Grupo Simec, S.A.B. de C.V. (SIM) 10-Year Financial Performance & Capital Metrics

SIM • • Industrial / General

Basic MaterialsSteelSpecialty Steel & ComponentsSpecial Bar Quality & Alloy Steel

AboutGrupo Simec, S.A.B. de C.V. manufactures, processes, and distributes special bar quality (SBQ) steel and steel alloys products in Mexico, the United States, Brazil, Canada, Latin America, and internationally. The company produces I-beams, channels, structural and commercial angles, hot rolled bars, flat bars, rebars, cold finished bars, electro-welded wire mesh and mesh panels, and wire rods, as well as semi-finished tube rounds and other semi-finished trade products. Its SBQ steel products are used across a range of engineered end-user applications, including axles, hubs, and crankshafts for automobiles and light trucks, machine tools, and off-highway equipment; and structural steel products are used in the non-residential construction market and other construction applications. The company also exports its steel products to Central and South America, and Europe. The company was founded in 1934 and is headquartered in Guadalajara, Mexico. Grupo Simec, S.A.B. de C.V. is a subsidiary of Industrias CH, S.A.B. de C.V.Show more

Revenue $33.66B -18.3%
EBITDA $6.9B -26.7%
Net Income $10.49B +102.2%
EPS (Diluted) 69.18 +121.3%
Gross Margin 22.65% -12.1%
EBITDA Margin 20.49% -10.3%
Operating Margin 17.32% -14.9%
Net Margin 31.16% +147.7%
ROE 19.24% +81.5%
ROIC 15.54% -34.9%
Debt/Equity 0.00 +2.9%
Interest Coverage 1561.67 +1537.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 20.4%
✓Healthy 5Y average net margin of 16.6%
✓Trading at only 0.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.29%

5Y-0.3%

3Y-15.42%

TTM-6.55%

Profit (Net Income) CAGR

10Y24.17%

5Y-

3Y3.56%

TTM-30.42%

EPS CAGR

10Y25.18%

5Y-

3Y4.15%

TTM-17.65%

ROCE

10Y Avg105.05%

5Y Avg200.76%

3Y Avg22.22%

Latest10.02%

Peer Comparison

Special Bar Quality & Alloy Steel

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTUSMetallus Inc.	810.49M	19.46	661.90	-20.43%	-0.73%	-1.19%		0.02
SIMGrupo Simec, S.A.B. de C.V.	4.68B	30.48	0.44	-18.34%	16.63%	8.98%	73.13%	0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	25.1B	27.52B	28.67B	35.68B	34.17B	35.87B	55.62B	54.16B	41.22B	33.66B
Revenue Growth %	-0.06%	0.1%	0.04%	0.24%	-0.04%	0.05%	0.55%	-0.03%	-0.24%	-0.18%
Cost of Goods Sold+	21.96B	22.78B	23.93B	30.56B	30.07B	29.21B	39.97B	39.68B	30.59B	26.03B
COGS % of Revenue	0.87%	0.83%	0.83%	0.86%	0.88%	0.81%	0.72%	0.73%	0.74%	0.77%
Gross Profit+	3.14B	4.74B	4.74B	5.11B	4.1B	6.66B	15.65B	14.48B	10.63B	7.62B
Gross Margin %	0.13%	0.17%	0.17%	0.14%	0.12%	0.19%	0.28%	0.27%	0.26%	0.23%
Gross Profit Growth %	1.35%	0.51%	0%	0.08%	-0.2%	0.62%	1.35%	-0.08%	-0.27%	-0.28%
Operating Expenses+	1.43B	1.31B	1.22B	1.06B	1.77B	1.47B	1.82B	3.31B	2.24B	1.8B
OpEx % of Revenue	0.06%	0.05%	0.04%	0.03%	0.05%	0.04%	0.03%	0.06%	0.05%	0.05%
Selling, General & Admin	1.49B	1.28B	1.24B	1.08B	1.64B	2.02B	2.04B	2.46B	2.35B	2.6B
SG&A % of Revenue	0.06%	0.05%	0.04%	0.03%	0.05%	0.06%	0.04%	0.05%	0.06%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	927K	36.2M	6.93M	-8.65M	136.58M	-546.75M	-226.11M	858.11M	-104M	-807.32M
Operating Income+	1.71B	3.43B	3.53B	4.05B	2.33B	5.19B	13.84B	11.16B	8.38B	5.83B
Operating Margin %	0.07%	0.12%	0.12%	0.11%	0.07%	0.14%	0.25%	0.21%	0.2%	0.17%
Operating Income Growth %	7.41%	1%	0.03%	0.15%	-0.42%	1.23%	1.67%	-0.19%	-0.25%	-0.3%
EBITDA+	2.83B	4.86B	4.99B	5.16B	3.44B	6.64B	15.01B	12.28B	9.41B	6.9B
EBITDA Margin %	0.11%	0.18%	0.17%	0.14%	0.1%	0.19%	0.27%	0.23%	0.23%	0.2%
EBITDA Growth %	1.14%	0.71%	0.03%	0.03%	-0.33%	0.93%	1.26%	-0.18%	-0.23%	-0.27%
D&A (Non-Cash Add-back)	1.12B	1.43B	1.46B	1.11B	1.11B	1.45B	1.18B	1.12B	1.03B	1.07B
EBIT	-2.45B	5.34B	3.07B	4.22B	1.69B	4.93B	13.92B	11.22B	6.64B	12.54B
Net Interest Income+	-6.17M	99.86M	197.89M	296.31M	90.95M	54.08M	-21.5M	389.53M	640.69M	1.61B
Interest Income	34.03M	140.03M	252.29M	312.82M	146M	107.83M	65.95M	445.88M	728.59M	1.62B
Interest Expense	40.2M	40.17M	54.4M	16.51M	55.05M	53.75M	87.44M	56.35M	87.9M	3.73M
Other Income/Expense	-2.29B	1.87B	-456.48M	164.47M	-693.64M	-468.29M	0	0	-1.9B	6.71B
Pretax Income+	1.77B	5.27B	3.28B	3.98B	1.64B	4.72B	13.84B	11.16B	6.48B	12.54B
Pretax Margin %	0.07%	0.19%	0.11%	0.11%	0.05%	0.13%	0.25%	0.21%	0.16%	0.37%
Income Tax+	1.24B	926.04M	2.08B	675.03M	3.28B	1.92B	4.39B	3.3B	1.31B	2.06B
Effective Tax Rate %	0.51%	0.55%	0.37%	0.88%	-1%	0.59%	0.68%	0.7%	0.8%	0.84%
Net Income+	901.3M	2.88B	1.2B	3.52B	-1.64B	2.8B	9.44B	7.86B	5.19B	10.49B
Net Margin %	0.04%	0.1%	0.04%	0.1%	-0.05%	0.08%	0.17%	0.15%	0.13%	0.31%
Net Income Growth %	-0.25%	2.2%	-0.58%	1.92%	-1.47%	2.71%	2.38%	-0.17%	-0.34%	1.02%
Net Income (Continuing)	-3.26B	4.36B	1.89B	3.45B	-1.64B	2.8B	9.45B	7.86B	5.18B	10.48B
Discontinued Operations	0	0	0	0	0	0	0	0	-2.47M	0
Minority Interest	464.61M	-105.19M	-113.74M	-323.37M	1.31M	1.81M	2.01M	37.65M	27.24M	25.11M
EPS (Diluted)+	-7.41	17.79	7.26	21.54	-10.56	18.12	61.23	51.00	31.26	69.18
EPS Growth %	-2.01%	3.4%	-0.59%	1.97%	-1.49%	2.72%	2.38%	-0.17%	-0.39%	1.21%
EPS (Basic)	-7.41	17.79	7.26	21.54	-10.56	18.12	61.23	51.00	31.26	69.18
Diluted Shares Outstanding	164.14M	162.16M	165.83M	163.18M	155.02M	154.49M	154.27M	154.13M	165.89M	165.87M
Basic Shares Outstanding	164.14M	162.16M	165.83M	163.18M	155.02M	154.49M	154.24M	154.13M	165.89M	165.87M
Dividend Payout Ratio	-	-	-	-	-	0.71%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	18.59B	23.01B	26.08B	27.78B	1.29B	1.22B	1.75B	43.52B	41.74B	49.98B
Cash & Short-Term Investments	6.8B	7.96B	7.31B	6.99B	394.33M	387.83M	739.32M	21.55B	23.58B	29.16B
Cash Only	6.47B	7.54B	7.22B	6.9B	394.33M	387.83M	739.32M	21.55B	23.58B	29.16B
Short-Term Investments	321.58M	428.42M	88.95M	88.95M	0	0	0	0	0	0
Accounts Receivable	2.75B	3.2B	6.8B	4.82B	421.51M	333.33M	360.92M	7.71B	5.79B	8.63B
Days Sales Outstanding	40.01	42.47	86.57	49.3	4.5	3.39	2.37	51.94	51.25	93.56
Inventory	7.77B	7.18B	8.21B	10.14B	436.52M	455.38M	574.06M	12.79B	10.2B	11.78B
Days Inventory Outstanding	129.19	115.09	125.28	121.08	5.3	5.69	5.24	117.65	121.76	165.2
Other Current Assets	1.2B	4.24B	0	3.36B	0	0	0	0	2.16B	4.35B
Total Non-Current Assets+	18.13B	18.63B	19.33B	20.42B	1.15B	1.07B	1.07B	24.11B	25.05B	24.83B
Property, Plant & Equipment	13.51B	14.49B	15.73B	16.97B	886.34M	800.5M	782.45M	16.78B	17.95B	19.65B
Fixed Asset Turnover	1.86x	1.90x	1.82x	2.10x	38.55x	44.81x	71.09x	3.23x	2.30x	1.71x
Goodwill	1.81B	1.81B	1.81B	1.81B	96.07M	91.05M	88.65M	1.81B	1.81B	1.81B
Intangible Assets	913.39M	730.11M	582.99M	485.89M	27.59M	21.93M	21.51M	511.1M	420.6M	446.75M
Long-Term Investments	-101.36M	-109.12M	-145.28M	2.33B	83.22M	83.16M	83.97M	1.76B	1.46B	1.34B
Other Non-Current Assets	1.89B	1.6B	1.2B	-1.3B	50.86M	64.35M	77.53M	3.24B	3.4B	1.58B
Total Assets+	36.72B	41.64B	45.41B	48.2B	2.45B	2.29B	2.82B	67.63B	66.79B	74.81B
Asset Turnover	0.68x	0.66x	0.63x	0.74x	13.97x	15.65x	19.75x	0.80x	0.62x	0.45x
Asset Growth %	0.02%	0.13%	0.09%	0.06%	-0.95%	-0.06%	0.23%	23.01%	-0.01%	0.12%
Total Current Liabilities+	5.13B	5.52B	6.87B	8.67B	493.76M	419.95M	532.59M	15.15B	13.61B	11.66B
Accounts Payable	3.99B	2.84B	3.98B	4.73B	221.34M	268.37M	337.67M	9.41B	8.36B	4.56B
Days Payables Outstanding	66.32	45.44	60.77	56.43	2.69	3.35	3.08	86.55	99.81	63.89
Short-Term Debt	5.24M	6.24M	5.96M	5.94M	301.84K	302.13K	302.76K	5.85M	5.1M	6.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	926.73M	2.01B	2.4B	2.2B	212.88M	89.15M	86.6M	-697.63M	3.23B	4.55B
Current Ratio	3.62x	4.17x	3.79x	3.21x	2.62x	2.90x	3.28x	2.87x	3.07x	4.29x
Quick Ratio	2.11x	2.87x	2.60x	2.04x	1.74x	1.82x	2.20x	2.03x	2.32x	3.28x
Cash Conversion Cycle	102.87	112.12	151.08	113.95	7.11	5.73	4.53	83.03	73.21	194.86
Total Non-Current Liabilities+	2.05B	2.91B	5.21B	4.35B	225.09M	206.35M	233.37M	4.48B	4.01B	3.95B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	1.92B	2.3B	4.4B	3.51B	187.58M	185.29M	215.02M	4.22B	3.82B	0
Other Non-Current Liabilities	2.05B	2.91B	4.18B	844.9M	37.51M	21.06M	18.35M	261.74M	187.57M	3.95B
Total Liabilities	7.19B	8.43B	12.08B	13.02B	718.86M	626.3M	765.96M	19.64B	16.98B	15.61B
Total Debt+	5.24M	6.24M	5.96M	5.94M	301.84K	302.13K	302.76K	5.85M	5.1M	6.19M
Net Debt	-6.47B	-7.53B	-7.21B	-6.89B	-394.02M	-387.53M	-739.02M	-21.54B	-23.58B	-29.15B
Debt / Equity	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Net Debt / EBITDA	-2.28x	-1.55x	-1.44x	-1.34x	-0.11x	-0.06x	-0.05x	-1.75x	-2.51x	-4.23x
Interest Coverage	42.55x	85.29x	64.80x	245.29x	42.33x	96.47x	158.22x	198.05x	95.39x	1561.67x
Total Equity+	29.53B	33.21B	33.33B	35.18B	1.73B	1.67B	2.05B	47.99B	49.81B	59.2B
Equity Growth %	0.06%	0.12%	0%	0.06%	-0.95%	-0.04%	0.23%	22.41%	0.04%	0.19%
Book Value per Share	179.92	204.80	201.02	215.58	11.14	10.78	13.29	311.40	300.24	356.88
Total Shareholders' Equity	29.07B	33.32B	33.45B	35.5B	1.73B	1.66B	2.05B	47.96B	49.78B	59.17B
Common Stock	2.83B	2.83B	2.83B	2.83B	128.16M	121.46M	118.26M	2.83B	2.83B	2.42B
Retained Earnings	20.28B	21.05B	22.26B	29.29B	1.06B	1.05B	1.49B	38.1B	42.38B	60.86B
Treasury Stock	0	0	0	0	-109.07M	-105.48M	-106.34M	-2.27B	-4.36B	-4.48B
Accumulated OCI	2.23B	4.84B	4.05B	3.71B	383.94M	345.54M	307.43M	2.45B	400.31M	-4.2B
Minority Interest	464.61M	-105.19M	-113.74M	-323.37M	1.31M	1.81M	2.01M	37.65M	27.24M	25.11M

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+	62.94M	3.43B	2.67B	3.18B	1.04B	3.63B	8.39B	8.79B	4.26B	5.54B
Operating CF Margin %	0%	0.12%	0.09%	0.09%	0.03%	0.1%	0.15%	0.16%	0.1%	0.16%
Operating CF Growth %	-0.95%	53.47%	-0.22%	0.19%	-0.67%	2.48%	1.31%	0.05%	-0.51%	0.3%
Net Income	1.77B	5.27B	3.28B	3.98B	1.64B	4.88B	13.84B	11B	4.27B	11.48B
Depreciation & Amortization	1.12B	1.43B	1.47B	1.11B	1.11B	1.45B	1.18B	1.12B	1.03B	1.03B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	770.57M	926.04M	1.1B	752.46M	3.28B	2.08B	4.39B	3.3B	1.74B	0
Other Non-Cash Items	1.03M	-67.98M	-2.78M	-67.94M	-72.92M	-54.08M	21.5M	-2.9B	-818.42M	-6.21B
Working Capital Changes	-2.84B	-3.36B	-2.07B	-1.85B	-1.68B	-2.65B	-6.65B	-3.72B	-1.96B	-754.52M
Change in Receivables	708.16M	-209.52M	-1.24B	-1.08B	515.73M	-795.68M	-1.81B	-440.42M	6.79M	-1.84B
Change in Inventory	-252.41M	-84.86M	-819.38M	-1.1B	1.81B	-777.42M	-2.72B	-1.54B	826.25M	-152.02M
Change in Payables	-995.99M	-372.39M	669.11M	460.36M	-151.99M	1.07B	836.41M	2.38B	-1.49B	-7.77B
Cash from Investing+	-935.35M	-3.17B	-2.98B	-3.29B	-106.69M	-832.67M	-1.01B	-4.14B	-1.28B	-270.47M
Capital Expenditures	-926.97M	-3.1B	-3.04B	-1.99B	-1.27B	-951.21M	-1.07B	-1.7B	-2.49B	-2.12B
CapEx % of Revenue	0.04%	0.11%	0.11%	0.06%	0.04%	0.03%	0.02%	0.03%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	61.01M	-11.32M	-275.98M	248.68M	93.7M	118.53M	56.75M	413.12M	1.3B	1.85B
Cash from Financing+	-285.48M	898.09M	-333.27M	-2.64B	-211.11M	-2.09B	-161.94M	2.23B	-242.77M	-130.22M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-1.99B	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-40.2M	-40.17M	-54.4M	-16.51M	-55.05M	-53.75M	-87.44M	-56.35M	-153.73M	-3.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-864.03M	328.24M	-365.31M	1.19B	-228.67M	2.68B	7.32B	7.09B	1.77B	3.42B
FCF Margin %	-0.03%	0.01%	-0.01%	0.03%	-0.01%	0.07%	0.13%	0.13%	0.04%	0.1%
FCF Growth %	-0.77%	1.38%	-2.11%	4.25%	-1.19%	12.73%	1.73%	-0.03%	-0.75%	0.93%
FCF per Share	-5.26	2.02	-2.20	7.27	-1.48	17.36	47.46	46.03	10.67	20.63
FCF Conversion (FCF/Net Income)	0.07x	1.19x	2.22x	0.90x	-0.64x	1.30x	0.89x	1.12x	0.82x	0.53x
Interest Paid	0	0	0	0	0	0	0	0	0	3.72M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.15%	9.2%	3.62%	10.26%	-8.89%	164.98%	508.34%	31.42%	10.6%	19.24%
Return on Invested Capital (ROIC)	5.85%	10.54%	10.21%	11.17%	11.8%	297.93%	801.55%	60.29%	23.87%	15.54%
Gross Margin	12.51%	17.23%	16.53%	14.34%	12.01%	18.56%	28.14%	26.73%	25.79%	22.65%
Net Margin	3.59%	10.48%	4.2%	9.86%	-4.8%	7.8%	16.98%	14.52%	12.58%	31.16%
Debt / Equity	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage	42.55x	85.29x	64.80x	245.29x	42.33x	96.47x	158.22x	198.05x	95.39x	1561.67x
FCF Conversion	0.07x	1.19x	2.22x	0.90x	-0.64x	1.30x	0.89x	1.12x	0.82x	0.53x
Revenue Growth	-6.46%	9.64%	4.21%	24.43%	-4.22%	4.97%	55.06%	-2.63%	-23.9%	-18.34%

Revenue by Segment

	2021
RebarMember	19.63B
RebarMember Growth	-
HotRolledBarsMember	11.41B
HotRolledBarsMember Growth	-
OthersMember	5.59B
OthersMember Growth	-
StructuralMember	5.34B
StructuralMember Growth	-
BarsMember	4.46B
BarsMember Growth	-
FlatRebarMember	3.38B
FlatRebarMember Growth	-
ColdDrawnBarsMember	3.21B
ColdDrawnBarsMember Growth	-
LightStructuralMember	2.6B
LightStructuralMember Growth	-

Revenue by Geography

	2021
MEXICO	28.06B
MEXICO Growth	-
BRAZIL	17.55B
BRAZIL Growth	-
UNITED STATES	9.05B
UNITED STATES Growth	-

Frequently Asked Questions

Valuation & Price

Grupo Simec, S.A.B. de C.V. (SIM) has a price-to-earnings (P/E) ratio of 0.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Grupo Simec, S.A.B. de C.V. (SIM) reported $32.21B in revenue for fiscal year 2024. This represents a 10% increase from $29.27B in 2011.

Grupo Simec, S.A.B. de C.V. (SIM) saw revenue decline by 18.3% over the past year.

Yes, Grupo Simec, S.A.B. de C.V. (SIM) is profitable, generating $5.36B in net income for fiscal year 2024 (31.2% net margin).

Dividend & Returns

Grupo Simec, S.A.B. de C.V. (SIM) has a return on equity (ROE) of 19.2%. This is reasonable for most industries.

Grupo Simec, S.A.B. de C.V. (SIM) had negative free cash flow of $2.70B in fiscal year 2024, likely due to heavy capital investments.

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