| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 96 | 6.4x | 17.8x | Top tier | |
Growth | 79 | 23.3% | 7.1% | Top tier | |
Quality | 65 | 25.7% | 4.5% | Around median | |
Safety | 55 | 1.5x | 2.6x | Around median | |
Capital Return | 42 | 1.94% | 2.12% | Around median | |
Momentum | 69 | 196.2% | 2.9% | Top tier | |
Sentiment | 77 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Nexa Resources S.A. operates in polymetallic mining and zinc smelting, generating revenue from the production and sale of metallic zinc and zinc oxide, alongside by-products including silver, copper, gold, and sulfuric acid. In Q1 FY2026, the mining segment generated net revenue of $460 million and adjusted EBITDA of $231 million at a 50% margin, while the smelting segment recorded net revenue of $609 million and adjusted EBITDA of $51 million at an 8% margin. This disparity shows that mining and by-products were the main sources of profitability, while smelting economics remained under pressure from lower concentrate treatment charges.
In Q2 FY2026, Nexa recorded net income of $98 million, and adjusted EBITDA rose 78% year over year to $286 million, supported by improvements in the mining and smelting segments and operational progress at Aripuanã. However, earnings per share were $0.64 versus analysts' estimates of $0.73, and revenue was also reported to have fallen short of expectations. The available data does not include a revenue figure, margin, or segment earnings breakdown for the quarter, making the Q1 FY2026 figures the latest available detail on the segment mix.
For FY2025, revenue reached $3.0 billion, gross profit was $712.9 million, net income was $223.1 million, and earnings per share were $1.00, compared with a net loss of $187.4 million in FY2024. The calculated gross margin was approximately 23.8% in FY2025, up from approximately 19.2% in FY2024. This turnaround reflects a clear financial improvement, but it remains tied to metal prices and the quality of execution at the mines and smelters.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates NEXA as “Neutral,” with an average price target of $13.75 and a range of $12.50 to $15.00; the average is approximately 18.6% below the 52-week range high of $16.89, while the range low is $4.791. No price-to-earnings ratio is available in the data, limiting traditional earnings-based comparisons, while the dispersion in analyst targets and the neutral consensus reflect a balance between improving earnings and cash flows, smelting pressures, Q2 FY2026 results falling short of expectations, and legal uncertainty surrounding the Boliden deal.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Earnings depend on zinc production and prices, as well as the contribution of silver, copper, gold, and sulfuric acid as by-products. In Q1 FY2026, mined zinc production rose 18% to 79 thousand tonnes, and adjusted EBITDA reached $283 million at a 31.8% margin. In Q2 FY2026, adjusted EBITDA rose 78% year over year to $286 million, and net income was $98 million.
The Aripuanã mine produced approximately 13 thousand tonnes of zinc in Q1 FY2026, its highest quarterly output since reaching commercial production. The result was supported by higher ore grades, improved plant utilization, and stronger operational stability. Installation of the fourth tailings filter was completed in late April 2026, and its operation is intended to reduce exposure to rain-related production disruptions and support reaching full capacity in the second half of FY2026.
In April 2026, the silver stream share of Cerro Lindo production decreased from 65% to 25% after reaching the contractual threshold. This enabled Nexa to sell 75% of production at prevailing prices, compared with a lower percentage before the change. Management estimated the impact at approximately $100 million in additional annual cash generation, assuming annual production of 3.6 million ounces and the prices used during the May 7, 2026 call, with gross debt reduction prioritized in allocating this liquidity.
Nexa ended Q1 FY2026 with total liquidity of $716 million, including an undrawn sustainability-linked credit facility of $320 million. Net leverage declined to 1.59 times from 1.69 times in the previous quarter and 2.09 times a year earlier, while the average debt maturity was 7.2 years and its average cost was 6.27%. Management is committed to keeping leverage below 1.7 times during FY2026 and believes a level of one time would provide greater flexibility through metal price cycles.
The company targeted completion of the first phase in Q4 FY2026 and the start of pumping in Q2 FY2027. The second environmental approval for El Porvenir and the third for Atacocha were under SENACE review, and management expected them to be issued in Q1 FY2027. Nexa says it has more than one year of tailings storage capacity and that the project extends the complex's life to more than 15 years, but execution remains dependent on completing the work and obtaining permits according to schedule.
Boliden AB announced on August 28, 2026, its intention to acquire a majority stake in Nexa from Votorantim S.A. for $1.3 billion. Following the news, Scotiabank raised its price target to $15.00, which is also the upper end of the provided analyst target range. Conversely, Halper Sadeh LLC launched an investigation into the fairness of the price and whether Nexa's board fulfilled its fiduciary duties, so the deal's impact combines a potential catalyst with legal uncertainty.
