# Companhia Siderúrgica Nacional (CSNA3.SA)

Canonical: https://gigainvestors.com/s/CSNA3.SA

Analysis as of: 2026-10-16T07:41:57.940Z. Financial observations: FY1997–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

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

Share price: BRL 5.98 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.17×

- FY2018: 0.20×

- FY2019: 0.17×

- FY2020: 0.25×

- FY2021: 0.39×

- FY2022: 0.20×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 28.5%

- Recent gross margin (lower of latest and 3-year median): 26.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.1%

- ROIC including acquisitions, ten-year median: 0.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 7.1%

- FY2018: 14.3%

- FY2019: 13.5%

- FY2020: 23.2%

- FY2021: 44.6%

- FY2022: 13.4%

- FY2023: 8.1%

- FY2024: 8.1%

- FY2025: 8.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.36×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 3.2B

- Net income, five-year total: BRL 8.9B

- Return on incremental invested capital: 33.8%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -9.4 pp

- Working capital / revenue, final three-year average: 16.9%

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

- FY2021: 0.99×

- FY2022: -0.22×

- FY2023: 2.61×

- FY2024: 1.72×

- FY2025: 1.66×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.1% vs 8.1%

- Per-share earnings: -0.69 to -1.51 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: BRL -2.9B

- Cumulative retained earnings: BRL 1.1B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL -0.82

- Per-share value, starting three-year median: BRL -0.69

- Per-share value, ending three-year median: BRL -1.51

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.9%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 4.1B

- Cumulative net income, 10 years: BRL 19B

- ROIC, first three-year median: 7.1%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -0.69

- FY2017: BRL 0.01

- FY2018: BRL 3.68

- FY2019: BRL 1.30

- FY2020: BRL 2.75

- FY2021: BRL 9.14

- FY2022: BRL 1.17

- FY2023: BRL -0.24

- FY2024: BRL -1.95

- FY2025: BRL -1.51

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.85×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -1.2%

- FY2018: 6.1%

- FY2019: -6.1%

- FY2020: -9.2%

- FY2021: -5.3%

- FY2022: -0.6%

- FY2023: -8.3%

- FY2024: -10.8%

- FY2025: -1.0%

## Holders

## Price story

Down 77% since Mar 2022 · "Mining EBITDA Drop: 36% decrease due to lower iron ore prices." (finance.yahoo.com, Aug 2025) · sales +2.5%

Story as of 2026-10-16T10:00:12.170Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +2.5%; source https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm; observed 2026-04-30.

- FY2016: BRL 17B 

- FY2017: BRL 19B 

- FY2018: BRL 23B 

- FY2019: BRL 25B 

- FY2020: BRL 30B 

- FY2021: BRL 48B 

- FY2022: BRL 44B 

- FY2023: BRL 45B 

- FY2024: BRL 44B 

- FY2025: BRL 45B 

### Gross margin · FY2025

gross margin 27%; source https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm; observed 2026-04-30.

- FY2016: 26.3% 

- FY2017: 26.6% 

- FY2018: 29.9% 

- FY2019: 32.1% 

- FY2020: 36.4% 

- FY2021: 46.1% 

- FY2022: 30.0% 

- FY2023: 24.9% 

- FY2024: 26.1% 

- FY2025: 27.0% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are BRL 44.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm (filed 2026-04-30); FY2025: revenue 44797946000; grossProfit 12112292000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSNA3.SA: Companhia Siderúrgica Nacional, together with its subsidiaries, operates as an integrated steel producer in Brazil and internationally. It operates through five segments: Steel Industry, Mining, Logistics, Energy, and Cement. The Steel Segment offers produce and sells of flat and long steel. The Mining Segment engages in extraction, processing and marketing of iron ore, tin, limestone, and dolomite. The Logistics Segment supplies railways, port concessions, and road fleet. The Cement Segment produces and sells bagged and bulk cement, as well as aggregates, concrete, and other products. The Energy segment is involved in generation and commercialization of energy originating from renewables. It offers flat steel products, such as hot and cold rolled, galvanized, galvalume, pre-painted, and metal sheets products; coil, sheets, and derivatives; tiles and derivatives, pipes, and profiles; long steel products including, reinforcing bars, iron rods, and laminated profiles; food and chemical packaging solutions; and carbochemical products. It also provides steel cutting services; produces and sells cement; operates railways; and generates electric power from its hydroelectric power plants. In addition, the company offers steel solutions and distributions; packaging; logistics services; and certifications. Companhia Siderúrgica Nacional was founded in 1941 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 24.9% to 27% during 2023–25; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: grossProfit / revenue = 26.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm (filed 2026-04-30); FY2025: grossProfit / revenue = 27%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 10-year return on capital observations [[2016,0.06055680828358394],[2017,0.07060210681302426],[2018,0.14276402012353703],[2019,0.13495825231657735],[2020,0.23168503502538856],[2021,0.4461846453184758],[2022,0.13404439372157395],[2023,0.08147217832911834],[2024,0.08094228834737228],[2025,0.07967490055672337]]; median 0.10775828602534615. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2017: growth capex 0; upkeep 1060103000; owner earnings 410660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2018: growth capex 0; upkeep 1319302000; owner earnings 5088166000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2019: growth capex 613883000; upkeep 1602000000; owner earnings 1694189000. Growth capex / owner earnings = 0.36234623173683694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2020: growth capex 0; upkeep 1683839000; owner earnings 4505006800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2021: growth capex 643512000; upkeep 2221195000; owner earnings 12136317800. Growth capex / owner earnings = 0.05302366093280781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2016,53000],[2017,502002000],[2018,502002000],[2019,1920309000],[2020,309350000],[2021,3290544000],[2022,3756738000],[2023,3980871000],[2024,2535325000],[2025,695232000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 52.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSNA3.SA SharesStats.PercentInsiders = 52.849999999999994 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Closing price 5.98 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 33.78188075520142; price multiple 0.17701797135966907. FY2025 cash earnings/share -2.500097472916985. Closing-price date 2026-10-15.

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

- 2016-10: BRL 10.74 per share

- 2016-11: BRL 12.43 per share

- 2016-12: BRL 10.85 per share

- 2017-01: BRL 11.55 per share

- 2017-02: BRL 11.98 per share

- 2017-03: BRL 9.11 per share

- 2017-04: BRL 7.75 per share

- 2017-05: BRL 6.86 per share

- 2017-06: BRL 7.18 per share

- 2017-07: BRL 7.62 per share

- 2017-08: BRL 8.69 per share

- 2017-09: BRL 9.61 per share

- 2017-10: BRL 8.43 per share

- 2017-11: BRL 7.36 per share

- 2017-12: BRL 8.38 per share

- 2018-01: BRL 10.99 per share

- 2018-02: BRL 10.15 per share

- 2018-03: BRL 8.80 per share

- 2018-04: BRL 8.78 per share

- 2018-05: BRL 7.70 per share

- 2018-06: BRL 7.86 per share

- 2018-07: BRL 9.18 per share

- 2018-08: BRL 8.78 per share

- 2018-09: BRL 9.34 per share

- 2018-10: BRL 9.57 per share

- 2018-11: BRL 8.87 per share

- 2018-12: BRL 8.84 per share

- 2019-01: BRL 10.20 per share

- 2019-02: BRL 13.08 per share

- 2019-03: BRL 16.25 per share

- 2019-04: BRL 14.54 per share

- 2019-05: BRL 16.54 per share

- 2019-06: BRL 16.71 per share

- 2019-07: BRL 16.53 per share

- 2019-08: BRL 14.36 per share

- 2019-09: BRL 13.23 per share

- 2019-10: BRL 11.80 per share

- 2019-11: BRL 12.56 per share

- 2019-12: BRL 14.11 per share

- 2020-01: BRL 12.90 per share

- 2020-02: BRL 11.18 per share

- 2020-03: BRL 6.98 per share

- 2020-04: BRL 8.96 per share

- 2020-05: BRL 10.32 per share

- 2020-06: BRL 10.68 per share

- 2020-07: BRL 12.25 per share

- 2020-08: BRL 15.21 per share

- 2020-09: BRL 16.50 per share

- 2020-10: BRL 20.54 per share

- 2020-11: BRL 23.51 per share

- 2020-12: BRL 31.85 per share

- 2021-01: BRL 30.40 per share

- 2021-02: BRL 32.87 per share

- 2021-03: BRL 37.90 per share

- 2021-04: BRL 49.19 per share

- 2021-05: BRL 44.92 per share

- 2021-06: BRL 43.99 per share

- 2021-07: BRL 46.75 per share

- 2021-08: BRL 34.86 per share

- 2021-09: BRL 28.73 per share

- 2021-10: BRL 22.78 per share

- 2021-11: BRL 21.76 per share

- 2021-12: BRL 24.99 per share

- 2022-01: BRL 25.54 per share

- 2022-02: BRL 25.10 per share

- 2022-03: BRL 26.03 per share

- 2022-04: BRL 21.07 per share

- 2022-05: BRL 21.84 per share

- 2022-06: BRL 15.44 per share

- 2022-07: BRL 14.71 per share

- 2022-08: BRL 13.80 per share

- 2022-09: BRL 12.72 per share

- 2022-10: BRL 12.28 per share

- 2022-11: BRL 14.52 per share

- 2022-12: BRL 14.55 per share

- 2023-01: BRL 18.50 per share

- 2023-02: BRL 16.67 per share

- 2023-03: BRL 15.44 per share

- 2023-04: BRL 14.21 per share

- 2023-05: BRL 12.15 per share

- 2023-06: BRL 12.13 per share

- 2023-07: BRL 13.84 per share

- 2023-08: BRL 12.11 per share

- 2023-09: BRL 12.14 per share

- 2023-10: BRL 11.76 per share

- 2023-11: BRL 16.42 per share

- 2023-12: BRL 19.66 per share

- 2024-01: BRL 17.73 per share

- 2024-02: BRL 16.82 per share

- 2024-03: BRL 15.70 per share

- 2024-04: BRL 13.92 per share

- 2024-05: BRL 13.08 per share

- 2024-06: BRL 12.91 per share

- 2024-07: BRL 11.86 per share

- 2024-08: BRL 11.86 per share

- 2024-09: BRL 12.89 per share

- 2024-10: BRL 11.77 per share

- 2024-11: BRL 11.16 per share

- 2024-12: BRL 8.86 per share

- 2025-01: BRL 9.09 per share

- 2025-02: BRL 8.52 per share

- 2025-03: BRL 9.47 per share

- 2025-04: BRL 9.30 per share

- 2025-05: BRL 8.25 per share

- 2025-06: BRL 7.44 per share

- 2025-07: BRL 8.02 per share

- 2025-08: BRL 7.61 per share

- 2025-09: BRL 7.90 per share

- 2025-10: BRL 9.44 per share

- 2025-11: BRL 8.44 per share

- 2025-12: BRL 8.94 per share

- 2026-01: BRL 10.07 per share

- 2026-02: BRL 8.62 per share

- 2026-03: BRL 6.33 per share

- 2026-04: BRL 6.23 per share

- 2026-05: BRL 6.71 per share

- 2026-06: BRL 4.62 per share

- 2026-07: BRL 4.84 per share

- 2026-08: BRL 5.32 per share

- 2026-09: BRL 5.77 per share

- 2026-10: BRL 6.45 per share

## Annual estimated value (BRL per share)

- FY2019: low BRL 4.92 per share, central BRL 5.26 per share, high BRL 5.48 per share

- FY2020: low BRL 19.61 per share, central BRL 22.12 per share, high BRL 23.15 per share

- FY2021: low BRL 52.29 per share, central BRL 63.77 per share, high BRL 67.91 per share

- FY2022: low BRL 42.94 per share, central BRL 53.69 per share, high BRL 57.57 per share

- FY2023: low BRL 25.32 per share, central BRL 26.81 per share, high BRL 27.99 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

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1049659/000129281426002714/sidform20f_2025.htm); period 2025-12-31, filed 2026-04-30.

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