Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) 10-Year Financial Performance & Capital Metrics

SBS • • Utilities

UtilitiesWater UtilitiesIntegrated Water UtilitiesMulti-State Water Utilities

AboutCompanhia de Saneamento Básico do Estado de São Paulo SABESP provides water and sewage services to residential, commercial, industrial, and governmental customers. It provides water supply, sanitary sewage, urban rainwater management and drainage, urban cleaning, and solid waste management services, as well as related activities, including the planning, operation, maintenance, and commercialization of energy. As of December 31, 2021, the company provided water services through 9.8 million water connections to approximately 27.8 million people; sewage services through 8.4 million sewage connections to approximately 24.6 million people; and operated 88,904 kilometers of water pipes and water transmission lines, as well as 61,122 kilometers of sewer lines. It also offers water and/or sewage services to four other municipalities through special purpose companies. The company was founded in 1954 and is headquartered in São Paulo, Brazil.Show more

Revenue $36.15B +41.3%
EBITDA $18.19B +99.1%
Net Income $9.58B +171.9%
Free Cash Flow -$2.57B -4925.6%
EBITDA Margin 50.32% +40.8%
Net Margin 26.5% +92.3%
ROE 28.69% +132.8%
Interest Coverage 8.65 +92.3%
Debt/Equity 0.68 +4.5%
Net Debt/EBITDA 1.30 -36.7%
CapEx / Revenue 27.6% +43.9%
CapEx Coverage 0.74 -25.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 23.3%
✓Strong Piotroski F-Score: 7/9
✓Strong interest coverage of 8.6x
✓Good 3Y average ROE of 17.7%
✓Trading at only 0.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.42%

5Y14.98%

3Y22.86%

TTM15.86%

Profit (Net Income) CAGR

10Y26.64%

5Y23.26%

3Y60.76%

TTM-13.89%

EPS CAGR

10Y26.65%

5Y23.25%

3Y60.83%

TTM-13.92%

ROCE

10Y Avg14.39%

5Y Avg14.49%

3Y Avg15.69%

Latest25.42%

Peer Comparison

Multi-State Water Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
AWKAmerican Water Works Company, Inc.	25.62B	131.26	24.35	10.63%	21.93%	10.2%	1.37
HTOH2O America	1.87B	52.11	18.68	11.65%	13.59%	7.17%	1.34
WTRGEssential Utilities, Inc.	11.09B	39.19	18.06	1.57%	28.09%	9.81%	1.25
CWTCalifornia Water Service Group	2.65B	44.52	13.70	30.48%	13.61%	8.01%	0.85
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP	16.24B	23.19	1.65	41.35%	19.5%	18.81%	0.68

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	11.71B	14.1B	14.61B	16.09B	17.98B	17.8B	19.49B	22.06B	25.57B	36.15B
Revenue Growth %	0.04%	0.2%	0.04%	0.1%	0.12%	-0.01%	0.1%	0.13%	0.16%	0.41%
Cost of Revenue	8.26B	9.01B	8.78B	9.09B	10.14B	11.18B	12.8B	14.35B	16.05B	16.6B
Gross Profit+	3.45B	5.09B	5.83B	7B	7.85B	6.62B	6.69B	7.7B	9.52B	19.54B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.04%	0.47%	0.15%	0.2%	0.12%	-0.16%	0.01%	0.15%	0.24%	1.05%
Operating Expenses+	409.41M	1.66B	1.87B	1.83B	2.14B	2.13B	2.59B	3.06B	3.17B	4.03B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	4.12B	4.58B	5.26B	6.57B	7.49B	6.53B	6.35B	7.1B	9.14B	18.19B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.41%	0.11%	0.15%	0.25%	0.14%	-0.13%	-0.03%	0.12%	0.29%	0.99%
Depreciation & Amortization+	1.07B	1.15B	1.3B	1.39B	1.78B	2.04B	2.25B	2.45B	2.79B	2.68B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	3.04B	3.43B	3.96B	5.18B	5.71B	4.49B	4.1B	4.65B	6.35B	15.51B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.59%	0.13%	0.16%	0.31%	0.1%	-0.21%	-0.09%	0.13%	0.37%	1.44%
Interest Expense+	495.58M	564.13M	459.12M	489.25M	658.88M	157.56M	734.86M	1.22B	1.41B	1.79B
Interest Coverage	6.14x	6.08x	8.63x	10.58x	8.67x	28.51x	5.58x	3.81x	4.50x	8.65x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	587.53M	4.13B	3.5B	3.91B	4.68B	1.33B	3.17B	4.27B	4.75B	13.64B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	51.25M	1.18B	984.3M	1.08B	1.31B	352.68M	864.29M	1.15B	1.23B	4.06B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	536.28M	2.95B	2.52B	2.84B	3.37B	973.32M	2.31B	3.12B	3.52B	9.58B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.41%	4.5%	-0.15%	0.13%	0.19%	-0.71%	1.37%	0.35%	0.13%	1.72%
EPS (Diluted)+	0.78	4.31	3.69	4.15	4.93	1.42	3.37	4.57	5.16	14.02
EPS Growth %	-0.41%	4.53%	-0.14%	0.12%	0.19%	-0.71%	1.37%	0.36%	0.13%	1.72%
EPS (Basic)	0.78	4.31	3.69	4.15	4.93	1.42	3.37	4.57	5.16	14.02
Diluted Shares Outstanding	683.51M	683.51M	683.51M	683.51M	683.51M	683.51M	683.51M	683.51M	683.51M	683.51M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	33.71B	36.75B	39.55B	43.57B	11.55B	50.42B	53.17B	57.21B	61.47B	80.97B
Asset Growth %	0.11%	0.09%	0.08%	0.1%	-0.73%	3.37%	0.05%	0.08%	0.07%	0.32%
PP&E (Net)+	325.08M	302.38M	255.05M	267.61M	78.15M	268.25M	291.16M	338.94M	592.62M	686.28M
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	3.45B	3.82B	4.57B	5.6B	1.22B	6.44B	6.5B	7.28B	7.78B	10.61B
Cash & Equivalents	1.64B	1.89B	2.28B	3.03B	566.59M	396.4M	717.93M	1.87B	838.48M	1.68B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	64.07M	58M	85.67M	65.6M	17.51M	104.85M	113.51M	124.25M	86.01M	10.82M
Other Current Assets	252.28M	24.08M	18.82M	31.9M	0	133.69M	93.34M	103.79M	91.99M	200.83M
Long-Term Investments	28.11M	31.1M	36.93M	44.59M	316.12M	63.42M	79.44M	110.77M	161.86M	18.59B
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	28.51B	31.25B	33.47B	29.01B	8.04B	34.41B	36.5B	39.32B	43.89B	44.65B
Other Assets	1.26B	1.15B	193.17M	201.15M	1.9B	339.57M	323.7M	10.15B	8.94B	6.44B
Total Liabilities	19.99B	21.33B	22.03B	24.01B	6.17B	27.62B	28.23B	29.87B	31.61B	44.04B
Total Debt+	13.12B	11.96B	12.1B	13.15B	3.28B	17.26B	17.72B	18.96B	19.54B	25.26B
Net Debt	11.48B	10.08B	9.82B	10.12B	2.71B	16.86B	17.01B	17.09B	18.7B	23.58B
Long-Term Debt	11.07B	10.18B	9.81B	10.5B	2.47B	13.81B	15.48B	16.37B	16.59B	21.86B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	534.89M	552.52M	561.62M	568.67M	455.72M	474.62M	523.28M	233.12M	451.51M	468.07M
Total Current Liabilities+	3.74B	4.3B	4.77B	5.4B	1.6B	5.9B	5.09B	6.66B	8.41B	11.97B
Accounts Payable	248.16M	311.96M	344.95M	465.99M	91.89M	263.74M	236.76M	430.95M	456.21M	766.61M
Accrued Expenses	809.6M	1.01B	1.11B	1.14B	160.49M	231.61M	548.01M	1.45B	1.8B	70.29M
Deferred Revenue	1.6B	2.52B	2.39B	200.56M	0	2.12B	2.51B	131.07M	21.97M	0
Other Current Liabilities	1.16B	1.73B	1.57B	1.69B	634.74M	247M	-33.06M	2.4B	3.51B	3.7B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Liabilities	4.65B	6.31B	6.91B	7.57B	1.85B	7.5B	6.76B	6.3B	6.11B	6.16B
Total Equity+	13.72B	15.42B	17.51B	19.55B	5.38B	22.79B	24.93B	27.33B	29.86B	36.93B
Equity Growth %	0.03%	0.12%	0.14%	0.12%	-0.72%	3.24%	0.09%	0.1%	0.09%	0.24%
Shareholders Equity	13.72B	15.42B	17.51B	19.55B	5.38B	22.79B	24.93B	27.33B	29.86B	36.93B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	10B	10B	10B	15B	3.73B	15B	15B	15B	15B	15B
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	4.07B	6.24B	8.05B	5.1B	0	8.19B	9.89B	76.93M	14.71B	21.65B
Accumulated OCI	3.72B	5.42B	7.51B	4.55B	1.65B	7.79B	9.93B	12.33B	14.86B	280.34M
Return on Assets (ROA)	0.02%	0.08%	0.07%	0.07%	0.12%	0.03%	0.04%	0.06%	0.06%	0.13%
Return on Equity (ROE)	0.04%	0.2%	0.15%	0.15%	0.27%	0.07%	0.1%	0.12%	0.12%	0.29%
Debt / Equity	0.96x	0.78x	0.69x	0.67x	0.61x	0.76x	0.71x	0.69x	0.65x	0.68x
Debt / Assets	0.39%	0.33%	0.31%	0.3%	0.28%	0.34%	0.33%	0.33%	0.32%	0.31%
Net Debt / EBITDA	2.79x	2.20x	1.87x	1.54x	0.36x	2.58x	2.68x	2.41x	2.05x	1.30x
Book Value per Share	20.07	22.56	25.62	28.6	7.87	33.35	36.48	39.99	43.68	54.03

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+	2.64B	3B	3.3B	3.84B	4.2B	4.98B	3.91B	3.97B	4.85B	7.4B
Operating CF Growth %	0.06%	0.14%	0.1%	0.16%	0.09%	0.19%	-0.21%	0.01%	0.22%	0.53%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	587.53M	4.13B	3.5B	3.91B	4.68B	1.33B	2.31B	4.27B	4.75B	13.64B
Depreciation & Amortization	1.07B	1.15B	1.3B	1.39B	1.78B	2.04B	2.25B	2.45B	2.79B	2.68B
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	1.31B	-2.1B	-535.38M	-599.71M	-1.64B	2.69B	572.3M	-647.26M	-31.96M	-7.84B
Working Capital Changes	-328.55M	-171.8M	-968.24M	-862.23M	-620.02M	-1.08B	-1.22B	-2.11B	-2.66B	-1.07B
Capital Expenditures+	-2.45B	-2.14B	-1.98B	-2.19B	-3.27B	-6.77B	-2.66B	-2.88B	-4.91B	-9.98B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-2.46B	-2.13B	-1.97B	-2.19B	-3.27B	-6.77B	-2.66B	-2.88B	-4.91B	-9.98B
Acquisitions	0	0	0	8.13M	0	0	0	0	0	0
Purchase of Investments	-2.54M	0	0	-1.14M	0	-3.42B	0	-426.82M	-1.57B	-7.27B
Sale of Investments	0	1000K	1000K	0	240K	0	0	1000K	1000K	1000K
Other Investing	-4.79M	5.08M	5.26M	-2.14B	-3.19B	-3.31B	-2.61B	-3.56B	-4.01B	-7.91B
Cash from Financing+	-265.7M	-625.87M	-933.61M	-907.49M	-1.71B	-66.35M	-929.02M	60.3M	-977.84M	3.42B
Dividends Paid	-202.12M	-139.4M	-765.93M	-653.39M	-740M	0	-254.22M	0	0	0
Dividend Payout Ratio %	0.38%	0.05%	0.3%	0.23%	0.22%	-	0.11%	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	0	0	0	0	0	0	0	0	811K	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-74.56M	-201.68M	-76.69M	-209.9M	-611.14M	-1.6B	-701.01M	-1.21B	-1.58B	-1.21B
Net Change in Cash+	-83.78M	247.01M	396.83M	746.14M	-775.98M	-1.86B	321.53M	1.15B	-1.03B	844.12M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.72B	1.64B	1.89B	2.28B	3.03B	2.25B	396.4M	717.93M	1.87B	838.48M
Cash at End	1.64B	1.89B	2.28B	3.03B	2.25B	396.4M	717.93M	1.87B	838.48M	1.68B
Free Cash Flow+	189.25M	867.79M	1.33B	1.65B	929.96M	-1.79B	1.25B	1.09B	-51.16M	-2.57B
FCF Growth %	1.71%	3.59%	0.53%	0.25%	-0.44%	-2.93%	1.7%	-0.13%	-1.05%	-49.26%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.97%	20.23%	15.3%	15.3%	27.02%	6.91%	9.66%	11.94%	12.32%	28.69%
EBITDA Margin	35.16%	32.46%	36.03%	40.84%	41.66%	36.69%	32.58%	32.17%	35.73%	50.32%
Net Debt / EBITDA	2.79x	2.20x	1.87x	1.54x	0.36x	2.58x	2.68x	2.41x	2.05x	1.30x
Interest Coverage	6.14x	6.08x	8.63x	10.58x	8.67x	28.51x	5.58x	3.81x	4.50x	8.65x
CapEx / Revenue	20.94%	15.15%	13.53%	13.61%	18.17%	38.03%	13.66%	13.05%	19.18%	27.6%
Dividend Payout Ratio	37.69%	4.73%	30.4%	23.05%	21.97%	-	11.02%	-	-	-
Debt / Equity	0.96x	0.78x	0.69x	0.67x	0.61x	0.76x	0.71x	0.69x	0.65x	0.68x
EPS Growth	-40.91%	452.56%	-14.39%	12.47%	18.8%	-71.2%	137.32%	35.61%	12.91%	171.71%

Frequently Asked Questions

Valuation & Price

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) has a price-to-earnings (P/E) ratio of 1.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) reported $41.21B in revenue for fiscal year 2024. This represents a 315% increase from $9.94B in 2011.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) grew revenue by 41.3% over the past year. This is strong growth.

Yes, Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) is profitable, generating $8.03B in net income for fiscal year 2024 (26.5% net margin).

Dividend & Returns

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) has a return on equity (ROE) of 28.7%. This is excellent, indicating efficient use of shareholder capital.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) generated $1.15B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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