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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.

1.11 0.04 −3.48%
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 (above 2: weak)
P/E ratio 0.00
Fwd P/E 199.00 (above 35: high)
P/S ratio 0.17
P/B ratio 0.49
Past 5Y EPS Growth —
This Y EPS Growth (40.70%) (below 0%: weak)
Next Y EPS Growth 73.00% (at or above 15%: strong)
Next Y revenue growth (64.67%) (below 0%: weak)
Next 5Y EPS Growth 38.39% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.3×; over the ten years it ranged from 0.4× in 2021 to 3.0× in 2016.
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.

Target Price Range

Analyst price targets

Recommendation Rating

3.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

National Steel Company vs peers in Steel (Q) = latest quarter vs a year earlier

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.

National Steel Company (SID) Latest News

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stockrow.com/SID · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com