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. In the quarter to June 2026, revenue grew 14.3%, EPS grew 87.5%, free cash flow grew 172.0% and total debt fell 4.72%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow GGB
Gerdau S.A. (GGB) Altman Z-score
Gerdau S.A.'s Altman Z-score for fiscal 2025 is 2.56, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.56 | 0.14 |
| FY2024 | 2.43 | (0.71) |
| FY2023 | 3.14 | (0.52) |
| FY2022 | 3.66 | 0.14 |
| FY2021 | 3.52 | 1.40 |
| FY2020 | 2.12 | 0.07 |
| FY2019 | 2.05 | (0.01) |
| FY2018 | 2.06 | 0.45 |
| FY2017 | 1.61 | 0.35 |
| FY2016 | 1.26 | 0.30 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.23 | — | 0.27 | |
| Retained earnings / total assets | 0.28 | — | 0.40 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 1.48 | — | 0.89 | |
| Sales / total assets | 0.86 | — | 0.86 | |
| Altman Z-score | Grey zone | 2.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.76 | ||
Z and Z″ put Gerdau S.A. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SIM Grupo Simec, S.A. de C.V. compare | 6.7× |
| RS Reliance, Inc. compare | 5.9× |
| WS Worthington Steel, Inc. compare | 3.0× |
| GGB Gerdau S.A. | 2.6× |
| TX Ternium S.A. compare | 2.4× |
| PKX POSCO Holdings Inc. compare | 2.0× |
| CLF Cleveland-Cliffs Inc. compare | 1.1× |
| SID National Steel Company compare | 0.7× |
| MTL Mechel PAO compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets