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Companhia Siderúrgica Nacional (CSNA3) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of Companhia Siderúrgica Nacional stock BRL 11.16, price BRL 3.72, upside +200.0%, quality 35 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials BR · ISIN BRCSNAACNOR6

CS Companhia Siderúrgica Nacional logo Thin data Nov 14, 2026

Companhia Siderúrgica Nacional

CSNA3 · SA

Cheap (67% below fair value), but weak company and falling price: meets 1 of 3 rules.

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Fair value R$11.16 · Strongly undervalued 
Even on cautious assumptions the value is 14% above the price (R$4.25). 
Expensive Growth (revenue 5y +8.3 %/yr in BRL) 
Mixed vs. peers (7/13) 
Changed on Oct 27: BRL 18.21 → BRL 15.03 
Quality 35/100 
Falling price (downtrend) 
Loss-making · -5.8% net margin (TTM) 
High debt 
Negative free cash flow 
Narrow moat 20/100 · thin data
Thin data 
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R$30.74 R$3.72 Fair Value R$11.16 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.

How to read this chart

60‑month range R$3.72 – R$30.74 · fair‑value band R$4.25 – R$18.06 · the R$3.72 price screens below the R$11.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 14, 2026.

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Company profile

Companhia Siderúrgica Nacional, together with its subsidiaries, operates as an integrated steel producer in Brazil and internationally. It operates through five segments: Steel Industry, Mining, Logistics, Energy, and Cement. The Steel Segment offers produce and sells of flat and long steel.

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The Mining Segment engages in extraction, processing and marketing of iron ore, tin, limestone, and dolomite. The Logistics Segment supplies railways, port concessions, and road fleet. The Cement Segment produces and sells bagged and bulk cement, as well as aggregates, concrete, and other products.

The Energy segment is involved in generation and commercialization of energy originating from renewables.

It offers flat steel products, such as hot and cold rolled, galvanized, galvalume, pre-painted, and metal sheets products; coil, sheets, and derivatives; tiles and derivatives, pipes, and profiles; long steel products including, reinforcing bars, iron rods, and laminated profiles; food and chemical packaging solutions; and carbochemical products.

It also provides steel cutting services; produces and sells cement; operates railways; and generates electric power from its hydroelectric power plants. In addition, the company offers steel solutions and distributions; packaging; logistics services; and certifications.

Companhia Siderúrgica Nacional was founded in 1941 and is headquartered in São Paulo, Brazil.

Stock analysis

Companhia Siderúrgica Nacional (CSNA3) currently trades at R$3.72, while our model-based Fair Value estimate is R$11.16, implying the stock looks roughly 67% undervalued today.

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Valuation

How firm this estimate is: it rests on 6 models at a data quality of 92/100, which puts the data coverage at low.

Scenario range: R$4.25 (bear) to R$18.06 (bull), the price of R$3.72 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Companhia Siderúrgica Nacional reported revenue of R$44.8B in FY2025 versus R$47.9B in FY2021, a compound −1.7%/yr. Reported net income was −R$2.0B in FY2025.

Key figures

Market cap R$5.6B (≈ $990M) Small · P/S ratio 0.12 · EPS (TTM) R$−1.98 · Dividend yield 12.4% · Net margin −5.8% · Return on equity −12.3% · Return on assets (EBIT) 9.7% (5-year average) · Operating margin 7.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).

What moves the price

The share trades about 66% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −37% fair-value upside, at 200%, CSNA3 screens cheaper than that median.

Fair Value models

Bear R$4.25 Fair Value R$11.16 Bull R$18.06
Price R$3.72 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV n/a n/a R$0.2200 68
ROIC Compounder n/a n/a R$0.2200 68
EV/EBITDA R$20.45 R$37.22 R$53.99 65
All 6 models by family
Earnings-Based
EPV n/a n/a R$0.2200 68
Multiples
EV/EBIT R$7.71 R$20.24 R$32.76 61
EV/EBITDA R$20.45 R$37.22 R$53.99 65
EV/Revenue R$2.70 R$16.66 R$30.61 48
Asset-Based
NCAV (Graham) R$0.7100 R$0.9400 R$1.41 54
Economic Profit
ROIC Compounder n/a n/a R$0.2200 68

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Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 12
How much profit the company makes from its sales and capital
Quality Growth 55
Are margins and returns getting better?
Cashflow 3
Do the profits arrive as real cash?
Financial strength 12
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 11
How calm the share price moves, does not count
Price momentum 14
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 31/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Start year 2020 (pandemic). Over 10 years: +11.4% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
25.1% (2020) → 10.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 418 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +200.0% · Top 25%
Profitability
Return on assets −2.0% · Bottom 25%
Net margin (12 months) −5.8% · Bottom 25%
Operating margin (12 months) 7.8% · Above median
Growth and dividend
Revenue growth (quarter YoY) 5.7% · Below median
Dividend yield (12 months) 12.4% · Top 25%
Balance sheet
Debt / equity 3.30× · Highest 25%

Valuation Multiplesvs Steel median · lower = cheaper

P/B 0.44× · Cheapest 25%
P/S (12 months) 0.12× · Cheapest 25%
EV/EBITDA 4.6× · Cheapest 25%
PEG 0.33× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 27
FUTURE (revenue growth)29 · sector 38
PAST (return on equity)0 · sector 18
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)100 · sector 52

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Baoshan Iron & Steel Co 600019 ¥6.18 ¥8.07 +31% vs CSNA3
POSCO Holdings 005490 275,000 KRW 240,001 KRW −13% vs CSNA3
Tata Steel Limited TATASTEEL ₹186.68 ₹148.08 −21% vs CSNA3
JSW Steel Limited JSWSTEEL ₹1,348 ₹1,029 −24% vs CSNA3
ArcelorMittal S.A MT €57.02 €36.15 −37% vs CSNA3
Reliance, Inc RS $427.33 $211.54 −51% vs CSNA3
Nucor Corporation NUE $251.73 $116.49 −54% vs CSNA3
Jindal Steel Limited JINDALSTEL ₹1,158 ₹516.03 −55% vs CSNA3
Steel Dynamics, Inc STLD $229.43 $89.54 −61% vs CSNA3
Inner Mongolia Baotou Steel Union Co 600010 ¥1.97 ¥0.5400 −73% vs CSNA3

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Companhia Siderúrgica Nacional: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Companhia Siderúrgica Nacional Fair Value". https://www.fairvalue-calculator.com/stock/CSNA3

Frequently asked questions

Is Companhia Siderúrgica Nacional (CSNA3) overvalued or undervalued?
As of Nov 14, 2026, our model estimates a fair value of R$11.16 versus a price of R$3.72, about +200% upside (undervalued).
What is the fair value of CSNA3?
Our model-based fair value for Companhia Siderúrgica Nacional is R$11.16 (as of Nov 14, 2026), built from audited fundamentals. The current price: R$3.72.
What is the quality score of CSNA3?
Companhia Siderúrgica Nacional has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Companhia Siderúrgica Nacional (CSNA3)?
Our model-based price target is the fair value of R$11.16 (as of Nov 14, 2026) from 6 valuation models. Cautious scenario R$4.25, optimistic scenario R$18.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Companhia Siderúrgica Nacional stock forecast for 2026?
Our models put fair value at R$11.16, about +200% upside versus a price of R$3.72 (undervalued). Cautious scenario R$4.25, optimistic scenario R$18.06. The calculation is refreshed regularly with new filings.
What is the revenue of Companhia Siderúrgica Nacional (CSNA3)?
Companhia Siderúrgica Nacional reported trailing-twelve-month revenue of about R$45.1B (latest available figure, as of Nov 14, 2026).
Does Companhia Siderúrgica Nacional pay a dividend?
Companhia Siderúrgica Nacional currently shows a dividend yield of 12.39% relative to its recent price (as of Nov 14, 2026).
How much is the dividend of Companhia Siderúrgica Nacional (CSNA3)?
Companhia Siderúrgica Nacional has a dividend yield of 12.4%.
What is the intrinsic value of Companhia Siderúrgica Nacional (CSNA3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Companhia Siderúrgica Nacional it is R$11.16 per share (as of Nov 14, 2026), against a price of R$3.72. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Companhia Siderúrgica Nacional stock overvalued or undervalued in 2026?
As of Nov 14, 2026, CSNA3 trades below its calculated fair value: price R$3.72, fair value R$11.16, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CSNA3?
No. The price is what the market pays today (R$3.72); the fair value is what the company's own numbers justify (R$11.16). For Companhia Siderúrgica Nacional the two are R$7.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Companhia Siderúrgica Nacional worth?
The market values Companhia Siderúrgica Nacional at about R$5.6B (market capitalisation, as of Nov 14, 2026). Per share that is R$3.72; our models calculate a fair value of R$11.16 per share.
What do the bullish and bearish scenarios say about CSNA3?
Our models span a range for Companhia Siderúrgica Nacional: cautious scenario R$4.25, base R$11.16, optimistic R$18.06 per share (as of Nov 14, 2026, price R$3.72). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of CSNA3?
The PEG ratio of Companhia Siderúrgica Nacional is 0.33 (P/E divided by earnings growth, as of Nov 14, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Companhia Siderúrgica Nacional (CSNA3)?
Balance-sheet figures for Companhia Siderúrgica Nacional (as of Nov 14, 2026): return on equity −12.3%, debt of 3.30 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is CSNA3 from its 52-week high?
Companhia Siderúrgica Nacional trades at R$3.72, about 66% below its 52-week high of R$10.89 and at the low of R$3.72 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of R$11.16 is for.
Which stocks are comparable to Companhia Siderúrgica Nacional?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Companhia Siderúrgica Nacional stock attractive at the current price?
The data as of Nov 14, 2026: price R$3.72, calculated fair value R$11.16 (+200%), Quality Score 35/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CSNA3 calculated?
We run Companhia Siderúrgica Nacional through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$11.16 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9% above its aggregate fair value. Companhia Siderúrgica Nacional currently trades 67% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Companhia Siderúrgica Nacional (CSNA3)?
The closing price on Nov 13, 2026 was R$3.72. Our model-based fair value is R$11.16, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Companhia Siderúrgica Nacional right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (R$4.25). The market is more pessimistic than our downside scenario. The model range is unusually wide (R$4.25 to R$18.06). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Companhia Siderúrgica Nacional

How large is the market capitalisation of Companhia Siderúrgica Nacional (CSNA3)?
The market capitalisation of Companhia Siderúrgica Nacional is R$5.6B (≈ $990M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Companhia Siderúrgica Nacional (CSNA3)?
The price-to-sales ratio of Companhia Siderúrgica Nacional is 0.12 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Companhia Siderúrgica Nacional (CSNA3)?
Earnings per share at Companhia Siderúrgica Nacional are R$−1.98. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Companhia Siderúrgica Nacional (CSNA3)?
The dividend yield of Companhia Siderúrgica Nacional is 12.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Companhia Siderúrgica Nacional (CSNA3)?
The net margin of Companhia Siderúrgica Nacional is −5.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Companhia Siderúrgica Nacional (CSNA3)?
The return on equity (ROE) of Companhia Siderúrgica Nacional is −12.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Companhia Siderúrgica Nacional (CSNA3)?
On an EBIT basis the return on assets of Companhia Siderúrgica Nacional is 9.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Companhia Siderúrgica Nacional (CSNA3)?
The operating margin of Companhia Siderúrgica Nacional is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Companhia Siderúrgica Nacional (CSNA3)?
Revenue at Companhia Siderúrgica Nacional is growing +5.7% versus a year earlier (3y avg +0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Companhia Siderúrgica Nacional (CSNA3)?
Earnings per share at Companhia Siderúrgica Nacional are growing +33.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Companhia Siderúrgica Nacional (CSNA3) generate?
The free cash flow of Companhia Siderúrgica Nacional is −R$6.9B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Companhia Siderúrgica Nacional (CSNA3) carry?
The net debt of Companhia Siderúrgica Nacional is R$39.6B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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