Cosan S.A. (CSANY)

Price—Loading quote

AI: Fair-priced

Price checkCSANY was quoted at US$3.95 on October 21, 2026, at 3:59:52 p.m. EDT, down 4.82% for the session. It is Cosan’s Level I ADS, distinct from its Brazilian CSAN3 ordinary shares.

SEC EDGAR identifies Cosan S.A. (CIK 0001430162) as a Brazilian foreign private issuer. Cosan IR identifies CSANY as a Level I American Depositary Share, with each ADS representing four ordinary shares; CSAN3 is the underlying B3 ordinary share. The former NYSE ADS listing was voluntarily delisted, with September 18, 2026 the final scheduled NYSE trading day. Cosan’s October 20 disclosure identifies OTC Pink: CSANY. The verified October 21 close is the latest regular-session observation rather than a live October 22 quote. OTC liquidity, spreads and quote delays deserve attention.

Big pictureAn estimated US$3.90 billion equity capitalization provides exposure to Brazilian energy, infrastructure and logistics assets, while parent-level obligations and uncertain monetization limit confidence in an undervaluation thesis.

Calculated inference, not company-reported market capitalization: Cosan’s October 9 ownership disclosure lists 3,966,570,932 issued ordinary shares, including 21,544,048 treasury shares. Excluding treasury and using four ordinary shares per ADS implies about 986.26 million ADS equivalents; at US$3.95 this implies approximately US$3.896 billion of equity value. It does not represent ADSs actually deposited or freely tradable. At June 30, 2026, Cosan Corporate reported expanded gross debt of R$16.485 billion, cash and marketable securities of R$7.268 billion, and expanded net debt of R$9.217 billion. A separate R$3.014 billion Rumo total-return-swap exposure is not conventional debt; Cosan says it has no obligation to repurchase the underlying shares. Compass’s 2Q26 secondary IPO delivered about R$2.3 billion in net proceeds to Cosan. Fair-priced is a cautious qualitative judgment, not a verified intrinsic-value calculation.

Business strengthThe latest reported quarter is 2Q26, ended June 30 and announced August 14. Operating businesses generated substantial adjusted EBITDA, but Cosan reported a controlling-shareholder loss and weak parent-level debt-service coverage.

Cosan’s SEC-filed 2Q26 results report a R$320 million net loss attributable to controlling shareholders, versus R$946 million in 2Q25. Operating-company adjusted EBITDA was R$2.267 billion for Rumo, R$1.275 billion for Compass and R$475 million for Moove; these are 100% subsidiary figures, not Cosan’s attributable share. Parent-level last-twelve-month net debt-service coverage was 0.2x, versus 1.2x a year earlier; net dividends and interest received were R$521 million against R$2.186 billion net interest paid under the company’s methodology. Raízen’s restructuring and financial distress remain material portfolio risks. On October 15 Cosan filed a Form 20-F/A to include Raízen’s audited FY2024–FY2026 statements; it did not update other information in the original April 10 annual report. Quarterly results are management-reported interim information, not audited full-year results.

What could change the storyCompleted asset sales, sustainable parent-level distributions and further debt reduction could support a re-rating. Failed transactions, financing pressure or further share issuance could reduce value per ADS.

On October 20 Cosan said exclusive negotiations with prospective buyers of part of its Rumo interest ended without an acceptable agreement; no sale proceeds should be assumed. A board resolution disclosed October 16 approved contributing approximately 20.33% of Rumo shares to the Maglev investment fund, an internal restructuring rather than an external cash sale. A Radar land transaction announced in 2Q26 carried about R$586 million attributable to Cosan, subject to closing conditions; a proposed Port São Luís transaction had nonbinding indicative consideration of R$300 million. These contingent amounts are not received cash. Management projected 2026 year-end debt-service coverage of 0.8–1.2x versus 0.2x at June 30. Cosan issued 2.1 billion ordinary shares in November 2025, about 53% of its September 2026 issued share base, making per-share value creation central. Catalysts include actual closings, cash distribution capacity, debt retirement and Raízen restructuring.

AI: News

October 20, 2026: Cosan ends exclusive Rumo stake-sale talks without agreementCosan confirmed that negotiations with prospective buyers of part of its Rumo railway investment ended without a transaction meeting its strategic and commercial requirements.

In a material-fact filing with Brazil’s CVM, Cosan said negotiations had not produced an acceptable agreement for a sale of any part of its contemplated Rumo interest. The notice followed earlier disclosures on June 29 and August 20 about strategic alternatives. This removes a potential near-term asset-sale deleveraging catalyst, but does not preclude future transactions. No binding deal, consideration or cash receipt was announced; the filing identifies B3: CSAN3 and OTC Pink: CSANY.

October 16, 2026: Cosan discloses approved contribution of Rumo shares to MaglevCosan disclosed a board decision authorizing the contribution of 377,829,490 Rumo ordinary shares, about 20.33% of Rumo’s share capital, to the Maglev investment fund.

The board approved the structure on October 6, with public disclosure on October 16. The contribution would be made by subscribing for fund quotas using Rumo shares. Cosan would be the sole quota holder, while BTG Pactual entities would manage and administer the fund. The internal restructuring is not a completed cash sale and should not be booked as immediate debt repayment or external proceeds; implications for financing flexibility depend on implementation and any later transaction.

Loading local price history

Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	R$40.42B	R$43.95B	R$39.47B	R$39.32B	R$26.09B	R$20.44B	R$20.61B	R$16.83B
Gross profit	R$13.18B	R$13.71B	R$10.92B	R$8.77B	R$5.83B	R$5.44B	R$5.99B	R$4.73B
Gross margin	32.60%	31.20%	27.66%	22.29%	22.34%	26.61%	29.08%	28.08%
Operating expenses	R$2.46B	R$6.03B	R$3.33B	R$1.50B	R$1.91B	R$2.07B	R$1.50B	R$1.25B
Operating income	R$10.71B	R$7.69B	R$10.96B	R$7.48B	R$4.09B	R$3.36B	R$4.50B	R$3.48B
Operating margin	26.50%	17.49%	27.78%	19.03%	15.67%	16.46%	21.82%	20.67%
EBITDA	R$3.64B	R$11.56B	R$14.33B	R$10.50B	R$6.59B	R$5.70B	R$6.78B	R$5.53B
EBITDA margin	9.00%	26.29%	36.31%	26.70%	25.26%	27.91%	32.92%	32.85%
Net income	−R$9.72B	−R$8.16B	R$4.88B	R$2.82B	R$6.70B	R$1.49B	R$2.89B	R$2.08B
Net profit margin	−24.05%	−18.57%	12.38%	7.17%	25.66%	7.28%	14.04%	12.37%
Basic EPSper basic share	-R$15.56	-R$5.16	R$0.58	R$0.63	R$3.44	R$0.47	R$0.72	R$4.00
Diluted EPSper diluted share	-R$15.56	-R$5.16	R$0.58	R$0.63	R$3.43	R$0.46	R$0.71	R$4.11

Review official source filings ↗

Owners

Reported shareholders

Reference date Sep 30, 2026

Reported holdings Number of shares

View holders

Top 6 reported holders of CSANY
Holder	Shares held
Mello Rubens Ometto Silveira	822.24M
Martins Marcelo Eduardo	5.09M
Rosenberg Whitaker Carneiro Ralph Gustavo	4.25M
Drummond Maria Rita de Carvalho	2.52M
Cordes Burkhard Otto	1.55M
Bergman Rafael	272.71K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys6$24.52M disclosed value

Sells (SEC code S)4$869.8K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 26, 2026Form 4	Cordes Burkhard OttoDirector	BuyCOMMON STOCK (BVMF: CSAN3) · indirect	10.0K	$4.25	$42.5K	1.51M
May 26, 2026Form 4	Cordes Burkhard OttoDirector	BuyCOMMON STOCK (BVMF: CSAN3) · indirect	50.0K	$4.26	$213.0K	1.50M
May 26, 2026Form 4	Cordes Burkhard OttoDirector	BuyCOMMON STOCK (BVMF: CSAN3) · indirect	10.0K	$4.27	$42.7K	1.45M
May 22, 2026Form 4	Mello Rubens Ometto SilveiraDirector	SellCommon Stock · indirect	77.6K	$3.44	$267.1K	0
May 19, 2026Form 4	Martins Marcelo EduardoChief Executive Officer	BuyCOMMON STOCK (BVMF: CSAN3)	2.44M	$5.14	$12.55M	4.89M

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about CSANY yet. Start the conversation.

Write the first post

Cosan S.A. (CSANY)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.