Nexa Resources S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Nexa Resources S.A. files with the SEC in its annual reports.

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

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,965	2,449	2,492	2,333	1,951	2,622	3,034	2,573	2,766	3,002
Cost of revenue	1,504	1,753	1,892	-1,948	1,576	-1,989	-2,394	2,274	2,228	2,289
Gross profit	461	697	599	385	375	633	640	299	538	713
Selling, general and administrative	144	154	160	217	139	134	145	127	127	145
Selling and marketing	25.5	17.6	18.7
Operating income	130	402	335	-111	-398	446	361	-153	276	498
Interest expense	70.4	106	119	117	160	142	170	213	246	306
Interest income	25	29.9	67.5	31.1	11.2	11.5	25	25.8	24	29.9
Pre-tax income	209	271	132	-216	-677	309	228	-296	-71.9	332
Income tax	98.4	106	38.8	58.4	24.2	-153	-151	4.27	-116	-109
Income from continuing operations	111	165
Net income to minority interests	17.3	38.4	16.1	-12.4	-93.3	41.8	27.3	0.16	17.6	90.5
Net income	93.2	127	77	-145	-559	114	49.7	-292	-205	133
EBITDA	405	672	602	207	-155	187	73.8	-451
EPS, basic	1.15	1.09	0.58	-1.09	-4.22	0.86	0.38	-2.20	-1.55	1.00
EPS, diluted	1.15	1.09	0.58	-1.09	-4.22	0.86	0.38	-2.20	-1.55	1.00

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	916	1,019	1,033	699	1,086	744	498	457	621	516
Short-term investments	117	206	91.9	58.4	35	19.2	18.1	11.1	19.7	5.69
Inventory	292	325	270	295	257	373	395	340	325	414
Total current assets	1,592	1,839	1,698	1,375	1,727	1,473	1,220	1,060	1,207	1,272
Property, plant and equipment	1,978	1,997	1,968	2,123	1,898	2,088	2,295	2,439	2,098	2,434
Lease right-of-use assets				29.5	18.9	12.7	27	74.8	85.3	110
Goodwill							95.5
Total assets	6,161	5,962	5,735	5,466	5,064	4,905	4,892	4,904	4,637	5,275
Total current liabilities	876	768	652	699	877	989	899	1,093	1,145	1,467
Lease liabilities				17.9	9.69	3.39	1.36	55.7	63.2	75.6
Total liabilities	2,836	3,053	2,834	2,984	3,443	3,261	3,182	3,452	3,577	3,985
Total debt	1,144	1,447	1,425	1,509	2,024	1,699	1,669	1,726	1,763	1,706
Paid-in capital		1,124	1,044
Retained earnings	-138	-11.6	61.4
Shareholders' equity	2,848	2,487	2,477	2,110	1,377	1,386	1,442	1,197	814	1,003
Minority interests	476	422	425	373	244	258	268	255	246	287
Total equity	3,324	2,867	2,858	2,482	1,621	1,642	1,708	1,452	1,060	1,290
Total liabilities and equity	6,161	5,962	5,735	5,466	5,064	4,905	4,892	4,904	4,637	5,275

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	111	165	93.1	-158	-653	156	77	-292	-187	223
Depreciation and amortization	275	270	267	318	244	-259	-287	-298
Cash from operations	585	379	348	123	292	493	269	256	351	365
Capital expenditures	-181	-198	-300	-397	-324	-485	-382	-310	-259	-352
Cash from investing	-201	-328	-158	-335	-369			-270	-238	-297
Debt issued	551	831	295	106	1,296	59.8	95.6	56.4	799	542
Debt repaid	-483	-537	-295	-19.4	-543	-251	-24.6	-27.1	-681	-633
Stock issued	170
Share buybacks			-1.35	-8.1
Dividends paid	-59.7	-61.5	-3.48	-113	-56	-52.3	-68.5	-23.7	-15.5	-34.3
Cash from financing	-92.2	52.8	-177	-119	452	-344	-152	-34.6	62.4	-185
Exchange rate effect	2.76	0.05	1.82	-2.46	-16.1	-21.9	15.5	8.22	-12.4	12.7
Net change in cash	294	103	13.9	-334	388	-342	-246	-40.6	163	-105
Free cash flow	404	181	47.8	-274	-32	7.78	-114	-54	92.4	13.1
Interest paid	37.3	58.6	74.6
Income taxes paid	38.9	100	108	49.3	21	45.6	119	56.2	35.8	105

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $12.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.7%	Gross profit / revenue.
Operating margin	16.6%	Operating income / revenue.
Pre-tax margin	11.1%	Pre-tax income / revenue.
Net margin	4.4%	Net income / revenue.
FCF margin	0.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.2%	Cash from operations / revenue.
Effective tax rate	-32.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	19.0%	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%.
SG&A / revenue	4.8%	Selling, general and administrative expense / revenue.
Capex / revenue	11.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	32.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.7%	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	13.7%	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	80.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	38.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	38.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-85.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	23.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.4%	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	-6.1%	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	13.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.5%	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	0.8%	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	0.87x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.3%	Total debt / total assets.
Liabilities / assets	75.6%	Total liabilities / total assets.
Net debt	$1.18B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.62x	Operating income / interest expense.
Working capital	-$195.1M	Current assets - current liabilities.
Tangible book value	$1.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	1.33x	Revenue / average property, plant and equipment.
Inventory turnover	6.19x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
FCF conversion	9.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	96.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.00	Net income per basic share, as reported (split-adjusted).
Payout ratio	25.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	261.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.65B	Share price x shares outstanding.
Enterprise value	$2.83B	Market cap + total debt - cash - short-term investments.
P/E	12.4x	Market cap / net income. Only when net income is positive.
P/S	0.55x	Market cap / revenue.
P/B	1.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.64x	Market cap / tangible book value, when positive.
P/FCF	126x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.51x	Market cap / cash from operations, when positive.
EV/Sales	0.94x	Enterprise value / revenue.
EV/EBIT	5.69x	Enterprise value / operating income, when both are positive.
EV/FCF	216x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.8%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.33x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Nexa Resources S.A.'s revenue in fiscal 2025?

Nexa Resources S.A. reported revenue of $3.00B for fiscal 2025, 8.5% higher than the year before.

Was Nexa Resources S.A. profitable in fiscal 2025?

Yes. Net income was $132.6M, a net margin of 4.4%.

How much free cash flow did Nexa Resources S.A. generate in fiscal 2025?

Cash from operations of $365.0M minus capital expenditures of $351.9M left free cash flow of $13.1M.

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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