Free cash flow remains inconsistent, with margins fluctuating from a negative 12.6% in 2024Q1 to a peak of 19.3% in 2025Q4, largely due to the heavy burden of cyclical capital expenditures.
| 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 |
|---|
| Cash from Operations | 16.7B | 17.8B | 20.6B | 17.32B | 21.64B | 17.64B | 13.12B | 7.58B | 5.17B | 2.95B | 3B | 2.35B | 1.46B | 40.73M | 669.89M | 942.31M | 1.18B | 1.19B | 805.46M | 1.04B | 880.18M | 580.77M |
| Operating CF Margin % | - | 36.24% | 43.47% | 43.55% | 43.43% | 43.05% | 43.09% | 29.13% | 38.46% | 28.04% | 30.39% | 22.99% | 20.16% | 0.72% | 12.9% | 19.44% | 26.09% | 29.98% | 19.82% | 30.51% | 28.4% | 20.84% |
| Operating CF Growth % | -98.91% | -13.59% | 18.99% | -19.99% | 22.7% | 34.38% | 73.23% | 46.52% | 75.28% | -1.77% | 27.76% | 60.48% | 3495.96% | -93.92% | -28.91% | -20% | -0.61% | 47.13% | -22.57% | 18.19% | 51.56% | - |
| Net Income | 11.38B | 13.14B | -7.04B | 14.11B | 23.39B | 8.64B | -10.71B | -2.81B | 319.81M | 1.81B | 1.69B | -925.35M | -261.51M | -220.46M | -182.13M | 29.89M | 769M | 877.93M | -451.31M | 539.35M | 443.69M | 499.65M |
| Depreciation & Amortization | 11.68B | 11.08B | 9.3B | 7.32B | 7.44B | 7.08B | 6.75B | 8.05B | 1.56B | 1.4B | 1.4B | 1.42B | 1.22B | 936.99M | 727.27M | 629.86M | 525.85M | 485.02M | 530.81M | 452.04M | 389.46M | 288.32M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 78.51M | 0 | 0 | 0 | 131.61M | 33.71M | 2.81M | 45.11M | 22.38M | 26.11M | 12.94M | 0 | 5.25M | 9.27M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 4.26B | 6.33B | -7.43B | 3.5B | 4.75B | -536.57M | -7.11B | -1.66B | -741.08M | 229.44M | 537.38M | -452.22M | -119.92M | -69.44M | -131.14M | 0 | -658.54M | -1.18B | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -11.01B | -14.02B | 24.74B | -9.96B | -11.7B | 4.85B | 21.93B | 3.53B | 5.23B | 720.49M | 1.82B | 1.15B | 565.64M | 148.64M | 95.38M | 17.64M | 478.09M | 428.71M | 1.25B | 315.33M | 259.34M | 50.15M |
| Working Capital Changes | 386.45M | 1.27B | 1.04B | 2.36B | -2.32B | -2.39B | 2.26B | 468.28M | -1.33B | 35.89M | 726.97M | -936.09M | 42.08M | -781.11M | 147.56M | 264.92M | 58.23M | 561.57M | -520.26M | -266.47M | -212.3M | -257.35M |
| Change in Receivables | -327.53M | 1.15B | -904.2M | 1.49B | -3.27B | -3.21B | 1.54B | 1.23B | -186.03M | -662.46M | 190.38M | -824.88M | 260.72M | -296.89M | -59.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 74.05M | -212.11M | -863.65M | -48.67M | -968M | -654.76M | 651.2M | 873.42M | -612.69M | 76.36M | -39.3M | -275.56M | -180.56M | -242.36M | -41.37M | 1.65M | -32.52M | 275.91M | -228.28M | 0 | 0 | 0 |
| Change in Payables | 473.11M | 6.5M | 2.16B | 463M | 1.53B | 1.36B | 140.48M | -1.56B | 1.47M | 63.24M | -4.7M | 92.23M | -399.34M | -327.19M | 235.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -16.36B | -9.65B | -20.51B | -26.04B | -17.02B | -10.36B | -736.42M | -11.7B | -21.96B | -1.01B | -3.34B | -2.35B | -1.4B | -1.92B | -2.71B | -3.23B | -352.5M | -596.33M | -416.81M | -1.25B | -2.54B | -1.38B |
| Capital Expenditures | -8.6B | -12.33B | -16.37B | -11.67B | -14.84B | -2.15B | -1.5B | -2B | -2.42B | -1.78B | -2.32B | -1.46B | -1.36B | -2.26B | -2.78B | -2.47B | -603.08M | -658.66M | -1.07B | -1.29B | -2.22B | -899.3M |
| CapEx % of Revenue | 17.3% | 25.09% | 34.54% | 29.36% | 29.78% | 5.25% | 4.94% | 7.69% | 18.03% | 16.92% | 23.52% | 14.26% | 18.71% | 39.68% | 53.61% | 51.01% | 13.36% | 16.66% | 26.23% | 37.92% | 71.76% | 32.27% |
| Acquisitions | -97.96M | 98.77M | -2.58B | -1.1B | -67.02M | -58.33M | 0 | -26.05B | -294.47M | 84.69M | 35.23M | 41.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.6B | -303.35M | -124.34M | -7.96B | -2.11B | -2.93B | -3.07B | -3.02B | -19.24B | 84.69M | 35.23M | 41.87M | 5.4M | 18.87M | 69.27M | -756.3M | 387.8M | 67.38M | 649.05M | 87.63M | 43.07M | 15.15M |
| Cash from Financing | 2.61B | -1.78B | -83.77M | 7.8B | -8.11B | -1.57B | -9.79B | 3.14B | 20.04B | -2.49B | 638.45M | -2.48B | -173.65M | 1.1B | 3.06B | 1.8B | 385.63M | -172.17M | 370.74M | 123.34M | 2.12B | 816.21M |
| Debt Issued (Net) | 3.82B | 70.46M | 4.96B | 5.43B | -2.23B | 510.4M | -5.16B | 4.35B | 21.91B | -1.97B | 812.6M | -2.02B | -76.1M | 1.28B | 1.73B | 2.01B | 753.66M | -110.18M | 819.14M | 572.27M | 1.73B | 915.19M |
| Equity Issued (Net) | -159.94M | -188.15M | -2.81B | -880.91M | -1.9B | 0 | 0 | 0 | 0 | -83K | 0 | 8.51M | 0 | -50.82M | 1.43B | 0 | -42.56M | 0 | -297.58M | 0 | 574.4M | 2.03M |
| Dividends Paid | -40.08M | -2.16B | -1.62B | 0 | -4.15B | -9.68M | 0 | -606.63M | -210.21M | -570.57M | -299.93M | -269.94M | -122.18M | -99.98M | -83.24M | -154.26M | -249.02M | -35.35M | -64.62M | -147.13M | -182.37M | -101.01M |
| Share Repurchases | -159.94M | -188.15M | -2.81B | -880.91M | -1.9B | 0 | 0 | 0 | 0 | -83K | 5.67B | 0 | -122.18M | -50.82M | -34.02M | 0 | -42.56M | 0 | -297.58M | 0 | 0 | 0 |
| Other Financing | -1B | 498.59M | -609.05M | 3.25B | 174.34M | -2.07B | -4.63B | -605.62M | -1.66B | -69.66M | 53.41M | -251.65M | 24.63M | -27.92M | -21.76M | -26.85M | -76.45M | -25.8M | -86.21M | -2.92M | 0 | 0 |
| Net Change in Cash | 1.8B | 7.18B | 672.95M | -1.16B | -4.08B | 6.76B | 3.59B | -1.14B | 3.31B | -537.86M | 137.45M | -2.21B | -3.52M | -647.97M | 1.06B | -461.5M | 1.2B | 356.97M | 836.39M | -174.59M | 418.23M | -4.34M |
| Free Cash Flow | 4.19B | 5.56B | 4.07B | -241.59M | 6.8B | 11.39B | 8.23B | 2.71B | 2.75B | 1.17B | 678.84M | 892.26M | 105.64M | -2.22B | -2.11B | -1.53B | 574.79M | 526.42M | -260.4M | -252.58M | -1.34B | -318.54M |
| FCF Margin % | 8.43% | 11.31% | 8.59% | -0.61% | 13.65% | 27.81% | 27.01% | 10.41% | 20.43% | 11.12% | 6.87% | 8.73% | 1.45% | -38.97% | -40.71% | -31.57% | 12.73% | 13.32% | -6.41% | -7.41% | -43.35% | -11.43% |
| FCF Growth % | -36.72% | 36.5% | 1785.24% | -103.55% | -40.31% | 38.5% | 203.79% | -1.42% | 134.86% | 72.31% | -23.92% | 744.66% | 104.77% | -4.88% | -38.09% | -366.29% | 9.19% | 302.16% | -3.1% | 81.2% | -321.79% | - |
| FCF per Share | 3.39 | 4.48 | 3.22 | -0.19 | 5.11 | 8.44 | 6.10 | 2.01 | 2.51 | 1.07 | 0.62 | 0.82 | 0.10 | -2.04 | -2.93 | -3.25 | 1.57 | 1.37 | -0.61 | -0.65 | -4.45 | -1.06 |
| FCF Conversion (FCF/Net Income) | 0.37x | 1.35x | -2.91x | 1.23x | 0.93x | 2.04x | -1.22x | -2.69x | 16.17x | 1.63x | 1.77x | -2.54x | -5.60x | -0.18x | -3.68x | 31.52x | 1.53x | 1.35x | -1.78x | 1.93x | 1.98x | 1.16x |
| Interest Paid | 0 | 0 | 5.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 923.75M | 872.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 467.15M | 470.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity Price Volatility Exposure
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 14.18 in 2024Q1 to a negative 0.92 in 2024Q4, highlighting the significant impact of non-cash accounting adjustments on reported profitability metrics.
The extreme variance in the OCF/NI ratio suggests that net income is an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor these discrepancies, as they likely stem from non-cash fair value adjustments of biological assets and unrealized foreign exchange impacts that decouple accounting earnings from operational reality.
Based on the provided cash flow data, Suzano's free cash flow trajectory remains inconsistent, with margins fluctuating from a negative 12.6% in 2024Q1 to a peak of 19.3% in 2025Q4, reflecting the heavy burden of cyclical capital expenditures on the company's ability to generate sustainable cash.
The inability to maintain positive free cash flow across all periods indicates that the company's cash generation is highly sensitive to the timing of large-scale industrial projects. This volatility warrants further investigation into whether the current cash flow profile can support ongoing dividend commitments and debt service requirements during cyclical downturns.
According to historical cash flow statements, Suzano's capital intensity remains elevated, with CapEx/Revenue ratios reaching as high as 37.4% in 2024Q2, which suggests that the company is in a perpetual state of heavy reinvestment to maintain its global low-cost production advantage in the pulp market.
The high level of capital expenditure relative to revenue appears to be a structural necessity for maintaining the Cerrado Project and other industrial assets. This persistent capital intensity may limit the company's financial flexibility, as a significant portion of operating cash flow is consistently diverted back into asset maintenance and expansion.
Based on reported figures, working capital changes have been highly unpredictable, oscillating between a significant cash outflow of $936.9 million in 2025Q2 and a substantial inflow of $1.3 billion in 2025Q1, indicating potential inefficiencies in inventory management or the timing of trade receivables and payables.
These swings in working capital suggest that the company's cash conversion cycle is subject to external pressures, likely linked to global pulp inventory cycles and the timing of export shipments. Investors should monitor whether these fluctuations represent temporary timing differences or a more permanent shift in the efficiency of the company's cash cycle.
Quick answers to the most common questions about buying SUZ stock.
Suzano S.A. (SUZ) generated $17.80B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Suzano S.A. (SUZ) generated $5.56B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Suzano S.A. (SUZ) spent $12.33B 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, Suzano S.A. (SUZ) returned $2.16B to shareholders via cash dividends and spent $188.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.