Gerdau S.A. (GGB) 10-Year Financial Performance & Capital Metrics

GGB • • Industrial / General

Basic MaterialsSteelIntegrated Steel ProducersMajor Integrated Steel Mills

AboutGerdau S.A. provides steel products and services. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles to the construction and manufacturing industries; finished industrial products, including commercial rolled-steel bars, and light profiles and wires; agricultural products that include stakes and smooth wire products; and drawn products comprises barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps. The company also produces special steel products used in auto parts, light and heavy vehicles, and agricultural machinery, as well as the oil and gas, wind energy, machinery and equipment, mining and rail, and other markets. In addition, it offers flat products, including hot rolled coils and heavy plates; and resells flat steel products, as well as mines and produces iron ore. It sells its products through independent distributors, direct sales from the mills, and through its retail network. The company was founded in 1901 and is based in Sao Paulo, Brazil.Show more

Revenue $67.03B -2.7%
EBITDA $9.47B -21.5%
Net Income $4.57B -39.1%
EPS (Diluted) 2.18 -38.6%
Gross Margin 13.73% -16.5%
EBITDA Margin 14.13% -19.3%
Operating Margin 9.46% -27.7%
Net Margin 6.81% -37.4%
ROE 8.5% -45.9%
ROIC 7.69% -34.1%
Debt/Equity 0.26 +3.7%
Interest Coverage 7.96 -25.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 30.3%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.1%
✓Good 3Y average ROE of 16.6%
✓Healthy 5Y average net margin of 11.3%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.65%

5Y11.07%

3Y-5.07%

TTM7.37%

Profit (Net Income) CAGR

10Y12.53%

5Y30.28%

3Y-33.45%

TTM-37.84%

EPS CAGR

10Y10.82%

5Y26.24%

3Y-36.93%

TTM64.33%

ROCE

10Y Avg11.47%

5Y Avg20.82%

3Y Avg17.52%

Latest9.09%

Peer Comparison

Major Integrated Steel Mills

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTArcelorMittal S.A.	36.82B	48.41	28.65	-8.54%	4.23%	4.56%	1.21%	0.23
NUENucor Corporation	40B	174.79	20.66	-11.47%	5.18%	7.54%	2.01%	0.32
GGBGerdau S.A.	5.26B	4.18	1.92	-2.74%	4.31%	5.48%	100%	0.26
PKXPOSCO Holdings Inc.	17.86B	59.03	0.02	-5.76%	0.65%	0.73%		0.44
CLFCleveland-Cliffs Inc.	8.15B	14.30	-9.11	-12.78%	-9%	-29.37%		1.13

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	43.58B	37.65B	36.92B	46.16B	39.64B	43.81B	78.35B	82.41B	68.92B	67.03B
Revenue Growth %	0.02%	-0.14%	-0.02%	0.25%	-0.14%	0.11%	0.79%	0.05%	-0.16%	-0.03%
Cost of Goods Sold+	39.29B	34.19B	33.31B	40.01B	35.44B	37.88B	57.53B	63.66B	57.58B	57.82B
COGS % of Revenue	0.9%	0.91%	0.9%	0.87%	0.89%	0.86%	0.73%	0.77%	0.84%	0.86%
Gross Profit+	4.29B	3.46B	3.6B	6.15B	4.2B	5.93B	20.82B	18.75B	11.33B	9.2B
Gross Margin %	0.1%	0.09%	0.1%	0.13%	0.11%	0.14%	0.27%	0.23%	0.16%	0.14%
Gross Profit Growth %	-0.17%	-0.19%	0.04%	0.71%	-0.32%	0.41%	2.51%	-0.1%	-0.4%	-0.19%
Operating Expenses+	2.49B	2.11B	1.56B	1.7B	981.26M	412.69M	797.48M	2.15B	2.22B	2.86B
OpEx % of Revenue	0.06%	0.06%	0.04%	0.04%	0.02%	0.01%	0.01%	0.03%	0.03%	0.04%
Selling, General & Admin	2.58B	2.24B	1.65B	1.65B	1.43B	1.53B	2.11B	2.19B	2.21B	2.17B
SG&A % of Revenue	0.06%	0.06%	0.04%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%
Research & Development	0	149.91M	149.15M	171.18M	157.28M	188.08M	177.67M	154.59M	0	0
R&D % of Revenue	-	0%	0%	0%	0%	0%	0%	0%	-	-
Other Operating Expenses	-97M	-127.85M	-91.73M	34.99M	-449.2M	-1.12B	-1.31B	-36.27M	0	692.58M
Operating Income+	-3.22B	-1.64B	1.1B	4.05B	3.18B	5.86B	22.06B	17.37B	9.02B	6.34B
Operating Margin %	-0.07%	-0.04%	0.03%	0.09%	0.08%	0.13%	0.28%	0.21%	0.13%	0.09%
Operating Income Growth %	-2.11%	0.49%	1.67%	2.68%	-0.21%	0.84%	2.76%	-0.21%	-0.48%	-0.3%
EBITDA+	-607.6M	899.6M	3.19B	5.94B	5.26B	8.36B	24.72B	20.23B	12.07B	9.47B
EBITDA Margin %	-0.01%	0.02%	0.09%	0.13%	0.13%	0.19%	0.32%	0.25%	0.18%	0.14%
EBITDA Growth %	-1.12%	2.48%	2.55%	0.86%	-0.11%	0.59%	1.96%	-0.18%	-0.4%	-0.22%
D&A (Non-Cash Add-back)	2.61B	2.54B	2.09B	1.89B	2.07B	2.5B	2.66B	2.87B	3.05B	3.13B
EBIT	-4.62B	-1.04B	1.28B	3.34B	2.61B	4.52B	21.33B	16.82B	10.19B	6.26B
Net Interest Income+	-1.67B	-1.9B	-1.58B	-1.44B	-1.33B	-1.36B	-1.37B	-1.35B	-1.04B	-424.26M
Interest Income	378.4M	252.04M	226.62M	204M	223.21M	194.09M	249.02M	213.92M	62.95M	372.67M
Interest Expense	1.78B	2.01B	1.73B	1.58B	1.47B	1.45B	1.43B	964.61M	840.07M	796.93M
Other Income/Expense	-7.9B	-3.93B	-2.08B	-2.29B	-1.51B	-2.02B	-1.79B	-1.51B	323.61M	-880.33M
Pretax Income+	-6.09B	-2.58B	-43.28M	2.16B	1.67B	3.5B	20.27B	15.86B	9.35B	5.46B
Pretax Margin %	-0.14%	-0.07%	-0%	0.05%	0.04%	0.08%	0.26%	0.19%	0.14%	0.08%
Income Tax+	-1.5B	304.31M	295.39M	-168.95M	457.83M	1.11B	4.71B	4.38B	1.81B	864.65M
Effective Tax Rate %	0.75%	1.12%	7.83%	1.08%	0.73%	0.68%	0.76%	0.72%	0.8%	0.84%
Net Income+	-4.6B	-2.89B	-338.67M	2.33B	1.22B	2.37B	15.49B	11.43B	7.5B	4.57B
Net Margin %	-0.11%	-0.08%	-0.01%	0.05%	0.03%	0.05%	0.2%	0.14%	0.11%	0.07%
Net Income Growth %	-4.28%	0.37%	0.88%	7.87%	-0.48%	0.94%	5.55%	-0.26%	-0.34%	-0.39%
Net Income (Continuing)	-4.6B	-2.89B	-338.67M	2.33B	1.22B	2.39B	15.56B	11.48B	7.54B	4.6B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	284.58M	246.52M	248.74M	207.97M	217.43M	224.94M	211.37M	182M	179.9M	225.03M
EPS (Diluted)+	-2.60	-1.61	-0.19	1.31	0.68	1.34	8.69	6.19	3.55	2.18
EPS Growth %	-4.33%	0.38%	0.88%	7.89%	-0.48%	0.97%	5.49%	-0.29%	-0.43%	-0.39%
EPS (Basic)	-2.60	-1.61	-0.19	1.31	0.68	1.34	8.69	6.22	3.55	2.18
Diluted Shares Outstanding	1.77B	1.79B	1.79B	1.78B	1.78B	1.79B	1.79B	1.85B	2.11B	2.1B
Basic Shares Outstanding	1.77B	1.79B	1.79B	1.78B	1.78B	1.79B	1.79B	1.84B	2.11B	2.09B
Dividend Payout Ratio	-	-	-	0.26%	0.4%	0.12%	0.34%	0.52%	0.36%	0.36%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	22.18B	17.8B	17.98B	17.5B	18.24B	23.41B	32.64B	31.26B	29.2B	32.67B
Cash & Short-Term Investments	6.92B	6.09B	3.38B	3.35B	6.29B	7.66B	6.79B	5.43B	5.34B	8.28B
Cash Only	5.65B	5.06B	2.56B	2.89B	2.64B	4.62B	4.16B	2.48B	3.01B	7.77B
Short-Term Investments	1.27B	1.02B	821.52M	459.47M	3.65B	3.04B	2.63B	2.96B	2.34B	509.03M
Accounts Receivable	5.99B	4.7B	3.69B	4.17B	3.66B	5.99B	5.41B	5B	4.88B	7.24B
Days Sales Outstanding	50.13	45.61	36.47	33.01	33.7	49.9	25.22	22.14	25.82	39.45
Inventory	8.78B	6.33B	6.7B	9.17B	7.66B	9.17B	16.86B	17.82B	15.23B	16.5B
Days Inventory Outstanding	81.57	67.61	73.43	83.63	78.89	88.34	106.98	102.16	96.52	104.18
Other Current Assets	492.12M	671.45M	4.22B	811.13M	618.77M	591.52M	682.44M	793.17M	1.75B	643.07M
Total Non-Current Assets+	47.92B	36.84B	32.32B	33.78B	35.77B	39.71B	41.17B	42.54B	45.69B	54.15B
Property, Plant & Equipment	23.26B	19.35B	16.44B	15.55B	16.68B	18.07B	19.6B	21.38B	24.06B	30.76B
Fixed Asset Turnover	1.87x	1.95x	2.25x	2.97x	2.38x	2.42x	4.00x	3.85x	2.86x	2.18x
Goodwill	14.65B	9.47B	7.89B	9.11B	9.47B	12.1B	12.43B	11.08B	10.83B	13.85B
Intangible Assets	1.84B	1.32B	972.09M	836.1M	673.26M	622.58M	509.76M	415.16M	373.71M	400.57M
Long-Term Investments	1.39B	798.84M	1.28B	1.37B	1.81B	2.27B	3.34B	3.9B	5.92B	4.22B
Other Non-Current Assets	2.47B	2.49B	2.68B	3.04B	3.06B	3.25B	2.36B	3.6B	2.28B	2.48B
Total Assets+	70.09B	54.64B	50.3B	51.28B	54B	63.12B	73.81B	73.8B	74.89B	86.81B
Asset Turnover	0.62x	0.69x	0.73x	0.90x	0.73x	0.69x	1.06x	1.12x	0.92x	0.77x
Asset Growth %	0.11%	-0.22%	-0.08%	0.02%	0.05%	0.17%	0.17%	-0%	0.01%	0.16%
Total Current Liabilities+	7.86B	8.62B	7.71B	8.5B	7.42B	11.48B	14.04B	13.46B	11.28B	10.85B
Accounts Payable	3.63B	2.74B	3.18B	4.34B	3.76B	5.44B	8.02B	6.62B	5.9B	5.72B
Days Payables Outstanding	33.72	29.29	34.84	39.55	38.75	52.39	50.87	37.95	37.41	36.09
Short-Term Debt	2.39B	4.46B	2B	1.82B	1.56B	1.43B	1.77B	3.12B	1.8B	735.04M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	0
Other Current Liabilities	875.45M	539.33M	1.73B	838.79M	728.27M	1.87B	1.37B	1.5B	195.8M	2.29B
Current Ratio	2.82x	2.06x	2.33x	2.06x	2.46x	2.04x	2.33x	2.32x	2.59x	3.01x
Quick Ratio	1.70x	1.33x	1.46x	0.98x	1.42x	1.24x	1.12x	1.00x	1.24x	1.49x
Cash Conversion Cycle	97.98	83.92	75.05	77.1	73.83	85.85	81.34	86.35	84.94	107.54
Total Non-Current Liabilities+	30.26B	21.74B	18.69B	16.84B	19.41B	20.56B	16.96B	14.04B	14.36B	17.79B
Long-Term Debt	24.07B	16.13B	14.51B	13.08B	14.49B	16.11B	12.3B	9.51B	9.1B	12.9B
Capital Lease Obligations	0	0	0	0	601.73M	624.77M	643.28M	754.71M	904.45M	849.94M
Deferred Tax Liabilities	2.82B	2.63B	910.57M	888.67M	1.33B	1.23B	1.84B	2.12B	0	2.49B
Other Non-Current Liabilities	4.36B	4.04B	2.7B	2.33B	2.79B	1.79B	2.26B	3.77B	4.36B	1.55B
Total Liabilities	38.12B	30.36B	26.41B	25.34B	26.83B	32.04B	31B	27.5B	25.65B	28.64B
Total Debt+	26.46B	20.58B	16.51B	14.91B	16.85B	18.39B	14.98B	13.66B	12.17B	14.92B
Net Debt	20.81B	15.52B	13.95B	12.02B	14.21B	13.78B	10.82B	11.19B	9.17B	7.15B
Debt / Equity	0.83x	0.85x	0.69x	0.57x	0.62x	0.59x	0.35x	0.30x	0.25x	0.26x
Debt / EBITDA	-	22.88x	5.17x	2.51x	3.21x	2.20x	0.61x	0.68x	1.01x	1.58x
Net Debt / EBITDA	-	17.25x	4.37x	2.02x	2.70x	1.65x	0.44x	0.55x	0.76x	0.75x
Interest Coverage	-1.81x	-0.81x	0.64x	2.56x	2.17x	4.05x	15.39x	18.00x	10.74x	7.96x
Total Equity+	31.97B	24.27B	23.89B	25.94B	27.17B	31.09B	42.82B	46.3B	49.24B	58.17B
Equity Growth %	-0.04%	-0.24%	-0.02%	0.09%	0.05%	0.14%	0.38%	0.08%	0.06%	0.18%
Book Value per Share	18.05	13.53	13.31	14.56	15.23	17.40	23.91	25.07	23.31	27.71
Total Shareholders' Equity	31.69B	24.03B	23.65B	25.73B	26.96B	30.86B	42.6B	46.12B	49.06B	57.95B
Common Stock	19.25B	19.25B	19.25B	19.25B	19.25B	19.25B	19.25B	19.25B	20.22B	24.27B
Retained Earnings	6.59B	3.76B	3.32B	4.81B	5.64B	7.29B	17.84B	22.17B	25.91B	24.24B
Treasury Stock	-383.36M	-98.75M	-76.08M	-280.43M	-242.54M	-229.31M	-152.41M	-180M	-150.18M	-734.28M
Accumulated OCI	9.1B	3.99B	4.03B	4.83B	5.18B	7.42B	8.54B	7.78B	5.98B	13.08B
Minority Interest	284.58M	246.52M	248.74M	207.97M	217.43M	224.94M	211.37M	182M	179.9M	225.03M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	7.16B	3.52B	2.08B	2B	1.64B	6.41B	12.52B	11.15B	11.14B	11.38B
Operating CF Margin %	0.16%	0.09%	0.06%	0.04%	0.04%	0.15%	0.16%	0.14%	0.16%	0.17%
Operating CF Growth %	1.79%	-0.51%	-0.41%	-0.04%	-0.18%	2.9%	0.95%	-0.11%	-0%	0.02%
Net Income	-4.6B	-2.89B	-338.67M	2.33B	1.22B	2.39B	15.56B	11.48B	7.5B	4.6B
Depreciation & Amortization	2.61B	2.54B	2.09B	1.89B	2.07B	2.5B	2.66B	2.87B	3.05B	3.13B
Stock-Based Compensation	48.59M	46.68M	35.58M	41.19M	43.9M	62.8M	65.29M	104.71M	0	0
Deferred Taxes	-1.18B	652.2M	185.11M	-225.36M	496.25M	226.4M	3.66B	4.67B	871.65M	974.1M
Other Non-Cash Items	8.63B	2.76B	1.05B	700.73M	-3.36B	1.62B	1.63B	-3.44B	-395.94M	1.31B
Working Capital Changes	1.65B	406.44M	-952.63M	-2.74B	1.17B	610.83M	-6.81B	-4.54B	114.23M	1.37B
Change in Receivables	1.22B	64.81M	-54.69M	71.63M	656.83M	-527.72M	-1.61B	290.58M	-294.51M	2.43B
Change in Inventory	1.98B	794.59M	-1.27B	-2.43B	1.56B	-428.26M	-7.7B	-2.04B	1.31B	542.5M
Change in Payables	-768.63M	110.47M	800.16M	900.39M	-642.7M	1.01B	2.53B	-995.6M	-355.42M	-1.19B
Cash from Investing+	-2.42B	-1.07B	-535.48M	2.38B	-1.9B	-2.23B	-3B	-4.46B	-5.77B	-5.03B
Capital Expenditures	-2.45B	-1.38B	-911.27M	-1.26B	-1.85B	-1.81B	-3.19B	-4.48B	-5.21B	-5.78B
CapEx % of Revenue	0.06%	0.04%	0.02%	0.03%	0.05%	0.04%	0.04%	0.05%	0.08%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	90.94M	308.69M	-515.31M	-117.47M	3.16B	-700.64M	-585.13M	48.32M	-563.71M	1.39B
Cash from Financing+	-2.84B	-2.34B	-4.06B	-4.26B	-9.6M	-2.49B	-9.98B	-8.26B	-4.13B	-2.69B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-358.23M	-85.96M	-86.39M	-599.1M	-484.17M	-274.81M	-5.34B	-5.89B	-2.68B	-1.66B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-339.07M	0	0	0	0	0	0	-46.15M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	4.71B	2.14B	1.16B	737.36M	-204.12M	4.6B	9.32B	6.67B	5.8B	5.43B
FCF Margin %	0.11%	0.06%	0.03%	0.02%	-0.01%	0.11%	0.12%	0.08%	0.08%	0.08%
FCF Growth %	28.04%	-0.55%	-0.46%	-0.37%	-1.28%	23.55%	1.03%	-0.28%	-0.13%	-0.06%
FCF per Share	2.66	1.19	0.65	0.41	-0.11	2.58	5.21	3.61	2.75	2.59
FCF Conversion (FCF/Net Income)	-1.56x	-1.22x	-6.13x	0.86x	1.35x	2.71x	0.81x	0.98x	1.48x	2.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-14.09%	-10.26%	-1.41%	9.34%	4.58%	8.12%	41.93%	25.64%	15.7%	8.5%
Return on Invested Capital (ROIC)	-4.71%	-2.65%	2.13%	8.01%	6.02%	10.2%	33.59%	23.44%	11.68%	7.69%
Gross Margin	9.85%	9.2%	9.76%	13.32%	10.6%	13.54%	26.57%	22.75%	16.44%	13.73%
Net Margin	-10.55%	-7.66%	-0.92%	5.04%	3.07%	5.4%	19.78%	13.86%	10.88%	6.81%
Debt / Equity	0.83x	0.85x	0.69x	0.57x	0.62x	0.59x	0.35x	0.30x	0.25x	0.26x
Interest Coverage	-1.81x	-0.81x	0.64x	2.56x	2.17x	4.05x	15.39x	18.00x	10.74x	7.96x
FCF Conversion	-1.56x	-1.22x	-6.13x	0.86x	1.35x	2.71x	0.81x	0.98x	1.48x	2.49x
Revenue Growth	2.43%	-13.61%	-1.95%	25.03%	-14.12%	10.52%	78.81%	5.19%	-16.38%	-2.74%

Revenue by Geography

	2017	2018	2019	2020	2021	2022
North America	18.14B	-	-	-	32.04B	37.7B
North America Growth	-	-	-	-	-	17.66%
Brazil	-	-	-	-	37.73B	36.42B
Brazil Growth	-	-	-	-	-	-3.49%
Latin America	-	-	-	-	8.57B	8.29B
Latin America Growth	-	-	-	-	-	-3.19%
North American Countries Excluding Mexico	-	23.52B	17.87B	20.02B	-	-
North American Countries Excluding Mexico Growth	-	-	-24.04%	12.03%	-	-
Latin American Countries Excluding Brazil	4.77B	4.79B	4.2B	5B	-	-
Latin American Countries Excluding Brazil Growth	-	0.33%	-12.21%	18.93%	-	-
Europe And Asia	555.5M	565.34M	-	-	-	-
Europe And Asia Growth	-	1.77%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Gerdau S.A. (GGB) has a price-to-earnings (P/E) ratio of 1.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Gerdau S.A. (GGB) reported $69.71B in revenue for fiscal year 2024. This represents a 97% increase from $35.41B in 2011.

Gerdau S.A. (GGB) saw revenue decline by 2.7% over the past year.

Yes, Gerdau S.A. (GGB) is profitable, generating $3.00B in net income for fiscal year 2024 (6.8% net margin).

Dividend & Returns

Yes, Gerdau S.A. (GGB) pays a dividend with a yield of 18.88%. This makes it attractive for income-focused investors.

Gerdau S.A. (GGB) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.

Gerdau S.A. (GGB) generated $379.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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