# Klabin (KLBN3.SA)

Canonical: https://gigainvestors.com/s/KLBN3.SA

Analysis as of: 2026-10-16T07:37:54.404Z. Financial observations: FY2004–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 3.68 per share; close as of 2026-10-15.

Estimated value: low BRL 4.71 per share, central BRL 5.65 per share, high BRL 6.00 per share. Buy at or below the central value BRL 5.65 per share. Valuation as of 2026-10-16T07:37:54.404Z; scenarios are not confidence intervals.

Expected annual return: 27.7% at the stated quote. About 27.7% 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: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.18×

- FY2018: 0.30×

- FY2019: 0.28×

- FY2020: -0.06×

- FY2021: 0.35×

- FY2022: 0.33×

- FY2023: 0.24×

- FY2024: 0.18×

- FY2025: 0.21×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.8%

- ROIC, second-lowest year: 5.4%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 36.7%

- Recent gross margin (lower of latest and 3-year median): 35.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.9%

- ROIC including acquisitions, ten-year median: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.7%

- FY2017: 5.4%

- FY2018: 12.5%

- FY2019: 11.4%

- FY2020: -2.2%

- FY2021: 15.9%

- FY2022: 14.7%

- FY2023: 9.5%

- FY2024: 8.0%

- FY2025: 8.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 13B

- Net income, five-year total: BRL 13B

- Return on incremental invested capital: 15.3%

- Working capital / revenue, annual change: -2.5 pp

- Working capital / revenue, change between three-year averages: -16.3 pp

- Working capital / revenue, final three-year average: 12.9%

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

- FY2021: 0.93×

- FY2022: 0.93×

- FY2023: 0.50×

- FY2024: 0.82×

- FY2025: 2.08×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 8.2%

- Per-share earnings: 0.09 to 0.31 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: BRL -7.1B

- Cumulative retained earnings: BRL 235M

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.2%

- Per-share value change: BRL 0.21

- Per-share value, starting three-year median: BRL 0.09

- Per-share value, ending three-year median: BRL 0.31

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 538M

- Cumulative net income, 10 years: BRL 15B

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 8.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.49

- FY2017: BRL 0.09

- FY2018: BRL 0.03

- FY2019: BRL 0.13

- FY2020: BRL -0.42

- FY2021: BRL 0.55

- FY2022: BRL 0.73

- FY2023: BRL 0.44

- FY2024: BRL 0.31

- FY2025: BRL 0.23

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 1.64×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.56×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.4%

- FY2017: -4.1%

- FY2018: -8.9%

- FY2019: -6.6%

- FY2020: -23.2%

- FY2021: -4.4%

- FY2022: -5.6%

- FY2023: -7.3%

- FY2024: -9.4%

- FY2025: -7.8%

## Holders

## Price story

Down 38% since Nov 2021 · sales +5.4%

Story as of 2026-10-16T10:00:09.555Z; price observation 2026-10-15.

Price needs cash profits to shrink 3% a year for ten years

### Sales · FY2024–2025

sales +5.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 7.1B 

- FY2017: BRL 8.4B 

- FY2018: BRL 10B 

- FY2019: BRL 10B 

- FY2020: BRL 12B 

- FY2021: BRL 16B 

- FY2022: BRL 20B 

- FY2023: BRL 18B 

- FY2024: BRL 20B 

- FY2025: BRL 21B 

### Gross margin · FY2025

gross margin 35.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.8% 

- FY2017: 32.7% 

- FY2018: 43.0% 

- FY2019: 33.3% 

- FY2020: 39.5% 

- FY2021: 45.8% 

- FY2022: 47.5% 

- FY2023: 38.0% 

- FY2024: 32.1% 

- FY2025: 35.4% 

## Owner memo

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

### How it makes money

Operates in paper & paper products; annual sales are BRL 20.7 billion.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2025-12-31 (filed 2026-10-16T07:37:54.404Z); FY2025: revenue 20697507000; grossProfit 7324910000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 32.1% to 38% during 2023–25; it earns 8.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2023-12-31 (filed 2026-10-16T07:37:54.404Z); FY2023: grossProfit / revenue = 38%.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2024-12-31 (filed 2026-10-16T07:37:54.404Z); FY2024: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2025-12-31 (filed 2026-10-16T07:37:54.404Z); FY2025: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:54.404Z); 10-year return on capital observations [[2016,0.056507464374205556],[2017,0.05438598178140659],[2018,0.12531773309971272],[2019,0.11414759956420605],[2020,-0.021649199619264183],[2021,0.15906473458037457],[2022,0.1470152966001549],[2023,0.09465323946239755],[2024,0.07951073553780352],[2025,0.08151636898379219]]; median 0.08808480422309486. 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/api/fundamentals/KLBN3.SA.json#2016-12-31 (filed 2026-10-16T07:37:54.404Z); FY2016: growth capex 1818426000; upkeep 748221000; owner earnings 2481946000. Growth capex / owner earnings = 0.7326613874757952.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2017-12-31 (filed 2026-10-16T07:37:54.404Z); FY2017: growth capex 0; upkeep 925285000; owner earnings 600634000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2018-12-31 (filed 2026-10-16T07:37:54.404Z); FY2018: growth capex 78297000; upkeep 1018046000; owner earnings 137455000. Growth capex / owner earnings = 0.5696191480848277.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2021-12-31 (filed 2026-10-16T07:37:54.404Z); FY2021: growth capex 1181351000; upkeep 2696341000; owner earnings 2802529800. Growth capex / owner earnings = 0.42153021887581715.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2022-12-31 (filed 2026-10-16T07:37:54.404Z); FY2022: growth capex 3641925000; upkeep 3169155000; owner earnings 4148244669.9675107. Growth capex / owner earnings = 0.877943633934332.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2023-12-31 (filed 2026-10-16T07:37:54.404Z); FY2023: growth capex 0; upkeep 4363324000; owner earnings 1349439099.2423933. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2024-12-31 (filed 2026-10-16T07:37:54.404Z); FY2024: growth capex 1429021000; upkeep 2119388000; owner earnings 1498575088.6068752. Growth capex / owner earnings = 0.9535865175287713.

- Source: https://eodhd.com/api/fundamentals/KLBN3.SA.json#2025-12-31 (filed 2026-10-16T07:37:54.404Z); FY2025: growth capex 0; upkeep 2831963000; owner earnings 2917266598.5016184. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:54.404Z); Dividend observations: [[2016,447503000],[2017,548051000],[2018,840000000],[2019,957000000],[2020,223000000],[2021,402000000],[2022,1660000000],[2023,1358000000],[2024,1562624000],[2025,957000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 52.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KLBN3.SA SharesStats.PercentInsiders = 52.235 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:54.404Z); Ten-year compound average after fade. Initial solved rate -0.055184492400844026. Price 3.68; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.8174346050019089 → FY2025 0.47528366441334174. Closing-price date 2026-10-15.

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

- 2016-10: BRL 4.90 per share

- 2016-11: BRL 6.00 per share

- 2016-12: BRL 6.06 per share

- 2017-01: BRL 5.01 per share

- 2017-02: BRL 4.54 per share

- 2017-03: BRL 4.45 per share

- 2017-04: BRL 4.41 per share

- 2017-05: BRL 5.43 per share

- 2017-06: BRL 4.96 per share

- 2017-07: BRL 4.70 per share

- 2017-08: BRL 4.91 per share

- 2017-09: BRL 5.20 per share

- 2017-10: BRL 5.27 per share

- 2017-11: BRL 5.15 per share

- 2017-12: BRL 5.05 per share

- 2018-01: BRL 4.91 per share

- 2018-02: BRL 4.96 per share

- 2018-03: BRL 7.35 per share

- 2018-04: BRL 7.75 per share

- 2018-05: BRL 7.51 per share

- 2018-06: BRL 7.08 per share

- 2018-07: BRL 7.11 per share

- 2018-08: BRL 8.11 per share

- 2018-09: BRL 6.93 per share

- 2018-10: BRL 5.96 per share

- 2018-11: BRL 5.03 per share

- 2018-12: BRL 4.39 per share

- 2019-01: BRL 6.00 per share

- 2019-02: BRL 5.57 per share

- 2019-03: BRL 4.68 per share

- 2019-04: BRL 4.53 per share

- 2019-05: BRL 3.98 per share

- 2019-06: BRL 4.11 per share

- 2019-07: BRL 4.15 per share

- 2019-08: BRL 3.47 per share

- 2019-09: BRL 3.57 per share

- 2019-10: BRL 3.72 per share

- 2019-11: BRL 3.96 per share

- 2019-12: BRL 4.26 per share

- 2020-01: BRL 4.25 per share

- 2020-02: BRL 3.88 per share

- 2020-03: BRL 3.31 per share

- 2020-04: BRL 3.71 per share

- 2020-05: BRL 4.05 per share

- 2020-06: BRL 4.17 per share

- 2020-07: BRL 4.20 per share

- 2020-08: BRL 5.40 per share

- 2020-09: BRL 5.05 per share

- 2020-10: BRL 4.81 per share

- 2020-11: BRL 5.07 per share

- 2020-12: BRL 5.39 per share

- 2021-01: BRL 6.02 per share

- 2021-02: BRL 6.26 per share

- 2021-03: BRL 5.71 per share

- 2021-04: BRL 5.80 per share

- 2021-05: BRL 5.77 per share

- 2021-06: BRL 6.19 per share

- 2021-07: BRL 5.76 per share

- 2021-08: BRL 6.29 per share

- 2021-09: BRL 6.09 per share

- 2021-10: BRL 5.58 per share

- 2021-11: BRL 5.97 per share

- 2021-12: BRL 5.63 per share

- 2022-01: BRL 5.74 per share

- 2022-02: BRL 5.18 per share

- 2022-03: BRL 5.74 per share

- 2022-04: BRL 4.89 per share

- 2022-05: BRL 5.03 per share

- 2022-06: BRL 4.18 per share

- 2022-07: BRL 4.15 per share

- 2022-08: BRL 3.80 per share

- 2022-09: BRL 3.71 per share

- 2022-10: BRL 4.38 per share

- 2022-11: BRL 3.90 per share

- 2022-12: BRL 4.03 per share

- 2023-01: BRL 3.92 per share

- 2023-02: BRL 3.93 per share

- 2023-03: BRL 3.64 per share

- 2023-04: BRL 3.85 per share

- 2023-05: BRL 4.30 per share

- 2023-06: BRL 4.37 per share

- 2023-07: BRL 4.58 per share

- 2023-08: BRL 4.54 per share

- 2023-09: BRL 4.76 per share

- 2023-10: BRL 4.28 per share

- 2023-11: BRL 4.55 per share

- 2023-12: BRL 4.42 per share

- 2024-01: BRL 4.27 per share

- 2024-02: BRL 4.51 per share

- 2024-03: BRL 5.04 per share

- 2024-04: BRL 4.61 per share

- 2024-05: BRL 4.04 per share

- 2024-06: BRL 4.31 per share

- 2024-07: BRL 4.40 per share

- 2024-08: BRL 4.32 per share

- 2024-09: BRL 4.21 per share

- 2024-10: BRL 4.18 per share

- 2024-11: BRL 4.49 per share

- 2024-12: BRL 4.97 per share

- 2025-01: BRL 4.80 per share

- 2025-02: BRL 4.04 per share

- 2025-03: BRL 3.85 per share

- 2025-04: BRL 3.77 per share

- 2025-05: BRL 3.80 per share

- 2025-06: BRL 3.80 per share

- 2025-07: BRL 3.77 per share

- 2025-08: BRL 3.73 per share

- 2025-09: BRL 3.63 per share

- 2025-10: BRL 3.61 per share

- 2025-11: BRL 3.56 per share

- 2025-12: BRL 3.81 per share

- 2026-01: BRL 3.85 per share

- 2026-02: BRL 4.12 per share

- 2026-03: BRL 3.90 per share

- 2026-04: BRL 3.54 per share

- 2026-05: BRL 3.39 per share

- 2026-06: BRL 3.38 per share

- 2026-07: BRL 3.67 per share

- 2026-08: BRL 3.87 per share

- 2026-09: BRL 3.75 per share

- 2026-10: BRL 3.68 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 1.76 per share, central BRL 1.91 per share, high BRL 1.97 per share

- FY2017: low BRL 1.92 per share, central BRL 2.08 per share, high BRL 2.13 per share

- FY2018: low BRL 1.49 per share, central BRL 1.55 per share, high BRL 1.57 per share

- FY2019: low BRL 2.00 per share, central BRL 2.06 per share, high BRL 2.08 per share

- FY2020: low BRL 1.28 per share, central BRL 1.29 per share, high BRL 1.31 per share

- FY2021: low BRL 1.77 per share, central BRL 1.86 per share, high BRL 1.89 per share

- FY2022: low BRL 1.27 per share, central BRL 1.37 per share, high BRL 1.41 per share

- FY2023: low BRL 3.19 per share, central BRL 3.66 per share, high BRL 3.83 per share

- FY2024: low BRL 2.88 per share, central BRL 3.42 per share, high BRL 3.62 per share

- FY2025: low BRL 4.81 per share, central BRL 5.74 per share, high BRL 6.09 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 2026-10-15T06:43:34.462Z 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