Latest Ratios: P/E Ratio -1.9x · EV/EBITDA 3.9x · ROE -27.6%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $4.9B | $10.1B | $29.4B | $24.5B | $28.8B | — | — | — | — | — |
| Enterprise Value | $11.0B | $48.3B | $66.2B | $76.9B | $67.7B | $61.6B | — | — | — | — | — |
| P/E Ratio → | -1.88 | — | — | 27.00 | 8.71 | 4.71 | — | — | — | — | — |
| P/S Ratio | 0.35 | 0.12 | 0.23 | 0.74 | 0.62 | 1.10 | — | — | — | — | — |
| P/B Ratio | 0.58 | 0.16 | 0.26 | 0.58 | 0.51 | 1.00 | — | — | — | — | — |
| P/FCF | 190.40 | 66.90 | 1.93 | 7.32 | 4.50 | 77.40 | — | — | — | — | — |
| P/OCF | 1.68 | 0.59 | 0.77 | 2.86 | 2.46 | 5.60 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.20 | 1.51 | 1.95 | 1.72 | 2.36 | — | — | — | — | — |
| EV / EBITDA | 3.93 | 3.31 | 5.27 | 7.02 | 7.55 | 9.61 | — | — | — | — | — |
| EV / EBIT | 5.36 | — | 6.65 | 7.15 | 8.34 | 6.07 | — | — | — | — | — |
| EV / FCF | — | 655.33 | 12.62 | 19.18 | 12.44 | 165.36 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.6% | 32.6% | 31.2% | 27.7% | 22.3% | 22.3% | 27.3% | 29.3% | 25.3% | 34.2% | 39.2% |
| Operating Margin | 26.5% | 26.5% | 21.1% | 19.2% | 15.1% | 15.0% | 19.1% | 26.1% | 32.0% | 38.2% | 39.0% |
| Net Profit Margin | -24.1% | -24.1% | -21.4% | 2.8% | 3.0% | 24.2% | 6.4% | 17.9% | 16.0% | 17.1% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.6% | -27.6% | -20.9% | 2.2% | 3.1% | 25.4% | 5.4% | 22.1% | 15.6% | 12.5% | 8.9% |
| ROA | -7.0% | -7.0% | -6.7% | 0.8% | 1.0% | 7.0% | 1.5% | 7.9% | 5.8% | 4.7% | 3.6% |
| ROIC | 9.5% | 9.5% | 7.2% | 6.0% | 5.8% | 5.1% | 5.5% | 14.5% | 14.1% | 13.4% | 12.6% |
| ROCE | 8.8% | 8.8% | 7.5% | 6.3% | 5.9% | 5.0% | 5.3% | 13.8% | 13.6% | 12.3% | 11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.28 | 2.28 | 1.85 | 1.22 | 1.17 | 1.69 | 2.17 | 1.21 | 0.91 | 0.94 | 0.85 |
| Debt / EBITDA | 4.84 | 4.84 | 5.81 | 5.68 | 6.30 | 7.64 | 14.13 | 3.26 | 2.59 | 2.78 | 2.59 |
| Net Debt / Equity | — | 1.40 | 1.42 | 0.93 | 0.90 | 1.13 | 1.52 | 0.66 | 0.66 | 0.63 | 0.48 |
| Net Debt / EBITDA | 2.97 | 2.97 | 4.47 | 4.34 | 4.82 | 5.11 | 9.87 | 1.78 | 1.89 | 1.88 | 1.46 |
| Debt / FCF | — | 588.43 | 10.68 | 11.86 | 7.94 | 87.96 | 28.99 | 3.69 | 3.52 | 4.71 | 2.95 |
| Interest Coverage | -0.03 | -0.03 | 1.39 | 1.91 | 1.49 | 2.60 | 19.85 | 33.35 | 3.76 | 1.57 | 0.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.58 | 2.58 | 1.72 | 1.77 | 1.62 | 2.11 | 1.87 | 1.84 | 1.90 | 1.56 | 1.96 |
| Quick Ratio | 2.45 | 2.45 | 1.60 | 1.66 | 1.50 | 2.02 | 1.79 | 1.75 | 1.79 | 1.48 | 1.85 |
| Cash Ratio | 1.94 | 1.94 | 1.13 | 1.13 | 1.01 | 1.62 | 1.40 | 1.33 | 1.13 | 1.11 | 1.38 |
| Asset Turnover | — | 0.30 | 0.31 | 0.28 | 0.29 | 0.27 | 0.16 | 0.41 | 0.36 | 0.27 | 0.28 |
| Inventory Turnover | 13.83 | 13.83 | 14.59 | 15.93 | 16.35 | 17.63 | 10.50 | 17.80 | 16.99 | 13.25 | 13.25 |
| Days Sales Outstanding | — | 53.68 | 32.23 | 50.61 | 56.17 | 63.84 | 43.91 | 59.03 | 72.45 | 64.83 | 57.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.3% | 33.8% | 34.0% | 8.8% | 7.8% | 8.9% | — | — | — | — | — |
| Payout Ratio | — | — | — | 236.0% | 162.3% | 40.5% | 68.7% | 16.9% | 37.7% | 94.2% | 183.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.7% | 11.5% | 21.3% | — | — | — | — | — |
| FCF Yield | 0.5% | 1.5% | 51.8% | 13.7% | 22.2% | 1.3% | — | — | — | — | — |
| Buyback Yield | 3.7% | 10.6% | 3.9% | 0.4% | 0.3% | 0.1% | — | — | — | — | — |
| Total Shareholder Yield | 13.0% | 44.3% | 37.9% | 9.2% | 8.1% | 9.0% | — | — | — | — | — |
| Shares Outstanding | — | $1.2B | $1.9B | $1.9B | $1.9B | $1.8B | $1.5B | $1.6B | $1.6B | $1.6B | $1.7B |
Includes 30+ ratios · 21 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CSAN stock.
Cosan S.A.'s current P/E ratio is -1.9x. The historical average is 13.5x.
Cosan S.A.'s current EV/EBITDA is 3.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
Cosan S.A.'s return on equity (ROE) is -27.6%. The historical average is 6.2%.
Based on historical data, Cosan S.A. is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.
Cosan S.A.'s current dividend yield is 9.30%.
Cosan S.A. has 32.6% gross margin and 26.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cosan S.A.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent Net Losses Amidst Leverage
Deep Value Discount Amidst Structural Complexity
Cosan trades at a significant discount to peers with a P/B of 0.60 and EV/EBITDA of 3.97, suggesting the market is pricing in severe structural risks or a deep holding company discount, as reported in recent financial statements.
The valuation multiples, particularly the negative P/E and low P/B, appear to reflect the market's focus on the company's persistent net losses and complex equity-method accounting rather than its underlying asset base. The forward EV/EBITDA of 1.09 implies an expectation of a dramatic recovery in operating earnings, which seems aggressive given the recent revenue contraction and margin pressure. This disconnect suggests the stock may be priced for a worst-case scenario, but investors should monitor whether the discount is a value opportunity or a reflection of unappreciated risks in the conglomerate structure.
Operational Strength Masked by Financial Drag
Despite a robust 37.4% gross margin in 2026Q2, the company's net margin remains negative at -3.0%, indicating that strong operational profitability is being completely offset by non-operating expenses or accounting adjustments, according to the latest quarterly data.
The decomposition reveals a stark divergence: the operating margin of 26.8% demonstrates effective cost control and pricing power within the core industrial segments, yet the net margin is deeply negative. This implies that the company's financial structure—likely heavy interest expenses from its $60.8B debt load and potential mark-to-market losses from the Vale investment—is consuming all operational profits. The true earning power of the business appears strong at the operating level, but it is currently insufficient to service the capital structure and generate shareholder returns.
Capital Returns Decimated by Equity Erosion
Cosan's ROE has collapsed to -27.6% as of 2026Q2, driven by a negative equity base from accumulated losses, while ROIC remains a meager 2.8%, indicating the company is failing to generate adequate returns on its substantial invested capital.
The trend in returns is alarming. ROE has been negative for most of the past ten quarters, culminating in the current deeply negative figure, which is a direct result of the equity base being eroded by persistent net losses. More critically, the ROIC, while positive, is consistently low (averaging around 2.0-2.5%) and well below the company's likely cost of capital. This suggests that the massive capital invested in Rumo's rail infrastructure and Raízen's industrial assets is not generating sufficient returns, pointing to potential capital misallocation or an unfavorable competitive environment.
Leverage Unsustainable Without Profitability Recovery
With a Debt/Equity ratio of 1.91 and interest coverage of just 1.18x in 2026Q2, Cosan's leverage appears precarious, as the company's operating income barely covers its interest obligations, leaving minimal margin for error.
The leverage profile has deteriorated in tandem with equity erosion. While the D/E ratio has fluctuated, the absolute debt load remains high, and the interest coverage ratio has fallen to a level that suggests limited financial flexibility. The coverage of 1.18x is particularly concerning for a capital-intensive industrial company, as it implies that a modest decline in operating income or a rise in interest rates could push the company into a position where it cannot comfortably service its debt. This level of leverage, combined with negative equity, significantly increases refinancing risk and vulnerability to macroeconomic shocks.
Adequate Liquidity Masked by Volatile Cash Position
The current ratio of 1.67 and quick ratio of 1.55 in 2026Q2 suggest adequate short-term liquidity, but the significant quarterly swings in cash—from $27.2B in 2025Q4 to $13.4B in 2026Q2—indicate a position that is highly dependent on working capital cycles and external financing.
On the surface, the liquidity ratios appear healthy and provide a buffer against near-term obligations. However, the volatility in the cash balance is a red flag, suggesting that the company's liquidity is not derived from stable, recurring cash generation but rather from episodic inflows, possibly from asset sales, financing activities, or working capital releases. In a severe stress scenario, such as a commodity price spike or a credit market freeze, this volatile cash position could quickly deteriorate, making the company reliant on its strained access to capital markets.
The Misleading Power of EV/EBITDA
The EV/EBITDA multiple, often used for capital-intensive firms, is particularly misleading for Cosan as it ignores the company's massive debt service burden and the cash consumed by its high capital expenditure needs, which are not reflected in the EBITDA figure.
For a company like Cosan, with its complex capital structure, high fixed costs, and significant interest expenses, EV/EBITDA can paint an overly optimistic picture of valuation. The metric adds back interest and taxes, which are real cash outflows for the company, and ignores the substantial capital expenditures required to maintain its rail and industrial assets. A more appropriate metric would be EV/FCF or a debt-adjusted cash flow multiple, which would better capture the company's ability to generate cash after all obligations. Using EV/EBITDA in isolation risks underestimating the true financial risk and overvaluing the company's core operations.