NYSE : GGB

Gerdau S.A. — Financial statements

Materials · Steel · Brazil

Last price 4.66 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.60B

Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports

Financial statements

Gerdau S.A. (GGB) reported revenue of 70.25B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in BRL.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue70.25B69.86B67.03B68.92B82.41B78.35B
Cost of Revenue59.93B61.89B57.82B57.58B63.66B57.53B
Gross Profit10.32B7.97B9.20B11.33B18.75B20.82B
Selling, General & Admin2.09B2.13B2.18B2.22B2.20B2.11B
Other Operating Expenses261.32M228.50M692.58M-764.03M-36.27M-1.31B
Operating Expenses2.41B2.37B2.90B1.46B2.16B797.48M
Operating Income7.91B5.60B6.30B9.87B16.59B20.02B
Interest Expense-1.18B-1.27B-796.93M-840.07M-964.61M-1.06B
Interest & Investment Income567.15M693.61M726.15M903.02M606.36M249.02M
Earnings From Equity Investments137.39M95.62M464.47M827.61M1.15B563.16M
Currency Exchange Gain (Loss)-704.52M-495.74M-1.76B-850.38M-974.71M-108.37M
Other Non Operating Income (Expenses)-35.22M-45.63M-76.04M-561.57M-551.37M-355.32M
EBT Excluding Unusual Items6.69B4.57B4.85B9.35B15.86B19.31B
Gain (Loss) on Sale of Investments808.37M
Asset Writedown-1.96B-1.96B-199.63M357.00K
Other Unusual Items-43.03M-82.68M963.68M
Pretax Income4.68B2.52B5.46B9.35B15.86B20.27B
Income Tax Expense1.93B1.11B864.65M1.81B4.38B4.71B
Earnings From Continuing Operations2.75B1.42B4.60B7.54B11.48B15.56B
Minority Interest in Earnings-36.91M-31.42M-32.74M-35.42M-54.04M-64.83M
Net Income2.71B1.39B4.57B7.50B11.43B15.49B
Net Income to Common2.71B1.39B4.57B7.50B11.43B15.49B
Shares Outstanding (Basic)1.97B2.00B2.09B2.10B2.10B2.15B
Shares Outstanding (Diluted)1.98B2.01B2.10B2.11B2.11B2.16B
EPS (Basic)1.380.692.183.575.447.21
EPS (Diluted)1.370.692.183.565.417.18
Free Cash Flow4.09B1.31B5.60B5.93B6.86B9.49B
Free Cash Flow Per Share2.070.652.672.813.254.40
Dividend Per Share0.850.620.801.262.882.49
Gross Margin14.69%11.40%13.73%16.44%22.75%26.57%
Operating Margin11.26%8.01%9.40%14.32%20.13%25.55%
Profit Margin3.86%1.98%6.81%10.88%13.86%19.78%
Free Cash Flow Margin5.82%1.87%8.36%8.60%8.32%12.11%
EBITDA11.11B8.79B8.96B12.48B19.13B22.21B
EBITDA Margin15.81%12.58%13.36%18.12%23.21%28.35%
D&A For EBITDA3.20B3.19B2.65B2.62B2.54B2.19B
EBIT7.91B5.60B6.30B9.87B16.59B20.02B
EBIT Margin11.26%8.01%9.40%14.32%20.13%25.55%
Effective Tax Rate41.30%43.81%15.82%19.36%27.62%23.25%

Balance sheet

Fiscal year January - December; amounts in BRL.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents5.70B5.93B7.77B3.01B2.48B4.16B
Short-Term Investments347.57M445.63M509.03M2.34B2.96B2.63B
Cash & Short-Term Investments6.04B6.37B8.28B5.34B5.43B6.79B
Accounts Receivable6.23B4.81B5.18B4.88B5.00B5.41B
Other Receivables1.07B1.97B2.07B2.00B2.21B2.90B
Receivables7.30B6.78B7.24B6.87B7.21B8.31B
Inventory16.49B14.73B16.50B15.23B17.82B16.86B
Other Current Assets813.77M715.52M643.07M1.75B793.17M682.44M
Total Current Assets30.65B28.61B32.67B29.20B31.26B32.64B
Property, Plant & Equipment32.73B31.91B30.76B24.06B21.38B19.60B
Long-Term Investments3.53B3.94B4.22B3.86B3.90B3.43B
Goodwill11.29B12.00B13.85B10.83B11.63B12.43B
Other Intangible Assets1.27B691.37M400.57M373.71M415.16M509.76M
Long-Term Deferred Tax Assets2.54B2.56B2.43B2.22B2.16B2.93B
Other Long-Term Assets1.95B1.98B2.48B4.35B3.05B2.27B
Total Assets83.95B81.69B86.81B74.89B73.80B73.81B
Accounts Payable6.56B4.63B5.26B5.32B5.97B7.21B
Accrued Expenses1.73B1.70B1.58B1.50B1.71B1.98B
Current Portion of Long-Term Debt554.75M945.21M735.04M1.80B3.12B1.77B
Current Portion of Leases510.65M386.47M430.73M373.15M275.93M275.09M
Current Income Taxes Payable147.80M289.86M346.21M502.77M497.24M863.14M
Other Current Liabilities1.07B1.94B2.51B1.80B1.89B1.94B
Total Current Liabilities10.57B9.89B10.85B11.28B13.46B14.04B
Long-Term Debt13.17B13.24B12.90B9.12B9.51B12.30B
Long-Term Leases1.24B1.00B849.94M904.45M754.71M643.28M
Pension & Post-Retirement Benefits357.98M404.08M545.21M706.77M893.38M1.42B
Long-Term Deferred Tax Liabilities410.40M353.83M163.14M204.15M96.34M98.97M
Other Long-Term Liabilities3.34B3.00B3.33B3.43B2.78B2.51B
Total Liabilities29.10B27.89B28.64B25.65B27.50B31.00B
Common Stock24.27B24.27B24.27B20.22B19.25B19.25B
Retained Earnings25.65B23.05B24.24B25.91B22.17B17.84B
Treasury Stock-407.33M-520.07M-734.28M-150.18M-180.00M-152.41M
Comprehensive Income & Other5.13B6.78B10.17B3.08B4.87B5.67B
Total Common Equity54.66B53.59B57.95B49.06B46.12B42.60B
Minority Interest193.22M213.10M225.03M179.90M182.00M211.37M
Shareholders' Equity54.85B53.80B58.17B49.24B46.30B42.82B
Total Liabilities & Equity83.95B81.69B86.81B74.89B73.80B73.81B
Total Debt15.48B15.57B14.92B12.20B13.66B14.98B
Net Cash (Debt)-9.44B-9.20B-6.64B-6.85B-8.23B-8.20B
Net Cash Per Share-4.78-4.57-3.16-3.25-3.90-3.80
Filing Date Shares Outstanding1.96B1.98B2.04B2.10B2.10B2.15B
Total Common Shares Outstanding1.96B1.98B2.04B2.10B2.10B2.15B
Working Capital20.07B18.72B21.82B17.91B17.79B18.60B
Book Value Per Share27.8627.1328.3923.3722.0019.82
Tangible Book Value42.10B40.90B43.70B37.86B34.07B29.67B
Tangible Book Value Per Share21.4620.7121.4118.0316.2513.80
Land12.90B12.74B10.87B10.43B10.22B
Machinery49.88B48.25B40.17B39.66B37.88B
Construction In Progress8.66B8.60B5.52B3.71B3.62B

Cash flow statement

Fiscal year January - December; amounts in BRL.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income2.71B1.39B4.57B7.50B11.43B15.49B
Depreciation & Amortization3.70B3.68B3.13B3.05B2.87B2.48B
Other Amortization177.67M
Loss (Gain) From Sale of Assets87.74M75.40M45.86M27.52M-25.58M-77.42M
Asset Writedown & Restructuring Costs1.96B1.96B199.63M
Loss (Gain) From Sale of Investments-191.57M162.91M
Loss (Gain) on Equity Investments-137.39M-95.62M-1.27B-827.61M-1.15B-563.16M
Stock-Based Compensation138.19M149.21M152.41M157.98M104.71M65.29M
Provision & Write-off of Bad Debts10.25M10.25M30.91M10.73M81.00K-357.00K
Other Operating Activities209.25M-289.07M648.56M-39.56M2.20B885.47M
Change in Accounts Receivable-293.18M149.59M549.55M-294.51M290.58M-1.61B
Change in Inventory-1.47B956.92M542.50M1.31B-2.04B-7.70B
Change in Accounts Payable951.11M-486.38M-1.19B-355.42M-995.60M2.53B
Change in Other Net Operating Assets1.22B482.05M3.99B605.37M-1.52B675.57M
Operating Cash Flow8.89B7.99B11.38B11.14B11.15B12.52B
Capital Expenditures-4.80B-6.68B-5.78B-5.21B-4.29B-3.03B
Sale of Property, Plant & Equipment21.77M69.73M1.56B40.66M48.32M82.64M
Cash Acquisitions-325.85M-699.12M-455.68M
Sale (Purchase) of Intangibles-171.91M-171.22M-168.04M-127.19M-189.38M-166.31M
Investment in Securities-89.00K-91.44M-191.95M-477.18M-26.75M113.59M
Investing Cash Flow-5.28B-7.57B-5.03B-5.77B-4.46B-3.00B
Long-Term Debt Issued9.22B3.92B1.78B2.26B609.70M
Long-Term Debt Repaid-8.48B-3.75B-3.22B-3.51B-5.39B
Lease Payments-509.69M-487.78M-459.50M-388.20M-310.23M-275.85M
Net Debt Issued (Repaid)-5.28B738.83M163.94M-1.44B-1.25B-4.78B
Repurchase of Common Stock-526.33M-1.17B-1.19B-1.07B
Common Dividends Paid-1.55B-1.29B-1.66B-2.68B-5.89B-5.34B
Other Financing Activities-43.43M139.56M
Financing Cash Flow-7.36B-1.72B-2.69B-4.13B-8.26B-9.98B
Foreign Exchange Rate Adjustments52.71M-536.27M1.10B-710.66M-119.16M5.26M
Net Cash Flow-3.69B-1.84B4.76B529.78M-1.68B-456.55M
Free Cash Flow4.09B1.31B5.60B5.93B6.86B9.49B
Free Cash Flow Margin5.82%1.87%8.36%8.60%8.32%12.11%
Free Cash Flow Per Share2.070.652.672.813.254.40
Levered Free Cash Flow2.86B714.71M806.36M4.53B6.36B3.46B
Unlevered Free Cash Flow3.60B1.51B1.30B5.05B6.96B4.12B
Free Cash Flow After Leases3.58B818.05M5.14B5.54B6.55B9.22B
Cash Interest Paid1.63B1.58B1.08B986.09M1.06B1.17B
Cash Income Tax Paid1.58B1.12B1.40B1.56B3.36B2.89B
Change in Working Capital398.79M1.10B3.88B1.26B-4.27B-6.11B

Ratios

Fiscal year January - December; amounts in BRL.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization8.56B6.97B5.89B8.27B8.75B7.85B
Enterprise Value10.33B8.84B6.74B9.72B9.79B9.62B
Last Close Price4.663.622.743.693.782.96
PE Ratio18.3927.677.985.354.052.82
PS Ratio0.630.550.540.580.560.56
PB Ratio0.810.710.630.811.001.02
P/TBV Ratio1.060.940.831.061.361.48
P/FCF Ratio11.4429.396.516.776.744.61
P/OCF Ratio5.264.803.203.604.153.50
EV/Sales Ratio0.760.700.620.690.630.68
EV/EBITDA Ratio4.845.544.653.782.702.41
EV/EBIT Ratio6.798.706.614.783.122.68
EV/FCF Ratio13.8137.317.447.967.545.65
Debt / Equity Ratio0.280.290.260.250.290.35
Debt / EBITDA Ratio1.331.681.580.940.700.67
Debt / FCF Ratio3.7911.932.662.061.991.58
Net Debt / Equity Ratio0.170.170.110.140.180.19
Net Debt / EBITDA Ratio0.851.050.740.550.430.37
Net Debt / FCF Ratio2.317.041.191.161.200.86
Asset Turnover0.820.830.830.931.121.14
Inventory Turnover3.773.963.643.483.674.42
Quick Ratio1.261.331.431.080.941.07
Current Ratio2.902.893.012.592.322.33
Return on Equity (ROE)5.02%2.53%8.56%15.78%25.76%42.11%
Return on Assets (ROA)5.77%4.15%4.87%8.30%14.05%18.27%
Return on Invested Capital (ROIC)7.27%4.92%8.77%14.39%22.76%33.10%
Return on Capital Employed (ROCE)10.80%7.80%8.30%15.50%27.50%33.50%
Earnings Yield5.44%3.61%12.53%18.70%24.71%35.41%
FCF Yield8.74%3.40%15.37%14.78%14.83%21.69%
Dividend Yield2.94%3.19%4.48%6.58%13.06%12.24%
Payout Ratio54.05%92.69%36.27%35.77%51.57%34.46%
Buyback Yield / Dilution2.76%4.13%0.49%0.04%2.24%-0.12%
Total Shareholder Return5.68%7.32%4.97%6.62%15.30%12.12%