1. Brazil Stocks

  2. •

    Consumer Defensive

  3. •

    Food Confectioners
São Martinho S.A.

São Martinho S.A.

SMTO3.SA
São Martinho S.A.BR flagB3 S.A.
14.96
BRL
-0.56
- -
4.83BMarket Cap
São Martinho S.A.
SMTO3.SA
(B3 S.A.)

Recent

price

14.96

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
3.82
4.04
3.84
4.55
5.67
6.9
7.74
10.3
10.28
10.6
12.43
16.51
24.34
19.9
21.48
22.45
22.51
Revenue per Share
0.42
0.37
0.22
0.4
0.85
0.61
0.84
1.47
0.96
1.83
2.68
4.28
3.73
4.26
1.67
2.53
2.53
Basic EPS, GAAP
0.02
0.47
0.55
0.6
1.54
1.39
1.76
3.14
3.53
4.09
4.86
6.27
6.59
8
4.39
6.4
6.42
Free Cash Flow per Basic Share
0.1
0.09
0.11
0.09
0.13
0.2
0.16
0.3
0.55
0.66
0.54
2.33
1.38
1.18
1.22
0.39
- -
Dividend per Share
1.35
1.35
1.82
2.19
2.36
2.74
4.43
4.65
5.19
4.87
5.98
7.74
11.67
11.38
13.33
14.56
14.6
Book Value per Share
5.66
5.82
5.55
5.59
6.22
6.38
8.7
8.51
8.91
8.31
10.25
14.03
20.01
18.5
17.63
19.72
19.77
Tangible Book Value per Share
339
338
337
337
338
339
337
333
327
348
346
346
272
346
333
331
330
Basic Weighted Avg Shares
1,295
1,367
1,291
1,534
1,916
2,339
2,610
3,436
3,360
3,694
4,305
5,720
6,628
6,892
7,162
7,432
7,432
Sales/Revenue/Turnover
18.21
15.5
15.16
16.25
16.47
18.27
16.27
23.08
17.1
22.12
26.05
34.27
23.42
15.62
20.69
18.27
18.26
Operating Margin (%)
144
185
152
126
207
234
239
364
438
643
678
786
1,081
1,150
1,185
1,086
1,086
Depreciation Expense
142
127
73
135
286
207
284
492
314
639
927
1,481
1,016
1,476
557
836
836
Net Income, GAAP
27.81
23.82
36.79
28.4
8.13
- -
31.37
21.02
17.19
12.9
23.3
23.64
14.9
17.37
- -
- -
18.28
Effective Tax Rate (%)
10.99
9.26
5.65
8.8
14.93
8.85
10.88
14.31
9.35
17.3
21.54
25.89
15.33
21.42
7.77
11.25
11.25
Profit Margin (%)
130
144
346
169
681
876
493
1,467
1,995
1,750
1,364
3,378
3,072
3,375
3,716
4,482
4,482
Working Capital
571
872
1,370
1,357
2,647
3,074
2,457
3,440
3,899
4,781
3,943
6,007
8,114
6,143
7,855
8,880
8,880
LT Debt
1,953
2,025
2,101
2,076
2,602
2,647
3,403
3,290
3,391
3,347
3,987
5,318
5,912
6,862
6,699
7,364
7,364
Total Equity
6.11
5.65
3.67
4.69
5.78
- -
4.22
8.45
6.13
8.43
9.83
14.44
9.5
5.92
- -
- -
- -
Return on Invested Capital (%)
17.88
14.4
6.21
8.36
13.26
- -
9.44
13.08
9.13
13.08
15.44
21.56
18.66
19.68
- -
- -
11.37
Return on Capital (%)
38.2
27.77
13.63
19.98
37.25
23.95
23.42
32.31
19.35
37.66
49.2
62.31
34.67
41.47
13.28
18.05
18.05
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
955
895
1,065
LT Borrowings
7,949
8,563
8,454
LT Finance Leases
458
429
426
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
329
325
323
Market Capitalization
5,773
5,028
6,998

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
7,742
7,793
7,246
Cash, Cash Equivalents & STI
3,130
3,301
4,203
Accounts Receivable, Net
440
415
367
Inventories
3,194
3,089
1,791
Total Current Liabilities
2,707
2,714
2,764
Payables & Accruals
- -
- -
- -
ST Debt
955
895
1,065
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.43%
13.64%
9.92%
Free Cash Flow
21.83%
12.76%
44.9%
Net Income, GAAP
28.44%
12.31%
50.19%
Sales/Revenue/Turnover
12.79%
12.08%
3.77%
Total Cash Common Dividend
36.84%
43.39%
-68.41%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,343
1,535
1,592
2,422
6,892
2025
1,644
1,958
1,822
1,738
7,162
2026
1,857
1,739
1,592
2,244
7,432

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.64
1.21
0.61
- -
4.26
2025
0.31
0.56
0.48
- -
1.67
2026
0.19
0.53
1.28
0.54
2.53

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.18
2025
- -
- -
0.39
- -
1.22
2026
- -
- -
- -
- -
0.39
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Business
São Martinho S.A. (SMTO3.SA) ranks among Brazil's largest sugar and ethanol producers, operating sugarcane mills to manufacture and sell sugar, ethanol, electricity from bagasse cogeneration, and byproducts including yeast for animal feed, fusel oil as a solvent, pure amyl ethanol, and ribonucleic acid sodium salt for pharmaceutical and food uses; it offers raw sugars such as very high polarity (VHP) and very-very high polarity (VVHP) varieties, hydrated ethanol for flex-fuel vehicles, anhydrous ethanol as a gasoline additive, industrial ethanol for paints, cosmetics, and beverages, plus corn ethanol from its dedicated facilities; additional activities encompass sugarcane cultivation, real estate development and leasing, import-export of goods, land partnerships, mining exploitation, and product storage. The company manages four key units—São Martinho and Iracema in São Paulo state, Santa Cruz in Américo Brasiliense (SP), and Boa Vista in Quirinópolis (GO)—with a crushing capacity approaching 27 million tons annually (24.5 million tons sugarcane, 2.5 million tons corn equivalent), 100% mechanized harvesting, and advanced logistics including a proprietary rail terminal. Founded in 1914 by the Ometto family with initial milling at Olaria and subsequent acquisitions of Iracema (1937), São Martinho (1949), Santa Luiza (2007, now Santa Cruz), and Nova Fronteira Bioenergética from Petrobras (full ownership 2016), it went public on B3's Novo Mercado in 2007 under ticker SMTO3, maintaining headquarters at Fazenda São Martinho in Pradópolis, São Paulo, as a subsidiary of LJN Participações S.A. Recent developments include a January 2025 IFC financing of up to $165 million (R$1 billion) for its first biomethane plant at Santa Cruz via vinasse biodigestion, sugarcane field renovations, crop treatments, and fleet decarbonization with biomethane-fueled equipment, building on prior green funding like the 2021 R$1 billion deal for thermoelectric expansion and corn ethanol at Boa Vista; ongoing initiatives feature 5G testing, Cubo Agro partnership, RenovaBio CBio certification, and ESG advancements in sustainability and community programs.