Nexa Resources SA (NEXA) AI Stock Analysis

• Market Cap: $1.67B
• Dividend Yield: 1.14%
• Average Volume (3M): 434.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.52
• Revenue Growth: 7.92%
• EPS Growth: 91.83%
• Country: US
• Employees: 5,760
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.36
• Shares Outstanding: 132,438,610
• 10 Day Avg. Volume: 736,609
• 30 Day Avg. Volume: 434,282
• PEG Ratio: 0.20
• Price to Book (P/B): 1.43
• Price to Sales (P/S): 0.42
• P/FCF Ratio: 12.85
• Enterprise Value/Market Cap: 1.87
• Enterprise Value/Revenue: 1.10
• Enterprise Value/Gross Profit: 5.92
• Enterprise Value/Ebitda: 4.01
• 1Y Price Target: $9.83
• Price Target Upside: -29.08% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: $13.50 ▼(-2.60% Downside)

Overall score reflects mixed financial performance (weak net profitability and high leverage, partly offset by improving cash flow), a technically strong but overbought setup (high RSI/Stoch), and weak earnings-based valuation (negative P/E). The latest earnings call was a positive offset, citing improving production, profitability, free cash flow, and modest deleveraging, though operational stability and cost pressures remain key risks.

Positive Factors

Record zinc production at Aripuanã

Sustained production ramp at Aripuanã materially increases scalable output and lowers unit costs over time. Higher, repeatable zinc volumes support revenue resilience and operational leverage, aiding longer-term margin recovery and capacity to fund growth or debt reduction.

Material improvement in free cash flow

A sharp improvement in free cash flow indicates stronger underlying cash generation from operations. Durable cash generation enhances the firm's ability to fund sustaining capex, service and reduce debt, and pursue disciplined capital allocation without relying on external financing.

Portfolio optimization via asset divestment

Divesting non-core licenses signals management focus on higher-return assets and capital discipline. Proceeds can boost FCF and enable targeted investment in core Latin American operations, improving long-term asset quality and strategic focus across commodity cycles.

Negative Factors

High financial leverage

Elevated leverage constrains financial flexibility and increases refinancing and interest-rate risk during commodity downturns. High debt amplifies cash flow volatility effects and limits ability to invest opportunistically until meaningful deleveraging is achieved.

High workforce turnover at Aripuanã

Sustained 18–20% turnover undermines operational stability and raises recruitment, training, and productivity costs. For ramping mines, workforce instability can delay steady-state production, increase unit costs, and hinder reliable delivery over the medium term.

Smelting segment cost and volume pressures

Persistent higher cash costs and weaker smelter volumes compress margins and reduce value capture from concentrates. Smelting is capital and energy intensive; structural cost pressures or lower throughput can sustainably erode integrated returns and limit profitability improvements.

Nexa Resources SA Business Overview & Revenue Model

Company Description

Nexa Resources S.A., together with its subsidiaries, engages in the zinc mining and smelting business. The company also produces zinc, silver, gold, copper cement, lead, sulfuric acid, sulfur dioxide, copper sulfate, and limestone deposits. It owns and operates five underground polymetallic mines, including three located in the Central Andes of Peru; and two located in the State of Minas Gerais in Brazil. The company also develops the Aripuanã project located in Mato Grosso, Brazil. It exports its products. The company was formerly known as VM Holding S.A. and changed its name to Nexa Resources S.A. in September 2017. The company was founded in 1956 and is based in Luxembourg, Luxembourg. Nexa Resources S.A. is a subsidiary of Votorantim S.A.

How the Company Makes Money

Nexa Resources generates revenue primarily through the sale of zinc and copper concentrates, which are produced from its mining operations. The company benefits from a diversified revenue model that includes both metal sales and by-products, such as lead and silver, derived from its ore processing. Key revenue streams include direct sales to industrial customers and trading companies, as well as long-term contracts that provide price stability. Additionally, Nexa's strategic partnerships with other mining entities and its focus on operational efficiency contribute to its profitability. Market fluctuations in commodity prices, particularly for zinc and copper, significantly impact its earnings, making the company sensitive to global demand trends in the mining sector.

Nexa Resources SA Financial Statement Overview

Summary

Mixed fundamentals: modest revenue growth (1.51% TTM) and improving cash generation (free cash flow growth 316.07% TTM), but profitability is still pressured (net margin -3.26% TTM) and leverage remains high (debt-to-equity 2.15 TTM; ROE -10.16% TTM).

Income Statement

Nexa Resources SA shows a mixed performance in its income statement. The company has achieved a positive revenue growth rate of 1.51% TTM, indicating a slight upward trajectory in sales. However, the net profit margin is negative at -3.26% TTM, reflecting ongoing profitability challenges. The gross profit margin is moderate at 18.99% TTM, suggesting some efficiency in production. The EBIT margin of 13.03% TTM is decent, but the negative net income highlights the need for better cost management.

Balance Sheet

The balance sheet of Nexa Resources SA reveals a high debt-to-equity ratio of 2.15 TTM, indicating significant leverage and potential financial risk. The return on equity is negative at -10.16% TTM, reflecting challenges in generating returns for shareholders. The equity ratio is not explicitly provided, but the high leverage suggests a lower proportion of equity in the capital structure. Overall, the balance sheet indicates financial instability and a need for improved capital management.

Cash Flow

Nexa Resources SA's cash flow statement shows a strong free cash flow growth rate of 316.07% TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.23 TTM, suggesting that operating activities are generating cash, albeit at a lower efficiency. The free cash flow to net income ratio is 0.04 TTM, highlighting limited free cash flow relative to net income. Overall, the cash flow position is improving, but further enhancements are needed for sustainable growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.83B	2.77B	2.57B	3.03B	2.62B	1.95B
Gross Profit	527.07M	538.07M	298.88M	640.05M	633.09M	374.77M
EBITDA	779.08M	608.51M	205.43M	672.15M	697.68M	-304.84M
Net Income	-16.23M	-205.03M	-291.97M	49.70M	114.33M	-559.25M
Balance Sheet
Total Assets	5.18B	4.64B	4.84B	4.89B	4.90B	5.06B
Cash, Cash Equivalents and Short-Term Investments	470.33M	640.23M	468.32M	515.89M	763.02M	1.12B
Total Debt	1.92B	1.86B	1.73B	1.67B	1.72B	2.05B
Total Liabilities	3.92B	3.58B	3.38B	3.18B	3.26B	3.44B
Stockholders Equity	977.22M	813.93M	1.20B	1.44B	1.39B	1.38B
Cash Flow
Free Cash Flow	50.54M	90.71M	-57.04M	-120.43M	7.78M	-31.99M
Operating Cash Flow	350.88M	349.72M	256.20M	266.63M	492.99M	291.70M
Investing Cash Flow	-260.75M	-237.61M	-270.35M	-378.93M	-469.27M	-382.59M
Financing Cash Flow	-146.56M	61.94M	-34.64M	-149.23M	-344.13M	465.01M

Nexa Resources SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.86
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NEXA, the sentiment is Positive. The current price of 13.86 is above the 20-day moving average (MA) of 11.72, above the 50-day MA of 9.26, and above the 200-day MA of 6.18, indicating a bullish trend. The MACD of 1.36 indicates Negative momentum. The RSI at 60.17 is Neutral, neither overbought nor oversold. The STOCH value of 59.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NEXA.

Nexa Resources SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NEXA	61 Neutral	$1.67B	-102.94	-1.64%	1.14%	7.92%	91.83%
UAMY	60 Neutral	$1.03B	-178.78	-10.59%	―	240.12%	0.98%
GSM	55 Neutral	$886.47M	-6.54	-16.00%	1.17%	-16.89%	-403.77%
CMP	54 Neutral	$1.05B	-13.03	-28.98%	―	11.32%	61.60%
NB	48 Neutral	$725.53M	-6.95	-71.07%	―	―	―

Nexa Resources SA Corporate Events

Nexa Resources Temporarily Halts Atacocha Mine After Community Road Blockade

On January 21, 2026, Nexa Resources announced that it has temporarily suspended production at its Atacocha San Gerardo open-pit mine in Peru after the Joraoniyoc community illegally blocked road access to the site as part of protest activities. While the company reported no material impact on Atacocha’s production to date and noted that the mine’s output of roughly 0.2kt of zinc per week represents less than 3% of Nexa’s total zinc production, operations have been reduced to critical maintenance with a minimum workforce as management engages in dialogue with local communities and authorities to seek a peaceful resolution, underscoring both the limited immediate impact on group production and the ongoing social and operational risks associated with community relations in its host regions.

The most recent analyst rating on (NEXA) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Nexa Resources SA stock, see the NEXA Stock Forecast page.

Nexa Resources Completes Sale of Otavi Project Licenses to Midnab Resources

On December 22, 2025, Nexa Resources S.A. announced it had completed the previously disclosed sale of ten Exclusive Prospecting Licenses that make up its Otavi and Namibia North projects to Midnab Resources, a subsidiary of Australia-listed Midas Minerals. The assets, formerly part of a joint venture between Nexa Brazil and Japan’s state-owned JOGMEC, were fully transferred with all related rights, titles and interests, with JOGMEC retaining rights to 49% of the sale proceeds. Nexa said the divestment is part of its ongoing portfolio optimization strategy aimed at prioritizing higher-return assets, boosting free cash flow and reinforcing disciplined capital allocation, while confirming that Namibia remains a strategic region as it advances copper exploration initiatives beyond its core Latin American base, signaling a continued regional presence but with a more focused asset mix for investors and other stakeholders.

The most recent analyst rating on (NEXA) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Nexa Resources SA stock, see the NEXA Stock Forecast page.

Nexa Resources Reports Strong Q3 2025 Financial Results

Nexa Resources S.A. reported its financial results for the three and nine-month periods ending September 30, 2025, showing a substantial increase in net income compared to the previous year. The company achieved a net income of $100.1 million for the third quarter of 2025, a significant rise from $5.98 million in the same period of 2024, highlighting improved operational performance and financial stability. This positive financial outcome reflects Nexa’s strategic initiatives and operational efficiencies, which are likely to enhance its market position and provide value to stakeholders.

The most recent analyst rating on (NEXA) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Nexa Resources SA stock, see the NEXA Stock Forecast page.

Nexa Resources Reports Strong Q3 2025 Results with $100 Million Net Income

Nexa Resources S.A. reported strong financial results for the third quarter of 2025, with a net income of $100 million and an adjusted EBITDA of $186 million. The company’s performance was bolstered by higher mining output and favorable metal prices, reflecting its operational reliability and disciplined capital allocation. Operational highlights include record zinc production at Aripuanã and advancements in key projects, positioning Nexa for long-term growth. The company remains resilient amid global volatility, supported by a competitive asset base and a strategic focus on sustainability, as evidenced by its commitment to renewable energy and decarbonization efforts.

The most recent analyst rating on (NEXA) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Nexa Resources SA stock, see the NEXA Stock Forecast page.

Nexa Resources Confirms Accurate Q3 2025 Financial Filings

On October 30, 2025, Nexa Resources S.A. released its interim CEO and CFO certifications for the third quarter of 2025. The certifications confirm that the company’s interim financial filings for the period ending September 30, 2025, are accurate and fairly present the financial condition of the company. This announcement underscores Nexa’s commitment to transparency and compliance with financial reporting standards, which is crucial for maintaining investor confidence and regulatory compliance.

The most recent analyst rating on (NEXA) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Nexa Resources SA stock, see the NEXA Stock Forecast page.