Nexa Resources S.A. (NEXA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+297.7%

$45.70

vs $11.49 price

Levered DCF

-$10.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.94

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.85×	-5.68×	-3.2×	10.4×	6.66×	-1.96×	-6.78×	21.25×
P/B	1.17×	1.43×	0.77×	0.55×	0.75×	0.93×	0.51×	0.64×
P/S	0.39×	0.42×	0.36×	0.26×	0.4×	0.65×	0.46×	0.64×
EV / EBITDA	2.58×	4.04×	10.72×	2.94×	2.89×	-7.35×	10.12×	3.85×
Gross margin	17.9%	19.4%	11.6%	21.1%	24.1%	19.2%	16.5%	24.2%
Operating margin	13.7%	10.0%	-5.9%	11.9%	17.0%	-20.4%	-4.8%	13.4%
Net margin	4.4%	-7.4%	-11.3%	1.6%	4.4%	-28.7%	-6.2%	3.0%
Current ratio	0.87×	1.05×	0.99×	1.36×	1.49×	1.97×	1.97×	2.6×
Debt / equity	1.82×	2.28×	1.44×	1.16×	1.24×	1.49×	0.73×	0.58×
Interest coverage	1.49×	1.31×	-0.82×	2.14×	3.14×	-2.74×	-0.95×	3.94×
Dividend yield	2.9%	1.3%	2.6%	8.6%	5.0%	4.4%	10.5%	0.2%
Payout ratio	25.8%	-7.6%	-8.1%	137.8%	45.8%	-10.0%	-78.1%	4.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	-25.2%	-24.3%	3.4%	8.2%	-40.6%	-6.9%	3.0%
Return on invested capital	7.1%	7.7%	-3.8%	3.0%	5.7%	-8.8%	-1.7%	4.5%
Return on assets	2.5%	-4.4%	-6.0%	1.0%	2.3%	-11.0%	-2.7%	1.3%
Free cash flow yield	4.4%	7.8%	-6.2%	-15.1%	0.7%	-2.5%	-25.4%	3.0%
Earnings yield	11.3%	-17.6%	-31.6%	6.2%	11.0%	-43.8%	-13.4%	4.7%
Enterprise value	$2.5B	$2.4B	$2.2B	$2B	$2B	$2.2B	$1.9B	$2B
Net debt / EBITDA	1.36×	2.08×	6.22×	1.75×	1.4×	-3.16×	4.44×	0.76×
Cash conversion cycle (days)	-45	0	4	24	26	19	-4	3