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Suzano USD

At a glance: strengths & risks
✓Revenue growing (+19%)✗Margins compressing (53%→44%)✗High leverage (3.2x EBITDA)

Sector: Pulp & paper

Geography: Brazil

COMM_SUZ

Price chart

7.99 USDDay -0.37%

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
7.99 USD · -0.37%
Market cap
9.9 bn USD

Growth

Δ revenue y/y
6.3%
Δ EBITDA y/y
8.5%

Multiples

P/E (LTM)
4.5x
P/B (FY)
1.2x
P/E (ann.)
2.9x
EV/EBITDA (LTM)
5.7x
EV/EBITDA (ann.)
6.4x

Cash return

Dividend yield
0.0%
FCF yield (LTM)
10.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-25.2%
↓ details

Liquidity

Daily turnover (listing)
35.5 mln USD

Shares: yahoo_fundamentals_timeseries/SUZ

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)PARTIAL2186.0
y/y 6.3%
353.8
y/y -12.0%
571.0
y/y 26.9%
924.8
y/y 8.5%
859.4
y/y -23.9%
578.1-598.433049.3
y/y 19.6%
9602.9
y/y 40.0%
39.0%13629.5—
2025-12-31Q4 2025 (3M)PARTIAL2453.0
y/y 49.0%
661.0
y/y 30.7%
577.3
y/y 75.4%
1238.3
y/y 48.3%
60.9
y/y 105.7%
1000.6-526.630666.4
y/y 14.2%
8026.0
y/y 53.0%
29.9%12725.7—
2025-09-30Q3 2025 (3M)PARTIAL2258.1
y/y 6.0%
365.9
y/y -48.7%
542.0
y/y 34.6%
908.0
y/y -18.6%
364.4
y/y -35.1%
749.6-647.230549.4
y/y 14.9%
8409.2
y/y 16.5%
6.0%12892.7—
2025-06-30Q2 2025 (3M)PARTIAL2384.7
y/y 16.4%
515.7
y/y -37.3%
512.2
y/y 33.6%
1027.8
y/y -14.7%
898.9
y/y —
778.5-574.528594.0
y/y 4.8%
7761.1
y/y 7.2%
49.2%12780.4—
2025-03-31Q1 2025 (3M)PARTIAL2055.7
y/y 11.2%
402.0
y/y -19.4%
450.1
y/y 15.2%
852.0
y/y -4.2%
1129.6
y/y 2526.9%
786.1-548.027623.6
y/y -1.4%
6856.9
y/y -21.5%
74.7%13276.1—
2024-12-31Q4 2024 (3M)PARTIAL1646.1
y/y -17.1%
505.7
y/y -25.4%
329.1
y/y 31.0%
834.8
y/y -10.1%
-1074.0
y/y -227.5%
740.7-363.226859.6
y/y -9.5%
5247.0
y/y -43.3%
-18.3%12859.6—
2024-09-30Q3 2024 (3M)PARTIAL2130.0
y/y 20.1%
713.2
y/y 113.8%
402.9
y/y 3.9%
1116.0
y/y 54.7%
1232.9
y/y —
916.1-712.826588.7
y/y -5.3%
7219.6
y/y -13.0%
10.4%12259.1—
2024-06-30Q2 2024 (3M)PARTIAL2048.5
y/y 5.6%
822.2
y/y 26.6%
383.4
y/y -2.8%
1205.6
y/y 15.5%
-714.1
y/y -162.4%
1081.5-771.027284.2
y/y -6.8%
7238.2
y/y -19.9%
-33.6%11943.6—
2024-03-31Q1 2024 (3M)PARTIAL1848.5
y/y -18.3%
498.8
y/y -42.3%
390.7
y/y 10.4%
889.5
y/y -26.9%
43.0
y/y -95.9%
596.9-829.228024.1
y/y 3.2%
8740.4
y/y 13.8%
1.9%11740.2—
2023-12-31Q4 2023 (3M)PARTIAL1985.4
y/y —
677.4
y/y —
251.3
y/y —
928.7
y/y —
842.1
y/y —
848.2—29674.4
y/y —
9260.3
y/y —
33.2%11573.4—
2023-09-30Q3 2023 (3M)PARTIAL1773.3
y/y —
333.6
y/y —
387.9
y/y —
721.5
y/y —
-144.4
y/y —
492.6-892.528064.8
y/y —
8299.0
y/y —
-2.2%11509.3—
2023-06-30Q2 2023 (3M)PARTIAL1939.2
y/y —
649.7
y/y —
394.2
y/y —
1043.9
y/y —
1075.0
y/y —
1264.1-1019.529275.8
y/y —
9040.3
y/y —
51.4%11593.2—
2023-03-31Q1 2023 (3M)PARTIAL2262.0
y/y —
863.8
y/y —
353.8
y/y —
1217.6
y/y —
1051.7
y/y —
862.0-770.927154.6
y/y —
7683.1
y/y —
—11165.0—

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

-50%-25%0%25%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-400-20002004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 00010 00015 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.29x of reported net profit; after capex, 0.20x. Loss years (2024) are left out of the ratio.
year20212022202320242025
cash flow / profit2.04x0.93x1.23x—1.35x
accruals, % of assets-7.6%1.3%-2.2%-16.7%-2.8%
Last twelve months (to 2026-03-31): 1.42x of profit came back as operating cash flow.
net debt / EBITDA 3.2x · capex 1.1x 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.

Production & Reserves

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

Annual production
12 490 240 tons
2025

Production, tons

10 215 440202310 864 630202412 490 2402025

Production

YearProduction, tons
202512 490 240
+15.0%
202410 864 630
+6.4%
202310 215 440

SEC 10-K (CIK 909327) via DeepSeek; SUZ primary-product production & reserves.

Key-commodity price — Northern bleached softwood kraft (pulp benchmark)

Current 1 217spot vs LTM -3%

Commodity-player potential

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

Upside: -25.2% ▲ +0.3 pp 1d

Main driver: Northern bleached softwood kraft (pulp benchmark) -5% vs LTM; revenue ×0.96 vs costs ×1.04; EBITDA 4 099→3 514; at 6.0× EV/EBITDA → -25%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Northern bleached softwood kraft (pulp benchmark) (rev)+85%1 216.951 278.161 340.28-5%+5%

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

1 · Reported baseline (LTM)
LTM revenue9 282
LTM EBITDA4 099
LTM cash costs (revenue − EBITDA)5 183
2 · Revenue projection
Revenue multiplier — spot×0.959 (-4%)
= Spot revenue8 904
Revenue multiplier — 3y price×1.041 (+4%)
= 3-year-price revenue9 666
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs5 390
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs5 390
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 514
= 3-year-price EBITDA4 275
Conservative EBITDA = min(spot, avg)3 514
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.0x
Target EV = EV/EBITDA × conservative EBITDA21 038
Net debt13 630
Target market cap = EV − net debt7 408
Current market cap9 905

Upside = target market cap ÷ current − 1 = -25.2%

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 Q21 9392 363-17.9%1 0441 330-21.5%
2023 Q31 7732 102-15.7%7211 090-33.8%
2023 Q41 9851 958+1.4%929935-0.6%
2024 Q11 8481 963-5.8%889926-3.9%
2024 Q22 0482 048+0.0%1 2061 032+16.8%
2024 Q32 1302 103+1.3%1 1161 101+1.4%
2024 Q41 6462 095-21.4%8351 103-24.3%
2025 Q12 0561 859+10.6%852929-8.3%
2025 Q22 3851 910+24.8%1 028918+11.9%
2025 Q32 2582 028+11.3%908904+0.4%
2025 Q42 4531 972+24.4%1 238761+62.6%
2026 Q12 1862 127+2.8%925813+13.7%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +19% vs -7% the year before — a +25.9 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 -15% · 2024 -7% · 2025 +19%
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 5.7x · target 75th pct (3y) 6.1x · LTM avg 6.5x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-040.001 USDEx-dividend: 0.001 USD per sharePaidYahoo Finance (ex-div)
2024-12-180.33 USDEx-dividend: 0.33 USD per sharePaidYahoo Finance (ex-div)
2023-12-080.237 USDEx-dividend: 0.237 USD per sharePaidYahoo Finance (ex-div)
2022-12-190.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-05-050.116 USDEx-dividend: 0.116 USD per sharePaidYahoo Finance (ex-div)
2022-01-190.137 USDEx-dividend: 0.137 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 Suzano — from primary filings.

Suzano S.A. manufactures and sells pulp and paper products, including printing and writing papers, paperboards, tissue papers, and market and fluff pulps. The company also engages in biofuel production, port terminal operations, and research into biotechnology and nanocrystalline cellulose.

Frequently asked questions

What is Suzano's P/E ratio?
Suzano trades at a P/E of 4.5x (price to trailing 12-month earnings).
What is Suzano's EV/EBITDA?
Suzano trades at 5.7x EV/EBITDA.
What is Suzano's P/B ratio?
Suzano trades at a P/B of 1.2x.
What is Suzano's return on equity (ROE)?
Suzano's ROE is 39.0%.
What is Suzano's market capitalization?
Suzano's market cap is 9.9 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map