Saturday 17 October 2026
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Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp
SBS Utilities Utilities Regulated Water
Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 1.80% from fiscal 2024. In the quarter to June 2026, revenue grew 46.4%, EPS grew 14.5%, free cash flow fell 154.9% and total debt rose 118.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
7.25 | 9.41 | 7.33 | 12.39 | 38.48 | 12.20 | 11.35 | 14.94 | 5.80 | 7.92 |
Piotroski F-Score |
7 | 8 | 7 | 8 | 4 | 6 | 7 | 7 | 6 | 3 |
P/S ratio |
1.53 | 1.63 | 1.29 | 2.32 | 1.75 | 1.43 | 1.60 | 2.05 | 1.51 | 2.27 |
P/FCF ratio |
24.89 | 17.97 | 12.48 | 45.24 | 19.55 | 167.53 | 102.63 | 76.89 | 0.00 | 0.00 |
P/Operating CF |
26.33 | 25.35 | 21.21 | 35.31 | 24.98 | 49.99 | 24.53 | 29.35 | 19.49 | 20.78 |
Beneish M-Score |
(2.79) | (2.38) | (2.61) | (2.59) | (3.05) | (2.35) | (2.43) | (2.37) | (2.40) | (2.07) |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 41 |
P/B ratio |
1.40 | 1.36 | 1.06 | 1.93 | 1.37 | 1.12 | 1.29 | 1.76 | 1.48 | 2.14 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
2.25 | 2.30 | 1.91 | 2.93 | 2.51 | 2.18 | 2.30 | 2.69 | 2.05 | 2.84 |
EV/EBITDA |
6.92 | 6.39 | 4.69 | 7.04 | 6.83 | 6.69 | 7.13 | 7.52 | 4.08 | 5.88 |
EV/Operating CF |
10.54 | 10.18 | 8.01 | 12.57 | 8.96 | 10.86 | 12.76 | 14.16 | 10.03 | 9.86 |
EV/FCF |
36.48 | 25.37 | 18.56 | 57.11 | 27.95 | 254.72 | 147.40 | 100.63 | (102.34) | (11.84) |
Quick Ratio |
0.88 | 0.94 | 1.03 | 0.75 | 1.06 | 1.24 | 1.07 | 0.91 | 0.88 | 1.11 |
Current Ratio |
0.89 | 0.96 | 1.04 | 0.76 | 1.09 | 1.28 | 1.09 | 0.93 | 0.89 | 1.12 |
Net Debt/EBITDA |
2.20 | 1.86 | 1.54 | 1.46 | 2.05 | 2.29 | 2.17 | 1.77 | 1.09 | 1.87 |
Debt/Assets |
32.56% | 30.60% | 30.19% | 28.51% | 34.23% | 33.34% | 33.14% | 31.78% | 31.20% | 38.52% |
Debt/Equity |
0.78 | 0.69 | 0.67 | 0.61 | 0.76 | 0.71 | 0.69 | 0.65 | 0.68 | 0.95 |
Asset Turnover |
0.39 | 0.40 | 0.36 | 0.38 | 0.32 | 0.37 | 0.41 | 0.44 | 0.49 | 0.41 |
Operating CF/Net income |
1.02 | 1.31 | 1.36 | 1.25 | 5.11 | 1.70 | 1.27 | 1.38 | 0.77 | 0.99 |
Capex/Depreciation |
(1.86) | (1.52) | (1.57) | (1.84) | (1.64) | (1.66) | (1.48) | (1.48) | (3.00) | (6.22) |
Interest Coverage |
4.08 | 5.76 | 6.41 | 4.87 | 3.39 | 2.83 | 2.37 | 2.34 | 5.74 | 14.03 |
| 19.63% | 15.93% | 14.32% | 15.76% | 3.81% | 9.45% | 12.20% | 12.52% | 27.69% | 20.99% | |
| 8.11% | 6.89% | 6.38% | 7.20% | 1.75% | 4.35% | 5.78% | 6.03% | 13.00% | 9.00% | |
ROIC |
8.41% | 9.07% | 10.91% | 10.95% | 7.75% | 6.49% | 6.80% | 8.61% | 17.10% | 11.22% |
Return on Tangible Assets |
(1,669.83%) | 4,400.30% | 601.65% | (270.94%) | 120.32% | 135.54% | 323.03% | (2,351.62%) | (1,194.71%) | 292.36% |
Average Days of Receivables |
48.03 | 54.63 | 56.17 | 51.68 | 49.11 | 58.89 | 58.11 | 61.95 | 50.64 | 57.35 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
11.81% | 12.79% | 10.51% | 11.07% | 10.13% | 10.00% | 10.48% | 10.10% | 8.93% | 4.62% |
Intangible Assets out of Total Assets |
0.85 | 0.85 | 0.67 | 0.70 | 0.68 | 0.69 | 0.69 | 0.72 | 0.55 | 0.48 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(0.81) | (0.73) | (0.89) | (0.48) | (0.68) | (0.78) | (0.64) | (0.45) | (0.61) | (0.40) |
Graham Number |
2.62 | 2.81 | 2.74 | 2.92 | 1.12 | 1.89 | 2.41 | 2.77 | 4.66 | 4.52 |
Earnings Yield |
13.80% | 10.63% | 13.63% | 8.07% | 2.60% | 8.20% | 8.81% | 6.69% | 17.25% | 12.62% |
Free Cash Flow Yield |
4.02% | 5.56% | 8.02% | 2.21% | 5.12% | 0.60% | 0.97% | 1.30% | (1.33%) | (10.59%) |
Revenue per Share |
1.15 | 1.30 | 1.25 | 1.30 | 0.98 | 1.03 | 1.21 | 1.46 | 1.90 | 0.40 |
Operating CF per Share |
0.24 | 0.29 | 0.30 | 0.30 | 0.27 | 0.21 | 0.22 | 0.28 | 0.39 | 0.09 |
Capex per Share |
(0.17) | (0.18) | (0.17) | (0.24) | (0.18) | (0.20) | (0.20) | (0.24) | (0.42) | (0.14) |
Free Cash Flow per Share |
0.07 | 0.12 | 0.13 | 0.07 | 0.09 | 0.01 | 0.02 | 0.04 | (0.03) | (0.06) |
Cash per Share |
0.16 | 0.20 | 0.24 | 0.16 | 0.21 | 0.17 | 0.20 | 0.19 | 0.29 | 0.13 |
Shareholders Equity per Share |
1.26 | 1.56 | 1.52 | 1.56 | 1.26 | 1.31 | 1.50 | 1.70 | 1.95 | 0.44 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.26 | 1.56 | 1.52 | 1.56 | 1.26 | 1.31 | 1.50 | 1.70 | 1.95 | 0.44 |
Free Cash Flow |
248.80 | 415.05 | 454.10 | 234.10 | 317.41 | 30.91 | 66.52 | 143.37 | (116.08) | (963.43) |
Working Capital |
(137.29) | (61.95) | 55.71 | (394.62) | 104.90 | 261.29 | 121.51 | (125.07) | (252.77) | 358.84 |
Capital Expenditures |
(612.33) | (619.10) | (597.32) | (829.48) | (648.36) | (694.31) | (702.01) | (828.96) | (1,488.89) | (2,460.90) |
Net Current Asset Value |
(5,017.88) | (5,468.27) | (5,037.30) | (5,049.22) | (4,109.71) | (4,026.69) | (4,375.60) | (4,773.17) | (6,197.65) | (7,745.20) |
EV/EBIT |
9.23 | 8.49 | 5.95 | 9.24 | 9.93 | 10.37 | 10.90 | 10.83 | 4.79 | 6.63 |
Capex to Sales |
0.15 | 0.14 | 0.14 | 0.18 | 0.19 | 0.19 | 0.16 | 0.16 | 0.22 | 0.36 |
Price to Operating Income |
6.30 | 6.01 | 4.00 | 7.32 | 6.94 | 6.82 | 7.59 | 8.28 | 3.51 | 5.29 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
3.79 | 5.10 | 5.20 | 5.66 | 7.59 | 7.74 | 7.23 | 5.88 | 4.77 | 2.48 |
Cash ROIC |
2.96% | 4.15% | 4.64% | 2.49% | 3.73% | 0.36% | 0.69% | 1.36% | (0.93%) | (5.67%) |
Accounts Receivable Turnover |
7.65 | 7.52 | 6.46 | 6.89 | 6.22 | 6.90 | 6.77 | 6.61 | 7.45 | 6.82 |
Accounts Payable Turnover |
31.28 | 27.85 | 21.11 | 23.23 | 29.95 | 49.91 | 43.66 | 36.78 | 26.36 | 15.02 |
Inventory Turnover |
142.81 | 126.53 | 111.04 | 143.51 | 113.57 | 114.66 | 123.27 | 155.72 | 320.10 | 1,442.69 |
Average Days of Payables |
12.63 | 14.34 | 18.72 | 13.31 | 8.61 | 6.75 | 10.96 | 10.37 | 16.85 | 36.51 |
Days of Inventory on Hand |
2.35 | 3.56 | 2.64 | 2.54 | 3.42 | 3.24 | 3.16 | 1.96 | 0.24 | 0.34 |
Average Receivables |
528.20 | 608.38 | 681.07 | 661.29 | 554.93 | 523.66 | 631.44 | 774.74 | 899.55 | 1,000.85 |
Average Payables |
82.60 | 98.74 | 117.77 | 110.58 | 72.42 | 47.52 | 63.67 | 87.43 | 116.75 | 285.99 |
Average Inventory |
18.09 | 21.73 | 22.39 | 17.90 | 19.10 | 20.69 | 22.55 | 20.65 | 9.62 | 2.98 |
Average Assets |
10,412.72 | 11,460.38 | 12,152.69 | 11,845.92 | 10,776.81 | 9,816.39 | 10,466.35 | 11,696.89 | 13,661.81 | 16,836.85 |
Average Common Equity |
4,304.18 | 4,952.88 | 5,417.21 | 5,415.92 | 4,952.24 | 4,520.93 | 4,957.19 | 5,637.47 | 6,413.45 | 7,220.25 |
Columns are period end dates