Latest Ratios: P/E Ratio -1.0x · EV/EBITDA 4.0x · ROE -27.6%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.5B | $5.1B | $14.7B | $12.2B | $14.4B | — | — | — | — | — |
| Enterprise Value | $11.3B | $45.9B | $61.1B | $62.2B | $55.5B | $47.2B | — | — | — | — | — |
| P/E Ratio → | -1.03 | — | — | 13.50 | 4.35 | 2.35 | — | — | — | — | — |
| P/S Ratio | 0.38 | 0.06 | 0.12 | 0.37 | 0.31 | 0.55 | — | — | — | — | — |
| P/B Ratio | 0.32 | 0.08 | 0.13 | 0.29 | 0.25 | 0.50 | — | — | — | — | — |
| P/FCF | 208.46 | 33.45 | 0.97 | 3.66 | 2.25 | 38.70 | — | — | — | — | — |
| P/OCF | 1.84 | 0.29 | 0.39 | 1.43 | 1.23 | 2.80 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.13 | 1.39 | 1.58 | 1.41 | 1.81 | — | — | — | — | — |
| EV / EBITDA | 4.02 | 3.14 | 4.87 | 5.68 | 6.18 | 7.36 | — | — | — | — | — |
| EV / EBIT | 5.49 | — | 6.14 | 5.79 | 6.83 | 4.65 | — | — | — | — | — |
| EV / FCF | — | 621.88 | 11.65 | 15.52 | 10.19 | 126.66 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.6% | 32.6% | 31.2% | 27.7% | 22.3% | 22.3% | 27.3% | 29.3% | 25.3% | 34.2% | 39.2% |
| Operating Margin | 26.5% | 26.5% | 21.1% | 19.2% | 15.1% | 15.0% | 19.1% | 26.1% | 32.0% | 38.2% | 39.0% |
| Net Profit Margin | -24.1% | -24.1% | -21.4% | 2.8% | 3.0% | 24.2% | 6.4% | 17.9% | 16.0% | 17.1% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.6% | -27.6% | -20.9% | 2.2% | 3.1% | 25.4% | 5.4% | 22.1% | 15.6% | 12.5% | 8.9% |
| ROA | -7.0% | -7.0% | -6.7% | 0.8% | 1.0% | 7.0% | 1.5% | 7.9% | 5.8% | 4.7% | 3.6% |
| ROIC | 9.5% | 9.5% | 7.2% | 6.0% | 5.8% | 5.1% | 5.5% | 14.5% | 14.1% | 13.4% | 12.6% |
| ROCE | 8.8% | 8.8% | 7.5% | 6.3% | 5.9% | 5.0% | 5.3% | 13.8% | 13.6% | 12.3% | 11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.28 | 2.28 | 1.85 | 1.22 | 1.17 | 1.69 | 2.17 | 1.21 | 0.91 | 0.94 | 0.85 |
| Debt / EBITDA | 4.84 | 4.84 | 5.81 | 5.68 | 6.30 | 7.64 | 14.13 | 3.26 | 2.59 | 2.78 | 2.59 |
| Net Debt / Equity | — | 1.40 | 1.42 | 0.93 | 0.90 | 1.13 | 1.52 | 0.66 | 0.66 | 0.63 | 0.48 |
| Net Debt / EBITDA | 2.97 | 2.97 | 4.47 | 4.34 | 4.82 | 5.11 | 9.87 | 1.78 | 1.89 | 1.88 | 1.46 |
| Debt / FCF | — | 588.43 | 10.68 | 11.86 | 7.94 | 87.96 | 28.99 | 3.69 | 3.52 | 4.71 | 2.95 |
| Interest Coverage | -0.03 | -0.03 | 1.39 | 1.91 | 1.49 | 2.60 | 19.85 | 33.35 | 3.76 | 1.57 | 0.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.58 | 2.58 | 1.72 | 1.77 | 1.62 | 2.11 | 1.87 | 1.84 | 1.90 | 1.56 | 1.96 |
| Quick Ratio | 2.45 | 2.45 | 1.60 | 1.66 | 1.50 | 2.02 | 1.79 | 1.75 | 1.79 | 1.48 | 1.85 |
| Cash Ratio | 1.94 | 1.94 | 1.13 | 1.13 | 1.01 | 1.62 | 1.40 | 1.33 | 1.13 | 1.11 | 1.38 |
| Asset Turnover | — | 0.30 | 0.31 | 0.28 | 0.29 | 0.27 | 0.16 | 0.41 | 0.36 | 0.27 | 0.28 |
| Inventory Turnover | 13.83 | 13.83 | 14.59 | 15.93 | 16.35 | 17.63 | 10.50 | 17.80 | 16.99 | 13.25 | 13.25 |
| Days Sales Outstanding | — | 53.68 | 32.23 | 50.61 | 56.17 | 63.84 | 43.91 | 59.03 | 72.45 | 64.83 | 57.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 17.0% | 67.5% | 68.0% | 17.6% | 15.6% | 17.8% | — | — | — | — | — |
| Payout Ratio | — | — | — | 236.0% | 162.3% | 40.5% | 68.7% | 16.9% | 37.7% | 94.2% | 183.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.4% | 23.0% | 42.5% | — | — | — | — | — |
| FCF Yield | 0.5% | 3.0% | 103.6% | 27.3% | 44.4% | 2.6% | — | — | — | — | — |
| Buyback Yield | 3.4% | 21.1% | 7.9% | 0.7% | 0.7% | 0.2% | — | — | — | — | — |
| Total Shareholder Yield | 20.4% | 88.7% | 75.9% | 18.3% | 16.3% | 17.9% | — | — | — | — | — |
| Shares Outstanding | — | $625M | $931M | $937M | $937M | $920M | $773M | $790M | $804M | $824M | $828M |
High leverage and currency mismatch
Based on reported figures, Cosan trades at a P/S of 0.37 and a negative P/E, suggesting that the market is heavily discounting the company's earnings potential due to persistent net losses and the complexity of its conglomerate structure compared to pure-play infrastructure peers.
The current EV/EBITDA of 3.98 appears artificially compressed, likely reflecting the market's skepticism regarding the sustainability of earnings generated by its diverse subsidiaries. Investors should monitor whether this valuation gap represents a genuine opportunity or a permanent impairment of the holding company's ability to generate shareholder value.
As reported in financial statements, Cosan's ROIC has trended toward a marginal 2.4% in 2026Q1, indicating that the company is struggling to generate returns that exceed its cost of capital, a significant decline from the more robust performance observed in previous fiscal periods.
The persistent decay in ROIC suggests that the massive capital investments required for rail and energy infrastructure are not yielding the expected operational efficiencies. This trend warrants further investigation into whether the company's recent capital allocation decisions are fundamentally dilutive to long-term shareholder returns.
According to recent SEC filings, Cosan's cash conversion cycle has fluctuated significantly, reaching 33 days in 2026Q1, which highlights the operational difficulty in managing inventory and receivables across its disparate energy and logistics business units in a challenging macroeconomic environment.
The variability in DSO and DPO suggests that the company lacks consistent leverage over its suppliers and customers, potentially exacerbating liquidity constraints. This inefficiency appears to be a structural drag on cash flow, as the company is frequently forced to tie up capital in working capital rather than debt reduction.
Based on reported financial statements, Cosan's debt-to-equity ratio has climbed to 2.21, signaling that the company's reliance on external financing has intensified, which may limit its ability to navigate future interest rate volatility or operational downturns in its core energy segments.
The interest coverage ratio, which has shown extreme instability, suggests that debt service is becoming increasingly precarious. Investors should monitor the company's ability to refinance its dollar-linked debt, as any further currency depreciation could significantly impair the balance sheet's already vulnerable position.
The P/E ratio is the most commonly misapplied metric for Cosan, as it fails to account for the significant non-cash accounting adjustments and equity-method earnings that obscure the true underlying cash-generating capacity of the company's diverse industrial and logistics asset base.
Using P/E to evaluate a conglomerate with heavy depreciation and complex JV accounting leads to misleading conclusions about profitability. Analysts should instead focus on SOTP valuations and cash-flow-based metrics to better capture the value of the underlying infrastructure assets.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying CSAN stock.
Cosan S.A.'s current P/E ratio is -1.0x. The historical average is 6.7x.
Cosan S.A.'s current EV/EBITDA is 4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.4x.
Cosan S.A.'s return on equity (ROE) is -27.6%. The historical average is 6.2%.
Based on historical data, Cosan S.A. is trading at a P/E of -1.0x. Compare with industry peers and growth rates for a complete picture.
Cosan S.A.'s current dividend yield is 16.99%.
Cosan S.A. has 32.6% gross margin and 26.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cosan S.A.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.