Companhia Siderúrgica Nacional

SID

Steel · Basic Materials

Price

$0.98

+0.09 (+9.64%)

Market Cap

$1.30B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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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, known as CSN, is a large Brazilian steel producer. It makes flat steel products like sheets and coils used by automakers, construction companies, and appliance manufacturers. CSN also owns iron ore mines, a port, and a railroad in Brazil, making it one of the more vertically integrated steel companies in Latin America.

CSN earns money by selling steel and iron ore, with iron ore exports to China representing a significant portion of its revenue. The company operates primarily in Brazil but sells iron ore globally. Its integrated structure — controlling raw materials, production, and logistics — gives it some cost advantages over rivals. However, CSN carries a heavy debt load, and its financial performance is closely tied to global steel and iron ore prices, which can swing sharply. Weakness in Chinese demand or falling commodity prices remains the key risk to its earnings.

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

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-376.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

R$83M/ year

↑ Rising (+45% vs prior year)

0.2% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 years

R$26.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

R$26.5B cash & investments at current burn rate

Growth context

Companhia Siderúrgica Nacional is growing revenue at 8% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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

7.2%

Weak — 7.2% 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

+1.4%

Nearly flat sales (+1.4% 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

-13.9%

Burning cash (-13.9%)

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

1.29x

Dangerous — barely covers interest (1.3x)

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

Not applicable for this business.

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