Companhia Siderúrgica Nacional (SID) Cash Flow Statement
Where SID’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- −R$954.1M −111.0% vs 2024
- Capital expenditures
- R$5.82B 13.3% of revenue
- Free cash flow
- −R$6.77B −15.4% margin
- Returned to shareholders
- R$681.6M
- Change in cash
- −R$6.25B cash at year-end R$14.41B
Cash from operations
−R$954.1M
Capital expenditures
−R$5.82B
Investments (net)
+R$211.9M
Acquisitions & other
−R$395.7M
Dividends
−R$681.6M
Net borrowing (repayment)
−R$967.5M
Other financing
−R$92.3M
Currency & other
+R$2.45B
Change in cash
−R$6.25B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SID operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SID cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$275.9M2016 | −R$954.1M2025 | — | |
| Capital expenditures | R$1.63B2016 | R$5.82B2025 | +15.2%/yr | |
| Free cash flow | −R$1.36B2016 | −R$6.77B2025 | — | |
| Free cash flow margin | −7.9%2016 | −15.4%2025 | −7.5 pts | |
| Operating cash flow / net income | 5.142017 | 18.112023 | +12.97 | |
| Stock-based compensation | −R$1.60B2019 | −R$5.05B2023 | — | |
| Dividends paid | R$53,0002016 | R$681.6M2025 | +186.1%/yr | |
| Share buybacks (net) | R$02016 | R$02025 | — | |
| Capex / revenue | 9.5%2016 | 13.3%2025 | +3.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SID cash flow by activity
OperatingInvestingFinancingChange in cash
SID net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SID cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −R$1.96B | −R$1.54B | R$402.6M | R$1.55B | R$27.05B | R$4.29B | R$2.24B | R$5.20B | R$111.2M | −R$934.7M |
| Depreciation & amortization | R$4.15B | R$3.79B | R$3.38B | R$2.88B | R$2.22B | R$2.52B | R$1.52B | R$1.33B | R$1.46B | R$43.7M |
| Stock-based compensation | — | — | −R$5.05B | −R$2.88B | −R$2.22B | −R$2.50B | −R$1.60B | — | — | — |
| Change in working capital | −R$1.51B | R$4.48B | R$4.69B | −R$4.33B | R$503.4M | R$3.99B | R$3.20B | R$765.8M | −R$131.6M | R$1.02B |
| Other non-cash items | −R$1.64B | R$1.92B | R$3.87B | R$4.82B | −R$11.12B | R$1.27B | −R$486.6M | −R$5.09B | −R$868.3M | R$148.2M |
| Cash from operating activities | −R$954.1M | R$8.65B | R$7.29B | R$2.04B | R$16.43B | R$9.58B | R$4.87B | R$2.21B | R$571.9M | R$275.9M |
| Investing activities | ||||||||||
| Capital expenditures | −R$5.82B | −R$5.49B | −R$4.41B | −R$5.38B | −R$2.86B | −R$1.68B | −R$2.22B | −R$1.32B | −R$1.06B | −R$1.63B |
| Investments (net) | R$211.9M | −R$1.12B | −R$6.71B | −R$11.45B | R$1.21B | −R$92.8M | −R$2.24B | −R$347.2M | −R$1.05B | −R$2.31B |
| Acquisitions & other investing | −R$395.7M | R$5.49B | R$6.53B | R$5.38B | R$2.10B | −R$87.0M | R$2.22B | R$1.57B | R$1.06B | R$1.63B |
| Cash from investing activities | −R$6.00B | −R$1.12B | −R$4.59B | −R$11.45B | R$447.9M | −R$1.86B | −R$2.24B | −R$98.5M | −R$1.05B | −R$2.31B |
| Financing activities | ||||||||||
| Dividends paid | −R$681.6M | −R$2.54B | −R$3.98B | −R$3.76B | −R$3.29B | −R$309.4M | −R$1.92B | −R$502.0M | −R$53,000 | −R$53,000 |
| Share repurchases & issuance (net) | R$0 | −R$336.2M | R$0 | −R$410.6M | −R$1.52B | — | R$0 | R$2.14B | −R$238,000 | R$0 |
| Net borrowing (repayment) | −R$967.5M | R$2.91B | R$5.51B | R$9.25B | −R$4.91B | R$1.53B | −R$1.80B | −R$2.88B | −R$993.5M | −R$856.1M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$1.35B | R$0 | R$0 | R$213.4M | R$0 | R$0 |
| Other financing | −R$92.3M | −R$145.2M | −R$201.9M | −R$334.7M | −R$162.9M | −R$39.2M | −R$67.4M | −R$2.24B | R$53,000 | −R$26.8M |
| Cash from financing activities | −R$1.74B | −R$103.8M | R$1.32B | R$4.75B | −R$8.53B | R$1.19B | −R$3.79B | −R$3.26B | −R$993.8M | −R$883.0M |
| Summary | ||||||||||
| Net change in cash | −R$6.25B | R$7.26B | R$4.05B | −R$4.66B | R$6.70B | R$8.86B | −R$1.16B | −R$1.16B | −R$1.46B | −R$2.99B |
| Cash at end of period | R$14.41B | R$23.31B | R$16.05B | R$11.99B | R$16.65B | R$9.94B | R$1.09B | R$2.25B | R$3.41B | R$4.87B |
| Free cash flow | −R$6.77B | R$3.16B | R$2.88B | −R$3.33B | R$13.57B | R$7.89B | R$2.66B | R$888.8M | −R$488.3M | −R$1.36B |
| Free cash flow margin | −15.4% | 7.2% | 6.3% | −7.5% | 28.3% | 26.3% | 10.4% | 3.9% | −2.6% | −7.9% |
| Capex / revenue | 13.3% | 12.6% | 9.7% | 12.1% | 6.0% | 5.6% | 8.7% | 5.7% | 5.7% | 9.5% |
| Operating cash flow / net income | — | — | 18.11 | 1.31 | 0.61 | 2.23 | 2.17 | 0.42 | 5.14 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −R$794.1M | −R$604.0M | −R$1.10B | R$76.4M | −R$130.4M | −R$619.1M | R$420.6M | −R$750.8M | −R$222.6M | −R$589.7M | R$579.1M | R$90.8M |
| Depreciation & amortization | R$1.12B | R$1.14B | R$1.07B | R$1.04B | R$1.05B | R$999.2M | R$993.5M | R$963.4M | R$938.6M | R$895.9M | R$907.3M | R$867.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −R$2.15B | −R$704.5M |
| Change in working capital | −R$591.4M | −R$812.8M | −R$227.1M | −R$906.5M | −R$50.8M | −R$632.3M | R$1.36B | R$2.93B | R$510.3M | −R$319.3M | R$10.9M | R$2.88B |
| Other non-cash items | R$369.1M | −R$487.5M | R$273.5M | R$180.1M | −R$1.11B | −R$901.4M | R$773.6M | R$325.0M | R$1.03B | −R$603.0M | R$2.31B | R$837.4M |
| Cash from operating activities | R$105.5M | −R$762.0M | R$21.7M | R$392.5M | −R$245.6M | −R$1.15B | R$3.55B | R$3.47B | R$2.25B | −R$616.1M | R$1.65B | R$3.97B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$1.38B | −R$1.10B | −R$2.06B | −R$1.44B | −R$1.33B | −R$1.13B | −R$2.06B | −R$1.31B | −R$1.34B | −R$784.1M | −R$1.56B | −R$1.19B |
| Investments (net) | −R$464.6M | −R$23.7M | R$623.2M | −R$1.87B | −R$1.56B | −R$1.18B | R$2.32B | −R$1.33B | −R$1.27B | −R$834.5M | −R$1.77B | −R$1.19B |
| Acquisitions & other investing | −R$23.5M | R$513.9M | −R$104.2M | R$1.44B | R$1.33B | R$1.13B | R$2.06B | R$1.31B | R$1.34B | R$784.1M | — | R$1.19B |
| Cash from investing activities | −R$1.87B | −R$614.4M | −R$1.54B | −R$1.87B | −R$1.56B | −R$1.18B | R$2.32B | −R$1.33B | −R$1.27B | −R$834.5M | — | −R$1.19B |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −R$254.6M | −R$1.43B | R$0 | R$0 | −R$1.30B | −R$1.23B | −R$1.23B | −R$78,000 | −R$1.26B | −R$2,000 |
| Share repurchases & issuance (net) | −R$128.5M | — | R$0 | — | R$0 | R$0 | −R$9.1M | −R$327.1M | — | R$0 | — | R$0 |
| Net borrowing (repayment) | R$9.49B | −R$933.3M | −R$343.4M | −R$6.90B | R$7.44B | −R$1.16B | R$414.8M | R$1.14B | — | — | — | R$614.7M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$6.81B | R$684.7M | −R$3.5M | R$8.01B | −R$7.08B | −R$56.2M | −R$55.3M | R$1.21B | R$1.02B | R$271.7M | R$2.13B | −R$61.6M |
| Cash from financing activities | R$2.55B | −R$248.6M | −R$601.5M | −R$323.2M | R$357.9M | −R$1.21B | −R$952.0M | R$787.0M | −R$210.5M | R$271.6M | R$865.0M | R$553.0M |
| Summary | ||||||||||||
| Net change in cash | R$808.1M | −R$908.5M | −R$2.58B | −R$1.78B | −R$1.48B | −R$3.52B | R$4.86B | R$2.91B | R$687.0M | −R$1.19B | R$743.6M | R$3.33B |
| Cash at end of period | R$13.63B | R$12.67B | R$14.41B | R$16.53B | R$18.31B | R$7.28B | R$23.31B | R$18.45B | R$15.55B | R$14.86B | R$16.05B | R$15.30B |
| Free cash flow | −R$1.27B | −R$1.87B | −R$2.04B | −R$1.04B | −R$1.58B | −R$2.28B | R$1.49B | R$2.16B | R$910.3M | −R$1.40B | R$92.0M | R$2.78B |
| Free cash flow margin | −11.3% | −17.9% | −17.6% | −8.8% | −14.7% | −20.9% | 12.4% | 19.5% | 8.4% | −14.4% | 0.8% | 25.0% |
| Capex / revenue | 12.2% | 10.6% | 17.8% | 12.2% | 12.4% | 10.3% | 17.1% | 11.8% | 12.3% | 8.1% | 13.0% | 10.7% |
| Operating cash flow / net income | — | — | — | 5.14 | — | — | 8.44 | — | — | — | 2.86 | 43.72 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
SID cash generation
In fiscal 2025 (ended December 31, 2025), Companhia Siderúrgica Nacional generated -R$954.1 million of cash from operations (down 111.0%) and spent R$5.8 billion on capital expenditures, leaving free cash flow of -R$6.8 billion, −15.4% of revenue. It returned R$681.6 million to shareholders through dividends (R$681.6 million) and net share buybacks (R$0). Cash and equivalents fell by R$6.3 billion over the year.
Related: SID income statement, SID balance sheet. See the SID stock overview for the latest quote and news.
SID cash flow FAQ
What is Companhia Siderúrgica Nacional's free cash flow?
Companhia Siderúrgica Nacional's free cash flow was -R$6.8 billion in fiscal 2025: -R$954.1 million of operating cash flow minus R$5.8 billion of capital expenditures It was R$3.2 billion a year earlier..
How much cash does Companhia Siderúrgica Nacional generate from operations?
Companhia Siderúrgica Nacional generated -R$954.1 million of cash from operating activities in fiscal 2025.
How much does Companhia Siderúrgica Nacional spend on capital expenditures?
Companhia Siderúrgica Nacional spent R$5.8 billion on capital expenditures in fiscal 2025, 13.3% of revenue, compared with R$5.5 billion the year before.
How much does Companhia Siderúrgica Nacional pay in dividends?
Companhia Siderúrgica Nacional paid R$681.6 million in dividends in fiscal 2025.