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Gerdau S.A.

GGB Basic Materials Steel

Gerdau S.A.’s revenue for fiscal 2025 (year ended December 2025) was $12.5 billion, up 0.68% from fiscal 2024.

Revenue
+14.3%
EPS
+87.5%
Free cash flow
+172.0%
Total debt
−4.72%

Quarter to June 2026, against a year earlier

4.41 0.19 −4.13%
Market cap
$5.5B
P/E
19.2×
Fwd P/E
—
Dividend yield
3.41%
F-score
5/9
Altman Z
2.56
Beneish M
−2.86
Dividend safety
16/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.78
Sold, $m 5.86
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell — — — 1 10 7 3 — 2 2 — —
Insider Ownership 36.94%

Capital & Financial Ratios $m

Size
Market Cap 5,470.00
Revenue ttm 13,163.30
Net income ttm 458.38
Free cash flow ttm 650.56
Net debt Q 1,714.65
Valuation
P/E 19.17
Forward P/E —
Price / sales 0.66
Forward P/S Powerpack
Price / FCF 13.33
Price / book 0.82
Financial health
Current ratio Q 2.87 (at or above 1.5: strong)
Debt / equity Q 0.26 (at or below 0.5: strong)
Interest coverage Q 5.15
Growth
Revenue growth Q +14.33% (above 0%: growing)
Operating income growth Q +76.06% (above 0%: growing)
EPS, this year +314.90% (at or above 15%: strong)
EPS, next year A +13.08%
Revenue, next year A —
EPS, past 5 yrs −10.95% (below 0%: weak)
EPS, next 5 yrs A +64.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 0.8×; over the ten years it ranged from 0.5× in 2022 to 1.3× in 2021.
P/E against its own 10 years 76.18%
10-year low 10-year high
P/S against its own 10 years 75.36%
10-year low 10-year high
P/B against its own 10 years 43.97%
10-year low 10-year high
EV/Sales against its own 10 years 56.73%
10-year low 10-year high
EV/FCF against its own 10 years 74.76%
10-year low 10-year high

Dividends

Yield
3.41%
Annual rate
0.15
Payout ratio
65.4%
Growth, 2018–26
+6.19%/yr
  1. 0.06 ’18
  2. 0.06 ’19 −9
  3. 0.05 ’20 −17
  4. 0.21 ’21 +363
  5. 0.24 ’22 +10
  6. 0.19 ’23 −21
  7. 0.14 ’24 −24
  8. 0.11 ’25 −21
  9. 0.10 ’26 −12
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,070 1,535 1,142 1,077
Receivables 1,377 1,343 1,215 1,439
Inventory 3,050 3,060 2,638 3,186
Other 351 119 128 124
5,848 6,057 5,123 5,826
2023 2024 2025 Q'26
Payables 1,182 1,060 897 1,223
ST’ Debt 3 7 8 8
Other 271 425 348 323
2,260 2,012 1,771 2,030

Compound Annual Growth %

10y 5y 3y
Sales (0.61%) 8.04% (7.80%)
Cash Flow (4.15%) 2.85% (12.83%)
Earnings 0.00% (11.55%) (51.76%)
Book Value (0.13%) 9.83% 2.42%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.18 Actual 0.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.11 0.07 Miss by 0.04
Mar 2026 0.15 0.10 Miss by 0.05
Jun 2026 0.15 0.15 Met by 0.00
Sep 2026 0.18 0.15 Miss by 0.03
Dec 2026 0.11 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.10 0.15 — — —
’25 0.06 0.08 0.10 (0.12) 0.12
’24 0.20 0.08 0.12 0.03 0.40
’23 0.29 0.20 0.15 0.06 0.71
’22 0.26 0.40 0.27 0.12 1.05
’21 0.21 0.34 0.49 0.29 1.33
’20 0.02 0.02 0.07 0.09 0.21
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,174 3,537 — — —
’25 2,966 3,093 3,302 3,151 12,512
’24 3,273 3,184 3,133 2,837 12,427
’23 3,633 3,690 3,495 2,987 13,804
’22 3,891 4,667 4,035 3,370 15,963
’21 2,991 3,612 4,080 3,835 14,517
’20 2,085 1,631 2,275 2,510 8,500
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 287 316 — — —
’25 154 184 551 542 1,431
’24 168 362 1,019 560 2,110
’23 378 668 495 690 2,231
’22 444 811 543 361 2,160
’21 287 113 499 1,421 2,319
’20 262 (15) 462 534 1,243
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 59 89 — — —
’25 (163) (124) 208 295 216
’24 247 124 726 200 1,297
’23 190 405 178 397 1,170
’22 326 606 351 18 1,301
’21 201 (3) 337 1,208 1,743
’20 148 (47) 398 406 905
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,795 11,563 12,629 10,046 8,500 14,517 15,963 13,804 12,427 12,512 13,163 +1.7% — — — —
Gross margin, % 9.20 9.76 13.32 10.60 13.54 26.57 22.75 16.44 13.73 11.41 13.16 +2.2 pt
EBT (740) (14) 590 424 678 3,757 3,072 1,872 1,013 452 753 n/m
EBT margin, % (6.86) (0.12) 4.67 4.22 7.98 25.88 19.24 13.56 8.15 3.61 5.72 +10.5 pt
Net income (827) (106) 636 308 463 2,883 2,224 1,510 853 254 458 n/m
Per share, $
Per share, $ Revenue 5.03 5.37 5.89 4.70 3.97 6.76 7.60 6.58 5.95 6.24 6.69 +2.4%
Earnings (0.35) (0.06) 0.29 0.13 0.21 1.33 1.05 0.72 0.40 0.12 0.23 n/m
Cash flow 0.47 0.30 0.26 0.19 0.58 1.08 1.03 1.06 1.01 0.71 0.86 +4.8%
Capex (0.14) (0.05) 0.35 (0.22) (0.16) (0.27) (0.41) (0.51) (0.39) (0.61) (0.53) +17.4%
Free cash flow 0.33 0.25 0.61 (0.02) 0.42 0.81 0.62 0.56 0.62 0.11 0.33 (11.6%)
Book value 3.24 3.48 3.31 3.22 2.81 3.69 4.27 4.70 5.16 4.81 5.41 +4.5%
Shares, m 2,148 2,153 2,144 2,139 2,143 2,148 2,099 2,099 2,090 2,004 1,984 (0.8%)
Valuation, ×
Valuation, × P/E 0.00 0.00 10.15 27.24 18.20 2.91 4.09 5.65 6.94 30.75 19.17 10.6
P/S 0.53 0.58 0.51 0.83 0.94 0.58 0.57 0.61 0.48 0.59 0.66 0.6
P/B 0.82 0.90 0.90 1.21 1.32 1.06 1.01 0.85 0.56 0.77 0.82 0.9
EV/Sales 0.80 0.89 0.76 1.05 1.14 0.67 0.63 0.68 0.57 0.70 0.79 0.8
EV/FCF 12.32 19.05 7.34 36.35 10.73 5.62 7.78 7.97 5.43 40.85 15.97 15.3
Cash, $m
Cash, $m Operating cash flow 1,008 650 547 416 1,243 2,319 2,160 2,231 2,110 1,431 1,695 +4.0%
Capex (307) (112) 755 (462) (338) (576) (859) (1,061) (813) (1,215) (1,044) +16.5%
Free cash flow 702 538 1,302 (46) 905 1,743 1,301 1,170 1,297 216 651 (12.3%)
Balance, $m
Balance, $m Working capital 2,631 3,216 2,462 2,740 2,314 3,447 3,447 3,588 4,045 3,352 3,796 +2.7%
Net debt 4,249 4,091 3,162 2,233 1,757 1,420 1,053 936 1,022 1,417 1,715 (11.5%)
Shareholders’ equity 6,960 7,484 7,097 6,886 6,031 7,934 8,968 9,863 10,785 9,635 10,634 +3.7%
Returns, %
Returns, % ROA (4.47) (0.72) 4.23 2.20 3.54 22.15 15.82 10.26 5.45 1.62 2.84 +6.1 pt
ROIC (2.60) 1.92 6.75 5.53 8.09 26.03 21.45 12.12 7.35 3.79 4.96 +6.4 pt
ROE (9.84) (1.56) 8.65 4.36 7.11 41.12 26.19 15.96 8.20 2.43 4.39 +12.3 pt
People
People Employees 30,014 28,612 24,542 24,787 24,613 27,739 28,197 27,371 25,557 25,817 — (1.7%)
Revenue/emp, $m 0.36 0.40 0.51 0.41 0.35 0.52 0.57 0.50 0.49 0.48 — +3.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Gerdau S.A. vs peers in Steel (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
STLD Steel Dynamics, Inc. $31.6B 16.4× 14.2× +34.82% (above 0%: growing) +92.36% (above 0%: growing) +25.01% (above 0%: growing) 19.70% 15.46% Compare
RS Reliance, Inc. $21.1B 19.2× 16.3× +42.78% (above 0%: growing) +118.84% (above 0%: growing) −26.28% (below 0%: shrinking) 27.89% 10.59% Compare
PKX POSCO Holdings Inc. $14.7B 15.8× — +9.70% (above 0%: growing) +352.74% (above 0%: growing) −156.79% (below 0%: shrinking) 8.62% 4.25% Compare
TX Ternium S.A. $9.6B 9.1× 8.3× +17.43% (above 0%: growing) +1,773.00% (above 0%: growing) +224.47% (above 0%: growing) 22.31% 12.42% Compare
CLF Cleveland-Cliffs Inc. $6.4B — (loss-making) 216× +18.55% (above 0%: growing) n/m +124.00% (above 0%: growing) 8.29% 5.54% Compare
GGB Gerdau S.A. $5.5B 19.2× — +14.33% (above 0%: growing) +87.50% (above 0%: growing) +171.99% (above 0%: growing) 15.83% 13.05%
SIM Grupo Simec, S.A. de C.V. $4.3B 20.7× 28.5× +17.46% (above 0%: growing) +38.87% (above 0%: growing) +96.72% (above 0%: growing) 24.99% 15.91% Compare
WS Worthington Steel, Inc. $1.8B — (loss-making) 8.7× +212.36% (above 0%: growing) n/m −42.57% (below 0%: shrinking) 9.58% 2.05% Compare
SID National Steel Company $1.0B — (loss-making) 199× +18.55% (above 0%: growing) n/m +8.38% (above 0%: growing) 25.92% 5.54% Compare
Median of peers $8.0B 16.4× 16.3× +18.55% +118.84% +16.70% 21.01% 8.07%

All 19 Steel stocks →

Gerdau S.A. (GGB) Latest News

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GGB metrics, ten years each

stockrow.com/GGB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com