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CSAN

Cosan S.A.

CSAN

Cosan S.A. • NYSE
$4.91 ▼ -1.21% (-0.06)
Market Cap $2.28 B
52w High $6.79
52w Low $3.80
Dividend Yield 0.35%
P/E -0.87
Volume 1.02M
Outstanding Shares 464.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.664B ▲ $1.14B ▲ $-1.185B ▼ -11.112% ▼ $-2.56 ▼ $3.997B ▲
Q2-2025 $10.478B ▲ $553.197M ▼ $-946.042M ▲ -9.029% ▲ $-2.04 ▲ $2.906B ▲
Q1-2025 $9.663B ▼ $568.376M ▼ $-1.788B ▲ -18.503% ▲ $-3.84 ▲ $2.181B ▼
Q4-2024 $11.768B ▲ $7.952B ▲ $-9.297B ▼ -79% ▼ $-21 ▼ $2.972B ▼
Q3-2024 $11.646B $3.837B $292.881M 2.515% $0.64 $4.191B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.101B ▼ $125.739B ▼ $93.685B ▲ $32.054B ▲
Q2-2025 $16.509B ▼ $126.036B ▼ $92.932B ▲ $7.191B ▼
Q1-2025 $17.874B ▼ $127.486B ▼ $92.715B ▼ $7.892B ▼
Q4-2024 $20.177B ▲ $141.266B ▼ $101.868B ▲ $10.904B ▼
Q3-2024 $19.531B $144.83B $95.594B $19.924B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-217.519M ▼ $539.678M ▼ $-501.693M ▲ $-157.106M ▲ $-59.497M ▲ $148.695M ▼
Q2-2025 $34.523M ▲ $3.929B ▲ $-1.617B ▼ $-3.535B ▲ $-1.281B ▲ $2.003B ▲
Q1-2025 $-888.863M ▲ $1.73B ▼ $5.946B ▲ $-9.573B ▼ $-2.094B ▼ $-555.005M ▼
Q4-2024 $-9.297B ▼ $3.705B ▲ $-1.37B ▲ $-194.949M ▲ $2.276B ▲ $1.056B ▼
Q3-2024 $1.505B $3.262B $-2.647B $-3.188B $-2.602B $1.284B

Five-Year Company Overview

Income Statement

Income Statement Cosan’s top line has grown strongly over the last five years, and the core businesses look profitable at the operating level. Gross and operating profits have generally trended higher, showing that the underlying operations are gaining scale and efficiency. However, the bottom line is volatile: the most recent year shows a sizable net loss despite solid operating income, likely driven by financial costs, non‑cash charges, or other below‑the‑line items. Earnings per share have swung from strong profits to a deep loss, so reported profitability is not yet stable or predictable.

Balance Sheet

Balance Sheet The company has built a large asset base, reflecting big investments in infrastructure, logistics, and energy projects. This expansion has been financed heavily with debt, which has grown faster than shareholders’ equity. As a result, leverage is high and the cushion provided by equity has shrunk, especially after the recent loss. Cash on hand is meaningful but small compared with total debt, suggesting that while the group is liquid, the balance sheet is more stretched and more sensitive to interest rates, currency moves, and any operational setbacks.

Cash Flow

Cash Flow Despite the earnings volatility, cash generation from day‑to‑day operations has steadily improved, indicating that the core businesses convert revenue into cash quite well. Free cash flow has stayed positive even as the company spends heavily on new projects and maintenance, which is a healthy sign. However, the level of investment is high, and the group still leans on borrowing to support its growth agenda. Overall, Cosan looks like a cash‑generative platform that is aggressively reinvesting, with the main risk being how comfortably it can continue to fund this pace without over‑stretching its finances.

Competitive Edge

Competitive Edge Cosan’s strength comes from a diversified portfolio of “hard to copy” businesses. Raízen, in partnership with Shell, is a global leader in sugarcane‑based bioenergy and advanced ethanol. Rumo controls critical rail corridors for Brazil’s agricultural exports, giving it powerful infrastructure advantages. Compass owns strategic gas distribution assets in Brazil’s largest state, and Moove has strong lubricant brands and partnerships with ExxonMobil. These assets are long‑lived, capital intensive, and protected by scale, regulation, and brand relationships, which together form a solid competitive moat. On the flip side, the group is heavily tied to Brazil’s regulatory environment, commodity cycles, and fuel demand, which can add volatility.

Innovation and R&D

Innovation and R&D Innovation at Cosan is very practical and tied to its operating companies. Raízen is a pioneer in second‑generation ethanol, turning sugarcane waste into advanced biofuels and positioning itself as a key supplier for low‑carbon fuels and sustainable aviation fuel. Rumo is pushing digitalization and automation in rail, using AI and advanced control systems to cut fuel use and improve safety. Compass is expanding into biomethane and LNG solutions, while Moove develops specialized and more sustainable lubricants for global customers. The company is clearly leaning into decarbonization, digital infrastructure, and higher‑value products. The main question is execution: these projects are capital‑intensive and take time to scale, so benefits may arrive gradually and with some risk.

Summary

Cosan combines strong, strategic infrastructure assets with a clear push into cleaner energy, smarter logistics, and higher‑value fuel and lubricant solutions. Operationally, the businesses look sound and increasingly efficient, and cash generation has been robust. However, net income has become more erratic, with a recent sharp loss, and the balance sheet is now more leveraged and less cushioned than a few years ago. The long‑term story rests on successful delivery of large growth and innovation projects—particularly in advanced biofuels, rail capacity, and gas infrastructure—while managing debt and financial risks. How well the company stabilizes earnings, controls leverage, and executes its ambitious expansion plans will be key to its future risk–reward profile.