GGBNYSESteel Works, Blast Furnaces & Rolling & Finishing MillsFiscal year ends December 31
GERDAU S.A.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 13, 2026
$5.13+0.11 (+2.19%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
11.4%−2.1 pts over 5 years
Operating margin
5.4%−6.5 pts over 5 years
Net margin
2.0%−3.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.2% | -5.4% | +9.8% | +4.8% | |
| Gross profit | -13.4% | -24.8% | +6.1% | +6.4% | |
| Operating income | -50.1% | -40.5% | -6.4% | – | |
| Net income | -69.6% | -50.5% | -10.1% | – | |
| Free cash flow | -76.7% | -42.5% | -22.8% | -12.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 8.2% | 2.5% | |
| Return on assets | -4.6% | 4.0% | 1.6% | |
| Current ratio | 2.06 | 2.04 | 2.89 | |
| Interest coverage | -0.8× | 3.6× | 1.8× | |
| Inventory turnover | – | 4.5× | – | |
| Capex to revenue | 3.5% | 3.8% | 9.6% | |
| Diluted shares | 572M | – | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Gerdau generated 54.17B BRL from operations and spent 45.28B BRL on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
54.17B BRL
Used
45.28B BRL
Capital expenditure24.99B BRL55%Dividends16.86B BRL37%Share buybacks3.44B BRL8%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.0%
×Asset turnover0.83×
×Equity multiplier1.51×
=Return on equity, FY20252.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.0% | 0.83× | 1.51× | 2.5% |
| FY2024 | 6.8% | 0.83× | 1.51× | 8.5% |
| FY2023 | 10.9% | 0.93× | 1.56× | 15.8% |
| FY2022 | 13.9% | 1.12× | 1.66× | 25.8% |
| FY2021 | 19.8% | 1.14× | 1.86× | 42.2% |
| FY2020 | 5.4% | 0.75× | 2.03× | 8.2% |
| FY2019 | 3.0% | 0.75× | 2.00× | 4.6% |
| FY2018 | 5.0% | 0.91× | 2.06× | 9.3% |
| FY2017 | -1.0% | 0.70× | 2.20× | -1.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero1.39B BRL
- Cash generatingOperating cash flow above zero7.99B BRL
- Return on assets improvedROA up on the prior year6.1% → 1.6%
- Earnings backed by cashOperating cash flow above net income7.99B BRL vs 1.39B BRL
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.01 → 2.89
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year13.73% → 11.41%
- More efficientAsset turnover rose0.90 → 0.80