Gerdau S.A (GGBR3) - Net Assets
Based on the latest financial reports, Gerdau S.A (GGBR3) has net assets worth R$52.97 Billion BRL (≈ $10.39 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (R$81.05 Billion ≈ $15.90 Billion USD) and total liabilities (R$28.08 Billion ≈ $5.51 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check GGBR3 goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | R$52.97 Billion |
| % of Total Assets | 65.36% |
| Annual Growth Rate | 14.25% |
| 5-Year Change | 25.65% |
| 10-Year Change | 121.62% |
| Growth Volatility | 24.72 |
Gerdau S.A - Net Assets Trend (1998–2025)
This chart illustrates how Gerdau S.A's net assets have evolved over time, based on quarterly financial data. See how many days can Gerdau S.A fund operations to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Gerdau S.A (1998–2025)
The table below shows the annual net assets of Gerdau S.A from 1998 to 2025. For live valuation and market cap data, see Gerdau S.A stock valuation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | R$53.80 Billion ≈ $10.56 Billion |
-7.52% |
| 2024-12-31 | R$58.17 Billion ≈ $11.41 Billion |
+18.15% |
| 2023-12-31 | R$49.24 Billion ≈ $9.66 Billion |
+6.35% |
| 2022-12-31 | R$46.30 Billion ≈ $9.08 Billion |
+8.13% |
| 2021-12-31 | R$42.82 Billion ≈ $8.40 Billion |
+37.74% |
| 2020-12-31 | R$31.09 Billion ≈ $6.10 Billion |
+14.40% |
| 2019-12-31 | R$27.17 Billion ≈ $5.33 Billion |
+4.76% |
| 2018-12-31 | R$25.94 Billion ≈ $5.09 Billion |
+8.56% |
| 2017-12-31 | R$23.89 Billion ≈ $4.69 Billion |
-1.57% |
| 2016-12-31 | R$24.27 Billion ≈ $4.76 Billion |
-24.07% |
| 2015-12-31 | R$31.97 Billion ≈ $6.27 Billion |
-3.86% |
| 2014-12-31 | R$33.25 Billion ≈ $6.53 Billion |
+3.85% |
| 2013-12-31 | R$32.02 Billion ≈ $6.28 Billion |
+11.19% |
| 2012-12-31 | R$28.80 Billion ≈ $5.65 Billion |
+8.59% |
| 2011-12-31 | R$26.52 Billion ≈ $5.20 Billion |
+31.63% |
| 2010-12-31 | R$20.15 Billion ≈ $3.95 Billion |
-8.44% |
| 2009-12-31 | R$22.00 Billion ≈ $4.32 Billion |
-12.13% |
| 2008-12-31 | R$25.04 Billion ≈ $4.91 Billion |
+43.40% |
| 2007-12-31 | R$17.46 Billion ≈ $3.43 Billion |
+66.09% |
| 2006-12-31 | R$10.51 Billion ≈ $2.06 Billion |
+0.86% |
| 2005-12-31 | R$10.43 Billion ≈ $2.05 Billion |
+24.03% |
| 2004-12-31 | R$8.41 Billion ≈ $1.65 Billion |
+74.65% |
| 2003-12-31 | R$4.81 Billion ≈ $944.33 Million |
+15.83% |
| 2002-12-31 | R$4.15 Billion ≈ $815.27 Million |
+67.98% |
| 2001-12-31 | R$2.47 Billion ≈ $485.35 Million |
+14.50% |
| 2000-12-31 | R$2.16 Billion ≈ $423.90 Million |
-0.71% |
| 1999-12-31 | R$2.18 Billion ≈ $426.93 Million |
+47.66% |
| 1998-12-31 | R$1.47 Billion ≈ $289.13 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Gerdau S.A's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 3663.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | R$20.23 Billion | 37.75% |
| Common Stock | R$24.27 Billion | 45.30% |
| Other Comprehensive Income | R$9.60 Billion | 17.92% |
| Total Equity | R$53.59 Billion | 100.00% |
Gerdau S.A Competitors by Market Cap
The table below lists competitors of Gerdau S.A ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Migros Ticaret AS
IS:MGROS
|
$2.79 Billion |
|
Changshu Tianyin Electromechan
SHE:300342
|
$2.79 Billion |
|
K+S Aktiengesellschaft
XETRA:SDF
|
$2.79 Billion |
|
Uniti Group Inc
NASDAQ:UNIT
|
$2.79 Billion |
|
Ichor Holdings Ltd
NASDAQ:ICHR
|
$2.79 Billion |
|
China South Publishing & Media Group Co Ltd
SHG:601098
|
$2.79 Billion |
|
Medical Properties Trust Inc
NYSE:MPW
|
$2.78 Billion |
|
Petrokent Turizm AS
IS:PKENT
|
$2.78 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Gerdau S.A's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 57,948,759,000 to 53,585,393,000, a change of -4,363,366,000 (-7.5%).
- Net income of 1,387,020,000 contributed positively to equity growth.
- Dividend payments of 1,285,673,000 reduced retained earnings.
- Share repurchases of 1,169,314,000 reduced equity.
- Other comprehensive income decreased equity by 3,472,191,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | R$1.39 Billion | +2.59% |
| Dividends Paid | R$1.29 Billion | -2.4% |
| Share Repurchases | R$1.17 Billion | -2.18% |
| Other Comprehensive Income | R$-3.47 Billion | -6.48% |
| Other Changes | R$176.79 Million | +0.33% |
| Total Change | R$- | -7.53% |
Book Value vs Market Value Analysis
This analysis compares Gerdau S.A's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.74x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 9.43x to 0.74x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-12-31 | R$2.10 | R$19.80 | x |
| 1999-12-31 | R$3.03 | R$19.80 | x |
| 2000-12-31 | R$3.06 | R$19.80 | x |
| 2001-12-31 | R$3.53 | R$19.80 | x |
| 2002-12-31 | R$4.48 | R$19.80 | x |
| 2003-12-31 | R$2.88 | R$19.80 | x |
| 2004-12-31 | R$4.79 | R$19.80 | x |
| 2005-12-31 | R$8.01 | R$19.80 | x |
| 2006-12-31 | R$7.46 | R$19.80 | x |
| 2007-12-31 | R$8.88 | R$19.80 | x |
| 2008-12-31 | R$13.79 | R$19.80 | x |
| 2009-12-31 | R$12.41 | R$19.80 | x |
| 2010-12-31 | R$13.01 | R$19.80 | x |
| 2011-12-31 | R$14.48 | R$19.80 | x |
| 2012-12-31 | R$15.26 | R$19.80 | x |
| 2013-12-31 | R$16.95 | R$19.80 | x |
| 2014-12-31 | R$17.99 | R$19.80 | x |
| 2015-12-31 | R$17.89 | R$19.80 | x |
| 2016-12-31 | R$13.39 | R$19.80 | x |
| 2017-12-31 | R$13.17 | R$19.80 | x |
| 2018-12-31 | R$14.45 | R$19.80 | x |
| 2019-12-31 | R$15.02 | R$19.80 | x |
| 2020-12-31 | R$17.17 | R$19.80 | x |
| 2021-12-31 | R$23.68 | R$19.80 | x |
| 2022-12-31 | R$25.84 | R$19.80 | x |
| 2023-12-31 | R$23.26 | R$19.80 | x |
| 2024-12-31 | R$27.60 | R$19.80 | x |
| 2025-12-31 | R$26.62 | R$19.80 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Gerdau S.A utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 2.59%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.99%
- • Asset Turnover: 0.86x
- • Equity Multiplier: 1.52x
- Recent ROE (2.59%) is below the historical average (14.32%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1998 | 16.08% | 10.28% | 0.74x | 2.12x | R$88.51 Million |
| 1999 | 17.10% | 10.66% | 0.52x | 3.08x | R$146.44 Million |
| 2000 | 17.69% | 7.04% | 0.83x | 3.03x | R$159.88 Million |
| 2001 | 16.21% | 7.21% | 0.79x | 2.86x | R$148.82 Million |
| 2002 | 26.80% | 7.10% | 0.80x | 4.72x | R$514.43 Million |
| 2003 | 36.36% | 11.26% | 0.95x | 3.40x | R$1.07 Billion |
| 2004 | 45.92% | 16.66% | 1.01x | 2.72x | R$2.41 Billion |
| 2005 | 31.54% | 12.56% | 0.96x | 2.62x | R$1.78 Billion |
| 2006 | 30.70% | 12.78% | 0.82x | 2.94x | R$2.18 Billion |
| 2007 | 23.08% | 10.22% | 0.69x | 3.28x | R$1.63 Billion |
| 2008 | 19.54% | 9.40% | 0.71x | 2.93x | R$1.92 Billion |
| 2009 | 6.06% | 4.23% | 0.60x | 2.41x | R$-728.78 Million |
| 2010 | 11.00% | 6.82% | 0.73x | 2.20x | R$195.44 Million |
| 2011 | 8.02% | 5.66% | 0.71x | 2.00x | R$-494.02 Million |
| 2012 | 5.23% | 3.75% | 0.72x | 1.95x | R$-1.30 Billion |
| 2013 | 5.22% | 3.97% | 0.68x | 1.92x | R$-1.45 Billion |
| 2014 | 4.36% | 3.30% | 0.67x | 1.96x | R$-1.82 Billion |
| 2015 | -14.50% | -10.55% | 0.62x | 2.21x | R$-7.76 Billion |
| 2016 | -12.01% | -7.66% | 0.69x | 2.27x | R$-5.29 Billion |
| 2017 | -1.43% | -0.92% | 0.73x | 2.13x | R$-2.70 Billion |
| 2018 | 9.04% | 5.04% | 0.90x | 1.99x | R$-246.68 Million |
| 2019 | 4.51% | 3.07% | 0.73x | 2.00x | R$-1.48 Billion |
| 2020 | 7.67% | 5.40% | 0.69x | 2.05x | R$-720.26 Million |
| 2021 | 36.37% | 19.78% | 1.06x | 1.73x | R$11.23 Billion |
| 2022 | 24.78% | 13.86% | 1.12x | 1.60x | R$6.81 Billion |
| 2023 | 15.29% | 10.89% | 0.92x | 1.53x | R$2.60 Billion |
| 2024 | 7.88% | 6.81% | 0.77x | 1.50x | R$-1.23 Billion |
| 2025 | 2.59% | 1.99% | 0.86x | 1.52x | R$-3.97 Billion |
Industry Comparison
This section compares Gerdau S.A's net assets metrics with peer companies in the Steel industry.
Industry Context
- Industry: Steel
- Average net assets among peers: $9,174,200,481
- Average return on equity (ROE) among peers: 17.66%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Gerdau S.A (GGBR3) | R$52.97 Billion | 16.08% | 0.53x | $2.79 Billion |
| CSN Mineração S.A (CMIN3) | $9.25 Billion | 7.17% | 0.61x | $4.64 Billion |
| Companhia Siderúrgica Nacional (CSNA3) | $2.33 Billion | 57.62% | 5.22x | $1.57 Billion |
| Cia de Ferro Ligas da Bahia - FERBASA (FESA3) | $601.69 Million | 9.54% | 0.08x | $254.98 Million |
| Metalurgica Gerdau S.A (GOAU3) | $26.82 Billion | 1.70% | 0.99x | $895.02 Million |
| Panatlântica S.A (PATI3) | $854.35 Million | 34.34% | 1.33x | $147.88 Million |
| Usinas Siderúrgicas de Minas Gerais S.A (USIM3) | $15.19 Billion | -4.41% | 0.73x | $1.25 Billion |
About Gerdau S.A
Gerdau S.A., together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, and South America Business segments. The company offers rebars, bars, wires, thick plates, hot rolled coils, billets, blooms, plates, wire rods, and structural profiles. It also provides special steel products for agricultural, automotive, construction, d… Read more