# Suzano (SUZB3.SA)

Canonical: https://gigainvestors.com/s/SUZB3.SA

Analysis as of: 2026-10-16T07:35:50.446Z. Financial observations: FY2000–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 42.40 per share; close as of 2026-10-15.

Estimated value: low BRL 67.43 per share, central BRL 70.63 per share, high BRL 74.32 per share. Buy at or below the central value BRL 70.63 per share. Valuation as of 2026-10-16T07:35:50.446Z; scenarios are not confidence intervals.

Expected annual return: 36.3% at the stated quote. About 36.3% 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

- 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: 3

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.31×

- FY2018: 0.37×

- FY2019: 0.10×

- FY2020: 0.28×

- FY2021: 0.44×

- FY2022: 0.45×

- FY2023: 0.31×

- FY2024: 0.33×

- FY2025: 0.23×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 7.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: 7.1 pp

- Typical gross margin (annual median): 38.2%

- Recent gross margin (lower of latest and 3-year median): 31.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 21.2%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.4%

- FY2017: 12.5%

- FY2018: 22.7%

- FY2019: 3.1%

- FY2020: 9.8%

- FY2021: 24.9%

- FY2022: 20.5%

- FY2023: 9.7%

- FY2024: 11.2%

- FY2025: 6.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 37B

- Net income, five-year total: BRL 52B

- Return on incremental invested capital: 16.9%

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

- Working capital / revenue, change between three-year averages: -6.5 pp

- Working capital / revenue, final three-year average: 22.8%

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

- FY2021: 0.96×

- FY2022: 0.95×

- FY2023: 0.18×

- FY2024: 1.20×

- FY2025: 0.90×

### management: pass

- 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: 12.5% vs 9.7%

- Per-share earnings: 1.55 to 10.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: BRL 42B

- Cumulative retained earnings: BRL 18B

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.5%

- Per-share value change: BRL 9.30

- Per-share value, starting three-year median: BRL 1.55

- Per-share value, ending three-year median: BRL 10.85

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 1.4%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 18B

- Cumulative net income, 10 years: BRL 43B

- ROIC, first three-year median: 12.5%

- ROIC, last three-year median: 9.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 1.55

- FY2017: BRL 1.66

- FY2018: BRL 0.29

- FY2019: BRL -2.09

- FY2020: BRL -7.95

- FY2021: BRL 6.39

- FY2022: BRL 17.86

- FY2023: BRL 10.92

- FY2024: BRL -5.71

- FY2025: BRL 10.85

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -4.4%

- FY2018: -9.0%

- FY2019: -10.6%

- FY2020: -23.4%

- FY2021: -7.6%

- FY2022: 1.3%

- FY2023: -2.2%

- FY2024: -16.7%

- FY2025: -2.8%

## Holders

## Price story

Down 34% since Mar 2024 · sales +5.7%

Story as of 2026-10-16T10:00:06.185Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.1% a year for ten years

- 2026-02-10: Suzano Reports Record Sales and Continued Improvements in Operational Efficiency in 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/suzano-reports-record-sales-continued-234400976.html))

### Sales · FY2024–2025

sales +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 9.8B 

- FY2017: BRL 11B 

- FY2018: BRL 13B 

- FY2019: BRL 26B 

- FY2020: BRL 30B 

- FY2021: BRL 41B 

- FY2022: BRL 50B 

- FY2023: BRL 40B 

- FY2024: BRL 47B 

- FY2025: BRL 50B 

### Gross margin · FY2025

gross margin 31.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.3% 

- FY2017: 38.6% 

- FY2018: 48.5% 

- FY2019: 20.3% 

- FY2020: 37.7% 

- FY2021: 49.7% 

- FY2022: 50.2% 

- FY2023: 36.9% 

- FY2024: 42.2% 

- FY2025: 31.1% 

## Owner memo

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

### How it makes money

Operates in paper & paper products; annual sales are BRL 50.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2025: revenue 50115679000; grossProfit 15591062000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUZB3.SA: Suzano S.A. manufactures and sells pulp and paper products in Brazil and internationally. It operates in two segments, Cellulose, and Paper. The company offers coated and uncoated printing and writing papers, paperboards, tissue papers, and market and fluff pulps. It also engages in the research, development, and production of biofuel; operation of port terminals; biotechnology and nanocrystalline pulps research and development activities; power generation and distribution business; road freight transport activities; commercialization of equipment and parts; research and development of lignin; industrialization and commercialization of cellulose, microfiber cellulose, paper, and paperboard products; and industrialization, commercialization, and exporting of pulp products. In addition, the company is involved in the commercial office, corporate venture capital, and financial fundraising activities; production of consumer goods through cellulose-based liquids; development and production of cellulose-based fibers, yarns, and textile filaments; restoration, conservation, and preservation of forests; and research of raw materials for the textile industry. The company was formerly known as Suzano Papel e Celulose S.A. and changed its name to Suzano S.A. in April 2019. The company was founded in 1924 and is headquartered in Salvador, Brazil.

### Why customers stay

Margins ranged from 31.1% to 42.2% during 2023–25; it earns 10.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2023: grossProfit / revenue = 36.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2024: grossProfit / revenue = 42.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2025: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); 10-year return on capital observations [[2016,0.04388584790554212],[2017,0.12545639302113648],[2018,0.22654484716783824],[2019,0.030530352269480747],[2020,0.09806008518754024],[2021,0.24946835817056687],[2022,0.2049695909075628],[2023,0.09718748364345327],[2024,0.11239464289758831],[2025,0.0644381888742404]]; median 0.10522736404256428. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.9% of cash earnings on expansion; earns 16.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2016: growth capex 0; upkeep 2324338000; owner earnings 771178000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2017: growth capex 377524000; upkeep 1402778000; owner earnings 1820994000. Growth capex / owner earnings = 0.2073175419578538.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2018: growth capex 860475000; upkeep 1563223000; owner earnings 319693000. Growth capex / owner earnings = 2.6915665967037126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2021: growth capex 0; upkeep 6243470000; owner earnings 8245940200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2022: growth capex 7401026000; upkeep 7438091000; owner earnings 22145111000. Growth capex / owner earnings = 0.33420586602614005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2023: growth capex 0; upkeep 17557066000; owner earnings 2600135600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2025: growth capex 1195051000; upkeep 11297258000; owner earnings 12022211000. Growth capex / owner earnings = 0.0994035955615818.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); Incremental return on capital 0.1693977086637867, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); Dividend observations: [[2016,299926000],[2017,570568000],[2018,210205000],[2019,606632000],[2020,9683000],[2021,9683000],[2022,4150782000],[2023,192532000],[2024,1624653000],[2025,2208158000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); FY2025: cash repurchases 191918000 BRL.

### Are managers owners

Insiders own 45.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUZB3.SA SharesStats.PercentInsiders = 45.937 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:50.446Z); Ten-year compound average after fade. Initial solved rate -0.1805207190864752. Price 42.4; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.8501981811800463 → FY2025 9.727425680600382. Closing-price date 2026-10-15.

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

- 2016-10: BRL 20.01 per share

- 2016-11: BRL 20.01 per share

- 2016-12: BRL 20.01 per share

- 2017-01: BRL 20.01 per share

- 2017-02: BRL 20.01 per share

- 2017-03: BRL 20.01 per share

- 2017-04: BRL 20.01 per share

- 2017-05: BRL 20.01 per share

- 2017-06: BRL 20.01 per share

- 2017-07: BRL 20.01 per share

- 2017-08: BRL 20.01 per share

- 2017-09: BRL 20.01 per share

- 2017-10: BRL 20.01 per share

- 2017-11: BRL 17.51 per share

- 2017-12: BRL 18.69 per share

- 2018-01: BRL 20.66 per share

- 2018-02: BRL 21.75 per share

- 2018-03: BRL 33.36 per share

- 2018-04: BRL 41.06 per share

- 2018-05: BRL 43.10 per share

- 2018-06: BRL 44.97 per share

- 2018-07: BRL 44.55 per share

- 2018-08: BRL 47.31 per share

- 2018-09: BRL 48.08 per share

- 2018-10: BRL 37.85 per share

- 2018-11: BRL 40.89 per share

- 2018-12: BRL 38.08 per share

- 2019-01: BRL 46.00 per share

- 2019-02: BRL 47.66 per share

- 2019-03: BRL 46.55 per share

- 2019-04: BRL 40.73 per share

- 2019-05: BRL 32.08 per share

- 2019-06: BRL 32.85 per share

- 2019-07: BRL 30.67 per share

- 2019-08: BRL 29.08 per share

- 2019-09: BRL 33.65 per share

- 2019-10: BRL 32.64 per share

- 2019-11: BRL 38.56 per share

- 2019-12: BRL 39.68 per share

- 2020-01: BRL 39.67 per share

- 2020-02: BRL 38.14 per share

- 2020-03: BRL 35.79 per share

- 2020-04: BRL 39.41 per share

- 2020-05: BRL 37.86 per share

- 2020-06: BRL 36.79 per share

- 2020-07: BRL 42.00 per share

- 2020-08: BRL 50.20 per share

- 2020-09: BRL 45.55 per share

- 2020-10: BRL 50.05 per share

- 2020-11: BRL 56.50 per share

- 2020-12: BRL 58.54 per share

- 2021-01: BRL 62.05 per share

- 2021-02: BRL 73.17 per share

- 2021-03: BRL 68.55 per share

- 2021-04: BRL 68.67 per share

- 2021-05: BRL 60.73 per share

- 2021-06: BRL 59.81 per share

- 2021-07: BRL 54.07 per share

- 2021-08: BRL 61.00 per share

- 2021-09: BRL 54.52 per share

- 2021-10: BRL 49.23 per share

- 2021-11: BRL 56.16 per share

- 2021-12: BRL 60.11 per share

- 2022-01: BRL 59.20 per share

- 2022-02: BRL 55.07 per share

- 2022-03: BRL 55.15 per share

- 2022-04: BRL 49.61 per share

- 2022-05: BRL 53.50 per share

- 2022-06: BRL 49.69 per share

- 2022-07: BRL 48.29 per share

- 2022-08: BRL 44.26 per share

- 2022-09: BRL 44.50 per share

- 2022-10: BRL 53.20 per share

- 2022-11: BRL 53.15 per share

- 2022-12: BRL 48.24 per share

- 2023-01: BRL 46.36 per share

- 2023-02: BRL 47.74 per share

- 2023-03: BRL 41.60 per share

- 2023-04: BRL 39.80 per share

- 2023-05: BRL 44.78 per share

- 2023-06: BRL 44.22 per share

- 2023-07: BRL 48.07 per share

- 2023-08: BRL 50.15 per share

- 2023-09: BRL 54.28 per share

- 2023-10: BRL 51.57 per share

- 2023-11: BRL 53.78 per share

- 2023-12: BRL 55.63 per share

- 2024-01: BRL 51.62 per share

- 2024-02: BRL 56.35 per share

- 2024-03: BRL 63.98 per share

- 2024-04: BRL 58.46 per share

- 2024-05: BRL 48.70 per share

- 2024-06: BRL 57.01 per share

- 2024-07: BRL 53.86 per share

- 2024-08: BRL 55.00 per share

- 2024-09: BRL 54.44 per share

- 2024-10: BRL 59.77 per share

- 2024-11: BRL 62.40 per share

- 2024-12: BRL 61.78 per share

- 2025-01: BRL 62.37 per share

- 2025-02: BRL 56.31 per share

- 2025-03: BRL 52.94 per share

- 2025-04: BRL 50.08 per share

- 2025-05: BRL 49.65 per share

- 2025-06: BRL 51.21 per share

- 2025-07: BRL 52.15 per share

- 2025-08: BRL 52.45 per share

- 2025-09: BRL 49.90 per share

- 2025-10: BRL 48.89 per share

- 2025-11: BRL 47.58 per share

- 2025-12: BRL 51.45 per share

- 2026-01: BRL 49.33 per share

- 2026-02: BRL 58.00 per share

- 2026-03: BRL 51.90 per share

- 2026-04: BRL 43.84 per share

- 2026-05: BRL 41.91 per share

- 2026-06: BRL 39.75 per share

- 2026-07: BRL 43.32 per share

- 2026-08: BRL 45.30 per share

- 2026-09: BRL 44.20 per share

- 2026-10: BRL 43.21 per share

## Annual estimated value (BRL per share)

- FY2018: low BRL 24.92 per share, central BRL 25.17 per share, high BRL 25.34 per share

- FY2019: low BRL 9.67 per share, central BRL 10.31 per share, high BRL 10.61 per share

- FY2020: low BRL 9.92 per share, central BRL 10.74 per share, high BRL 11.10 per share

- FY2021: low BRL 20.24 per share, central BRL 21.79 per share, high BRL 22.35 per share

- FY2022: low BRL 18.79 per share, central BRL 20.74 per share, high BRL 21.44 per share

- FY2023: low BRL 30.35 per share, central BRL 34.67 per share, high BRL 36.23 per share

- FY2024: low BRL 35.04 per share, central BRL 40.41 per share, high BRL 42.34 per share

- FY2025: low BRL 75.96 per share, central BRL 89.55 per share, high BRL 95.20 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 2026-10-15T06:41:32.429Z 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.