Latest Ratios: P/E Ratio 4.2x · EV/EBITDA 6.5x · ROE 34.4%. (2005–2025 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 | $10.5B | $11.6B | $12.8B | $14.7B | $12.3B | $14.6B | $15.1B | $13.3B | $10.8B | $6.6B | $4.7B |
| Enterprise Value | $28.0B | $102.6B | $112.2B | $89.8B | $83.5B | $86.5B | $28.6B | $29.0B | $42.2B | $17.7B | $17.1B |
| P/E Ratio → | 4.17 | 0.88 | — | 1.05 | 0.53 | 1.69 | — | — | 34.14 | 3.61 | 2.80 |
| P/S Ratio | 1.11 | 0.24 | 0.27 | 0.37 | 0.25 | 0.36 | 0.50 | 0.51 | 0.81 | 0.62 | 0.47 |
| P/B Ratio | 1.25 | 0.26 | 0.39 | 0.33 | 0.37 | 0.96 | 10.68 | 2.95 | 0.90 | 0.56 | 0.46 |
| P/FCF | 9.85 | 2.08 | 3.14 | — | 1.81 | 1.28 | 1.83 | 4.90 | 3.95 | 5.61 | 6.89 |
| P/OCF | 3.08 | 0.65 | 0.62 | 0.85 | 0.57 | 0.83 | 1.15 | 1.75 | 2.10 | 2.23 | 1.56 |
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 | — | 2.09 | 2.37 | 2.26 | 1.68 | 2.11 | 0.94 | 1.12 | 3.14 | 1.68 | 1.73 |
| EV / EBITDA | 6.54 | 4.61 | 4.57 | 4.60 | 2.82 | 3.42 | 1.88 | 2.72 | 6.41 | 3.79 | 6.28 |
| EV / EBIT | 13.01 | 3.87 | 7.69 | 4.07 | 2.55 | 6.88 | — | — | 35.19 | 5.64 | 4.89 |
| EV / FCF | — | 18.47 | 27.56 | — | 12.28 | 7.59 | 3.48 | 10.72 | 15.36 | 15.11 | 25.15 |
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 | 31.1% | 31.1% | 42.2% | 36.9% | 50.2% | 49.7% | 37.7% | 20.3% | 48.5% | 38.7% | 33.5% |
| Operating Margin | 22.8% | 22.8% | 33.1% | 30.7% | 44.6% | 44.4% | 27.7% | 10.1% | 37.3% | 31.0% | 13.3% |
| Net Profit Margin | 26.8% | 26.8% | -14.9% | 35.4% | 46.9% | 21.1% | -35.2% | -10.8% | 2.4% | 17.2% | 17.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 34.4% | 34.4% | -18.3% | 36.1% | 96.7% | 104.0% | -363.0% | -34.1% | 2.7% | 16.6% | 17.5% |
| ROA | 7.9% | 7.9% | -4.6% | 10.2% | 18.5% | 12.5% | -48.8% | -7.2% | 0.8% | 6.2% | 5.9% |
| ROIC | 6.3% | 6.3% | 9.4% | 8.2% | 17.4% | 26.7% | 36.0% | 6.2% | 11.4% | 10.8% | 4.3% |
| ROCE | 7.6% | 7.6% | 11.6% | 9.9% | 19.7% | 29.0% | 42.7% | 7.6% | 13.8% | 12.9% | 5.2% |
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 | 2.42 | 2.42 | 3.34 | 1.86 | 2.43 | 5.64 | 10.52 | 3.68 | 2.97 | 1.05 | 1.38 |
| Debt / EBITDA | 4.77 | 4.77 | 4.41 | 4.27 | 2.72 | 3.39 | 0.98 | 1.55 | 5.43 | 2.61 | 5.15 |
| Net Debt / Equity | — | 2.07 | 3.07 | 1.68 | 2.15 | 4.74 | 9.58 | 3.50 | 2.61 | 0.96 | 1.22 |
| Net Debt / EBITDA | 4.09 | 4.09 | 4.05 | 3.84 | 2.40 | 2.85 | 0.89 | 1.48 | 4.76 | 2.38 | 4.56 |
| Debt / FCF | — | 16.38 | 24.41 | — | 10.48 | 6.31 | 1.65 | 5.82 | 11.41 | 9.50 | 18.26 |
| Interest Coverage | 4.06 | 4.06 | 2.97 | 5.41 | 7.13 | 3.36 | -16.20 | -0.44 | 1.00 | 2.74 | 4.58 |
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 | 3.19 | 3.19 | 1.72 | 2.61 | 2.56 | 2.95 | 2.20 | 1.65 | 5.08 | 1.83 | 2.10 |
| Quick Ratio | 2.59 | 2.59 | 1.40 | 2.20 | 2.17 | 2.55 | 1.70 | 1.22 | 4.78 | 1.51 | 1.75 |
| Cash Ratio | 1.82 | 1.82 | 0.90 | 1.43 | 1.18 | 1.83 | 1.11 | 0.82 | 4.21 | 0.73 | 0.96 |
| Asset Turnover | — | 0.29 | 0.29 | 0.28 | 0.37 | 0.34 | 1.55 | 1.07 | 0.25 | 0.37 | 0.34 |
| Inventory Turnover | 4.11 | 4.11 | 3.44 | 4.22 | 4.33 | 4.45 | 24.31 | 17.18 | 3.74 | 5.34 | 5.00 |
| Days Sales Outstanding | — | 66.57 | 78.87 | 71.03 | 74.45 | 61.47 | 9.37 | 15.24 | 68.88 | 79.72 | 79.81 |
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 | 3.9% | 18.7% | 12.7% | — | 33.8% | 0.1% | — | 4.6% | 1.9% | 8.7% | 6.4% |
| Payout Ratio | 16.5% | 16.5% | — | — | 17.8% | 0.1% | — | — | 65.8% | 31.6% | 17.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 24.0% | 113.8% | — | 95.5% | 190.2% | 59.2% | — | — | 2.9% | 27.7% | 35.7% |
| FCF Yield | 10.1% | 48.0% | 31.8% | — | 55.3% | 78.2% | 54.5% | 20.4% | 25.3% | 17.8% | 14.5% |
| Buyback Yield | 0.3% | 1.6% | 21.9% | 6.0% | 15.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% |
| Total Shareholder Yield | 4.3% | 20.3% | 34.6% | 6.0% | 49.3% | 0.1% | 0.0% | 4.6% | 1.9% | 8.7% | 100.0% |
| Shares Outstanding | — | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.1B | $1.1B | $1.1B |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying SUZ stock.
Suzano S.A.'s current P/E ratio is 4.2x. The historical average is 11.5x. This places it at the 70th percentile of its historical range.
Suzano S.A.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
Suzano S.A.'s return on equity (ROE) is 34.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -2.8%.
Based on historical data, Suzano S.A. is trading at a P/E of 4.2x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Suzano S.A.'s current dividend yield is 3.94% with a payout ratio of 16.5%.
Suzano S.A. has 31.1% gross margin and 22.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Suzano S.A.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin compression amid high leverage
Deep Value Pricing Reflects Cycle Trough
Suzano's forward P/E of 1.27 and EV/EBITDA of 1.00, as reported in recent market data, suggest the market is pricing in a severe earnings trough and significant cyclicality, implying expectations of minimal future profitability or a sharp recovery.
The current valuation multiples are exceptionally low relative to the company's own history and global peers, indicating the market is pricing in a worst-case scenario for pulp prices and Suzano's earnings power. This deep discount may reflect skepticism about the sustainability of its cost advantage or concerns over the balance sheet's ability to withstand a prolonged downturn. Investors should monitor whether this represents a compelling entry point or a value trap, as the multiples imply very little growth or even earnings contraction.
Margin Erosion Signals Cycle Peak Passed
Suzano's gross margin has compressed from 47.0% in 2024Q2 to 22.9% in 2026Q2, a 2,410 basis point decline that, based on reported financial statements, indicates a significant loss of pricing power and the impact of a global pulp price downturn.
The severe margin compression across all profitability metrics confirms the company is experiencing the downswing of a commodity cycle, with operating leverage working in reverse against its high fixed-cost structure. The net margin's extreme volatility, including a -47.6% reading in 2024Q4, underscores how non-cash items like biological asset adjustments can distort underlying operational performance. This trend suggests the company's true earning power is currently being masked by cyclical headwinds and accounting complexities.
Capital Returns Decaying Toward Cost of Capital
Return on Invested Capital (ROIC) has fallen from a peak of 2.7% in 2024Q2 to just 1.0% in 2026Q2, according to the provided ratio data, indicating the company is generating returns well below its likely weighted average cost of capital.
The declining ROIC trend, coupled with a volatile ROE that swung from -18.2% to 17.9% over the period, suggests Suzano is struggling to generate consistent, risk-adjusted returns on its massive asset base. This decay appears driven by both margin compression and the capital-intensive nature of recent projects like the Cerrado mill, which may not yet be contributing fully to returns. The pattern raises questions about the long-term value creation of its expansion strategy in the current pricing environment.
Elevated Leverage Constrains Financial Flexibility
Despite improving from 3.34 in 2024Q4, Suzano's debt-to-equity ratio of 1.95 in 2026Q2 remains structurally high, and the interest coverage ratio of 1.04 suggests debt service is becoming less comfortable as earnings decline.
The company's leverage profile has improved materially from its peak, but the current level still represents a significant financial burden, especially with interest coverage approaching a level that may indicate limited headroom. This leverage constrains Suzano's ability to navigate a prolonged pulp price downturn or to invest counter-cyclically. The high debt load, combined with volatile earnings, creates refinancing risk and may limit strategic flexibility, warranting close monitoring of covenant compliance and debt maturity profiles.
Strong Liquidity Buffer Amidst Operational Volatility
Suzano's current ratio of 3.38 and quick ratio of 2.75 in 2026Q2, as reported in financial statements, indicate a robust short-term liquidity position that appears sufficient to weather near-term operational stress.
The strong liquidity metrics provide a critical buffer against the company's high leverage and volatile cash flows, suggesting it can meet short-term obligations even if operational performance deteriorates further. However, this liquidity must be assessed in the context of the company's significant working capital needs and lumpy capital expenditure cycles. The position appears healthy for now, but investors should monitor whether cash is being preserved for debt service or if it reflects a strategic buildup ahead of anticipated market weakness.
The Misleading Allure of Low P/E in a Cyclical
The P/E ratio is the most commonly misapplied metric to Suzano, as its extreme cyclicality and accounting complexities render the trailing multiple nearly meaningless for assessing intrinsic value or sustainable earnings power.
Using the current P/E of 4.42 to imply cheapness is dangerous because it is based on earnings that include significant non-cash fair value adjustments on biological assets and unrealized FX gains/losses, which do not reflect operational cash generation. Furthermore, the ratio is highly sensitive to the point in the pulp price cycle; a low P/E often coincides with peak earnings, not troughs. A more appropriate metric for this business model would be EV/EBITDA or a normalized P/E based on mid-cycle earnings, which better account for the capital structure and the volatile, commodity-driven nature of its profits.