B3 · BRL

FESA4

Cia de Ferro Ligas da Bahia-Ferbasa Pfd

R$5.31-0.75% (-R$0.04)Updated 10/1/26, 1:16 AM

Day's range: R$5.28 – R$5.43
Day's volume: R$11.3M
52-week range: R$4.75 – R$8.90

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FESA4 in numbers

Market cap: R$2.4B

P/E: 12.71

P/B: 0.57

Dividend yield (12m): 12.22%

Net debt/EBITDA: -1.50

The 12-month dividend yield of FESA4 is 12.22%, below its 5-year average of 16.76%.

FESA4 price history

10/01/202509/30/2026

Compare with

FESA4 risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	-7.03%	-46.86%	-45.12%
Volatility (annualized)	43.11%	27.83%	29.52%
Largest drawdown	-40.33%	-51.29%	-56.11%
Positive months	5/12	11/36	24/60

How much did investing in FESA4 return?

Amount invested

R$1,000.00 invested on 09/01/2021 would be worth R$548.84 today.

Value today in FESA4: R$548.84

Return over the period: -45.12%

Return per year: -11.31%

In the Ibovespa: R$1,657.66

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

FESA4 fundamentals

Valuation

P/E
12.71
P/B
0.57
EV/EBITDA
6.66
EV/EBIT
100.77
EV/Revenue
0.90
P/EBIT
123.53
P/S
1.11
P/OCF
8.67
P/FCF
18.50
Earnings yield
0.99%
PEG ratio
—
Earnings per share
R$0.42
Book value per share
R$9.31

Debt

Net debt
-R$443.2M
Net debt/EBITDA
-1.50
Net debt/Equity
-0.13
Debt/Equity
0.11
Current ratio
3.61
Quick ratio
2.46
Cash ratio
1.73

Efficiency

Gross margin
16.32%
EBITDA margin
13.54%
Operating margin
0.90%
Net margin
6.80%
Asset turnover
0.50

Profitability

ROE
4.49%
ROA
3.41%
ROIC
0.68%
Payout
155.39%

Growth

Revenue CAGR (5 years)
2.99%
Earnings CAGR (5 years)
-7.88%
Revenue growth (year)
4.37%
Earnings growth (year)
-42.48%
Revenue growth (quarter)
-9.16%
Earnings growth (quarter)
-45.86%

What is FESA4's fair price?

Two classic value formulas, with today's numbers. The current price is R$5.31.

Graham's fair price: R$9.35; 76.13% above the price

√(22.50 × R$0.42 × R$9.31)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price: R$33.59; 532.64% above the price

R$2.02 (5-year average) ÷ 6%

Décio Bazin only bought stocks yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years over 6%.

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

FESA4's indicators by year

Multiples at each year's closing price; margins and returns from that year's statements.

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	12.99	8.83	10.73	4.45	6.71	24.19	7.99	5.85
P/B	0.74	0.87	1.29	1.55	1.82	0.95	0.96	1.03
EV/EBITDA	5.61	5.80	6.87	3.14	4.30	4.24	5.71	3.66
Dividend yield	4.37%	6.43%	23.58%	40.73%	8.72%	16.06%	27.72%	25.75%
Earnings per share	R$0.53	R$0.93	R$4.33	R$12.03	R$7.28	R$0.79	R$2.50	R$3.50
Book value per share	R$9.30	R$9.46	R$36.14	R$34.43	R$26.84	R$20.06	R$20.81	R$19.80
ROE	5.73%	9.80%	11.99%	34.93%	27.12%	3.94%	12.03%	17.65%
ROIC	1.77%	5.90%	10.43%	39.47%	33.76%	13.46%	7.20%	17.90%
Gross margin	17.61%	21.07%	24.87%	46.29%	43.25%	27.37%	20.20%	34.95%
EBITDA margin	13.92%	19.01%	21.34%	42.50%	40.09%	28.16%	28.55%	37.85%
Net margin	8.07%	14.64%	15.71%	33.84%	26.90%	4.30%	17.29%	22.36%
Net debt/EBITDA	-1.92	-1.00	-1.03	-0.40	-0.21	0.54	0.88	0.20

FESA4's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	R$2.3B	R$2.2B	R$2.4B	R$3.1B	R$2.4B	R$1.6B
Cost of revenue	-R$1.9B	-R$1.8B	-R$1.8B	-R$1.7B	-R$1.4B	-R$1.2B
Gross profit	R$411.1M	R$471.2M	R$605.7M	R$1.5B	R$1B	R$443.9M
EBITDA	R$325M	R$425.3M	R$519.8M	R$1.3B	R$958M	R$456.7M
EBIT	R$47.1M	R$171.9M	R$303.7M	R$1.2B	R$800.8M	R$278.9M
Financial result	R$125.7M	R$147.9M	R$115.9M	R$83.4M	-R$99.2M	-R$207M
Income before tax	R$172.8M	R$319.8M	R$419.6M	R$1.2B	R$701.7M	R$71.9M
Income tax	R$15.9M	R$7.9M	-R$36.8M	-R$181.9M	-R$58.8M	-R$1.9M
Net income	R$188.4M	R$327.5M	R$382.6M	R$1.1B	R$642.9M	R$69.8M

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

FESA4 against its sector

The same indicators for the company's other shares and the sector's largest stocks.

Stock	P/E	P/B	Dividend yield (12m)	ROE	Market cap
FESA4Cia Ferro Ligas Da Bahia - Ferbasa	12.71	0.57	12.22%	4.49%	R$2.4B
VALE3VALE S.A.	29.93	1.58	8.03%	5.27%	R$310.3B
GGBR4GERDAU S.A.	21.46	0.90	3.26%	4.18%	R$45.4B
GGBR3GERDAU S.A.	18.25	0.76	3.83%	4.18%	R$45.4B
CMIN3CSN MINERAÇÃO S.A.	11.66	3.71	7.70%	31.79%	R$27.2B
KLBN4KLABIN S.A.	127.00	2.37	6.52%	1.86%	R$22.8B
KLBN3KLABIN S.A.	132.29	2.47	6.25%	1.86%	R$22.8B

Does FESA4 pay dividends?

Dividend yield per year

35.20%2017
25.75%2018
27.72%2019
16.06%2020
8.72%2021
40.73%2022
23.58%2023
6.43%2024
4.37%2025
8.03%2026

Payment history
Type	Last day to own	Payment	Per share
Interest on equity	11/05/2025	06/12/2026	R$0.43
Interest on equity	11/05/2025	12/05/2025	R$0.22
Interest on equity	09/02/2025	09/18/2025	R$0.05
Interest on equity	06/05/2025	06/18/2025	R$0.03
Interest on equity	12/17/2024	12/27/2024	R$0.36
Interest on equity	12/05/2024	12/20/2024	R$0.05
Interest on equity	09/05/2024	09/20/2024	R$0.05
Interest on equity	06/05/2024	06/20/2024	R$0.05
Interest on equity	12/18/2023	12/27/2023	R$0.85
Interest on equity	12/07/2023	12/22/2023	R$0.50
Interest on equity	09/06/2023	09/22/2023	R$0.51
Interest on equity	06/07/2023	06/22/2023	R$0.88

See all 79 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Interest on equity	12/19/2022	12/29/2022	R$0.06
Dividend	12/19/2022	12/29/2022	R$0.99
Interest on equity	12/08/2022	12/23/2022	R$0.37
Dividend	12/08/2022	12/23/2022	R$0.47
Interest on equity	09/08/2022	09/29/2022	R$0.40
Dividend	09/08/2022	09/29/2022	R$0.57
Dividend	06/09/2022	06/29/2022	R$0.32
Interest on equity	06/09/2022	06/29/2022	R$0.63
Dividend	04/26/2022	05/12/2022	R$1.05
Dividend	04/26/2022	05/04/2022	R$0.52
Interest on equity	01/03/2022	01/26/2022	R$0.07
Interest on equity	12/07/2021	12/22/2021	R$0.25
Interest on equity	09/08/2021	09/17/2021	R$0.38
Interest on equity	06/04/2021	06/22/2021	R$0.21
Interest on equity	12/29/2020	02/19/2021	R$0.22
Interest on equity	12/04/2020	12/22/2020	R$0.54
Interest on equity	09/04/2020	09/22/2020	R$0.17
Interest on equity	12/27/2019	01/24/2020	R$0.06
Interest on equity	12/06/2019	12/20/2019	R$0.43
Interest on equity	09/05/2019	09/20/2019	R$0.28
Interest on equity	06/06/2019	06/19/2019	R$0.33
Dividend	05/02/2019	05/20/2019	R$0.24
Interest on equity	12/27/2018	01/22/2019	R$0.10
Interest on equity	12/07/2018	12/20/2018	R$0.39
Interest on equity	09/06/2018	09/20/2018	R$0.38
Interest on equity	06/07/2018	06/20/2018	R$0.29
Interest on equity	12/28/2017	01/18/2018	R$0.25
Interest on equity	12/08/2017	12/18/2017	R$0.27
Interest on equity	09/15/2017	09/28/2017	R$0.28
Interest on equity	07/17/2017	07/25/2017	R$0.30
Dividend	05/05/2017	05/19/2017	R$0.16
Interest on equity	12/14/2016	01/19/2017	R$0.80
Interest on equity	12/22/2015	01/18/2016	R$0.35
Interest on equity	08/25/2015	09/16/2015	R$0.56
Dividend	04/28/2015	05/07/2015	R$0.01
Dividend	04/28/2014	05/14/2014	R$0.04
Interest on equity	12/18/2013	03/18/2014	R$0.16
Dividend	04/24/2013	05/08/2013	R$0.02
Interest on equity	11/29/2012	03/18/2013	R$0.22
Dividend	04/24/2012	05/10/2012	R$0.01
Interest on equity	11/24/2011	03/16/2012	R$0.25
Interest on equity	10/28/2010	01/17/2011	R$0.26
Dividend	04/23/2010	05/10/2010	R$0.01
Interest on equity	12/18/2009	01/18/2010	R$0.10
Dividend	04/14/2009	04/27/2009	R$0.40
Interest on equity	08/13/2008	08/29/2008	R$0.42
Dividend	04/29/2008	05/12/2008	R$0.73
Interest on equity	12/14/2007	01/14/2008	R$1.06
Dividend	04/10/2007	04/20/2007	R$0.39
Interest on equity	12/06/2006	01/04/2007	R$0.44
Dividend	04/18/2006	04/28/2006	R$1.06
Dividend	04/04/2005	04/15/2005	R$22.66
Dividend	04/02/2004	04/16/2004	R$18.81
Dividend	03/06/2003	03/21/2003	R$10.29
Dividend	04/12/2002	04/26/2002	R$8.95
Dividend	04/26/2001	05/11/2001	R$4.56
Dividend	04/27/2000	05/15/2000	R$2.29
Dividend	12/03/1999	12/22/1999	R$1.10
Dividend	04/30/1999	05/28/1999	R$0.34
Dividend	04/27/2017	—	R$0.03
Dividend	04/27/2017	—	R$0.13
Interest on equity	12/23/2014	—	R$0.07
Interest on equity	08/04/2014	—	R$0.16
Dividend	04/29/2011	—	R$0.09
Dividend	04/30/1998	—	R$0.59
Dividend	04/30/1997	—	R$1.67
Dividend	04/12/1996	—	R$2.00

Splits, reverse splits and bonus shares
Event	Last day to own	Ratio
Split	01/23/2024	4 for 1
Split	07/21/2008	8 for 1
Reverse split	05/05/2005	1 for 100
Bonus shares	12/26/1989	900.00% in shares
Bonus shares	12/15/1989	900.00% in shares

About Cia Ferro Ligas Da Bahia - Ferbasa

Listing segment: Level 1
Tag along: Set by the bylaws
Free float: 45.31%
Shares issued: 117.73M common · 235.45M preferred
Average daily trading: R$6.4M
Listed since: 01/01/1977
CNPJ: 15.141.799/0001-03

ShareholdersAs of 12/31/2026, from the Formulário de Referência filed with the CVM.
Shareholder	Common	Preferred	Total
Fundação José CarvalhoControlling	98.83%	26.48%	50.60%
Outros	1.06%	67.50%	45.35%
Ações Tesouraria	0.11%	6.02%	4.05%

Questions about FESA4

How much is FESA4 today?

FESA4 is at R$5.31 (-0.75% on the day), last traded on 10/01/2026.

How much did FESA4 pay in dividends in 2025?

FESA4 paid R$0.30 per share in 2025, a dividend yield of 4.37%.

What are the P/E and P/B of FESA4?

FESA4 trades at a P/E of 12.71 and a P/B of 0.57.

How much did FESA4 return in 12 months?

FESA4 returned -7.03% in 12 months, with annualized volatility of 43.11% and a largest drawdown of -40.33%.