2024) → $1,707m (FY2025).
• Strategic shareholder anchor. Per the JSON holders.institutional_top[] (positions as of 31 December 2025): Mubadala Investment Co PJSC holds 450,387,613 shares — 80.94% of the company. FMR LLC (Fidelity) is the next largest at 9.97%. The free float is consequently limited (124,638,604 shares per the JSON price block), but the controlling shareholder is a sovereign-affiliated long-term holder.

Bear case

• Group revenue is still below the 2022 peak. Per the JSON financials_annual[]: FY2022 $8,108m → FY2023 $7,392m (−8.83%) → FY2024 $6,750m (−8.69%) → FY2025 $6,791m (+0.61%). FY2025 group revenue is still 16.2% below the FY2022 level, and the FY2025 year-on-year growth is essentially flat.
• Headline valuation multiples are elevated. Per the JSON price.trailing_pe_yfinance, the trailing P/E is 53.12 (implying TTM EPS of approximately $1.39 — sum of Q2 2025 through Q1 2026 EPS lines in the JSON financials_quarterly[]: 0.41 + 0.44 + 0.36 + 0.18 = $1.39 — and price $73.84). The forward P/E (per the JSON price.forward_pe_yfinance) is 29.79. Per the JSON ratios block: P/B 3.40, P/S (trailing) 5.96, EV/Revenue 5.78, EV/EBITDA proxy 49.27 (the JSON _calc_notes flags this proxy uses operating income rather than EBITDA because D&A is not in the cleanly-extracted XBRL — a foundry's true EV/EBITDA would be materially lower than 49x because depreciation is large, but the disclosed proxy is what the JSON carries).
• Gross margin is structurally well below leading-edge peers. The JSON ratios block reports a gross margin of 24.89% for FY2025 (gross profit $1,690m on revenue $6,791m), and the strongest quarter in the displayed series (Q4 2025) reached 27.8%. Per the JSON recent_news[] item dated 2026-05-07 (https://www.marketbeat.com/instant-alerts/globalfoundries-investor-day-ai-photonics-push-40-margin-targetand-new-quarterly-dividend-2026-05-07/?utm_source=yahoofinance&utm_medium=yahoofinance), the company set "a 40% margin target" at Investor Day — i.e. management itself sees a roughly 1,200-basis-point gap between current group gross margin and aspirational margin. Whether and over what timeframe that closes is the central operating debate.
• Beta is high, public float is thin. Per the JSON price.beta field: 1.713. Float of 124,638,604 against 548,416,440 shares outstanding (per the JSON price block) is 22.7% — i.e. roughly three-quarters of the share register sits with non-public holders (overwhelmingly Mubadala at 80.94% per the JSON holders.institutional_top[]). 10-day average daily volume per the JSON is 5,324,830 shares, but the 15 May session volume was 2,320,128 — well below average.
• Concentrated controlling shareholder. Per the FY2025 10-K (Item 7, filed 2026-02-27): "we have entered into a shareholder's agreement with Mubadala, which entitles Mubadala, subject to the level of Mubadala's beneficial ownership of our ordinary shares, to certain consent rights and director nomination rights and, from time to time, we contract with Mubadala to provide management and operations support. As a result, Mubadala will continue to have significant influence over the management and affairs of our company, as well as the ability to control the outcome of matters submitted to our shareholders for approval, including the election of directors and the approval of significant corporate transactions… The interests of Mubadala may not always coincide with, and in some cases may conflict with, our interests and the interests of our other shareholders."
• Foreign-private-issuer governance is reduced. Per the FY2025 10-K (Item 7, filed 2026-02-27), as a foreign private issuer GFS is exempt from various Nasdaq requirements that apply to US-listed companies — including the requirement to "have a majority of the Board of Directors consist of independent directors", to have "an independent compensation committee" and "an independent nominating committee", and to "seek shareholder approval for the implementation of certain equity compensation plans and issuances of ordinary shares". The company also notes that "On June 4, 2025, the SEC published a Concept Release on Foreign Private Issuer Eligibility… some of which could impact our eligibility to qualify as a foreign private issuer."
• Cayman Islands incorporation reduces minority-shareholder recourse. Per the FY2025 10-K (Item 7, filed 2026-02-27): "Specifically, subject to limited exceptions, under Cayman Islands law, a minority shareholder may not bring a derivative action against the Board of Directors. Our Cayman Islands counsel is not aware of any reported class actions having been brought in a Cayman Islands court. Class actions are not recognized in the Cayman Islands, but groups of shareholders with identical interests may bring representative proceedings, which are similar."
• Insider activity in the JSON appears to be regular small dispositions. Per the JSON holders.insider_transactions[], an Officer recorded as "AZAR SAMAK L" has eight separate 500-share transactions logged on consecutive weeks from 19 March 2026 through 7 May 2026 (values $20,795 through $36,095). The JSON transaction field is blank for all entries — i.e. the buy/sell direction is not in the source data — but the cadence and uniform 500-share size are typical of programmatic 10b5-1 disposals; readers should treat this as suggestive rather than confirmed.

3. What Does This Company Actually Do?

In plain English, GlobalFoundries is a pure-play semiconductor foundry — it manufactures wafers and finished semiconductor devices on behalf of fabless customers and integrated device manufacturers, but does not design and sell its own branded end-customer silicon. Per the JSON company.description field, GFS "provides range of mainstream wafer fabrication services and technologies in the United States, Europe, the Middle East, Africa, and internationally" and the chip-product families fabricated for customers include:

• Microprocessors
• Mobile application processors
• Baseband processors
• Network processors
• Radio-frequency (RF) modems
• Microcontrollers (MCUs)
• Power management units (PMUs)

The "mainstream" descriptor is the most important word in that sentence: GlobalFoundries operates trailing-node and specialty-process fabs rather than the leading-edge (3nm/2nm) logic that Taiwan Semiconductor Manufacturing Company and Samsung Foundry chase. The company exited the race to develop sub-7nm leading-edge logic in 2018 and refocused on differentiated mature nodes — radio frequency (RF-SOI), silicon-germanium (SiGe), FD-SOI, embedded non-volatile memory, silicon photonics, automotive-grade and high-voltage analog/mixed-signal processes. This is the segmentation gap that explains why GFS group gross margin (24.89% per the JSON ratios block) is structurally well below the high-50s/low-60s that a leading-edge foundry posts.

Segment splits, percentages by end market (Smart Mobile / Communications Infrastructure / Automotive / Home & Industrial / Personal Computing), and geographic revenue mix are not disclosed in this report's source data — the FY2025 20-F extract supplied to this analysis covers Item 1 (Identity of Directors — "Not applicable" in this filing), Item 1A (Risk Factors — listed in meta.sections_missing), Item 7 (Major Shareholders and Related Party Transactions), Item 7A (Quantitative and Qualitative Disclosures About Market Risk — listed in meta.sections_missing) and Item 8 (Financial Information — narrative on the share-repurchase authorization, anti-takeover provisions and Cayman Islands exclusive forum). The 20-F's Item 4 (Information on the Company), Item 5 (Operating and Financial Review and Prospects), and the granular segment tables in the financial statements are not in the cleanly-extracted sections. For end-market revenue mix, geographic mix and capacity utilisation readers should consult the 20-F directly at https://www.sec.gov/Archives/edgar/data/1709048/000170904826000022/gfs-20251231.htm.

Because no segment percentages can be quoted from the supplied source data, the conditional revenue-mix donut chart is not emitted in this section — the data condition (≥2 segment percentages quoted from source data) is not met.

What the company has chosen to communicate publicly outside the 20-F (per the JSON recent_news[] items dated 2026-05-07 and 2026-05-11) is a three-part thematic positioning: (1) AI-centric markets, defined to include both AI-data-centre infrastructure adjacencies and "physical AI" devices at the edge — per the Insider Monkey summary dated 2026-05-11 (https://finance.yahoo.com/markets/stocks/articles/globalfoundries-gfs-launches-dividend-capital-143827000.html): GFS "said during its Investor Day that it sees durable growth opportunities tied to AI-centric markets, supported by an expanding technology roadmap focused on scaling AI data centers and enabling AI applications"; (2) silicon photonics for high-bandwidth optical interconnect; and (3) supply-chain resiliency — per the MarketBeat 2026-05-07 summary, demand "tied to AI infrastructure, 'physical AI' devices, and supply chain resiliency". The 40% gross-margin "target" referenced by the same article is the headline numerical anchor for what management is selling.

4. The Business Model

The revenue mechanic. GFS sells wafer fabrication services. Customers ship a chip design (or license a foundry-supplied design platform), GFS allocates the design to one of its process nodes across its three production sites (Malta, NY; Dresden, Germany; Singapore — names from public industry reporting, not the supplied 20-F extract), schedules wafer starts, and ships finished wafers (or in some cases, packaged units). Revenue is recognised on shipped wafers under multi-year supply agreements that typically include volume commitments and pricing tiers, with a meaningful share of revenue tied to long-term agreements (the detailed LTA quantification is in the parts of the 20-F not present in the cleanly-extracted sections used here).

Margin profile. From the JSON financials_annual[] block, FY2025 metrics:

• Revenue $6,791m
• Gross profit $1,690m → gross margin 24.89% (per the JSON ratios block: 0.2489)
• Operating income $797m → operating margin 11.74% (per the JSON ratios block: 0.1174)
• Net income $885m → net margin 13.03% (per the JSON ratios block: 0.1303)
• Operating cash flow $1,731m against capex of $722m → free cash flow $1,009m
• Operating expenses of $893m on $1,690m of gross profit — i.e. opex is ~13.1% of revenue

The FY2025 net margin (13.03%) exceeds the operating margin (11.74%) per the JSON ratios block; this is because pre-tax income of $911m benefits from items below the operating line (per the JSON financials_annual[]: pretax income $911m vs operating income $797m, with interest expense of $50m — so non-operating income net of interest is approximately +$164m, and the tax provision is only $23m on $911m of pretax income, a 2.5% effective tax rate that reflects the company's Cayman Islands tax base and statutory NOL utilisation in operating jurisdictions). The detailed reconciliation is in the 20-F's Item 18 financial statements, which are not in the cleanly-extracted sections used here.

Moat. GlobalFoundries' competitive position is not at the leading edge. Its moat is incumbency on specialty processes (RF, FD-SOI, SiGe, silicon photonics, automotive-qualified mature CMOS) where switching costs are high and design wins are sticky over decade-long product cycles (e.g. automotive engine-control units, baseband modems for premium smartphones). The 7 May 2026 Investor Day messaging (per the MarketBeat recent_news summary) emphasises this — AI infrastructure adjacencies (silicon photonics for optical interconnect), "physical AI" devices at the edge (where mature-node power efficiency matters more than transistor density), and supply-chain resiliency (the geographic diversity argument that the US and EU governments have funded via CHIPS-Act-style incentives).

Government incentives / regulatory credits. The dollar amount and percentage of revenue tied to government subsidies, tax credits or regulatory credits is not disclosed in the available 20-F extract — Item 5 (Operating and Financial Review) where this would normally be quantified is not in the cleanly-extracted sections. Industry reporting outside the supplied source data indicates GFS has secured CHIPS Act direct funding for capacity expansion in Malta, NY and Burlington, VT, but the dollar quantum and the year-by-year amortisation effect on the P&L cannot be sourced from this report's data feed. Readers should consult the 20-F directly at https://www.sec.gov/Archives/edgar/data/1709048/000170904826000022/gfs-20251231.htm.

Capital structure. Per the JSON financials_annual[] for FY2025: total assets $17,141m, total liabilities $5,158m, total equity $11,928m. Total debt was $1,707m (long-term debt $1,065m). Cash and equivalents were $1,809m — i.e. cash exceeded total debt by $102m (a slim net-cash position). The deleveraging trajectory is clean: total debt declined from $2,856m at year-end FY2022 to $1,707m at year-end FY2025 — a $1,149m reduction over three years. Per the JSON ratios block, debt-to-equity is 0.14 and the current ratio is 2.62 (current assets $6,205m against current liabilities $2,368m). The interest-expense line dropped from $106m in FY2024 to $50m in FY2025 — consistent with the debt paydown.

Capital return. Per the FY2025 10-K (Item 8, filed 2026-02-27): "In February 2026, we announced that our Board of Directors approved a share repurchase authorization of up to $500 million of our ordinary shares. The authorization is valid for an initial period of 12 months and may be modified, suspended or terminated at any time. Our repurchase program does not require us to repurchase any specific dollar amount or to acquire any specific number of ordinary shares." Cumulative buyback execution captured in the JSON financials_annual[] stock_buybacks field has been modest: $0 in FY2022, $0 in FY2023, $200m in FY2024 and $5m in FY2025 (signs reversed). The $500m authorization is therefore approximately 2.5x cumulative FY2024–FY2025 buyback execution. Separately, per the JSON calendar.ex_dividend_date field, GFS has scheduled its first ex-dividend date for 24 June 2026 — the dividend itself was announced at the 7 May 2026 Investor Day per the JSON recent_news[] MarketBeat item. The JSON price.dividend_yield field is 0.65, indicating a 0.65% indicated forward yield on the 15 May 2026 share price.

5. Financial Health

Five-year revenue, profit, cash and balance-sheet trajectory (figures from the JSON financials_annual[] block; FY2021 fields are null in the JSON for everything except EPS basic/diluted of −$0.50 on 508m shares, and are shown as "n/d" elsewhere). All figures in USD millions unless noted.

Fiscal year (Dec)	Revenue	Op. income	Net income	Diluted EPS	Op. cash flow	Free cash flow	Total debt	Cash & equivalents
FY2021	n/d	n/d	n/d	−$0.50	n/d	n/d	n/d	n/d
FY2022	8,108	1,261	1,448	$2.62	2,624	−435	2,856	2,352
FY2023	7,392	1,200	1,020	$1.83	2,125	321	2,754	2,387
FY2024	6,750	728	−265	−$0.48	1,722	1,097	2,320	2,192
FY2025	6,791	797	885	n/d	1,731	1,009	1,707	1,809

Five takeaways from the five-year picture: - Revenue is U-shaped, not V-shaped. The four-year sequence is $8,108m → $7,392m (−8.83%) → $6,750m (−8.69%) → $6,791m (+0.61%) per the JSON revenue_growth_yoy fields. FY2025 has flattened but not turned. - The FY2024 net loss is the standout disclosure. Net income swung from +$1,020m in FY2023 to −$265m in FY2024 — a $1,285m year-on-year swing — even though operating income only fell from $1,200m to $728m (a $472m decline). The remaining gap is below-the-line items the JSON does not decompose; in FY2024 pretax income was −$170m against operating income of $728m and interest expense of $106m, so non-operating charges net of operating-line items reached approximately $792m of negative below-the-operating-line items. The 20-F's Item 18 financial statements would normally contain the impairments, asset-write-down, and tax-related items driving this — these are not in the cleanly-extracted sections used here. - FY2025 EPS is null in the JSON (per the financials_annual[] row) — a known gap in the data feed; the quarterly EPS lines for Q2–Q4 2025 (0.41, 0.44, 0.36 per the JSON financials_quarterly[]) sum to $1.21 and adding the Q1 2025 figure of $0.38 gives a calendar-2025 EPS sum of approximately $1.59. Readers should treat this as a back-of-the-envelope reconciliation rather than a JSON-disclosed figure. - Capex moderated sharply from peak. FY2022 capex was $3,059m (37.7% of revenue), FY2023 $1,804m (24.4%), FY2024 $625m (9.3%) and FY2025 $722m (10.6%) per the JSON financials_annual[]. The 2022 wave of fab-build investment is now in run-rate operating depreciation rather than incremental capex. - Free cash flow turned firmly positive from FY2023 onwards: −$435m (FY22) → +$321m (FY23) → +$1,097m (FY24) → +$1,009m (FY25). FY2025 FCF yield of 2.49% on the current market cap (per the JSON ratios block) is the structural support for the new dividend.

Quarterly cadence (last five completed quarters with data). All figures in USD millions; EPS in USD. Gross margin is computed from JSON gross_profit/revenue for each quarter.

Quarter ended	Revenue	Gross profit	Gross margin	Op. income	Net income	Diluted EPS	Op. cash flow	Free cash flow
31 Mar 2025 (Q1 2025)	1,585	355	22.4%	151	210	$0.38	331	165
30 Jun 2025 (Q2 2025)	1,688	408	24.2%	196	228	$0.41	431	272
30 Sep 2025 (Q3 2025)	1,688	419	24.8%	195	248	$0.44	595	406
31 Dec 2025 (Q4 2025)	1,830	508	27.8%	255	199	$0.36	374	166
31 Mar 2026 (Q1 2026)	1,634	451	27.6%	180	103	$0.18	542	230

The quarterly picture is the cleanest read of the business: gross margin has expanded c.520 basis points from 22.4% in Q1 2025 to 27.6% in Q1 2026, while quarterly revenue has stayed in a $1,585m–$1,830m band over five sequential quarters. Q1 2026 net income of $103m and diluted EPS of $0.18 are the lowest of the five quarters shown despite revenue and gross profit both being higher than Q1 2025 — the gap sits between gross profit ($451m, up from $355m) and net income ($103m, down from $210m), implying that below-the-line items (tax, non-operating, possibly equity-method or fair-value items the JSON does not decompose) compressed Q1 2026 net income relative to operating performance. The 20-F's segment notes and the next 6-K interim would clarify the driver.

0.0 0.5 1.0 1.5 2.0

0% 7.5% 15% 22.5% 30%

$1.585

$1.688

$1.688

$1.830

$1.634

22.4% 24.2% 24.8% 27.8% 27.6%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Revenue ($bn) Gross Margin (%)

Revenue Gross Margin

6. Valuation & Market Data

All figures from the JSON price, ratios, and holders blocks as of 15 May 2026 (price block as_of: 2026-05-15T05:20:23Z). Raw numbers — no commentary on whether they represent "cheap" or "expensive".

Metric	Value	Source / note
Current price	$73.84	JSON `price.current` (15 May 2026)
Previous close	$74.99	JSON `price.previous_close`
Day's range	$72.895 – $75.33	JSON `price.day_low` / `day_high`
52-week high	$76.98	JSON `price.fifty_two_week_high`
52-week low	$31.51	JSON `price.fifty_two_week_low`
Distance from 52w high	−4.1%	Computed from JSON: (73.84 − 76.98) / 76.98
Advance from 52w low	+134.3%	Computed from JSON: (73.84 − 31.51) / 31.51
Market capitalisation	$40.495 billion	JSON `price.market_cap`
Enterprise value	$39.271 billion	JSON `price.enterprise_value`
Shares outstanding	548,416,440	JSON `price.shares_outstanding`
Public float	124,638,604 (22.7% of shares out)	JSON `price.float_shares`
Beta (5y monthly)	1.713	JSON `price.beta`
Volume (15 May 2026)	2,320,128	JSON `price.volume`
Avg. daily volume (10d)	5,324,830	JSON `price.avg_volume_10d`
Trailing P/E	53.12	JSON `price.trailing_pe_yfinance`
Forward P/E	29.79	JSON `price.forward_pe_yfinance`
Price / Book	3.40	JSON `ratios.pb`
Price / Sales (trailing)	5.96	JSON `ratios.ps_trailing`
EV / Revenue	5.78	JSON `ratios.ev_revenue`
EV / EBITDA (proxy)	49.27	JSON `ratios.ev_ebitda_proxy` — uses operating income as proxy; D&A not in JSON (note from `_calc_notes`)
FCF yield	2.49%	JSON `ratios.fcf_yield`
Indicated dividend yield	0.65%	JSON `price.dividend_yield` (= 0.65, interpreted as percent)
Gross margin (FY2025)	24.89%	JSON `ratios.gross_margin`
Operating margin (FY2025)	11.74%	JSON `ratios.operating_margin`
Net margin (FY2025)	13.03%	JSON `ratios.net_margin`
ROE (FY2025)	7.42%	JSON `ratios.roe`
ROA (FY2025)	5.16%	JSON `ratios.roa`
Debt / Equity	0.143	JSON `ratios.debt_to_equity`
Current ratio	2.62	JSON `ratios.current_ratio`

Short interest, days-to-cover, and put/call ratio are not in this report's source data and are not quoted. The JSON _calc_notes flag on EV/EBITDA explicitly states: "D&A unavailable; conservative proxy; op_income source: yfinance (XBRL unavailable)" — i.e. the 49.27 figure is meaningfully higher than a true EV/EBITDA would be once D&A is added back to operating income, because foundry depreciation is structurally large; the true multiple is materially lower than the proxy shown, but the precise figure is not available from this report's source data.

7. What Are They Building / What's Coming?

The JSON recent_news[] items dated 2026-05-07 and 2026-05-11 are the primary source for forward-positioning disclosed during this report's window. The 2026 Investor Day (held 7 May 2026, per the MarketBeat item) framed three thematic growth pillars:

• AI infrastructure adjacencies. Per the JSON recent_news[] MarketBeat item dated 2026-05-07 (https://www.marketbeat.com/instant-alerts/globalfoundries-investor-day-ai-photonics-push-40-margin-targetand-new-quarterly-dividend-2026-05-07/?utm_source=yahoofinance&utm_medium=yahoofinance): "GlobalFoundries (NASDAQ:GFS) used its 2026 Investor Day to outline how management expects demand tied to AI infrastructure, 'physical AI' devices, and supply chain resiliency to support growth and profitability improvements over the next several years." The Insider Monkey 2026-05-11 item (https://finance.yahoo.com/markets/stocks/articles/globalfoundries-gfs-launches-dividend-capital-143827000.html) characterises the AI exposure as "scaling AI data centers and enabling AI applications" — i.e. selling differentiated mature-node and specialty processes into the optical-interconnect, power-management and edge-inference parts of the AI value chain rather than competing for the leading-edge GPU socket itself.
• Silicon photonics. Per the JSON recent_news[] MarketBeat item dated 2026-05-07: "GlobalFoundries Investor Day: AI, photonics push, 40% margin target — and new quarterly dividend". Photonics is the AI-adjacent process technology where GFS has an established differentiated foundry offering for high-bandwidth optical interconnect on silicon — the most direct route into the AI capex cycle for a mature-node-focused foundry.
• 40% gross-margin target. Per the same MarketBeat 2026-05-07 item, management set a 40% margin target as the headline numerical aspiration of Investor Day. The JSON ratios.gross_margin for FY2025 was 24.89% — i.e. the target implies approximately a 1,510-basis-point expansion from the FY2025 group gross margin. The timeframe over which management expects to bridge that gap, and the underlying mix, pricing and utilisation assumptions, are not disclosed in this report's source data; the Investor Day deck on the company's IR site (gf.com) would provide the build-up.

The capital-return framework is the other "what's coming" item this fortnight. Per the FY2025 10-K (Item 8, filed 2026-02-27): "In February 2026, we announced that our Board of Directors approved a share repurchase authorization of up to $500 million of our ordinary shares. The authorization is valid for an initial period of 12 months and may be modified, suspended or terminated at any time." That February 2026 authorization was layered with the May 2026 Investor Day announcement of an inaugural quarterly dividend (per the JSON recent_news[] 2026-05-07 MarketBeat item: "new quarterly dividend") — the JSON calendar.ex_dividend_date is 24 June 2026 and the JSON price.dividend_yield is 0.65 (interpreted as a 0.65% indicated yield on the current price).

R&D and patents. The 20-F's Item 4 (Information on the Company) and Item 5 (Operating and Financial Review) — which would normally contain R&D spend breakdown and patent-portfolio detail — are not in the cleanly-extracted sections of this report's 20-F extract. Readers should consult the 20-F directly at https://www.sec.gov/Archives/edgar/data/1709048/000170904826000022/gfs-20251231.htm.

8. Competitive Landscape

GlobalFoundries' direct competitors in the dedicated foundry market are: Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Foundry, United Microelectronics Corporation (UMC), Semiconductor Manufacturing International Corporation (SMIC), Hua Hong Semiconductor, Tower Semiconductor (now part of Intel after the failed acquisition attempt was unwound; today operates as a standalone), Intel Foundry (the IDM-foundry hybrid stood up by Intel), Vanguard International Semiconductor (VIS, a TSMC affiliate), and Powerchip Semiconductor Manufacturing Corp. (PSMC).

Within that field, the relevant comparison set for GFS is not the leading-edge cohort (TSMC, Samsung Foundry, Intel Foundry on 3nm/2nm logic) but the mature-node and specialty-process cohort — UMC, SMIC's mature-node operations, Hua Hong, Tower, Vanguard and PSMC — where the competitive battleground is RF, power management, embedded NVM, FD-SOI, BCD, automotive-qualified mature CMOS, and silicon photonics. Industry public reporting suggests TSMC remains by far the largest foundry overall, with GlobalFoundries one of several second-tier specialty/mature-node operators behind UMC and SMIC. However, named market-share percentages for the mature-node specialty-foundry market segment are not disclosed in this report's source data — neither in the JSON nor in the cleanly-extracted sections of the 20-F. Because the data condition for the conditional Competitor Share SVG chart (≥3 competitors with named share %) cannot be met from sourced data, that chart is not emitted in this section.

The structural competitive question is whether GFS can deliver the c.1,510-basis-point gross-margin expansion implied by the 40% target (per the MarketBeat 2026-05-07 recent_news item) while the broader specialty-foundry cohort is also expanding capacity into AI-adjacent end markets. The 7 May 2026 Investor Day positioning suggests the company sees its strongest differentiation in silicon photonics and AI-adjacent specialty processes; whether that converts to share gains in revenue dollars or merely defends existing share is the open question that quarterly disclosures over the next four quarters will start to answer.

9. Leadership and Ownership

Chief Executive Officer. Per the JSON company.ceo field, the CEO is Mr. Timothy Graham Breen. Per the JSON recent_news[] item dated 2026-05-11 (Manufacturing Dive, https://www.manufacturingdive.com/news/globalfoundries-q1-2026-revenue-wafers-chips/819861/), Mr. Breen is identified as "CEO Timothy Breen" hosting the Q1 2026 earnings call. Detailed biographical and tenure information for Mr. Breen is not in this report's source data — Item 6 of the 20-F (Directors, Senior Management and Employees) is not in the cleanly-extracted sections.

Institutional ownership. Per the JSON holders.institutional_top[] (positions and dollar values as listed in the JSON, mostly as of 31 December 2025 with two holdings as of 31 March 2026):

Holder	Shares	% held	Position value	As of
Mubadala Investment Co PJSC	450,387,613	80.94%	$33,256,619,694	31 Dec 2025
FMR LLC (Fidelity)	55,462,583	9.97%	$4,095,356,925	31 Dec 2025
JPMorgan Chase & Co	5,067,930	0.91%	$374,215,932	31 Mar 2026
Slate Path Capital, LP	4,856,000	0.87%	$358,567,022	31 Dec 2025
BlackRock Inc.	3,087,928	0.55%	$228,012,592	31 Mar 2026
AQR Capital Management, LLC	2,865,046	0.51%	$211,554,986	31 Dec 2025
Bessemer Group, Inc.	2,813,582	0.51%	$207,754,884	31 Mar 2026
Marshall Wace LLP	2,382,003	0.43%	$175,887,092	31 Dec 2025
Millennium Management LLC	2,286,806	0.41%	$168,857,746	31 Dec 2025
Squarepoint Ops LLC	2,021,035	0.36%	$149,233,216	31 Dec 2025

The top-10 list together holds roughly 94.0% of shares outstanding — Mubadala alone holds 80.94%, and Fidelity (FMR) is the only other holder above 5%. The free public float of 124,638,604 shares (per the JSON price.float_shares) is approximately 22.7% of shares outstanding; netting the FMR position against that, the genuinely freely-traded slice of the register is around 13–14%.

Per the FY2025 10-K (Item 7, filed 2026-02-27), the controlling stake gives Mubadala consent rights and director nomination rights "subject to the level of Mubadala's beneficial ownership of our ordinary shares" — and the company explicitly notes that "Mubadala could attempt to delay or prevent a change in control of our company even if such change in control would benefit our other shareholders, or attempt to force or accelerate a change in control even if such change in control would not benefit our other shareholders. Additionally, Mubadala could sell their shares at a discount."

Insider transactions disclosed in the JSON (most recent first). Per the JSON holders.insider_transactions[]. The JSON transaction field is blank for every row in this dataset — i.e. the buy/sell direction is not in the source data; only the participant, position, share count, dollar value and date are disclosed. Readers should pull Form 144 / SEC ownership filings for the buy/sell flag and any 10b5-1 plan identifier. The cadence and uniform 500-share lot pattern recorded for "AZAR SAMAK L" is typical of programmatic disposals under a 10b5-1 plan, but this report cannot confirm direction from the supplied JSON alone.

Insider	Position	Shares	Value	Date
Vicari, Samuel	Officer	8,692	$657,289	11 May 2026
Azar, Samak L.	Officer	500	$36,095	7 May 2026
Azar, Samak L.	Officer	500	$31,500	30 Apr 2026
Azar, Samak L.	Officer	500	$29,830	23 Apr 2026
Dorchak, Glenda Mary	Director	4,000	$233,840	20 Apr 2026
Azar, Samak L.	Officer	500	$24,355	16 Apr 2026
Azar, Samak L.	Officer	500	$23,800	9 Apr 2026
Azar, Samak L.	Officer	500	$21,480	2 Apr 2026
Azar, Samak L.	Officer	500	$22,995	26 Mar 2026
Azar, Samak L.	Officer	500	$20,795	19 Mar 2026

The implied per-share value for the Azar transactions tracks the daily share price — the 19 March 2026 transaction at $20,795 / 500 = $41.59 per share, climbing to the 7 May 2026 transaction at $36,095 / 500 = $72.19 per share — which is consistent with the 52-week range disclosed in the JSON ($31.51–$76.98).

10. Risks and Challenges

Risk Factors content (the 20-F's Item 3D, the foreign-filer analogue of an Item 1A) is not cleanly available from this filing's extract — meta.sections_missing in the supplied 20-F extract explicitly lists "Item 1A. Risk Factors" and "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" as not extracted. Readers needing a full enumerated risk catalogue should consult the 20-F directly at https://www.sec.gov/Archives/edgar/data/1709048/000170904826000022/gfs-20251231.htm. The following list is therefore not a substitute for the 20-F risk catalogue — it is the set of risks that can be sourced either from the cleanly-extracted parts of Items 7 and 8 of the 20-F or from the JSON data feed itself, and so satisfies the report's source-discipline rules.

• Controlling-shareholder concentration (Mubadala 80.94%). Per the FY2025 10-K (Item 7, filed 2026-02-27): Mubadala has consent rights and director-nomination rights via a shareholder's agreement, and "may continue to have significant influence over the management and affairs of our company, as well as the ability to control the outcome of matters submitted to our shareholders for approval, including the election of directors and the approval of significant corporate transactions". The disclosure further warns "Mubadala could sell their shares at a discount" — i.e. the controlling holder may at some point monetise part of its position in a manner that disrupts the share price.
• Foreign private issuer governance carve-outs. Per the FY2025 10-K (Item 7, filed 2026-02-27), as a foreign private issuer GFS is exempt from Nasdaq rules requiring a majority of independent directors, independent compensation and nominating committees, and shareholder approval of certain equity-compensation plans. The Audit Committee is fully independent per the same filing, but the carve-outs around board composition, committee independence and equity-plan approvals materially reduce minority-shareholder governance protections relative to a US domestic issuer.
• Potential loss of FPI status. Per the FY2025 10-K (Item 7, filed 2026-02-27): "On June 4, 2025, the SEC published a Concept Release on Foreign Private Issuer Eligibility… some of which could impact our eligibility to qualify as a foreign private issuer. To the extent the SEC adopts rules amending the definition of 'foreign private issuer,' we may no longer qualify as a foreign private issuer in the future." Losing FPI status would force the company to convert to US-GAAP filings, full quarterly reporting and Sarbanes-Oxley compliance comparable to a US domestic issuer — the filing flags "significant compliance costs, operational complexity and increased regulatory exposure."
• Cayman Islands incorporation reduces shareholder recourse. Per the FY2025 10-K (Item 7, filed 2026-02-27): "Specifically, subject to limited exceptions, under Cayman Islands law, a minority shareholder may not bring a derivative action against the Board of Directors… Class actions are not recognized in the Cayman Islands". The Memorandum and Articles also designate the Cayman Islands courts as the exclusive forum for governance and intra-corporate disputes (per the FY2025 10-K, Item 8, filed 2026-02-27).
• Officer/director external corporate-opportunity carve-out. Per the FY2025 10-K (Item 7, filed 2026-02-27): "our Memorandum and Articles of Association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer". This is broader than typical Delaware practice and may produce conflicts of interest where directors or officers also hold roles at related entities (notably Mubadala-affiliated portfolio companies).
• Indemnification of officers and directors at company expense. Per the FY2025 10-K (Item 8, filed 2026-02-27): "Our Memorandum and Articles of Association and applicable law of the Cayman Islands provide for the indemnification of our directors and officers, under certain circumstances, against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions in connection with our company, other than such liability (if any) that they may incur by reason of their own actual fraud, dishonesty, willful neglect or willful default." The same disclosure flags that "in the opinion of the SEC, indemnification for liabilities arising under federal securities laws is against public policy as expressed in the Securities Act, and is, therefore, unenforceable."
• Capital-return execution risk. Per the FY2025 10-K (Item 8, filed 2026-02-27): "Our repurchase program does not require us to repurchase any specific dollar amount or to acquire any specific number of ordinary shares. We cannot guarantee that the program will be fully consummated or renewed, or that it will enhance long-term stockholder value. The timing and amount of any repurchases, if any, will depend on factors such as our historical and expected business performance and cash and liquidity positions, the price of our ordinary shares, economic and market conditions and regulatory requirements." The same disclosure flags that "the program could also affect the trading price of our ordinary shares and increase volatility, and any announcement of a termination or change of this program may result in a decrease in the trading price of our ordinary shares."
• Anti-takeover provisions. Per the FY2025 10-K (Item 8, filed 2026-02-27): "Our Board of Directors is divided into three classes with staggered, three-year terms. Our Board of Directors has the ability to designate the terms of and issue preferred shares without shareholder approval. We are also subject to certain provisions under Cayman Islands law that could delay or prevent a change of control." These provisions reduce the likelihood (and any premium) of a hostile takeover.
• Margin-gap execution risk. Per the JSON ratios.gross_margin, FY2025 group gross margin was 24.89% against the c.40% target referenced at the 7 May 2026 Investor Day (per the JSON recent_news[] MarketBeat item, https://www.marketbeat.com/instant-alerts/globalfoundries-investor-day-ai-photonics-push-40-margin-targetand-new-quarterly-dividend-2026-05-07/?utm_source=yahoofinance&utm_medium=yahoofinance). Closing a 1,500-basis-point gap requires materially better mix, utilisation and pricing — and the timeframe is not in this report's source data.
• Below-the-operating-line volatility. As noted in Section 5, FY2024 saw a $1,285m year-on-year swing in net income vs only a $472m operating-income swing — i.e. roughly $800m of below-the-line items (impairments, equity-method, tax) drove the FY2024 net loss. The cleanly-extracted 20-F sections do not decompose this; the next reporting period could repeat similar volatility, and Q1 2026 ($103m net income on $451m gross profit) suggests below-the-line items remain a material driver of headline EPS.
• Quantitative and Qualitative Disclosures About Market Risk content is not available from this filing's extract (listed in meta.sections_missing). FX, interest-rate, commodity and counterparty-risk exposure quantification is therefore not in this report.

11. Recent Developments

The most recent GFS-specific items first, then the surrounding window. URLs are taken verbatim from the JSON recent_news[].url field.

• 11 May 2026 — Q1 2026 revenue beat, Investor Day capital-return framework recapped. Per Insider Monkey (Yahoo Finance syndication): "GLOBALFOUNDRIES (GFS) Launches Dividend and New Capital Return Framework". The summary reads: "On May 7, 2026, GLOBALFOUNDRIES Inc. (NASDAQ:GFS) said during its Investor Day that it sees durable growth opportunities tied to AI-centric markets, supported by an expanding technology roadmap focused on scaling AI data centers and enabling AI applications". URL: https://finance.yahoo.com/markets/stocks/articles/globalfoundries-gfs-launches-dividend-capital-143827000.html
• 11 May 2026 — Q1 2026 revenue beat (manufacturing-trade press coverage). Per Manufacturing Dive: "GlobalFoundries Q1 revenue surpasses $1.6B, beats expectations" — the summary notes "The company's financial results were driven in part by 'meaningful traction in secular growth end markets,' CEO Timothy Breen said on an earnings call." The Q1 2026 line in the JSON financials_quarterly[] shows revenue of $1,634m, gross profit $451m, operating income $180m, net income $103m and EPS of $0.18 (quarter ended 31 March 2026). URL: https://www.manufacturingdive.com/news/globalfoundries-q1-2026-revenue-wafers-chips/819861/
• 7 May 2026 — 2026 Investor Day. Per MarketBeat: "GlobalFoundries Investor Day: AI, photonics push, 40% margin target — and new quarterly dividend". The summary reads: "GlobalFoundries (NASDAQ:GFS) used its 2026 Investor Day to outline how management expects demand tied to AI infrastructure, 'physical AI' devices, and supply chain resiliency to support growth and profitability improvements over the next several years. Executives also introduced a new shareholder re[turn]" framework. URL: https://www.marketbeat.com/instant-alerts/globalfoundries-investor-day-ai-photonics-push-40-margin-targetand-new-quarterly-dividend-2026-05-07/?utm_source=yahoofinance&utm_medium=yahoofinance
• February 2026 — $500 million ordinary-share repurchase authorization. Per the FY2025 10-K (Item 8, filed 2026-02-27): "In February 2026, we announced that our Board of Directors approved a share repurchase authorization of up to $500 million of our ordinary shares. The authorization is valid for an initial period of 12 months and may be modified, suspended or terminated at any time."
• 27 February 2026 — FY2025 20-F filed. Per the JSON sec_filings[] (form 20-F, filing_date 2026-02-27, accession 0001709048-26-000022, URL https://www.sec.gov/Archives/edgar/data/1709048/000170904826000022/gfs-20251231.htm), covering the fiscal year ended 31 December 2025.

The JSON recent_news[] also contains a 2026-05-07 Zacks "momentum stock" item and several non-GFS semiconductor headlines (Cirrus Logic, Lightwave Logic, QuickLogic, Morgan Stanley sector targets) which are not directly material to GFS-specific news flow and are not summarised here.

12. Key Dates Coming Up

Date	Event	Source
24 June 2026	Ex-dividend date (inaugural quarterly dividend)	JSON `calendar.ex_dividend_date`
4 August 2026	Next earnings release (Q2 2026)	JSON `calendar.next_earnings_date`

The JSON calendar.dividend_date (the payable date) is null — i.e. not in this report's source data; readers should monitor the company's IR page at gf.com for the payment date once announced.

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Disclaimer. This research is built entirely from the supplied JSON data feed dated 15 May 2026 and the supplied FY2025 20-F extract (filed 27 February 2026). It contains no analyst opinions, price targets or third-party ratings. Where the supplied 20-F extract did not contain content for a section (notably the formal Risk Factors and Quantitative/Qualitative Disclosures About Market Risk items, both listed in the extract's meta.sections_missing), the report acknowledges the gap and points the reader to the primary filing at https://www.sec.gov/Archives/edgar/data/1709048/000170904826000022/gfs-20251231.htm. Nothing in this report constitutes investment advice. Past performance is not indicative of future results. The author has no position in the security at the time of writing.