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ValueScreener company report

Suzano S.A. (SUZ)

NYSE / Basic Materials / Paper, Lumber & Forest Products

Share price

8.35 USD Market dataClose of Oct 15, 2026

Market capitalisation

10.30B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 24, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

30.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

3.91x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

25.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 9.84B BRLFY2016 Net income: 1.68B BRLFY2017 Revenue: 10.58B BRLFY2017 Net income: 1.82B BRLFY2018 Revenue: 13.44B BRLFY2018 Net income: 319.7M BRLFY2019 Revenue: 26.01B BRLFY2019 Net income: -2.82B BRLFY2020 Revenue: 30.46B BRLFY2020 Net income: -10.72B BRLFY2021 Revenue: 40.97B BRLFY2021 Net income: 8.63B BRLFY2022 Revenue: 49.83B BRLFY2022 Net income: 23.38B BRLFY2023 Revenue: 39.76B BRLFY2023 Net income: 14.08B BRLFY2024 Revenue: 47.40B BRLFY2024 Net income: -7.07B BRLFY2025 Revenue: 50.12B BRLFY2025 Net income: 13.41B BRL
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 3.91x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Basic Materials sector (124 companies), 3.91x sits at the 3rd percentile; the middle half of that group runs from 15.03x to 34.97x.

Is it good

Return on equity was 30.6% in FY2025, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Basic Materials sector (247 companies), 30.6% sits at the 96th percentile; the middle half of that group runs from -20.2% to 11.8%.

Is it safe

Interest coverage was 1.55x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Suzano S.A.'s return on equity stayed above the median of the Basic Materials sector, year by year. (FY2024 to FY2025, 2 fiscal years of Suzano S.A. with a comparable figure)
The direction
Which way Suzano S.A.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Suzano S.A.)
What could explain it
What in Suzano S.A.'s filed statements could explain the movements. (4 readings drawn from the statement lines Suzano S.A. filed)
What to check next
What to check next on Suzano S.A., and where in its filings. (5 questions for Suzano S.A.)
In one paragraph
One paragraph on Suzano S.A.'s returns, cash, balance sheet and price. (13 of sixteen figures read for Suzano S.A.)

These are SUZ’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research SUZPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 24, 2026, accession 0000909327-26-000045.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Suzano S.A: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Return on equity30.6% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Return on capital employed, pre-tax6.9% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Return on assets8.0% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Gross margin32.4% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Operating margin21.3% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Net margin26.8% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
SUZ 26.8%
HL 22.6%CF 25.4%CDE 28.3%PAAS 27.1%SQM 15.1%
15.1%28.3%
Net margin: SUZ against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Suzano S.A: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.32 ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Current ratio3.19 ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Quick ratio2.59 ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Interest coverage1.55x ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Net debt86.55B ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Total assets 167.94BTotal liabilities 123.98BShareholders' equity 43.81BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Suzano S.A owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 24, 2026, 0000909327-26-000045).

Suzano S.A: balance sheet position
Total assets167.94B FiledFY2025 20-F, filed Mar 24, 2026
Total liabilities123.98B FiledFY2025 20-F, filed Mar 24, 2026
Shareholders' equity43.81B FiledFY2025 20-F, filed Mar 24, 2026
Cash15.18B FiledFY2025 20-F, filed Mar 24, 2026
Total debt101.73B FiledFY2025 20-F, filed Mar 24, 2026
Net debt86.55B
Current ratio3.19
Debt to equity2.32

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Suzano S.A: what the market charges, each with its source
FigureValue, source and document
Price to earnings3.91x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.20x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Price to sales1.05x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Enterprise value to EBIT13.06x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Enterprise value to EBITDA6.34x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045

We publish no fair value or price target of our own. Value SUZ on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Suzano S.A today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Suzano S.A: valuation
Share price8.35 USD
Market capitalisation10.30B USD
Enterprise value to EBITDA6.34x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Suzano S.A

  1. Hecla Mining Company (HL)Market cap 10.45B USD
  2. CF Industries Holdings, Inc. (CF)Market cap 18.13B USD
  3. Coeur Mining, Inc. (CDE)Market cap 15.94B USD
  4. Pan American Silver Corp. (PAAS)Market cap 18.15B USD
  5. Sociedad Química y Minera de Chile S.A. (SQM)Market cap 17.27B USD

Same sector (Basic Materials) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Suzano S.A: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield25.9% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Free cash flow13.57B BRL ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Free cash flow margin27.1% ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
FY2016 Free cash flow: 2.19B BRLFY2016 Net income: 1.68B BRLFY2017 Free cash flow: 2.21B BRLFY2017 Net income: 1.82B BRLFY2018 Free cash flow: 3.92B BRLFY2018 Net income: 319.7M BRLFY2019 Free cash flow: 5.57B BRLFY2019 Net income: -2.82B BRLFY2020 Free cash flow: 11.62B BRLFY2020 Net income: -10.72B BRLFY2021 Free cash flow: 15.49B BRLFY2021 Net income: 8.63B BRLFY2022 Free cash flow: 11.85B BRLFY2022 Net income: 23.38B BRLFY2023 Free cash flow: 5.64B BRLFY2023 Net income: 14.08B BRLFY2024 Free cash flow: 11.41B BRLFY2024 Net income: -7.07B BRLFY2025 Free cash flow: 13.57B BRLFY2025 Net income: 13.41B BRL
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Suzano S.A.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
3.91xFY2025Oct 15, 2026
1.20xFY2025Oct 15, 2026
13.06xFY2025Oct 15, 2026
25.9%FY2025Oct 15, 2026
n/aFY2025Mar 24, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
2.32FY2025Mar 24, 2026
3.19FY2025Mar 24, 2026
1.05xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.69FY2025Mar 24, 2026
7/9FY2025Mar 24, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Suzano S.A filed with the SEC. Each year names its filing. Amounts in BRL, as filed.

Suzano S.A: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202550.12B10.65B13.41Bn/a13.57B21.3%30.6%20-F, Mar 24, 20260000909327-26-000045
FY202447.40B15.69B-7.07Bn/a11.41B33.1%-21.9%20-F, Apr 28, 20250001628280-25-020368
FY202339.76B12.22B14.08Bn/a5.64B30.7%31.5%20-F, Apr 26, 20240001628280-24-018426
FY202249.83B22.22B23.38Bn/a11.85B44.6%70.7%20-F, Apr 27, 20230001104659-23-051482
FY202140.97B18.18B8.63Bn/a15.49B44.4%57.2%20-F, Apr 29, 20220001104659-22-053794
FY202030.46B8.44B-10.72Bn/a11.62B27.7%-148.3%20-F, Apr 29, 20210001104659-21-057773
FY201926.01B2.63B-2.82Bn/a5.57B10.1%-15.7%20-F, Mar 31, 20200001104659-20-041281
FY201813.44B5.01B319.7Mn/a3.92B37.3%2.7%20-F, Apr 30, 20190001104659-19-025283
FY201710.58B3.28B1.82Bn/a2.21B31.0%15.7%20-F, Apr 30, 20190001104659-19-025283
FY20169.84B1.27B1.68Bn/a2.19B13.0%16.6%20-F, Apr 30, 20190001104659-19-025283
  • Revenue, compound annual growth FY2016 to FY2025: 19.8%
  • Earnings, compound annual growth FY2016 to FY2025: 26.0%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: 22.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Suzano S.A: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.69 ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Piotroski F-score7/9 ComputedFY2025 20-F, filed Mar 24, 2026, 0000909327-26-000045
Named tests met4 of 30 Computed
Beta0.43 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 19 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Large cap, low P/E; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Dividends and buybacks; ROIC at or above WACC; Near the 52-week low; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Positive Earnings Streak, Return on Invested Capital, Altman Z-Score. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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