Cosan S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Cosan S.A. files with the SEC in its annual reports.

In BRL millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	16,835	20,611	20,438	26,093	39,323	39,468	43,951
Cost of revenue	12,108	14,617	15,000	20,263	30,557	28,550	30,236
Gross profit	4,726	5,994	5,438	5,830	8,766	10,919	13,715
Selling and marketing	1,019	0.67	662	723	1,276	1,351	1,576
Operating income	3,479	4,497	3,363	4,088	7,484	10,964	7,688
Interest expense	2,837	3,691	4,728	2,528	4,707	11,337	7,637
Interest income	1,032	975	408	1,258	5,778	3,028	2,656
Pre-tax income	2,872	3,662	1,991	6,251	2,653	5,114	-5,245
Income tax	760	780	503	-446	-118	274	3,191
Income from continuing operations	2,111	2,882	1,488	6,696	2,771	4,839	-8,436
Net income to minority interests	1,108	1,577	629	384	1,645	3,790	1,262
Net income	975	1,316	859	6,312	1,176	1,094	-9,424
EBITDA	5,531	6,785	5,704	6,592	10,498	14,329	11,557
EPS, basic	0.51	0.72	0.47	3.44	0.63
EPS, diluted	0.53	0.71	0.46	3.43	0.63

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	3,622	8,472	13,643	16,174	13,302	14,658	16,904
Inventory		787	935	1,149	1,869	1,793	2,073
Total current assets		15,992	23,435	27,293	25,578	28,610	30,774
Property, plant and equipment		12,153	14,069	16,649	18,948	21,240	23,019
Lease right-of-use assets		4,470	7,916	7,947	8,013	9,514	9,959
Intangible assets		15,939	16,220	16,649	20,662	21,258	24,746
Total assets		65,718	83,714	97,842	134,485	139,865	141,266
Short-term debt		3,518	4,929	4,241	4,542	4,882	4,403
Total current liabilities		8,917	12,547	12,957	15,798	16,159	17,913
Lease liabilities			2,470	2,862	2,982	4,543	5,502
Total liabilities		49,477	62,895	68,972	86,316	88,884	101,868
Total debt	22,574	29,052	42,249	45,659	52,987	56,905	66,455
Retained earnings		5,315	4,771	10,656	9,470	9,490
Shareholders' equity		5,402	5,260	14,741	20,653	20,955	10,904
Minority interests		10,839	15,559	14,129	27,516	30,026	28,495
Total equity	17,969	16,240	20,819	28,870	48,169	50,981	39,398
Total liabilities and equity		65,718	83,714	97,842	134,485	139,865	141,266

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	2,083	2,893	1,488	6,696	2,821	4,885	-8,162
Depreciation and amortization	2,052	2,288	2,341	2,504	3,014	3,365	3,869
Debt repaid		-4,422	-3,397	-9,925	-15,278	-8,055	-12,188
Stock issued			65.5	69.2	2.37
Share buybacks	-608	-1,141	-495	-26.1	-84.6	-103	-193
Dividends paid	-449	-738	-546	-2,559	-1,908	-2,582	-2,779
Exchange rate effect	294	243	351	511	-404	-100	258
Net change in cash	-1,227	4,608	4,820

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	31.2%	Gross profit / revenue.
Operating margin	17.5%	Operating income / revenue.
EBITDA margin	26.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.9%	Pre-tax income / revenue.
Net margin	-21.4%	Net income / revenue.
Return on equity (ROE)	-59.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.7%	Net income / average total assets.
Return on invested capital (ROIC)	9.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	33.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-961.1%	Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-48.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.72x	Current assets / current liabilities.
Quick ratio	0.94x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.94x	(Cash + short-term investments) / current liabilities.
Debt / equity	6.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.0%	Total debt / total assets.
Liabilities / assets	72.1%	Total liabilities / total assets.
Net debt	R$49.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.01x	Operating income / interest expense.
Working capital	R$12.86B	Current assets - current liabilities.
Goodwill and intangibles / assets	17.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-R$13.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	1.99x	Revenue / average property, plant and equipment.
Inventory turnover	15.6x	Cost of revenue / average inventory.
Days inventory	23 days	365 x average inventory / cost of revenue.

What was Cosan S.A.'s revenue in fiscal 2024?

Cosan S.A. reported revenue of R$43.95B for fiscal 2024, 11.4% higher than the year before.

Was Cosan S.A. profitable in fiscal 2024?

No. It reported a net loss of R$9.42B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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