Latest Ratios: P/E Ratio -4.0x · EV/EBITDA 5.4x · ROE -12.6%. (1997–2025 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 | $1.5B | $2.1B | $1.9B | $5.2B | $3.7B | $6.1B | $8.2B | $4.8B | $3.0B | $3.3B | $4.4B |
| Enterprise Value | $9.2B | $41.7B | $35.7B | $34.4B | $33.2B | $22.0B | $34.1B | $32.1B | $29.6B | $29.4B | $30.0B |
| P/E Ratio → | -3.99 | — | — | — | 2.36 | 0.50 | 2.16 | 2.65 | 0.58 | 322.37 | — |
| P/S Ratio | 0.18 | 0.05 | 0.04 | 0.11 | 0.08 | 0.13 | 0.27 | 0.19 | 0.13 | 0.18 | 0.26 |
| P/B Ratio | 0.50 | 0.13 | 0.12 | 0.26 | 0.17 | 0.26 | 0.73 | 0.42 | 0.30 | 0.40 | 0.59 |
| P/FCF | — | — | 0.61 | 1.81 | — | 0.51 | 1.04 | 1.79 | 3.40 | — | — |
| P/OCF | — | — | 0.22 | 0.71 | 1.79 | 0.41 | 0.86 | 0.98 | 1.37 | 5.81 | 15.89 |
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 | — | 0.95 | 0.82 | 0.76 | 0.75 | 0.46 | 1.13 | 1.26 | 1.29 | 1.59 | 1.75 |
| EV / EBITDA | 5.43 | 4.78 | 4.59 | 4.02 | 2.83 | 1.07 | 3.35 | 6.35 | 5.08 | 6.56 | 8.77 |
| EV / EBIT | 10.19 | 14.23 | 11.67 | 6.61 | 4.62 | 1.06 | 4.75 | 8.83 | 3.97 | 10.01 | 12.45 |
| EV / FCF | — | — | 11.31 | 11.94 | — | 1.85 | 4.32 | 12.09 | 33.30 | — | — |
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 | 27.0% | 27.0% | 26.8% | 24.9% | 30.0% | 46.1% | 36.4% | 31.6% | 29.9% | 26.6% | 26.3% |
| Operating Margin | 10.6% | 10.6% | 9.1% | 11.4% | 20.0% | 38.5% | 25.4% | 13.9% | 19.6% | 16.3% | 12.2% |
| Net Profit Margin | -4.5% | -4.5% | -5.9% | -0.7% | 3.5% | 25.6% | 12.6% | 7.0% | 22.6% | 0.1% | -5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.6% | -12.6% | -14.7% | -1.5% | 6.9% | 70.8% | 33.6% | 16.7% | 56.8% | 0.1% | -11.6% |
| ROA | -1.9% | -1.9% | -2.7% | -0.4% | 1.9% | 17.2% | 6.7% | 3.6% | 11.2% | 0.0% | -2.0% |
| ROIC | 6.7% | 6.7% | 6.1% | 7.8% | 14.6% | 36.3% | 15.1% | 7.1% | 9.5% | 6.7% | 4.6% |
| ROCE | 6.2% | 6.2% | 5.5% | 8.0% | 15.0% | 35.8% | 17.5% | 9.4% | 12.8% | 8.3% | 5.1% |
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 | 3.43 | 3.43 | 3.69 | 2.30 | 1.90 | 1.39 | 3.18 | 2.50 | 2.88 | 3.56 | 4.12 |
| Debt / EBITDA | 6.19 | 6.19 | 7.34 | 5.28 | 3.54 | 1.57 | 3.52 | 5.62 | 4.94 | 6.58 | 8.92 |
| Net Debt / Equity | — | 2.52 | 2.19 | 1.48 | 1.35 | 0.68 | 2.30 | 2.41 | 2.65 | 3.15 | 3.46 |
| Net Debt / EBITDA | 4.53 | 4.53 | 4.34 | 3.41 | 2.52 | 0.77 | 2.54 | 5.40 | 4.56 | 5.82 | 7.49 |
| Debt / FCF | — | — | 10.70 | 10.13 | — | 1.33 | 3.28 | 10.30 | 29.90 | — | — |
| Interest Coverage | 0.64 | 0.64 | 0.66 | 1.25 | 2.34 | 9.21 | 15.45 | 5.97 | 3.71 | 1.22 | 0.81 |
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 | 1.08 | 1.08 | 1.58 | 1.32 | 1.36 | 1.43 | 1.59 | 1.10 | 1.05 | 1.11 | 2.26 |
| Quick Ratio | 0.71 | 0.71 | 1.17 | 0.94 | 0.86 | 0.98 | 1.26 | 0.64 | 0.61 | 0.70 | 1.54 |
| Cash Ratio | 0.54 | 0.54 | 0.96 | 0.70 | 0.60 | 0.79 | 0.93 | 0.32 | 0.27 | 0.39 | 1.02 |
| Asset Turnover | — | 0.44 | 0.42 | 0.50 | 0.52 | 0.60 | 0.48 | 0.50 | 0.49 | 0.41 | 0.39 |
| Inventory Turnover | 3.07 | 3.07 | 3.06 | 3.57 | 2.75 | 2.36 | 3.97 | 3.32 | 3.20 | 3.05 | 3.19 |
| Days Sales Outstanding | — | 34.63 | 38.18 | 43.22 | 43.14 | 33.37 | 55.24 | 30.03 | 33.76 | 44.18 | 42.51 |
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 | 8.7% | 32.1% | 100.0% | 76.4% | 100.0% | 53.8% | 3.8% | 40.3% | 16.6% | — | 0.0% |
| Payout Ratio | — | — | — | — | 241.7% | 26.8% | 8.2% | 107.3% | 9.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 42.4% | 200.7% | 46.2% | 37.7% | 172.1% | 0.3% | — |
| FCF Yield | — | — | 165.3% | 55.3% | — | 195.2% | 96.1% | 55.8% | 29.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 17.6% | 0.0% | 11.2% | 24.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% |
| Total Shareholder Yield | 8.7% | 32.1% | 100.0% | 76.4% | 100.0% | 78.7% | 3.8% | 40.3% | 16.6% | 0.0% | 0.6% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SID stock.
Companhia Siderúrgica Nacional's current P/E ratio is -4.0x. The historical average is 5.4x.
Companhia Siderúrgica Nacional's current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
Companhia Siderúrgica Nacional's return on equity (ROE) is -12.6%. The historical average is 28.0%.
Based on historical data, Companhia Siderúrgica Nacional is trading at a P/E of -4.0x. Compare with industry peers and growth rates for a complete picture.
Companhia Siderúrgica Nacional's current dividend yield is 8.70%.
Companhia Siderúrgica Nacional has 27.0% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
Companhia Siderúrgica Nacional's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage overwhelming operating profits
Deep Discount Reflects Structural Leverage
SID trades at a significant discount to peers with a P/B of 0.53 and EV/EBITDA of 5.49, suggesting the market is pricing in severe balance sheet risk rather than operational potential.
The company's valuation multiples are deeply depressed relative to its peer group, with a P/B ratio well below the sector median and an EV/EBITDA that appears low only because it is based on a volatile EBITDA figure. This discount likely reflects the market's focus on the company's negative net income and high leverage, rather than a pure assessment of its industrial assets. The lack of a forward P/E or PEG ratio further underscores the market's uncertainty about the company's ability to generate sustainable earnings.
Operational Strength Erased by Financial Costs
Despite a positive operating margin of 6.8% in 2026Q2, SID's net margin is deeply negative at -7.0%, indicating that interest expense and other non-operating items are consuming all core profits.
The divergence between operating and net profitability is the most critical feature of SID's income statement. While the company maintains a respectable gross margin of 25.9%, the substantial gap to the net loss suggests that the capital structure is the primary impediment to shareholder value creation. This pattern has persisted for ten quarters, indicating it is a structural issue rather than a temporary anomaly, and it renders traditional profitability metrics like ROE meaningless for assessing operational efficiency.
Negative Returns Signal Value Destruction
SID's ROE has been negative for ten consecutive quarters, reaching -5.1% in 2026Q2, while ROIC remains barely positive at 1.0%, indicating the company is not generating returns sufficient to cover its cost of capital.
The persistent negative ROE is a direct consequence of the company's leverage and net losses, confirming that equity holders are experiencing value erosion. The low but positive ROIC suggests the underlying industrial assets are generating some return, but it is far below what would be expected for a capital-intensive business in a cyclical sector. This disconnect highlights that the company's operational cash flow is being entirely absorbed by debt servicing, leaving nothing for equity holders.
Debt Burden Renders Operations Irrelevant
With a Debt/Equity ratio of 3.57 and an interest coverage ratio of just 0.35 in 2026Q2, SID's leverage has reached a level where debt service consumes the majority of operating cash flow.
The company's leverage profile is the dominant factor in its financial risk. The interest coverage ratio below 1.0 indicates that operating income is insufficient to cover interest payments, a situation that is unsustainable without asset sales or refinancing. The trend in the Debt/Equity ratio from 2.36 in 2024Q1 to 3.57 in 2026Q2 shows a rapid deterioration in the balance sheet, suggesting that the company is adding debt faster than it is generating equity through retained earnings.
Deteriorating Buffer Against Stress
SID's current ratio has declined to 1.15 and its quick ratio to 0.79 in 2026Q2, indicating a tightening liquidity position that may struggle to cover short-term obligations without relying on inventory liquidation.
The declining liquidity ratios, particularly the quick ratio falling below 1.0, suggest that the company's ability to meet immediate liabilities without selling inventory is becoming constrained. This is especially concerning given the company's negative free cash flow and the need to service its massive debt load. The trend indicates that the liquidity cushion built in early 2025 has been eroded, leaving the company more vulnerable to a sudden shock in credit markets or a downturn in demand.
The Misleading Low EV/EBITDA Multiple
The most commonly misapplied ratio for SID is its EV/EBITDA of 5.49, which appears attractive but obscures the fact that EBITDA is insufficient to service the company's debt, making the multiple a poor indicator of value.
Investors often use EV/EBITDA as a quick valuation metric for capital-intensive businesses, but for SID, this multiple is misleading. The company's EBITDA is not generating enough free cash flow to cover its interest expense, as evidenced by the negative FCF margin and low interest coverage. A more appropriate metric would be EV/FCF or a debt-adjusted cash flow yield, which would reveal that the enterprise value is not supported by the cash flow available to all capital providers. The low multiple is a reflection of financial distress, not a bargain valuation.