| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 94 | 7.3x | 17.8x | Top tier | |
Growth | 39 | -5.9% | 7.1% | Bottom tier | |
Quality | 50 | 12.7% | 4.5% | Around median | |
Safety | 41 | 2.2x | 2.6x | Around median | |
Capital Return | 53 | 0.01% | 2.12% | Around median | |
Momentum | 34 | -16.5% | 2.9% | Bottom tier | |
Sentiment | 43 | 1 | 3 | Around median |
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.
Suzano S.A. produces and sells pulp, paper, and packaging materials, with its earnings driven largely by pulp sales volumes and global prices, alongside its paper and packaging operations in Brazil and the United States. In Q2 FY2026, the company sold 2.9 million tons of pulp at an average export price of $601 per ton, and the pulp business generated adjusted EBITDA of BRL 4.2 billion at a 48% margin. Domestic printing and writing volumes also grew 4% year over year and 10% quarter over quarter, while domestic paperboard volumes rose 11% year over year and 28% quarter over quarter, and Suzano Packaging volumes remained approximately stable on both a year-over-year and quarter-over-quarter basis.
Total adjusted EBITDA reached BRL 4.7 billion in Q2 FY2026, supported by higher pulp prices, but the paper and packaging business faced higher costs and operational disruption following maintenance at the Pine Bluff mill. According to EDGAR filings, FY2025 revenue increased to $50.1 billion from $47.4 billion in FY2024, and net income shifted to $13.4 billion from a loss of $7.0 billion. In contrast, gross profit declined to $16.2 billion from $20.0 billion, implying that the calculated gross margin fell from approximately 42.2% to approximately 32.3% despite revenue growth.
Suzano ended Q2 FY2026 with net debt of $12.8 billion, down from $13.0 billion in the previous quarter, although leverage increased from 3.3x to 3.4x due to the contraction in last-12-month EBITDA. The company closed the Arbex transaction on July 1, 2026, and confirmed that the management team and governance structure were fully in place and that the post-closing priority is to integrate operations, capture efficiency gains, and reduce debt.
The analyst consensus on SUZ is Neutral, with an average price target of $12.2 and a range of $11 to $13.4; the average and high targets are above the 52-week range high of $11.535, while the low target is within the $7.555–$11.535 range. The data does not provide a valid P/E ratio for valuing the stock based on earnings, so the targets should be weighed against earnings sensitivity to pulp prices, the decline in gross margin in FY2025, and leverage of 3.4x in Q2 FY2026.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Higher pulp prices were the most prominent driver, with the average export price reaching $601 per ton. The pulp business generated BRL 4.2 billion in adjusted EBITDA at a 48% margin. The company's total adjusted EBITDA reached BRL 4.7 billion, although pulp sales volume was limited to 2.9 million tons due to maintenance and the rebuilding of operating inventories.
Demand was mixed during Q2 FY2026, with Europe and North America exceeding expectations while the availability of softwood pulp at Chinese ports weighed on Asian purchases. When hardwood pulp prices in China approached the midpoint of the $500-per-ton range, July 2026 orders returned to healthy levels. On August 13, 2026, management said its interactions with Chinese and Asian customers were positive and that August orders were expected to significantly exceed the usual average.
Net debt declined from $13.0 billion in Q1 FY2026 to $12.8 billion in Q2 FY2026. Nevertheless, leverage increased from 3.3x to 3.4x due to the contraction in last-12-month EBITDA. Management targets reaching 2.5x, relying primarily on operating cash flow, Arbex efficiency gains, and the sale of certain non-core land parcels, and confirmed that debt reduction takes priority over share repurchases or increased shareholder returns.
Automated analysis for informational purposes only — not investment advice.
Suzano closed the Arbex transaction on July 1, 2026, and the governance structure and management team were fully in place by the August 13, 2026 call. The Arbex board consists of three members from Suzano and two from Kimberly-Clark, and it held its first meeting and began implementing the approved plan. Suzano expects efficiency gains to begin in the second half of FY2026 and a greater contribution to debt reduction during FY2027 and FY2028, but the full consolidation of Arbex's net debt before accounting for a full 12 months of its earnings will temporarily pressure reported leverage.
Cash cost excluding downtime reached BRL 843 per ton in Q2 FY2026, a quarter-over-quarter increase of 5%. The company maintained its guidance for an average of approximately BRL 800 per ton during FY2026, which requires costs to decline in subsequent quarters. The plan is based on the absence of major shutdowns in the second half, increased production and fixed-cost dilution, improved wood consumption following the implementation of the Pangeia agreement, and increased energy surplus.
The first risk is a decline in pulp prices, particularly in China, where abundant softwood pulp led to price concessions near the end of Q2 FY2026. The paper business also faces Chinese and Indonesian imports, while printing and writing demand declined 4% year over year in the United States and Europe. Oil, chemical, wood, and logistics prices are pressuring margins, with the oil-related increase alone reaching BRL 275 million in the quarter, alongside leverage of 3.4x.
