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CSN (SID) USD

At a glance: strengths & risks
✓Revenue growing (+16%)✗Loss-making last FY✗High leverage (4.2x EBITDA)

Sector: Steel & mining

Geography: Brazil

COMM_SID

Price chart

1.1 USDDay -1.79%

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
1.1 USD · -1.79%
Market cap
1.5 bn USD

Growth

Δ revenue y/y
8.9%
Δ EBITDA y/y
-14.0%

Multiples

P/E (LTM)
—
P/B (FY)
0.5x
P/E (ann.)
<0
EV/EBITDA (LTM)
5.6x
EV/EBITDA (ann.)
7.6x

Cash return

Dividend yield
—
FCF yield (LTM)
-108.8%

Liquidity

Daily turnover (listing)
4.3 mln USD

Shares: yahoo_fundamentals_timeseries/SID

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
2026-03-31Q1 2026 (3M)PARTIAL2113.4
y/y 8.9%
58.7
y/y -62.9%
230.2
y/y 29.5%
288.9
y/y -14.0%
-110.6
y/y —
-154.8-224.319756.5
y/y 11.3%
3167.8
y/y 9.5%
-14.6%7373.3—
2025-12-31Q4 2025 (3M)PARTIAL2130.3
y/y 62.2%
106.8
y/y -30.7%
198.7
y/y 90.8%
305.5
y/y 18.3%
-135.8
y/y -1020.9%
-1.3-378.018365.9
y/y 9.2%
2873.6
y/y 14.8%
-9.0%6913.7—
2025-09-30Q3 2025 (3M)PARTIAL2191.4
y/y 14.1%
320.2
y/y 136.1%
193.7
y/y 15.9%
513.9
y/y 69.7%
14.2
y/y —
117.0-266.718733.9
y/y 11.4%
3224.7
y/y 22.0%
0.6%6448.7—
2025-06-30Q2 2025 (3M)PARTIAL1917.9
y/y -1.1%
294.6
y/y 2.5%
187.7
y/y 12.3%
482.4
y/y 6.1%
-23.4
y/y —
161.2-238.818128.0
y/y 8.9%
3022.8
y/y 3.2%
-3.2%5813.1—
2025-03-31Q1 2025 (3M)PARTIAL1940.9
y/y 2.2%
157.9
y/y 38.6%
177.8
y/y 1.4%
335.7
y/y 16.1%
-130.2
y/y —
-205.3-200.517750.6
y/y -1.1%
2893.2
y/y -25.1%
-19.3%5785.6—
2024-12-31Q4 2024 (3M)PARTIAL1313.5
y/y -42.8%
154.1
y/y -60.2%
104.1
y/y -24.8%
258.2
y/y -50.9%
14.7
y/y -91.2%
517.7-269.716819.1
y/y -11.1%
2502.3
y/y -38.5%
-9.7%5291.9—
2024-09-30Q3 2024 (3M)PARTIAL1920.5
y/y -12.9%
135.6
y/y -58.5%
167.2
y/y -2.7%
302.8
y/y -39.2%
-130.3
y/y -824.2%
601.4-227.116812.3
y/y -4.0%
2643.9
y/y -33.6%
-6.2%5579.5—
2024-06-30Q2 2024 (3M)PARTIAL1939.3
y/y -16.6%
287.6
y/y 19.0%
167.1
y/y -2.8%
454.7
y/y 10.0%
-39.7
y/y -166.1%
401.6-239.316649.7
y/y -6.2%
2928.7
y/y -32.9%
-4.7%6064.5—
2024-03-31Q1 2024 (3M)PARTIAL1898.2
y/y -16.4%
113.9
y/y -2.2%
175.3
y/y 8.8%
289.2
y/y 4.2%
-93.7
y/y —
-120.4-153.217948.7
y/y 3.3%
3861.4
y/y -11.3%
-9.5%5850.6—
2023-12-31Q4 2023 (3M)PARTIAL2295.9
y/y —
387.4
y/y —
138.4
y/y —
525.8
y/y —
167.6
y/y —
326.3—18915.2
y/y —
4068.0
y/y —
2.1%5637.6—
2023-09-30Q3 2023 (3M)PARTIAL2204.7
y/y —
326.5
y/y —
171.8
y/y —
498.3
y/y —
-42.0
y/y —
786.7-236.017520.4
y/y —
3983.4
y/y —
0.6%5375.8—
2023-06-30Q2 2023 (3M)PARTIAL2326.6
y/y —
241.6
y/y —
171.9
y/y —
413.4
y/y —
225.0
y/y —
236.0-194.617755.9
y/y —
4365.5
y/y —
5.5%6031.7—
2023-03-31Q1 2023 (3M)PARTIAL2270.5
y/y —
116.4
y/y —
161.1
y/y —
277.5
y/y —
-165.0
y/y —
111.2-147.617370.6
y/y —
4351.5
y/y —
—5444.9—

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 500-1 000-50005002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

02 0004 0006 0008 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

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

Proved reserves
1 360 million tons
2025
Reserve life (R/P)
40.4 yrs
reserves ÷ annual output
Annual production
33.69 million tons
2025

Production, million tons

28.85202332.43202433.692025

Proved reserves

YearReserves, million tons
20251 360
20241 389
20231 606

Production

YearProduction, million tons
202533.69
+3.9%
202432.43
+12.4%
202328.85

SEC 10-K (CIK 1049659) via DeepSeek; SID primary-product production & reserves.

Key-commodity price — HRC (China)

Current 3 294spot vs LTM -3%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -279.3%

Main driver: HRC (China) -2% vs LTM; revenue ×0.97 vs costs ×1.04; EBITDA 1 591→1 028; at 4.6× EV/EBITDA → -279%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
HRC (China) (rev)+55%3 294.003 361.993 633.97-2%+8%
Iron Ore (rev)+35%97.80103.72110.51-6%+7%
Coking coal (Australia) (cost)-15%231.00215.46239.87+7%+11%

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

1 · Reported baseline (LTM)
LTM revenue8 353
LTM EBITDA1 591
LTM cash costs (revenue − EBITDA)6 762
2 · Revenue projection
Revenue multiplier — spot×0.969 (-3%)
= Spot revenue8 093
Revenue multiplier — 3y price×1.067 (+7%)
= 3-year-price revenue8 916
3 · Costs projection
Cost multiplier — spot×1.045 (+4%)
= Spot cash costs7 065
Cost multiplier — 3y price×1.051 (+5%)
= 3-year-price cash costs7 107
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 028
= 3-year-price EBITDA1 809
Conservative EBITDA = min(spot, avg)1 028
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.6x
Target EV = EV/EBITDA × conservative EBITDA4 710
Net debt7 373
Target market cap = EV − net debt-2 663
Current market cap1 485

Upside = target market cap ÷ current − 1 = -279.3%

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 Q22 3272 052+13.4%413325+27.4%
2023 Q32 2052 170+1.6%498312+59.9%
2023 Q42 2962 309-0.6%526385+36.6%
2024 Q11 8982 279-16.7%289384-24.6%
2024 Q21 9392 086-7.0%455329+38.4%
2024 Q31 9211 817+5.7%303217+39.4%
2024 Q41 3141 859-29.3%258265-2.5%
2025 Q11 9411 652+17.5%336229+46.7%
2025 Q21 9181 658+15.7%482213+126.2%
2025 Q32 1911 792+22.3%514338+52.0%
2025 Q42 1301 844+15.5%305360-15.2%
2026 Q12 1132 042+3.5%289321-10.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +16% vs -25% the year before — a +40.4 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 +9% · 2024 -25% · 2025 +16%
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 6.4x · target 75th pct (3y) 6.3x · LTM avg 5.8x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2024-11-290.092 USDEx-dividend: 0.092 USD per sharePaidYahoo Finance (ex-div)
2024-05-220.138 USDEx-dividend: 0.138 USD per sharePaidYahoo Finance (ex-div)
2023-11-220.152 USDEx-dividend: 0.152 USD per sharePaidYahoo Finance (ex-div)
2023-05-100.244 USDEx-dividend: 0.244 USD per sharePaidYahoo Finance (ex-div)
2023-01-050.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-12-010.225 USDEx-dividend: 0.225 USD per sharePaidYahoo Finance (ex-div)
2022-05-110.136 USDEx-dividend: 0.136 USD per sharePaidYahoo Finance (ex-div)
2022-01-070.034 USDEx-dividend: 0.034 USD per sharePaidYahoo Finance (ex-div)
2021-08-060.25 USDEx-dividend: 0.25 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 CSN (SID) — from primary filings.

Companhia Siderúrgica Nacional is an integrated steel producer that also operates in mining, logistics, energy, and cement. It produces flat and long steel products, extracts and processes iron ore, and generates renewable energy.

Frequently asked questions

What is CSN (SID)'s EV/EBITDA?
CSN (SID) trades at 5.6x EV/EBITDA.
What is CSN (SID)'s P/B ratio?
CSN (SID) trades at a P/B of 0.5x.
What is CSN (SID)'s return on equity (ROE)?
CSN (SID)'s ROE is -14.6%.
What is CSN (SID)'s market capitalization?
CSN (SID)'s market cap is 1.5 bn USD.