Latest Ratios: P/E Ratio -3.3x · EV/EBITDA 5.3x · ROE -12.6%. (1997–2025 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 | $1.3B | $2.1B | $1.9B | $5.2B | $3.7B | $6.1B | $8.2B | $4.8B | $3.0B | $3.3B | $4.4B |
| Enterprise Value | $9.0B | $41.7B | $35.7B | $34.4B | $33.2B | $22.0B | $34.1B | $32.1B | $29.6B | $29.4B | $30.0B |
| P/E Ratio → | -3.32 | — | — | — | 2.36 | 0.50 | 2.16 | 2.65 | 0.58 | 322.37 | — |
| P/S Ratio | 0.15 | 0.05 | 0.04 | 0.11 | 0.08 | 0.13 | 0.27 | 0.19 | 0.13 | 0.18 | 0.26 |
| P/B Ratio | 0.41 | 0.13 | 0.12 | 0.26 | 0.17 | 0.26 | 0.73 | 0.42 | 0.30 | 0.40 | 0.59 |
| P/FCF | — | — | 0.61 | 1.81 | — | 0.51 | 1.04 | 1.79 | 3.40 | — | — |
| P/OCF | — | — | 0.22 | 0.71 | 1.79 | 0.41 | 0.86 | 0.98 | 1.37 | 5.81 | 15.89 |
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 | — | 0.95 | 0.82 | 0.76 | 0.75 | 0.46 | 1.13 | 1.26 | 1.29 | 1.59 | 1.75 |
| EV / EBITDA | 5.28 | 4.78 | 4.59 | 4.02 | 2.83 | 1.07 | 3.35 | 6.35 | 5.08 | 6.56 | 8.77 |
| EV / EBIT | 9.91 | 8.96 | 11.67 | 6.61 | 4.62 | 1.06 | 4.75 | 8.83 | 3.97 | 10.01 | 12.45 |
| EV / FCF | — | — | 11.31 | 11.94 | — | 1.85 | 4.32 | 12.09 | 33.30 | — | — |
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 | 27.0% | 27.0% | 26.8% | 24.9% | 30.0% | 46.1% | 36.4% | 31.6% | 29.9% | 26.6% | 26.3% |
| Operating Margin | 10.6% | 10.6% | 9.1% | 11.4% | 20.0% | 38.5% | 25.4% | 13.9% | 19.6% | 16.3% | 12.2% |
| Net Profit Margin | -4.5% | -4.5% | -5.9% | -0.7% | 3.5% | 25.6% | 12.6% | 7.0% | 22.6% | 0.1% | -5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.6% | -12.6% | -14.7% | -1.5% | 6.9% | 70.8% | 33.6% | 16.7% | 56.8% | 0.1% | -11.6% |
| ROA | -1.9% | -1.9% | -2.7% | -0.4% | 1.9% | 17.2% | 6.7% | 3.6% | 11.2% | 0.0% | -2.0% |
| ROIC | 6.7% | 6.7% | 6.1% | 7.8% | 14.6% | 36.3% | 15.1% | 7.1% | 9.5% | 6.7% | 4.6% |
| ROCE | 6.2% | 6.2% | 5.5% | 8.0% | 15.0% | 35.8% | 17.5% | 9.4% | 12.8% | 8.3% | 5.1% |
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 | 3.43 | 3.43 | 3.69 | 2.30 | 1.90 | 1.39 | 3.18 | 2.50 | 2.88 | 3.56 | 4.12 |
| Debt / EBITDA | 6.19 | 6.19 | 7.34 | 5.28 | 3.54 | 1.57 | 3.52 | 5.62 | 4.94 | 6.58 | 8.92 |
| Net Debt / Equity | — | 2.52 | 2.19 | 1.48 | 1.35 | 0.68 | 2.30 | 2.41 | 2.65 | 3.15 | 3.46 |
| Net Debt / EBITDA | 4.53 | 4.53 | 4.34 | 3.41 | 2.52 | 0.77 | 2.54 | 5.40 | 4.56 | 5.82 | 7.49 |
| Debt / FCF | — | — | 10.70 | 10.13 | — | 1.33 | 3.28 | 10.30 | 29.90 | — | — |
| Interest Coverage | 1.02 | 1.02 | 0.66 | 1.25 | 2.34 | 9.21 | 15.45 | 5.97 | 3.71 | 1.22 | 0.81 |
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 | 1.08 | 1.08 | 1.58 | 1.32 | 1.36 | 1.43 | 1.59 | 1.10 | 1.05 | 1.11 | 2.26 |
| Quick Ratio | 0.71 | 0.71 | 1.17 | 0.94 | 0.86 | 0.98 | 1.26 | 0.64 | 0.61 | 0.70 | 1.54 |
| Cash Ratio | 0.54 | 0.54 | 0.96 | 0.70 | 0.60 | 0.79 | 0.93 | 0.32 | 0.27 | 0.39 | 1.02 |
| Asset Turnover | — | 0.44 | 0.42 | 0.50 | 0.52 | 0.60 | 0.48 | 0.50 | 0.49 | 0.41 | 0.39 |
| Inventory Turnover | 3.07 | 3.07 | 3.06 | 3.57 | 2.75 | 2.36 | 3.97 | 3.32 | 3.20 | 3.05 | 3.19 |
| Days Sales Outstanding | — | 34.63 | 38.18 | 43.22 | 43.14 | 33.37 | 55.24 | 30.03 | 33.76 | 44.18 | 42.51 |
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 | 10.4% | 32.1% | 100.0% | 76.4% | 100.0% | 53.8% | 3.8% | 40.3% | 16.6% | — | 0.0% |
| Payout Ratio | — | — | — | — | 241.7% | 26.8% | 8.2% | 107.3% | 9.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 42.4% | 200.7% | 46.2% | 37.7% | 172.1% | 0.3% | — |
| FCF Yield | — | — | 165.3% | 55.3% | — | 195.2% | 96.1% | 55.8% | 29.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 17.6% | 0.0% | 11.2% | 24.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% |
| Total Shareholder Yield | 10.4% | 32.1% | 100.0% | 76.4% | 100.0% | 78.7% | 3.8% | 40.3% | 16.6% | 0.0% | 0.6% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
Excessive Debt-to-Equity Leverage
According to current market data, CSN trades at a P/B ratio of 0.41, which suggests that the market is heavily discounting the company's asset base relative to its peers, likely due to the persistent net losses and the high leverage inherent in its integrated industrial model.
The negative P/E ratio of -3.28 reflects the company's current inability to generate consistent bottom-line earnings, making traditional earnings-based valuation metrics less useful for investors. The low P/S ratio of 0.15 further indicates that the market assigns minimal value to the company's revenue stream, potentially failing to account for the long-term strategic value of its captive mining and logistics infrastructure.
Based on reported financial statements, CSN's ROIC has trended downward to 1.1% in 2026Q1, a significant decline from the 6.2% observed in 2023Q4, which suggests that the company is struggling to generate efficient returns on its massive, debt-financed investment in integrated steel and mining assets.
The persistent decay in ROIC indicates that the company's capital allocation strategy is failing to create value above its cost of capital. This trend warrants further investigation into whether the high capital intensity of the Presidente Vargas facility and other infrastructure assets is yielding the expected long-term economic benefits.
As reported in recent quarterly filings, the company's cash conversion cycle has expanded to 79 days in 2026Q1, up from 14 days in 2023Q4, which indicates a significant deterioration in working capital efficiency and suggests that the firm is increasingly tying up cash in inventory and receivables.
The sharp increase in days inventory outstanding to 115 days suggests that the company may be struggling to move product through its supply chain, potentially due to softening demand in the Brazilian industrial sector. This inefficiency places additional strain on liquidity, forcing the company to rely more heavily on external financing to bridge the gap between production and cash collection.
Based on the company's reported figures, the Debt-to-EBITDA ratio has reached 26.13 in 2026Q1, a level that appears unsustainable and suggests that the company's ability to service its debt is severely compromised by its current operating performance and high interest obligations.
The interest coverage ratio of 0.76 indicates that the company is currently unable to cover its interest expenses with operating income, which may necessitate further asset sales or debt restructuring. Investors should monitor the company's ability to manage these obligations, as the high leverage leaves little room for error in a volatile commodity price environment.
The P/E ratio is frequently misapplied to CSN, as it obscures the company's true economic value by focusing on volatile net income that is heavily distorted by non-cash currency fluctuations and high interest expenses inherent in its capital-intensive, debt-funded industrial structure.
Instead of P/E, analysts should prioritize EV/EBITDA or asset-based valuation metrics to better capture the cash-generating potential of the mining and logistics segments. Relying on P/E in this context may lead to an incorrect assessment of the company's viability, as it fails to account for the underlying durability of the firm's integrated infrastructure assets.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SID stock.
Companhia Siderúrgica Nacional's current P/E ratio is -3.3x. The historical average is 5.4x.
Companhia Siderúrgica Nacional's current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
Companhia Siderúrgica Nacional's return on equity (ROE) is -12.6%. The historical average is 28.0%.
Based on historical data, Companhia Siderúrgica Nacional is trading at a P/E of -3.3x. Compare with industry peers and growth rates for a complete picture.
Companhia Siderúrgica Nacional's current dividend yield is 10.45%.
Companhia Siderúrgica Nacional has 27.0% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
Companhia Siderúrgica Nacional's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.