Cosan S.A.

CSAN3.SA

Oil & Gas Refining & Marketing · Energy

Price

R$3.64

+0.27 (+8.01%)

Market Cap

R$14.26B

Exchange

B3 S.A.

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+35.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.84B (2021) → 2.50B (2025)

Winston Score History

The full picture

Cosan is a large Brazilian conglomerate with businesses spanning energy, logistics, natural gas, and lubricants. Its key subsidiaries include Raízen (a joint venture with Shell that produces sugar, ethanol, and distributes fuel), Compass (natural gas distribution through Comgás), Moove (lubricants), and Rumo (Latin America's largest rail logistics operator). It is one of Brazil's most diversified infrastructure and energy groups.

Cosan makes money through fuel distribution, sugar and ethanol sales, rail freight fees, gas utility charges, and lubricant sales. It operates almost entirely in Brazil and Latin America, with Moove providing some international reach. The company's diversified portfolio and control of critical infrastructure assets like railways and gas pipelines give it a strong competitive position. Key growth drivers include expanding renewable fuel demand and logistics capacity, but the company carries significant debt from acquisitions, and its complex holding structure and exposure to Brazilian interest rates remain notable risks.

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

+2.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+84.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

47.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R$41.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Cosan S.A. is growing revenue at 3% 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

37.4%

Modest — 37.4% gross margin

Profit after running costs

Operating Margin

26.7%

Excellent — 26.7% operating margin

Return on the money invested

ROCE

16.9%

Strong — 16.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

-8.0%

Shrinking sales (-8.0% 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

-6.7%

Burning cash (-6.7%)

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

11.12

Heavy debt load (11.12)

Covers its interest

Interest Cover

2.20x

Tight — interest eats into profit (2.2x)

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

12.40%

Healthy income — 12.40% yield

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

Dividend record

Dividend Growth

-91.6%

Dividend cut (-91.6% YoY) — warning sign

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