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Usiminas USD

At a glance: strengths & risks
✓Profit growing (×3.7 y/y, Q2 2026)✓Margins improving (7%→13%, Q2 2026)✓Net cash balance sheet✗Loss-making last FY

Sector: Steel

BR_USIM

Price chart

5 BRLDay -12.13%

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
5 BRL · -12.13%
Market cap
1.1 bn USD

Growth

Δ revenue y/y
1.6%
Δ EBITDA y/y
94.9%

Multiples

P/E (LTM)
—
P/B (FY)
0.3x
P/E (ann.)
3.4x
EV/EBITDA (LTM)
17.7x
EV/EBITDA (ann.)
1.6x

Cash return

Dividend yield
—
FCF yield (LTM)
16.3%

Liquidity

Daily turnover (listing)
159.8 mln BRL

Shares: yahoo_fundamentals_timeseries/USIM5.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)PARTIAL1207.4
y/y 1.6%
39.7
y/y 376.5%
43.1
y/y -24.0%
157.3
y/y 94.9%
-94.3
y/y 268.4%
70.5-50.26913.3
y/y -5.2%
4656.3
y/y -4.4%
7.2%-118.0Link
2026-03-31Q1 2026 (3M)PARTIAL1170.1
y/y -4.1%
74.5
y/y -4.5%
56.0
y/y 1.2%
130.5
y/y -2.1%
178.6
y/y 197.9%
73.7-52.96926.6
y/y -4.5%
4665.2
y/y -2.9%
15.9%-98.5Link
2025-12-31Q4 2025 (3M)PARTIAL1127.6
y/y 7.5%
24.5
y/y -38.3%
59.3
y/y 16.6%
83.8
y/y -7.5%
23.5
y/y 223.9%
203.9-80.66516.3
y/y 1.0%
4328.1
y/y 0.2%
-12.2%-101.1Link
2025-09-30Q3 2025 (3M)PARTIAL1227.1
y/y 3.7%
-408.5
y/y -1565.9%
60.0
y/y 12.7%
-405.3
y/y -508.6%
-673.8
y/y -2131.6%
163.2-45.86560.7
y/y -4.1%
4391.9
y/y -4.9%
-56.2%39.8Link
2025-06-30Q2 2025 (3M)PARTIAL1188.5
y/y 5.0%
-54.1
y/y —
56.7
y/y 5.3%
-52.7
y/y 64.8%
-37.1
y/y —
110.4-51.27292.0
y/y 3.5%
4869.4
y/y 3.3%
1.9%166.8Link
2025-03-31Q1 2025 (3M)PARTIAL1220.2
y/y 0.3%
78.0
y/y 204.6%
55.3
y/y -6.5%
133.4
y/y 57.3%
60.0
y/y 760.8%
-76.6-35.17249.9
y/y -5.9%
4806.9
y/y -7.4%
5.3%222.7Link
2024-12-31Q4 2024 (3M)PARTIAL1048.9
y/y -25.2%
39.6
y/y -48.6%
50.9
y/y -14.8%
90.5
y/y -33.9%
-19.0
y/y -109.4%
19.7-54.76453.9
y/y -22.2%
4319.2
y/y -21.3%
0.0%131.8Link
2024-09-30Q3 2024 (3M)PARTIAL1183.1
y/y -11.1%
26.2
y/y —
53.2
y/y 2.6%
79.5
y/y 2231.5%
49.8
y/y —
89.8-31.96843.1
y/y -14.1%
4620.3
y/y -10.6%
2.7%89.7Link
2024-06-30Q2 2024 (3M)PARTIAL1131.6
y/y -22.4%
-4.9
y/y -117.8%
53.9
y/y -3.0%
48.9
y/y -41.1%
-24.7
y/y -129.2%
73.9-37.47046.7
y/y -16.2%
4713.6
y/y -15.3%
-1.4%154.7Link
2024-03-31Q1 2024 (3M)PARTIAL1216.1
y/y -16.4%
25.6
y/y -76.4%
59.2
y/y 18.6%
84.8
y/y -46.4%
7.0
y/y -93.6%
-6.0-51.57708.5
y/y -4.4%
5190.2
y/y -2.2%
0.5%59.5Link
2023-12-31Q4 2023 (3M)PARTIAL1401.4
y/y —
77.1
y/y —
59.8
y/y —
136.9
y/y —
201.4
y/y —
182.5-137.28299.7
y/y —
5486.6
y/y —
6.4%-19.4Link
2023-09-30Q3 2023 (3M)PARTIAL1330.6
y/y —
-76.1
y/y —
51.9
y/y —
3.4
y/y —
-32.8
y/y —
326.4-173.07967.6
y/y —
5168.9
y/y —
-2.4%69.0Link
2023-06-30Q2 2023 (3M)PARTIAL1458.2
y/y —
-80.8
y/y —
55.5
y/y —
83.2
y/y —
60.8
y/y —
142.7-184.68413.3
y/y —
5568.1
y/y —
4.5%203.2Link
2023-03-31Q1 2023 (3M)PARTIAL1455.4
y/y —
108.4
y/y —
49.9
y/y —
158.3
y/y —
109.1
y/y —
273.7-115.58064.6
y/y —
5305.8
y/y —
—56.0Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

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

-150-100-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-200-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 2.79x of reported net profit; after capex, -0.41x. Loss years (2025) are left out of the ratio.
year202320242025
cash flow / profit2.79x——
accruals, % of assets-7.3%-2.5%-14.3%
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 +15% vs -27% the year before — a +41.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 -27% · 2025 +15%
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: Steel. Each peer is shown as it trades and re-priced onto this company's market (Brazil) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Tata SteelIndia22.07.9x2.7x
JSW SteelIndia32.110.2x3.5x
MMKRussia3.12.7x4.1x
Gerdauglobal9.25.6x4.7x
NLMKRussia5.63.6x5.5x
POSCO HoldingsKorea15.56.9x6.1x
Nucor Corporationglobal62.59.9x8.3x
SeverstalRussia7.26.0x9.2x
Steel Dynamicsglobal37.112.4x10.4x
RusalRussia4.710.5x16.0x
Cleveland-Cliffsglobal8.120.5x17.1x
TMK (pipe)Russia0.916.2x24.7x
Group median8.9x7.2x
Group average9.4x9.4x
This companyBrazil1.117.7x17.7x

Group median 8.9x as traded, 7.2x adjusted; this company 17.7x — a 146% premium.

Group average 9.4x as traded, 9.4x adjusted; against the average this company is at a 89% premium. The average sits 30% above the median: TMK (pipe) (24.7x) skews the group.

At the adjusted group median the market cap would be -54% 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 4.0x, 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
2024-04-260.2831 BRLEx-dividend: 0.2831 BRL per sharePaidYahoo Finance (ex-div)
2023-04-280.3288 BRLEx-dividend: 0.3288 BRL per sharePaidYahoo Finance (ex-div)
2022-04-290.6291 BRLEx-dividend: 0.6291 BRL per sharePaidYahoo Finance (ex-div)
2021-12-160.193 BRLEx-dividend: 0.193 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=14320

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 Usiminas — from primary filings.

Frequently asked questions

What is Usiminas's EV/EBITDA?
Usiminas trades at 17.7x EV/EBITDA.
What is Usiminas's P/B ratio?
Usiminas trades at a P/B of 0.3x.
What is Usiminas's return on equity (ROE)?
Usiminas's ROE is 7.2%.
What is Usiminas's market capitalization?
Usiminas's market cap is 1.1 bn USD.

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