GGB

MKT CAP:$9B

Gerdau S.A.

Market Cap

$9B

Basic Materials·Steel·🇧🇷 Brazil·NYSE

Materials·Steel·🇧🇷·NYSE

Stock Price

$4.31+$0.53 (+14.02%)

Apr 23, 2026

Company Details

Gerdau S.A. provides steel products and services. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It offers semi-finished products, including billets, blooms...

CEO

Gustavo Werneck Da Cunha

IPO Date

Mar 10, 1999

Website

www2.gerdau.com

Key Metrics TTM

Revenue

$14.2B

-16.8% YoY

Net Income

$1.2B

EPS (Diluted)

$0.64

Free Cash Flow

$828M

Revenue / Share

$7.17

Gross Margin

15.9%

Operating Margin

14.5%

Net Margin

8.7%

FCF Margin

5.8%

P/S

0.6x

P/E

7.0x

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Mar 13, 2026

$14.1BEPS $0.14

Q4 2025

Mar 13, 2026

$3.4BEPS -$0.13

Q1 2024

May 2, 2024

$3.3B-14.1%EPS $0.16

FY 2023

Dec 30, 2023

$13.9B-16.4%EPS $0.72

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$1.7B	$132M	$243M
Q2 17	$1.8B	$189M	$97M
Q3 17	$1.9B	$196M	$117M
Q4 17	$2.0B	$209M	-$235M
Q4 19	$1.9B	$136M	$114M
Q1 20	$1.9B	$172M	$95M
Q2 20	$1.8B	$145M	$162M
Q3 20	$2.5B	$342M	$264M
Q2 21	$3.9B	$1.1B	$1.1B
Q3 21	$4.3B	$1.3B	$1.5B
Q2 22	$4.6B	$1.2B	$1.1B
Q3 22	$4.3B	$955M	$899M
Q1 23	$3.8B	$731M	$865M
Q2 23	$3.7B	$660M	$581M
Q1 24	$3.3B	$487M	$341M
Q4 25	$3.4B	$372M	$269M

Valuation

Quarter	P/S	P/E
Q1 17	—	—
Q2 17	1.2x	—
Q3 17	1.2x	—
Q4 17	1.2x	—
Q4 19	1.1x	—
Q1 20	1.1x	—
Q2 20	1.1x	—
Q3 20	1.1x	29.9x
Q2 21	0.9x	8.2x
Q3 21	0.7x	4.0x
Q2 22	0.6x	2.9x
Q3 22	0.5x	2.6x
Q1 23	0.5x	2.7x
Q2 23	0.5x	3.4x
Q1 24	0.6x	4.1x
Q4 25	0.6x	7.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 17	$7M	-$42M
Q2 17	-$4M	-$45M
Q3 17	-$47M	-$83M
Q4 17	$461M	$404M
Q4 19	-$44M	-$149M
Q1 20	$234M	$131M
Q2 20	$34M	-$26M
Q3 20	$501M	$424M
Q2 21	$111M	-$12M
Q3 21	$519M	$351M
Q2 22	$777M	$576M
Q3 22	$654M	$431M
Q1 23	$396M	$198M
Q2 23	$648M	$394M
Q1 24	$167M	-$101M
Q4 25	$634M	$338M

Capital Expenditures

Quarter	CapEx
Q1 17	$49M
Q2 17	$41M
Q3 17	$36M
Q4 17	$57M
Q4 19	$105M
Q1 20	$103M
Q2 20	$59M
Q3 20	$77M
Q2 21	$123M
Q3 21	$168M
Q2 22	$201M
Q3 22	$224M
Q1 23	$198M
Q2 23	$254M
Q1 24	$224M
Q4 25	$296M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	+8.9%	+9.8%
Q4 17	+13.9%	-4.3%
Q4 19	+12.7%	+23.6%
Q1 20	+0.7%	+0.8%
Q2 20	-7.7%	-10.8%
Q3 20	+24.5%	-0.7%
Q2 21	+100.7%	+51.3%
Q3 21	+131.0%	+59.1%
Q2 22	+162.7%	+117.7%
Q3 22	+73.0%	+52.9%
Q1 23	-1.3%	+7.5%
Q2 23	-14.3%	+10.4%
Q1 24	-29.4%	-16.0%
Q4 25	-19.7%	-6.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 17	$1M	0.1%
Q2 17	$2M	0.1%
Q3 17	$1M	0.1%
Q4 17	$2M	0.1%
Q4 19	$2M	0.1%
Q1 20	$2M	0.1%
Q2 20	$2M	0.1%
Q3 20	$2M	0.1%
Q2 21	$4M	0.1%
Q3 21	$3M	0.1%
Q2 22	$4M	0.1%
Q3 22	$6M	0.1%
Q1 23	$8M	0.2%
Q2 23	$9M	0.2%
Q1 24	$0	0.0%
Q4 25	-$24M	-0.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 17	—	$61M	$28M
Q2 17	—	$58M	$27M
Q3 17	—	$54M	$26M
Q4 17	$30M	$56M	$25M
Q4 19	$32M	$47M	$24M
Q1 20	—	$50M	$24M
Q2 20	—	$42M	$20M
Q3 20	—	$48M	$26M
Q2 21	—	$62M	$34M
Q3 21	—	$68M	$38M
Q2 22	—	$68M	$36M
Q3 22	—	$75M	$37M
Q1 23	—	$73M	$35M
Q2 23	—	$78M	$35M
Q1 24	—	$64M	$37M
Q4 25	—	$65M	$38M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$986M	$543M	$1.5B
Q2 22	$1.2B	$398M	$1.6B
Q3 22	$1.2B	$484M	$1.7B
Q4 22	$499M	$596M	$1.1B
Q1 23	$520M	$653M	$1.2B
Q2 23	$515M	$328M	$843M
Q3 23	$587M	$622M	$1.2B
Q4 23	$606M	$471M	$1.1B
Q1 24	$754M	$443M	$1.2B
Q2 24	$985M	$352M	$1.3B
Q3 24	$1.6B	$153M	$1.8B
Q4 24	$1.6B	$103M	$1.7B
Q1 25	$1.3B	$79M	$1.4B
Q2 25	$1.7B	$95M	$1.8B
Q3 25	$1.9B	$98M	$2.0B
Q4 25	$1.2B	$90M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	1.79B	+0.0%	—
Q2 17	1.79B	+0.0%	—
Q3 17	1.79B	+0.0%	+0.1%
Q4 17	1.79B	+0.0%	+0.0%
Q4 19	1.78B	-0.6%	-0.6%
Q1 20	1.79B	+0.1%	-0.5%
Q2 20	1.80B	+0.6%	+0.1%
Q3 20	1.79B	-0.6%	-0.5%
Q2 21	1.80B	+0.7%	+0.8%
Q3 21	2.38B	+32.4%	+33.4%
Q2 22	1.80B	-24.4%	+0.1%
Q3 22	1.78B	-1.2%	-0.5%
Q1 23	1.76B	-1.0%	-2.2%
Q2 23	1.76B	+0.0%	-26.1%
Q1 24	2.53B	+43.9%	+40.8%
Q4 25	1.98B	-22.0%	+11.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$56.8K	30K
Q2 17	$61.5K	30K
Q3 17	$63.6K	30K
Q4 17	$69.1K	29K
Q4 19	$77.5K	25K
Q1 20	$75.0K	25K
Q2 20	$71.1K	25K
Q3 20	$99.3K	25K
Q2 21	$156.6K	25K
Q3 21	$174.5K	25K
Q2 22	$166.8K	28K
Q3 22	$153.6K	28K
Q1 23	$134.8K	28K
Q2 23	$130.5K	28K
Q1 24	$119.3K	27K
Q4 25	$133.8K	26K

Revenue / Employee