FSI

Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 15.04 8.68 5.44 13.89
Price to Sales 1.18 0.62 0.84 1.39
Book Value Per Common Share 3.04 2.83 2.63 2.03
Price to Book 1.19 0.67 1.18 1.91
Price to Operating Cash Flow 8.07 3.88 25.98 10.56
Price to Free Cash Flow 74.43 21.10 -76.17 12.76
Enterprise Value to EBITDA 60076.99 40893.83 40636.74 59464.17
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings -241.00 30.31 -252.50 72.90
Price to Sales 11.56 5.40 8.51 4.93 4.87
Book Value Per Common Share 3.07 3.11 3.04 3.04 2.97
Price to Book 3.14 1.56 1.66 1.19 1.23
Price to Operating Cash Flow 60.48 11.61 -116.90 -12.19 18.32
Price to Free Cash Flow 3109.68 14.24 -70.73 -7.80 35.84
Enterprise Value to EBITDA 1479302.67 159786.55 1253488.89 326684.71 218094.30

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY 9.09 -61.40 103.57
Revenue YoY -0.23 -16.40 33.19
EBITDA YoY 29.48 -38.73 17.28
Net Profit YoY 9.46 -60.47 103.57
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY -50.00
Revenue YoY -7.13 52.10 -18.47 -1.60
EBITDA YoY -78.48 653.70 -63.16 -33.54
Net Profit YoY 11.08

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 0.81 0.62 0.55 0.55
Quick Ratio 1.83 1.75 1.58 1.41
Current Ratio 2.91 3.01 3.01 2.42
Debt to Equity 0.45 0.45 0.46 0.43
Long-Term Debt to Equity 0.16 0.19 0.17 0.07
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 0.78 0.79 0.88 0.80 1.04
Quick Ratio 1.74 2.03 1.73 1.83 2.07
Current Ratio 2.96 3.40 2.72 2.91 3.17
Debt to Equity 0.36 0.37 0.48 0.45 0.43
Long-Term Debt to Equity 0.10 0.15 0.16 0.16 0.18

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 5.07 5.00 13.61 8.72
ROE 7.35 7.25 19.93 12.45
Gross Margin 34.63 27.25 30.25 33.11
Operating Margin 14.55 10.76 17.78 19.91
EBITDA Margin 19.67 15.16 20.68 23.48
Net Profit Margin 7.95 7.24 15.32 10.02
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA -0.86 3.48 -0.45 1.13 1.06
ROE -1.17 4.77 -0.66 1.64 1.52
Gross Margin 23.91 47.38 26.11 29.17 40.87
Operating Margin 3.23 29.43 0.59 9.46 17.10
EBITDA Margin 7.83 33.79 6.82 15.09 22.34
Net Profit Margin -4.77 17.85 -3.72 7.41 6.57

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield 0.00 0.00
Dividend Payout Ratio 41.30 22.58
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 59,968.58 55,471.06 51,587.19 39,551.27
   Current Assets 34,575.86 30,226.69 30,994.68 23,809.07
      Cash and Short-Term Investments 10,031.97 7,707.82 6,815.10 6,735.57
            Cash and Cash Equivalents 7,631.06 5,017.58 6,115.10 5,710.23
            Short-Term Investments 2,400.92 2,690.24 700.00 1,025.35
      Net Receivables 11,696.10 9,843.06 9,449.86 7,129.33
      Inventory 10,890.19 11,134.89 14,419.43 9,502.00
      Other Current Assets 1,957.59 1,540.92 310.30 442.16
   Non-Current Assets 25,392.72 25,244.36 20,592.51 15,742.20
      Property, Plant, Equipment Net 17,146.18 13,287.08 9,876.51 5,148.98
      Goodwill 2,534.28 2,534.28 2,534.28 2,534.28
      Intangible Assets 2,120.00 2,280.00 2,440.00 2,613.70
      Long-Term Investments 3,424.38 6,033.96 5,458.90 5,424.01
      Non-Current Deferred Assets 0 284.79 274.29 12.70
      Other Non-Current Assets 167.88 824.25 8.54 8.54
Liabilities 18,602.55 17,202.98 16,348.22 11,845.79
   Current Liabilities 11,861.67 10,053.86 10,302.16 9,823.06
      Payables and Expenses 7,589.87 6,753.94 6,320.11 6,301.94
            Account Payables 2,049.43 1,984.59 873.90 1,283.49
            Current Accrued Liabilities 403.16 284.13 959.86 457.06
      Short-Term Debt 4,193.14 3,151.63 3,594.28 3,172.11
      Other Current Liabilities 78.66 148.29 387.76 349.00
   Non-Current Liabilities 6,740.89 7,149.12 6,046.07 2,022.74
      Long-Term Debt 6,618.87 6,889.08 5,545.61 1,712.58
      Other Non-Current Liabilities 122.02 260.05 500.46 310.16
Equity 41,366.03 38,268.07 35,238.97 27,705.48
   Shareholders Equity 38,031.97 35,202.36 32,633.94 25,102.63
      Capital Stock 12.52 12.44 12.43 12.36
      Share Premium 18,789.92 17,932.01 17,523.35 16,983.65
      Retained Earnings 19,836.53 18,053.05 15,903.96 8,882.36
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income -606.99 -795.15 -805.80 -775.73
   Minority Interest 3,334.05 3,065.72 2,605.03 2,602.84
Debt 10,812.01 10,040.71 9,139.89 4,884.68
Net Debt 3,180.95 4,907.83 2,857.57 0
Common Shares Outstanding 12,515.53 12,435.53 12,426.26 12,355.25
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 38,234.86 38,324.81 45,840.47 34,416.33
Cost Of Revenue 24,994.96 27,881.72 31,971.60 23,019.82
Interest Income 196.45 113.81 132.23 78.00
Interest Expense 610.26 498.67 292.95 199.93
Non-Interest Expense 5,848.85 5,636.16 5,600.59 4,992.44
Gross Profit 13,239.90 10,443.08 13,868.87 11,396.51
Operating Expenses 7,729.28 6,977.68 6,484.59 5,681.19
   Selling, General and Administrative Expenses 5,848.85 5,636.16 5,600.59 4,992.44
   Research and Development Expenses 329.95 158.25 99.28 116.41
   Other Operating Expenses 1,550.48 1,183.27 784.72 572.33
Operating Income 5,510.62 3,465.41 7,384.29 5,715.32
EBT 4,952.80 3,623.25 7,859.09 6,650.76
Income Tax 851.21 -132.74 145.86 2,356.50
Net Income Including Non-Controlling Interests 4,101.59 3,755.99 7,713.23 4,294.26
Net Income Non-Controlling Interests -1,063.06 -980.12 -691.62 -845.10
Net Income 3,038.53 2,775.86 7,021.60 3,449.16
EBIT 5,563.06 4,121.92 8,152.03 6,850.69
Deprecation and Amortization 1,957.48 1,686.32 1,327.48 1,231.78
EBITDA 7,520.54 5,808.23 9,479.51 8,082.47
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 12,454.96 12,434.89 12,379.32 12,316.25
Average Shares Outstanding Diluted 12,680.67 12,489.47 12,466.42 12,505.52
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 5,568.35 6,116.17 1,476.90 4,535.75
   Operating Net Income 4,101.59 3,755.99 7,713.23 4,294.26
   Deprecation and Amortization 1,957.48 1,686.32 1,327.48 1,231.78
   Deferred Income Tax 146.77 -250.92 -71.30 363.32
   Share Based Compensation 673.13 395.08 399.15 210.11
   Change in Working Capital -1,418.06 1,039.36 -7,241.61 -503.32
   Other Operating Activities 107.44 -509.65 -650.04 -1,060.40
Investing Cash Flow -2,454.03 -4,854.23 -2,215.64 -659.54
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -4,964.74 -4,990.68 -1,981.31 -518.84
   Net Purchase/Sale of Investments Net 2,000.00 -270.00 0 -500.00
   Net Purchase/Sale of Business 0 200.00 -499.33 0
   Other Investing Activities 510.71 206.44 265.00 359.30
Financing Cash Flow -978.33 -379.87 848.33 -1,709.80
   Net Issuance/Repayment of Debt 886.59 952.75 1,397.14 -1,046.24
   Net Issuance/Repurchase of Equity 184.85 13.60 140.62 140.44
   Dividends Paid -1,255.05 -626.78 0 0
   Other Financing Activities -794.72 -719.44 -689.43 0
Net Change in Cash 2,135.99 882.07 109.59 2,166.41
   Cash at Beginning of Period 7,707.82 6,815.10 6,735.57 4,472.78
   Cash at End of Period 10,031.97 7,707.82 6,815.10 6,735.57
Free Cash Flow 603.61 1,125.50 -504.40 3,753.53
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 58,352.79 58,234.05 61,689.26 59,968.58 57,828.17
   Current Assets 32,872.91 31,092.25 36,084.67 34,575.86 32,305.52
      Cash and Short-Term Investments 9,867.80 9,999.33 11,026.41 10,031.97 12,990.17
            Cash and Cash Equivalents 8,481.65 8,613.18 9,645.26 7,631.06 10,619.84
            Short-Term Investments 1,386.15 1,386.15 1,381.16 2,400.92 2,370.32
      Net Receivables 9,471.70 8,599.08 11,976.49 11,696.10 8,071.43
      Inventory 9,486.80 11,334.90 11,127.74 10,890.19 9,719.76
      Other Current Assets 4,046.61 1,158.94 1,954.02 1,957.59 1,524.16
   Non-Current Assets 25,479.88 27,141.79 25,604.59 25,392.72 25,522.65
      Property, Plant, Equipment Net 16,372.16 17,597.13 17,075.11 17,146.18 14,741.02
      Goodwill 2,534.28 2,534.28 2,534.28 2,534.28 2,534.28
      Intangible Assets 2,000.00 2,040.00 2,080.00 2,120.00 2,160.00
      Long-Term Investments 2,978.86 3,510.04 3,488.31 3,424.38 3,548.41
      Non-Current Deferred Assets 0 0 0 0 284.79
      Other Non-Current Assets 0 0 0 167.88 2,254.14
Liabilities 15,360.97 15,654.67 19,918.82 18,602.55 17,499.89
   Current Liabilities 11,092.16 9,151.45 13,287.98 11,861.67 10,186.86
      Payables and Expenses 7,528.27 7,259.00 7,585.04 7,589.87 7,831.35
            Account Payables 2,133.32 1,717.91 2,157.41 2,049.43 909.91
            Current Accrued Liabilities 292.46 208.28 179.97 403.16 1,246.18
      Short-Term Debt 3,489.86 1,854.26 5,625.51 4,193.14 2,306.67
      Other Current Liabilities 74.03 38.20 77.43 78.66 48.84
   Non-Current Liabilities 4,268.81 6,503.21 6,630.85 6,740.89 7,313.03
      Long-Term Debt 4,146.79 6,381.19 6,508.83 6,618.87 7,052.98
      Other Non-Current Liabilities 122.02 122.02 122.02 122.02 260.05
Equity 42,991.82 42,579.38 41,770.43 41,366.03 40,328.27
   Shareholders Equity 38,967.34 39,367.48 38,422.69 38,031.97 36,946.09
      Capital Stock 12.69 12.65 12.65 12.52 12.45
      Share Premium 19,550.53 19,379.51 19,269.39 18,789.92 18,471.63
      Retained Earnings 19,809.59 20,312.95 19,558.79 19,836.53 19,156.88
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income -405.48 -337.63 -418.15 -606.99 -694.87
   Minority Interest 4,024.48 3,211.90 3,347.75 3,334.05 3,382.18
Debt 7,636.66 8,235.45 12,134.33 10,812.01 9,359.66
Net Debt 0 0 2,489.08 3,180.95 0
Common Shares Outstanding 12,680.53 12,652.53 12,647.53 12,515.53 12,450.53
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30
Revenues 10,556.29 11,367.13 7,473.69 9,166.31 9,314.94 0
Cost Of Revenue 8,032.52 5,981.87 5,522.13 6,492.69 5,508.12 0
Interest Income 61.29 26.67 49.57 55.25 31.57 0
Interest Expense 136.47 184.13 198.02 145.13 132.74 0
Non-Interest Expense 1,461.25 1,464.21 1,535.02 1,384.60 1,409.73 0
Gross Profit 2,523.78 5,385.27 1,951.56 2,673.62 3,806.82 0
Operating Expenses 2,249.81 2,053.20 2,021.27 1,892.38 1,860.23 0
   Selling, General and Administrative Expenses 1,461.25 1,464.21 1,535.02 1,384.60 1,409.73 0
   Research and Development Expenses 255.66 167.25 106.80 113.02 27.81 0
   Other Operating Expenses 532.90 421.74 379.45 394.76 422.70 0
Operating Income 273.96 3,332.07 -69.71 781.24 1,946.58 0
EBT 204.95 3,161.39 -153.68 721.77 1,459.96 0
Income Tax -181.74 1,016.16 110.36 -338.83 367.62 0
Net Income Including Non-Controlling Interests 386.69 2,145.23 -264.04 1,060.60 1,092.35 0
Net Income Non-Controlling Interests -890.05 -116.32 -13.69 -380.95 -480.49 0
Net Income -503.36 2,028.91 -277.73 679.65 611.86 0
EBIT 341.41 3,345.52 44.34 866.89 1,592.70 0
Deprecation and Amortization 484.92 494.89 465.20 516.13 488.13 0
EBITDA 826.34 3,840.41 509.54 1,383.02 2,080.84 0
EPS -0.00 0.00 -0.00 0 0.00 0.00
Diluted EPS -0.00 0.00 -0.00 0 0.00 0.00
Average Shares Outstanding Basic 12,660.92 12,647.53 12,587.48 0 12,450.53 12,450.53
Average Shares Outstanding Diluted 12,660.92 13,267.33 12,587.48 0 12,701.81 12,480.71
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 2,018.56 5,282.93 -544.29 -3,705.76 2,478.13
   Operating Net Income 386.69 2,145.23 -264.04 1,060.60 1,092.35
   Deprecation and Amortization 484.92 494.89 465.20 516.13 488.13
   Deferred Income Tax 0 0 0 0 0
   Share Based Compensation 97.92 97.92 97.92 159.75 134.12
   Change in Working Capital 1,017.85 2,566.62 -779.45 -5,599.54 410.72
   Other Operating Activities 31.18 -21.73 -63.92 157.30 352.81
Investing Cash Flow -464.36 -976.92 -354.12 -572.98 1,110.90
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE -1,979.13 -976.92 -354.12 -2,088.62 -1,212.42
   Net Purchase/Sale of Investments Net 0 0 0 -430.40 2,430.40
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 0 0 0 1,946.04 -107.08
Financing Cash Flow -603.12 -5,413.60 1,704.02 1,232.66 473.68
   Net Issuance/Repayment of Debt -598.79 -3,898.88 1,322.33 1,503.14 473.68
   Net Issuance/Repurchase of Equity 0 0 0 158.60 0
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 0 0 0 -429.08 0.00
Net Change in Cash 951.08 -1,107.60 805.60 -3,046.08 4,062.71
   Cash at Beginning of Period 9,999.33 11,026.41 10,031.97 12,990.17 9,209.44
   Cash at End of Period 8,481.65 9,999.33 11,026.41 10,031.97 10,619.84
Free Cash Flow 39.44 4,306.01 -898.41 -5,794.38 1,265.71