SID NYSE Steel Works, Blast Furnaces & Rolling & Finishing Mills Financials FY2016βFY2025
National Steel Co had $8.0B of revenue in fiscal 2025, down 1.2% on the year before. Over five years, revenue changed +6.6% a year on average.
Last close Β· Oct 23, 2026
$1.18
13.5%Hi! I read National Steel Coβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β1.2%
No. Sales fell 1.2% last year.
Does it make a profit?
β4.5%
No. It lost money last year.
Does profit turn into cash?
β15.4%
No. It spent more cash than it brought in.
Is debt under control?
4.5x
Heavy. Repaying its debt would take 4.5 years of operating profit.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days National Steel Co did it, and the next one. Share prices often move a lot on those days.
Next results
November 11, 2026
Wednesday Β· in 17 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 30, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Apr 30, 2025 | Period ended Dec 31, 2024 | After the market closes | 20-F β |
| May 1, 2024 | Period ended Dec 31, 2023 | Time not announced | 20-F β |
| Apr 28, 2023 | Period ended Dec 31, 2022 | Time not announced | 20-F β |
| May 18, 2022 | Period ended Dec 31, 2021 | Time not announced | 20-F β |
| Apr 13, 2021 | Period ended Dec 31, 2020 | Time not announced | 20-F β |
| Apr 3, 2020 | Period ended Dec 31, 2019 | Time not announced | 20-F β |
| Apr 5, 2019 | Period ended Dec 31, 2018 | Time not announced | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· National Steel Co had $8.0B of revenue in fiscal 2025, down 1.2% on the year before. Over five years, revenue changed +6.6% a year on average. Its operating margin was 10.8%, up 1.0Β pts: of every 100 in sales, about 11 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· National Steel Co lost $358M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$1.2B in fiscal 2025, β15.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA Β· National Steel Co returned $124M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· National Steel Co owes $7.2B more than it holds in cash, about 4.5 years of operating profit.
Cash, debt and the ratios that show how comfortably National Steel Co can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| 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 | β | β | β | β |
| Quick ratio | 1.0x | β | β | β | β |
| 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 (β = net cash) | $2.9B | $5.6B | $6.1B | $5.5B | $7.2B |
KIRA Β· Its return on capital was 7.2%: every 100 invested in the business earned about 7 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· National Steel Co passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 8 / 9 | 5 / 9 | 5 / 9 | 7 / 9 | 8 / 9 | 4 / 8 | 3 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | β2.6% | β1.3% | 6.1% | β6.3% | β9.0% | β3.6% | β0.6% | β8.7% | β11.7% | β1.0% |
| Altman Z'' | 1.38 | 0.74 | 1.57 | 26.33 | 32.01 | 3.43 | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$165M | $163M | $1.5B | $358M | $954M | $3.4B | $799M | $207M | β$286M | β$300M |
| Income tax | $76.4M | $128M | $68.5M | β$211M | $121M | $927M | $379M | β | β | β |
| Net income | β$268M | $3.2M | $1.4B | $454M | $736M | $2.3B | $301M | β$63.7M | β$481M | β$358M |
| Net income to common | β$268M | $3.2M | $1.4B | $454M | $736M | $2.3B | $301M | β$63.7M | β$481M | β$358M |
| Diluted EPS | β$0.20 | $0.00 | $1.01 | $0.33 | $0.53 | $1.65 | $0.23 | β$0.05 | β$0.36 | β$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 | β$174M |
| Capital expenditure | $467M | $332M | $360M | $562M | $327M | $531M | $649M | $883M | $1.0B | $1.1B |
| Free cash flow | β$388M | β$153M | $244M | $673M | $1.5B | $2.2B | β$253M | $578M | $586M | β$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 | β | β | β | β |
| 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 | β | β | β | $2.2M | β | β | β |
| 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 | β5.5% | 0.1% | 22.1% | 7.0% | 12.6% | 25.6% | 3.5% | β0.7% | β5.9% | β4.5% |
| FCF margin | β7.9% | β2.6% | 3.9% | 10.4% | 26.3% | 24.9% | β3.0% | 6.3% | 7.2% | β15.4% |
| 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 | β14.1% | 0.2% | 63.6% | 19.0% | 33.1% | 81.8% | 8.2% | β1.7% | β17.2% | β16.5% |
| Return on assets | β2.0% | 0.0% | 10.7% | 3.7% | 5.9% | 17.2% | 2.0% | β0.4% | β2.7% | β2.0% |
| Return on tangible equity | β33.5% | 0.3% | 105.4% | 17.9% | 38.5% | 62.3% | 8.2% | β1.8% | β24.2% | β15.2% |
| Growth | ||||||||||
| Revenue growth | β | 18.1% | 8.2% | 2.6% | β9.6% | 52.4% | β3.3% | 6.0% | β10.9% | β1.2% |
| Net income growth | β | β | 43,008.6% | β67.3% | 62.2% | 208.9% | β86.8% | β121.2% | β | β |
| EPS growth | β | β | 42,004.2% | β67.5% | 62.2% | 209.7% | β86.3% | β121.2% | β | β |
| FCF growth | β | β | β | 176.3% | 127.3% | 44.5% | β111.5% | β | 1.4% | β311.0% |
| Share count change | β | 0.0% | 1.2% | 100,399.8% | 0.0% | β0.3% | β100.0% | 0.0% | β49.4% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 8.5x | β0.4x | 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 | β | β | β | β |
| Quick ratio | 1.5x | 0.7x | 0.6x | 0.6x | 1.3x | 1.0x | β | β | β | β |
| 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 | β | β | 56.3% | 72.3% | 3.9% | 27.6% | β | 138.0% | 80.3% | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 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 | β | β | β | β |
| Accruals ratio | β2.6% | β1.3% | 6.1% | β6.3% | β9.0% | β3.6% | β0.6% | β8.7% | β11.7% | β1.0% |
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 β not investment advice. Check the original filings before relying on any figure.
