SUZ

MKT CAP:$11B

Suzano S.A.

Market Cap

$11B

Basic Materials·Paper, Lumber & Forest Products·🇧🇷 Brazil·NYSE

Materials·Paper,·🇧🇷·NYSE

Stock Price

$9.10-$0.42 (-4.41%)

Apr 24, 2026

Company Details

Suzano S.A. produces and sells eucalyptus pulp and paper products in Brazil and internationally. It operates through Pulp and Paper segments. The company offers coated and uncoated printing and writing papers, paperboards, tissue papers, an...

CEO

João Alberto Fernandez de Abreu

IPO Date

Nov 4, 2008

Website

www.suzano.com.br

Key Metrics TTM

Revenue

$10.1B

+4.1% YoY

Net Income

$2.7B

EPS (Diluted)

$2.18

Free Cash Flow

$1.1B

Revenue / Share

$8.20

Gross Margin

32.1%

Operating Margin

19.9%

Net Margin

26.7%

FCF Margin

11.2%

P/S

1.1x

P/E

4.2x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Dec 30, 2025

$9.9B+3.6%EPS $2.14

Q4 2025

Feb 10, 2026

$2.7B-6.1%EPS $0.02

Q3 2025

Nov 6, 2025

$2.4B-1.0%EPS $0.32

Q2 2025

Aug 6, 2025

$2.7B+15.7%EPS $0.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$2.2B	$1.1B	$929M
Q4 21	$2.3B	$1.2B	$958M
Q1 22	$2.0B	$868M	$683M
Q3 22	$2.9B	$1.6B	$1.4B
Q4 22	$2.9B	$1.5B	$1.5B
Q1 23	$2.3B	$1.1B	$868M
Q2 23	$1.8B	$591M	$618M
Q3 23	$1.8B	$573M	$339M
Q4 23	$2.1B	$724M	$636M
Q2 24	$2.3B	$1.1B	$929M
Q3 24	$2.5B	$1.1B	$828M
Q4 24	$2.9B	$1.1B	$890M
Q1 25	$2.3B	$770M	$455M
Q2 25	$2.7B	$944M	$614M
Q3 25	$2.4B	$745M	$397M
Q4 25	$2.7B	$790M	$548M

Valuation

Quarter	P/S	P/E
Q3 21	1.5x	4.6x
Q4 21	1.4x	6.5x
Q1 22	1.3x	2.6x
Q3 22	1.2x	3.3x
Q4 22	1.1x	2.2x
Q1 23	1.1x	2.0x
Q2 23	1.1x	2.4x
Q3 23	1.3x	3.3x
Q4 23	1.4x	4.0x
Q2 24	1.4x	11.0x
Q3 24	1.3x	17.3x
Q4 24	1.2x	—
Q1 25	1.1x	—
Q2 25	1.1x	7.1x
Q3 25	1.1x	8.5x
Q4 25	1.1x	4.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$1.0B	$653M
Q4 21	$938M	$530M
Q1 22	$925M	$374M
Q3 22	$1.1B	$89M
Q4 22	$1.2B	$383M
Q1 23	$866M	$91M
Q2 23	$1.2B	$233M
Q3 23	$501M	-$405M
Q4 23	$919M	$34M
Q2 24	$1.2B	$357M
Q3 24	$1.1B	$236M
Q4 24	$1.2B	$473M
Q1 25	$890M	$270M
Q2 25	$874M	$229M
Q3 25	$813M	$118M
Q4 25	$1.1B	$518M

Capital Expenditures

Quarter	CapEx
Q3 21	$347M
Q4 21	$408M
Q1 22	$551M
Q3 22	$1.0B
Q4 22	$824M
Q1 23	$774M
Q2 23	$970M
Q3 23	$906M
Q4 23	$885M
Q2 24	$866M
Q3 24	$828M
Q4 24	$777M
Q1 25	$621M
Q2 25	$645M
Q3 25	$695M
Q4 25	$575M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+44.1%	+16.0%
Q4 21	+43.1%	+19.9%
Q1 22	+9.6%	+20.3%
Q3 22	+44.2%	+56.3%
Q4 22	+33.5%	+15.0%
Q1 23	-1.7%	+3.8%
Q2 23	-6.0%	-4.1%
Q3 23	-37.0%	+0.2%
Q4 23	-27.8%	+2.0%
Q2 24	+1.9%	-1.3%
Q3 24	+34.0%	+34.0%
Q4 24	+58.4%	+34.4%
Q1 25	+11.4%	+28.8%
Q2 25	+15.7%	+49.0%
Q3 25	-1.0%	+24.7%
Q4 25	-6.1%	+8.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$1M	0.0%
Q4 22	$8M	0.3%
Q1 23	$0	0.0%
Q2 23	$4M	0.2%
Q3 23	$14M	0.8%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$6M	0.2%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 21	$64M	$116M
Q4 21	$84M	$128M
Q1 22	$68M	$115M
Q3 22	$79M	$126M
Q4 22	$133M	$71M
Q1 23	$86M	$61M
Q2 23	$86M	$126M
Q3 23	$99M	$132M
Q4 23	$133M	$80M
Q2 24	$112M	$141M
Q3 24	$115M	$147M
Q4 24	$200M	$173M
Q1 25	$136M	$152M
Q2 25	$130M	$169M
Q3 25	$134M	$171M
Q4 25	$162M	$175M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$415M	$384M	$799M
Q2 22	$297M	$475M	$772M
Q3 22	$259M	$406M	$665M
Q4 22	$1.9B	$1.5B	$3.4B
Q1 23	$189M	$485M	$674M
Q2 23	$495M	$331M	$826M
Q3 23	$1.1B	$3.0B	$4.1B
Q4 23	$1.7B	$2.6B	$4.3B
Q1 24	$847M	$3.0B	$3.8B
Q2 24	$1.5B	$2.9B	$4.4B
Q3 24	$1.2B	$2.3B	$3.5B
Q4 24	$1.8B	$2.6B	$4.4B
Q1 25	$2.0B	$1.3B	$3.3B
Q2 25	$2.5B	$1.6B	$4.1B
Q3 25	$3.2B	$1.6B	$4.7B
Q4 25	$3.1B	$2.0B	$5.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	1.35B	-0.0%	+0.0%
Q4 21	1.35B	0.0%	+0.0%
Q1 22	1.35B	+0.0%	+0.0%
Q3 22	1.32B	-2.3%	-2.3%
Q4 22	1.32B	-0.2%	-2.5%
Q1 23	1.32B	+0.3%	-2.2%
Q2 23	1.30B	-1.6%	-3.7%
Q3 23	1.30B	-0.0%	-1.4%
Q4 23	1.29B	-0.5%	-1.8%
Q2 24	1.28B	-0.7%	-2.8%
Q3 24	1.25B	-2.2%	-3.4%
Q4 24	1.24B	-1.3%	-4.6%
Q1 25	1.24B	-0.0%	-4.1%
Q2 25	1.24B	-0.2%	-3.7%
Q3 25	1.24B	+0.2%	-1.3%
Q4 25	1.24B	-0.2%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$138.5K	16K
Q4 21	$132.6K	17K
Q1 22	$112.7K	17K
Q3 22	$164.2K	17K
Q4 22	$149.9K	19K
Q1 23	$117.6K	19K
Q2 23	$95.5K	19K
Q3 23	$93.3K	19K
Q4 23	$99.9K	21K
Q2 24	$110.8K	21K
Q3 24	$118.3K	21K
Q4 24	$119.1K	24K
Q1 25	$97.1K	24K
Q2 25	$111.7K	24K
Q3 25	$102.1K	24K
Q4 25	$111.8K	24K

Revenue / Employee