Companhia Siderúrgica Nacional

CSNA3.SA

Steel · Basic Materials

Price

R$6.23

+0.25 (+4.18%)

Market Cap

R$8.26B

Exchange

B3 S.A.

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Sep 3, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Exceptional

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Share count falling — buybacks

−3.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.38B (2021) → 1.33B (2025)

Winston Score History

The full picture

Companhia Siderúrgica Nacional (CSN) is a large Brazilian industrial company that makes steel, mines iron ore, and produces cement. Its steel goes into cars, appliances, construction, and packaging. Founded in 1941, CSN is one of Brazil's biggest steelmakers and also ranks among the country's top iron ore exporters.

CSN makes money by selling steel products, iron ore, and cement, plus it generates electricity and runs logistics operations including ports and railways. It operates mainly in Brazil but exports iron ore globally and has steel operations in Portugal and Germany. Its vertically integrated model — owning mines, energy, and transport — helps keep costs lower than many competitors. Key growth drivers include expanding its iron ore and cement businesses, but the company carries significant debt, and its results are sensitive to global commodity prices and the Brazilian economy.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-361.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

R$85M/ year

↑ Rising (+48% vs prior year)

0.2% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

52.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 years

R$26.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

R$26.6B cash & investments at current burn rate

Growth context

Companhia Siderúrgica Nacional is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

25.5%

Modest — 25.5% gross margin

Profit after running costs

Operating Margin

9.4%

Modest — 9.4% operating margin

Return on the money invested

ROCE

6.9%

Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+0.9%

Nearly flat sales (+0.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-13.8%

Burning cash (-13.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

4.41

Heavy debt load (4.41)

Covers its interest

Interest Cover

1.01x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

17.45%

Healthy income — 17.45% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+25.0%

Dividend growing fast (25.0% YoY)

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