Detailed financial statements for Gerdau S.A. (GGB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Gerdau S.A., together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, and South America Business segments. The company offers rebars, bars, wires, thick plates, hot rolled coils, billets, blooms, plates, wire rods, and structural profiles. It also provides special steel products for agricultural, automotive, construction, distribution, energy, industrial, and mining markets.
Analysis Summary
Gerdau S.A. reported revenue of 69.86B BRL in the most recent fiscal year, growing at a 5-year CAGR of 9.8%. Net income reached 1.39B BRL, with a -10.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 13.1%, operating margin 7.3%, net margin 3.2%. Free cash flow grew at -24.4% CAGR over 5 years.
At the current price of $5.17, GGB trades at a P/E of 23.10 and an ROE of 2.59%. Market capitalisation stands at $10.2B, placing it among large-cap names.
Balance sheet quality for GGB: current ratio of 2.9, net debt of 9.20B BRL. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 1.13B BRL represents 82% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 37.65B BRL | 36.92B BRL | 46.16B BRL | 39.64B BRL | 43.81B BRL | 78.35B BRL | 82.41B BRL | 68.92B BRL | 67.03B BRL | 69.86B BRL |
| Cost of Revenue | 34.19B BRL | 33.31B BRL | 40.01B BRL | 35.44B BRL | 37.88B BRL | 57.53B BRL | 63.66B BRL | 57.58B BRL | 57.82B BRL | 61.89B BRL |
| Gross Profit | 3.46B BRL | 3.60B BRL | 6.15B BRL | 4.20B BRL | 5.93B BRL | 20.82B BRL | 18.75B BRL | 11.33B BRL | 9.20B BRL | 7.97B BRL |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 2.24B BRL | 1.65B BRL | 1.65B BRL | 1.43B BRL | 1.53B BRL | 2.11B BRL | 2.19B BRL | 2.21B BRL | 2.17B BRL | 2.12B BRL |
| Operating Expenses | 5.10B BRL | 2.50B BRL | 2.10B BRL | 1.02B BRL | 5.93B BRL | 797.5M BRL | 2.15B BRL | 1.71B BRL | 2.79B BRL | 2.36B BRL |
| Operating Income | -1.64B BRL | 1.10B BRL | 4.05B BRL | 3.18B BRL | 0 | 20.02B BRL | 16.60B BRL | 9.63B BRL | 6.41B BRL | 5.61B BRL |
| EBITDA | 1.50B BRL | 3.37B BRL | 5.23B BRL | 4.69B BRL | 7.02B BRL | 23.99B BRL | 19.69B BRL | 13.23B BRL | 9.39B BRL | 7.57B BRL |
| Interest Expense | 2.01B BRL | 1.73B BRL | 1.58B BRL | 237.8M BRL | 198.2M BRL | 196.4M BRL | 186.8M BRL | 168.2M BRL | 796.9M BRL | 242.9M BRL |
| Pre-tax Income | -2.58B BRL | -43.3M BRL | 2.16B BRL | 1.67B BRL | 3.50B BRL | 20.27B BRL | 15.86B BRL | 9.35B BRL | 5.46B BRL | 2.52B BRL |
| Income Tax | 304.3M BRL | 295.4M BRL | -169.0M BRL | 457.8M BRL | 1.11B BRL | 4.71B BRL | 4.38B BRL | 1.81B BRL | 864.7M BRL | 1.11B BRL |
| Net Income | -2.89B BRL | -359.4M BRL | 2.30B BRL | 1.20B BRL | 2.37B BRL | 15.49B BRL | 11.43B BRL | 7.50B BRL | 4.57B BRL | 1.39B BRL |
| EPS | $-1.61 | $-0.19 | $1.31 | $0.68 | $1.34 | $8.69 | $6.22 | $3.55 | $2.18 | $0.69 |
| EPS (Diluted) | $-1.61 | $-0.19 | $1.31 | $0.68 | $1.34 | $8.69 | $6.19 | $3.55 | $2.18 | $0.69 |
| Shares Outstanding (Diluted) | 1.79B BRL | 1.79B BRL | 1.78B BRL | 1.78B BRL | 1.79B BRL | 1.79B BRL | 1.85B BRL | 2.11B BRL | 2.10B BRL | 2.01B BRL |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 17.98B BRL | 16.97B BRL | 16.72B BRL | 17.87B BRL |
| Gross Profit | 2.14B BRL | 1.85B BRL | 2.29B BRL | 2.83B BRL |
| Operating Income | 1.57B BRL | 1.20B BRL | 1.75B BRL | 2.30B BRL |
| EBITDA | 2.73B BRL | 220.9M BRL | 2.70B BRL | 3.21B BRL |
| Net Income | 1.08B BRL | -1.30B BRL | 1.00B BRL | 1.45B BRL |
| EPS | $0.53 | $-0.66 | $0.51 | $0.74 |
| EPS (Diluted) | $0.53 | $-0.66 | $0.51 | $0.74 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.06B BRL | 2.56B BRL | 2.89B BRL | 2.64B BRL | 4.62B BRL | 4.16B BRL | 2.48B BRL | 3.01B BRL | 7.77B BRL | 5.93B BRL |
| Short-term Investments | 1.02B BRL | 821.5M BRL | 459.5M BRL | 3.65B BRL | 3.04B BRL | 2.63B BRL | 2.96B BRL | 2.34B BRL | 509.0M BRL | 445.6M BRL |
| Receivables | 3.58B BRL | 2.80B BRL | 4.17B BRL | 2.67B BRL | 5.99B BRL | 8.31B BRL | 7.21B BRL | 6.87B BRL | 7.24B BRL | 6.78B BRL |
| Inventory | 6.33B BRL | 6.70B BRL | 9.17B BRL | 7.66B BRL | 9.17B BRL | 16.86B BRL | 17.82B BRL | 15.23B BRL | 16.50B BRL | 14.73B BRL |
| Total Current Assets | 17.80B BRL | 17.98B BRL | 17.50B BRL | 18.24B BRL | 23.41B BRL | 32.64B BRL | 31.26B BRL | 29.20B BRL | 32.67B BRL | 28.61B BRL |
| Property, Plant & Equipment | 19.35B BRL | 16.44B BRL | 15.55B BRL | 16.68B BRL | 18.07B BRL | 19.60B BRL | 21.38B BRL | 24.06B BRL | 30.76B BRL | 31.91B BRL |
| Goodwill | 9.47B BRL | 7.89B BRL | 9.11B BRL | 9.47B BRL | 12.10B BRL | 12.43B BRL | 11.63B BRL | 10.83B BRL | 13.85B BRL | 12.00B BRL |
| Intangible Assets | 1.32B BRL | 972.1M BRL | 836.1M BRL | 673.3M BRL | 622.6M BRL | 509.8M BRL | 415.2M BRL | 373.7M BRL | 400.6M BRL | 691.4M BRL |
| Total Assets | 54.64B BRL | 50.30B BRL | 51.28B BRL | 54.00B BRL | 63.12B BRL | 73.81B BRL | 73.80B BRL | 74.89B BRL | 86.81B BRL | 81.69B BRL |
| Accounts Payable | 2.74B BRL | 3.18B BRL | 4.34B BRL | 3.76B BRL | 5.44B BRL | 8.02B BRL | 6.62B BRL | 5.90B BRL | 5.72B BRL | 5.01B BRL |
| Short-term Debt | 4.46B BRL | 2.00B BRL | 1.82B BRL | 1.56B BRL | 1.43B BRL | 1.77B BRL | 3.12B BRL | 1.80B BRL | 735.0M BRL | 941.9M BRL |
| Total Current Liabilities | 8.62B BRL | 7.71B BRL | 8.50B BRL | 7.42B BRL | 11.48B BRL | 14.04B BRL | 13.46B BRL | 11.28B BRL | 10.85B BRL | 9.89B BRL |
| Long-term Debt | 16.13B BRL | 14.51B BRL | 13.08B BRL | 14.49B BRL | 16.11B BRL | 12.30B BRL | 9.51B BRL | 9.12B BRL | 12.90B BRL | 13.24B BRL |
| Total Liabilities | 30.36B BRL | 26.41B BRL | 25.34B BRL | 26.83B BRL | 32.04B BRL | 31.00B BRL | 27.50B BRL | 25.65B BRL | 28.64B BRL | 27.89B BRL |
| Retained Earnings | 3.76B BRL | 3.32B BRL | 4.81B BRL | 5.64B BRL | 7.29B BRL | 17.84B BRL | 22.17B BRL | 25.91B BRL | 24.24B BRL | 23.05B BRL |
| Total Equity | 24.03B BRL | 23.65B BRL | 25.73B BRL | 26.96B BRL | 30.86B BRL | 42.60B BRL | 46.12B BRL | 49.06B BRL | 57.95B BRL | 53.59B BRL |
| Total Debt | 20.58B BRL | 16.51B BRL | 14.91B BRL | 16.85B BRL | 18.39B BRL | 14.98B BRL | 13.66B BRL | 12.20B BRL | 14.92B BRL | 15.57B BRL |
| Net Debt | 14.50B BRL | 13.13B BRL | 11.56B BRL | 10.56B BRL | 10.74B BRL | 8.20B BRL | 8.23B BRL | 6.85B BRL | 6.64B BRL | 9.20B BRL |
| Working Capital | 9.18B BRL | 10.27B BRL | 9.00B BRL | 10.81B BRL | 11.93B BRL | 18.60B BRL | 17.79B BRL | 17.91B BRL | 21.82B BRL | 18.72B BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 9.39B BRL | 5.93B BRL | 5.28B BRL | 5.16B BRL |
| Total Assets | 87.26B BRL | 81.69B BRL | 81.05B BRL | 81.97B BRL |
| Total Liabilities | 32.52B BRL | 27.89B BRL | 28.08B BRL | 28.24B BRL |
| Total Equity | 54.54B BRL | 53.59B BRL | 52.77B BRL | 53.54B BRL |
| Total Debt | 19.99B BRL | 15.57B BRL | 15.37B BRL | 15.17B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -2.89B BRL | -338.7M BRL | 2.33B BRL | 1.22B BRL | 2.39B BRL | 15.56B BRL | 11.48B BRL | 7.54B BRL | 4.60B BRL | 1.42B BRL |
| Depreciation & Amortization | 2.54B BRL | 2.09B BRL | 1.89B BRL | 2.07B BRL | 2.50B BRL | 2.66B BRL | 2.87B BRL | 3.05B BRL | 3.13B BRL | 3.68B BRL |
| Stock-based Compensation | 46.7M BRL | 35.6M BRL | 41.2M BRL | 43.9M BRL | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 406.4M BRL | -952.6M BRL | -2.74B BRL | 1.25B BRL | 610.8M BRL | -6.88B BRL | -4.63B BRL | 114.2M BRL | 1.37B BRL | 613.8M BRL |
| Operating Cash Flow | 3.52B BRL | 2.08B BRL | 2.00B BRL | 1.64B BRL | 6.41B BRL | 12.52B BRL | 11.15B BRL | 11.14B BRL | 11.38B BRL | 7.99B BRL |
| Capital Expenditure | -1.38B BRL | -911.3M BRL | -1.26B BRL | -1.85B BRL | -1.81B BRL | -3.19B BRL | -4.48B BRL | -5.34B BRL | -5.95B BRL | -6.85B BRL |
| Acquisitions | 0 | -178.7M BRL | -375.5M BRL | -74.3M BRL | -485.3M BRL | 113.6M BRL | -26.8M BRL | -477.2M BRL | -647.6M BRL | -790.6M BRL |
| Stock Repurchased | -95.3M BRL | 0 | -243.4M BRL | 0 | 0 | 0 | -1.07B BRL | 0 | -1.19B BRL | -1.17B BRL |
| Dividends Paid | -86.0M BRL | -86.4M BRL | -599.1M BRL | -484.2M BRL | -274.8M BRL | -5.34B BRL | -5.89B BRL | -2.68B BRL | -1.66B BRL | -1.29B BRL |
| Free Cash Flow | 2.14B BRL | 1.16B BRL | 737.4M BRL | -204.1M BRL | 4.60B BRL | 9.32B BRL | 6.67B BRL | 5.80B BRL | 5.43B BRL | 1.13B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 2.93B BRL | 3.15B BRL | 1.51B BRL | 1.54B BRL |
| Capital Expenditure | -1.76B BRL | -1.52B BRL | -1.21B BRL | -1.10B BRL |
| Free Cash Flow | 1.16B BRL | 1.63B BRL | 304.2M BRL | 432.5M BRL |
| Dividends Paid | -248.3M BRL | -574.0M BRL | -187.0M BRL | -363.0M BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.9% | +25.0% | -14.1% | +10.5% | +78.8% | +5.2% | -16.4% | -2.7% | +4.2% | |
| Net Income Growth (YoY) | +87.6% | +741.1% | -47.8% | +96.5% | +554.9% | -26.3% | -34.3% | -39.1% | -69.6% | |
| EPS Growth (YoY) | +88.2% | +789.5% | -48.1% | +97.1% | +548.5% | -28.4% | -42.9% | -38.6% | -68.3% | |
| Shares Change (YoY) | +0.0% | -0.8% | +0.2% | +0.1% | +0.3% | +3.1% | +14.4% | -0.6% | -4.1% | |
| FCF Growth (YoY) | -45.5% | -36.7% | -127.7% | +2,355.0% | +102.6% | -28.5% | -13.0% | -6.3% | -79.1% | |
| Gross Margin | 9.2% | 9.8% | 13.3% | 10.6% | 13.5% | 26.6% | 22.8% | 16.4% | 13.7% | 11.4% |
| Operating Margin | -4.3% | 3.0% | 8.8% | 8.0% | 0.0% | 25.6% | 20.1% | 14.0% | 9.6% | 8.0% |
| EBITDA Margin | 4.0% | 9.1% | 11.3% | 11.8% | 16.0% | 30.6% | 23.9% | 19.2% | 14.0% | 10.8% |
| Net Margin | -7.7% | -1.0% | 5.0% | 3.0% | 5.4% | 19.8% | 13.9% | 10.9% | 6.8% | 2.0% |
| FCF Margin | 5.7% | 3.2% | 1.6% | -0.5% | 10.5% | 11.9% | 8.1% | 8.4% | 8.1% | 1.6% |
| Effective Tax Rate | -11.8% | -682.6% | -7.8% | 27.3% | 31.7% | 23.3% | 27.6% | 19.4% | 15.8% | 43.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.19 | $0.65 | $0.41 | $-0.11 | $2.58 | $5.21 | $3.61 | $2.75 | $2.59 | $0.56 |
| Dividends Per Share | $0.05 | $0.05 | $0.34 | $0.27 | $0.15 | $2.98 | $3.19 | $1.27 | $0.79 | $0.64 |
| Shares Outstanding (Basic) | 1.79B BRL | 1.79B BRL | 1.78B BRL | 1.78B BRL | 1.79B BRL | 1.79B BRL | 1.84B BRL | 2.11B BRL | 2.09B BRL | 2.00B BRL |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 2.59% |
| Return on Invested Capital | 4.31% |
| Return on Assets | 1.70% |
| Gross Margin | 13.10% |
| Operating Margin | 7.30% |
| Net Margin | 3.22% |
Financial Health
| Debt / Equity | 0.28 |
| Current Ratio | 2.87 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -5.03 | -54.49 | 8.82 | 22.91 | 14.37 | 2.50 | 3.74 | 5.52 | 8.19 | 29.29 |
| P/B | 0.60 | 0.79 | 0.80 | 1.03 | 1.11 | 0.91 | 0.93 | 0.84 | 0.64 | 0.76 |
| P/S | 0.39 | 0.50 | 0.45 | 0.70 | 0.78 | 0.50 | 0.52 | 0.60 | 0.56 | 0.58 |
| Gross Margin | 9.2% | 9.8% | 13.3% | 10.6% | 13.5% | 26.6% | 22.8% | 16.4% | 13.7% | 11.4% |
| Operating Margin | -4.3% | 3.0% | 8.8% | 8.0% | 0.0% | 25.6% | 20.1% | 14.0% | 9.6% | 8.0% |
| Net Margin | -7.7% | -1.0% | 5.0% | 3.0% | 5.4% | 19.8% | 13.9% | 10.9% | 6.8% | 2.0% |
Related companies: AXTA · CLF · CMC · EMN · ESI · EXP · HBM
Explore sector: Basic Materials · Steel
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