Suzano S.A. (SUZ)

Price$9.17Cached quoteAs of 2026-09-05 08:45 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash potential is balanced by heavy debt.

At the observed quote, Suzano's 1.264 billion year-end shares imply an equity value near US$11.3 billion. Adding second-quarter net debt of US$12.8 billion gives about US$24.1 billion of enterprise value, or roughly 6.4 times the company's dollar-based operating earnings measure before interest, tax, depreciation and amortization. Suzano reported a 19.2% adjusted cash-flow yield at quarter-end, but that measure adds back expansion spending and shareholder payouts. With leverage still high and Arbex not yet in reported earnings, the discount looks meaningful but not decisive.

Big pictureCash generation has held up, but profits still swing sharply with pulp prices and currencies.

Cash from operations stayed between R$13.1 billion and R$21.6 billion every year from 2020 through 2025, which is much steadier than reported profit. Net income swung from a R$7.1 billion loss in 2024 to R$13.4 billion profit in 2025, while operating income fell from R$15.7 billion to R$10.6 billion. Second-quarter 2026 revenue was 13% lower year over year and adjusted operating earnings fell 23%. The business can produce cash through cycles, but pulp pricing and currency swings make any single year's earnings a poor anchor.

Business strengthScale and lower investment needs help, while leverage limits how aggressively Suzano can reward shareholders.

Scale improved after the Ribas do Rio Pardo mill ramped: 2025 pulp and paper sales reached 14.2 million tonnes, up 15%, while annual pulp cash cost fell to R$817 per tonne, its lowest since 2021. The 2026 capital-spending plan is R$10.9 billion versus R$13.3 billion for 2025, easing investment pressure. Shares outstanding fell from about 1.361 billion in 2021 to 1.264 billion in 2025, so dilution is not the issue. The constraint is leverage: second-quarter net debt was US$12.8 billion before Arbex closed.

What could change the storyFaster debt reduction could unlock upside; weak pulp economics or Arbex underperformance would do the opposite.

The bull case is visible if Suzano reaches its US$11 billion net-debt target and leverage below 2.5 times during 2027-2028 while keeping cash generation near recent levels. Arbex could diversify earnings: if owned from the start of 2026, first-half revenue would have been R$8.5 billion higher, though net income only R$228 million higher. The bear case is debt staying above roughly three times operating earnings while pulp profits weaken. The current valuation therefore assumes successful deleveraging and reasonable pulp economics, not a return to the exceptional 2022 profit peak.

AI: News

Second-quarter cash reboundSecond-quarter cash flow improved even as year-over-year operating profit remained well below last year's level.

On August 12, Suzano reported second-quarter net revenue of R$11.6 billion and adjusted operating earnings of R$4.7 billion. Revenue rose 6% from the prior quarter but fell 13% year over year; adjusted operating earnings rose 3% sequentially but fell 23% annually. Adjusted free cash flow reached R$3.3 billion, up 27% year over year, and net debt fell 3% sequentially to R$66.1 billion. The U.S. listing changed little the next session, so timing alone does not show a clear directional reaction.

Arbex acquisition closesArbex adds global tissue exposure and new revenue, but it also raises Suzano's financial commitments.

On July 1, Suzano closed its purchase of 51% of Arbex for US$1.3 billion, equal to about R$6.7 billion. Arbex also started with roughly US$1.0 billion of net debt tied mainly to transaction financing. The tissue business spans 22 mills in 14 markets and will be consolidated from the third quarter. Suzano said first-half 2026 revenue would have been R$8.5 billion higher had Arbex been owned from January, showing meaningful diversification potential but also heavier balance-sheet demands.

Deleveraging targets publishedManagement set concrete debt and cost targets, giving investors a clear test for future cash discipline.

On May 11, Suzano set targets of US$11.0 billion of net debt and leverage below 2.5 times during 2027-2028, while guiding 2026 pulp cash production cost to about R$800 per tonne excluding scheduled downtime. By the second quarter, net debt was US$12.8 billion and leverage was 3.4 times; cash cost was R$843 per tonne. The targets gave investors a specific test for whether post-expansion cash generation can repair the balance sheet.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	R$50.12B	R$47.40B	R$39.76B	R$49.83B	R$40.97B	R$30.46B	R$26.01B	R$13.44B	R$10.58B	R$9.84B
Gross profit	R$16.23B	R$20.00B	R$14.68B	R$25.01B	R$20.35B	R$11.49B	R$5.27B	R$6.52B	R$4.08B	R$3.28B
Gross margin	32.38%	42.19%	36.92%	50.19%	49.68%	37.73%	20.26%	48.51%	38.60%	33.30%
Operating expenses	R$5.58B	R$4.31B	R$2.46B	R$2.79B	R$2.17B	R$3.05B	R$2.64B	R$1.51B	R$805.9M	R$2.00B
Operating income	R$10.65B	R$15.69B	R$12.22B	R$22.22B	R$18.18B	R$8.44B	R$2.63B	R$5.01B	R$3.28B	R$1.27B
Operating margin	21.25%	33.10%	30.73%	44.60%	44.38%	27.72%	10.10%	37.25%	30.99%	12.96%
EBITDA	R$21.95B	R$24.92B	R$19.54B	R$29.63B	R$25.22B	R$15.22B	R$10.72B	R$6.57B	R$4.68B	R$2.68B
EBITDA margin	43.79%	52.56%	49.14%	59.46%	61.57%	49.95%	41.21%	48.88%	44.24%	27.22%
Net income	R$13.44B	−R$7.04B	R$14.11B	R$23.39B	R$8.64B	−R$10.71B	−R$2.81B	R$319.8M	R$1.82B	R$1.68B
Net profit margin	26.81%	−14.86%	35.48%	46.95%	21.08%	−35.18%	−10.82%	2.38%	17.21%	17.05%
Basic EPSper basic share	R$10.84	-R$5.59	R$10.86	R$17.58	R$6.39	-R$7.95	-R$2.09	R$0.29	R$1.67	R$1.54
Diluted EPSper diluted share	R$10.82	-R$5.59	R$10.85	R$17.57	R$6.39	-R$7.95	-R$2.09	R$0.29	R$1.66	R$1.53

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SUZ
Holder	Shares held
Atlas FRM LLC	24.32M
STATE STREET CORP	6.78M
DEUTSCHE BANK AG\	5.51M
UBS Group AG	5.28M
WELLINGTON MANAGEMENT GROUP LLP	4.21M
DYNAMO INTERNACIONAL GESTAO DE RECURSOS LTDA.	2.56M
AMERICAN CENTURY COMPANIES INC	2.53M
MORGAN STANLEY	1.8M
COMPASS ROSE ASSET MANAGEMENT, LP	1.72M
Kapitalo Investimentos Ltda	1.71M
NORTHERN TRUST CORP	1.28M
GOLDMAN SACHS GROUP INC	1.19M
JPMORGAN CHASE & CO	1.14M
JANE STREET GROUP, LLC	1.06M
Ramirez Asset Management, Inc.	939.49K
DIMENSIONAL FUND ADVISORS LP	844.2K
BlackRock, Inc.	836.03K
TWO SIGMA INVESTMENTS, LP	726.36K
RENAISSANCE TECHNOLOGIES LLC	678.3K
PRINCIPAL FINANCIAL GROUP INC	610.94K

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 13F ↗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.

Review ownership filings at SEC.gov ↗

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Suzano S.A. (SUZ)

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