SID (Companhia Siderurgica Nacional) Operating Income: $761 Mil (TTM As of Mar. 2026)


SID Companhia Siderurgica Nacional SID
63 GF Score
Price $0.95
GF Value $2.24
Valuation Possible Value Trap
! 7 Warning Signs
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What is Companhia Siderurgica Nacional Operating Income?

Companhia Siderurgica Nacional SID +3.52% 63 Operating Income is $761 Mil as of Mar. 2026. GuruFocus rates SID with a GF Score™ of 63/100 and a GF Value™ of $2.24 (Possible Value Trap). The stock has 7 warning signs investors should review.

Companhia Siderurgica Nacional's Operating Income for the three months ended in Mar. 2026 was $52 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $761 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Companhia Siderurgica Nacional's Operating Income for the three months ended in Mar. 2026 was $52 Mil. Companhia Siderurgica Nacional's Revenue for the three months ended in Mar. 2026 was $2,028 Mil. Therefore, Companhia Siderurgica Nacional's Operating Margin % for the quarter that ended in Mar. 2026 was 2.55%.

Warning Sign:

Companhia Siderurgica Nacional operating margin has been in a 5-year decline. The average rate of decline per year is -21.6%.

Companhia Siderurgica Nacional's 5-Year average Growth Rate for Operating Margin % was -21.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Companhia Siderurgica Nacional's annualized ROC % for the quarter that ended in Mar. 2026 was 0.71%. Companhia Siderurgica Nacional's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 3.25%.

Companhia Siderurgica Nacional  (NYSE:SID) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Companhia Siderurgica Nacional's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=206.952 * ( 1 - 45.18% )/( (15761.852 + 16117.45)/ 2 )
=113.4510864/15939.651
=0.71 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=18434.916 - 2259.509 - ( 2761.577 - max(0, 5145.884 - 5559.439+2761.577))
=15761.852

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=18955.242 - 2281.358 - ( 2570.488 - max(0, 5063.856 - 5620.29+2570.488))
=16117.45

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Companhia Siderurgica Nacional's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=206.952/( ( (6217.198 + max(-717.51, 0)) + (6526.886 + max(-665.191, 0)) )/ 2 )
=206.952/( ( 6217.198 + 6526.886 )/ 2 )
=206.952/6372.042
=3.25 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(439.363 + 1916.436 + 117.324) - (2259.509 + 808.217 + 122.907)
=-717.51

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(554.13 + 1944.733 + 123.76) - (2281.358 + 877.116 + 129.34)
=-665.191

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Companhia Siderurgica Nacional's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=51.738/2027.645
=2.55 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Companhia Siderurgica Nacional Operating Income Related Terms

Companhia Siderurgica Nacional Operating Income Historical Data

* Premium members only.

The historical data trend for Companhia Siderurgica Nacional's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Companhia Siderurgica Nacional Operating Income Chart

Companhia Siderurgica Nacional Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3,265.24 1,688.16 1,336.79 654.31 958.50

Companhia Siderurgica Nacional Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 140.53 195.04 292.14 222.20 51.74
SID
63GF Score
Companhia Siderurgica Nacional SID
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Companhia Siderurgica Nacional Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $761 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $761 Mil mean?
Companhia Siderurgica Nacional (SID) has a Operating Income of $761 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Companhia Siderurgica Nacional and its competitors.
Is Companhia Siderurgica Nacional's Operating Income too high?
Companhia Siderurgica Nacional's current Operating Income is $761 Mil. Overall, Companhia Siderurgica Nacional has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Companhia Siderurgica Nacional's Operating Income compare to NUE and STLD?
Companhia Siderurgica Nacional's Operating Income of $761 Mil can be compared against companies in the Steel industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Steel company?
A good Operating Income depends on the Steel industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Companhia Siderurgica Nacional and its competitors. Companhia Siderurgica Nacional's current Operating Income is $761 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Companhia Siderurgica Nacional stock overvalued right now?
Based on GuruFocus' analysis, Companhia Siderurgica Nacional (SID) is currently considered Possible Value Trap. The stock's GF Value™ is $2.24, compared to a current price of $0.95 — trading 57.4% below its estimated fair value. The current Operating Income is $761 Mil. Companhia Siderurgica Nacional's overall GF Score™ is 63/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Companhia Siderurgica Nacional (SID), the current Operating Income is $761 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Companhia Siderurgica Nacional (SID) Overvalued in 2026?

Based on GuruFocus' analysis, Companhia Siderurgica Nacional stock appears to be undervalued. The current stock price of $0.95 is trading 57.4% below its estimated GF Value™ of $2.24. GuruFocus considers Companhia Siderurgica Nacional to be Possible Value Trap.

Key valuation signals for SID:

  • Operating Income: $761 Mil
  • GF Value™: $2.24 vs. price of $0.95 (57.4% below fair value)
  • GF Score™: 63/100 with 7 warning signs

No single metric tells the full story. See the SID stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Companhia Siderurgica Nacional Business Description

Address Avenue Brigadeiro Faria Lima, 3400, 20th Floor, Itaim Bibi, Sao Paulo, SP, BRA, 04538-132
Companhia Siderurgica Nacional is an integrated steel producer. together with its subsidiaries operates in five main business segments: Steel industry: production and marketing of flat and long steels; Mining: extraction, processing and marketing of iron ore, tin, limestone and dolomite; Cement: production and commercialization of bagged and bulk cement, in addition to aggregates, concrete, and other related products; Energy: generation and sale of energy from almost all renewable sources; and Logistics: participations port concessions and fleets of road transport vehicles. The group generates the majority of its revenue from the Steel industry segment. Geographically, it derives a majority of revenue from Asia.
63GF Score

Get the complete analysis for SID

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.95
Price
$2.24
GF Value