Suzano S.A. (SUZ) stock analysis
Close on Nov 12, 2026Market cap $12.41BP/E 8.2Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
Suzano passes 5 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 0/6
- Past performance
- 3/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 17.6% over the last twelve months and averaged 45.5% over five years.
Return on equity above the industry
Suzano's return on equity of 17.6% is above the Paper and Allied Products median of 0.3%.
Net margin above the industry
Suzano's net margin of 17.1% is above the Paper and Allied Products median of 0.2%.
Debt falling against equity
Debt to equity fell from 1008% five years ago to 187%.
What to watch
Return on capital under 10%
Return on invested capital was 8.1%, below the 10% that usually covers the cost of capital.
High debt
Debt is 187% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew 0.2% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -14.9% a year over the last three fiscal years.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth0/6
Revenue growing under 10% a year
Revenue grew 0.2% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -14.9% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -6.8% over the last twelve months; the Paper and Allied Products median is 0.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was 28.7% over the last twelve months, against 37.7% a year earlier.
Past performance3/6
Return on equity over 15%
Return on equity was 17.6% over the last twelve months and averaged 45.5% over five years.
Return on capital under 10%
Return on invested capital was 8.1%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Suzano's return on equity of 17.6% is above the Paper and Allied Products median of 0.3%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 17.1% over the last twelve months, against a 5-year average of 23.0%.
Net margin above the industry
Suzano's net margin of 17.1% is above the Paper and Allied Products median of 0.2%.
Financial health2/6
High debt
Debt is 187% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 1008% five years ago to 187%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 18.0% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense 1.4 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 3.38 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Suzano has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Suzano. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $35.34M
- Value traded per 1% price move
- $20.78M
Downside
Low risk
- Typical loss in a bad month
- 14.5%
- Volatility (annualized)
- 30%
- Sharpe ratio, 1 year
- 0.19
- Beta to the S&P 500 (5Y)
- 0.50
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.7% | +0.2% | +10.5% | – | |
| Gross profit | -18.9% | -13.4% | +7.1% | – | |
| Operating income | -32.1% | -21.7% | +4.8% | – | |
| Net income | – | -16.9% | – | – | |
| EPS, diluted | – | -14.9% | – | – | |
| Free cash flow | +18.9% | +4.6% | +3.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -85.1% | 35.2% | |
| Return on assets | – | -10.7% | 8.0% | |
| Current ratio | – | 2.20 | 3.19 | |
| Debt to equity | – | 10.08 | 2.16 | |
| Net debt to EBITDA | – | 4.40× | 3.69× | |
| Interest coverage | 1.1× | 1.9× | 1.5× | |
| Inventory turnover | – | 4.4× | 4.2× | |
| Capex to revenue | 9.0% | 4.9% | 9.1% | |
| Diluted shares | 1M | 1M | 1.24B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Suzano generated 95.35B BRL from operations and spent 47.53B BRL on capital expenditure, dividends and share buybacks. 79% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 26.8% | 0.30× | 4.39× | 35.2% |
| FY2024 | -14.9% | 0.31× | 4.02× | -18.4% |
| FY2023 | 35.4% | 0.29× | 3.56× | 36.2% |
| FY2022 | 46.9% | 0.40× | 5.24× | 97.1% |
| FY2021 | 21.1% | 0.37× | 9.90× | 77.3% |
| FY2020 | -35.2% | 0.31× | 7.92× | -85.1% |
| FY2019 | -10.8% | 0.34× | 5.06× | -18.8% |
| FY2018 | 2.4% | 0.33× | 3.49× | 2.7% |
| FY2017 | 17.2% | 0.37× | 2.66× | 16.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero13.41B BRL
- Cash generatingOperating cash flow above zero18.15B BRL
- Return on assets improvedROA up on the prior year-4.9% → 8.1%
- Earnings backed by cashOperating cash flow above net income18.15B BRL vs 13.41B BRL
- Less leverageLong-term debt to assets fell54.8% → 54.7%
- Better liquidityCurrent ratio rose1.72 → 3.19
- No dilutionShare count did not rise1.26B → 1.24B
- Gross margin improvedGross margin up on the prior year42.19% → 32.38%
- More efficientAsset turnover rose0.33 → 0.30
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