NYSE : SUZ
Suzano S.A. — Financial statements
Materials · Paper & Paper Products · Brazil
Last price 9.23 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 11.33B
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Financial statements
Suzano S.A. (SUZ) reported revenue of 47.83B 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 | 47.83B | 50.12B | 47.40B | 39.76B | 49.83B | 40.97B |
| Cost of Revenue | 33.93B | 33.89B | 27.40B | 25.08B | 24.82B | 20.62B |
| Gross Profit | 13.90B | 16.23B | 20.00B | 14.68B | 25.01B | 20.35B |
| Selling, General & Admin | 5.57B | 6.10B | 5.56B | 4.52B | 4.20B | 3.87B |
| Other Operating Expenses | -12.21M | 41.13M | -142.03M | -585.39M | -82.20M | -30.04M |
| Operating Expenses | 5.56B | 6.14B | 5.42B | 3.93B | 4.11B | 3.84B |
| Operating Income | 8.34B | 10.08B | 14.59B | 10.74B | 20.90B | 16.51B |
| Interest Expense | -6.39B | -6.25B | -4.98B | -4.15B | -4.15B | -3.86B |
| Interest & Investment Income | 1.85B | 1.58B | 1.60B | 1.67B | 818.78M | 205.57M |
| Earnings From Equity Investments | -245.73M | -409.21M | -13.85M | -19.38M | 284.37M | 51.91M |
| Currency Exchange Gain (Loss) | 2.85B | 8.38B | -17.73B | 4.19B | 3.95B | -4.85B |
| Other Non Operating Income (Expenses) | 4.06B | 6.04B | -7.69B | 4.07B | 5.82B | -588.69M |
| EBT Excluding Unusual Items | 10.47B | 19.44B | -14.23B | 16.51B | 27.61B | 7.48B |
| Gain (Loss) on Sale of Assets | -74.00M | -386.40M | -163.03M | -331.29M | -509.00K | 413.05M |
| Asset Writedown | 2.75B | 1.52B | 1.43B | 1.99B | 1.20B | 763.09M |
| Legal Settlements | -107.65M | -153.99M | -148.95M | -167.56M | -157.57M | 441.88M |
| Other Unusual Items | -129.84M | -260.29M | ||||
| Pretax Income | 12.33B | 20.41B | -13.11B | 18.00B | 28.66B | 8.83B |
| Income Tax Expense | 4.13B | 6.97B | -6.07B | 3.89B | 5.26B | 197.43M |
| Earnings From Continuing Operations | 8.20B | 13.44B | -7.04B | 14.11B | 23.39B | 8.64B |
| Minority Interest in Earnings | -28.31M | -29.50M | -29.49M | -21.53M | -13.27M | -9.15M |
| Net Income | 8.17B | 13.41B | -7.07B | 14.08B | 23.38B | 8.63B |
| Net Income to Common | 8.17B | 13.41B | -7.07B | 14.08B | 23.38B | 8.63B |
| Shares Outstanding (Basic) | 1.24B | 1.24B | 1.26B | 1.30B | 1.33B | 1.35B |
| Shares Outstanding (Diluted) | 1.24B | 1.24B | 1.26B | 1.30B | 1.33B | 1.35B |
| EPS (Basic) | 6.61 | 10.84 | -5.59 | 10.86 | 17.58 | 6.39 |
| EPS (Diluted) | 6.60 | 10.82 | -5.59 | 10.85 | 17.57 | 6.39 |
| Free Cash Flow | 5.00B | 5.66B | 4.23B | -136.66M | 6.89B | 11.68B |
| Free Cash Flow Per Share | 4.03 | 4.57 | 3.35 | -0.10 | 5.18 | 8.65 |
| Dividend Per Share | 1.12 | 1.12 | 2.02 | 1.16 | 1.33 | |
| Gross Margin | 29.06% | 32.38% | 42.20% | 36.92% | 50.19% | 49.68% |
| Operating Margin | 17.44% | 20.12% | 30.77% | 27.03% | 41.94% | 40.30% |
| Profit Margin | 17.08% | 26.75% | -14.92% | 35.43% | 46.92% | 21.06% |
| Free Cash Flow Margin | 10.45% | 11.29% | 8.93% | -0.34% | 13.83% | 28.51% |
| EBITDA | 19.85B | 21.00B | 23.46B | 17.74B | 28.10B | 23.39B |
| EBITDA Margin | 41.51% | 41.89% | 49.49% | 44.63% | 56.40% | 57.09% |
| D&A For EBITDA | 11.52B | 10.91B | 8.87B | 7.00B | 7.21B | 6.88B |
| EBIT | 8.34B | 10.08B | 14.59B | 10.74B | 20.90B | 16.51B |
| EBIT Margin | 17.44% | 20.12% | 30.77% | 27.03% | 41.94% | 40.30% |
| Effective Tax Rate | 33.50% | 34.16% | 21.62% | 18.36% | 2.23% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 16.65B | 15.18B | 9.02B | 8.35B | 9.51B | 13.59B |
| Short-Term Investments | 9.62B | 9.93B | 12.97B | 12.82B | 7.55B | 7.51B |
| Cash & Short-Term Investments | 26.27B | 25.11B | 21.99B | 21.17B | 17.05B | 21.10B |
| Accounts Receivable | 6.21B | 6.56B | 9.13B | 6.85B | 9.61B | 6.53B |
| Other Receivables | 1.72B | 1.55B | 1.11B | 888.54M | 556.91M | 367.33M |
| Receivables | 7.93B | 8.11B | 10.24B | 7.74B | 10.16B | 6.90B |
| Inventory | 8.66B | 8.16B | 7.96B | 5.95B | 5.73B | 4.64B |
| Other Current Assets | 4.00B | 2.49B | 1.99B | 3.72B | 4.18B | 1.47B |
| Total Current Assets | 46.86B | 43.87B | 42.18B | 38.57B | 37.12B | 34.10B |
| Property, Plant & Equipment | 96.54B | 95.73B | 92.45B | 82.76B | 70.40B | 55.21B |
| Long-Term Investments | 1.10B | 1.17B | 1.59B | 379.13M | 379.12M | 292.32M |
| Goodwill | 8.22B | 8.22B | 8.41B | 8.42B | 8.25B | 8.25B |
| Other Intangible Assets | 4.35B | 4.78B | 5.72B | 6.56B | 7.18B | 8.02B |
| Long-Term Deferred Tax Assets | 122.71M | 1.50B | 7.98B | 545.21M | 3.99B | 8.73B |
| Other Long-Term Assets | 13.86B | 12.67B | 7.60B | 6.36B | 5.89B | 4.37B |
| Total Assets | 171.05B | 167.94B | 165.94B | 143.59B | 133.20B | 118.98B |
| Accounts Payable | 5.59B | 5.14B | 6.03B | 5.57B | 6.21B | 3.29B |
| Accrued Expenses | 1.04B | 1.37B | 1.48B | 766.90M | 674.52M | 590.53M |
| Short-Term Debt | 7.90M | 5.98M | 782.00K | |||
| Current Portion of Long-Term Debt | 4.33B | 3.00B | 10.50B | 4.75B | 3.33B | 3.65B |
| Current Portion of Leases | 876.53M | 857.81M | 872.23M | 753.40M | 672.17M | 623.28M |
| Current Income Taxes Payable | 70.18M | 218.24M | 118.36M | 443.45M | 449.12M | 339.55M |
| Current Unearned Revenue | 120.27M | 132.41M | 145.20M | 172.44M | 131.35M | 103.66M |
| Other Current Liabilities | 1.86B | 3.05B | 5.33B | 2.33B | 3.02B | 2.95B |
| Total Current Liabilities | 13.87B | 13.77B | 24.48B | 14.80B | 14.49B | 11.55B |
| Long-Term Debt | 88.38B | 91.80B | 90.93B | 72.41B | 71.24B | 75.97B |
| Long-Term Leases | 5.83B | 6.07B | 6.10B | 5.49B | 5.51B | 5.27B |
| Pension & Post-Retirement Benefits | 753.38M | 741.14M | 721.56M | 833.68M | 691.42M | 675.16M |
| Long-Term Deferred Tax Liabilities | 1.64B | 12.60M | 11.38M | 1.12M | ||
| Other Long-Term Liabilities | 10.72B | 11.60B | 11.27B | 5.24B | 8.10B | 10.33B |
| Total Liabilities | 121.19B | 123.98B | 133.52B | 98.78B | 100.03B | 103.80B |
| Common Stock | 24.28B | 24.24B | 19.24B | 9.27B | 9.27B | 9.27B |
| Retained Earnings | 26.23B | 20.12B | 12.98B | 35.38B | 24.21B | 3.93B |
| Treasury Stock | -1.63B | -1.51B | -1.34B | -1.48B | -2.12B | -218.26M |
| Comprehensive Income & Other | 806.67M | 969.41M | 1.41B | 1.53B | 1.70B | 2.10B |
| Total Common Equity | 49.70B | 43.81B | 32.28B | 44.69B | 33.06B | 15.08B |
| Minority Interest | 153.62M | 140.13M | 131.31M | 117.53M | 105.33M | 99.66M |
| Shareholders' Equity | 49.85B | 43.95B | 32.42B | 44.81B | 33.17B | 15.18B |
| Total Liabilities & Equity | 171.05B | 167.94B | 165.94B | 143.59B | 133.20B | 118.98B |
| Total Debt | 99.41B | 101.73B | 108.41B | 83.42B | 80.76B | 85.52B |
| Net Cash (Debt) | -73.14B | -76.62B | -86.42B | -62.25B | -63.70B | -64.42B |
| Net Cash Per Share | -59.05 | -61.80 | -68.33 | -47.97 | -47.88 | -47.74 |
| Filing Date Shares Outstanding | 1.23B | 1.24B | 1.24B | 1.29B | 1.31B | 1.35B |
| Total Common Shares Outstanding | 1.23B | 1.24B | 1.24B | 1.29B | 1.31B | 1.35B |
| Working Capital | 32.99B | 30.09B | 17.71B | 23.77B | 22.63B | 22.55B |
| Book Value Per Share | 40.30 | 35.45 | 26.05 | 34.66 | 25.25 | 11.17 |
| Tangible Book Value | 37.13B | 30.81B | 18.16B | 29.71B | 17.63B | -1.19B |
| Tangible Book Value Per Share | 30.11 | 24.93 | 14.65 | 23.05 | 13.47 | -0.88 |
| Land | 16.67B | 16.72B | 16.78B | 14.86B | 14.49B | 9.79B |
| Buildings | 14.71B | 14.59B | 13.82B | 10.03B | 9.64B | 9.42B |
| Machinery | 68.16B | 66.35B | 62.82B | 48.46B | 45.16B | 43.95B |
| Construction In Progress | 1.88B | 2.76B | 3.51B | 17.49B | 10.37B | 1.60B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.20B | 13.44B | -7.04B | 14.11B | 23.38B | 8.63B |
| Depreciation & Amortization | 11.90B | 11.30B | 9.22B | 7.32B | 7.44B | 7.08B |
| Other Amortization | 138.34M | 101.93M | 80.10M | 67.35M | 69.88M | 107.24M |
| Loss (Gain) From Sale of Assets | 162.87M | 475.27M | 163.03M | 331.29M | 509.00K | -412.61M |
| Asset Writedown & Restructuring Costs | -2.75B | -1.52B | -1.43B | -1.99B | -1.20B | -763.09M |
| Loss (Gain) on Equity Investments | 245.73M | 409.21M | 13.85M | 19.38M | -284.37M | -51.91M |
| Provision & Write-off of Bad Debts | 45.34M | 119.42M | 2.58M | 35.20M | 1.65M | -637.00K |
| Other Operating Activities | -2.62B | -7.47B | 18.56B | -4.93B | -5.09B | 5.44B |
| Change in Accounts Receivable | 906.03M | 1.59B | -808.78M | 2.16B | -3.27B | -3.39B |
| Change in Inventory | -176.31M | -216.36M | -863.65M | -48.67M | -968.00M | -654.76M |
| Change in Accounts Payable | 402.69M | 6.63M | 2.16B | 463.00M | 1.53B | 1.36B |
| Change in Income Taxes | -373.81M | -29.20M | 200.76M | -337.12M | 41.18M | 457.71M |
| Change in Other Net Operating Assets | 581.19M | -50.70M | 343.30M | 124.36M | -20.65M | -166.94M |
| Operating Cash Flow | 16.66B | 18.15B | 20.60B | 17.32B | 21.64B | 17.64B |
| Capital Expenditures | -11.67B | -12.49B | -16.37B | -17.45B | -14.75B | -5.96B |
| Sale of Property, Plant & Equipment | 294.98M | 122.73M | 167.98M | 183.58M | 251.18M | 1.41B |
| Cash Acquisitions | -2.58B | -2.67B | -2.08B | -6.52M | ||
| Sale (Purchase) of Intangibles | -131.80M | -82.49M | -162.04M | -104.93M | -90.50M | -285.28M |
| Investment in Securities | -1.35B | 2.91B | -1.28B | -5.34B | 406.00K | -5.27B |
| Other Investing Activities | -604.80M | -291.20M | -294.95M | -646.12M | -348.76M | -251.22M |
| Investing Cash Flow | -13.46B | -9.83B | -20.51B | -26.04B | -17.02B | -10.36B |
| Long-Term Debt Issued | 23.87B | 15.69B | 10.94B | 1.34B | 16.99B | |
| Long-Term Debt Repaid | -23.80B | -10.74B | -5.51B | -3.56B | -16.48B | |
| Lease Payments | -1.44B | -1.45B | -1.33B | -1.22B | -1.04B | -1.01B |
| Net Debt Issued (Repaid) | 1.98B | 70.46M | 4.96B | 5.43B | -2.23B | 510.40M |
| Repurchase of Common Stock | -133.54M | -191.92M | -2.81B | -880.91M | -1.90B | |
| Common Dividends Paid | -1.39B | -2.21B | -1.62B | -192.53M | -4.15B | -9.68M |
| Other Financing Activities | 996.91M | 509.99M | -609.05M | 3.44B | 174.34M | -2.07B |
| Financing Cash Flow | 1.46B | -1.82B | -83.77M | 7.80B | -8.11B | -1.57B |
| Foreign Exchange Rate Adjustments | -303.78M | -338.89M | 665.03M | -239.12M | -602.48M | 1.05B |
| Net Cash Flow | 4.36B | 6.16B | 672.95M | -1.16B | -4.08B | 6.76B |
| Free Cash Flow | 5.00B | 5.66B | 4.23B | -136.66M | 6.89B | 11.68B |
| Free Cash Flow Margin | 10.45% | 11.29% | 8.93% | -0.34% | 13.83% | 28.51% |
| Free Cash Flow Per Share | 4.03 | 4.57 | 3.35 | -0.10 | 5.18 | 8.65 |
| Levered Free Cash Flow | 177.60M | -535.92M | -201.08M | -4.58B | -718.81M | 6.63B |
| Unlevered Free Cash Flow | 4.03B | 3.27B | 2.83B | -2.05B | 1.81B | 8.93B |
| Free Cash Flow After Leases | 3.55B | 4.21B | 2.91B | -1.36B | 5.85B | 10.67B |
| Cash Interest Paid | 5.56B | 5.82B | 5.24B | 4.73B | 4.02B | 2.95B |
| Cash Income Tax Paid | 234.28M | 289.55M | 366.34M | 308.00M | 306.45M | 106.18M |
| Change in Working Capital | 1.34B | 1.30B | 1.04B | 2.36B | -2.68B | -2.39B |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.37B | 11.54B | 12.38B | 14.78B | 11.95B | 14.56B |
| Enterprise Value | 24.87B | 25.41B | 24.89B | 28.09B | 24.16B | 26.08B |
| Last Close Price | 9.24 | 9.34 | 9.91 | 10.85 | 8.67 | 9.59 |
| PE Ratio | 7.61 | 4.74 | 5.09 | 2.70 | 9.40 | |
| PS Ratio | 1.23 | 1.27 | 1.61 | 1.80 | 1.27 | 1.98 |
| PB Ratio | 1.18 | 1.45 | 2.36 | 1.60 | 1.90 | 5.34 |
| P/TBV Ratio | 1.59 | 2.06 | 4.22 | 2.41 | 3.58 | |
| P/FCF Ratio | 12.39 | 11.23 | 18.09 | 9.16 | 6.94 | |
| P/OCF Ratio | 3.72 | 3.50 | 3.72 | 4.14 | 2.92 | 4.60 |
| EV/Sales Ratio | 2.70 | 2.79 | 3.25 | 3.43 | 2.56 | 3.55 |
| EV/EBITDA Ratio | 6.49 | 6.67 | 6.56 | 7.68 | 4.54 | 6.21 |
| EV/EBIT Ratio | 15.46 | 13.88 | 10.55 | 12.69 | 6.11 | 8.80 |
| EV/FCF Ratio | 27.08 | 24.73 | 36.36 | 18.53 | 12.44 | |
| Debt / Equity Ratio | 1.99 | 2.31 | 3.34 | 1.86 | 2.44 | 5.64 |
| Debt / EBITDA Ratio | 4.91 | 4.76 | 4.55 | 4.62 | 2.85 | 3.62 |
| Debt / FCF Ratio | 19.89 | 17.97 | 25.61 | 11.72 | 7.32 | |
| Net Debt / Equity Ratio | 1.47 | 1.74 | 2.67 | 1.39 | 1.92 | 4.25 |
| Net Debt / EBITDA Ratio | 3.68 | 3.65 | 3.68 | 3.51 | 2.27 | 2.75 |
| Net Debt / FCF Ratio | 14.64 | 13.54 | 20.41 | -455.50 | 9.24 | 5.52 |
| Asset Turnover | 0.29 | 0.30 | 0.31 | 0.29 | 0.40 | 0.37 |
| Inventory Turnover | 3.93 | 4.21 | 3.94 | 4.30 | 4.79 | 4.77 |
| Quick Ratio | 2.47 | 2.41 | 1.32 | 1.95 | 1.88 | 2.42 |
| Current Ratio | 3.38 | 3.19 | 1.72 | 2.61 | 2.56 | 2.95 |
| Return on Equity (ROE) | 17.61% | 35.19% | -18.24% | 36.18% | 96.79% | 76.72% |
| Return on Assets (ROA) | 3.15% | 3.77% | 5.89% | 4.85% | 10.36% | 9.35% |
| Return on Invested Capital (ROIC) | 4.50% | 5.54% | 12.91% | 8.26% | 19.34% | 20.70% |
| Return on Capital Employed (ROCE) | 5.30% | 6.50% | 10.30% | 8.30% | 17.60% | 15.40% |
| Earnings Yield | 13.15% | 21.09% | -9.24% | 19.64% | 37.02% | 10.64% |
| FCF Yield | 8.07% | 8.90% | 5.53% | -0.19% | 10.91% | 14.40% |
| Dividend Yield | 2.09% | 2.18% | 3.26% | 2.09% | 2.22% | |
| Payout Ratio | 15.75% | 16.47% | 1.37% | 17.75% | 0.11% | |
| Buyback Yield / Dilution | 0.35% | 1.98% | 2.53% | 2.47% | 1.41% | -0.02% |
| Total Shareholder Return | 2.44% | 4.16% | 5.80% | 4.56% | 1.41% | 2.20% |