Cosan S.A. Sponsored ADR (CSAN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 25	-$0.12	-$3.84	-3100.0%	—	$9.7B	—
Q4 24	$0.17	-$20	-11841.2%	—	$11.8B	—
Q3 24	$0.43	$0.6	+39.5%	—	$2.2B	—
Q2 24	$0.22	-$0.49	-322.7%	—	$2B	—
Q1 24	-$0.06	-$0.41	-583.3%	—	$9.8B	—
Q3 23	$0.72	$0.51	-29.2%	—	$10.3B	—
Q2 23	-$0.64	$0.08	+112.5%	—	$10.1B	—
Q1 23	$0.22	-$0.48	-318.2%	—	$9.6B	—
Q4 22	-$0.2	$0.35	+275.0%	—	$10.8B	—
Q3 22	$0.35	-$0.11	-131.4%	—	$11.5B	—
Q2 22	$0.04	$0.12	+200.0%	—	$9.6B	—
Q1 22	$0.38	$0.13	-65.8%	—	$7.9B	—
Q4 21	$0.06	$0.22	+266.7%	—	$7.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$15.6	—	—	$40.4B	—
FY24	—	-$19.8	—	—	$44B	—
FY23	—	$2.38	—	—	$39.5B	—
FY22	—	$2.55	—	—	$39.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.5B	$7.7B	$10.3B	$20.6B	$20.4B	$26.1B	$39.3B	$39.5B	$44B	$40.4B
YoY change	-9.67%	+1.71%	+34.1%	+100.3%	-0.84%	+27.7%	+50.7%	+0.37%	+11.4%	-8.04%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.5B	7.7B	10.3B	20.6B	20.4B	26.1B	39.3B	39.5B	44B	40.4B
Cost of revenue	4.6B	5B	7.7B	14.6B	15B	20.3B	30.6B	28.5B	30.2B	27.2B
Gross profit	3B	2.6B	2.6B	6B	5.4B	5.8B	8.8B	10.9B	13.7B	13.2B
Gross margin	39.2%	34.2%	25.3%	29.1%	26.6%	22.3%	22.3%	27.7%	31.2%	32.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.6B	1.6B	1.6B	1.9B	2.3B	2.1B	3B	3.9B	4.4B	4.4B
Operating expenses	1.6B	1.6B	1.4B	1.8B	2.2B	2.2B	2.9B	3.4B	3.8B	2.7B
Operating income	1.4B	999.9M	1.2B	4.2B	3.2B	3.9B	6B	7.6B	10B	10.7B
Operating margin	17.9%	13%	11.4%	20.5%	15.7%	15%	15.1%	19.2%	22.7%	26.5%
Non-operating income, net	1.1B	2.1B	1.7B	1.6B	1.3B	6.1B	797.4M	1.3B	-10.2B	-13.3B
Pretax income	1.5B	2B	2.4B	3.7B	2B	6.3B	2.7B	5.1B	-5.2B	-8B
Income tax	60.2M	457.7M	517.1M	779.6M	502.7M	-445.6M	-118.4M	274.4M	3.2B	2.2B
Net income	1.4B	1.5B	1.9B	2.9B	1.5B	6.7B	2.8B	4.9B	-8.2B	-10.2B
Net margin	18.4%	19.7%	18.5%	14%	7.28%	25.7%	7.17%	12.4%	-18.6%	-25.2%
EBITDA	3.9B	2.5B	3.9B	8.2B	6.7B	11.3B	10.7B	14.8B	16.4B	6.2B
EPS	2.55	3.2	4.12	2.87	1.87	13.8	2.55	2.38	-19.8	-15.6
Diluted EPS	2.49	3.19	4.1	2.84	1.85	13.7	2.47	2.3	-20.6	-15.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	10.3B	9.6B	9.8B	2B	2.2B	11.8B	9.7B	10.5B	10.7B	9.6B	9B	10.8B
Cost of revenue	7.1B	7.3B	6.9B	1.3B	1.5B	8.4B	6.8B	6.9B	6.9B	6.6B	6B	6.7B
Gross profit	3.2B	2.2B	2.9B	658.7M	724.5M	3.4B	2.9B	3.6B	3.7B	3B	3.1B	4B
Gross margin	31.4%	23.5%	29.6%	33.3%	32.9%	29%	29.7%	34.3%	35%	31%	34.1%	37.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	978M	944.7M	183M	258.1M	1.1B	975.1M	1.1B	1.1B	1.2B	991.2M	1.1B
Operating expenses	276.4M	978M	970.7M	94.7M	243.1M	264M	571.4M	552.7M	777.1M	834.9M	693.6M	1B
Operating income	3B	1.8B	1.9B	565.9M	483.5M	3.1B	2.3B	3B	3B	2.3B	2.4B	3B
Operating margin	28.8%	18.8%	19.7%	28.6%	22%	26.7%	23.8%	29%	28.4%	23.7%	26.4%	28.1%
Non-operating income, net	667.6M	2.2B	-446.3M	-502.8M	123.9M	-6B	-1.6B	-1.6B	-1.7B	-9.5B	-709.9M	-714.8M
Pretax income	2.2B	3.4B	247.9M	-199.7M	284.1M	-5.9B	-888.9M	34.5M	-467.1M	-6.7B	-167.2M	672.9M
Income tax	500.1M	-563.4M	-15.6M	-20.1M	96.3M	2.8B	1B	602.6M	367.3M	186.7M	1.2B	486.2M
Net income	1.7B	4B	263.5M	-179.6M	193.9M	-8.5B	-1.9B	-568.1M	-834.4M	-6.9B	-1.3B	186.8M
Net margin	16.8%	42%	2.68%	-9.07%	8.82%	-72.1%	-20%	-5.42%	-7.82%	-71.3%	-14.9%	1.73%
EBITDA	3.8B	3B	3.6B	1.1B	763.1M	7.8B	2.6B	3.8B	3.1B	-2.2B	3.7B	4.7B
EPS	1.45	—	-0.41	-0.49	0.63	-20	-3.84	-2.04	-2.56	-5.86	-1.62	-0.32
Diluted EPS	1.45	—	-0.41	-0.49	0.63	-20	-3.84	-2.04	-2.56	-5.86	-1.65	-0.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	41B	34.8B	41.9B	—	—	2.9B
Enterprise value	—	—	—	—	—	68.9B	75.4B	85.8B	—	—	13.9B
Shares outstanding	2.3B	2.3B	2.3B	2.6B	2.6B	2.6B	2.7B	2.7B	465.7M	624.5M	624.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	6.12	12.3	8.57	—	—	5.89
P/S	—	—	—	—	—	1.57	0.88	1.06	—	—	0.07
P/B	—	—	—	—	—	1.42	0.72	0.82	—	—	2.81
EV/EBITDA	—	—	—	—	—	6.11	7.07	5.79	—	—	4.95
EV/Sales	—	—	—	—	—	2.64	1.92	2.17	—	—	1.79
Earnings yield	—	—	—	—	—	16.3%	8.11%	11.7%	—	—	17%
FCF yield	—	—	—	—	—	0.91%	15.6%	9.57%	—	—	-8.32%
PEG	—	—	—	—	—	—	—	—	—	—	-0.07

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.2%	34.2%	25.3%	29.1%	26.6%	22.3%	22.3%	27.7%	31.2%	32.6%	37.4%
Operating margin	17.9%	13%	11.4%	20.5%	15.7%	15%	15.1%	19.2%	22.7%	26.5%	27.9%
Net margin	18.4%	19.7%	18.5%	14%	7.28%	25.7%	7.17%	12.4%	-18.6%	-25.2%	-22.2%
ROE	12.9%	14.7%	17.4%	26.2%	7.15%	23.2%	5.86%	9.58%	-20.7%	-32.9%	-27.2%
ROA	5.09%	5.29%	6.61%	8.8%	1.78%	6.84%	2.1%	3.49%	-5.78%	-7.54%	5.56%
ROIC	8.37%	5.32%	5.66%	20.4%	4.97%	6.87%	6.71%	7.57%	10.8%	15%	14.6%
Return on tangible assets	16.1%	15.4%	19.4%	20.8%	3.03%	10.8%	3.13%	5.17%	-9.21%	-12.5%	-12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.96	1.56	1.9	1.84	1.87	2.11	1.62	1.77	1.72	2.58	1.67
Quick ratio	1.85	1.48	1.79	1.75	1.79	2.02	1.5	1.66	1.6	2.45	1.55
Debt / equity	0.85	0.94	0.91	1.21	2.17	1.69	1.17	1.22	1.85	2.28	1.91
Debt / assets	0.33	0.34	0.35	0.41	0.54	0.5	0.42	0.44	0.52	0.52	0.48
Net debt / EBITDA	1.21	1.66	1.41	0.64	4.13	2.47	3.8	2.96	3.2	6.48	4.42
Interest coverage	2.14	2.92	3.8	2.34	1.66	2.6	1.49	1.91	0.27	-0.03	0.2
Effective tax rate	4.05%	23.3%	21.1%	21.3%	25.2%	0%	0%	5.37%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.26	3.27	4.5	7.88	7.82	9.98	14.8	14.8	94.4	64.7	45.4
EPS (basic)	2.55	3.2	4.12	2.87	1.87	13.8	2.55	2.38	-19.8	-15.6	-15.6
EPS (diluted)	2.49	3.19	4.1	2.84	1.85	13.7	2.47	2.3	-20.6	-15.6	-2.26
Book value per share	4.66	4.39	4.77	4.23	7.96	11	18.1	19.1	84.6	49.7	0.98
FCF per share	0.75	0.59	0.9	1.35	0.62	0.14	2.04	1.5	11.3	7.31	4.72
Cash per share	1.91	2.36	1.97	3.14	6.74	8.05	5.99	6.84	43.8	48.3	19.1
Capex per share	0.21	0.17	0.28	1.05	1.54	1.82	1.7	2.34	16.7	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.51%	5.31%	6.12%	13.4%	19.7%	18.3%	11.5%	15.9%	17.7%	—	—
Capex / operating cash flow	13.6%	15.2%	17.5%	39.2%	68.1%	53.1%	40.4%	42.3%	122.9%	—	—
Payout ratio	136.7%	82%	54.9%	25.5%	36.7%	38.2%	67.6%	52.9%	-42.2%	-26.4%	0%
Dividend yield	—	—	—	—	—	6.24%	5.48%	6.17%	—	—	43.8%

Yield

43.8%

trailing twelve months

Frequency

Annual

Last dividend

$0.3469

ex-dividend Jun 10, 2024

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 10, 2024	$0.3469
May 19, 2023	$0.3446
May 9, 2022	$0.3562
Dec 16, 2021	$0.2641

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$10.3B	$9.6B	$9.8B	$2B	$2.2B	$11.8B	$9.7B	$10.5B	$10.7B	$9.6B	$9B	$10.8B
YoY change	-10.5%	-11%	+2.33%	-80.3%	-78.6%	+22.9%	-1.82%	+429%	+385%	-18.3%	-6.56%	+2.85%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.4B	5.5B	4.5B	8.2B	17.6B	21B	16B	18.3B	20.4B	30.2B
Receivables	713.5M	918.4M	1.1B	1.4B	2B	2.6B	3.8B	3.3B	3.7B	3.5B
Inventory	346.2M	380.8M	452.9M	538.8M	935.3M	1.1B	1.9B	1.8B	2.1B	2B
Total current assets	6.3B	7.8B	7.6B	11.3B	23.4B	27.3B	25.6B	28.6B	30.8B	40.1B
Property, plant & equipment	389.3M	412.3M	1B	664.2M	22.2B	32.2B	27B	30.8B	33B	36.5B
Goodwill & intangibles	18.7B	18.7B	19B	18.9B	34.6B	35.6B	44.2B	45.3B	52.7B	53.4B
Total assets	27.3B	28.5B	28.8B	32.9B	83.7B	97.8B	134.5B	139.9B	141.3B	135.1B
Accounts payable	1.5B	1.8B	1.5B	1.7B	2.6B	3.3B	4.3B	3.9B	5.2B	4.1B
Short-term debt	936M	1.6B	1.2B	2.4B	5.5B	4.6B	5.1B	5.6B	5.4B	4.9B
Total current liabilities	3.2B	5B	4B	6.2B	12.5B	13B	15.8B	16.2B	17.9B	15.5B
Long-term debt	8.2B	8.1B	8.8B	11B	39.8B	44.3B	51.4B	56.6B	67.6B	65.7B
Total liabilities	16.5B	18.2B	17.9B	21.8B	62.9B	69B	86.3B	88.9B	101.9B	104.1B
Shareholders' equity	10.8B	10.3B	10.9B	11.1B	20.8B	28.9B	48.2B	51B	39.4B	31B
Total debt	9.1B	9.7B	10B	13.4B	45.3B	48.9B	56.5B	62.2B	73B	70.6B
Net debt	5.1B	6.5B	7.3B	7.3B	31.6B	32.8B	43.2B	47.5B	56.1B	43.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	16.4B	30.2B	21.7B	19.4B
Receivables	—	—	—	—	—	—	—	—	3.8B	3.5B	4.2B	4.4B
Inventory	—	—	—	—	—	—	—	—	2.1B	2B	1.9B	2.3B
Total current assets	—	—	—	—	—	—	—	—	26.9B	40.1B	31.9B	31.5B
Property, plant & equipment	—	—	—	—	—	—	—	—	35B	36.5B	37.6B	39B
Goodwill & intangibles	—	—	—	—	1.5B	1.6B	1.8B	1.7B	53B	53.4B	53.2B	53.2B
Total assets	—	—	—	—	—	—	—	—	125.7B	135.1B	127B	126.7B
Accounts payable	—	—	—	—	—	—	—	—	4.1B	4.1B	3.8B	4.1B
Short-term debt	—	—	—	—	—	—	—	—	4.9B	4.9B	4.7B	5.9B
Total current liabilities	—	—	—	—	—	—	—	—	15B	15.5B	17.1B	18.9B
Long-term debt	—	—	—	—	—	—	—	—	62.4B	65.7B	60.2B	54.9B
Total liabilities	—	—	—	—	—	—	—	—	93.7B	104.1B	97.6B	94.8B
Shareholders' equity	—	—	—	—	—	—	—	—	32.1B	31B	29.4B	31.9B
Total debt	—	—	—	—	—	—	—	—	67.3B	70.6B	64.9B	60.9B
Net debt	—	—	—	—	—	—	—	—	54.4B	43.4B	47.4B	47.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.5B	2B	2.4B	3.7B	2B	6.3B	2.7B	5.1B	-5.2B	-8B
Depreciation & amortization	615.3M	596.7M	560.2M	2.3B	2.3B	2.5B	3B	3.4B	3.9B	3.9B
Stock-based compensation	8.4M	9.9M	8.5M	101.3M	272.7M	53.1M	99.1M	207.7M	65.9M	71.7M
Change in working capital	-91.6M	-279.8M	-287.6M	-863.4M	-1.1B	-1.4B	-1.3B	-2.9B	-2.3B	-1.1B
Operating cash flow	3.6B	2.7B	3.6B	7B	5.9B	9B	11.2B	14.8B	6.3B	13B
Capital expenditure	-491.3M	-407.4M	-629.7M	-2.8B	-4B	-4.8B	-4.5B	-6.3B	-7.8B	—
Investing cash flow	-1.1B	-1.1B	-1.4B	-2.8B	-4.5B	-6.3B	-22.2B	-6.8B	-5.8B	8.1B
Dividends paid	-1.9B	-1.2B	-1B	-738.2M	-546.3M	-2.6B	-1.9B	-2.6B	-3.4B	-2.7B
Share repurchases	0	-40.4M	-607.9M	-1.1B	-495M	-26.1M	-84.6M	-103.3M	-192.9M	-34M
Financing cash flow	-2.5B	-2.3B	-2.6B	73.6M	6B	4.9B	12B	-713.7M	-1.5B	2.8B
Net change in cash	-3M	-757.8M	-357.4M	4.3B	7.4B	7.5B	923.7M	7.3B	-950M	24B
Free cash flow	1.7B	1.4B	2.1B	3.5B	1.6B	372.4M	5.4B	4B	5.2B	4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	-467.1M	-6.7B	-167.2M	672.9M
Depreciation & amortization	—	—	—	—	—	—	—	—	1B	929.7M	971.4M	996.1M
Stock-based compensation	—	—	—	—	—	—	—	—	6.4M	20.7M	19.8M	21.4M
Change in working capital	—	—	—	—	—	—	—	—	-774.2M	1.1B	-874.5M	-523.6M
Operating cash flow	—	—	—	—	—	—	—	—	4B	3.4B	2.5B	3.5B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	-783.6M	558M	-1.3B	-1.5B
Dividends paid	—	—	—	—	—	—	—	—	-101.9M	-888.8M	-90K	-435.8M
Share repurchases	—	—	—	—	—	—	—	—	-495.2M	495.2M	-270.5M	0
Financing cash flow	—	—	—	—	—	—	—	—	-527.2M	-3.2B	-6.8B	-2.6B
Net change in cash	—	—	—	—	—	—	—	—	2.7B	742.2M	-5.6B	-656.9M
Free cash flow	1.7B	261M	410.2M	471.7M	1.3B	1.1B	-555M	2B	1.9B	1.2B	173.3M	1.4B

Cosan S.A. Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement