B3 · BRL

GGBR3

Gerdau S.A.

R$20.64-0.05% (-R$0.01)Updated 9/30/26, 6:31 PM

Day's range: R$20.60 – R$21.04
Day's volume: R$249.7K
52-week range: R$14.75 – R$22.62

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GGBR3 in numbers

Market cap: R$45.4B

P/E: 18.25

P/B: 0.76

Dividend yield (12m): 3.83%

Net debt/EBITDA: 1.43

The 12-month dividend yield of GGBR3 is 3.83%, below its 5-year average of 10.83%.

GGBR3 price history

10/01/202509/30/2026

Compare with

GGBR3 risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+34.29%	+40.98%	+77.37%
Volatility (annualized)	27.44%	21.86%	29.16%
Largest drawdown	-7.31%	-24.72%	-26.94%
Positive months	6/12	19/36	33/60

How much did investing in GGBR3 return?

Amount invested

R$1,000.00 invested on 09/01/2021 would be worth R$1,838.12 today.

Value today in GGBR3: R$1,838.12

Return over the period: +83.81%

Return per year: +12.95%

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.

GGBR3 fundamentals

Valuation

P/E
18.25
P/B
0.76
EV/EBITDA
6.64
EV/EBIT
11.51
EV/Revenue
0.83
P/EBIT
9.02
P/S
0.65
P/OCF
4.98
P/FCF
12.79
Earnings yield
8.69%
PEG ratio
—
Earnings per share
R$1.13
Book value per share
R$27.07

Debt

Net debt
R$12.5B
Net debt/EBITDA
1.43
Net debt/Equity
0.23
Debt/Equity
0.33
Current ratio
2.87
Quick ratio
1.30
Cash ratio
0.53

Efficiency

Gross margin
13.10%
EBITDA margin
12.55%
Operating margin
7.24%
Net margin
3.27%
Asset turnover
0.85

Profitability

ROE
4.18%
ROA
2.78%
ROIC
4.51%
Payout
69.85%

Growth

Revenue CAGR (5 years)
2.55%
Earnings CAGR (5 years)
-22.88%
Revenue growth (year)
4.22%
Earnings growth (year)
-69.62%
Revenue growth (quarter)
0.64%
Earnings growth (quarter)
-31.57%

What is GGBR3's fair price?

Two classic value formulas, with today's numbers. The current price is R$20.64.

Graham's fair price: R$26.25; 27.16% above the price

√(22.50 × R$1.13 × R$27.07)

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$33.00; 59.88% above the price

R$1.98 (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.

GGBR3'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	25.00	7.54	6.00	3.77	2.49	14.74	24.44	9.14
P/B	0.64	0.59	0.91	0.93	0.90	1.12	1.08	0.81
EV/EBITDA	6.32	4.11	3.78	2.50	2.07	6.24	8.00	5.75
Dividend yield	3.55%	4.71%	9.04%	18.66%	18.17%	0.93%	2.06%	3.91%
Earnings per share	R$0.70	R$2.25	R$3.56	R$6.50	R$9.01	R$1.38	R$0.70	R$1.34
Book value per share	R$27.10	R$28.68	R$23.35	R$26.35	R$24.90	R$18.08	R$15.80	R$15.08
ROE	2.58%	7.85%	15.24%	24.68%	36.19%	7.61%	4.43%	8.88%
ROIC	3.18%	9.36%	15.16%	23.41%	30.44%	8.09%	5.81%	10.37%
Gross margin	11.41%	13.73%	16.44%	22.75%	26.57%	13.54%	10.60%	13.32%
EBITDA margin	10.63%	15.83%	19.71%	25.06%	30.05%	17.43%	13.26%	12.87%
Net margin	1.99%	6.81%	10.89%	13.86%	19.78%	5.40%	3.04%	4.99%
Net debt/EBITDA	1.65	0.87	0.47	0.42	0.43	1.67	2.41	2.21

GGBR3's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	R$69.9B	R$67B	R$68.9B	R$82.4B	R$78.3B	R$43.8B
Cost of revenue	-R$61.9B	-R$57.8B	-R$57.6B	-R$63.7B	-R$57.5B	-R$37.9B
Gross profit	R$8B	R$9.2B	R$11.3B	R$18.8B	R$20.8B	R$5.9B
EBITDA	R$7.4B	R$10.6B	R$13.6B	R$20.7B	R$23.5B	R$7.6B
EBIT	R$3.7B	R$7.5B	R$10.5B	R$17.8B	R$21B	R$5.2B
Financial result	-R$1.2B	-R$2B	-R$1.1B	-R$1.9B	-R$750.5M	-R$1.7B
Income before tax	R$2.5B	R$5.5B	R$9.3B	R$15.9B	R$20.3B	R$3.5B
Income tax	-R$1.1B	-R$864.7M	-R$1.8B	-R$4.4B	-R$4.7B	-R$1.1B
Net income	R$1.4B	R$4.6B	R$7.5B	R$11.4B	R$15.5B	R$2.4B

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

GGBR3 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
GGBR3Gerdau	18.25	0.76	3.83%	4.18%	R$45.4B
GGBR4GERDAU S.A.	21.46	0.90	3.26%	4.18%	R$45.4B
VALE3VALE S.A.	29.93	1.58	8.03%	5.27%	R$310.3B
CMIN3CSN MINERAÇÃO S.A.	11.25	3.57	7.99%	31.79%	R$26.2B
KLBN4KLABIN S.A.	127.70	2.38	6.48%	1.86%	R$23.1B
KLBN3KLABIN S.A.	135.46	2.53	6.11%	1.86%	R$23.1B

Does GGBR3 pay dividends?

Dividend yield per year

0.61%2017
3.91%2018
2.06%2019
0.93%2020
18.17%2021
18.66%2022
9.04%2023
4.71%2024
3.55%2025
2.47%2026

Payment history
Type	Last day to own	Payment	Per share
Dividend	08/19/2026	09/11/2026	R$0.23
Dividend	05/13/2026	06/09/2026	R$0.18
Dividend	03/10/2026	03/18/2026	R$0.10
Dividend	11/10/2025	12/11/2025	R$0.28
Dividend	08/11/2025	08/18/2025	R$0.12
Dividend	05/08/2025	05/19/2025	R$0.12
Dividend	03/05/2025	03/14/2025	R$0.10
Dividend	11/18/2024	12/16/2024	R$0.30
Dividend	08/09/2024	08/20/2024	R$0.12
Dividend	05/15/2024	05/27/2024	R$0.28
Dividend	03/01/2024	03/12/2024	R$0.10
Dividend	11/17/2023	12/13/2023	R$0.47

See all 94 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Dividend	08/18/2023	08/29/2023	R$0.43
Interest on equity	05/15/2023	05/29/2023	R$0.51
Dividend	03/14/2023	03/23/2023	R$0.20
Dividend	11/21/2022	12/14/2022	R$1.73
Interest on equity	11/21/2022	12/14/2022	R$0.42
Dividend	08/15/2022	08/25/2022	R$0.71
Interest on equity	05/16/2022	05/25/2022	R$0.57
Dividend	03/07/2022	03/16/2022	R$0.20
Dividend	11/05/2021	11/16/2021	R$1.42
Interest on equity	11/05/2021	11/16/2021	R$0.20
Interest on equity	09/27/2021	11/16/2021	R$0.38
Dividend	08/16/2021	08/26/2021	R$0.54
Dividend	05/14/2021	05/26/2021	R$0.40
Interest on equity	03/11/2021	03/25/2021	R$0.13
Interest on equity	12/21/2020	03/24/2021	R$0.17
Dividend	11/06/2020	11/18/2020	R$0.12
Dividend	02/28/2020	03/11/2020	R$0.03
Dividend	11/11/2019	11/25/2019	R$0.04
Dividend	08/16/2019	08/28/2019	R$0.07
Dividend	05/17/2019	05/29/2019	R$0.07
Dividend	03/06/2019	03/18/2019	R$0.10
Dividend	11/21/2018	12/03/2018	R$0.13
Interest on equity	08/21/2018	08/31/2018	R$0.14
Interest on equity	05/21/2018	06/01/2018	R$0.08
Dividend	03/09/2018	03/21/2018	R$0.03
Dividend	11/21/2017	12/01/2017	R$0.03
Dividend	08/21/2017	09/01/2017	R$0.02
Dividend	11/21/2016	12/01/2016	R$0.02
Dividend	08/22/2016	09/02/2016	R$0.03
Dividend	11/09/2015	11/19/2015	R$0.04
Interest on equity	08/24/2015	09/03/2015	R$0.05
Interest on equity	05/21/2015	06/01/2015	R$0.06
Dividend	03/16/2015	03/26/2015	R$0.07
Interest on equity	11/17/2014	11/27/2014	R$0.05
Dividend	08/11/2014	08/20/2014	R$0.06
Interest on equity	05/21/2014	05/29/2014	R$0.07
Dividend	03/05/2014	03/17/2014	R$0.07
Interest on equity	11/11/2013	11/22/2013	R$0.12
Interest on equity	08/12/2013	08/21/2013	R$0.07
Dividend	05/17/2013	05/29/2013	R$0.02
Dividend	03/04/2013	03/14/2013	R$0.02
Interest on equity	11/12/2012	11/23/2012	R$0.07
Dividend	08/13/2012	08/23/2012	R$0.09
Dividend	05/11/2012	05/23/2012	R$0.06
Dividend	02/27/2012	03/08/2012	R$0.08
Dividend	11/21/2011	11/30/2011	R$0.12
Interest on equity	08/15/2011	08/25/2011	R$0.09
Dividend	05/19/2011	05/27/2011	R$0.06
Dividend	03/14/2011	03/24/2011	R$0.06
Interest on equity	11/16/2010	11/26/2010	R$0.12
Dividend	08/16/2010	08/26/2010	R$0.14
Interest on equity	05/17/2010	05/17/2010	R$0.12
Interest on equity	12/28/2009	03/12/2010	R$0.18
Interest on equity	11/16/2009	11/26/2009	R$0.08
Dividend	03/02/2009	03/12/2009	R$0.04
Dividend	11/14/2008	11/26/2008	R$0.18
Dividend	08/15/2008	08/27/2008	R$0.36
Interest on equity	05/21/2008	06/03/2008	R$0.41
Dividend	02/22/2008	03/05/2008	R$0.29
Interest on equity	11/21/2007	11/30/2007	R$0.34
Dividend	08/17/2007	08/29/2007	R$0.29
Interest on equity	05/14/2007	05/24/2007	R$0.34
Dividend	02/21/2007	03/06/2007	R$0.35
Interest on equity	11/21/2006	11/30/2006	R$0.35
Dividend	08/14/2006	08/24/2006	R$0.35
Interest on equity	05/15/2006	05/25/2006	R$0.30
Dividend	02/17/2006	03/02/2006	R$0.42
Dividend	11/18/2005	11/30/2005	R$0.45
Dividend	08/15/2005	08/24/2005	R$0.48
Dividend	05/13/2005	05/24/2005	R$0.45
Dividend	02/11/2005	02/22/2005	R$0.95
Dividend	11/03/2004	11/17/2004	R$0.53
Interest on equity	08/13/2004	11/17/2004	R$0.46
Interest on equity	03/30/2004	05/18/2004	R$0.64
Interest on equity	12/30/2003	02/17/2004	R$1.02
Interest on equity	10/13/2003	11/18/2003	R$0.51
Interest on equity	07/10/2003	08/14/2003	R$0.34
Interest on equity	03/31/2003	05/15/2003	R$0.65
Interest on equity	12/30/2002	02/18/2003	R$1.63
Interest on equity	06/28/2002	08/15/2002	R$0.70
Interest on equity	12/28/2001	02/19/2002	R$0.96
Interest on equity	07/23/2001	—	R$0.40

Splits, reverse splits and bonus shares
Event	Last day to own	Ratio
Bonus shares	04/17/2024	20.00% in shares
Split	03/22/2023	21 for 20
Split	06/13/2008	2 for 1
Split	04/13/2006	3 for 2
Split	04/12/2005	3 for 2
Split	04/30/2004	2 for 1
Reverse split	04/30/2003	1 for 1000

About Gerdau

Sector: Materiais Básicos
Segment: Siderurgia
Listing segment: Level 1
Tag along: 80.00%
Free float: 63.59%
Shares issued: 716.98M common · 1.26B preferred
Average daily trading: R$588K
Listed since: 02/01/2001
CNPJ: 33.611.500/0001-19

A Gerdau S.A., listada na B3 sob os códigos GGBR3 e GGBR4, é uma produtora de aço com operações relevantes no Brasil, América do Norte e demais mercados das Américas. A companhia atua na produção de aços longos, aços especiais e soluções para construção civil, indústria e cadeia automotiva. Seu modelo combina usinas integradas e semi-integradas, rede de transformação, centros de serviço e cadeia de sucata metálica, componente importante do processo produtivo em fornos elétricos. No mercado brasileiro, a empresa figura entre os principais grupos siderúrgicos em capacidade e distribuição. O desempenho financeiro depende de demanda setorial, preço do aço, custo de matérias-primas e energia, além de taxa de câmbio para operações externas. A estratégia corporativa inclui disciplina de capital, eficiência operacional, descarbonização gradual do processo siderúrgico e gestão de portfólio por unidade de negócio, com foco em retorno sobre capital empregado ao longo do ciclo do aço.

Investor website

ShareholdersAs of 12/31/2026, from the Formulário de Referência filed with the CVM.
Shareholder	Common	Preferred	Total
Metalúrgica Gerdau S.A.Controlling	98.04%	0.00%	35.54%
BLACKROCK, INC.	0.00%	9.99%	6.37%
T. Rowe Price Associates, Inc.	0.00%	5.19%	3.31%
Outros	1.94%	83.55%	53.97%
Ações Tesouraria	0.02%	1.28%	0.82%

Questions about GGBR3

How much is GGBR3 today?

GGBR3 is at R$20.64 (-0.05% on the day), last traded on 09/30/2026.

How much did GGBR3 pay in dividends in 2025?

GGBR3 paid R$0.62 per share in 2025, a dividend yield of 3.55%.

What are the P/E and P/B of GGBR3?

GGBR3 trades at a P/E of 18.25 and a P/B of 0.76.

How much did GGBR3 return in 12 months?

GGBR3 returned 34.29% in 12 months, with annualized volatility of 27.44% and a largest drawdown of -7.31%.

What sector is GGBR3 in?

Gerdau is in the Materiais Básicos sector, Siderurgia segment.