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Sao Martinho (SMTO) USD

At a glance: strengths & risks
✗Revenue declining (-10% y/y, Q2 2026)✗Profit falling (-33% y/y, Q2 2026)✗Margins compressing (30%→25%, Q2 2026)✗High leverage (4.8x EBITDA)

Sector: Sugar and ethanol

BR_SMTO

Price chart

20 BRLDay 1.32%

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
20 BRL · 1.32%
Market cap
1.2 bn USD

Growth

Δ revenue y/y
-9.7%
Δ EBITDA y/y
-24.8%

Multiples

P/E (LTM)
9.7x
P/B (FY)
0.9x
P/E (ann.)
39.1x
EV/EBITDA (LTM)
8.3x
EV/EBITDA (ann.)
8.4x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
9.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-68.5%
↓ details

Liquidity

Daily turnover (listing)
7.7 mln BRL

Shares: yahoo_fundamentals_timeseries/SMTO3.SA

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)PARTIAL300.9
y/y -9.7%
37.2
y/y -31.7%
38.8
y/y -16.8%
75.9
y/y -24.8%
7.5
y/y -33.3%
43.2-37.44709.1
y/y 19.8%
1452.4
y/y 16.8%
2.2%1379.6Link
2025-12-31FY 2025 (12M)PARTIAL—
y/y 7.9%
—
y/y -10.8%
—
y/y 1.5%
—
y/y -6.2%
—
y/y 65.7%
——4225.4
y/y 17.0%
1332.8
y/y 26.4%
9.2%1480.4Link
2025-09-30Q3 2025 (3M)OK323.0
y/y -4.9%
68.3
y/y -5.7%
—
y/y —
—
y/y —
32.8
y/y 0.8%
——4209.8
y/y 14.4%
1295.3
y/y 13.6%
3.4%1461.4Link
2025-06-30Q2 2025 (3M)PARTIAL333.1
y/y 13.7%
54.4
y/y -16.0%
46.6
y/y 24.6%
101.0
y/y -1.2%
11.3
y/y -40.5%
104.9-19.33930.2
y/y 1.9%
1243.7
y/y 7.7%
3.9%1351.3Link
2024-12-31FY 2024 (12M)PARTIAL—
y/y -4.9%
—
y/y -33.0%
—
y/y -4.9%
—
y/y -24.6%
—
y/y -58.3%
——3612.2
y/y -10.3%
1054.8
y/y -21.2%
6.7%1306.5Link
2024-09-30Q3 2024 (3M)OK339.9
y/y 11.7%
72.4
y/y -57.4%
—
y/y —
—
y/y —
32.5
y/y -60.7%
——3680.1
y/y -3.0%
1139.8
y/y -6.7%
3.8%1326.7Link
2024-06-30Q2 2024 (3M)PARTIAL292.9
y/y 3.1%
64.8
y/y -19.6%
37.4
y/y -8.9%
102.2
y/y -16.0%
18.9
y/y -59.4%
65.1-43.93857.6
y/y -4.0%
1154.7
y/y -10.3%
6.1%1253.3Link
2023-12-31FY 2023 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——4028.3
y/y —
1339.0
y/y —
13.7%1635.8Link
2023-09-30Q3 2023 (3M)OK304.2
y/y —
89.4
y/y —
—
y/y —
—
y/y —
82.9
y/y —
——3792.5
y/y —
1222.2
y/y —
8.8%1491.7Link
2023-06-30Q2 2023 (3M)PARTIAL284.2
y/y —
80.6
y/y —
41.1
y/y —
121.6
y/y —
46.6
y/y —
96.8-95.54016.5
y/y —
1287.0
y/y —
—1415.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002023 q22023 q32024 q22024 q32025 q22025 q32026 q2

Year-over-year change

-30%-20%-10%0%10%2023 q22023 q32024 q22024 q32025 q22025 q32026 q2

Cash flow

FCF ($ mln)

0204060802023 q22023 q32024 q22024 q32025 q22025 q32026 q2

Net debt / cash ($ mln)

05001 0001 5002023 q22023 q32023 q42024 q22024 q32024 q42025 q22025 q32025 q42026 H1

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 1.69x of reported net profit; after capex, 0.87x.
year202320242025
cash flow / profit1.12x2.62x1.69x
accruals, % of assets-0.5%-3.3%-2.0%
Last twelve months (to 2025-12-31): 1.69x of profit came back as operating cash flow.
net debt / EBITDA 4.8x
● Net debt / EBITDA 4.8x at the last full year.
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 →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -68.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (76 − 101) × 4.04
-101
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 176 + 1 380) ÷ 307
8.3x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (8.3 + 7) ÷ 2
7.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -28 + 0 + 0 − 0
-28
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-101 × 7.7 + -28) ÷ 1 176
-68.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA approximated by latest FY
  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +8% vs -5% the year before — a +12.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 -5% · 2025 +8%
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).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-060.2166 BRLEx-dividend: 0.2166 BRL per sharePaidYahoo Finance (ex-div)
2025-07-310.4565 BRLEx-dividend: 0.4565 BRL per sharePaidYahoo Finance (ex-div)
2024-12-130.4517 BRLEx-dividend: 0.4517 BRL per sharePaidYahoo Finance (ex-div)
2024-07-290.4505 BRLEx-dividend: 0.4505 BRL per sharePaidYahoo Finance (ex-div)
2024-06-210.4457 BRLEx-dividend: 0.4457 BRL per sharePaidYahoo Finance (ex-div)
2023-07-310.7939 BRLEx-dividend: 0.7939 BRL per sharePaidYahoo Finance (ex-div)
2023-06-230.4475 BRLEx-dividend: 0.4475 BRL per sharePaidYahoo Finance (ex-div)
2022-12-160.4042 BRLEx-dividend: 0.4042 BRL per sharePaidYahoo Finance (ex-div)
2022-08-010.3968 BRLEx-dividend: 0.3968 BRL per sharePaidYahoo Finance (ex-div)
2022-06-240.332 BRLEx-dividend: 0.332 BRL per sharePaidYahoo Finance (ex-div)
2021-11-121.4654 BRLEx-dividend: 1.4654 BRL 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://www.rad.cvm.gov.br/ENET/frmConsultaExternaCVM.aspx?codigoCVM=20516

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 Sao Martinho (SMTO) — from primary filings.

Frequently asked questions

What is Sao Martinho (SMTO)'s P/E ratio?
Sao Martinho (SMTO) trades at a P/E of 9.7x (price to trailing 12-month earnings).
What is Sao Martinho (SMTO)'s EV/EBITDA?
Sao Martinho (SMTO) trades at 8.3x EV/EBITDA.
What is Sao Martinho (SMTO)'s P/B ratio?
Sao Martinho (SMTO) trades at a P/B of 0.9x.
What is Sao Martinho (SMTO)'s dividend yield?
Sao Martinho (SMTO)'s trailing 12-month dividend yield is 1.1%.
What is Sao Martinho (SMTO)'s return on equity (ROE)?
Sao Martinho (SMTO)'s ROE is 2.2%.
What is Sao Martinho (SMTO)'s market capitalization?
Sao Martinho (SMTO)'s market cap is 1.2 bn USD.

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