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) Piotroski F-score
National Steel Company's Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 0.00 |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | 0.00 |
| FY2022 | 4 | (4.00) |
| FY2021 | 8 | 1.00 |
| FY2020 | 7 | 0.00 |
| FY2019 | 7 | 1.00 |
| FY2018 | 6 | (2.00) |
| FY2017 | 8 | 3.00 |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (1.92%) | (2.56%) | Fail | 0 |
| Positive operating cash flow | (174.30m) | 1.60b | Fail | 0 |
| Rising return on assets | (1.92%) | (2.56%) | Pass | 1 |
| Cash flow above net income | 184.33m | 2.08b | Pass | 1 |
| Falling long-term leverage | 0.41 | 0.47 | Pass | 1 |
| Rising current ratio | 1.08 | 1.58 | Fail | 0 |
| No new shares issued | 1,326,094,000 | 1,326,094,000 | Pass | 1 |
| Rising gross margin | 27.67% | 26.77% | Pass | 1 |
| Rising asset turnover | 0.43 | 0.43 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NWPX NWPX Infrastructure, Inc. compare | 9 |
| MTL Mechel PAO compare | 8 |
| SIM Grupo Simec, S.A. de C.V. compare | 6 |
| GGB Gerdau S.A. compare | 5 |
| SID National Steel Company | 5 |
| MTUS Metallus Inc. compare | 5 |
| WS Worthington Steel, Inc. compare | 4 |
| CLF Cleveland-Cliffs Inc. compare | 2 |
| ASTL Algoma Steel Group Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover