Nexa Resources S.A. (NEXA)

Price$13.80Cached quoteAs of 2026-09-05 00:02 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because strong recent profits offset weak cash conversion and deal uncertainty.

At the observed quote, 132.4 million shares imply an equity value near $1.9 billion. That equals about 14 times 2025 earnings per share, but only six times first-half 2026 earnings annualized; the gap shows how strongly cycle timing affects valuation. Including June net debt and minority interests, enterprise value is roughly 3.3 times latest twelve-month adjusted operating cash profit. Boliden’s announced transaction implied only about 7% more, while its eventual cash offer can change with Boliden’s share price and currencies.

Big pictureProfits have rebounded sharply, but metal prices still drive more value than steady cash generation.

Revenue increased from $2.57 billion in 2023 to $3.00 billion in 2025, while operating results swung from a $153 million loss to a $498 million profit. Net income similarly recovered from a $292 million loss to a $223 million profit. However, 2025 operating cash of $365 million barely covered $352 million of investment, leaving just $13 million of free cash flow—cash remaining after running and investing in the business. Across 2020-2025, that measure was cumulatively negative by roughly $86 million.

Business strengthLong-dated borrowing limits immediate danger, although debt still absorbs much of the business value.

At June 2026, Nexa reported $1.75 billion of gross debt, $387 million of liquidity and $707 million including an unused credit line. Only $133 million matures through 2027, and net debt measured 1.40 times latest twelve-month adjusted operating profit, down from 2.28 times one year earlier. Offsetting that progress, 2025 current liabilities exceeded current assets by $195 million. The share count stayed at 132.4 million from 2020 through 2025, avoiding net dilution, while $352 million of investment and $34 million of dividends left little cash for debt reduction.

What could change the storyA completed takeover and lasting cash improvement offer upside; weaker metals or deal failure threaten it.

The strongest bull case is that Boliden completes the controlling-shareholder transaction, makes its promised minority cash offer, and Nexa converts higher Aripuanã output and stronger zinc and by-product prices into debt reduction. The bear case is that approvals fail, Boliden’s reference value falls, or strong accounting profits again produce little cash. First-half 2026 operating cash was only $56 million against $150 million used for investing, partly because of a $131 million tax settlement and inventory buildup. Sustained annual free cash flow above $200 million and net debt below $1.3 billion would materially strengthen the case.

AI: News

Boliden Control AgreementBoliden agreed to buy Nexa’s controlling stake, creating a future cash exit for minority shareholders.

On August 27, 2026, Votorantim agreed to exchange its 64.68% Nexa holding for 0.250 newly issued Boliden shares per Nexa share. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals. Boliden then plans a cash tender for remaining Nexa shares, priced using the same exchange ratio and Boliden’s twenty-day average price before closing. The arrangement supports Nexa’s market value, but neither completion nor the eventual cash amount is fixed.

Second-Quarter Profit SurgeHigher zinc and by-product prices lifted earnings, while cash flow remained constrained by temporary outflows.

Nexa reported on August 5 that second-quarter revenue rose 28% to $908 million and adjusted operating cash profit increased 78% to $286 million. Net income reached $98 million, versus $13 million one year earlier. Management attributed much of the improvement to $99 million from stronger by-product contributions and $46 million from higher zinc prices. This is genuine earnings improvement, but first-half operating cash was only $56 million after a tax settlement and working-capital outflows, limiting immediate debt reduction.

Cajamarquilla Fire RecoveryA major smelter resumed production after a fire, containing the expected annual volume loss.

A May 13 fire temporarily halted Nexa’s Cajamarquilla zinc smelter in Peru and injured four people, all reported stable. By May 29, electrolysis operations were fully running and casting lines were returning gradually. Nexa estimated a second-quarter production impact of about 7,000 tonnes, roughly 2% of annual refined-zinc output, and kept full-year sales guidance unchanged. Second-quarter results later showed normal operations resumed during June, with stored zinc material expected to support volume recovery in the second half.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$3.00B	$2.77B	$2.57B	$3.03B	$2.62B	$1.95B	$2.33B	$2.49B	$2.45B	$1.96B	$1.87B
Gross profit	$712.9M	$538.1M	$298.9M	$640.1M	$633.1M	$374.8M	$384.9M	$599.4M	$696.7M	$460.6M	$401.9M
Gross margin	23.75%	19.45%	11.61%	21.10%	24.14%	19.21%	16.50%	24.06%	28.44%	23.44%	21.55%
Operating expenses	$214.9M	$261.7M	$451.4M	$279.2M	$186.9M	$773.3M	$495.9M	$264.9M	$295.1M	$330.6M	$238.0M
Operating income	$498.0M	$276.4M	−$152.6M	$360.9M	$446.2M	−$398.5M	−$111.0M	$334.6M	$401.6M	$130.0M	$163.9M
Operating margin	16.59%	9.99%	−5.93%	11.90%	17.02%	−20.43%	−4.76%	13.43%	16.39%	6.61%	8.79%
EBITDA	$787.0M	$606.6M	$145.8M	$648.0M	$704.9M	−$154.6M	$206.9M	$601.7M	$672.0M	$405.0M	$459.2M
EBITDA margin	26.21%	21.93%	5.67%	21.36%	26.88%	−7.92%	8.87%	24.15%	27.44%	20.61%	24.62%
Net income	$223.1M	−$187.4M	−$291.8M	$77.0M	$156.1M	−$652.5M	−$157.5M	$93.1M	$165.3M	$110.5M	−$139.8M
Net profit margin	7.43%	−6.77%	−11.34%	2.54%	5.95%	−33.45%	−6.75%	3.74%	6.75%	5.62%	−7.50%
Basic EPSper basic share	$1.00	-$1.55	-$2.20	$0.38	$0.86	-$4.22	-$1.09	$0.58	$1.09	$1.15	-$69.08
Diluted EPSper diluted share	$1.00	-$1.55	-$2.20	$0.38	$0.86	-$4.22	-$1.09	$0.58	$1.09	$1.15	-$69.08

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 1 reported holders of NEXA
Holder	Shares held
Ermirio de Moraes Luis	2.36M

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 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Nexa Resources S.A. (NEXA)

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