Operational liquidity remains strained, with a 2026Q1 free cash flow margin of -17.9% and a significant $812.8M outflow related to working capital requirements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | -593.35M | -954.06M | 8.65B | 7.29B | 2.04B | 14.79B | 9.58B | 4.87B | 2.21B | 571.85M | 275.92M | 5.07B | 1.19B | 2.2B | 3.49B | 4.2B | 2.48B | 69.78M | 4.79B | 2.25B | 1.96B | 4.1B | 860.56M | 1.64B | 2.85B | 487.68M | 1.2B | 1.17B | -16.07M | 410.8M |
| Operating CF Margin % | - | -2.17% | 19.8% | 16.05% | 4.6% | 30.88% | 31.85% | 19.15% | 9.61% | 3.09% | 1.61% | 33.06% | 7.37% | 12.7% | 20.64% | 25.44% | 17.18% | 0.8% | 28.76% | 22.91% | 23.89% | 46.18% | 10.51% | 22.33% | 43.76% | 12.24% | 34.45% | 39.73% | -0.6% | 15.93% |
| Operating CF Growth % | -265.01% | -111.03% | 18.62% | 256.99% | -86.19% | 54.47% | 96.57% | 120.64% | 286.13% | 107.25% | -94.56% | 326.56% | -45.94% | -36.97% | -17% | 69.25% | 3457.68% | -98.54% | 112.62% | 14.84% | -52.23% | 376.74% | -47.58% | -42.46% | 485.03% | -59.23% | 2.6% | 7354.23% | -103.91% | - |
| Net Income | -2B | -1.96B | -1.54B | 402.65M | 2.17B | 13.6B | 4.29B | 2.24B | 5.2B | 111.23M | -853.06M | 1.62B | -112.27M | 533.99M | -480.57M | 3.67B | 2.52B | 2.23B | 6.14B | 3.03B | 1.6B | 2.11B | 2.27B | 1.54B | -573.45M | 1.22B | 1.78B | -32.38M | 437.37M | 457M |
| Depreciation & Amortization | 4.3B | 4.08B | 3.79B | 3.38B | 2.88B | 2.22B | 2.52B | 1.52B | 1.33B | 1.46B | 1.33B | 1.21B | 1.28B | 1.16B | 1.1B | 948.25M | 806.17M | 598.36M | 789.41M | 706.85M | 437.16M | 387.61M | 369.19M | 343.34M | 431.86M | 271.71M | 565.72M | 212.27M | 307.61M | 248.64M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.71B | -1.07B | -1.28B | -543.41M | 513.04M | 697.95M | -1.42B | -2.72B | -2.82B | 60.29M | 34.73M | -106.24M | -679.32M | -1.12B | -1.08B | -52.54M | 257.33M | 90.71M | -465.31M | -151.34M | 208.99M | -72.38M | 5.31M | -253.89M | -672.57M | -111.47M | -10.99M | -68.36M | 0 | 0 |
| Other Non-Cash Items | 565.95M | -488.72M | 3.2B | -635.43M | 1.15B | -2.23B | -109.91M | 634.63M | -938.66M | 531.92M | 75.45M | 362.82M | 2.76B | 2.35B | 4.45B | 2.85B | 1.7B | 662.91M | 1.32B | -352.54M | 1.71B | -28.02M | 87.65M | -92.33M | 4.33B | -339.06M | 1.95K | 1.01B | -915.94M | -12.83M |
| Working Capital Changes | -2B | -1.51B | 4.48B | 4.69B | -4.67B | 512.4M | 4.29B | 3.2B | 765.82M | -131.6M | 1.02B | 3.2B | -780.28M | 431.98M | 589.05M | -2.26B | -2.86B | -1.37B | -1.78B | -51.63M | -1.39B | 81.72M | -1.87B | 103.87M | -665.49M | -557.35M | -3.27B | 43.17M | 154.89M | -282.01M |
| Change in Receivables | -351.33M | -65.86M | 551.03M | -735.78M | -1.51B | 1.35B | 410.97M | 85.39M | 121.29M | -286M | -392.43M | 425.93M | -54.48M | -287.82M | -237.87M | -339.43M | 143.25M | 172.7M | -317.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -287.99M | -381.16M | -906.03M | 1.3B | -734.99M | -6.35B | 755.57M | -218.24M | -800.05M | -442.11M | 947.83M | -726.8M | -917.19M | 259.3M | 200.89M | -410.26M | -794.33M | 465.78M | -944.52M | 172.71M | -695.2M | 413.29M | -1.31B | -69.24M | 38.94M | 27.87M | -207.65M | 16.19M | 0 | 0 |
| Change in Payables | -123.46M | -192.46M | -2.18B | -340.01M | 789.41M | 4.99B | 1.61B | 701.26M | 990.94M | 667.03M | 482.01M | 301.12M | 581.95M | -841.16M | 663.2M | 544.3M | 11.96M | -1.27B | 777.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.59B | -6B | -1.12B | -4.59B | -11.45B | 447.93M | -1.86B | -2.24B | -98.46M | -1.05B | -2.31B | -2.86B | -1.66B | -2.25B | -3.54B | -5.28B | -4.64B | -1.45B | -2.99B | -1.94B | -1.79B | -1.38B | -889.77M | -715.52M | -1.13B | 1.84B | -1.02B | -559.46M | -149.21M | -1.21B |
| Capital Expenditures | -5.93B | -5.82B | -5.49B | -4.41B | -3.35B | -2.86B | -1.68B | -2.22B | -1.32B | -1.06B | -1.63B | -1.62B | -1.85B | -2.49B | -3.14B | -4.4B | -3.66B | -1.62B | -2.05B | -1.13B | -1.51B | -677.15M | -472.78M | -605.89M | -934.51M | -998.59M | -735.06M | -464.12M | -96.78M | -35.04M |
| CapEx % of Revenue | 13.33% | 13.25% | 12.58% | 9.7% | 7.56% | 5.98% | 5.6% | 8.71% | 5.74% | 5.72% | 9.52% | 10.55% | 11.47% | 14.38% | 18.61% | 26.64% | 25.34% | 18.55% | 12.33% | 11.46% | 18.36% | 7.62% | 5.77% | 8.24% | 14.33% | 25.06% | 21.17% | 15.82% | 3.62% | 1.36% |
| Acquisitions | -131.79M | -148.74M | 4.42B | 114.76M | -5.32B | -991.5M | 0 | -21.34M | 1.67B | 0 | 332.78M | 923.12M | -727K | -146.47M | -286.31M | 0 | 0 | 0 | 0 | -619.61M | -59.71M | -88.73M | -414.34M | -98.1M | -148.67M | -127.73M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -76.08M | -62.59M | -83.52M | -93.88M | -2.14B | -123.66M | -87.05M | -78.29M | -101.91M | -44.25M | -96.46M | 382.13M | 128.09M | -146.47M | -365.76M | -57.16M | 395.35M | -279.12M | -939.89M | -975.7M | 130.08M | 0 | -2.66M | -11.54M | -46.02M | -20.9M | -82.79M | -95.34M | -12.2M | -28.79M |
| Cash from Financing | -815.45M | -1.74B | -103.83M | 1.32B | 4.75B | -8.53B | 1.19B | -3.79B | -3.26B | -993.75M | -883.01M | -3.09B | -896.01M | -1.88B | -748.88M | 4.74B | 4.65B | 1.52B | 4.32B | -217.22M | -560.85M | -2.33B | -1.01B | 1.43B | -1.23B | -2.91B | -287.95M | -379.57M | 690.85M | 928.18M |
| Debt Issued (Net) | -700.38M | -967.53M | 2.91B | 5.51B | 9.25B | -4.91B | 1.53B | -1.8B | -2.88B | -993.52M | -856.12M | -2.49B | 812.43M | -751.32M | 287.76M | 6.35B | 6.05B | 4.8B | 7.53B | 466.49M | 1.25B | 770.55M | 39.84M | 2.23B | -1.02B | -55.74M | 35.1M | -244.65M | -187.27M | 2.05B |
| Equity Issued (Net) | 0 | 0 | -336.16M | 0 | -410.57M | -168.53M | 0 | 0 | 213.4M | 0 | 0 | -9.39M | -909.2M | 5.42M | 0 | 0 | 0 | -1.35B | -340.3M | -56.98M | -36.25M | -852.27M | -406.37M | 0 | 0 | 0 | 0 | 0 | -19.33M | -93.74M |
| Dividends Paid | -1.68B | -681.58M | -2.54B | -3.98B | -3.76B | -3.29B | -309.35M | -1.92B | -502M | 0 | -53K | -549.84M | -424.94M | -1.66B | -1.2B | -1.86B | -1.56B | -1.77B | -2.87B | -626.73M | -1.78B | -2.24B | -642.76M | -802.08M | -212.39M | -2.85B | 0 | 0 | -246.96M | -235.48M |
| Share Repurchases | 0 | 0 | -336.16M | 0 | -410.57M | -1.52B | 0 | 0 | 0 | -238K | -26.84M | -9.39M | -909.2M | 0 | 3.33B | 0 | 11.5B | -1.35B | -340.3M | -56.98M | -36.25M | -852.27M | -406.37M | 0 | 0 | 0 | 0 | 0 | -19.33M | -93.74M |
| Other Financing | 1.56B | -92.25M | -145.19M | -201.92M | -334.71M | -162.85M | -39.17M | -67.36M | -92.29M | -238K | -26.84M | -38.3M | -9.62M | 0 | 163.09M | 242.29M | 163.58M | 99.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.59M | -429.64M | -45.76M |
| Net Change in Cash | -6.75B | -6.25B | 7.26B | 4.05B | -4.66B | 6.7B | 8.86B | -1.16B | -1.16B | -1.46B | -2.99B | -824.97M | -1.31B | -1.9B | -972.52M | 5.18B | 2.27B | 765.83M | 5.39B | 452.24M | -601.37M | 632.78M | -746.35M | 2.58B | 92.04M | -831.38M | -110.64M | -307.61M | 525.57M | 129.23M |
| Free Cash Flow | -6.52B | -6.77B | 3.16B | 2.88B | -3.33B | 11.93B | 7.89B | 2.66B | 888.8M | -488.25M | -1.36B | 3.45B | -660.84M | -292.13M | 343.33M | -199.75M | -1.18B | -1.55B | 2.73B | 1.13B | 454.22M | 3.43B | 387.78M | 1.04B | 1.92B | -510.91M | 460.98M | 701.57M | -112.85M | 375.76M |
| FCF Margin % | -14.66% | -15.42% | 7.22% | 6.35% | -7.51% | 24.9% | 26.25% | 10.44% | 3.87% | -2.64% | -7.91% | 22.51% | -4.1% | -1.69% | 2.03% | -1.21% | -8.16% | -17.75% | 16.43% | 11.46% | 5.54% | 38.55% | 4.73% | 14.09% | 29.42% | -12.82% | 13.28% | 23.91% | -4.22% | 14.57% |
| FCF Growth % | -386.52% | -314.61% | 9.42% | 186.53% | -127.95% | 51.13% | 197.18% | 198.83% | 282.04% | 63.99% | -139.28% | 622.3% | -126.22% | -185.08% | 271.88% | 83.05% | 24.09% | -156.79% | 142.97% | 147.73% | -86.74% | 783.34% | -62.56% | -46.01% | 475.53% | -210.83% | -34.29% | 721.71% | -130.03% | - |
| FCF per Share | -4.92 | -5.11 | 2.38 | 2.18 | -2.51 | 8.67 | 5.72 | 1.92 | 0.64 | -0.36 | -1.00 | 2.54 | -0.49 | -0.20 | 0.24 | -0.14 | -0.81 | -1.04 | 1.78 | 0.73 | 0.29 | 2.11 | 0.23 | 0.60 | 1.11 | -0.30 | 0.27 | 0.41 | -0.07 | 0.21 |
| FCF Conversion (FCF/Net Income) | 3.25x | 0.49x | -3.34x | -22.92x | 1.31x | 1.21x | 2.52x | 2.72x | 0.42x | 55.67x | -0.30x | 4.03x | -10.59x | 4.32x | -8.30x | 1.13x | 0.99x | 0.03x | 0.78x | 0.74x | 1.23x | 1.95x | 0.38x | 1.07x | -4.98x | 0.40x | 0.67x | 13.50x | -0.04x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.41B | 909.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 654.18M | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Debt Servicing Burden
As reported in recent financial filings, the persistent gap between net income and operating cash flow, exemplified by the 2026Q1 period where a $604M net loss coincided with a $762M operating cash outflow, suggests that accounting earnings fail to capture the underlying cash burn of the business.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital volatility are masking the true cash-generating capacity of the firm. Investors should monitor this disconnect, as it implies that the company's reported profitability is not translating into the liquidity required to service its substantial debt obligations.
Based on the company's reported figures, free cash flow has remained deeply negative in four of the last five quarters, with the 2026Q1 period showing a negative 17.9% FCF margin, highlighting a structural inability to fund operations and capital expenditures through internal cash generation alone.
The consistent failure to generate positive free cash flow suggests that the company is reliant on external financing to sustain its capital-intensive industrial footprint. This trajectory warrants further investigation into whether the current level of capital expenditure is truly discretionary or if it represents essential maintenance required to prevent operational degradation.
According to quarterly data, CSN's capital expenditure remains elevated, with CapEx/Revenue ratios frequently exceeding 10% and reaching 17.8% in 2025Q4, which indicates a heavy reliance on continuous reinvestment to maintain the operational integrity of its integrated steel and mining infrastructure.
The high capital intensity appears to be a double-edged sword, as it supports the company's vertical integration but simultaneously drains liquidity during periods of cyclical downturns. The persistent spending suggests that the firm may be struggling to achieve a self-sustaining level of capital efficiency, potentially limiting future flexibility.
As evidenced by the $812.8M working capital outflow in 2026Q1, the company's cash flow is frequently hampered by inefficient working capital management, which often offsets any gains from operational activities and exacerbates the firm's reliance on external credit lines to manage its day-to-day liquidity needs.
The recurring negative working capital changes suggest potential challenges in inventory management or collection cycles, which may be symptomatic of broader demand-side pressures in the Brazilian steel market. This volatility in working capital appears to be a primary driver of the company's inconsistent cash flow performance.
Based on reported financial statements, the company has continued to prioritize dividend payments, such as the $1.4B outflow in 2025Q3, even while operating cash flow remained insufficient to cover capital expenditures, suggesting a capital allocation strategy that may be at odds with the firm's current liquidity position.
The decision to distribute cash to shareholders during periods of negative free cash flow may indicate a management preference for maintaining investor sentiment over strengthening the balance sheet. This approach appears to increase the company's vulnerability to interest rate shocks and limits its ability to deleverage effectively.
Quick answers to the most common questions about buying SID stock.
Companhia Siderúrgica Nacional (SID) generated $-954.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Companhia Siderúrgica Nacional (SID) reported negative free cash flow of $6.77B in 2025, indicating capital requirements exceeded cash from operations.
Companhia Siderúrgica Nacional (SID) spent $5.82B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Companhia Siderúrgica Nacional (SID) returned $681.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.