Share count
1.2Bpeak FY2019
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SUZ, Suzano S.A.
Revenue is Market pulp (75%), Printing and writing paper (16%) and Paperboard (8%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
R$50.1B
+5.7% YoY · 10% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue R$50.1B 5-yr avg R$45.6B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 38% and operating margin about 31% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between 10% and 45% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 9.0% of sales, below what it charges for depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 12%). By owner earnings: roughly 26% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Market pulp is 75% of revenue, with Printing and writing paper the other meaningful line at 16%.
Revenue by product line, FY2025
- Market pulp75%R$37.8B
- Printing and writing paper16%R$8.3B
- Paperboard8%R$4.0B
- Other0%R$40M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| R$9.8B | R$10.6B | R$13.4B | R$26.0B | R$30.5B | R$41.0B | R$49.8B | R$39.8B | R$47.4B | R$50.1B | R$50.1B | RevenueRevenue |
| 33% | 39% | 49% | 20% | 38% | 50% | 50% | 37% | 42% | 32% | 32% | Gross marginGross mgn |
| R$1.3B | R$3.3B | R$5.0B | R$2.6B | R$8.4B | R$18.2B | R$22.2B | R$12.2B | R$15.7B | R$10.6B | R$10.6B | Operating incomeOp. inc. |
| 13.0% | 31.0% | 37.3% | 10.1% | 27.7% | 44.4% | 44.6% | 30.7% | 33.1% | 21.2% | 21.2% | Operating marginOp. mgn |
| R$1.7B | R$1.8B | R$320M | (R$2.8B) | (R$10.7B) | R$8.6B | R$23.4B | R$14.1B | (R$7.1B) | R$13.4B | R$13.4B | Net incomeNet inc. |
| 30% | 19% | — | — | — | -2% | — | — | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| R$3.1B | R$3.1B | R$5.2B | R$7.6B | R$13.1B | R$17.6B | R$21.6B | R$17.3B | R$20.6B | R$18.2B | R$18.2B | Operating cash flowOp. cash |
| R$1.4B | R$1.4B | R$1.6B | R$8.1B | R$6.8B | R$7.0B | R$7.4B | R$7.3B | R$9.2B | R$11.3B | R$11.3B | DepreciationDeprec. |
| (R$6M) | (R$156M) | R$3.3B | R$2.3B | R$17.1B | R$2.0B | (R$9.1B) | (R$4.1B) | R$18.5B | (R$6.6B) | (R$6.6B) | Working capital & otherWC & other |
| R$886M | R$860M | R$1.3B | R$2.0B | R$1.5B | R$2.2B | R$9.8B | R$11.7B | R$9.2B | R$4.6B | R$4.6B | CapexCapex |
| 9.0% | 8.1% | 9.3% | 7.7% | 4.9% | 5.2% | 19.6% | 29.4% | 19.4% | 9.1% | 9.1% | Capex / revenueCapex/rev |
| R$2.2B | R$2.2B | R$3.9B | R$5.6B | R$11.6B | R$15.5B | R$14.2B | R$10.0B | R$11.4B | R$13.6B | R$13.6B | Owner earningsOwner earn. |
| 22.3% | 20.9% | 29.1% | 21.4% | 38.2% | 37.8% | 28.6% | 25.1% | 24.1% | 27.1% | 27.1% | Owner earnings marginOE mgn |
| R$2.2B | R$2.2B | R$3.9B | R$5.6B | R$11.6B | R$15.5B | R$11.8B | R$5.6B | R$11.4B | R$13.6B | R$13.6B | Free cash flowFCF |
| 22.3% | 20.9% | 29.1% | 21.4% | 38.2% | 37.8% | 23.8% | 14.2% | 24.1% | 27.1% | 27.1% | Free cash flow marginFCF mgn |
| R$300M | R$571M | R$210M | R$607M | — | R$10M | R$4.2B | R$193M | — | R$6M | R$193M | Dividends paidDiv. paid |
| — | R$83K | — | — | — | — | R$1.9B | R$881M | R$2.8B | R$192M | — | BuybacksBuybacks |
| — | 13% | — | — | — | — | 23% | 11% | — | 9% | 9% | ROICROIC |
| 17% | 16% | 3% | -16% | -148% | 57% | 71% | 32% | -22% | 31% | 31% | Return on equityROE |
| 14% | 11% | 1% | −19% | — | 57% | 58% | 31% | — | 31% | 30% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| R$1.6B | R$1.1B | R$4.4B | R$3.2B | R$6.8B | R$13.6B | R$9.5B | R$9.0B | R$9.7B | R$15.2B | R$15.8B | Cash & investmentsCash+inv |
| — | R$2.3B | R$2.5B | R$3.0B | R$2.9B | R$6.5B | R$9.6B | R$6.8B | R$9.1B | R$6.6B | R$6.6B | ReceivablesReceiv. |
| — | R$1.2B | R$1.9B | R$4.7B | R$4.0B | R$4.6B | R$5.7B | R$5.9B | R$8.0B | R$8.2B | R$8.2B | InventoryInvent. |
| — | R$3.5B | R$4.4B | R$7.7B | R$6.9B | R$11.2B | R$15.3B | R$12.8B | R$17.1B | R$14.7B | R$14.7B | Operating working capitalOper. WC |
| — | R$6.8B | R$30.8B | R$18.9B | R$18.0B | R$34.1B | R$37.1B | R$38.6B | R$42.2B | R$43.9B | R$43.9B | Current assetsCur. assets |
| — | R$3.7B | R$6.1B | R$11.5B | R$8.2B | R$11.6B | R$14.5B | R$14.8B | R$24.5B | R$13.8B | R$13.8B | Current liabilitiesCur. liab. |
| — | 1.8× | 5.1× | 1.6× | 2.2× | 3.0× | 2.6× | 2.6× | 1.7× | 3.2× | 3.2× | Current ratioCurr. ratio |
| — | R$45M | R$158M | R$161M | R$236M | R$232M | R$233M | R$229M | R$225M | R$29M | R$29M | GoodwillGoodwill |
| R$29.4B | R$28.5B | R$53.9B | R$97.9B | R$101.8B | R$119.0B | R$133.2B | R$143.6B | R$165.9B | R$167.9B | R$167.9B | Total assetsAssets |
| — | R$10.1B | R$32.3B | R$57.5B | R$70.9B | R$76.0B | R$71.2B | R$72.4B | R$90.9B | R$91.8B | R$91.8B | Total debtDebt |
| — | R$9.0B | R$27.9B | R$54.2B | R$64.0B | R$62.4B | R$61.7B | R$63.5B | R$81.3B | R$76.6B | R$76.0B | Net debt / (cash)Net debt |
| 1.1× | 2.7× | 3.3× | 0.6× | 1.9× | 4.3× | 4.8× | 2.6× | 2.8× | 1.5× | 1.5× | Interest coverageInt. cov. |
| R$10.1B | R$11.6B | R$12.0B | R$18.0B | R$7.2B | R$15.1B | R$33.1B | R$44.7B | R$32.3B | R$43.8B | R$43.8B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 1.09B | 1.09B | 1.09B | 1.35B | 1.35B | 1.35B | 1.33B | 1.30B | 1.26B | 1.24B | 1324.12B | Shares out (diluted)Shares |
| R$9.03 | R$9.69 | R$12.29 | R$19.28 | R$22.58 | R$30.36 | R$37.46 | R$30.65 | R$37.48 | R$40.52 | R$0.04 | Revenue / shareRev/sh |
| R$1.54 | R$1.67 | R$0.29 | R$-2.09 | R$-7.95 | R$6.39 | R$17.58 | R$10.86 | R$-5.59 | R$10.84 | R$0.01 | EPS (diluted)EPS |
| R$2.01 | R$2.02 | R$3.58 | R$4.13 | R$8.61 | R$11.48 | R$10.70 | R$7.70 | R$9.02 | R$10.98 | R$0.01 | Owner earnings / shareOE/sh |
| R$2.01 | R$2.02 | R$3.58 | R$4.13 | R$8.61 | R$11.48 | R$8.91 | R$4.35 | R$9.02 | R$10.98 | R$0.01 | Free cash flow / shareFCF/sh |
| R$0.28 | R$0.52 | R$0.19 | R$0.45 | — | R$0.01 | R$3.12 | R$0.15 | — | R$0.00 | R$0.00 | Dividends / shareDiv/sh |
| R$0.81 | R$0.79 | R$1.14 | R$1.48 | R$1.11 | R$1.59 | R$7.36 | R$9.00 | R$7.27 | R$3.70 | R$0.00 | Cap. spending / shareCapex/sh |
| R$9.29 | R$10.64 | R$10.98 | R$13.32 | R$5.36 | R$11.17 | R$24.85 | R$34.45 | R$25.53 | R$35.43 | R$0.03 | Book value / shareBVPS |
The diluted share count moved ×1070.68 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +18.2%/yr | +12.4%/yr |
| Owner earnings / share | +20.8%/yr | +5.0%/yr |
| EPS | +24.2%/yr | — |
| Dividends / share | −36.6%/yr | −10.8%/yr (4-yr) |
| Capital spending / share | +18.3%/yr | +27.1%/yr |
| Book value / share | +16.0%/yr | +45.9%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
9%low FY2025
Gross margin
32%low FY2019
Net debt ÷ owner earnings
5.6×peak FY2019
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
R$13.6Bowner earningsvs.R$13.4Bnet incomelow FY2016
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned R$13.4B of profit into R$13.6B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | R$13.4B | (R$7.1B) | R$14.1B | R$23.4B | R$8.6B |
| Depreciation & amortizationnon-cash charge added back | +R$11.3B | +R$9.2B | +R$7.3B | +R$7.4B | +R$7.0B |
| Working capital & othertiming of cash in and out, other non-cash items | −R$6.6B | +R$18.5B | −R$4.1B | −R$9.1B | +R$2.0B |
| Cash from operations | R$18.2B | R$20.6B | R$17.3B | R$21.6B | R$17.6B |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −R$4.6B | −R$9.2B | −R$7.3B | −R$7.4B | −R$2.2B |
| Owner earnings | R$13.6B | R$11.4B | R$10.0B | R$14.2B | R$15.5B |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −R$4.4B | −R$2.4B | — |
| Free cash flow | R$13.6B | R$11.4B | R$5.6B | R$11.8B | R$15.5B |
| Owner-earnings marginowner earnings ÷ revenue | 27% | 24% | 25% | 29% | 38% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- ThinOperating income R$10.6B ÷ interest expense R$6.9B
What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
- How heavy is the debt, net of cash? R$76.0B · 7.1× operating profitHeavy net debtCash R$15.2B + ST investments R$657M − debt R$91.8B
What this means
Netting R$15.8B of cash and short-term investments against R$91.8B of debt leaves R$76.0B owed, about 7.1× a year's operating profit (8.6× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Solid through the cycle4-yr median, range 9%–23%; 9% latest = NOPAT R$10.6B ÷ invested capital R$120.4BIndustry peers: median 15%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- High through the cycle10-yr median margin, range 21%–38%; latest R$13.6B = operating cash R$18.2B − maintenance capex R$4.6BIndustry peers: median 7%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 27% of revenue this year, a 25% median across 10 years.
- Cash-backedCash from ops R$18.2B ÷ net income R$13.4B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks R$384M ÷ Owner Earnings R$13.6B
What this means
Of R$13.6B Owner Earnings, R$384M (3%) went back to shareholders, R$193M dividends, R$192M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 0.41×HarvestingCapex R$4.6B ÷ depreciation R$11.3B
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 3 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · R$50.1B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.19×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · R$91.8B vs R$30.1B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every tagged year (8 of 10)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design. 2 years of this record are untagged in the data, with the dividend paid on both sides; a lone missing tag is treated as unknown, not a suspension, so the streak is judged on the tagged years.
- Earnings growth PassEarnings +33% over the record · +435%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are R$5.38/share (latest year R$10.61), the averaged base the calculator's gate runs on, and book value is R$34.66/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 7 of 10
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 2 of 9 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 27% → 28% (3-yr avg ends)
In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.
What this means
Through the cycle the operating margin held roughly steady — about 27% early, 28% lately, median 31%.
- Reinvestment, incremental ROIC 13%
What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
- Owner earnings growth +21%/yr
What this means
Owner earnings grew about 21% a year over the record.
- Worst year 2019 · 10.1% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +1.4%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record paid
What this means
Paid a dividend in 8 of the years on record.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsR$43.9B
- Cash & short-term investmentsR$15.8B
- ReceivablesR$6.6B
- InventoryR$8.2B
- Other current assetsR$13.3B
Current liabilitiesR$13.8B
- Other current liabilitiesR$13.8B
Current ratio3.19×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.59×stricter: inventory excluded
Cash ratio1.15×strictest: cash alone against what's due
Working capitalR$30.1Bthe cushion left after near-term bills
Deeper floors
Tangible book valueR$39.0Bequity stripped of goodwill & intangibles
Net current asset value(R$80.1B)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesR$98.7BR$6.9B of it operating leases
From the company's latest filing.
How the cash was used, 2016–2025
Over the record, the business generated R$127.4B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- ReinvestedR$43.9B · 34%
- DividendsR$6.0B · 5%
- BuybacksR$5.8B · 5%
- Retained (debt / cash)R$71.6B · 56%
- Returned to ownersR$11.8B
13% of the owner earnings the business produced over the span, R$6.0B as dividends and R$5.8B as buybacks.
- Average price paid for buybacks—
Buybacks ran R$5.8B over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count121373.9%
The diluted count rose from 1090M to 1324118M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend recordR$0.00/sh
Paid in 8 of the years on record, the per-share dividend shrinking about 44% a year. It was cut at least once along the way.
- Return on what it retained29%
Of the earnings it kept rather than paid out (R$30.9B over the span), annual owner earnings (first three years vs last three) grew R$8.9B, so each retained R$1 added about 0.29 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why Suzano S.A. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.
1 of the 3 tests turned up something to look into; the other 2 came back clean.
- Look hereDid the share count rise anyway?121373.9%
Diluted shares grew 121373.9% over 2016–2025, even as the company spent R$5.8B on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
And these came back clean
- Is it less profitable than it was?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈R$6.3B · 13% of revenue on the largest customer (TTM)
“As of December 31, 2025, one of our customers was responsible for 11.1% of the net sales of pulp segment and one customer responsible for 12.5% of net sales of the paper operating segment.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Paper & Forest Products
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| SUZSuzano S.A. | R$50.1B | 38% | 30.9% | 12% | 26% |
| SWSmurfit WestRock plc | $31.2B | 22% | 8.4% | 4% | 5% |
| IPInternational Paper Company | $23.6B | 29% | 8.1% | 10% | 6% |
| KMBKimberly-Clark Corp. | $16.4B | 36% | 14.3% | 27% | 11% |
| PKGPackaging Corporation of America | $9.0B | 22% | 14.1% | 15% | 10% |
| AVYAvery Dennison Corporation | $8.9B | 27% | 9.9% | 15% | 7% |
| SLVMSylvamo Corporation | $3.4B | — | 12.0% | 17% | 10% |
| MAGNMagnera Corporation | $3.2B | 14% | 2.6% | 1% | 3% |
| Group median | — | 27% | 10.9% | 13% | 9% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, or ADSs,** each representing one of our common”; Suzano S.A. reports in BRL, so every figure in this tool is stated per ADS and translated at BRL 1 = $0.197 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in BRL.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Suzano S.A. has delivered.
$
Through the cycle, Suzano S.A. earns about $2.6B on its 26.1% median owner-earnings margin. This year’s 27.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−4%/yr
Owner-earnings growth · ’16→’25+21%/yr
Owner-earnings growth · ’16→’25+21%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $2.7B on 1264M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $14.9B. The if-converted diluted count is 1324118M, 104646% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Suzano S.A. (SUZ), the owner's record," https://ownerscorecard.com/c/SUZ, data as of 2026-07-09.
Manual order: ← SUPX its page in the Manual SVM →
Industry order: ← SLVM the Paper & Forest Products chapter UFPI →