Cosan S.A.

CSAN

Cosan S.A. engages in the fuel distribution business. It operates through Raízen, Compass, Moove, Rumo, and Radar segments. The company's Raízen segment engages in the production, marketing, origination, and trading of sugar, as well as ethanol; production and marketing of bioenergy, and solar energy and biogas; trading and resale of electricity; and trading and marketing of fossil, renewable fuels, and lubricants under the Shell brand.

About the company

Country: BrazilPrice: $2.75Market Cap: $2.7B

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

$1.78

-35.3% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

CSAN undervalued: all 3 models price fair value above $2.75 (median $1.78)

Key risk

No clean pass — all 12 investors flag at least one debt & leverage criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	FAIL	FAIL · Rank #696 (Top 22.5%)	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	FAIL	NEUTRAL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)	N/A	N/A	N/A		N/A		N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	+90.1%	N/A	+61.4%	N/A	N/A	+27.6%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-10-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-10-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-10-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-10-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-10-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 3▾
CSAN undervalued: all 3 models price fair value above $2.75 (median $1.78)
Greenblatt fair value$6.94
✓Greenblatt+90.1% margin vs $2.75
Dreman fair value$1.78
✓Dreman+61.4% margin vs $2.75
Akre fair value$0.95
✓Akre+27.6% margin vs $2.75

Where It Falls Short

Debt & Leverage0% pass✓ 2✗ 13▾
No clean pass — all 12 investors flag at least one debt & leverage criterion
LT Debt vs Net Current AssetsLT Debt $10.0B vs NCA $2.1B
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 6.09, IC: 1.0x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity6.09
✗Lynch< 0.33
Cash - Long-term Debt$-9.9B
✗LynchPositive preferred
LT Debt / Total Assets Change37.19% -> 43.93%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities1.72
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity6.09
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels6.09
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=1.0x, D/EBITDA=5.8x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity6.09
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-6.0947; #4097/4210 (top 97.3%)
✗AsnessTop 30% of eligible cross-section
Cash Flow0% pass✗ 12▾
All 10 investors flag CSAN's cash flow
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing
✗LynchPositive and growing
Operating Cash Flow
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROA
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -9.2% vs Rev: -12.6%
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency6/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth9.4%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 22.3% -> 31.2%, operating margin 19.0% -> 17.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR6.7%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability13% pass✓ 6✗ 29▾
14 of 16 flag CSAN's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)5/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)6/8 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-3.3%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)17.5% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-86.4%
✗Lynch> 15%
EBIT / Enterprise Value9.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=9.3%, ROC=19.5%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-6.67%
✗PiotroskiROA > 0
ROA Change YoY0.78% -> -6.67% (delta: -7.45%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROA
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY27.7% -> 31.2%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue-11.9%
✗Dreman>= 8%
Net Income / Shareholders' Equity-86.4%
✗Dreman> 12%
Margin of SafetyP/B=0.7x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-25.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value61.3% (IV=$1.78 vs Price=$0.69)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency6/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue17.5%
✓Ackman>= 15%
Net Income / Shareholders Equity-86.4%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend19.0% (2022) -> 17.5% (2024)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 22.3% -> 31.2%, operating margin 19.0% -> 17.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-56.24%; #5111/6340 (top 80.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+9.71%; #2823/3702 (top 76.3%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-86.43%; #4515/5226 (top 86.4%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0418; #2341/5884 (top 39.8%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years5/5 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency13% pass✓ 2✗ 9▾
7 of 8 flag CSAN's efficiency — Graham, Buffett, Greenblatt +4 more
Current Ratio1.72
✗Graham>= 2.0
ROIC (3-5 yr avg)7.7%
✗Buffett> 10%
ROIC - WACC-2.3%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)19.5%
✗Greenblatt> 25%
Current Ratio Change YoY1.77 -> 1.72
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.28x -> 0.31x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities1.72
✓Dreman> 1.5
Return on Invested Capital7.9%
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=8.0%; FY2023: ROIC=11.1%; FY2024: ROIC=7.9%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 7.9%)
✗SleepROIC > 12% in a majority of years
Verdicts13% pass✓ 2✗ 13▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict
✓GrahamPASS (4/9)✗BuffettFAIL (1/9)✗LynchFAIL (0/7)✗GreenblattRank #696✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2194/2370 (Top 92.6%))✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation15% pass✓ 9✗ 19▾
11 of 13 flag CSAN's valuation — Lynch, Greenblatt, Dreman +8 more
Price / 3-yr avg EPS5.8x
✓Graham<= 15x
Price-to-Book Ratio0.7x
✓Graham<= 1.5x
P/E x P/B4.20
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value9.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=9.3%, ROC=19.5%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)
✗Dreman< 8x
Price / Book Value per Share0.7x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-70.1%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.7x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value61.3% (IV=$1.78 vs Price=$0.69)
✓Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low100% of trailing low ($0.69)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-56.24%; #5111/6340 (top 80.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.6508; #2355/6449 (top 36.5%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-84.0%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+2.6231; #898/5247 (top 17.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-31.76%; #4491/6202 (top 72.4%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail

SIC Sector: Auto Dealers & Gas Stations

Size: Mid Cap($2.7B)

Revenue: $7.1B-12.6% YoY

Net Income: $1.5B-776.0% YoY

Financial Snapshot

Operating Margin17.5%

Return on Equity-86.4%

Debt / Equity6.09

Current Ratio1.72

Buybacks (1y)$31.2M

Buybacks (2y)$52.5M

Shares Retired0.4% / 0.4% 2y

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Shareholder Return

Fiscal 2024

Retired 0.4% of shares last year, 0.4% over two.

Buybacks: $31.2M
Dividends: $449.8M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY21

−13.8% = 584.4% + −87.4%

FY22

−80.7% = −80.4% + −2.0%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 20-F · 2025-04-30	FY 2023 Sources 20-F · 2024-11-08	FY 2022 Sources 20-F · 2023-04-24	FY 2021 Sources 20-F · 2022-05-16	FY 2020 Sources 20-F · 2021-04-30
Market Cap	$2.7Bcurrent	$26.7Best.	$23.2Best.	$30.5Best.	$5.5Best.
Revenue	$7.1B↓13%	$8.1B↑9%	$7.4B↑59%	$4.7B↑19%	$3.9B
Operating Income	$1.2B↓45%	$2.3B↑60%	$1.4B↑93%	$733.8M↑13%	$647.9M
Net Income	-$1.5B↓776%	$225.6M↑1%	$222.5M↓80%	$1.1B↑584%	$165.6M
EPS (Diluted)	--	--	$0.12↓81%	$0.62↓14%	$0.71
Gross Margin	31.2%↑13%	27.7%↑24%	22.3%	22.3%↓16%	26.6%
Operating Margin	17.5%↓37%	27.8%↑46%	19.0%↑21%	15.7%↓5%	16.5%
ROE	-86.4%↓1755%	5.2%↓8%	5.7%↓87%	42.8%↑162%	16.3%
Total Debt	$10.8B↓8%	$11.7B↑17%	$10.0B↑22%	$8.2B↑1%	$8.1B
Shareholders' Equity	$1.8B↓59%	$4.3B↑11%	$3.9B↑48%	$2.6B↑161%	$1.0B
Current Ratio	1.72↓3%	1.77↑9%	1.62↓23%	2.11↑13%	1.87
Debt / Equity	6.09↑124%	2.72↑6%	2.57↓17%	3.10↓61%	8.03
Operating Cash Flow	--	--	--	--	--
Free Cash Flow	--	--	--	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

CSAN vs Peers — Financial Grading

Revenue$7.1BBottom 25%

Net Income$1.5BBottom 25%

ROE-86.4%Bottom 25%

D/E6.09Bottom 25%

Op. Margin17.5%Median

Curr. Ratio1.72Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
COSTCO WHOLESALE CORP /NEWCOST	$490.2B	$1106.21	$275.2B	$8.1B	27.8%	0.20	3.8%	1.03	2/9	5/9	6/7	1/3	F-Score 6	3/11
HOME DEPOT, INC.HD	$347.9B	$348.69	$164.7B	$14.2B	110.5%	4.00	12.7%	1.06	3/9	5/9	3/7	1/3	F-Score 4	3/11
TJX COMPANIES INC /DE/TJX	$148.4B	$134.37	$60.4B	$5.5B	53.9%	0.28	—	1.14	3/9	6/9	7/7	1/3	F-Score 7	4/11
FASTENAL COFAST	$63.3B	$55.19	$8.2B	$1.3B	31.9%	0.03	20.2%	4.85	4/9	7/9	5/7	1/3	F-Score 7	5/11
AUTOZONE INCAZO	$52.5B	$3259.70	$18.9B	$2.5B	-73.2%	-2.61	19.1%	0.88	3/9	6/9	2/7	1/3	F-Score 6	4/11
KROGER COKR	$41.8B	$70.80	$147.6B	$1.0B	17.1%	2.68	1.3%	0.80	3/9	4/9	3/7	0/3	F-Score 7	3/11
WILLIAMS SONOMA INCWSM	$29.9B	$254.05	$7.8B	$1.1B	52.3%	—	18.1%	1.39	3/9	6/9	3/7	1/3	F-Score 5	3/11
CASEYS GENERAL STORES INCCASY	$26.3B	$712.08	$17.6B	$714.4M	18.1%	0.62	—	1.01	3/9	3/9	2/7	0/3	F-Score 9	3/11