Want to see NEXA full AI Analyst Report?
Top Page
Nexa Resources SA
(NYSE:NEXA)
Select Model
Select Model
Rating:69Neutral
Price Target:
$13.50
▲(4.90% Upside)
Action:Reiterated
Date:05/20/26
The score reflects a strong valuation (low P/E and very high dividend yield) and a supportive earnings-call outlook (guidance reaffirmed, deleveraging progress, expectation of stronger 2026 FCF). Offsetting these positives are only mid-range financial quality due to leverage and uneven cash conversion, plus technicals that look more neutral/sideways in the near term.
Positive Factors
High-margin mining production
Sustained high-margin mining output driven by higher grades and utilization (record Aripuanã) materially improves cash generation durability. Strong mining EBITDA and negative cash cost net of byproducts bolster resilience through commodity cycles and provide buffer versus lower-smelter economics.
Negative Factors
Elevated leverage and inconsistent cash conversion
Although leverage has improved, remaining elevated debt relative to equity and variable cash conversion limit financial flexibility. Persistent FCF volatility and working-capital swings could constrain funding for projects or require external financing if commodity prices or margins weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
High-margin mining production
Sustained high-margin mining output driven by higher grades and utilization (record Aripuanã) materially improves cash generation durability. Strong mining EBITDA and negative cash cost net of byproducts bolster resilience through commodity cycles and provide buffer versus lower-smelter economics.
Read all positive factors
Nexa Resources SA (NEXA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.70B
Dividend Yield1.03%
Average Volume (3M)668.23K
Price to Earnings (P/E)8.1
Beta (1Y)1.14
Revenue Growth16.41%
EPS GrowthN/A
CountryUS
Employees5,913
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)1.58
Shares Outstanding132,438,610
10 Day Avg. Volume517,477
30 Day Avg. Volume668,231
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.17
Price to Sales (P/S)0.39
P/FCF Ratio22.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$14.75Price Target Upside14.61% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.87
Revenue Forecast (FY)$3.62B
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 worldwide. The company operates in two segments, Mining and Smelting. It produces metallic zinc, zamac, gold, sulfuric acid and zinc oxide, as we...
How the Company Makes Money
Nexa primarily makes money by producing and selling metals from its mining and processing operations. The main revenue stream is the sale of zinc and copper products (including concentrates and/or refined/base metal products, depending on the asse...
Nexa Resources SA Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operating and financial momentum: strong year‑over‑year EBITDA growth (+126%), significant byproduct and silver tailwinds, improved leverage (net leverage 1.59x), record production at Aripuana and Cerro Pasco Phase 1 progressing on schedule. These positives are tempered by near‑term headwinds: Q1 negative free cash flow from seasonality and tax payments, Peruvian operational disruptions that pressured sequential volumes, and structural smelter margin compression due to very low treatment charges. Management reiterated guidance, liquidity and deleveraging priorities and expects normalization of Peruvian output and continued operational improvements across smelters.Positive Updates
Strong Profitability and EBITDA Growth
Adjusted EBITDA more than doubled year‑over‑year to $283 million (up ~126% YoY) with a margin of ~31.8%, driven by higher metal prices, stronger byproduct credits and improved operational execution.
Negative Updates
Peruvian Operational Disruptions
Heavy rainfall at Cerro Lindo, an illegal community blockade at Atacocha and a shaft constraint at El Porvenir led to sequential Peruvian production interruptions; these issues compressed mining sales volumes QoQ and required short‑term operational fixes.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Profitability and EBITDA Growth
Adjusted EBITDA more than doubled year‑over‑year to $283 million (up ~126% YoY) with a margin of ~31.8%, driven by higher metal prices, stronger byproduct credits and improved operational execution.
Read all positive updates
Company Guidance
Guidance highlights: management reaffirmed 2026 CapEx of $381M (Q1 spend $72M, ~19% of guidance) and exploration/project evaluation at $86M (Q1 $16M), with Cerro Pasco Phase 1 FY spend guided at $31M (Q1 $8M), construction targeted to be completed in Q3 2026, full project finalization in Q4 2026 and pumping to start in 2Q‑2027 (MEIA approvals for El Porvenir and Atacocha expected 1Q‑2027). They expect the Q1 free cash flow shortfall (-$126M) to unwind seasonally and deliver strong FCF for 2026 after a -$283M working‑capital drag (operating cash flow before WC $308M; interest & taxes $81M), and reiterated a commitment to keep net leverage below 1.7x in 2026 (current 1.59x; LTM adjusted EBITDA $929M) with a longer‑term aspiration toward ~1.0x. Operational/cost guidance: mining cash cost net of byproducts was negative $0.76/lb (below guidance), cost per ROM $57/t; smelting cash cost net $1.40/lb (slightly above guidance) and conversion cost $0.34/lb (in line); annual benchmark TCs settled at $85/t. Near‑term operating and financial metrics tied to guidance include Q1 net revenues $888M (+42% YoY), adjusted EBITDA $283M (31.8% margin), net income $118M ($0.67/share); mining revenues $460M and adjusted EBITDA $231M (50% margin) with zinc production 79,000t (+18% YoY) and Aripuana at 13,000t (4th filter commissioning in Q2, full capacity in H2‑2026); smelting zinc metal/oxide sales 147,000t, revenues $609M and adjusted EBITDA $51M (8%); liquidity $716M including $320M undrawn RCF; average debt maturity 7.2 years and average cost of debt 6.27%.Nexa Resources SA Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
57
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.24B | 2.99B | 2.77B | 2.57B | 3.03B | 2.62B |
| Gross Profit | 733.72M | 535.01M | 538.07M | 298.88M | 640.05M | 633.09M |
| EBITDA | 1.09B | 963.18M | 608.51M | 205.43M | 672.15M | 697.68M |
| Net Income | 210.08M | 132.63M | -205.03M | -291.97M | 49.70M | 114.33M |
Balance Sheet | ||||||
| Total Assets | 5.28B | 5.27B | 4.64B | 4.84B | 4.89B | 4.90B |
| Cash, Cash Equivalents and Short-Term Investments | 395.96M | 521.56M | 640.23M | 468.32M | 515.89M | 763.02M |
| Total Debt | 1.86B | 1.83B | 1.86B | 1.73B | 1.67B | 1.72B |
| Total Liabilities | 3.83B | 3.99B | 3.58B | 3.38B | 3.18B | 3.26B |
| Stockholders Equity | 1.14B | 1.00B | 813.93M | 1.20B | 1.44B | 1.39B |
Cash Flow | ||||||
| Free Cash Flow | 151.58M | 51.97M | 90.71M | -57.04M | -120.43M | 7.78M |
| Operating Cash Flow | 543.58M | 403.84M | 349.72M | 256.20M | 266.63M | 492.99M |
| Investing Cash Flow | -365.88M | -320.88M | -237.61M | -270.35M | -378.93M | -469.27M |
| Financing Cash Flow | -201.58M | -200.35M | 61.94M | -34.64M | -149.23M | -344.13M |
Nexa Resources SA Technical Analysis
Positive
12.87
Price Trends
13.36
Positive
13.07
Positive
11.09
Positive
Market Momentum
-0.09
Negative
53.73
Neutral
67.40
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 12.87 is below the 20-day moving average (MA) of 13.03, below the 50-day MA of 13.36, and above the 200-day MA of 11.09, indicating a bullish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 53.73 is Neutral, neither overbought nor oversold. The STOCH value of 67.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NEXA.
Nexa Resources SA Risk Analysis
Nexa Resources SA disclosed 49 risk factors in its most recent earnings report. Nexa Resources SA reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nexa Resources SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.70B | 8.14 | 20.95% | 0.79% | 16.41% | ― | |
67 Neutral | $1.23B | 183.38 | 2.79% | ― | 6.42% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | $751.30M | -42.04 | -16.94% | ― | 104.34% | -1352.44% | |
48 Neutral | $594.22M | -5.38 | -15.03% | 1.73% | -11.77% | -85.76% | |
45 Neutral | $619.47M | -5.93 | -21.43% | ― | ― | -265.11% |
* Basic Materials Sector Average
NEXA
Nexa Resources SA
13.50
8.74
183.61%
CMP
Compass Minerals International
29.81
9.41
46.13%
GSM
Ferroglobe
3.42
-0.56
-14.11%
UAMY
United States Antimony
6.12
2.68
77.91%
NB
NioCorp Developments
5.19
1.35
35.16%
CRML
Critical Metals Corp
6.78
2.58
61.43%
Nexa Resources SA Corporate Events
Nexa Resources Expands 2026 Drilling After Strong First-Half Exploration Results
Jul 28, 2026
On July 28, 2026, Nexa Resources reported its drilling and assay results for the first half of 2026, highlighting a total of 123,455 meters drilled, of which 24,339 meters were exploration and 99,116 meters were infill. Brownfield programs at the ...
Nexa Resources Confirms Talks Linked to Boliden’s Interest in Potential Transaction
Jul 2, 2026
On July 2, 2026, Luxembourg-based Nexa Resources confirmed it is aware of ongoing negotiations between its significant shareholder Votorantim S.A. and Swedish miner Boliden AB regarding Votorantim’s interest in Nexa. The company said it expe...
Nexa Resources Investors Approve Capital Increase but Reject Limits on Pre-Emptive Rights at June 2026 Meetings
Jun 26, 2026
Nexa Resources S.A. reported the results of its Annual and Extraordinary General Meetings of shareholders held on June 25, 2026, in Luxembourg, where investors approved the 2025 annual accounts and consolidated financial statements, a share premiu...
Nexa Resources Shareholders Back Governance Resolutions and Approve US$17.5 Million Capital Return
Jun 25, 2026
On June 25, 2026, Nexa Resources S.A. held its Annual and Extraordinary General Meetings in Luxembourg, where 93,445,211 shares were represented, accounting for 70.56% of outstanding voting rights. Shareholders approved all Annual General Meeting ...
Nexa Resources Gradually Restarts Peru’s Cajamarquilla Smelter After May Incident
May 29, 2026
On May 29, 2026, Nexa Resources reported that operations at its Cajamarquilla zinc smelter in Peru are gradually resuming after an incident that occurred on May 13, 2026. Electrolysis lines are fully operational and one casting line is already pro...
Nexa Resources Calls June 25, 2026 AGM and EGM to Expand Authorized Capital and Renew Board Mandates
May 19, 2026
On May 19, 2026, Nexa Resources S.A. filed a Form 6-K announcing that its Annual General Meeting of Shareholders and an Extraordinary General Meeting will be held on June 25, 2026, at the company’s registered office in Luxembourg. Shareholde...
Nexa Halts Cajamarquilla Zinc Smelter After May 13 Fire, Expects No Material Impact
May 13, 2026
On May 13, 2026, Nexa Resources temporarily suspended operations at its Cajamarquilla zinc smelter in Peru after a fire incident earlier that day, which was contained following the activation of internal emergency teams. Personnel in affected area...
Nexa Resources Posts Strong Q1 2026 Profit Surge on Higher Revenues
May 6, 2026
Nexa Resources S.A. reported unaudited condensed consolidated interim financial results for the three months ended March 31, 2026, showing a sharp improvement in profitability. Net revenues climbed to $888.3 million from $627.1 million a year earl...
Nexa Resources Delivers Strong 1Q 2026 Earnings and Eases Cerro Lindo Silver Streaming Burden
May 6, 2026
Nexa Resources posted a sharp rebound in performance for the quarter ended March 31, 2026, reporting net income of US$118 million, adjusted EBITDA of US$283 million and net revenues of US$888 million, up 42% year on year. Results were buoyed by su...
Nexa Resources Files 1Q 2026 CEO and CFO Certifications With SEC
May 6, 2026
On May 6, 2026, Nexa Resources S.A., a Luxembourg-based zinc-focused miner listed in the U.S. as a foreign private issuer, filed a Form 6-K for May 2026, confirming its status as a Form 20-F filer and detailing the execution of required interim ce...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.