Nexa Resources S.A.
NEXA NYSE Metal Mining Financials FY2016–FY2025
Last close · Oct 23, 2026
$11.48
2.9%
Revenue
Total sales reported in the income statement.
$3.0B
8.5%
vs prior year
Operating margin
Operating income as a share of revenue.
16.6%
6.6 pts
Net income
Profit after all expenses, interest and tax.
$133M
Free cash flow
Cash from operations minus capital spending.
$13.1M
85.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
22.7%
11.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
11.5x
On $1.00 EPS (TTM)
What Nexa Resources S.A. does
No business description yet.
- Legal name
- Nexa Resources S.A.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 26, 2026
- Accession · CIK
- 0001292814-26-001787
0001713930
Revenue and margins
Nexa Resources S.A. had $3.0B of revenue in fiscal 2025, up 8.5% on the year before.
FY16
Revenue $2.0B
FY17
Revenue $2.4B
FY18
Revenue $2.5B
FY19
Revenue $2.3B
FY20
Revenue $2.0B
FY21
Revenue $2.6B
FY22
Revenue $3.0B
FY23
Revenue $2.6B
FY24
Revenue $2.8B
FY25
Revenue $3.0B
FY16
Gross 23.4%
Operating 6.6%
Net 4.7%
FCF 20.6%
FY17
Gross 28.4%
Operating 16.4%
Net 5.2%
FCF 7.4%
FY18
Gross 24.1%
Operating 13.4%
Net 3.1%
FCF 1.9%
FY19
Gross 16.5%
Operating −4.8%
Net −6.2%
FCF −11.7%
FY20
Gross 19.2%
Operating −20.4%
Net −28.7%
FCF −1.6%
FY21
Gross 24.1%
Operating 17.0%
Net 4.4%
FCF 0.3%
FY22
Gross 21.1%
Operating 11.9%
Net 1.6%
FCF −3.7%
FY23
Gross 11.6%
Operating −5.9%
Net −11.3%
FCF −2.1%
FY24
Gross 19.4%
Operating 10.0%
Net −7.4%
FCF 3.3%
FY25
Gross 23.7%
Operating 16.6%
Net 4.4%
FCF 0.4%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −1.5% a year. Loss periods are shown in red.
FY16
Net income $93.2M
FY17
Net income $127M
FY18
Net income $77.0M
FY19
Net income −$145M
FY20
Net income −$559M
FY21
Net income $114M
FY22
Net income $49.7M
FY23
Net income −$292M
FY24
Net income −$205M
FY25
Net income $133M
FY16
Diluted EPS $1.15
FY17
Diluted EPS $1.09
FY18
Diluted EPS $0.58
FY19
Diluted EPS −$1.09
FY20
Diluted EPS −$4.22
FY21
Diluted EPS $0.86
FY22
Diluted EPS $0.38
FY23
Diluted EPS −$2.20
FY24
Diluted EPS −$1.55
FY25
Diluted EPS $1.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 2.7%
Return on equity 3.3%
Return on assets 1.5%
FY17
Return on capital 9.0%
Return on equity 4.8%
Return on assets 2.1%
FY18
Return on capital 8.2%
Return on equity 3.1%
Return on assets 1.3%
FY19
Return on capital −3.0%
Return on equity −6.3%
Return on assets −2.6%
FY20
Return on capital −13.6%
Return on equity −32.1%
Return on assets −10.6%
FY21
Return on capital 19.1%
Return on equity 8.3%
Return on assets 2.3%
FY22
Return on capital 13.8%
Return on equity 3.5%
Return on assets 1.0%
FY23
Return on capital −4.9%
Return on equity −22.1%
Return on assets −6.0%
FY24
Return on capital 11.2%
Return on equity −20.4%
Return on assets −4.3%
FY25
Return on capital 22.7%
Return on equity 14.6%
Return on assets 2.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $13.1M in fiscal 2025, 0.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $404M
FY17
Free cash flow $181M
FY18
Free cash flow $47.8M
FY19
Free cash flow −$274M
FY20
Free cash flow −$32.0M
FY21
Free cash flow $7.8M
FY22
Free cash flow −$114M
FY23
Free cash flow −$54.0M
FY24
Free cash flow $92.4M
FY25
Free cash flow $13.1M
FY16
Cash from operations $585M
Capital spending $181M
FY17
Cash from operations $379M
Capital spending $198M
FY18
Cash from operations $348M
Capital spending $300M
FY19
Cash from operations $123M
Capital spending $397M
FY20
Cash from operations $292M
Capital spending $324M
FY21
Cash from operations $493M
Capital spending $485M
FY22
Cash from operations $269M
Capital spending $382M
FY23
Cash from operations $256M
Capital spending $310M
FY24
Cash from operations $351M
Capital spending $259M
FY25
Cash from operations $365M
Capital spending $352M
Cash from operations
Capital spending
Dividends, buybacks and share count
Nexa Resources S.A. returned $34.3M to shareholders in fiscal 2025, 262% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $59.7M
Buybacks —
FY17
Dividends $61.5M
Buybacks —
FY18
Dividends $3.5M
Buybacks $1.4M
FY19
Dividends $113M
Buybacks $8.1M
FY20
Dividends $56.0M
Buybacks —
FY21
Dividends $52.3M
Buybacks —
FY22
Dividends $68.5M
Buybacks —
FY23
Dividends $23.7M
Buybacks —
FY24
Dividends $15.5M
Buybacks —
FY25
Dividends $34.3M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.08B
FY17
Diluted shares 0.12B
FY18
Diluted shares 0.13B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Nexa Resources S.A. can carry it.
FY16
Cash $916M
Debt $1.1B
FY17
Cash $1.0B
Debt $1.4B
FY18
Cash $1.0B
Debt $1.4B
FY19
Cash $699M
Debt $1.5B
FY20
Cash $1.1B
Debt $2.0B
FY21
Cash $744M
Debt $1.7B
FY22
Cash $498M
Debt $1.7B
FY23
Cash $457M
Debt $1.7B
FY24
Cash $621M
Debt $1.8B
FY25
Cash $516M
Debt $1.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $744M | $498M | $457M | $621M | $516M |
| Debt incl. finance leases | $1.7B | $1.7B | $1.7B | $1.8B | $1.7B |
| Net debt / EBITDA | 5.1x | 15.9x | — | — | — |
| Debt / equity | 1.2x | 1.2x | 1.4x | 2.2x | 1.7x |
| Interest coverage | 3.1x | 2.1x | −0.7x | 1.1x | 1.6x |
| Current ratio | 1.5x | 1.4x | 1.0x | 1.1x | 0.9x |
| Quick ratio | 1.1x | 0.9x | 0.7x | 0.8x | 0.6x |
| Total assets | $4.9B | $4.9B | $4.9B | $4.6B | $5.3B |
| Total liabilities | $3.3B | $3.2B | $3.5B | $3.6B | $4.0B |
| Shareholders' equity | $1.4B | $1.4B | $1.2B | $814M | $1.0B |
| Net debt (− = net cash) | $955M | $1.2B | $1.3B | $1.1B | $1.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 7 / 9 | 5 / 9 | 3 / 9 | 5 / 9 | 7 / 9 | 6 / 9 | 3 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −8.0% | −4.2% | −4.6% | −4.8% | −16.2% | −7.6% | −4.5% | −11.2% | −11.7% | −4.7% |
| Altman Z'' | 1.89 | 2.48 | 2.54 | — | — | — | — | — | — | — |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.0B | $2.4B | $2.5B | $2.3B | $2.0B | $2.6B | $3.0B | $2.6B | $2.8B | $3.0B |
| Gross profit | $461M | $697M | $599M | $385M | $375M | $633M | $640M | $299M | $538M | $713M |
| Operating income | $130M | $402M | $335M | −$111M | −$398M | $446M | $361M | −$153M | $276M | $498M |
| Interest expense | $70.4M | $106M | $119M | $117M | $160M | $142M | $170M | $213M | $246M | $306M |
| Pretax income | $209M | $271M | $132M | −$216M | −$677M | $309M | $228M | −$296M | −$71.9M | $332M |
| Income tax | $98.4M | $106M | $38.8M | $58.4M | $24.2M | −$153M | −$151M | $4.3M | −$116M | −$109M |
| Net income | $93.2M | $127M | $77.0M | −$145M | −$559M | $114M | $49.7M | −$292M | −$205M | $133M |
| Net income to common | $93.2M | $127M | $77.0M | −$145M | −$559M | $114M | $49.7M | −$292M | −$205M | $133M |
| Diluted EPS | $1.15 | $1.09 | $0.58 | −$1.09 | −$4.22 | $0.86 | $0.38 | −$2.20 | −$1.55 | $1.00 |
| Diluted shares | 0.08B | 0.12B | 0.13B | 0.00B | 0.00B | 0.13B | 0.13B | 0.13B | 0.13B | 0.13B |
| Cash flow | ||||||||||
| Cash from operations | $585M | $379M | $348M | $123M | $292M | $493M | $269M | $256M | $351M | $365M |
| Capital expenditure | $181M | $198M | $300M | $397M | $324M | $485M | $382M | $310M | $259M | $352M |
| Free cash flow | $404M | $181M | $47.8M | −$274M | −$32.0M | $7.8M | −$114M | −$54.0M | $92.4M | $13.1M |
| Depreciation and amortization | $275M | $270M | $267M | $318M | $244M | −$259M | −$287M | −$298M | — | — |
| Acquisitions | — | $81.6M | — | — | — | — | — | — | — | — |
| Share buybacks | — | — | $1.4M | $8.1M | — | — | — | — | — | — |
| Dividends paid | $59.7M | $61.5M | $3.5M | $113M | $56.0M | $52.3M | $68.5M | $23.7M | $15.5M | $34.3M |
| Dividends and buybacks | $59.7M | $61.5M | $4.8M | $121M | $56.0M | $52.3M | $68.5M | $23.7M | $15.5M | $34.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $916M | $1.0B | $1.0B | $699M | $1.1B | $744M | $498M | $457M | $621M | $516M |
| Total debt | $1.1B | $1.4B | $1.4B | $1.5B | $2.0B | $1.7B | $1.7B | $1.7B | $1.8B | $1.7B |
| Current assets | $1.6B | $1.8B | $1.7B | $1.4B | $1.7B | $1.5B | $1.2B | $1.1B | $1.2B | $1.3B |
| Current liabilities | $876M | $768M | $652M | $699M | $877M | $989M | $899M | $1.1B | $1.1B | $1.5B |
| Inventory | $292M | $325M | $270M | $295M | $257M | $373M | $395M | $340M | $325M | $414M |
| Property and equipment, net | $2.0B | $2.0B | $2.0B | $2.1B | $1.9B | $2.1B | $2.3B | $2.4B | $2.1B | $2.4B |
| Goodwill | — | — | — | — | — | — | $95.5M | — | — | — |
| Total assets | $6.2B | $6.0B | $5.7B | $5.5B | $5.1B | $4.9B | $4.9B | $4.9B | $4.6B | $5.3B |
| Total liabilities | $2.8B | $3.1B | $2.8B | $3.0B | $3.4B | $3.3B | $3.2B | $3.5B | $3.6B | $4.0B |
| Shareholders' equity | $2.8B | $2.5B | $2.5B | $2.1B | $1.4B | $1.4B | $1.4B | $1.2B | $814M | $1.0B |
| Margins | ||||||||||
| Gross margin | 23.4% | 28.4% | 24.1% | 16.5% | 19.2% | 24.1% | 21.1% | 11.6% | 19.4% | 23.7% |
| Operating margin | 6.6% | 16.4% | 13.4% | −4.8% | −20.4% | 17.0% | 11.9% | −5.9% | 10.0% | 16.6% |
| EBITDA margin | 20.6% | 27.4% | 24.2% | 8.9% | −7.9% | 7.2% | 2.4% | −17.5% | — | — |
| Net margin | 4.7% | 5.2% | 3.1% | −6.2% | −28.7% | 4.4% | 1.6% | −11.3% | −7.4% | 4.4% |
| FCF margin | 20.6% | 7.4% | 1.9% | −11.7% | −1.6% | 0.3% | −3.7% | −2.1% | 3.3% | 0.4% |
| Returns | ||||||||||
| Return on capital | 2.7% | 9.0% | 8.2% | −3.0% | −13.6% | 19.1% | 13.8% | −4.9% | 11.2% | 22.7% |
| Return on capital employed | 2.5% | 7.7% | 6.6% | −2.3% | −9.5% | 11.4% | 9.0% | −4.0% | 7.9% | 13.1% |
| Return on equity | 3.3% | 4.8% | 3.1% | −6.3% | −32.1% | 8.3% | 3.5% | −22.1% | −20.4% | 14.6% |
| Return on assets | 1.5% | 2.1% | 1.3% | −2.6% | −10.6% | 2.3% | 1.0% | −6.0% | −4.3% | 2.7% |
| Return on tangible equity | 3.3% | 5.1% | 3.1% | −6.9% | −40.6% | 8.2% | 3.7% | −24.4% | −25.2% | 13.2% |
| Growth | ||||||||||
| Revenue growth | — | 24.7% | 1.7% | −6.4% | −16.4% | 34.4% | 15.7% | −15.2% | 7.5% | 8.5% |
| Net income growth | — | 36.2% | −39.3% | −288.4% | — | — | −56.5% | −687.5% | — | — |
| EPS growth | — | −5.2% | −46.8% | −287.9% | — | — | −55.8% | −678.9% | — | — |
| FCF growth | — | −55.1% | −73.6% | −672.6% | — | — | −1,558.7% | — | — | −85.8% |
| Share count change | — | 44.4% | 14.4% | −99.9% | −0.2% | 99,929.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.6x | 0.6x | 0.7x | 3.9x | — | 5.1x | 15.9x | — | — | — |
| Debt / equity | 0.4x | 0.6x | 0.6x | 0.7x | 1.5x | 1.2x | 1.2x | 1.4x | 2.2x | 1.7x |
| Interest coverage | 1.8x | 3.8x | 2.8x | −0.9x | −2.5x | 3.1x | 2.1x | −0.7x | 1.1x | 1.6x |
| Current ratio | 1.8x | 2.4x | 2.6x | 2.0x | 2.0x | 1.5x | 1.4x | 1.0x | 1.1x | 0.9x |
| Quick ratio | 1.5x | 2.0x | 2.2x | 1.5x | 1.7x | 1.1x | 0.9x | 0.7x | 0.8x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 9.2% | 8.1% | 12.0% | 17.0% | 16.6% | 18.5% | 12.6% | 12.1% | 9.4% | 11.7% |
| Payouts / FCF | 14.8% | 33.9% | 10.1% | — | — | 672.7% | — | — | 16.8% | 261.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 5.0 | 3.0 | 5.0 | 7.0 | 6.0 | 3.0 | 7.0 | 7.0 |
| Altman Z'' | 1.9 | 2.5 | 2.5 | — | — | — | — | — | — | — |
| Accruals ratio | −8.0% | −4.2% | −4.6% | −4.8% | −16.2% | −7.6% | −4.5% | −11.2% | −11.7% | −4.7% |
Source: SEC EDGAR XBRL filings (CIK 0001713930). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.