Gerdau S.A. (GGB) 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 %
Q2 26	$0.8	$0.74	-7.5%	—	$17.9B	—
Q1 26	$0.76	$0.51	-32.9%	—	$16.7B	—
Q3 25	$0.58	$0.54	-6.9%	—	$18B	—
Q2 25	$0.51	$0.42	-17.6%	—	—	—
Q1 25	$0.62	$0.37	-40.3%	—	—	—
Q4 24	$0.34	$0.31	-8.8%	—	—	—
Q3 24	$0.78	$0.68	-12.8%	—	—	—
Q2 24	$0.38	$0.45	+18.4%	—	—	—
Q1 24	$0.49	$0.59	+20.4%	—	—	—
Q4 23	$0.49	$0.34	-30.6%	—	—	—
Q3 23	$0.71	$0.75	+5.6%	—	—	—
Q2 23	$1.39	$1.21	-12.9%	—	$18.3B	—
Q1 23	$1.3	$1.52	+16.9%	—	$18.9B	—
Q4 22	$1.07	$0.66	-38.3%	—	$18B	—
Q3 22	$1.88	$2	+6.4%	—	$21.1B	—
Q2 22	$2.3	$2.5	+8.7%	—	$23B	—

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	—	$0.72	—	—	$69.9B	—
FY24	—	$2.25	—	—	$67B	—
FY23	—	$3.58	—	—	$68.9B	—
FY22	—	$5.44	—	—	$82.4B

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	$37.7B	$36.9B	$46.2B	$39.6B	$43.8B	$78.3B	$82.4B	$68.9B	$67B	$69.9B
YoY change	-13.6%	-1.95%	+25%	-14.1%	+10.5%	+78.8%	+5.19%	-16.4%	-2.74%	+4.22%

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	37.7B	36.9B	46.2B	39.6B	43.8B	78.3B	82.4B	68.9B	67B	69.9B
Cost of revenue	34.2B	33.3B	40B	35.4B	37.9B	57.5B	63.7B	57.6B	57.8B	61.9B
Gross profit	3.5B	3.6B	6.1B	4.2B	5.9B	20.8B	18.8B	11.3B	9.2B	8B
Gross margin	9.2%	9.76%	13.3%	10.6%	13.5%	26.6%	22.8%	16.4%	13.7%	11.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.2B	1.7B	1.7B	1.4B	1.5B	2.1B	2.2B	2.2B	2.2B	2.1B
Operating expenses	2.1B	1.6B	1.7B	981.3M	412.7M	1.6B	2.2B	1.7B	2.9B	2.3B
Operating income	1.4B	2B	4.5B	3.2B	5.5B	20B	16.6B	9.9B	6.3B	5.6B
Operating margin	3.59%	5.53%	9.67%	8.13%	12.6%	25.6%	20.1%	14.3%	9.46%	8.03%
Non-operating income, net	-2B	-499.9M	-860M	-213.5M	-659.8M	1.6B	608.6M	495M	255.3M	-1.4B
Pretax income	-2.6B	-43.3M	2.2B	1.7B	3.5B	20.3B	15.9B	9.3B	5.5B	2.5B
Income tax	304.3M	295.4M	-169M	457.8M	1.1B	4.7B	4.4B	1.8B	864.7M	1.1B
Net income	-2.9B	-338.7M	2.3B	1.2B	2.4B	15.6B	11.5B	7.5B	4.6B	1.4B
Net margin	-7.66%	-0.92%	5.04%	3.07%	5.45%	19.9%	13.9%	10.9%	6.86%	2.03%
EBITDA	3.5B	3.8B	6.1B	4.9B	7.8B	22.8B	20.2B	13.6B	9.6B	9.1B
EPS	-1.34	-0.16	1.09	0.57	1.11	7.58	5.44	3.58	2.25	0.72
Diluted EPS	-1.34	-0.16	1.09	0.57	1.11	7.53	5.42	3.55	2.25	0.72

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	—	—	—	—	—	—	—	—	18B	17B	16.7B	17.9B
Cost of revenue	—	—	—	—	—	—	—	—	15.8B	15.1B	14.4B	15B
Gross profit	2.8B	1.6B	2.4B	409.7M	2.6B	2B	1.9B	2B	2.1B	1.8B	2.3B	2.8B
Gross margin	—	—	—	—	—	—	—	—	11.9%	10.9%	13.7%	15.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	512.4M	508.6M	521.9M	517.3M
Operating expenses	—	—	—	—	—	—	—	—	572.1M	642.2M	513.6M	534.1M
Operating income	—	—	—	—	—	—	—	—	1.6B	1.2B	1.8B	2.3B
Operating margin	—	—	—	—	—	—	—	—	8.73%	7.08%	10.5%	12.9%
Non-operating income, net	—	—	—	—	—	—	—	—	296M	-1.8B	136M	68.1M
Pretax income	—	—	—	—	—	—	—	—	1.4B	-1.1B	1.5B	2B
Income tax	—	—	—	—	—	—	—	—	346.1M	153.6M	500.1M	558.6M
Net income	—	—	—	—	—	—	—	—	1.1B	-1.3B	1B	1.5B
Net margin	—	—	—	—	—	—	—	—	6.06%	-7.62%	6.06%	8.2%
EBITDA	—	—	—	—	—	—	—	—	2.5B	2.1B	2.6B	3.4B
EPS	0.75	0.28	0.81	0.41	0.64	0.16	0.37	0.43	0.54	-0.66	0.51	0.74
Diluted EPS	0.74	0.28	0.81	0.41	0.64	0.16	0.37	0.42	0.54	-0.66	0.51	0.74

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	31.4B	37.2B	37.3B	48.7B	46.4B	46.7B	53.9B	48.2B	—	7.3B	9.4B
Enterprise value	45.9B	50.3B	48.8B	59.2B	57.2B	54.9B	62.2B	55B	—	16.5B	3.7B
Shares outstanding	12.6B	12.6B	12.5B	12.5B	12.5B	12B	12.3B	11.9B	2B	2B	2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	16	40	19.4	3	4.7	6.39	—	5.14	21.7
P/S	0.83	1.01	0.81	1.23	1.06	0.6	0.65	0.7	—	0.1	0.13
P/B	1.29	1.56	1.44	1.79	1.49	1.09	1.17	0.98	—	0.14	0.9
EV/EBITDA	13	13.1	8.01	12.1	7.3	2.41	3.07	4.06	—	1.82	1.93
EV/Sales	1.22	1.36	1.06	1.49	1.3	0.7	0.75	0.8	—	0.24	0.28
Earnings yield	—	—	6.24%	2.5%	5.14%	33.3%	21.3%	15.6%	—	19.5%	4.6%
FCF yield	6.82%	3.13%	1.98%	-0.42%	9.91%	20%	12.4%	12%	—	15.6%	5.45%
PEG	—	—	—	—	—	—	—	—	—	—	0.3

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	9.2%	9.76%	13.3%	10.6%	13.5%	26.6%	22.8%	16.4%	13.7%	11.4%	15.8%
Operating margin	3.59%	5.53%	9.67%	8.13%	12.6%	25.6%	20.1%	14.3%	9.46%	8.03%	12.7%
Net margin	-7.66%	-0.92%	5.04%	3.07%	5.45%	19.9%	13.9%	10.9%	6.86%	2.03%	3.22%
ROE	-11.9%	-1.42%	8.97%	4.48%	7.68%	36.3%	24.8%	15.3%	7.91%	2.64%	4.18%
ROA	-5.28%	-0.67%	4.54%	2.25%	3.78%	21.1%	15.6%	10.1%	5.3%	1.74%	5.03%
ROIC	3.49%	5.51%	11.9%	6.2%	9.01%	30.1%	22%	14.2%	8.24%	5%	6.38%
Return on tangible assets	-8.73%	-1.04%	7.41%	3.61%	6.34%	32.5%	23.1%	14.4%	7.89%	2.52%	3.92%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.06	2.33	2.06	2.46	2.04	2.33	2.32	2.59	3.01	2.89	2.87
Quick ratio	1.33	1.46	0.98	1.42	1.24	1.12	1	1.24	1.49	1.4	1.3
Debt / equity	0.85	0.69	0.57	0.62	0.59	0.35	0.3	0.25	0.26	0.29	0.28
Debt / assets	0.38	0.33	0.29	0.31	0.29	0.2	0.19	0.16	0.17	0.19	0.19
Net debt / EBITDA	4.12	3.42	1.9	2.16	1.37	0.36	0.41	0.51	0.69	1.01	0.92
Interest coverage	-0.68	0.97	2.83	2.79	4.42	20.1	17.4	12.1	7.86	2.86	3.52
Effective tax rate	0%	0%	0%	27.3%	31.7%	23.3%	27.6%	19.4%	15.8%	43.8%	40.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.99	2.93	3.7	3.17	3.5	6.55	6.72	5.78	32.8	35.4	35.2
EPS (basic)	-1.34	-0.16	1.09	0.57	1.11	7.58	5.44	3.58	2.25	0.72	0.72
EPS (diluted)	-1.34	-0.16	1.09	0.57	1.11	7.53	5.42	3.55	2.25	0.72	0.22
Book value per share	1.93	1.9	2.08	2.17	2.48	3.58	3.77	4.13	28.5	27.2	5.32
FCF per share	0.17	0.09	0.06	-0.02	0.37	0.78	0.54	0.49	2.66	0.57	1.78
Cash per share	0.48	0.27	0.27	0.5	0.61	0.57	0.44	0.45	4.05	3.23	2.78
Capex per share	0.08	0.03	0.23	0.14	0.13	0.25	0.35	0.43	2.07	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.7%	0.86%	6.12%	4.35%	3.63%	3.76%	5.15%	7.5%	6.29%	—	—
Capex / operating cash flow	35%	15.2%	74%	60.5%	22.2%	17.2%	25.6%	39.2%	31.9%	—	—
Payout ratio	-2.98%	-25.5%	25.8%	39.8%	11.5%	34.3%	51.3%	35.6%	36%	90.6%	58.4%
Dividend yield	0.27%	0.23%	1.61%	1%	0.59%	11.4%	10.9%	5.57%	—	17.6%	3.76%

Yield

3.76%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.045

ex-dividend Aug 21, 2026

Payout ratio

58%

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
Aug 21, 2026	$0.045
May 15, 2026	$0.036
Mar 12, 2026	$0.019

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	—	—	—	—	—	—	—	—	$18B	$17B	$16.7B	$17.9B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

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	6.1B	3.4B	3.3B	6.3B	7.7B	6.8B	5.4B	5.3B	8.3B	6.4B
Receivables	3.6B	2.8B	3.2B	2.7B	3.7B	5.4B	5B	4.9B	5.2B	4.8B
Inventory	6.3B	6.7B	9.2B	7.7B	9.2B	16.9B	17.8B	15.2B	16.5B	14.7B
Total current assets	17.8B	18B	17.5B	18.2B	23.4B	32.6B	31.3B	29.2B	32.7B	28.6B
Property, plant & equipment	19.4B	16.4B	15.5B	16.7B	18.1B	19.6B	21.4B	24.1B	30.8B	31.9B
Goodwill & intangibles	21.6B	17.7B	19.9B	20.3B	25.5B	25.9B	24.1B	22.4B	28.5B	25.4B
Total assets	54.6B	50.3B	51.3B	54B	63.1B	73.8B	73.8B	74.9B	86.8B	81.7B
Accounts payable	2.7B	3.2B	4.3B	3.8B	5.4B	8B	6.6B	5.9B	5.7B	5B
Short-term debt	4.5B	2B	1.8B	1.8B	1.7B	2B	3.4B	2.2B	1.2B	1.3B
Total current liabilities	8.6B	7.7B	8.5B	7.4B	11.5B	14B	13.5B	11.3B	10.9B	9.9B
Long-term debt	16.1B	14.5B	13.1B	15.1B	16.7B	12.9B	10.3B	10B	13.8B	14.2B
Total liabilities	30.4B	26.4B	25.3B	26.8B	32B	31B	27.5B	25.6B	28.6B	27.9B
Shareholders' equity	24.3B	23.9B	25.9B	27.2B	31.1B	42.8B	46.3B	49.2B	58.2B	53.8B
Total debt	20.6B	16.5B	14.9B	16.9B	18.4B	15B	13.7B	12.2B	14.9B	15.6B
Net debt	15.5B	14B	12B	14.2B	13.8B	10.8B	11.2B	9.2B	7.1B	9.6B

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	6B	5.3B	5.9B	6.6B	1.7B	8.3B	6.9B	9B	9.9B	6.4B	5.6B	5.4B
Receivables	5.7B	4.9B	5.5B	5.9B	1.1B	5.2B	6.3B	5.8B	5.9B	4.8B	5.9B	6B
Inventory	15.8B	15.2B	16B	16.5B	3B	16.5B	16.6B	16B	15.3B	14.7B	15.2B	16.1B
Total current assets	30.9B	29.2B	29.7B	31.8B	6.1B	32.7B	32.2B	33.3B	33.4B	28.6B	28.6B	29.4B
Property, plant & equipment	23.3B	24.1B	25B	26.7B	5.1B	30.8B	31.4B	32.1B	32.3B	31.9B	32B	32.3B
Goodwill & intangibles	23.2B	22.4B	23B	25.5B	4.7B	28.5B	26.5B	25.3B	25.3B	25.4B	24.1B	23.9B
Total assets	76.4B	74.9B	77B	82.4B	15.3B	86.8B	85.6B	86.9B	87.3B	81.7B	81B	82B
Accounts payable	5.7B	5.9B	6.1B	5.9B	1.1B	5.7B	6.4B	5.6B	5.5B	5B	6B	6.2B
Short-term debt	1.7B	2.2B	2.1B	2.1B	418.8M	1.2B	2.7B	3B	3.7B	1.3B	1.4B	1.1B
Total current liabilities	10.5B	11.3B	10.6B	11.2B	2.1B	10.9B	12.2B	11.5B	12.4B	9.9B	10.4B	10.3B
Long-term debt	11.1B	10B	10.3B	11.8B	2.2B	13.8B	13.3B	16.6B	16.3B	14.2B	14B	14.1B
Total liabilities	25.6B	25.6B	24.9B	27.1B	4.9B	28.6B	29.4B	31.7B	32.5B	27.9B	28.1B	28.2B
Shareholders' equity	50.8B	49.2B	52.1B	55.3B	10.4B	58.2B	56.2B	55.1B	54.7B	53.8B	53B	53.7B
Total debt	12.9B	12.2B	12.4B	14B	2.6B	14.9B	16B	19.5B	20B	15.6B	15.4B	15.2B
Net debt	10B	9.2B	8.6B	9.1B	1.1B	7.1B	9.5B	11B	10.6B	9.6B	10.1B	10B

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	-2.9B	-338.7M	2.3B	1.2B	2.4B	15.6B	11.5B	7.5B	4.6B	1.4B
Depreciation & amortization	2.5B	2.1B	1.9B	2.1B	2.5B	2.7B	2.9B	3B	3.1B	3.7B
Stock-based compensation	46.7M	35.6M	41.2M	43.9M	—	—	—	—	—	—
Change in working capital	903.5M	-380.4M	-1.5B	1.7B	427.9M	-6.5B	-3B	548.3M	1.8B	817.4M
Operating cash flow	2.9B	2.1B	3.8B	2.9B	7.2B	17.1B	16.6B	13.2B	13.2B	8B
Capital expenditure	-1B	-318.9M	2.8B	-1.7B	-1.6B	-2.9B	-4.2B	-5.2B	-4.2B	—
Investing cash flow	-1B	-497.5M	2.5B	-1.8B	-2.1B	-2.8B	-4.3B	-5.6B	-4.9B	-790.6M
Dividends paid	-86M	-86.4M	-599.1M	-484.2M	-274.8M	-5.3B	-5.9B	-2.7B	-1.7B	-1.3B
Share repurchases	-95.3M	0	-243.4M	0	0	0	-1.1B	0	-1.2B	-1.2B
Financing cash flow	-2.3B	-4.1B	-4.3B	-9.6M	-2.5B	-10B	-8.3B	-4.1B	-2.7B	-1.7B
Net change in cash	-455.9M	-2.5B	2B	1B	2.6B	4.3B	4.1B	3.4B	5.7B	5.5B
Free cash flow	2.1B	1.2B	737.4M	-204.1M	4.6B	9.3B	6.7B	5.8B	5.4B	1.1B

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	1.6B	586.8M	2.1B	867M	254.1M	323M	757.8M	864.5M	1.1B	-1.3B	1B	1.5B
Depreciation & amortization	789.1M	790.8M	725.8M	771.3M	149.2M	832.9M	873.8M	936.5M	937.6M	935.7M	902.4M	920.8M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	580.1M	1.3B	-1.1B	-261.8M	390.3M	1.1B	-772.6M	-291M	302.3M	1.6B	-984.9M	-946M
Operating cash flow	1.9B	3.9B	2.3B	2.2B	1.1B	2.8B	1.6B	1B	2.9B	3.1B	1.5B	1.5B
Capital expenditure	-1.5B	-1.5B	420.9M	-1.2B	-306.7M	-1.8B	-1.8B	—	—	—	—	—
Investing cash flow	-1.5B	-1.9B	389.1M	-1.2B	-313.5M	-2.4B	-2.3B	-240.1M	-2.6M	-25.8M	-89K	0
Dividends paid	-750.7M	-828.3M	-174.7M	-586.7M	-47.2M	-643.4M	-202.6M	-260.8M	-248.3M	-574M	-187M	-363M
Share repurchases	0	0	—	—	-65.5M	-844.9M	-280.9M	-491.6M	-213.3M	-183.5M	-206.4M	-104.9M
Financing cash flow	-531.9M	-928.1M	-516.1M	85M	-157M	-1.4B	594.4M	3.2B	-103.3M	-5.4B	-723.4M	-539M
Net change in cash	-80.2M	1B	2.2B	1B	641.5M	-953.3M	-131.3M	3.9B	2.8B	-2.3B	785.8M	996M
Free cash flow	827.6M	2B	-278.2M	710M	773.4M	875.1M	-971.2M	-686M	1.2B	1.6B	304.2M	432.5M

Date	Ratio
Mar 22, 2023	105:100
Jun 20, 2008	2:1
Apr 21, 2006	3:2
Apr 19, 2005	3:2
May 7, 2004	2:1
May 13, 2003	130:100
May 9, 2000	2:1

Gerdau S.A. 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

Split history