GHDL is a compiler. It does not generate netlist.

Like has been said here:

Unlike some other simulators, GHDL is a compiler: it directly translates a VHDL file to machine code, using the GCC back-end and without using an intermediary language such as C or C++. Therefore, the compiled code should be faster and the analysis time should be shorter than with a compiler using an intermediary language.

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