National Steel Company
SID Basic Materials Steel
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.
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National Steel Company (SID) Altman Z-score
National Steel Company's Altman Z-score for fiscal 2025 is 0.69, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.69 | (0.11) |
| FY2024 | 0.81 | (0.28) |
| FY2023 | 1.09 | (0.04) |
| FY2022 | 1.12 | (0.40) |
| FY2020 | 1.53 | 0.38 |
| FY2019 | 1.15 | (0.09) |
| FY2018 | 1.24 | 0.45 |
| FY2017 | 0.78 | (0.14) |
| FY2016 | 0.93 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | 0.00 | — | −0.00 | |
| EBIT / total assets | 0.04 | — | 0.14 | |
| Market value of equity / total liabilities | 0.14 | — | 0.08 | |
| Sales / total assets | 0.45 | — | 0.45 | |
| Altman Z-score | Distress zone | 0.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.62 | ||
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× |
| NWPX NWPX Infrastructure, Inc. compare | 4.2× |
| WS Worthington Steel, Inc. compare | 3.0× |
| GGB Gerdau S.A. compare | 2.6× |
| MTUS Metallus Inc. compare | 2.1× |
| CLF Cleveland-Cliffs Inc. compare | 1.1× |
| SID National Steel Company | 0.7× |
| ASTL Algoma Steel Group Inc. compare | −1.0× |
| 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