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Companhia De Saneamento
(NYSE:SBS)
Companhia De Saneamento (SBS) vs. SPDR S&P 500 ETF (SPY)
Companhia De Saneamento Business Overview & Revenue Model
Companhia De Saneamento Earnings Call Summary
Companhia De Saneamento Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 37.34B | 36.15B | 25.57B | 22.06B | 19.49B |
| Gross Profit | 13.68B | 19.54B | 9.52B | 7.70B | 6.69B |
| EBITDA | 14.20B | 18.11B | 8.96B | 7.94B | 6.16B |
| Net Income | 8.30B | 9.58B | 3.52B | 3.12B | 2.31B |
Balance Sheet | |||||
| Total Assets | 106.22B | 80.97B | 61.47B | 57.21B | 53.17B |
| Cash, Cash Equivalents and Short-Term Investments | 12.37B | 5.38B | 3.27B | 3.55B | 3.15B |
| Total Debt | 39.99B | 25.26B | 19.54B | 18.96B | 17.72B |
| Total Liabilities | 63.84B | 44.04B | 31.61B | 29.87B | 28.23B |
| Stockholders Equity | 42.38B | 36.93B | 29.86B | 27.33B | 24.93B |
Cash Flow | |||||
| Free Cash Flow | 7.93B | 7.30B | 4.71B | 3.89B | 3.86B |
| Operating Cash Flow | 8.21B | 7.40B | 4.85B | 3.97B | 3.91B |
| Investing Cash Flow | -15.41B | -9.98B | -4.91B | -2.88B | -2.66B |
| Financing Cash Flow | 10.12B | 3.42B | -977.84M | 60.30M | -929.02M |
Companhia De Saneamento Technical Analysis
Companhia De Saneamento Risk Analysis
Companhia De Saneamento Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $11.30B | 17.43 | 9.18% | 3.48% | 21.35% | 20.96% | |
68 Neutral | $19.66B | 10.77 | 20.64% | 2.22% | -10.23% | -26.87% | |
67 Neutral | $929.25M | 26.96 | 9.08% | 2.67% | 6.24% | 3.35% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $26.51B | 22.91 | 10.34% | 2.51% | 12.29% | 13.13% | |
59 Neutral | $2.83B | 21.42 | 13.10% | 2.64% | 10.28% | 13.56% | |
58 Neutral | $2.62B | 20.13 | 7.68% | 2.88% | -2.60% | -33.78% |
Companhia De Saneamento Corporate Events
Companhia de Saneamento Básico do Estado de São Paulo (SABESP) is a Brazilian basic sanitation utility that provides water supply, sewage collection and wastewater treatment services in the state of São Paulo. The company operates under long-term service concession agreements and reports under Brazilian GAAP and IFRS, reflecting its role as a key regulated infrastructure provider in Brazil’s water and sanitation sector.
SABESP has filed its March 2026 Form 6-K with the U.S. Securities and Exchange Commission, furnishing its audited individual and consolidated financial statements for the years ended December 31, 2025 and 2024. The independent auditor issued an unqualified opinion, stating that the 2025 financial statements fairly present the company’s financial position and performance under Brazilian accounting practices and IFRS, providing investors and other stakeholders with assurance over SABESP’s reported results and disclosures, including key audit matters tied to its concession-related contract assets.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
For the year ended 2025, Sabesp reported earnings per share of R$12.37 versus R$14.02 in 2024, or R$10.90 versus R$6.00 when excluding financial asset effects, while adjusted 4Q25 EPS rose to R$3.93 from R$2.10 a year earlier. The utility stepped up its investment program with R$15.2 billion in capex in 2025, including R$4.8 billion in 4Q25 focused on universalization targets, delivering 97,000 net additional connections, 3% volume growth, 11% cost reduction year-on-year, adjusted EBITDA of R$13.2 billion for 2025 and R$3.4 billion in 4Q25, and extending water access to 1.8 million people and sewage services to 3.8 million people while creating around 40,000 jobs.
Management highlighted that 2025 marked a ramp-up in capex deployment and efficiency gains, with collection rates reaching 100.2%, lower general and administrative expenses, optimized energy purchases, and improved credit quality supporting a 22% rise in net income to R$6.3 billion excluding financial asset updates. By meeting U-Factor expansion targets for 2024–25 ahead of schedule and maintaining solid profitability despite a more subsidized customer mix and higher benchmark interest rates, Sabesp reinforced its role as a scale player in Brazil’s sanitation sector and entered 2026 with a stronger operational and financial base to accelerate infrastructure-led growth and social impact.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On March 12, 2026, Sabesp announced it had signed an agreement to acquire 100% of the quotas of Oceania Fundo de Investimento em Ações from África Fundo de Investimento Multimercado Responsabilidade Limitada for R$171.6 million in cash, with settlement set for March 13, 2026 and no post-closing price adjustments. Oceania’s sole asset is a 3,407,000-share stake in EMAE – Empresa Metropolitana de Águas e Energia S.A., giving Sabesp indirect ownership of 23.17% of EMAE’s common shares and 9.22% of its total capital, aligning the deal with the pricing used in EMAE’s public tender offer and potentially strengthening Sabesp’s strategic position in São Paulo’s water and energy infrastructure ecosystem.
The acquisition price reflects R$49.47 per EMAE share, adjusted by the SELIC rate to R$50.38 per share as of March 11, 2026, matching the valuation framework applied in the tender process and signaling pricing discipline to investors. By consolidating a sizeable minority interest in EMAE through the fund structure, Sabesp may gain greater influence over a key regional water and energy operator, with potential implications for operational synergies and future capital allocation, while the company has pledged to keep shareholders informed of further developments.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On February 10, 2026, Sabesp’s board of directors approved the company’s 38th issuance of simple, non-convertible, unsecured debentures, in up to five series, for a total of R$ 6.29 billion. The securities will be publicly distributed under an automatic registration procedure, with a firm-commitment underwriting syndicate and allocation restricted to professional investors under Brazilian CVM rules.
The sizable debenture offer reinforces Sabesp’s access to Brazil’s domestic capital markets and provides additional funding flexibility for its investment and financing needs. By targeting only professional investors and using a firm-commitment regime, the company signals a structured, institutional approach to fundraising that may support its balance sheet and long-term infrastructure plans, while potentially affecting debt levels and returns for existing stakeholders.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
In 2025, Sabesp invested a preliminary, unaudited total of R$15.2 billion in water supply and sewage infrastructure, more than doubling the R$6.9 billion invested in 2024, with a marked acceleration in the second half of 2025. These investments enabled the company to surpass all of its U-Factor service expansion targets for 2024–2025, adding over 664,000 new water customer units, more than 781,000 new sewage customer units and more than 1.37 million new sewage treatment units, while expanding access to water services for about 1.82 million people, sewage collection for about 2.14 million people and sewage treatment for about 3.76 million people, and generating over 40,000 direct and indirect jobs. The results, disclosed on February 4, 2026, underscore Sabesp’s aggressive expansion of its sanitation network within the URAE-1 concession area and reinforce its positioning as a central player in Brazil’s basic sanitation drive, aligning its operations with the target of reaching universal sanitation coverage by 2029 and signaling tangible benefits for both local communities and the regional labor market.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On February 2, 2026, Sabesp announced that, following its January 21, 2026 closing of the acquisition of control of Empresa Metropolitana de Águas e Energia S.A. (EMAE), it has filed with the Brazilian Securities and Exchange Commission (CVM) a request to register a mandatory public tender offer for up to all remaining EMAE common shares not already held by Sabesp or in treasury. The tender will cover up to 3,695,800 EMAE common shares, representing 10.0% of EMAE’s total capital and 25.13% of its voting capital, at a price of R$49.46 per share—equal to 80% of the R$61.83 per-share amount paid in the control acquisition, which totaled R$682.6 million including both common and preferred shares. The offer price will be updated by the SELIC rate from January 21, 2026 until settlement, and the transaction underscores Sabesp’s move to consolidate its position in EMAE, with implications for minority shareholders who are being given an exit opportunity under Brazilian corporate control-sale rules.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On January 27, 2026, Sabesp signed a share purchase agreement with Iguá Saneamento for the acquisition of common shares representing 90% of Sanessol S.A., the concessionaire responsible for public water and sewage services in Mirassol, São Paulo, a city of around 65,000 inhabitants. Completion of the transaction remains subject to customary conditions, including antitrust approval by Brazil’s CADE, and, once finalized, is expected to further Sabesp’s strategic plan by consolidating its footprint in the Brazilian water and sanitation sector and potentially reinforcing its role as a leading regional operator, with implications for service coverage, competitive positioning and stakeholders in the Mirassol concession area.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On January 27, 2026, Sabesp announced that it had signed a US$1.5 billion loan agreement with the Inter-American Investment Corporation, split into a US$150 million A Loan maturing in 2038 and a US$1.35 billion B Loan with tranches maturing in 2031 and 2036. The B Loan will serve as the underlying asset for “blue” senior secured notes to be issued in two tranches by Luxembourg-based Nova Securitisation S.À.R.L., with the bonds priced at 5.750% for US$850 million due 2031 and 6.500% for US$500 million due 2036, to be listed on the Euro MTF market and placed with eligible institutional investors in international markets. The transaction is expected to close on February 3, 2026 and will fund projects aimed at meeting Sabesp’s universalization targets for basic sanitation in São Paulo state, particularly the construction and upgrading of sewage treatment facilities and expansion of collection systems, reinforcing the company’s financing capacity for long-term infrastructure and its positioning in sustainable “blue bond” funding channels.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On January 21, 2026, Sabesp completed the acquisition of 11,009,550 common shares of Empresa Metropolitana de Águas e Energia (EMAE) from Vórtx Distribuidora de Títulos e Valores Mobiliários, representing about 74.9% of EMAE’s voting capital and 29.79% of its total capital, for R$62.00 per share in cash, totaling R$682.64 million, with no post-closing price adjustments. As a result of taking control of EMAE, Sabesp plans to file within 30 days for registration of a mandatory public tender offer to purchase the remaining common shares due to the change of control, while stating that it does not intend, for at least one year, to deregister EMAE as a publicly held company or pursue any corporate reorganization between the two companies at this time, signaling a phased approach to integrating this strategic energy and water-related asset into its portfolio.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.
On January 20, 2026, Sabesp announced that Brazil’s antitrust authority CADE unanimously rejected an appeal by Phoenix Água e Energia S.A., thereby confirming its prior decision to approve without restrictions Sabesp’s acquisition-related transaction involving Empresa Metropolitana de Águas e Energia (EMAE), with the final judgment published the same day. Also on January 20, 2026, the National Electric Energy Agency (ANEEL), at its first regular public meeting of 2026, unanimously granted prior consent for the transaction, leaving only contractual formalities under purchase and sale agreements with Vórtx Distribuidora de Títulos e Valores Mobiliários and Axia Energia before Sabesp can effectively complete the transfer of corporate control, a step that may strengthen its presence at the intersection of water and energy infrastructure and is closely watched by shareholders and market participants.
The most recent analyst rating on (SBS) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Companhia De Saneamento stock, see the SBS Stock Forecast page.