Companhia Siderúrgica Nacional

SID

Steel · Basic Materials

Price

$0.99

-0.01 (-0.89%)

Market Cap

$1.31B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−3.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.38B (2021) → 1.33B (2025)

Companhia Siderúrgica Nacional, known as CSN, is a large Brazilian steel producer. It makes flat steel products like sheets and coils used by automakers, construction companies, and appliance manufacturers. CSN also owns iron ore mines, a port, and a railroad in Brazil, making it one of the more vertically integrated steel companies in Latin America.

CSN earns money by selling steel and iron ore, with iron ore exports to China representing a significant portion of its revenue. The company operates primarily in Brazil but sells iron ore globally. Its integrated structure — controlling raw materials, production, and logistics — gives it some cost advantages over rivals. However, CSN carries a heavy debt load, and its financial performance is closely tied to global steel and iron ore prices, which can swing sharply. Weakness in Chinese demand or falling commodity prices remains the key risk to its earnings.

Winston Score History

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

-4.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+2.1% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$83M/ year

↑ Rising (+45% vs prior year)

0.2% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

~3 years

$24.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$24.6B cash & investments at current burn rate

Revenue declining

Companhia Siderúrgica Nacional's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

23.1%

Thin — 23.1% gross margin

Operating Margin

7.7%

Modest — 7.7% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.9%

Shrinking sales (-0.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-14.7%

Burning cash (-14.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

3.94

Heavy debt load (3.94)

Interest Cover

1.24x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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