Cosan S.A.
- Open
- 3.02
- Day high
- 3.11
- Day low
- 3.00
- Prev close
- 3.08
- Volume
- 792K
- Mkt cap
- $3.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.4
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$216K over the last 3 months (3 open-market buys, 4 sales)
- 🏛Institutions reducing (13F)
Cosan S.A. (CSAN) is a Energy company listed on NYSE. The stock is down 28% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 4 sales (SEC Form 4).
Cosan S.A. (CSAN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CSAN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 15, 2026 | $0.00 | $-0.31 | -20629.8% | $1.5B | +0.0% |
| Mar 10, 2026 | $0.01 | $-0.16 | -1818.6% | $1.8B | -75.6% |
| Nov 14, 2025 | $0.02 | $-0.47 | -2010.6% | $2.0B | -72.5% |
| Aug 14, 2025 | $0.00 | $-0.36 | -10072.3% | $1.9B | -72.9% |
| May 15, 2025 | $-0.02 | $-0.65 | -2968.9% | $1.7B | -76.9% |
| Mar 25, 2025 | — | $-3.22 | — | $1.9B | -73.7% |
| Aug 14, 2024 | $-0.04 | $-0.09 | -121.8% | $1.9B | +64.3% |
| May 28, 2024 | $0.16 | $-0.08 | -151.2% | $1.9B | +52.6% |
| Nov 13, 2023 | $0.10 | $0.11 | +9.5% | $2.0B | +18.5% |
| Aug 14, 2023 | $-0.14 | $0.07 | +150.0% | $2.1B | +26.7% |
| May 16, 2023 | $0.22 | $-0.02 | -109.1% | $1.9B | +26.5% |
| Feb 28, 2023 | — | $0.27 | — | $2.0B | — |
CSAN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | Cordes Burkhard Ottodirector | Buy | 89,000 | $4.47 |
| Jun 9, 2026 | Cordes Burkhard Ottodirector | Buy | 50,000 | $4.26 |
| Jun 9, 2026 | Cordes Burkhard Ottodirector | Buy | 10,000 | $4.27 |
| May 26, 2026 | Mello Rubens Ometto Silveiradirector | Sell | 77,640 | $3.44 |
| May 21, 2026 | Drummond Maria Rita de Carvalhoofficer: Chief Legal Officer | Sell | 35,800 | $5.57 |
| May 21, 2026 | Drummond Maria Rita de Carvalhoofficer: Chief Legal Officer | Sell | 37,400 | $5.48 |
| May 21, 2026 | Drummond Maria Rita de Carvalhoofficer: Chief Legal Officer | Sell | 36,200 | $5.48 |
Source: CSAN SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full CSAN insider & 13F page →Cosan S.A. company profile
Overview
Cosan S.A. (B3:CSAN3) is a Brazilian energy and infrastructure conglomerate founded in 1936 and headquartered in São Paulo, Brazil. Originally established as a sugar and ethanol producer, the company has evolved into a diversified holding company with interests spanning fuel distribution, natural gas, logistics, lubricants, and agricultural land. Through strategic partnerships and acquisitions, Cosan has built a portfolio of leading Brazilian companies including Raízen (a joint venture with Shell), Rumo (logistics), Compass (natural gas distribution), and Moove (lubricants). The company went public on the Brazilian stock exchange in 2021 and operates primarily in Brazil while maintaining international operations across Latin America, Europe, North America, and Asia.
Business
Cosan operates as a diversified holding company managing a portfolio of energy, infrastructure, and logistics businesses across five main segments: Raízen Segment (largest revenue contributor, approximately 60-70% of consolidated revenues): This is a joint venture with Shell that operates Brazil's largest fuel distribution network with over 7,000 service stations under the Shell brand. The segment encompasses three main activities: fuel distribution and marketing through franchised service stations, petroleum refining operations, and renewable energy production from sugarcane. Raízen produces ethanol (both anhydrous for fuel blending and hydrated for direct use), raw sugar for export, and generates electricity from sugarcane bagasse (the fibrous residue left after sugar extraction). The company also operates convenience stores at service stations and manufactures automotive and industrial lubricants. Rumo Segment (logistics infrastructure, approximately 15-20% of revenues): Rumo operates Brazil's largest private railway network, providing freight transportation services primarily for agricultural commodities like soybeans, corn, and sugar. The company owns and operates approximately 14,000 kilometers of railway lines connecting Brazil's agricultural heartland to major ports, particularly the Port of Santos. Rumo also provides storage facilities, port loading services, and leases locomotives and railroad equipment to third parties. Compass Segment (natural gas distribution, approximately 10-15% of revenues): Compass distributes piped natural gas to industrial, residential, commercial, automotive, and power generation customers across several Brazilian states. The segment includes Comgás, Brazil's largest natural gas distributor serving the São Paulo metropolitan area, and other regional distributors. Compass also engages in electricity trading and has been expanding into the free gas market where large customers can choose their suppliers. Moove Segment (lubricants manufacturing, approximately 5-10% of revenues): Moove produces and distributes automotive and industrial lubricants under the globally recognized Mobil brand through a licensing agreement with ExxonMobil, as well as the Comma brand. The company operates manufacturing facilities across Latin America, Europe, and other regions, serving both retail and industrial customers. Cosan Investments and Other Segments (remaining revenues): This includes Radar (agricultural land management and leasing), various investment activities in climate technology and mining projects, and strategic equity stakes in other companies such as Vale (Brazilian mining giant).
Revenue model
Cosan generates revenue through multiple business models across its diversified portfolio. The fuel distribution business through Raízen operates on thin margins typical of retail fuel, earning money through volume-based markups on gasoline, diesel, and ethanol sales, as well as convenience store operations. The renewable energy segment sells ethanol and sugar in commodity markets, with revenues heavily dependent on crop yields, weather conditions, and global commodity prices. The logistics business through Rumo operates on a fee-for-service model, charging customers based on ton-kilometers transported and storage services provided. Revenue growth comes from increasing volumes transported and periodic tariff adjustments. The natural gas distribution through Compass earns regulated returns on invested capital, with revenues tied to volume distributed and regulated tariffs set by state agencies. Moove's lubricants business operates on product sales with higher margins than commodity businesses, benefiting from brand recognition and technical specifications. The company also earns dividend income from its equity stakes in publicly traded companies like Vale. Key factors affecting profitability include commodity price volatility (sugar, ethanol, oil), weather conditions impacting sugarcane yields, Brazilian economic growth affecting fuel and gas consumption, regulatory changes in energy markets, foreign exchange rates given international operations, and infrastructure development affecting logistics demand. The company's margins are also sensitive to input costs like crude oil prices, labor costs, and financing costs given its significant debt load. Competition from other fuel distributors, alternative energy sources, and logistics providers can pressure margins, while operational efficiency improvements and capacity utilization drive profitability gains.
Competitive moat
Cosan's competitive position varies significantly across its business segments, creating a mixed moat profile. Raízen benefits from substantial barriers to entry in fuel distribution through its extensive network of over 7,000 Shell-branded service stations, long-term supply agreements, and the significant capital requirements to build competing infrastructure. The Shell brand provides consumer recognition and trust, while the integrated model combining refining, distribution, and renewable energy creates operational synergies. Rumo possesses perhaps the strongest moat within the portfolio, operating Brazil's largest private railway network with significant barriers to entry due to massive capital requirements, regulatory approvals needed for new rail lines, and long-term contracts with agricultural producers. The company's strategic positioning connecting Brazil's agricultural regions to export ports creates natural monopoly characteristics on certain routes. Compass operates in a regulated utility environment with natural monopoly characteristics in its distribution territories, providing stable but regulated returns. However, the ongoing deregulation of Brazil's gas market and potential for new competitors entering the free market segment could erode some advantages. Moove's moat is more limited, relying primarily on the Mobil brand license and distribution relationships. The lubricants market is competitive with multiple global players, and technological shifts toward electric vehicles could reduce long-term demand for traditional lubricants. The company's overall competitive position is challenged by its high leverage and complex holding company structure, which can limit strategic flexibility. Additionally, exposure to commodity price volatility and Brazilian economic cycles creates earnings instability that stronger moat companies typically avoid.
Risks & safety
Cosan presents significant financial risk with limited margin of safety: • High leverage concern: Debt-to-equity ratio of 6.7x with corporate net debt of R$23.4 billion creates substantial financial risk • Debt service coverage: Ratio of only 1.1x is dangerously low, with management targeting improvement to 1.5x • Liquidity position: Current ratio of 1.72x and R$2.8 billion in cash provides some near-term cushion • Negative profitability: Net loss of R$1.5 billion in 2024 raises solvency concerns • Valuation metrics: EV/EBITDA of 9.8x appears reasonable but negative earnings make P/E meaningless • Free cash flow: Positive R$175 million in Q4 2024 provides some debt service capability • Asset backing: Substantial tangible assets worth R$23.5 billion provide some downside protection • Commodity exposure: Earnings volatility from sugar, ethanol, and fuel margins adds uncertainty • Brazilian economic risk: Currency, inflation, and regulatory changes create additional layers of risk
Recent development
Over the past few years, Cosan has undergone significant strategic repositioning focused on portfolio optimization and deleveraging. The company has been actively managing its asset portfolio, completing the divestiture of its Vale stake in January 2025 after building the position as a strategic investment. Management has prioritized debt reduction, committing to reduce corporate debt by at least 30% through asset sales and improved operational performance. Raízen has faced operational challenges, with 2024 being particularly difficult due to dry weather conditions and fires that reduced sugarcane crushing volumes. Management has been reassessing the business portfolio, focusing on core activities of mobility, sugar, and ethanol while potentially divesting peripheral operations. The segment has also been developing second-generation ethanol capabilities, though expansion plans have been reassessed given current financial constraints. Infrastructure expansion has continued across other segments, with Rumo achieving record transport volumes and expanding its railway network, while Compass has been growing its natural gas distribution network and developing Edge operations. Moove has expanded internationally through acquisitions like the Pax Group, though operations faced setbacks including a plant fire in 2024. The company has postponed planned IPOs for Compass and Moove due to unfavorable market conditions, instead focusing on improving operational performance and debt metrics. Management has emphasized capital discipline, avoiding new leveraging initiatives while concentrating on executing existing strategic projects and potentially bringing in strategic partners for major developments.
CSAN company profile · for informational purposes only — not investment advice.
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