Revenue growth is volatile, with a 5.7% year-over-year increase in 2026Q2, but the company's net margin remains deeply negative at -7.0% due to overwhelming financial costs that negate its 6.8% operating margin.
Companhia Siderúrgica Nacional (SID) annual income statement — 29-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 45.08B | 43.92B | 43.69B | 45.44B | 44.36B | 47.91B | 30.06B | 25.44B | 22.97B | 18.52B | 17.15B | 15.33B | 16.13B | 17.31B | 16.9B | 16.52B | 14.45B | 8.75B | 16.64B | 9.82B | 8.2B | 8.88B | 8.19B | 7.35B | 6.52B | 3.99B | 3.47B | 2.93B | 2.67B | 2.58B |
| Revenue Growth % | 0.87% | 0.53% | -3.85% | 2.43% | -7.41% | 59.37% | 18.19% | 10.74% | 23.99% | 8.02% | 11.85% | -4.93% | -6.85% | 2.46% | 2.28% | 14.32% | 65.21% | -47.43% | 69.38% | 19.77% | -7.69% | 8.47% | 11.42% | 12.75% | 63.62% | 14.78% | 18.34% | 9.78% | 3.64% | - |
| Cost of Goods Sold | 32.74B | 32.04B | 31.99B | 34.14B | 31.05B | 25.84B | 19.12B | 17.4B | 16.11B | 13.6B | 12.64B | 11.8B | 11.59B | 12.42B | 12.07B | 9.8B | 7.69B | 5.67B | 8.28B | 5.48B | 4.48B | 4.29B | 3.74B | 4.2B | 3.52B | 2.22B | 1.71B | 1.43B | 1.48B | 1.46B |
| COGS % of Revenue | - | 72.96% | 73.23% | 75.13% | 70% | 53.93% | 63.61% | 68.41% | 70.12% | 73.4% | 73.71% | 76.96% | 71.89% | 71.76% | 71.45% | 59.33% | 53.19% | 64.82% | 49.76% | 55.75% | 54.65% | 48.28% | 45.62% | 57.18% | 53.96% | 55.83% | 49.12% | 48.87% | 55.48% | 56.65% |
| Gross Profit | 12.34B | 11.87B | 11.7B | 11.3B | 13.31B | 22.07B | 10.94B | 8.04B | 6.86B | 4.93B | 4.51B | 3.53B | 4.53B | 4.89B | 4.82B | 6.72B | 6.76B | 3.08B | 8.36B | 4.35B | 3.72B | 4.6B | 4.45B | 3.15B | 3B | 1.76B | 1.77B | 1.5B | 1.19B | 1.12B |
| Gross Margin % | 27.38% | 27.04% | 26.77% | 24.87% | 30% | 46.07% | 36.39% | 31.59% | 29.88% | 26.6% | 26.29% | 23.04% | 28.11% | 28.24% | 28.55% | 40.67% | 46.81% | 35.18% | 50.24% | 44.25% | 45.35% | 51.72% | 54.38% | 42.82% | 46.04% | 44.17% | 50.88% | 51.13% | 44.52% | 43.35% |
| Gross Profit Growth % | - | 1.52% | 3.51% | -15.08% | -39.71% | 101.79% | 36.12% | 17.09% | 39.26% | 9.3% | 27.66% | -22.1% | -7.28% | 1.36% | -28.2% | -0.67% | 119.8% | -63.19% | 92.34% | 16.86% | -19.07% | 3.17% | 41.5% | 4.86% | 70.53% | -0.35% | 17.75% | 26.09% | 6.44% | - |
| Operating Expenses | 7.96B | 7.22B | 7.7B | 6.11B | 4.45B | 3.61B | 3.29B | 4.49B | 52.37M | 1.9B | 2.63B | 2.23B | 2.05B | 1.93B | 4.18B | 961.82M | 1.77B | 1.05B | 1.78B | 1.03B | 989.48M | 751.87M | 836.65M | 1.17B | 1.01B | 613.09M | 908.79M | 701.57M | 706.31M | 585.12M |
| OpEx % of Revenue | - | 16.45% | 17.64% | 13.46% | 10.04% | 7.53% | 10.95% | 17.67% | 0.23% | 10.27% | 15.33% | 14.57% | 12.69% | 11.14% | 24.75% | 5.82% | 12.22% | 11.97% | 10.67% | 10.51% | 12.06% | 8.46% | 10.21% | 15.89% | 15.42% | 15.38% | 26.17% | 23.91% | 26.43% | 22.69% |
| Selling, General & Admin | 6.22B | 6.07B | 6.35B | 4.49B | 3.31B | 3.01B | 2.51B | 2.85B | 2.73B | 2.33B | 2.22B | 1.96B | 1.46B | 1.36B | 1.47B | 1.14B | 1.18B | 835.61M | 1.46B | 881.34M | 989.48M | 751.87M | 836.65M | 1.17B | 1.01B | 613.09M | 516.83M | 489.3M | 398.71M | 336.47M |
| SG&A % of Revenue | - | 13.82% | 14.54% | 9.88% | 7.46% | 6.28% | 8.35% | 11.22% | 11.88% | 12.59% | 12.92% | 12.8% | 9.04% | 7.86% | 8.71% | 6.92% | 8.16% | 9.55% | 8.78% | 8.97% | 12.06% | 8.46% | 10.21% | 15.89% | 15.42% | 15.38% | 14.89% | 16.68% | 14.92% | 13.05% |
| Research & Development | 42.87M | 82.94M | 57.13M | 58.3M | 58.9M | 77.41M | 27.76M | 1.74M | 36.43M | 36.9M | 33.42M | 41.5M | 52.21M | 95.69M | 61.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.19% | 0.13% | 0.13% | 0.13% | 0.16% | 0.09% | 0.01% | 0.16% | 0.2% | 0.19% | 0.27% | 0.32% | 0.55% | 0.36% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 1.07B | 1.29B | 1.57B | 1.08B | 525.01M | 754.58M | 1.64B | 5.43M | 1.84M | 1.48M | 1.15M | 1.08M | 817K | 405.95M | 0 | 550.6M | 211.08M | 314.84M | 151.34M | 0 | 0 | 0 | 0 | 0 | 0 | 391.96M | 212.27M | 307.61M | 248.64M |
| Operating Income | 4.39B | 4.65B | 3.99B | 5.19B | 8.86B | 18.46B | 7.65B | 3.54B | 4.5B | 3.03B | 2.09B | 1.3B | 2.68B | 3.12B | 2.79B | 5.54B | 5B | 2.03B | 6.58B | 3.31B | 2.73B | 3.84B | 3.62B | 1.98B | 2B | 1.15B | 857.77M | 798.71M | 483.52M | 532.78M |
| Operating Margin % | 9.73% | 10.59% | 9.14% | 11.42% | 19.96% | 38.54% | 25.44% | 13.92% | 19.59% | 16.34% | 12.17% | 8.47% | 16.64% | 18.02% | 16.53% | 33.53% | 34.59% | 23.21% | 39.57% | 33.73% | 33.28% | 43.26% | 44.16% | 26.92% | 30.62% | 28.79% | 24.71% | 27.22% | 18.09% | 20.66% |
| Operating Income Growth % | - | 16.53% | -23.04% | -41.43% | -52.04% | 141.43% | 115.93% | -21.28% | 48.67% | 45.03% | 60.64% | -51.61% | -13.96% | 11.72% | -49.58% | 10.82% | 146.15% | -69.16% | 98.7% | 21.39% | -28.98% | 6.24% | 82.77% | -0.86% | 74.03% | 33.74% | 7.39% | 65.19% | -9.25% | - |
| EBITDA | 8.69B | 8.73B | 7.78B | 8.57B | 11.73B | 20.68B | 10.17B | 5.06B | 5.83B | 4.49B | 3.41B | 2.48B | 3.97B | 4.28B | 4.02B | 6.49B | 5.8B | 2.63B | 7.37B | 4.02B | 3.17B | 4.23B | 3.99B | 2.32B | 2.43B | 1.42B | 1.42B | 1.01B | 791.13M | 781.42M |
| EBITDA Margin % | 19.27% | 19.87% | 17.82% | 18.85% | 26.45% | 43.17% | 33.83% | 19.9% | 25.39% | 24.22% | 19.91% | 16.15% | 24.59% | 24.7% | 23.81% | 39.27% | 40.17% | 30.06% | 44.32% | 40.93% | 38.61% | 47.62% | 48.67% | 31.59% | 37.24% | 35.61% | 41% | 34.46% | 29.6% | 30.3% |
| EBITDA Growth % | 0.83% | 12.13% | -9.14% | -26.99% | -43.27% | 103.37% | 100.94% | -13.22% | 29.99% | 31.41% | 37.9% | -37.57% | -7.24% | 6.27% | -37.98% | 11.76% | 120.79% | -64.34% | 83.4% | 26.95% | -25.15% | 6.13% | 71.65% | -4.36% | 71.14% | -0.32% | 40.8% | 27.79% | 1.24% | - |
| D&A (Non-Cash Add-back) | 4.3B | 4.08B | 3.79B | 3.38B | 2.88B | 2.22B | 2.52B | 1.52B | 1.33B | 1.46B | 1.33B | 1.18B | 1.28B | 1.16B | 1.23B | 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 |
| EBIT | 1.41B | 2.93B | 3.06B | 5.21B | 7.19B | 20.86B | 7.17B | 3.64B | 7.46B | 2.94B | 2.41B | 4.59B | 2.17B | 2.49B | 529.56M | 5.92B | 5.64B | 4.15B | 8.08B | 5.06B | 2.73B | 3.84B | 3.62B | 2.15B | 2B | 1.15B | 1B | 798.71M | 633.1M | 645.05M |
| Net Interest Income | -3.33B | -3.56B | -3.57B | -4.06B | -2.29B | -1.99B | -452.71M | -585.74M | -961.72M | -2.48B | -2.79B | 2.63B | 2.73B | -2.67B | 2.12B | -2.68B | -1.91B | -246.44M | -1.04B | -389.93M | -644.01M | -593.09M | 0 | -877.09M | 0 | 0 | -285.08M | 0 | 0 | 0 |
| Interest Income | 820.19M | 1.01B | 1.03B | 112.67M | 777.94M | 279.47M | 11.26M | 23.7M | 111.23M | 162.29M | 643.59M | 2.63B | 2.73B | 171.98M | 2.12B | 717.45M | 643.14M | 446.59M | 393.55M | 820.8M | 275.09M | 357.25M | 0 | 0 | 0 | 0 | 225.24M | 0 | 0 | 0 |
| Interest Expense | 4.15B | 4.58B | 4.6B | 4.17B | 3.07B | 2.27B | 463.96M | 609.43M | 2.01B | 2.42B | 2.98B | 0 | 0 | 1.88B | 0 | 2.72B | 2.2B | 1.63B | 1.27B | 1.21B | 919.11M | 950.34M | 0 | 877.09M | 0 | 0 | 510.32M | 0 | 0 | 0 |
| Other Income/Expense | -6.93B | -6.3B | -5.54B | -4.15B | -4.73B | 131.16M | -2.73B | -2.13B | 842.85M | -2.61B | -2.68B | 385.38M | -3.03B | -2.38B | -3.51B | -1.5B | -1.91B | 474.41M | 224.55M | 534.14M | -624.82M | -849.94M | -709.16M | -478.94M | -3.33B | -83.6M | -292.3M | -863.47M | -196.82M | -85.93M |
| Pretax Income | -2.54B | -1.65B | -1.54B | 1.04B | 4.13B | 18.6B | 4.92B | 1.41B | 5.45B | 520.34M | -576.95M | 1.8B | -263.42M | 608.15M | -1.35B | 3.75B | 3.09B | 1.2B | 6.81B | 3.85B | 2.1B | 2.99B | 2.91B | 1.62B | -1.33B | 1.06B | 1.83B | -62.96M | 436.28M | 405.55M |
| Pretax Margin % | -5.64% | -3.75% | -3.53% | 2.28% | 9.3% | 38.81% | 16.36% | 5.55% | 23.73% | 2.81% | -3.36% | 11.77% | -1.63% | 3.51% | -7.99% | 22.71% | 21.36% | 13.74% | 40.92% | 39.17% | 25.66% | 33.69% | 35.51% | 22.06% | -20.47% | 26.69% | 52.78% | -2.15% | 16.32% | 15.73% |
| Income Tax | -568.88M | -169.4M | -5.21M | 632.72M | 1.96B | 5B | 625.51M | -833.78M | 250.33M | 409.11M | 266.55M | 188.62M | -151.15M | 74.16M | -870.13M | 83.89M | 570.7M | 382.04M | 958.41M | 950.78M | 631.22M | 997.04M | 772.91M | 106.75M | -761.06M | -116.11M | 55.56M | -30.58M | -1.09M | -51.45M |
| Effective Tax Rate % | 22.38% | 10.29% | 0.34% | 61.11% | 47.47% | 26.89% | 12.72% | -59.1% | 4.59% | 78.62% | -46.2% | 10.45% | 57.38% | 12.19% | 64.42% | 2.24% | 18.49% | 31.79% | 14.08% | 24.71% | 29.99% | 33.31% | 26.58% | 6.58% | 57.03% | -10.92% | 3.03% | 48.57% | -0.25% | -12.69% |
| Net Income | -2.63B | -1.96B | -2.59B | -318.21M | 1.55B | 12.26B | 3.79B | 1.79B | 5.2B | 10.27M | -934.75M | 1.26B | -112.27M | 509.02M | -420.11M | 3.71B | 2.52B | 2.23B | 6.14B | 3.03B | 1.6B | 2.11B | 2.27B | 1.54B | -573.45M | 1.22B | 1.78B | 86.35M | 437.37M | 457M |
| Net Margin % | -5.84% | -4.47% | -5.93% | -0.7% | 3.5% | 25.59% | 12.62% | 7.03% | 22.64% | 0.06% | -5.45% | 8.2% | -0.7% | 2.94% | -2.49% | 22.43% | 17.41% | 25.55% | 36.93% | 30.87% | 19.47% | 23.71% | 27.72% | 20.96% | -8.79% | 30.71% | 51.18% | 2.94% | 16.37% | 17.72% |
| Net Income Growth % | -21.33% | 24.26% | -714.52% | -120.48% | -87.32% | 223.08% | 112.08% | -65.6% | 50528.73% | 101.1% | -174.31% | 1220.45% | -122.06% | 221.16% | -111.34% | 47.29% | 12.6% | -63.63% | 102.63% | 89.84% | -24.16% | -7.25% | 47.4% | 368.67% | -146.86% | -31.13% | 1958.08% | -80.26% | -4.3% | - |
| Net Income (Continuing) | -1.97B | -1.48B | -1.54B | 402.65M | 2.17B | 13.6B | 4.29B | 2.24B | 5.2B | 111.23M | -843.5M | -1.22B | -112.27M | 533.99M | -480.57M | 3.67B | 2.52B | 2.62B | 6.14B | 3.03B | 1.6B | 2.11B | 2.02B | 1.34B | -573.45M | 1.18B | 532.32M | -32.38M | 511.07M | 465.37M |
| Discontinued Operations | 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 |
| Minority Interest | 3.07B | 2.86B | 3.19B | 2.18B | 2.33B | 3.06B | 1.34B | 1.19B | 1.31B | 1.26B | 1.19B | 1.07B | 38.51M | -27.51M | 390.62M | 431.35M | 189.93M | 83.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.99M | 19.69M | 0 |
| EPS (Diluted) | -1.98 | -1.48 | -1.16 | -0.24 | 1.17 | 8.91 | 2.75 | 1.30 | 3.77 | 0.01 | -0.69 | 0.93 | -0.08 | 0.35 | -0.29 | 2.54 | 1.73 | 1.75 | 4.00 | 1.97 | 1.03 | 1.30 | 1.19 | 0.78 | -0.33 | 0.68 | 0.31 | 0.05 | 0.30 | 0.26 |
| EPS Growth % | -53% | -27.59% | -383.33% | -120.51% | -86.87% | 224% | 111.54% | -65.52% | - | 101.1% | -174.19% | 1225.91% | -123.6% | 220.69% | -111.42% | 46.82% | -1.14% | -56.25% | 103.05% | 91.26% | -20.77% | 9.24% | 52.56% | 336.36% | -148.53% | 119.35% | 517.53% | -83.27% | 15.38% | - |
| EPS (Basic) | - | -1.48 | -1.16 | -0.24 | 1.17 | 8.91 | 2.75 | 1.30 | 3.79 | 0.01 | -0.69 | 0.93 | -0.08 | 0.35 | -0.29 | 2.54 | 1.73 | 1.75 | 4.00 | 1.97 | 1.03 | 1.30 | 1.19 | 0.78 | -0.33 | 0.68 | 0.31 | 0.05 | 0.30 | 0.26 |
| Diluted Shares Outstanding | 1.33B | 1.33B | 1.33B | 1.33B | 1.33B | 1.38B | 1.38B | 1.38B | 1.38B | 1.36B | 1.36B | 1.36B | 1.36B | 1.46B | 1.46B | 1.46B | 1.46B | 1.49B | 1.53B | 1.54B | 1.54B | 1.62B | 1.7B | 1.72B | 1.72B | 1.72B | 1.72B | 1.73B | 1.73B | 1.81B |
| Basic Shares Outstanding | 1.33B | 1.33B | 1.33B | 1.33B | 1.33B | 1.38B | 1.38B | 1.38B | 1.37B | 1.36B | 1.36B | 1.36B | 1.36B | 1.46B | 1.46B | 1.46B | 1.46B | 1.49B | 1.53B | 1.54B | 1.54B | 1.62B | 1.7B | 1.72B | 1.72B | 1.72B | 1.72B | 1.72B | 1.73B | 1.81B |
| Dividend Payout Ratio | - | - | - | - | 241.74% | 26.84% | 8.15% | 107.34% | 9.65% | - | - | 43.71% | - | 326.21% | - | 50.09% | 62.03% | 79.39% | 46.65% | 20.67% | 111.22% | 106.54% | 28.3% | 52.06% | - | 232.83% | 6.91% | 141.67% | 56.46% | 19.78% |
Quick answers to the most common questions about buying SID stock.
For fiscal year 2025, Companhia Siderúrgica Nacional (SID) reported total revenue of $43.92B. This represents a 1603.1% increase compared to $2.58B in 1997.
Companhia Siderúrgica Nacional (SID) reported a net loss of $1.96B for the fiscal year ending 2025.
Companhia Siderúrgica Nacional (SID) reported an operating income of $4.65B, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Companhia Siderúrgica Nacional (SID) generated $11.87B in gross profit for the year, representing a gross profit margin of 27.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage overwhelming operating profits
Revenue Growth Stagnates Amid Volatility
SID's revenue growth has been inconsistent, with a 5.7% year-over-year increase in 2026Q2 following a 4.6% decline in the prior quarter, suggesting a lack of sustained momentum in its core markets.
The company's top-line performance is highly erratic, swinging from double-digit growth in 2025Q1 to contraction in subsequent periods. This pattern indicates that revenue is driven more by volatile commodity prices and spot market conditions than by stable, contracted volumes. The lack of a clear upward trajectory makes it difficult to forecast future earnings power and suggests the business remains fully exposed to cyclical downturns.
Gross Margin Volatility Masks Core Strength
Gross margin has fluctuated significantly, ranging from 22.6% to 31.5% over the past ten quarters, indicating that SID's profitability is highly sensitive to input costs and product mix despite its vertical integration.
The wide swing in gross margin, particularly the sharp drop from 31.1% in 2025Q4 to 23.1% in 2026Q1, suggests that the company's cost advantages from captive iron ore are periodically overwhelmed by other factors, likely imported metallurgical coal prices or unfavorable currency movements. While the 27.04% trailing gross margin appears robust relative to steel-only peers like Gerdau, its instability points to a business that cannot consistently protect its bottom line from external shocks.
Operating Leverage Fails to Translate to Net Income
Despite a positive 10.59% operating margin, SID's net margin is deeply negative at -4.47%, indicating that substantial non-operating costs, almost certainly interest expense, are consuming all operating profits.
The persistent and large gap between operating income and net income is the most critical feature of SID's income statement. For example, in 2026Q2, the company generated $764.8 million in operating income but reported a net loss of $794.1 million. This implies that the company's debt burden is so severe that it negates the benefits of its operational scale and vertical integration, creating a structural impediment to shareholder value creation.
SG&A Discipline Cannot Offset Financial Burden
Selling, General & Administrative expenses have remained relatively controlled, averaging around 13-14% of revenue, but this operational discipline is rendered irrelevant by the overwhelming weight of financial costs below the operating line.
Management appears to maintain reasonable control over overhead, as SG&A has not spiked even during periods of revenue growth. However, this efficiency is a minor factor in the overall profitability equation. The primary cost challenge for SID is not operational but financial; the company's capital structure imposes a fixed cost (interest) that is likely larger than its entire SG&A budget, making expense management at the operating level insufficient to achieve net profitability.
The 2025Q3 Operational Peak Proves Unsustainable
The third quarter of 2025 represented a clear operational inflection point, with operating margin peaking at 15.7% and net loss narrowing to just -$137.1 million, but this performance was not sustained.
In 2025Q3, SID achieved its best operational results in the dataset, likely driven by a favorable combination of high iron ore prices and strong steel demand. However, the subsequent quarters saw a rapid deterioration in both gross and operating margins, demonstrating that the company's cost structure and market position do not allow it to lock in peak profitability. This inflection highlights the transient nature of favorable conditions and the company's vulnerability to mean reversion.
The Debt Overhang Renders Operational Success Moot
The strongest bear case focuses on the irrelevance of SID's operational performance, as the company's leverage ensures that even record operating profits are insufficient to cover its financial obligations and generate positive net income.
Short-sellers would argue that SID is effectively operating for its creditors, not its shareholders. The data shows that in its best recent quarter (2025Q3), the company still posted a net loss. This suggests that the business would need a dramatic and sustained improvement in both margins and revenue growth—far beyond recent trends—just to break even on a net basis. The negative ROE of -12.6% confirms that the current capital structure is destroying value, making the stock a bet on a complex deleveraging or asset sale rather than on operational improvement.