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Gerdau (GGB) USD

Gerdau S.A. is a steel producer that manufactures products such as rebars, bars, wires, plates, and structural profiles for sectors including construction, automotive, and energy. It also operates iron ore mines in Brazil.

At a glance: strengths & risks
✓Revenue growing (+12% y/y, Q2 2026)✓Profit growing (+86% y/y, Q2 2026)✓Margins improving (14%→18%, Q2 2026)✗Pricier than own history (EV/EBITDA 6.5 vs avg 4.4)

Sector: Steel

Geography: Brazil, United States, Canada

COMM_GGB

Price chart

4.75 USDDay -6.86%

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
4.75 USD · -6.86%
Market cap
9.4 bn USD

Growth

Δ revenue y/y
12.0%
Δ EBITDA y/y
47.5%

Multiples

P/E (LTM)
36.8x
3y avg: 13.6x
P/B (FY)
1.0x
P/E (ann.)
8.1x
EV/EBITDA (LTM)
6.5x
3y avg: 4.4x
EV/EBITDA (ann.)
4.3x

Cash return

Dividend yield
2.1%
FCF yield (LTM)
2.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-93.1%
↓ details

Liquidity

Daily turnover (listing)
187.5 mln USD

Shares: yahoo_fundamentals_timeseries/GGB

Financial results

Monetary columns are in B 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)PARTIAL3.5
y/y 12.0%
0.5
y/y 72.4%
0.2
y/y 7.9%
0.6
y/y 47.5%
0.1
y/y 86.2%
0.3-0.216.1
y/y 3.6%
10.6
y/y 7.0%
10.9%1.6Evidence
2026-03-31Q1 2026 (3M)PARTIAL3.3
y/y 7.8%
0.4
y/y 48.2%
0.2
y/y 15.7%
0.5
y/y 35.6%
0.2
y/y 49.8%
0.3-0.216.2
y/y 6.1%
10.6
y/y 5.5%
8.0%1.6Evidence
2025-12-31Q4 2025 (3M)PARTIAL3.1
y/y 13.8%
-0.1
y/y -189.8%
0.2
y/y 26.7%
0.0
y/y -91.1%
-0.2
y/y -551.9%
0.6-0.314.6
y/y -9.3%
9.6
y/y -10.9%
2.6%1.4Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL3.3
y/y 10.8%
0.3
y/y -16.3%
0.2
y/y 26.1%
0.5
y/y -4.7%
0.2
y/y -14.0%
0.5-0.316.2
y/y 14.1%
10.2
y/y 5.6%
2.7%1.6Evidence
2025-06-30Q2 2025 (3M)PARTIAL3.1
y/y 6.2%
0.3
y/y -7.7%
0.2
y/y 22.2%
0.4
y/y 1.9%
0.2
y/y 0.4%
0.2-0.315.6
y/y 6.1%
9.9
y/y 0.2%
6.2%1.6Evidence
2025-03-31Q1 2025 (3M)PARTIAL3.1
y/y -2.4%
0.2
y/y -54.2%
0.2
y/y 9.6%
0.4
y/y -40.8%
0.1
y/y -66.4%
0.2-0.315.2
y/y 1.2%
10.0
y/y -1.8%
5.2%1.4Evidence
2024-12-31Q4 2024 (3M)PARTIAL2.7
y/y -10.5%
0.2
y/y -12.7%
0.1
y/y -17.5%
0.3
y/y -15.0%
0.1
y/y -56.9%
0.5-0.316.1
y/y 7.4%
10.7
y/y 9.4%
8.4%0.9Yahoo Finance
2024-09-30Q3 2024 (3M)PARTIAL3.0
y/y -10.8%
0.4
y/y -22.1%
0.1
y/y -11.6%
0.5
y/y -19.5%
0.2
y/y -25.4%
1.0-0.314.2
y/y -6.2%
9.6
y/y -4.3%
3.2%0.6Evidence
2024-06-30Q2 2024 (3M)PARTIAL3.0
y/y -23.4%
0.3
y/y -52.7%
0.1
y/y -13.7%
0.4
y/y -44.7%
0.2
y/y -65.9%
0.3-0.214.7
y/y -6.0%
9.9
y/y -5.2%
6.2%1.1Evidence
2024-03-31Q1 2024 (3M)PARTIAL3.2
y/y -16.3%
0.5
y/y -37.5%
0.1
y/y -1.1%
0.7
y/y -32.3%
0.4
y/y -37.8%
0.2-0.215.0
y/y -1.0%
10.2
y/y 4.0%
16.0%1.0Evidence
2023-12-31Q4 2023 (3M)PARTIAL3.0
y/y —
0.2
y/y —
0.2
y/y —
0.3
y/y —
0.1
y/y —
0.7-0.315.0
y/y —
9.8
y/y —
15.2%1.1Yahoo Finance
2023-09-30Q3 2023 (3M)PARTIAL3.4
y/y —
0.5
y/y —
0.2
y/y —
0.6
y/y —
0.3
y/y —
0.5-0.315.1
y/y —
10.1
y/y —
4.1%1.1Evidence
2023-06-30Q2 2023 (3M)PARTIAL3.9
y/y —
0.6
y/y —
0.2
y/y —
0.8
y/y —
0.5
y/y —
0.7-0.315.6
y/y —
10.4
y/y —
18.0%1.4Evidence
2023-03-31Q1 2023 (3M)PARTIAL3.8
y/y —
0.9
y/y —
0.1
y/y —
1.0
y/y —
0.6
y/y —
0.4-0.215.2
y/y —
9.8
y/y —
—1.3Evidence

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

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

-20002004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 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 1.48x of reported net profit; after capex, -0.12x.
year20212022202320242025
cash flow / profit0.80x0.97x1.48x2.48x5.63x
accruals, % of assets4.1%0.4%-4.8%-7.8%-8.0%
Last twelve months (to 2026-06-30): 6.75x of profit came back as operating cash flow.
net debt / EBITDA 1.1x · capex 4.1x 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 →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Crude Steel Production

Proved reserves
476 million dry metric tons
2023
Reserve life (R/P)
39.3 yrs
reserves ÷ annual output
Annual production
12.13 Mt
2025

Production, Mt

11.56202311.70202412.132025

Proved reserves

YearReserves, million dry metric tons
2023476

Production

YearProduction, Mt
202512.13
+3.6%
202411.70
+1.3%
202311.56

SEC 10-K/20-F (CIK 1073404), отчёт за 2025-12-31: добыча и запасы основного продукта. Извлечение DeepSeek с двумя проверками — каждое число найдено в тексте самой формы, повторы значений между годами сняты. Обновляется scripts/extract_commodity_ops_deepseek.py.

Key-commodity price — HRC (China)

Current 3 212spot vs LTM -4%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -93.1% ▼ -1.1 pp 1d

Main driver: HRC (China) -5% vs LTM; revenue ×0.96 vs costs ×1.05; EBITDA 1 695→662; at 3.4× EV/EBITDA → -93%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
HRC (China) (rev)+85%3 212.003 363.253 591.61-5%+7%
Iron and Steel Scrap (cost)-45%580.95552.42574.63+5%+4%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue13 292
LTM EBITDA1 695
LTM cash costs (revenue − EBITDA)11 597
2 · Revenue projection
Revenue multiplier — spot×0.962 (-4%)
= Spot revenue12 784
Revenue multiplier — 3y price×1.058 (+6%)
= 3-year-price revenue14 059
3 · Costs projection
Cost multiplier — spot×1.045 (+5%)
= Spot cash costs12 121
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs12 062
4 · EBITDA projection (revenue − costs)
= Spot EBITDA662
= 3-year-price EBITDA1 998
Conservative EBITDA = min(spot, avg)662
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.4x
Target EV = EV/EBITDA × conservative EBITDA2 249
Net debt1 599
Target market cap = EV − net debt650
Current market cap9 382

Upside = target market cap ÷ current − 1 = -93.1%

Life of mine: 39 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q33 3813 680-8.1%629820-23.3%
2023 Q43 0413 536-14.0%348683-49.1%
2024 Q13 1683 479-8.9%680544+25.0%
2024 Q22 9613 274-9.6%426539-20.9%
2024 Q33 0162 791+8.1%506199+155.0%
2024 Q42 7232 854-4.6%296340-13.2%
2025 Q13 0922 777+11.3%402279+44.0%
2025 Q23 1432 744+14.6%434103+322.0%
2025 Q33 3413 007+11.1%482434+11.2%
2025 Q43 1003 031+2.3%26342-92.3%
2026 Q13 3313 130+6.4%545238+129.5%
2026 Q23 5193 278+7.4%641236+171.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +0% vs -10% the year before — a +10.4 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -14% · 2024 -10% · 2025 +0%
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).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.5x · target 75th pct (3y) 4.1x · LTM avg 6.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Steel. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Tata SteelIndia22.07.9x3.6x
JSW SteelIndia30.510.5x4.8x
MMKRussia3.32.9x6.0x
POSCO HoldingsKorea15.46.9x7.7x
NLMKRussia5.83.8x7.8x
Steel Dynamicsglobal35.712.0x12.0x
SeverstalRussia7.46.2x12.9x
Nucor Corporationglobal58.915.5x15.5x
Cleveland-Cliffsglobal7.920.2x20.2x
RusalRussia4.810.6x22.0x
UsiminasBrazil1.626.1x28.7x
TMK (pipe)Russia0.916.4x34.0x
Group median10.6x12.4x
Group average11.6x14.6x
This companyglobal10.16.5x6.5x

Group median 10.6x as traded, 12.4x adjusted; this company 6.5x — a 48% discount.

Group average 11.6x as traded, 14.6x adjusted; against the average this company is at a 56% discount.

At the adjusted group median the market cap would be +106% 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 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-26; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-210.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2026-05-150.036 USDEx-dividend: 0.036 USD per sharePaidYahoo Finance (ex-div)
2026-03-120.019 USDEx-dividend: 0.019 USD per sharePaidYahoo Finance (ex-div)
2025-08-130.022 USDEx-dividend: 0.022 USD per sharePaidYahoo Finance (ex-div)
2025-05-120.021 USDEx-dividend: 0.021 USD per sharePaidYahoo Finance (ex-div)
2025-03-070.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)
2024-11-210.049 USDEx-dividend: 0.049 USD per sharePaidYahoo Finance (ex-div)
2024-08-130.022 USDEx-dividend: 0.022 USD per sharePaidYahoo Finance (ex-div)
2024-05-170.054 USDEx-dividend: 0.054 USD per sharePaidYahoo Finance (ex-div)
2024-03-040.0167 USDEx-dividend: 0.0167 USD per sharePaidYahoo Finance (ex-div)
2023-11-200.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2023-08-210.0733 USDEx-dividend: 0.0733 USD per sharePaidYahoo Finance (ex-div)
2023-05-160.0842 USDEx-dividend: 0.0842 USD per sharePaidYahoo Finance (ex-div)
2023-03-150.0302 USDEx-dividend: 0.0302 USD per sharePaidYahoo Finance (ex-div)
2022-11-220.3302 USDEx-dividend: 0.3302 USD per sharePaidYahoo Finance (ex-div)
2022-08-160.1087 USDEx-dividend: 0.1087 USD per sharePaidYahoo Finance (ex-div)
2022-05-170.0921 USDEx-dividend: 0.0921 USD per sharePaidYahoo Finance (ex-div)
2022-03-080.0317 USDEx-dividend: 0.0317 USD per sharePaidYahoo Finance (ex-div)
2021-11-080.231 USDEx-dividend: 0.231 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).

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 Gerdau (GGB) — from primary filings.

Frequently asked questions

What is Gerdau (GGB)'s P/E ratio?
Gerdau (GGB) trades at a P/E of 36.8x (price to trailing 12-month earnings).
What is Gerdau (GGB)'s EV/EBITDA?
Gerdau (GGB) trades at 6.5x EV/EBITDA.
What is Gerdau (GGB)'s P/B ratio?
Gerdau (GGB) trades at a P/B of 1.0x.
What is Gerdau (GGB)'s dividend yield?
Gerdau (GGB)'s trailing 12-month dividend yield is 2.1%.
What is Gerdau (GGB)'s return on equity (ROE)?
Gerdau (GGB)'s ROE is 10.9%.
What is Gerdau (GGB)'s market capitalization?
Gerdau (GGB)'s market cap is 9.4 bn USD.

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