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Cosan
(NYSE:CSAN)
Cosan (CSAN) vs. SPDR S&P 500 ETF (SPY)
Cosan Business Overview & Revenue Model
Cosan Earnings Call Summary
Cosan Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 39.62B | 43.95B | 39.47B | 39.32B | 26.09B |
| Gross Profit | 12.92B | 13.71B | 10.92B | 8.77B | 5.83B |
| EBITDA | 12.33B | 13.22B | 14.12B | 11.14B | 12.65B |
| Net Income | -9.53B | -9.42B | 1.09B | 1.18B | 6.31B |
Balance Sheet | |||||
| Total Assets | 135.05B | 141.27B | 139.87B | 134.48B | 97.84B |
| Cash, Cash Equivalents and Short-Term Investments | 29.86B | 20.18B | 18.27B | 15.96B | 21.04B |
| Total Debt | 70.60B | 72.97B | 62.18B | 56.52B | 48.93B |
| Total Liabilities | 100.26B | 101.87B | 88.88B | 86.32B | 68.97B |
| Stockholders Equity | 5.30B | 10.90B | 20.96B | 20.65B | 14.74B |
Cash Flow | |||||
| Free Cash Flow | 73.75M | 5.25B | 4.01B | 5.44B | 372.35M |
| Operating Cash Flow | 8.37B | 13.08B | 10.28B | 9.97B | 5.15B |
| Investing Cash Flow | -5.94B | -4.49B | -4.30B | -20.61B | -5.48B |
| Financing Cash Flow | 7.97B | -6.61B | -4.52B | 8.17B | 2.35B |
Cosan Technical Analysis
Cosan Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.60B | 4.84 | 28.59% | ― | -10.11% | -7.00% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $5.41B | 9.20 | 15.50% | 8.03% | -3.51% | 3.75% | |
62 Neutral | $2.46B | ― | -14.06% | 3.42% | -22.37% | -27.22% | |
57 Neutral | $5.09B | -19.51 | -3.05% | 4.14% | -15.35% | -81.94% | |
47 Neutral | $2.84B | 94.69 | 4.13% | 10.50% | -7.21% | 135.72% | |
42 Neutral | $4.12B | -0.75 | -147.93% | ― | -7.39% | -621.47% |
Cosan Corporate Events
On March 11, 2026, Cosan reported that its affiliate Raízen S.A. and certain subsidiaries filed for an out-of-court reorganization in São Paulo, covering about R$65.1 billion of unsecured financial debt and intercompany claims. The plan, already backed by creditors holding over 47% of this debt, aims to restructure obligations via potential capital injections, debt-to-equity conversions, new indebtedness, corporate reorganizations and asset divestments, while preserving Raízen’s operational commitments to customers and suppliers.
Cosan emphasized that Raízen’s reorganization is strictly financial in scope and ring-fenced from Cosan’s own balance sheet, capital structure and operations. The company stated that obligations and commercial relationships across the Cosan Group remain unchanged and will continue in the ordinary course of business, signaling to investors and other stakeholders that there are no direct financial or operational impacts on Cosan stemming from the filing at this time.
The most recent analyst rating on (CSAN) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
On March 9, 2026, Cosan reported its results for the fourth quarter and full year 2025, showing that it navigated a challenging Brazilian macroeconomic backdrop while pushing ahead with measures to strengthen its balance sheet. Management highlighted the completion of a capitalization process that brought in new strategic shareholders, a simplification of the organizational structure, and debt prepayments of about R$6.2 billion at the start of 2026 to accelerate deleveraging.
Cosan posted a net loss of R$5.8 billion in 4Q25, 38% lower than a year earlier, and a full‑year 2025 net loss of R$9.7 billion, largely driven by Raízen’s weak performance and asset impairments reflecting concern over that subsidiary’s capital structure. Even as adjusted portfolio EBITDA fell 15% in 2025 and dividends received dropped 41%, Cosan Corporate’s expanded net debt was cut to R$9.8 billion, down 58% year‑on‑year, helped by equity offerings, the sale of Rumo shares with a total return swap, and FX gains, while a planned secondary equity offering at Compass underscores the group’s continued focus on reducing leverage.
Rumo and Moove delivered relatively stable or modestly growing adjusted EBITDA in 2025, while Compass, Radar and especially Raízen saw declines, underscoring the uneven performance across Cosan’s holdings. The inclusion of the preferred equity structure of Cosan Dez in net debt, due to a put option clause, and a DSCR of 0.9x signal that, despite substantial deleveraging, the group’s leverage and coverage metrics remain a key concern for investors tracking its liability management strategy.
The most recent analyst rating on (CSAN) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
On March 5, 2026, Cosan S.A. announced that it had filed an application with Brazilian regulators for a secondary public offering of common shares issued by its controlled company Compass Gás e Energia S.A. The planned offering, to be coordinated by members of the Brazilian securities distribution system with placement efforts abroad, aims to broaden Compass’s investor base while remaining subject to regulatory approvals and market conditions.
On the same date, Compass requested migration of its listing on B3 from the basic segment to the Novo Mercado, a move that would place the gas and energy company under Brazil’s highest corporate governance standards if approved. The combination of a secondary share sale and a potential Novo Mercado listing is expected to enhance Compass’s capital markets profile and governance visibility, with implications for Cosan’s portfolio positioning and for investors seeking exposure to Brazil’s regulated energy sector.
The most recent analyst rating on (CSAN) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
Cosan S.A. disclosed on February 23, 2026, that it is assessing the possibility of conducting an initial public offering of shares in its subsidiary Compass Gás e Energia, signaling a potential move to crystallize value in its gas and energy platform. The company emphasized that no decision has yet been taken, with any future transaction contingent on market conditions and corporate approvals, and pledged to keep investors updated on developments, underscoring the preliminary nature of the process for stakeholders.
While the IPO evaluation highlights Cosan’s continued portfolio management strategy, it also introduces uncertainty for investors regarding timing, structure and potential dilution or value realization. The company’s communication suggests an effort to balance transparency with flexibility as it tests market appetite for Compass, which could reshape Cosan’s capital allocation and strategic focus in Brazil’s competitive energy sector if the deal proceeds.
The most recent analyst rating on (CSAN) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
On February 2, 2026, Cosan S.A. announced another step in its liability management process initiated in 2025, aimed at reducing indebtedness, lowering financial costs and improving its capital structure. Through its wholly owned subsidiary Cosan Luxembourg S.A., the company is fully redeeming its senior notes due June 2030 and January 2031, with principal amounts of US$269.3 million and US$300 million respectively, contributing to total debt repayments of approximately R$6.2 billion to date and signaling a continued focus on balance sheet strengthening for shareholders and creditors.
The most recent analyst rating on (CSAN) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
On December 30, 2025, Cosan S.A. announced that Banco Bradesco BBI and Banco BTG Pactual jointly acquired, in equal proportions, preferred shares in Cosan Dez Participações S.A. for a total of R$4 billion, equivalent to roughly 23% of Cosan Dez’s equity and political rights corresponding to 9.98% of its voting capital. The transaction, which restructures and renegotiates a 2022 financing arrangement with Bradesco BBI, includes a staggered put option for the banks starting in the fifth year, allowing Cosan to lower the financial cost of its previous structure and further its post-capitalization strategy of liability optimization while preserving control over Compass Gás e Energia.
The most recent analyst rating on (CSAN) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
On December 22, 2025, Cosan S.A. announced that it had sold common shares representing approximately 4.96% of the total share capital of its logistics subsidiary Rumo S.A., while simultaneously entering into total return swap derivative instruments that provide equivalent economic exposure to the divested shares. The company said the move is part of its broader strategy to optimize liquidity and cash management without diminishing its political or economic rights in Rumo, noting that its overall interest in the subsidiary’s capital structure remains unchanged at 20.33% held directly and 9.94% via derivatives, a signal to investors that Cosan is fine-tuning its balance sheet while preserving strategic control over a core asset.
The most recent analyst rating on (CSAN) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.
On December 15, 2025, Cosan S.A. announced the sale of approximately 4.98% of its subsidiary Rumo S.A.’s total share capital, alongside executing derivative instruments to maintain economic exposure. This strategic financial transaction aims to enhance liquidity and cash management without affecting Cosan’s political and economic rights in Rumo.
The most recent analyst rating on (CSAN) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Cosan stock, see the CSAN Stock Forecast page.