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Brazilian steelmaker operating mini-mills across Brazil, the US, Canada and Latin America.
Brazilian steelmaker operating mini-mills across Brazil, the US, Canada and Latin America.
Melts scrap steel in electric furnaces, mostly into rebar, wire and structural shapes, so its raw material is recycled scrap whose price tracks the same cycle as its finished steel. North America and Brazil are its two largest markets. The Gerdau family controls the company through a holding company, Metalurgica Gerdau.
In one line: Brazil's version of a diversified mini-mill steelmaker like Nucor..
Moat: narrow (scale, distribution, installed base). Large, diversified mini-mill footprint across the Americas, though steel remains a cyclical, price-competitive commodity business.
Headquarters: Porto Alegre, Brazil · Founded: 1901 · Employees: 25,817
Size Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh (GGB) is a United States Materials company (Steel) with a market value of $8.41B, the 862nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.38 on 6 Nov 2026.
Performance Over six months the shares fell 9.7%, against -7.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +8.7%); the operating margin is 9.0% (peer median 6.8%).
Valuation It trades at 7.9× forward earnings against a peer median of 13.8× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points below its cost of capital (10.6% WACC).
Credit Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh has 2 bonds outstanding ($830M), rated BBB by the agencies and trading like BBB at a weighted spread of 115 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $13.5B | $12.5B | $12.4B | $13.8B | $16.0B |
| Revenue growth | — | +1% | -10% | -14% | — |
| Gross profit | $1.99B | $1.43B | $1.71B | $2.27B | $3.63B |
| EBITDA | $1.93B | $1.35B | $1.87B | $2.43B | $3.76B |
| Net income | $540M | $248M | $847M | $1.50B | $2.21B |
| Free cash flow | $713M | $188M | $651M | $1.05B | $1.36B |
| Capital expenditure | $958M | $1.23B | $1.10B | $1.07B | $868M |
| Total debt | $2.99B | $2.84B | $2.41B | $2.51B | $2.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% |
| Ternium S.A. Sponsored ADR TX | $9.65B | +5% | -1% | 8% | 6.7× | n/a |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| Commercial Metals CMC | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% |
| Steel Dynamics STLD | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% |
| Companhia Siderurgica Nacional Sponsored ADR SID | $984M | -38% | +9% | 10% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GGB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.0% | -4.6% | 4th lowest of 21 |
| 6-month return | -9.7% | -7.9% | 9th lowest of 21 |
| Distance from 52-week high | -20.1% | -24.8% | 8th highest of 21 |
| Revenue growth (TTM) | +10.2% | +8.7% | 10th highest of 21 |
| Operating margin | 9.0% | 6.8% | 8th highest of 21 |
| Forward P/E | 7.9× | 13.8× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 2.3% | 6.2% | 5th least demanding of 12 |
| Growth delivered (Del g) | +8.0% | +7.2% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -5.7 pp | -7.4 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | -2.9 pp | -2.2 pp | 10th lowest of 21 |
| EV / EBITDA | 5.3× | 8.1× | cheapest of 15 |
| Net debt / EBITDA | 0.9× | 1.6× | 8th least indebted of 17 |
| Bond spread | 115 bp | 199 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh has 2 bonds outstanding with $830M face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.96%, a spread of 115 bp over government bonds.