SIDCompanhia Siderúrgica Nacional
Is the business good?
The checks split: nothing decisive, though profits without cash flow.
Reports an operating profit but operating cash flow is negative, a red flag. Conversion is worsening vs a year ago.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SID?
Companhia Siderúrgica Nacional keeps 11% of every revenue dollar as operating profit, against 5.3% for the median Steel name.
Operating margin · Steel median 5.3% · fiscal year to FY2025
- Cash conversion
- −0.26×
Cash conversion · 2.56× a year ago · the operating profit has not turned into cash yet
- Share count, year on year
- 0.00%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 28%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 19% |
| FY2021 | 43% |
| FY2022 | 17% |
| FY2023 | 11% |
| FY2024 | 9.8% |
| FY2025 | 11% |
Details›
- Gross marginfiscal year to FY2025
- 28%
- Operating marginfiscal year to FY2025
- 11%
- Net marginfiscal year to FY2025
- −4.5%
- Free cash flow margin
- −15%
- Revenue, trailing twelve months
- $44.8B
- Free cash flow, trailing twelve months
- −$6.91B
- Net income, trailing twelve months
- −$2.00B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.