# CSN Mineração (CMIN3.SA)

Canonical: https://gigainvestors.com/s/CMIN3.SA

Analysis as of: 2026-10-16T07:37:23.262Z. Financial observations: FY2018–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 4.86 per share; close as of 2026-10-15.

Estimated value: low BRL 5.45 per share, central BRL 5.73 per share, high BRL 6.04 per share. Buy at or below the central value BRL 5.73 per share. Valuation as of 2026-10-16T07:37:23.262Z; scenarios are not confidence intervals.

Expected annual return: 20.6% at the stated quote. About 20.6% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.28×

- FY2019: 0.46×

- FY2020: 0.47×

- FY2021: 0.49×

- FY2022: 0.35×

- FY2023: 0.35×

- FY2024: 0.27×

- FY2025: 0.28×

### moat: fail

- Recent gross margin fell 6.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 79.9%

- ROIC, second-lowest year: 35.1%

- Typical minus recent gross margin: 6.0 pp

- Typical gross margin (annual median): 51.3%

- Recent gross margin (lower of latest and 3-year median): 45.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: 35.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 16.2%

- FY2019: 51.0%

- FY2020: 77.9%

- FY2021: >100%

- FY2022: 35.1%

- FY2023: 81.9%

- FY2024: >100%

- FY2025: 86.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 18B

- Net income, five-year total: BRL 19B

- Return on incremental invested capital: 71.7%

- Working capital / revenue, annual change: -0.9 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.94×

- FY2023: 1.00×

- FY2024: 0.86×

- FY2025: 0.83×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 51.0% vs 86.8%

- Per-share earnings: 0.66 to 0.65 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.6%

- Per-share value growth: -0.1%

- Per-share value change: BRL -0.00

- Per-share value, starting three-year median: BRL 0.66

- Per-share value, ending three-year median: BRL 0.65

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.0%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 51.0%

- ROIC, last three-year median: 86.8%

Chart: Earnings per share; fiscal year observations.

- FY2018: BRL 0.19

- FY2019: BRL 0.66

- FY2020: BRL 0.72

- FY2021: BRL 1.15

- FY2022: BRL 0.54

- FY2023: BRL 0.65

- FY2024: BRL 0.83

- FY2025: BRL 0.30

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.31×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.65×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -4.1%

- FY2019: -13.6%

- FY2020: -9.2%

- FY2021: -9.9%

- FY2022: 14.1%

- FY2023: -15.8%

- FY2024: -19.9%

- FY2025: -0.7%

## Holders

## Price story

Down 38% since Dec 2023 · sales +9.3%

Story as of 2026-10-16T10:00:09.027Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

### Sales · FY2024–2025

sales +9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: BRL 7.2B 

- FY2019: BRL 11B 

- FY2020: BRL 14B 

- FY2021: BRL 19B 

- FY2022: BRL 13B 

- FY2023: BRL 19B 

- FY2024: BRL 16B 

- FY2025: BRL 18B 

### Gross margin · FY2025

gross margin 45.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 51.3% 

- FY2019: 61.9% 

- FY2020: 60.3% 

- FY2021: 57.9% 

- FY2022: 46.6% 

- FY2023: 47.9% 

- FY2024: 51.4% 

- FY2025: 45.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in steel; annual sales are BRL 18 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2025: revenue 18025121000; grossProfit 8166366000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 45.3% to 51.4% during 2023–25; it earns 79.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2023: grossProfit / revenue = 47.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2024: grossProfit / revenue = 51.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2025: grossProfit / revenue = 45.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); 8-year return on capital observations [[2018,0.1618981807590907],[2019,0.5096712143563201],[2020,0.7794656456815684],[2021,1.4273450058519304],[2022,0.35060208376537866],[2023,0.8186007663377585],[2024,1.6540306888888168],[2025,0.8676413256750596]]; median 0.7990332060096634. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 60.8% of cash earnings on expansion; earns 71.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2018: growth capex 0; upkeep 494404000; owner earnings 969659000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2019: growth capex 115257000; upkeep 498420000; owner earnings 3647070600. Growth capex / owner earnings = 0.03160262376056005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2020: growth capex 0; upkeep 641924000; owner earnings 4604838800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2021: growth capex 583895000; upkeep 752109000; owner earnings 6370966000. Growth capex / owner earnings = 0.09164936683071295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2022: growth capex 0; upkeep 1191025000; owner earnings 2759542000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2023: growth capex 401456000; upkeep 1042129000; owner earnings 3568737000. Growth capex / owner earnings = 0.11249245881666259.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2024: growth capex 0; upkeep 1762531000; owner earnings 3891197400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); FY2025: growth capex 827490240.4877024; upkeep 1537502759.5122976; owner earnings 1361215440.4877024. Growth capex / owner earnings = 0.6079054173755372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); Incremental return on capital 0.7169546791583871, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); Dividend observations: [[2018,1888218000],[2019,4370718000],[2020,2380000000],[2021,3204666000],[2022,4283404000],[2023,3854265000],[2024,3560041000],[2025,2283627000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 92.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMIN3.SA SharesStats.PercentInsiders = 92.17699999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.262Z); Ten-year compound average after fade. Initial solved rate -0.04772683338425593. Price 4.86; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2021-02: BRL 8.93 per share

- 2021-03: BRL 9.19 per share

- 2021-04: BRL 10.49 per share

- 2021-05: BRL 9.39 per share

- 2021-06: BRL 9.16 per share

- 2021-07: BRL 9.20 per share

- 2021-08: BRL 7.12 per share

- 2021-09: BRL 6.37 per share

- 2021-10: BRL 5.27 per share

- 2021-11: BRL 5.97 per share

- 2021-12: BRL 6.74 per share

- 2022-01: BRL 6.98 per share

- 2022-02: BRL 6.20 per share

- 2022-03: BRL 6.03 per share

- 2022-04: BRL 5.20 per share

- 2022-05: BRL 4.83 per share

- 2022-06: BRL 3.86 per share

- 2022-07: BRL 3.50 per share

- 2022-08: BRL 3.62 per share

- 2022-09: BRL 3.31 per share

- 2022-10: BRL 3.30 per share

- 2022-11: BRL 3.87 per share

- 2022-12: BRL 4.08 per share

- 2023-01: BRL 5.34 per share

- 2023-02: BRL 4.66 per share

- 2023-03: BRL 4.84 per share

- 2023-04: BRL 4.64 per share

- 2023-05: BRL 4.40 per share

- 2023-06: BRL 4.18 per share

- 2023-07: BRL 4.45 per share

- 2023-08: BRL 4.28 per share

- 2023-09: BRL 4.85 per share

- 2023-10: BRL 5.18 per share

- 2023-11: BRL 7.16 per share

- 2023-12: BRL 7.83 per share

- 2024-01: BRL 6.80 per share

- 2024-02: BRL 6.07 per share

- 2024-03: BRL 5.30 per share

- 2024-04: BRL 4.94 per share

- 2024-05: BRL 4.94 per share

- 2024-06: BRL 5.19 per share

- 2024-07: BRL 5.12 per share

- 2024-08: BRL 5.68 per share

- 2024-09: BRL 6.90 per share

- 2024-10: BRL 6.21 per share

- 2024-11: BRL 5.28 per share

- 2024-12: BRL 5.15 per share

- 2025-01: BRL 5.46 per share

- 2025-02: BRL 5.10 per share

- 2025-03: BRL 6.19 per share

- 2025-04: BRL 6.14 per share

- 2025-05: BRL 5.05 per share

- 2025-06: BRL 4.96 per share

- 2025-07: BRL 5.04 per share

- 2025-08: BRL 5.20 per share

- 2025-09: BRL 5.53 per share

- 2025-10: BRL 6.07 per share

- 2025-11: BRL 5.40 per share

- 2025-12: BRL 5.45 per share

- 2026-01: BRL 5.89 per share

- 2026-02: BRL 5.44 per share

- 2026-03: BRL 4.95 per share

- 2026-04: BRL 4.67 per share

- 2026-05: BRL 4.66 per share

- 2026-06: BRL 4.18 per share

- 2026-07: BRL 5.71 per share

- 2026-08: BRL 5.92 per share

- 2026-09: BRL 5.01 per share

- 2026-10: BRL 4.97 per share

## Annual estimated value (BRL per share)

- FY2022: low BRL 5.80 per share, central BRL 6.11 per share, high BRL 6.48 per share

- FY2023: low BRL 8.29 per share, central BRL 8.74 per share, high BRL 9.26 per share

- FY2024: low BRL 7.03 per share, central BRL 7.33 per share, high BRL 7.67 per share

- FY2025: low BRL 5.71 per share, central BRL 5.99 per share, high BRL 6.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:07.559Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations