SID

MKT CAP:$2B

Companhia Siderúrgica Nacional

Market Cap

$2B

Basic Materials·Steel·🇧🇷 Brazil·NYSE

Materials·Steel·🇧🇷·NYSE

Stock Price

$1.34-$0.27 (-16.77%)

Apr 22, 2026

Company Details

Companhia Siderúrgica Nacional operates as an integrated steel producer in Brazil and Latin America. It operates in five segments: Steel, Mining, Logistics, Energy, and Cement. The company offers flat steel products, such as high, medium, l...

CEO

Benjamin Steinbruch

IPO Date

Nov 18, 1996

Website

www.csn.com.br

Key Metrics TTM

Revenue

$9.0B

+1.6% YoY

Net Income

-$440M

EPS (Diluted)

-$0.34

Free Cash Flow

-$396M

Revenue / Share

$6.77

Gross Margin

24.9%

Operating Margin

8.5%

Net Margin

-4.9%

FCF Margin

-4.4%

P/S

0.2x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Dec 30, 2025

$8.8BEPS -$0.30

Q4 2025

Mar 12, 2026

$2.3BEPS -$0.17

Q1 2025

May 9, 2025

$2.2BEPS -$0.09

Q3 2024

Sep 30, 2024

$2.2BEPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$910M	$272M	$131M
Q1 17	$889M	$266M	$147M
Q2 17	$868M	$198M	$59M
Q4 17	$1.0B	$285M	$247M
Q4 18	$1.2B	$414M	$264M
Q1 20	$1.1B	$265M	$107M
Q2 20	$1.3B	$371M	$230M
Q3 20	$1.8B	$722M	$545M
Q1 21	$2.4B	$1.1B	$1.0B
Q3 21	$2.1B	$858M	$704M
Q4 21	$2.1B	$756M	$4.1B
Q1 23	$2.3B	$654M	$113M
Q2 23	$2.2B	$452M	$230M
Q3 24	$2.2B	$551M	$157M
Q1 25	$2.2B	$510M	$179M
Q4 25	$2.3B	$726M	$196M

Valuation

Quarter	P/S	P/E
Q4 16	—	—
Q1 17	—	—
Q2 17	0.9x	8.1x
Q4 17	1.1x	—
Q4 18	0.8x	9.2x
Q1 20	0.4x	61.2x
Q2 20	0.6x	11.5x
Q3 20	0.7x	10.4x
Q1 21	1.3x	8.1x
Q3 21	1.0x	4.7x
Q4 21	0.7x	3.4x
Q1 23	0.4x	3.1x
Q2 23	0.4x	12.3x
Q3 24	0.4x	—
Q1 25	0.2x	—
Q4 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$101M	$10M
Q1 17	-$21M	-$59M
Q2 17	-$78M	-$126M
Q4 17	$96M	$27M
Q4 18	$123M	$20M
Q1 20	$94M	$23M
Q2 20	$302M	$228M
Q3 20	$729M	$649M
Q1 21	$696M	$621M
Q3 21	$1.0B	$889M
Q4 21	$270M	$75M
Q1 23	$112M	-$37M
Q2 23	$225M	$39M
Q3 24	$698M	$434M
Q1 25	-$232M	-$459M
Q4 25	$4M	-$410M

Capital Expenditures

Quarter	CapEx
Q4 16	$91M
Q1 17	$38M
Q2 17	$48M
Q4 17	$69M
Q4 18	$102M
Q1 20	$71M
Q2 20	$74M
Q3 20	$80M
Q1 21	$75M
Q3 21	$160M
Q4 21	$194M
Q1 23	$148M
Q2 23	$185M
Q3 24	$264M
Q1 25	$227M
Q4 25	$414M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	+35.7%	+595.0%
Q4 18	+33.9%	+22.5%
Q1 20	+20.9%	+30.5%
Q2 20	+44.3%	+26.5%
Q3 20	+74.5%	+59.5%
Q1 21	+96.9%	+43.5%
Q3 21	+92.1%	+40.5%
Q4 21	+66.6%	-300.4%
Q1 23	+29.9%	+79.0%
Q2 23	-7.8%	+44.8%
Q3 24	+8.0%	+52.4%
Q1 25	+5.3%	+198.4%
Q4 25	+2.3%	-1.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$0	0.0%
Q1 17	$0	0.0%
Q2 17	$0	0.0%
Q4 17	$0	0.0%
Q4 18	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q1 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 16	$2M	$24M	$90M
Q1 17	$2M	$23M	$74M
Q2 17	$2M	$22M	$96M
Q4 17	$208.5K	$21M	$111M
Q4 18	$98.5K	$31M	$154M
Q1 20	$1M	$24M	$79M
Q2 20	$946.9K	$25M	$81M
Q3 20	$1M	$25M	$122M
Q1 21	$10.9K	$27M	$85M
Q3 21	$18.7K	$32M	$122M
Q4 21	$20.5K	$30M	$134M
Q1 23	$2M	$31M	$173M
Q2 23	—	$39M	$176M
Q3 24	$3M	$42M	$298M
Q1 25	—	$45M	$211M
Q4 25	$6M	$61M	$287M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$564M	$103M	$667M
Q2 22	$575M	$63M	$638M
Q3 22	$533M	$55M	$589M
Q4 22	$2.4B	$295M	$2.7B
Q1 23	$543M	$62M	$605M
Q2 23	$500M	$51M	$551M
Q3 23	$616M	$46M	$662M
Q4 23	$3.2B	$310M	$3.5B
Q1 24	$3.0B	$322M	$3.3B
Q2 24	$3.1B	$261M	$3.4B
Q3 24	$3.7B	$208M	$3.9B
Q4 24	$4.7B	$184M	$4.9B
Q1 25	$4.0B	$194M	$4.2B
Q2 25	$3.7B	$172M	$3.9B
Q3 25	$625M	$35M	$660M
Q4 25	$2.9B	$130M	$3.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	1.36B	0.0%	—
Q1 17	1.36B	0.0%	—
Q2 17	1.36B	0.0%	—
Q4 17	1.36B	0.0%	0.0%
Q4 18	1.38B	+1.7%	+1.7%
Q1 20	1.38B	0.0%	+1.7%
Q2 20	1.38B	0.0%	+1.7%
Q3 20	1.38B	0.0%	+1.7%
Q1 21	1.38B	0.0%	0.0%
Q3 21	1.33B	-3.9%	-3.9%
Q4 21	1.34B	+1.2%	-2.8%
Q1 23	1.33B	-1.2%	-3.9%
Q2 23	1.33B	0.0%	-3.9%
Q3 24	1.33B	+0.0%	+0.0%
Q1 25	1.33B	-0.0%	-1.2%
Q4 25	1.33B	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	$37.9K	24K
Q1 17	$37.0K	24K
Q2 17	$36.2K	24K
Q4 17	$39.9K	25K
Q4 18	$49.0K	25K
Q1 20	$43.2K	25K
Q2 20	$50.4K	25K
Q3 20	$70.6K	25K
Q1 21	$103.5K	23K
Q3 21	$89.0K	23K
Q4 21	$84.6K	25K
Q1 23	$85.2K	27K
Q2 23	$82.7K	27K
Q3 24	$75.4K	30K
Q1 25	$74.0K	30K
Q4 25	$78.5K	30K

Revenue / Employee