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
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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.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 70.25B | 69.86B | 67.03B | 68.92B | 82.41B | 78.35B |
| Cost of Revenue | 59.93B | 61.89B | 57.82B | 57.58B | 63.66B | 57.53B |
| Gross Profit | 10.32B | 7.97B | 9.20B | 11.33B | 18.75B | 20.82B |
| Selling, General & Admin | 2.09B | 2.13B | 2.18B | 2.22B | 2.20B | 2.11B |
| Other Operating Expenses | 261.32M | 228.50M | 692.58M | -764.03M | -36.27M | -1.31B |
| Operating Expenses | 2.41B | 2.37B | 2.90B | 1.46B | 2.16B | 797.48M |
| Operating Income | 7.91B | 5.60B | 6.30B | 9.87B | 16.59B | 20.02B |
| Interest Expense | -1.18B | -1.27B | -796.93M | -840.07M | -964.61M | -1.06B |
| Interest & Investment Income | 567.15M | 693.61M | 726.15M | 903.02M | 606.36M | 249.02M |
| Earnings From Equity Investments | 137.39M | 95.62M | 464.47M | 827.61M | 1.15B | 563.16M |
| 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 Items | 6.69B | 4.57B | 4.85B | 9.35B | 15.86B | 19.31B |
| Gain (Loss) on Sale of Investments | 808.37M | |||||
| Asset Writedown | -1.96B | -1.96B | -199.63M | 357.00K | ||
| Other Unusual Items | -43.03M | -82.68M | 963.68M | |||
| Pretax Income | 4.68B | 2.52B | 5.46B | 9.35B | 15.86B | 20.27B |
| Income Tax Expense | 1.93B | 1.11B | 864.65M | 1.81B | 4.38B | 4.71B |
| Earnings From Continuing Operations | 2.75B | 1.42B | 4.60B | 7.54B | 11.48B | 15.56B |
| Minority Interest in Earnings | -36.91M | -31.42M | -32.74M | -35.42M | -54.04M | -64.83M |
| Net Income | 2.71B | 1.39B | 4.57B | 7.50B | 11.43B | 15.49B |
| Net Income to Common | 2.71B | 1.39B | 4.57B | 7.50B | 11.43B | 15.49B |
| Shares Outstanding (Basic) | 1.97B | 2.00B | 2.09B | 2.10B | 2.10B | 2.15B |
| Shares Outstanding (Diluted) | 1.98B | 2.01B | 2.10B | 2.11B | 2.11B | 2.16B |
| EPS (Basic) | 1.38 | 0.69 | 2.18 | 3.57 | 5.44 | 7.21 |
| EPS (Diluted) | 1.37 | 0.69 | 2.18 | 3.56 | 5.41 | 7.18 |
| Free Cash Flow | 4.09B | 1.31B | 5.60B | 5.93B | 6.86B | 9.49B |
| Free Cash Flow Per Share | 2.07 | 0.65 | 2.67 | 2.81 | 3.25 | 4.40 |
| Dividend Per Share | 0.85 | 0.62 | 0.80 | 1.26 | 2.88 | 2.49 |
| Gross Margin | 14.69% | 11.40% | 13.73% | 16.44% | 22.75% | 26.57% |
| Operating Margin | 11.26% | 8.01% | 9.40% | 14.32% | 20.13% | 25.55% |
| Profit Margin | 3.86% | 1.98% | 6.81% | 10.88% | 13.86% | 19.78% |
| Free Cash Flow Margin | 5.82% | 1.87% | 8.36% | 8.60% | 8.32% | 12.11% |
| EBITDA | 11.11B | 8.79B | 8.96B | 12.48B | 19.13B | 22.21B |
| EBITDA Margin | 15.81% | 12.58% | 13.36% | 18.12% | 23.21% | 28.35% |
| D&A For EBITDA | 3.20B | 3.19B | 2.65B | 2.62B | 2.54B | 2.19B |
| EBIT | 7.91B | 5.60B | 6.30B | 9.87B | 16.59B | 20.02B |
| EBIT Margin | 11.26% | 8.01% | 9.40% | 14.32% | 20.13% | 25.55% |
| Effective Tax Rate | 41.30% | 43.81% | 15.82% | 19.36% | 27.62% | 23.25% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.70B | 5.93B | 7.77B | 3.01B | 2.48B | 4.16B |
| Short-Term Investments | 347.57M | 445.63M | 509.03M | 2.34B | 2.96B | 2.63B |
| Cash & Short-Term Investments | 6.04B | 6.37B | 8.28B | 5.34B | 5.43B | 6.79B |
| Accounts Receivable | 6.23B | 4.81B | 5.18B | 4.88B | 5.00B | 5.41B |
| Other Receivables | 1.07B | 1.97B | 2.07B | 2.00B | 2.21B | 2.90B |
| Receivables | 7.30B | 6.78B | 7.24B | 6.87B | 7.21B | 8.31B |
| Inventory | 16.49B | 14.73B | 16.50B | 15.23B | 17.82B | 16.86B |
| Other Current Assets | 813.77M | 715.52M | 643.07M | 1.75B | 793.17M | 682.44M |
| Total Current Assets | 30.65B | 28.61B | 32.67B | 29.20B | 31.26B | 32.64B |
| Property, Plant & Equipment | 32.73B | 31.91B | 30.76B | 24.06B | 21.38B | 19.60B |
| Long-Term Investments | 3.53B | 3.94B | 4.22B | 3.86B | 3.90B | 3.43B |
| Goodwill | 11.29B | 12.00B | 13.85B | 10.83B | 11.63B | 12.43B |
| Other Intangible Assets | 1.27B | 691.37M | 400.57M | 373.71M | 415.16M | 509.76M |
| Long-Term Deferred Tax Assets | 2.54B | 2.56B | 2.43B | 2.22B | 2.16B | 2.93B |
| Other Long-Term Assets | 1.95B | 1.98B | 2.48B | 4.35B | 3.05B | 2.27B |
| Total Assets | 83.95B | 81.69B | 86.81B | 74.89B | 73.80B | 73.81B |
| Accounts Payable | 6.56B | 4.63B | 5.26B | 5.32B | 5.97B | 7.21B |
| Accrued Expenses | 1.73B | 1.70B | 1.58B | 1.50B | 1.71B | 1.98B |
| Current Portion of Long-Term Debt | 554.75M | 945.21M | 735.04M | 1.80B | 3.12B | 1.77B |
| Current Portion of Leases | 510.65M | 386.47M | 430.73M | 373.15M | 275.93M | 275.09M |
| Current Income Taxes Payable | 147.80M | 289.86M | 346.21M | 502.77M | 497.24M | 863.14M |
| Other Current Liabilities | 1.07B | 1.94B | 2.51B | 1.80B | 1.89B | 1.94B |
| Total Current Liabilities | 10.57B | 9.89B | 10.85B | 11.28B | 13.46B | 14.04B |
| Long-Term Debt | 13.17B | 13.24B | 12.90B | 9.12B | 9.51B | 12.30B |
| Long-Term Leases | 1.24B | 1.00B | 849.94M | 904.45M | 754.71M | 643.28M |
| Pension & Post-Retirement Benefits | 357.98M | 404.08M | 545.21M | 706.77M | 893.38M | 1.42B |
| Long-Term Deferred Tax Liabilities | 410.40M | 353.83M | 163.14M | 204.15M | 96.34M | 98.97M |
| Other Long-Term Liabilities | 3.34B | 3.00B | 3.33B | 3.43B | 2.78B | 2.51B |
| Total Liabilities | 29.10B | 27.89B | 28.64B | 25.65B | 27.50B | 31.00B |
| Common Stock | 24.27B | 24.27B | 24.27B | 20.22B | 19.25B | 19.25B |
| Retained Earnings | 25.65B | 23.05B | 24.24B | 25.91B | 22.17B | 17.84B |
| Treasury Stock | -407.33M | -520.07M | -734.28M | -150.18M | -180.00M | -152.41M |
| Comprehensive Income & Other | 5.13B | 6.78B | 10.17B | 3.08B | 4.87B | 5.67B |
| Total Common Equity | 54.66B | 53.59B | 57.95B | 49.06B | 46.12B | 42.60B |
| Minority Interest | 193.22M | 213.10M | 225.03M | 179.90M | 182.00M | 211.37M |
| Shareholders' Equity | 54.85B | 53.80B | 58.17B | 49.24B | 46.30B | 42.82B |
| Total Liabilities & Equity | 83.95B | 81.69B | 86.81B | 74.89B | 73.80B | 73.81B |
| Total Debt | 15.48B | 15.57B | 14.92B | 12.20B | 13.66B | 14.98B |
| 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 Outstanding | 1.96B | 1.98B | 2.04B | 2.10B | 2.10B | 2.15B |
| Total Common Shares Outstanding | 1.96B | 1.98B | 2.04B | 2.10B | 2.10B | 2.15B |
| Working Capital | 20.07B | 18.72B | 21.82B | 17.91B | 17.79B | 18.60B |
| Book Value Per Share | 27.86 | 27.13 | 28.39 | 23.37 | 22.00 | 19.82 |
| Tangible Book Value | 42.10B | 40.90B | 43.70B | 37.86B | 34.07B | 29.67B |
| Tangible Book Value Per Share | 21.46 | 20.71 | 21.41 | 18.03 | 16.25 | 13.80 |
| Land | 12.90B | 12.74B | 10.87B | 10.43B | 10.22B | |
| Machinery | 49.88B | 48.25B | 40.17B | 39.66B | 37.88B | |
| Construction In Progress | 8.66B | 8.60B | 5.52B | 3.71B | 3.62B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.71B | 1.39B | 4.57B | 7.50B | 11.43B | 15.49B |
| Depreciation & Amortization | 3.70B | 3.68B | 3.13B | 3.05B | 2.87B | 2.48B |
| Other Amortization | 177.67M | |||||
| Loss (Gain) From Sale of Assets | 87.74M | 75.40M | 45.86M | 27.52M | -25.58M | -77.42M |
| Asset Writedown & Restructuring Costs | 1.96B | 1.96B | 199.63M | |||
| Loss (Gain) From Sale of Investments | -191.57M | 162.91M | ||||
| Loss (Gain) on Equity Investments | -137.39M | -95.62M | -1.27B | -827.61M | -1.15B | -563.16M |
| Stock-Based Compensation | 138.19M | 149.21M | 152.41M | 157.98M | 104.71M | 65.29M |
| Provision & Write-off of Bad Debts | 10.25M | 10.25M | 30.91M | 10.73M | 81.00K | -357.00K |
| Other Operating Activities | 209.25M | -289.07M | 648.56M | -39.56M | 2.20B | 885.47M |
| Change in Accounts Receivable | -293.18M | 149.59M | 549.55M | -294.51M | 290.58M | -1.61B |
| Change in Inventory | -1.47B | 956.92M | 542.50M | 1.31B | -2.04B | -7.70B |
| Change in Accounts Payable | 951.11M | -486.38M | -1.19B | -355.42M | -995.60M | 2.53B |
| Change in Other Net Operating Assets | 1.22B | 482.05M | 3.99B | 605.37M | -1.52B | 675.57M |
| Operating Cash Flow | 8.89B | 7.99B | 11.38B | 11.14B | 11.15B | 12.52B |
| Capital Expenditures | -4.80B | -6.68B | -5.78B | -5.21B | -4.29B | -3.03B |
| Sale of Property, Plant & Equipment | 21.77M | 69.73M | 1.56B | 40.66M | 48.32M | 82.64M |
| 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 | -26.75M | 113.59M |
| Investing Cash Flow | -5.28B | -7.57B | -5.03B | -5.77B | -4.46B | -3.00B |
| Long-Term Debt Issued | 9.22B | 3.92B | 1.78B | 2.26B | 609.70M | |
| 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) | -5.28B | 738.83M | 163.94M | -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 | -43.43M | 139.56M | ||||
| Financing Cash Flow | -7.36B | -1.72B | -2.69B | -4.13B | -8.26B | -9.98B |
| Foreign Exchange Rate Adjustments | 52.71M | -536.27M | 1.10B | -710.66M | -119.16M | 5.26M |
| Net Cash Flow | -3.69B | -1.84B | 4.76B | 529.78M | -1.68B | -456.55M |
| Free Cash Flow | 4.09B | 1.31B | 5.60B | 5.93B | 6.86B | 9.49B |
| Free Cash Flow Margin | 5.82% | 1.87% | 8.36% | 8.60% | 8.32% | 12.11% |
| Free Cash Flow Per Share | 2.07 | 0.65 | 2.67 | 2.81 | 3.25 | 4.40 |
| Levered Free Cash Flow | 2.86B | 714.71M | 806.36M | 4.53B | 6.36B | 3.46B |
| Unlevered Free Cash Flow | 3.60B | 1.51B | 1.30B | 5.05B | 6.96B | 4.12B |
| Free Cash Flow After Leases | 3.58B | 818.05M | 5.14B | 5.54B | 6.55B | 9.22B |
| Cash Interest Paid | 1.63B | 1.58B | 1.08B | 986.09M | 1.06B | 1.17B |
| Cash Income Tax Paid | 1.58B | 1.12B | 1.40B | 1.56B | 3.36B | 2.89B |
| Change in Working Capital | 398.79M | 1.10B | 3.88B | 1.26B | -4.27B | -6.11B |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.56B | 6.97B | 5.89B | 8.27B | 8.75B | 7.85B |
| Enterprise Value | 10.33B | 8.84B | 6.74B | 9.72B | 9.79B | 9.62B |
| Last Close Price | 4.66 | 3.62 | 2.74 | 3.69 | 3.78 | 2.96 |
| PE Ratio | 18.39 | 27.67 | 7.98 | 5.35 | 4.05 | 2.82 |
| PS Ratio | 0.63 | 0.55 | 0.54 | 0.58 | 0.56 | 0.56 |
| PB Ratio | 0.81 | 0.71 | 0.63 | 0.81 | 1.00 | 1.02 |
| P/TBV Ratio | 1.06 | 0.94 | 0.83 | 1.06 | 1.36 | 1.48 |
| P/FCF Ratio | 11.44 | 29.39 | 6.51 | 6.77 | 6.74 | 4.61 |
| P/OCF Ratio | 5.26 | 4.80 | 3.20 | 3.60 | 4.15 | 3.50 |
| EV/Sales Ratio | 0.76 | 0.70 | 0.62 | 0.69 | 0.63 | 0.68 |
| EV/EBITDA Ratio | 4.84 | 5.54 | 4.65 | 3.78 | 2.70 | 2.41 |
| EV/EBIT Ratio | 6.79 | 8.70 | 6.61 | 4.78 | 3.12 | 2.68 |
| EV/FCF Ratio | 13.81 | 37.31 | 7.44 | 7.96 | 7.54 | 5.65 |
| Debt / Equity Ratio | 0.28 | 0.29 | 0.26 | 0.25 | 0.29 | 0.35 |
| Debt / EBITDA Ratio | 1.33 | 1.68 | 1.58 | 0.94 | 0.70 | 0.67 |
| Debt / FCF Ratio | 3.79 | 11.93 | 2.66 | 2.06 | 1.99 | 1.58 |
| Net Debt / Equity Ratio | 0.17 | 0.17 | 0.11 | 0.14 | 0.18 | 0.19 |
| Net Debt / EBITDA Ratio | 0.85 | 1.05 | 0.74 | 0.55 | 0.43 | 0.37 |
| Net Debt / FCF Ratio | 2.31 | 7.04 | 1.19 | 1.16 | 1.20 | 0.86 |
| Asset Turnover | 0.82 | 0.83 | 0.83 | 0.93 | 1.12 | 1.14 |
| Inventory Turnover | 3.77 | 3.96 | 3.64 | 3.48 | 3.67 | 4.42 |
| Quick Ratio | 1.26 | 1.33 | 1.43 | 1.08 | 0.94 | 1.07 |
| Current Ratio | 2.90 | 2.89 | 3.01 | 2.59 | 2.32 | 2.33 |
| 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 Yield | 5.44% | 3.61% | 12.53% | 18.70% | 24.71% | 35.41% |
| FCF Yield | 8.74% | 3.40% | 15.37% | 14.78% | 14.83% | 21.69% |
| Dividend Yield | 2.94% | 3.19% | 4.48% | 6.58% | 13.06% | 12.24% |
| Payout Ratio | 54.05% | 92.69% | 36.27% | 35.77% | 51.57% | 34.46% |
| Buyback Yield / Dilution | 2.76% | 4.13% | 0.49% | 0.04% | 2.24% | -0.12% |
| Total Shareholder Return | 5.68% | 7.32% | 4.97% | 6.62% | 15.30% | 12.12% |