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National Steel Company

National Steel Company’s revenue for fiscal 2025 (year ended December 2025) was $8.0 billion, down 0.94% from fiscal 2024. In the quarter to June 2026, revenue grew 18.6%, EPS fell 500.0%, free cash flow grew 8.38% and total debt rose 16.0%, each against the same quarter a year earlier.

1.11 0.04 −3.48%

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Market cap: $1.5B
P/E: 0.0×
Fwd P/E: 199×
Dividend yield: 0.00%
F-score: 5/9
Altman Z: 0.69
Beneish M: −2.60
Dividend safety: 2/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 1,530.00

Revenue 8,525.16

Net Income (394.10)

Free Cash Flow (1,184.95)

Net Debt 7,733.89

Current Ratio 1.15

Debt/Equity 3.50

P/E ratio 0.00

Fwd P/E 199.00

P/S ratio 0.17

P/B ratio 0.49

Past 5Y EPS Growth —

This Y EPS Growth (40.70%)

Next Y EPS Growth 73.00%

Next Y revenue growth (64.67%)

Next 5Y EPS Growth 38.39%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 2.15%

10-year low 10-year high

P/B against its own 10 years 2.83%

10-year low 10-year high

EV/Sales against its own 10 years 36.75%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 0.00

Annual Dividend Yield 0.00%

	total	individual payouts
2024	0.09	0.14 0.09
2022	0.10	0.04 0.07 0.23
2021	0.37	0.12 0.24
2020	0.00	0.00
2019	0.23	0.16 0.07
2018	0.16	0.16

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,521	4,491	2,698	2,827
Receivables	1,004	791	676	935
Inventory	1,914	1,936	1,873	1,854
Other	186	159	186	269
	6,625	7,376	5,432	5,885

	2023	2024	2025	Q'26
Payables	2,393	1,842	1,803	1,752
ST’ Debt	1,525	1,636	1,868	1,648
Other	23	36	75	1,098
	5,011	4,657	5,028	5,135

Compound Annual Growth %

	10y	5y	3y
Sales	5.54%	6.59%	(2.26%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.55%	5.24%	(12.63%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,014	2,237	—	—	—
’25	1,862	1,887	2,165	2,109	8,023
’24	1,961	2,085	1,995	2,058	8,100
’23	2,179	2,220	2,278	2,424	9,101
’22	2,253	2,147	2,079	2,114	8,593
’21	2,180	2,906	1,961	1,831	8,878
’20	1,205	1,160	1,622	1,845	5,832

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(147)	15	—	—	—
’25	(197)	(50)	62	11	(174)
’24	(124)	556	488	684	1,604
’23	107	230	818	306	1,461
’22	(808)	(200)	591	396	396
’21	632	964	2,575	166	2,741
’20	105	174	394	1,184	1,858

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(361)	(267)	—	—	—
’25	(389)	(292)	(219)	(338)	(1,237)
’24	(283)	457	126	285	585
’23	(35)	38	569	6	578
’22	(808)	(513)	591	(254)	(254)
’21	564	964	2,212	(1)	2,210
’20	26	186	388	858	1,531

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.08)	(0.12)	—	—	—
’25	(0.08)	(0.02)	0.01	(0.15)	(0.27)
’24	(0.09)	(0.08)	(0.11)	(0.11)	(0.36)
’23	(0.13)	0.04	0.01	0.13	0.06
’22	0.17	0.06	0.03	0.03	0.32
’21	0.70	0.75	0.16	0.14	1.82
’20	(0.21)	0.05	0.17	0.52	0.60

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	0.73	1.76	1.91	2.24	1.02	3.56	2.20	2.11	1.41	1.24	Analyst estimates 2026–2028 Powerpack
	High	3.97	4.24	3.53	4.71	6.29	10.33	5.97	4.03	3.99	1.84
People
People	Employees	—	25,189	24,857	24,869	24,857	24,660	26,766	29,563	29,695	29,664
	Revenue/emp, $m	0.00	0.23	0.25	0.26	0.23	0.36	0.32	0.31	0.27	0.27
Income, $m
Income, $m	Revenue	4,917	5,802	6,284	6,446	5,832	8,878	8,593	9,101	8,100	8,023
	Gross margin, %	26.29	26.60	29.88	32.13	36.39	46.07	30.00	26.33	26.77	27.67
	EBT	(165)	163	1,491	357	954	3,446	799	207	(286)	(301)
	EBT margin, %	(3.36)	2.81	23.73	5.55	16.36	38.81	9.30	2.28	(3.53)	(3.75)
	Net income	(245)	35	1,423	569	833	2,519	420	81	(285)	(270)
	Depreciation	379	455	348	385	489	411	557	677	703	743
Per share, $
Per share, $	Revenue	3.62	4.28	4.58	4.67	4.23	6.45	6.48	6.86	6.11	6.05
	Earnings	(0.20)	0.00	0.95	0.39	0.60	1.82	0.32	0.06	(0.36)	(0.27)
	Cash flow	0.06	0.13	0.44	0.89	1.35	1.99	0.30	1.10	1.21	(0.13)
	Capex	(0.34)	(0.24)	(0.26)	(0.41)	(0.24)	(0.39)	(0.49)	(0.67)	(0.77)	(0.80)
	Free cash flow	(0.29)	(0.11)	0.18	0.49	1.11	1.61	(0.19)	0.44	0.44	(0.93)
	Book value	1.56	1.91	2.00	2.09	1.58	3.15	3.18	2.97	2.16	2.13
	Shares, m	1,357	1,357	1,373	1,380	1,380	1,376	1,327	1,326	1,326	1,326
Valuation, ×
Valuation, ×	P/E	0.00	103.50	2.15	9.16	11.23	2.54	9.28	77.80	0.00	0.00
	P/S	0.98	0.62	0.48	0.74	1.41	0.67	0.42	0.57	0.24	0.26
	P/B	2.27	1.39	1.10	1.65	3.76	1.38	0.84	1.31	0.67	0.75
	EV/Sales	2.42	1.99	1.60	1.69	2.12	0.95	1.03	1.17	0.98	1.11
	EV/FCF	(30.73)	(75.65)	41.30	16.20	12.66	2.52	(5.60)	21.10	15.60	(6.79)
Cash, $m
Cash, $m	Operating cash flow	79	179	604	1,235	1,858	2,741	396	1,461	1,604	(174)
	Capex	(468)	(332)	(361)	(562)	(327)	(531)	(649)	(883)	(1,019)	(1,063)
	Free cash flow	(389)	(153)	243	673	1,531	2,210	(254)	578	585	(1,237)
Balance, $m
Balance, $m	Working capital	1,992	379	158	280	1,680	1,933	1,576	1,615	2,720	404
	Total debt	8,727	9,243	7,887	7,087	6,843	6,024	7,926	8,985	10,552	9,479
	Net debt	7,113	7,944	7,027	6,144	4,179	2,449	5,321	5,464	6,061	6,781
	Shareholders’ equity	2,117	2,596	2,740	2,879	2,183	4,331	4,226	3,943	2,866	2,818
Returns, %
Returns, %	ROA	(1.95)	0.02	10.24	3.51	5.86	16.87	1.93	(0.37)	(2.56)	(1.92)
	ROIC	3.65	5.34	11.92	6.00	10.75	34.77	9.39	6.44	4.96	5.01
	ROE	(11.20)	0.14	52.04	16.14	29.08	69.74	7.04	(1.56)	(14.11)	(12.62)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CLF Cleveland-Cliffs Inc.	$6.9B	— (loss-making)	— (loss-making)	+5.92% (above 0%: growing)	n/m	+208.96% (above 0%: growing)	2.53%	(0.94%)	Compare
GGB Gerdau S.A.	$6.3B	21.8×	—	+14.33% (above 0%: growing)	+87.50% (above 0%: growing)	+171.99% (above 0%: growing)	15.83%	13.05%	Compare
SIM Grupo Simec, S.A. de C.V.	$4.6B	23.3×	28.5×	+29.60% (above 0%: growing)	n/m	+51.13% (above 0%: growing)	24.99%	15.91%	Compare
WS Worthington Steel, Inc.	$2.0B	— (loss-making)	14.3×	+212.36% (above 0%: growing)	n/m	−42.57% (below 0%: shrinking)	9.58%	2.05%	Compare
SID National Steel Company	$1.5B	— (loss-making)	199×	+18.55% (above 0%: growing)	n/m	+8.38% (above 0%: growing)	25.92%	5.54%
MTL Mechel PAO	$1.2B	0.8×	10.3×	+70.05% (above 0%: growing)	n/m	+467.53% (above 0%: growing)	44.33%	0.00%	Compare
NWPX NWPX Infrastructure, Inc.	$945.9M	19.3×	23.9×	+19.74% (above 0%: growing)	+80.22% (above 0%: growing)	+410.94% (above 0%: growing)	21.54%	13.26%	Compare
MTUS Metallus Inc.	$846.4M	108×	25.5×	+11.95% (above 0%: growing)	+133.33% (above 0%: growing)	−114.12% (below 0%: shrinking)	10.00%	3.46%	Compare
ASTL Algoma Steel Group Inc.	$433.2M	— (loss-making)	— (loss-making)	−54.68% (below 0%: shrinking)	n/m	+20.93% (above 0%: growing)	(39.36%)	(50.17%)	Compare
Median of peers	$1.6B	21.8×	23.9×	+17.04%	+87.50%	+111.56%	12.92%	2.75%

All 21 Steel stocks →

National Steel Company (SID) key facts

Concern: National Steel Company’s revenue for fiscal 2025 (year ended December 2025) was $8.0 billion, down 0.94% from fiscal 2024.
National Steel Company (SID) is a Steel company in the Basic Materials sector, traded in the US as an ADR.
As of October 16, 2026, SID traded at $1.11, a market capitalization of $1.5 billion.
Return on equity was −12.6% and debt-to-equity 3.50.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.69 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.