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Sabesp (SBS) USD

SABESP is a Brazilian state-owned utility that provides treated water supply and sewage collection and treatment services to municipalities in the state of São Paulo.

At a glance: strengths & risks
✓Revenue growing (+25% y/y, Q2 2026)✗Profit falling (-25% y/y, Q2 2026)✗Margins compressing (43%→38%, Q2 2026)

Sector: Water utility

BR_SBS

Price chart

4.54 USDDay -2.16%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
4.54 USD · -2.16%
Market cap
15.5 bn USD

Growth

Δ revenue y/y
25.0%
Δ EBITDA y/y
10.3%

Multiples

P/E (LTM)
10.2x
3y avg: 10.4x
P/B (FY)
2.0x
P/E (ann.)
13.5x
EV/EBITDA (LTM)
7.5x
3y avg: 6.6x
EV/EBITDA (ann.)
7.2x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
-6.3%

Liquidity

Daily turnover (listing)
55 mln USD

Shares: yahoo_fundamentals_timeseries/SBS

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL2010.4
y/y 25.0%
623.8
y/y 3.9%
145.4
y/y 49.2%
769.1
y/y 10.3%
288.4
y/y -24.7%
662.9-684.423553.4
y/y 48.0%
8922.7
y/y 23.0%
13.1%6738.1Link
2026-03-31Q1 2026 (3M)PARTIAL1986.0
y/y 32.5%
674.4
y/y 33.3%
139.0
y/y 33.9%
813.4
y/y 33.4%
348.6
y/y 32.2%
151.8-1007.823262.3
y/y 52.6%
8734.2
y/y 27.8%
16.9%6469.5Link
2025-12-31Q4 2025 (3M)PARTIAL2059.2
y/y 62.3%
707.8
y/y 146.5%
99.8
y/y 18.5%
807.6
y/y 117.5%
490.4
y/y 111.1%
165.6-744.719028.3
y/y 45.2%
7742.8
y/y 29.5%
19.7%5071.3Link
2025-09-30Q3 2025 (3M)PARTIAL1751.2
y/y -32.7%
470.8
y/y -72.5%
99.4
y/y -3.4%
570.2
y/y -68.6%
401.1
y/y -62.2%
589.6-703.017834.9
y/y 35.0%
7935.8
y/y 20.6%
21.1%4324.9Link
2025-06-30Q2 2025 (3M)PARTIAL1607.9
y/y 33.7%
600.2
y/y 51.9%
97.5
y/y -30.7%
697.6
y/y 30.2%
383.1
y/y 77.7%
570.5-776.415912.7
y/y 38.0%
7254.0
y/y 28.0%
21.8%4189.5Link
2025-03-31Q1 2025 (3M)PARTIAL1499.3
y/y 16.9%
506.0
y/y 55.8%
103.8
y/y -31.3%
609.9
y/y 28.1%
263.7
y/y 63.9%
195.8-275.815247.5
y/y 19.9%
6832.4
y/y 14.0%
16.5%3470.1Link
2024-12-31Q4 2024 (3M)PARTIAL1268.9
y/y -15.5%
287.1
y/y -36.1%
84.3
y/y -45.6%
371.3
y/y -38.5%
232.3
y/y -5.3%
431.3-336.913105.7
y/y 3.2%
5977.4
y/y -3.1%
24.7%3217.3Link
2024-09-30Q3 2024 (3M)PARTIAL2602.6
y/y 103.5%
1315.8
y/y 405.2%
102.9
y/y —
1278.0
y/y —
845.1
y/y 532.4%
272.5-525.513212.6
y/y 12.9%
6578.8
y/y 12.2%
69.3%3503.5Link
2024-06-30Q2 2024 (3M)PARTIAL1202.9
y/y —
395.0
y/y —
140.7
y/y —
535.7
y/y —
215.5
y/y —
315.9-90.411527.0
y/y —
5666.8
y/y —
14.8%2962.6Link
2024-03-31Q1 2024 (3M)PARTIAL1282.0
y/y —
324.8
y/y —
151.2
y/y —
476.0
y/y —
160.9
y/y —
273.1-114.812711.7
y/y —
5995.8
y/y —
10.6%3094.1Link
2023-12-31Q4 2023 (3M)PARTIAL1501.5
y/y —
449.3
y/y —
154.8
y/y —
604.1
y/y —
245.2
y/y —
353.2-349.812703.4
y/y —
6170.2
y/y —
12.1%3362.5Link
2023-09-30Q3 2023 (3M)OK1278.9
y/y —
338.6
y/y —
—
y/y —
—
y/y —
167.7
y/y —
——11703.0
y/y —
5864.7
y/y —
—3176.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow after capex (OCF − capex) ($ mln)

-1 000-750-500-25002502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.27x of reported net profit; after capex, 0.07x.
year20212022202320242025
cash flow / profit1.70x1.27x1.38x0.77x0.99x
accruals, % of assets-3.0%-1.5%-2.2%2.7%0.1%
Last twelve months (to 2026-06-30): 1.03x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · capex 5.2x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +19% vs +11% the year before — a +8.2 pp move. 3-year CAGR +18%.
revenue growth by year: 2023 +24% · 2024 +11% · 2025 +19%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: utilities (Brazil). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
CPFL EnergiaBrazil8.95.3x
CemigBrazil5.25.6x
Equatorial EnergiaBrazil7.58.7x
EnergisaBrazil20.515.8x
WEGBrazil37.321.6x
Group median8.7x
Group average11.4x
This companyBrazil15.57.5x

Group median 8.7x; this company 7.5x — a 13% discount.

Group average 11.4x; against the average this company is at a 34% discount. The average sits 31% above the median: WEG (21.6x) skews the group.

At the adjusted group median the market cap would be +20% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-270.0318 USDEx-dividend: 0.0318 USD per sharePaidYahoo Finance (ex-div)
2025-05-020.1314 USDEx-dividend: 0.1314 USD per sharePaidYahoo Finance (ex-div)
2024-04-260.0562 USDEx-dividend: 0.0562 USD per sharePaidYahoo Finance (ex-div)
2023-05-020.0506 USDEx-dividend: 0.0506 USD per sharePaidYahoo Finance (ex-div)
2022-04-290.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ri.sabesp.com.br/en/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Sabesp (SBS) — from primary filings.

Frequently asked questions

What is Sabesp (SBS)'s P/E ratio?
Sabesp (SBS) trades at a P/E of 10.2x (price to trailing 12-month earnings).
What is Sabesp (SBS)'s EV/EBITDA?
Sabesp (SBS) trades at 7.5x EV/EBITDA.
What is Sabesp (SBS)'s P/B ratio?
Sabesp (SBS) trades at a P/B of 2.0x.
What is Sabesp (SBS)'s dividend yield?
Sabesp (SBS)'s trailing 12-month dividend yield is 0.7%.
What is Sabesp (SBS)'s return on equity (ROE)?
Sabesp (SBS)'s ROE is 13.1%.
What is Sabesp (SBS)'s market capitalization?
Sabesp (SBS)'s market cap is 15.5 bn USD.

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