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Gerdau (GGB) USD

At a glance: strengths & risks
✓Revenue growing (+18%)✗Profit falling (-65%)✗Margins compressing (16%→11%)

Sector: Steel

Geography: Brazil, United States, Canada

COMM_GGB

Price chart

4.69 USDDay -5.44%

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
4.69 USD · -5.44%
Market cap
9.3 bn USD

Growth

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

Multiples

P/E (LTM)
35.9x
P/B (FY)
0.9x
P/E (ann.)
8.0x
EV/EBITDA (LTM)
6.4x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
0.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-91.7%
↓ details

Liquidity

Daily turnover (listing)
73 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%
0.30.016.1
y/y 3.6%
10.6
y/y 7.0%
10.9%1.6—
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%
7.9%1.6—
2025-12-31Q4 2025 (3M)PARTIAL3.2
y/y 86.6%
-0.1
y/y -906.3%
0.2
y/y 97.6%
0.0
y/y -65.4%
-0.2
y/y -400.5%
0.6-0.314.9
y/y 6.2%
9.8
y/y 4.3%
2.6%1.4—
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%1.6—
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%1.6—
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%
5.6%1.4—
2024-12-31Q4 2024 (3M)PARTIAL1.7
y/y -38.3%
0.0
y/y -92.0%
0.1
y/y 5.7%
0.1
y/y -64.7%
0.0
y/y -149.1%
0.3-0.214.1
y/y -9.2%
9.4
y/y -7.5%
7.8%0.9—
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%0.6—
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%1.1—
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%
15.8%1.0—
2023-12-31Q4 2023 (3M)PARTIAL2.8
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.1
y/y —
0.7-4.415.5
y/y —
10.2
y/y —
15.4%1.1—
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%1.1—
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%1.4—
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 —
—1.3—

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

Cash flow

FCF ($ mln)

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

Net debt / cash ($ mln)

05001 0001 5002024 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, 0.79x.
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): 2.66x of profit came back as operating cash flow.
net debt / EBITDA 1.1x · capex 2.7x 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.

Production & Reserves

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

Steel

Annual production
11 million tonnes
2024

Production, million tonnes

12.40202211.402023112024

Production

YearProduction, million tonnes
202411
−3.5%
202311.40
−8.1%
202212.40

Gerdau consolidated steel shipments (curated from company reports).

Key-commodity price — HRC (China)

Current 3 250spot vs LTM -3%

Commodity-player potential

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

Upside: -91.7% ▲ +0.7 pp 1d

Main driver: HRC (China) -3% vs LTM; revenue ×0.97 vs costs ×1.06; EBITDA 1 705→624; at 3.8× EV/EBITDA → -92%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
HRC (China) (rev)+85%3 250.003 361.763 624.98-3%+8%
Iron and Steel Scrap (cost)-45%599.44552.42571.65+9%+3%

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

1 · Reported baseline (LTM)
LTM revenue13 372
LTM EBITDA1 705
LTM cash costs (revenue − EBITDA)11 667
2 · Revenue projection
Revenue multiplier — spot×0.972 (-3%)
= Spot revenue12 994
Revenue multiplier — 3y price×1.067 (+7%)
= 3-year-price revenue14 262
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs12 371
Cost multiplier — 3y price×1.038 (+4%)
= 3-year-price cash costs12 107
4 · EBITDA projection (revenue − costs)
= Spot EBITDA624
= 3-year-price EBITDA2 155
Conservative EBITDA = min(spot, avg)624
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.8x
Target EV = EV/EBITDA × conservative EBITDA2 368
Net debt1 599
Target market cap = EV − net debt770
Current market cap9 263

Upside = target market cap ÷ current − 1 = -91.7%

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 Q42 7643 536-21.8%300683-56.1%
2024 Q13 1683 411-7.1%680535+27.2%
2024 Q22 9613 207-7.7%426528-19.3%
2024 Q33 0162 729+10.5%506194+161.4%
2024 Q41 7042 790-38.9%106332-68.1%
2025 Q13 0922 539+21.8%402249+61.7%
2025 Q23 1432 507+25.4%43481+434.4%
2025 Q33 3412 752+21.4%482384+25.6%
2025 Q43 1802 780+14.4%37300-87.8%
2026 Q13 3313 150+5.8%545240+127.7%
2026 Q23 5193 298+6.7%641238+169.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +18% vs -24% the year before — a +41.4 pp move. 3-year CAGR -7%.
revenue growth by year: 2023 -11% · 2024 -24% · 2025 +18%
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 6.3x · target 75th pct (3y) 4.2x · LTM avg 6.3x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-09-290.0571 USDEx-dividend: 0.0571 USD per sharePaidYahoo Finance (ex-div)
2021-08-170.0833 USDEx-dividend: 0.0833 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.

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.

Frequently asked questions

What is Gerdau (GGB)'s P/E ratio?
Gerdau (GGB) trades at a P/E of 35.9x (price to trailing 12-month earnings).
What is Gerdau (GGB)'s EV/EBITDA?
Gerdau (GGB) trades at 6.4x EV/EBITDA.
What is Gerdau (GGB)'s P/B ratio?
Gerdau (GGB) trades at a P/B of 0.9x.
What is Gerdau (GGB)'s dividend yield?
Gerdau (GGB)'s trailing 12-month dividend yield is 1.6%.
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 9.3 bn USD.

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