Deep Value: cash covers more than 100% of the stock price

This company holds roughly $4.7B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Cosan S.A.

CSAN

Oil & Gas Refining & Marketing · Energy

Price

$2.88

-0.09 (-3.03%)

Market Cap

$2.82B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−32.1% over 4y

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

Diluted shares outstanding: 1.84B (2021) → 1.25B (2025)

Cosan S.A. is a large Brazilian conglomerate with businesses spread across energy, logistics, and agriculture. Its most important assets include a major stake in Raízen, one of the world's largest sugarcane ethanol producers and a fuel distribution network in Brazil, as well as Comgás, a natural gas distributor serving millions of customers in São Paulo state. Cosan also holds a significant stake in Vale, one of the world's biggest iron ore miners.

Cosan makes money through fuel and energy distribution, natural gas sales, logistics services, and returns from its investments in other large companies. It operates almost entirely in Brazil, making it heavily tied to the Brazilian economy and currency. With a market cap around $3.2 billion, the company carries substantial debt from its complex holding structure, which is one of its biggest risks. Growth depends largely on Brazil's energy transition toward biofuels and the performance of its major investees, particularly Raízen and Vale.

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

-6.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+16.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

49.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$24.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$24.0B cash & investments at current burn rate

Revenue declining

Cosan S.A.'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

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

34.1%

Modest — 34.1% gross margin

Operating Margin

26.4%

Excellent — 26.4% operating margin

ROCE

3.8%

Weak — 3.8% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

-9.1%

Shrinking sales (-9.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

9.3%

Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

16.74

Heavy debt load (16.74)

Interest Cover

1.37x

Dangerous — barely covers interest (1.4x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial