Revenue contracted by 4.6% to $10.4B in 2026Q1, while persistent non-operating expenses resulted in a net loss of $604.0M despite maintaining a 23.1% gross margin.
| 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 | 44.47B | 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 % | -0.92% | 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 | 32.33B | 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 | 12.14B | 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 % | 27.3% | 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 | 7.43B | 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 | 6.09B | 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 | 60.87M | 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 | 4.7B | 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 % | 10.58% | 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 | 8.93B | 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 % | 20.08% | 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 % | -1.22% | 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) | 4.22B | 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 | 3.1B | 4.65B | 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 | -3.19B | -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 | 609.4M | 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 | 3.8B | 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 | -6.43B | -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 | -1.72B | -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 % | -3.87% | -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 | -390.87M | -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 % | 22.7% | 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 | -2B | -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 % | -4.51% | -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 % | 20.86% | 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) | -1.33B | -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 | 3.01B | 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) | -1.51 | -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 % | 3.46% | -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% |
High Financial Leverage Exposure
According to the latest quarterly income statements, CSN's revenue growth remains inconsistent, with the most recent period showing a 4.6% contraction to $10.4B, highlighting the company's struggle to maintain top-line momentum in a challenging macroeconomic environment characterized by fluctuating global commodity demand and domestic industrial headwinds.
The revenue trajectory appears highly sensitive to the interplay between iron ore pricing and domestic steel consumption. Investors should monitor whether the recent decline reflects a structural plateau in production capacity or merely a temporary cyclical trough in the Brazilian industrial sector.
As reported in financial statements, CSN maintains a gross margin of 23.1% despite significant bottom-line pressure, suggesting that while the core industrial operations retain some pricing power, the company's profitability is severely undermined by non-operating expenses that have resulted in a persistent negative net margin.
The disparity between healthy gross margins and negative net income indicates that the company's operational efficiency is being cannibalized by its capital structure. This suggests that the firm's vertical integration provides a necessary buffer, yet it remains insufficient to offset the heavy interest burden currently weighing on the bottom line.
Based on the company's reported figures, operating income has fluctuated significantly, reaching $803.8M in 2026Q1, which demonstrates that while the firm can generate positive operating margins, the high fixed-cost base and interest obligations frequently overwhelm these gains, leading to recurring net losses for shareholders.
The volatility in operating income suggests that the company lacks the necessary scale to consistently absorb its high fixed-cost structure during periods of revenue contraction. This warrants further investigation into whether the current operating leverage is sufficient to support the company's debt-servicing requirements in a high-interest rate environment.
Data from recent filings indicates that CSN's net income is consistently impacted by non-operating factors, as evidenced by the $604.0M net loss in 2026Q1 despite a positive operating margin, suggesting that financial costs and currency-related volatility are the primary drivers of the company's bottom-line performance.
The disconnect between operating profitability and net earnings suggests that the quality of reported income is low, as it is heavily influenced by external financial variables rather than core industrial output. Investors should remain cautious, as these non-operating items appear to be a structural feature of the company's current financial profile.
Analysis of the income statement reveals that CSN's reliance on debt-funded expansion, as reflected in the persistent net losses, may be unsustainable, with short-sellers likely focusing on the company's inability to convert its 23.1% gross margin into positive net income during periods of stagnant revenue growth.
The primary risk remains the company's high sensitivity to interest rates and currency fluctuations, which may continue to erode shareholder value regardless of operational improvements. The lack of consistent net profitability suggests that the current business model may be overly dependent on favorable macro conditions that are currently absent.
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.