Usinas Siderurgicas de Minas (USNZY)
OTHER OTC:USNZY
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Usiminas
(OTC:USNZY)
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Rating:57Neutral
Price Target:
$1.50
▲(20.00% Upside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by weakened financial performance (recent losses and declining profitability), despite improved 2025 cash flow and a relatively sound balance sheet. Technicals are modestly supportive with the stock above key moving averages, while valuation is constrained by negative earnings and no near-term dividend. Earnings-call commentary improves the outlook somewhat via stable volume guidance, expected pricing/mix recovery, and net cash, but meaningful import and cost risks remain.
Positive Factors
Mining segment growth and diversification
Strong, record mining volumes and large year-over-year mining EBITDA growth signal a durable diversification away from sole reliance on flat steel. Mining revenue and EBITDA expansion provide a structural earnings cushion versus steel-cycle swings and improve overall business resilience.
Negative Factors
Sharp profitability deterioration and recent losses
The swing to sustained net losses and a negative margin erodes long‑term return generation and shareholder equity. Persistent below‑the‑line weakness undermines reinvestment capacity and makes margin recovery and consistent capital returns more challenging if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Mining segment growth and diversification
Strong, record mining volumes and large year-over-year mining EBITDA growth signal a durable diversification away from sole reliance on flat steel. Mining revenue and EBITDA expansion provide a structural earnings cushion versus steel-cycle swings and improve overall business resilience.
Read all positive factors
Usiminas (USNZY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.63B
Dividend YieldN/A
Average Volume (3M)1.63K
Price to Earnings (P/E)―
Beta (1Y)0.59
Revenue Growth-8.05%
EPS Growth-435.96%
CountryUS
Employees51,182
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.02
Shares Outstanding547,752,000
10 Day Avg. Volume854
30 Day Avg. Volume1,625
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.34
Price to Sales (P/S)0.27
P/FCF Ratio5.65
Enterprise Value/Market Cap6.10
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit4.67
Enterprise Value/Ebitda30.44
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.11
Revenue Forecast (FY)$5.03B
Usiminas Business Overview & Revenue Model
Company Description
Usinas Siderúrgicas de Minas Gerais S.A. manufactures and markets flat steel products in Brazil and internationally. The company operates through four segments: Mining and Logistics, Steel Metallurgy, Steel Transformation, and Capital Assets. It e...
How the Company Makes Money
Usiminas generates revenue primarily through the sale of flat steel products, which include hot-rolled, cold-rolled, and coated steel sheets. The company's revenue model is supported by its diverse customer base, which spans several industries suc...
Usiminas Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but broadly stable outlook: material operational and financial improvements (EBITDA growth, record mining sales, strong free cash flow, net cash position, and continued CapEx for competitiveness and emissions reduction) are counterbalanced by persistent headwinds from unfair imports, pressured prices/mix, short-term seasonality in mining volumes and potential cost pressure from rising coal prices. Progress on trade remedies and internal efficiency projects support a path to margin recovery, but significant near-term risks and uncertainty on demand and import circumvention keep the tone cautious.Positive Updates
Adjusted Consolidated EBITDA Growth
Adjusted consolidated EBITDA of BRL 2.0 billion for 2025, a 24% increase year-over-year, with an EBITDA margin of 8%.
Negative Updates
Pressure on Prices and Net Revenue per Ton
Net revenue per ton declined ~4%; deterioration in net revenue per ton reduced steel unit EBITDA by ~26% quarter-on-quarter and adjusted steel EBITDA was negatively impacted by a less favorable sales mix (shift to lower-margin products).
Read all updates
Q4-2025 Updates
Positive
Negative
Adjusted Consolidated EBITDA Growth
Adjusted consolidated EBITDA of BRL 2.0 billion for 2025, a 24% increase year-over-year, with an EBITDA margin of 8%.
Read all positive updates
Company Guidance
Usiminas guided to stable steel unit sales in 2026 with a recovery in domestic net revenue per ton driven by a “more noble” sales mix and higher prices, even as cost/ton is expected to rise with that mix — management expects EBITDA margins above Q4; mining is forecast to report lower volumes in Q1 due to rainy‑season logistics while prioritizing higher‑margin areas. Key metrics cited: 2025 adjusted consolidated EBITDA of BRL 2.0bn (margin ~8%), with EBITDA growth of ~+46% in mining and +16% in steel; steel sales of 4.4 Mt in 2025; record mining sales of 9.6 Mt (+14% y/y) and annual mining net revenue +27%; net revenue BRL 6.2bn (Q4, +6.5% q/q). Financial guidance and cash: FY free cash flow ~BRL 989m (Q4 FCF BRL 744m), operational cash flow BRL 1.1bn, working‑capital release BRL 576m, CapEx guidance ~BRL 1.6bn for 2026 (prior range cited BRL 1.2–1.4bn), quarter CapEx BRL 372m; year‑end net cash BRL 444m and negative leverage 0.22x. Market and policy assumptions: Brazil GDP +1.8% (Focus), flat‑steel consumption ~+1% in 2026, imports ~4 Mt in 2025 (expected to grow ~4% in 2026) with 60–65% from China, recent tariff measures +9% and anticipated definitive anti‑dumping outcomes by mid‑year (July) to help restore domestic volumes; inventories were reported at ~4 months for the chain (importers >6 months).Usiminas Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
70
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.84B | 25.87B | 27.64B | 32.47B | 33.74B |
| Gross Profit | 2.12B | 1.66B | 1.79B | 5.68B | 11.27B |
| EBITDA | 1.83B | 1.81B | 2.92B | 4.77B | 13.57B |
| Net Income | -3.02B | -145.95M | 1.39B | 1.62B | 9.07B |
Balance Sheet | |||||
| Total Assets | 36.81B | 39.87B | 40.16B | 40.00B | 39.48B |
| Cash, Cash Equivalents and Short-Term Investments | 6.94B | 5.95B | 6.01B | 5.07B | 7.02B |
| Total Debt | 6.57B | 7.76B | 7.60B | 6.32B | 6.38B |
| Total Liabilities | 13.12B | 13.19B | 13.61B | 14.11B | 15.12B |
| Stockholders Equity | 20.80B | 23.88B | 23.86B | 23.16B | 21.75B |
Cash Flow | |||||
| Free Cash Flow | 1.25B | -6.00M | 1.58B | -1.09B | 3.81B |
| Operating Cash Flow | 2.28B | 989.16M | 4.57B | 997.12M | 5.30B |
| Investing Cash Flow | -2.12B | -900.93M | -2.00B | -3.34B | -325.73M |
| Financing Cash Flow | -65.22M | -423.37M | -775.79M | -1.09B | -1.88B |
Usiminas Technical Analysis
Positive
1.25
Price Trends
1.25
Positive
1.17
Positive
1.00
Positive
Market Momentum
0.02
Negative
57.14
Neutral
94.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For USNZY, the sentiment is Positive. The current price of 1.25 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.25, and above the 200-day MA of 1.00, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 57.14 is Neutral, neither overbought nor oversold. The STOCH value of 94.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for USNZY.
Usiminas Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $39.66B | 11.03 | 5.87% | 1.03% | -4.51% | ― | |
65 Neutral | $7.81B | 17.63 | 3.53% | 7.02% | -16.69% | 585.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $6.78B | 21.86 | 11.88% | 1.02% | -1.61% | -81.36% | |
61 Neutral | $7.29B | 29.29 | 2.53% | 2.92% | -2.53% | -36.08% | |
57 Neutral | $1.63B | -2.35 | -13.68% | ― | -8.05% | -435.96% | |
45 Neutral | $1.63B | -5.92 | -13.62% | ― | -5.79% | -5.30% |
* Basic Materials Sector Average
USNZY
Usiminas
1.34
0.48
55.96%
MT
ArcelorMittal
53.80
30.69
132.77%
CMC
Commercial Metals Company
61.17
22.45
57.96%
GGB
Gerdau SA
3.79
1.56
70.03%
SID
Companhia Siderúrgica Nacional
1.24
-0.07
-5.34%
TX
Ternium SA
39.79
17.26
76.60%
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.