Detailed financial statements for Suzano S.A. (SUZ): 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.
Suzano S.A. is a prominent global producer and seller of eucalyptus pulp and paper products, with operations extending internationally from its base in Brazil. Its core business is structured around distinct Pulp and Paper segments. The company's extensive product portfolio includes various types of paper, such as coated and uncoated printing and writing papers, paperboards, and tissue products.
Analysis Summary
Suzano S.A. reported revenue of 49.13B BRL in the most recent fiscal year, growing at a 5-year CAGR of 10.0%.
Trailing-twelve-month margins: gross margin 27.6%, operating margin 18.4%, net margin 17.1%. Free cash flow grew at -7.5% CAGR over 5 years.
At the current price of $8.43, SUZ trades at a P/E of 6.35 and an ROE of 17.50%. Market capitalisation stands at $10.4B, placing it among large-cap names.
Balance sheet quality for SUZ: current ratio of 3.2, net debt of 81.12B 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 below average: free cash flow of 5.56B BRL represents 42% 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 | 9.88B BRL | 10.52B BRL | 13.44B BRL | 26.01B BRL | 30.46B BRL | 40.97B BRL | 49.83B BRL | 39.76B BRL | 47.40B BRL | 49.13B BRL |
| Cost of Revenue | 6.57B BRL | 6.45B BRL | 6.92B BRL | 20.74B BRL | 18.97B BRL | 20.62B BRL | 24.82B BRL | 25.08B BRL | 27.40B BRL | 33.85B BRL |
| Gross Profit | 3.31B BRL | 4.07B BRL | 6.52B BRL | 5.27B BRL | 11.49B BRL | 20.35B BRL | 25.01B BRL | 14.68B BRL | 20.00B BRL | 15.28B BRL |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 805.7M BRL | 924.9M BRL | 1.38B BRL | 3.05B BRL | 2.63B BRL | 2.82B BRL | 3.14B BRL | 3.45B BRL | 4.46B BRL | 6.10B BRL |
| Operating Expenses | 918.5M BRL | 767.5M BRL | 1.52B BRL | 2.64B BRL | 3.05B BRL | 2.17B BRL | 2.79B BRL | 2.46B BRL | 4.31B BRL | 4.08B BRL |
| Operating Income | 1.32B BRL | 3.26B BRL | 5.01B BRL | 2.63B BRL | 8.44B BRL | 18.18B BRL | 22.22B BRL | 12.22B BRL | 15.69B BRL | 11.21B BRL |
| EBITDA | 3.75B BRL | 4.55B BRL | 6.65B BRL | 7.59B BRL | -7.13B BRL | 19.67B BRL | 40.18B BRL | 29.40B BRL | 23.46B BRL | 37.63B BRL |
| Interest Expense | 762.7M BRL | 1.14B BRL | 1.20B BRL | 1.06B BRL | 857.0M BRL | 3.75B BRL | 4.59B BRL | 4.08B BRL | 4.90B BRL | 6.54B BRL |
| Pre-tax Income | 2.42B BRL | 2.24B BRL | 165.3M BRL | -4.10B BRL | -17.64B BRL | 8.83B BRL | 28.66B BRL | 18.00B BRL | -13.11B BRL | 20.01B BRL |
| Income Tax | 726.2M BRL | 431.6M BRL | -154.5M BRL | -1.28B BRL | -6.93B BRL | 197.4M BRL | 5.26B BRL | 3.89B BRL | -6.07B BRL | 6.84B BRL |
| Net Income | 1.69B BRL | 1.81B BRL | 319.7M BRL | -2.82B BRL | -10.72B BRL | 8.63B BRL | 23.38B BRL | 14.08B BRL | -7.07B BRL | 13.14B BRL |
| EPS | $1.54 | $1.67 | $0.29 | $-2.09 | $-7.94 | $6.39 | $17.58 | $10.85 | $-5.59 | $10.63 |
| EPS (Diluted) | $1.53 | $1.66 | $0.29 | $-2.09 | $-7.94 | $6.39 | $17.57 | $10.85 | $-5.59 | $10.63 |
| Shares Outstanding (Diluted) | 1.09B BRL | 1.09B BRL | 1.09B BRL | 1.35B BRL | 1.35B BRL | 1.35B BRL | 1.33B BRL | 1.30B BRL | 1.26B BRL | 1.24B BRL |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 12.15B BRL | 13.31B BRL | 10.97B BRL | 11.85B BRL |
| Gross Profit | 3.70B BRL | 3.92B BRL | 3.16B BRL | 2.71B BRL |
| Operating Income | 1.97B BRL | 2.72B BRL | 1.83B BRL | 1.81B BRL |
| EBITDA | 7.62B BRL | 4.97B BRL | 10.71B BRL | 5.02B BRL |
| Net Income | 1.95B BRL | 110.9M BRL | 4.31B BRL | 1.84B BRL |
| EPS | $1.58 | $0.09 | $3.48 | $1.50 |
| EPS (Diluted) | $1.58 | $0.09 | $3.48 | $1.50 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.61B BRL | 1.08B BRL | 4.39B BRL | 807.7M BRL | 1.32B BRL | 13.59B BRL | 9.51B BRL | 8.35B BRL | 9.02B BRL | 15.17B BRL |
| Short-term Investments | 2.08B BRL | 1.63B BRL | 21.10B BRL | 1.53B BRL | 425.9M BRL | 7.51B BRL | 7.55B BRL | 12.82B BRL | 12.97B BRL | 9.93B BRL |
| Receivables | 2.16B BRL | 2.30B BRL | 2.54B BRL | 1.09B BRL | 781.8M BRL | 6.90B BRL | 10.16B BRL | 7.74B BRL | 10.24B BRL | 8.96B BRL |
| Inventory | 1.31B BRL | 1.21B BRL | 1.85B BRL | 1.21B BRL | 780.2M BRL | 4.64B BRL | 5.73B BRL | 5.95B BRL | 7.96B BRL | 8.23B BRL |
| Total Current Assets | 8.03B BRL | 6.80B BRL | 30.80B BRL | 4.69B BRL | 3.46B BRL | 34.10B BRL | 37.12B BRL | 38.57B BRL | 42.18B BRL | 43.85B BRL |
| Property, Plant & Equipment | 16.24B BRL | 16.21B BRL | 17.02B BRL | 13.81B BRL | 10.52B BRL | 42.96B BRL | 55.77B BRL | 64.49B BRL | 70.17B BRL | 95.68B BRL |
| Goodwill | 45.4M BRL | 45.4M BRL | 158.3M BRL | 2.00B BRL | 1.54B BRL | 8.25B BRL | 8.25B BRL | 8.42B BRL | 8.42B BRL | 8.18B BRL |
| Intangible Assets | 174.1M BRL | 143.0M BRL | 181.5M BRL | 2.40B BRL | 1.68B BRL | 8.01B BRL | 7.17B BRL | 6.56B BRL | 5.71B BRL | 4.78B BRL |
| Total Assets | 29.40B BRL | 28.52B BRL | 53.93B BRL | 24.34B BRL | 19.60B BRL | 118.98B BRL | 133.20B BRL | 143.59B BRL | 165.94B BRL | 167.85B BRL |
| Accounts Payable | 582.9M BRL | 621.2M BRL | 632.6M BRL | 590.8M BRL | 454.6M BRL | 3.29B BRL | 6.21B BRL | 5.57B BRL | 6.03B BRL | 5.14B BRL |
| Short-term Debt | 1.59B BRL | 2.11B BRL | 3.42B BRL | 1.49B BRL | 332.8M BRL | 3.66B BRL | 3.34B BRL | 4.76B BRL | 10.50B BRL | 2.34B BRL |
| Total Current Liabilities | 3.83B BRL | 3.71B BRL | 6.06B BRL | 2.85B BRL | 1.57B BRL | 11.55B BRL | 14.49B BRL | 14.80B BRL | 24.48B BRL | 13.77B BRL |
| Long-term Debt | 12.40B BRL | 10.06B BRL | 32.30B BRL | 14.25B BRL | 13.64B BRL | 75.97B BRL | 71.24B BRL | 72.41B BRL | 90.93B BRL | 97.82B BRL |
| Total Liabilities | 19.26B BRL | 16.90B BRL | 41.91B BRL | 19.84B BRL | 18.19B BRL | 103.80B BRL | 100.03B BRL | 98.78B BRL | 133.52B BRL | 123.92B BRL |
| Retained Earnings | 1.64B BRL | 2.92B BRL | 2.99B BRL | 0 | -755.8M BRL | 3.93B BRL | 24.21B BRL | 0 | 12.98B BRL | 0 |
| Total Equity | 10.14B BRL | 11.62B BRL | 12.01B BRL | 4.47B BRL | 1.39B BRL | 15.08B BRL | 33.06B BRL | 44.69B BRL | 32.28B BRL | 43.79B BRL |
| Total Debt | 14.01B BRL | 12.19B BRL | 35.74B BRL | 16.57B BRL | 14.85B BRL | 85.52B BRL | 80.76B BRL | 83.42B BRL | 108.41B BRL | 106.22B BRL |
| Net Debt | 10.32B BRL | 9.48B BRL | 10.25B BRL | 14.23B BRL | 13.11B BRL | 64.42B BRL | 63.70B BRL | 62.25B BRL | 86.42B BRL | 81.12B BRL |
| Working Capital | 4.20B BRL | 3.09B BRL | 24.74B BRL | 1.84B BRL | 1.88B BRL | 22.55B BRL | 22.63B BRL | 23.77B BRL | 17.71B BRL | 30.08B BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 15.84B BRL | 15.17B BRL | 12.18B BRL | 16.62B BRL |
| Total Assets | 164.42B BRL | 167.85B BRL | 165.83B BRL | 170.78B BRL |
| Total Liabilities | 119.16B BRL | 123.92B BRL | 117.64B BRL | 121.01B BRL |
| Total Equity | 45.12B BRL | 43.79B BRL | 48.04B BRL | 49.62B BRL |
| Total Debt | 99.81B BRL | 106.22B BRL | 97.50B BRL | 97.00B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.69B BRL | 1.81B BRL | 319.8M BRL | -2.81B BRL | -10.71B BRL | 8.64B BRL | 23.39B BRL | 14.11B BRL | -7.04B BRL | 13.14B BRL |
| Depreciation & Amortization | 1.40B BRL | 1.40B BRL | 1.56B BRL | 8.05B BRL | 6.75B BRL | 7.08B BRL | 7.44B BRL | 7.32B BRL | 9.30B BRL | 11.08B BRL |
| Stock-based Compensation | 2.8M BRL | 33.7M BRL | 131.6M BRL | 0 | 0 | 0 | 78.5M BRL | 0 | 0 | 0 |
| Change in Working Capital | 727.0M BRL | 35.9M BRL | -1.33B BRL | 468.3M BRL | 2.26B BRL | -2.39B BRL | -2.32B BRL | 2.36B BRL | 1.04B BRL | 1.27B BRL |
| Operating Cash Flow | 3.00B BRL | 2.95B BRL | 5.17B BRL | 7.58B BRL | 13.12B BRL | 17.64B BRL | 21.64B BRL | 17.32B BRL | 20.60B BRL | 17.80B BRL |
| Capital Expenditure | -2.32B BRL | -1.78B BRL | -2.42B BRL | -4.87B BRL | -4.90B BRL | -6.24B BRL | -14.84B BRL | -17.56B BRL | -16.53B BRL | -12.25B BRL |
| Acquisitions | 35.2M BRL | 84.7M BRL | -294.5M BRL | -26.05B BRL | 0 | -58.3M BRL | -67.0M BRL | -1.10B BRL | -2.58B BRL | 98.8M BRL |
| Stock Repurchased | 5.67B BRL | -83,000 BRL | 0 | 0 | 0 | 0 | -1.90B BRL | -880.9M BRL | -2.81B BRL | -188.1M BRL |
| Dividends Paid | -299.9M BRL | -570.6M BRL | -210.2M BRL | -606.6M BRL | 0 | -9.7M BRL | -4.15B BRL | 0 | -1.62B BRL | -2.16B BRL |
| Free Cash Flow | 678.8M BRL | 1.17B BRL | 2.75B BRL | 2.71B BRL | 8.23B BRL | 11.39B BRL | 6.80B BRL | -241.6M BRL | 4.07B BRL | 5.56B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 4.03B BRL | 5.43B BRL | 2.90B BRL | 4.50B BRL |
| Capital Expenditure | -3.45B BRL | -2.85B BRL | -3.00B BRL | -2.54B BRL |
| Free Cash Flow | 586.8M BRL | 2.57B BRL | -101.7M BRL | 1.95B BRL |
| Dividends Paid | -4,000 BRL | -24.8M BRL | -1.38B BRL | -43.2M 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) | +6.5% | +27.8% | +93.5% | +17.1% | +34.5% | +21.6% | -20.2% | +19.2% | +3.6% | |
| Net Income Growth (YoY) | +6.8% | -82.3% | -981.3% | -280.6% | +180.4% | +171.0% | -39.8% | -150.2% | +285.8% | |
| EPS Growth (YoY) | +8.4% | -82.6% | -820.7% | -279.9% | +180.5% | +175.1% | -38.3% | -151.5% | +290.2% | |
| Shares Change (YoY) | +0.4% | +0.1% | +23.2% | +0.0% | +0.0% | -1.4% | -2.5% | -2.5% | -2.0% | |
| FCF Growth (YoY) | +72.3% | +134.9% | -1.4% | +203.8% | +38.5% | -40.3% | -103.6% | +1,785.2% | +36.5% | |
| Gross Margin | 33.5% | 38.7% | 48.5% | 20.3% | 37.7% | 49.7% | 50.2% | 36.9% | 42.2% | 31.1% |
| Operating Margin | 13.3% | 31.0% | 37.3% | 10.1% | 27.7% | 44.4% | 44.6% | 30.7% | 33.1% | 22.8% |
| EBITDA Margin | 38.0% | 43.2% | 49.5% | 29.2% | -23.4% | 48.0% | 80.6% | 73.9% | 49.5% | 76.6% |
| Net Margin | 17.1% | 17.2% | 2.4% | -10.8% | -35.2% | 21.1% | 46.9% | 35.4% | -14.9% | 26.8% |
| FCF Margin | 6.9% | 11.1% | 20.4% | 10.4% | 27.0% | 27.8% | 13.6% | -0.6% | 8.6% | 11.3% |
| Effective Tax Rate | 30.0% | 19.3% | -93.5% | 31.3% | 39.3% | 2.2% | 18.4% | 21.6% | 46.3% | 34.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.62 | $1.07 | $2.51 | $2.01 | $6.10 | $8.44 | $5.11 | $-0.19 | $3.22 | $4.48 |
| Dividends Per Share | $0.28 | $0.52 | $0.19 | $0.45 | $0.00 | $0.01 | $3.12 | $0.00 | $1.28 | $1.75 |
| Shares Outstanding (Basic) | 1.09B BRL | 1.09B BRL | 1.09B BRL | 1.35B BRL | 1.35B BRL | 1.35B BRL | 1.33B BRL | 1.30B BRL | 1.26B BRL | 1.24B 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 | 17.50% |
| Return on Invested Capital | 3.65% |
| Return on Assets | 4.78% |
| Gross Margin | 27.64% |
| Operating Margin | 18.40% |
| Net Margin | 17.08% |
Financial Health
| Debt / Equity | 1.95 |
| Current Ratio | 3.38 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.03 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.06 | 12.95 | 132.42 | -18.85 | -7.31 | 9.41 | 2.78 | 5.08 | -11.22 | 4.81 |
| P/B | 1.50 | 2.03 | 3.50 | 11.90 | 56.24 | 5.38 | 1.96 | 1.60 | 2.46 | 1.44 |
| P/S | 1.54 | 2.24 | 3.12 | 2.04 | 2.57 | 1.98 | 1.30 | 1.80 | 1.67 | 1.29 |
| Gross Margin | 33.5% | 38.7% | 48.5% | 20.3% | 37.7% | 49.7% | 50.2% | 36.9% | 42.2% | 31.1% |
| Operating Margin | 13.3% | 31.0% | 37.3% | 10.1% | 27.7% | 44.4% | 44.6% | 30.7% | 33.1% | 22.8% |
| Net Margin | 17.1% | 17.2% | 2.4% | -10.8% | -35.2% | 21.1% | 46.9% | 35.4% | -14.9% | 26.8% |
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Explore sector: Basic Materials · Paper, Lumber & Forest Products
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