National Steel Co
SID NYSE Steel Works, Blast Furnaces & Rolling & Finishing Mills Financials FY2016–FY2025
Last close · Oct 23, 2026
$1.18
13.5%
Revenue
Total sales reported in the income statement.
$8.0B
1.2%
vs prior year
Operating margin
Operating income as a share of revenue.
10.8%
1.0 pts
Net income
Profit after all expenses, interest and tax.
−$358M
Free cash flow
Cash from operations minus capital spending.
−$1.2B
311.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.2%
1.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$62.9M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.27 EPS (TTM)
What National Steel Co does
No business description yet.
- Legal name
- NATIONAL STEEL CO
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 30, 2026
- Accession · CIK
- 0001292814-26-002714
0001049659
Revenue and margins
National Steel Co had $8.0B of revenue in fiscal 2025, down 1.2% on the year before.
FY16
Revenue $4.9B
FY17
Revenue $5.8B
FY18
Revenue $6.3B
FY19
Revenue $6.4B
FY20
Revenue $5.8B
FY21
Revenue $8.9B
FY22
Revenue $8.6B
FY23
Revenue $9.1B
FY24
Revenue $8.1B
FY25
Revenue $8.0B
FY16
Gross 26.3%
Operating 11.3%
Net −5.5%
FCF −7.9%
FY17
Gross 26.6%
Operating 16.1%
Net 0.1%
FCF −2.6%
FY18
Gross 29.9%
Operating 30.2%
Net 22.1%
FCF 3.9%
FY19
Gross 32.1%
Operating 13.9%
Net 7.0%
FCF 10.4%
FY20
Gross 36.4%
Operating 19.0%
Net 12.6%
FCF 26.3%
FY21
Gross 46.1%
Operating 42.9%
Net 25.6%
FCF 24.9%
FY22
Gross 30.0%
Operating 17.2%
Net 3.5%
FCF −3.0%
FY23
Gross 26.3%
Operating 11.4%
Net −0.7%
FCF 6.3%
FY24
Gross 26.8%
Operating 9.8%
Net −5.9%
FCF 7.2%
FY25
Gross 27.7%
Operating 10.8%
Net −4.5%
FCF −15.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$268M
FY17
Net income $3.2M
FY18
Net income $1.4B
FY19
Net income $454M
FY20
Net income $736M
FY21
Net income $2.3B
FY22
Net income $301M
FY23
Net income −$63.7M
FY24
Net income −$481M
FY25
Net income −$358M
FY16
Diluted EPS −$0.20
FY17
Diluted EPS $0.00
FY18
Diluted EPS $1.01
FY19
Diluted EPS $0.33
FY20
Diluted EPS $0.53
FY21
Diluted EPS $1.65
FY22
Diluted EPS $0.23
FY23
Diluted EPS −$0.05
FY24
Diluted EPS −$0.36
FY25
Diluted EPS −$0.27
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 4.5%
Return on equity −14.1%
Return on assets −2.0%
FY17
Return on capital 39.1%
Return on equity 0.2%
Return on assets 0.0%
FY18
Return on capital 61.3%
Return on equity 63.6%
Return on assets 10.7%
FY19
Return on capital 17.3%
Return on equity 19.0%
Return on assets 3.7%
FY20
Return on capital 14.2%
Return on equity 33.1%
Return on assets 5.9%
FY21
Return on capital 42.6%
Return on equity 81.8%
Return on assets 17.2%
FY22
Return on capital 10.4%
Return on equity 8.2%
Return on assets 2.0%
FY23
Return on capital 8.5%
Return on equity −1.7%
Return on assets −0.4%
FY24
Return on capital 8.3%
Return on equity −17.2%
Return on assets −2.7%
FY25
Return on capital 7.2%
Return on equity −16.5%
Return on assets −2.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$1.2B in fiscal 2025, −15.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$388M
FY17
Free cash flow −$153M
FY18
Free cash flow $244M
FY19
Free cash flow $673M
FY20
Free cash flow $1.5B
FY21
Free cash flow $2.2B
FY22
Free cash flow −$253M
FY23
Free cash flow $578M
FY24
Free cash flow $586M
FY25
Free cash flow −$1.2B
FY16
Cash from operations $79.1M
Capital spending $467M
FY17
Cash from operations $179M
Capital spending $332M
FY18
Cash from operations $604M
Capital spending $360M
FY19
Cash from operations $1.2B
Capital spending $562M
FY20
Cash from operations $1.9B
Capital spending $327M
FY21
Cash from operations $2.7B
Capital spending $531M
FY22
Cash from operations $395M
Capital spending $649M
FY23
Cash from operations $1.5B
Capital spending $883M
FY24
Cash from operations $1.6B
Capital spending $1.0B
FY25
Cash from operations −$174M
Capital spending $1.1B
Cash from operations
Capital spending
Dividends, buybacks and share count
National Steel Co returned $124M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends $0.0M
Buybacks —
FY17
Dividends $0.0M
Buybacks —
FY18
Dividends $137M
Buybacks —
FY19
Dividends $487M
Buybacks —
FY20
Dividends $60.0M
Buybacks —
FY21
Dividends $610M
Buybacks —
FY22
Dividends $727M
Buybacks —
FY23
Dividends $797M
Buybacks —
FY24
Dividends $470M
Buybacks —
FY25
Dividends $124M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 1.36B
FY17
Diluted shares 1.36B
FY18
Diluted shares 1.37B
FY19
Diluted shares 1,380.11B
FY20
Diluted shares 1,380.11B
FY21
Diluted shares 1,376.36B
FY22
Diluted shares 0.11B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably National Steel Co can carry it.
FY16
Cash $1.5B
Debt $9.4B
FY17
Cash $1.0B
Debt $461M
FY18
Cash $579M
Debt $1.3B
FY19
Cash $271M
Debt $2.9B
FY20
Cash $1.9B
Debt $6.8B
FY21
Cash $3.0B
Debt $5.9B
FY22
Cash $2.3B
Debt $7.8B
FY23
Cash $3.3B
Debt $9.4B
FY24
Cash $3.8B
Debt $9.3B
FY25
Cash $2.6B
Debt $9.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.0B | $2.3B | $3.3B | $3.8B | $2.6B |
| Debt incl. finance leases | $5.9B | $7.8B | $9.4B | $9.3B | $9.8B |
| Net debt / EBITDA | 0.7x | 2.7x | 3.5x | 3.7x | 4.5x |
| Debt / equity | 1.6x | 2.1x | 2.6x | 4.7x | 4.2x |
| Interest coverage | 6.6x | 2.2x | 0.9x | 0.6x | 0.6x |
| Current ratio | 1.4x | — | — | — | — |
| Quick ratio | 1.0x | — | — | — | — |
| Total assets | $14.2B | $16.1B | $18.9B | $16.8B | $18.4B |
| Total liabilities | $10.6B | $12.5B | $15.3B | $14.8B | $16.0B |
| Shareholders' equity | $3.6B | $3.7B | $3.6B | $2.0B | $2.4B |
| Net debt (− = net cash) | $2.9B | $5.6B | $6.1B | $5.5B | $7.2B |
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 | 8 / 9 | 5 / 9 | 5 / 9 | 7 / 9 | 8 / 9 | 4 / 8 | 3 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | −2.6% | −1.3% | 6.1% | −6.3% | −9.0% | −3.6% | −0.6% | −8.7% | −11.7% | −1.0% |
| Altman Z'' | 1.38 | 0.74 | 1.57 | 26.33 | 32.01 | 3.43 | — | — | — | — |
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 | $4.9B | $5.8B | $6.3B | $6.4B | $5.8B | $8.9B | $8.6B | $9.1B | $8.1B | $8.0B |
| Gross profit | $1.3B | $1.5B | $1.9B | $2.1B | $2.1B | $4.1B | $2.6B | $2.4B | $2.2B | $2.2B |
| Operating income | $558M | $935M | $1.9B | $898M | $1.1B | $3.8B | $1.5B | $1.0B | $792M | $862M |
| Interest expense | $908M | $865M | $767M | $636M | $504M | $577M | $665M | $1.2B | $1.3B | $1.4B |
| Pretax income | −$165M | $163M | $1.5B | $358M | $954M | $3.4B | $799M | $207M | −$286M | −$300M |
| Income tax | $76.4M | $128M | $68.5M | −$211M | $121M | $927M | $379M | — | — | — |
| Net income | −$268M | $3.2M | $1.4B | $454M | $736M | $2.3B | $301M | −$63.7M | −$481M | −$358M |
| Net income to common | −$268M | $3.2M | $1.4B | $454M | $736M | $2.3B | $301M | −$63.7M | −$481M | −$358M |
| Diluted EPS | −$0.20 | $0.00 | $1.01 | $0.33 | $0.53 | $1.65 | $0.23 | −$0.05 | −$0.36 | −$0.27 |
| Diluted shares | 1.36B | 1.36B | 1.37B | 1,380.11B | 1,380.11B | 1,376.36B | 0.11B | 0.11B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $79.1M | $179M | $604M | $1.2B | $1.9B | $2.7B | $395M | $1.5B | $1.6B | −$174M |
| Capital expenditure | $467M | $332M | $360M | $562M | $327M | $531M | $649M | $883M | $1.0B | $1.1B |
| Free cash flow | −$388M | −$153M | $244M | $673M | $1.5B | $2.2B | −$253M | $578M | $586M | −$1.2B |
| Depreciation and amortization | $367M | $441M | $321M | $385M | $489M | $411M | $557M | $677M | $704M | $742M |
| Dividends paid | $0.0M | $0.0M | $137M | $487M | $60.0M | $610M | $727M | $797M | $470M | $124M |
| Dividends and buybacks | $0.0M | $0.0M | $137M | $487M | $60.0M | $610M | $727M | $797M | $470M | $124M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.5B | $1.0B | $579M | $271M | $1.9B | $3.0B | $2.3B | $3.3B | $3.8B | $2.6B |
| Total debt | $9.4B | $461M | $1.3B | $2.9B | $6.8B | $5.9B | $7.8B | $9.4B | $9.3B | $9.8B |
| Current assets | $3.8B | $3.6B | $3.1B | $3.2B | $4.5B | $6.3B | — | — | — | — |
| Current liabilities | $1.7B | $3.2B | $2.9B | $2.9B | $2.8B | $4.4B | $4.3B | $5.2B | $4.1B | $5.1B |
| Inventory | $1.2B | $1.3B | $1.3B | $1.3B | $928M | $2.0B | $2.1B | $2.0B | $1.7B | $1.9B |
| Property and equipment, net | $5.6B | $5.4B | $4.6B | $4.9B | $4.1B | $4.7B | $5.3B | $5.8B | $4.9B | $6.2B |
| Goodwill | $1.1B | $1.1B | $925M | — | — | — | $2.2M | — | — | — |
| Total assets | $13.6B | $13.6B | $12.2B | $12.7B | $12.1B | $14.2B | $16.1B | $18.9B | $16.8B | $18.4B |
| Total liabilities | $11.7B | $11.5B | $10.0B | $104M | $66.3M | $10.6B | $12.5B | $15.3B | $14.8B | $16.0B |
| Shareholders' equity | $1.9B | $2.1B | $2.2B | $2.5B | $1.9B | $3.6B | $3.7B | $3.6B | $2.0B | $2.4B |
| Margins | ||||||||||
| Gross margin | 26.3% | 26.6% | 29.9% | 32.1% | 36.4% | 46.1% | 30.0% | 26.3% | 26.8% | 27.7% |
| Operating margin | 11.3% | 16.1% | 30.2% | 13.9% | 19.0% | 42.9% | 17.2% | 11.4% | 9.8% | 10.8% |
| EBITDA margin | 18.8% | 23.7% | 35.4% | 19.9% | 27.4% | 47.5% | 23.7% | 18.9% | 18.5% | 20.0% |
| Net margin | −5.5% | 0.1% | 22.1% | 7.0% | 12.6% | 25.6% | 3.5% | −0.7% | −5.9% | −4.5% |
| FCF margin | −7.9% | −2.6% | 3.9% | 10.4% | 26.3% | 24.9% | −3.0% | 6.3% | 7.2% | −15.4% |
| Returns | ||||||||||
| Return on capital | 4.5% | 39.1% | 61.3% | 17.3% | 14.2% | 42.6% | 10.4% | 8.5% | 8.3% | 7.2% |
| Return on capital employed | 4.7% | 9.0% | 20.5% | 9.2% | 11.9% | 38.7% | 12.4% | 7.6% | 6.2% | 6.5% |
| Return on equity | −14.1% | 0.2% | 63.6% | 19.0% | 33.1% | 81.8% | 8.2% | −1.7% | −17.2% | −16.5% |
| Return on assets | −2.0% | 0.0% | 10.7% | 3.7% | 5.9% | 17.2% | 2.0% | −0.4% | −2.7% | −2.0% |
| Return on tangible equity | −33.5% | 0.3% | 105.4% | 17.9% | 38.5% | 62.3% | 8.2% | −1.8% | −24.2% | −15.2% |
| Growth | ||||||||||
| Revenue growth | — | 18.1% | 8.2% | 2.6% | −9.6% | 52.4% | −3.3% | 6.0% | −10.9% | −1.2% |
| Net income growth | — | — | 43,008.6% | −67.3% | 62.2% | 208.9% | −86.8% | −121.2% | — | — |
| EPS growth | — | — | 42,004.2% | −67.5% | 62.2% | 209.7% | −86.3% | −121.2% | — | — |
| FCF growth | — | — | — | 176.3% | 127.3% | 44.5% | −111.5% | — | 1.4% | −311.0% |
| Share count change | — | 0.0% | 1.2% | 100,399.8% | 0.0% | −0.3% | −100.0% | 0.0% | −49.4% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 8.5x | −0.4x | 0.3x | 2.1x | 3.1x | 0.7x | 2.7x | 3.5x | 3.7x | 4.5x |
| Debt / equity | 4.9x | 0.2x | 0.6x | 1.2x | 3.6x | 1.6x | 2.1x | 2.6x | 4.7x | 4.2x |
| Interest coverage | 0.6x | 1.1x | 2.5x | 1.4x | 2.2x | 6.6x | 2.2x | 0.9x | 0.6x | 0.6x |
| Current ratio | 2.3x | 1.1x | 1.1x | 1.1x | 1.6x | 1.4x | — | — | — | — |
| Quick ratio | 1.5x | 0.7x | 0.6x | 0.6x | 1.3x | 1.0x | — | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 9.5% | 5.7% | 5.7% | 8.7% | 5.6% | 6.0% | 7.6% | 9.7% | 12.6% | 13.3% |
| Payouts / FCF | — | — | 56.3% | 72.3% | 3.9% | 27.6% | — | 138.0% | 80.3% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 8.0 | 5.0 | 5.0 | 7.0 | 8.0 | 4.0 | 3.0 | 5.0 | 5.0 |
| Altman Z'' | 1.4 | 0.7 | 1.6 | 26.3 | 32.0 | 3.4 | — | — | — | — |
| Accruals ratio | −2.6% | −1.3% | 6.1% | −6.3% | −9.0% | −3.6% | −0.6% | −8.7% | −11.7% | −1.0% |
Source: SEC EDGAR XBRL filings (CIK 0001049659). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in BRL under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.