Klabin SA KLBAY

MaterialsPaper & Forest ProductsBrazil

Last close 6.20 USD on Nov 2, 2026, −9.2% year to date

Quant rating

Quant rating D Rank 156 of 220 in Materials

Growth D 154 of 220
Valuation B 41 of 220
Quality C 140 of 220
Revisions D 187 of 220
Momentum C 140 of 220

Wall Street consensus Strong Buy (1.00)Average target 8.80 USD +41.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.0B
Enterprise value: 10.3B
52-week range: 6.20 – 10.23
3-year range: 5.53 – 10.23
Dividend yield: 10.04%
Beta (5 years): 0.67
Shares outstanding: 6,241M
Next earnings: Feb 9, 2027

About the company

Klabin S.A. and its subsidiaries operate in segments of the paper and pulp industry, supplying the domestic and foreign markets with wood, packaging paper, paper sacks, corrugated cardboard boxes and pulp. The Company's segments include Forestry, Paper, Conversion and Pulp. The Forestry segment involves operations relating to planting and growing pine and eucalyptus trees to supply its plants, and involves selling timber to third parties in the domestic market. The Paper segment involves the production and sale of cardboard, kraftliner and recycled paper rolls in the domestic and foreign markets. The Conversion segment involves the production and sale of corrugated cardboard boxes, corrugated cardboard and industrial sacks in the domestic and foreign markets. The Pulp segment includes the production and sale of short fiber bleached pulp, long fiber bleached pulp and fluff pulp in the domestic and foreign markets. The Company has over 20 industrial units in Brazil and Argentina.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,779	3,180	3,715	3,790	2,959	–
Revenue growth	18.8%	−14.4%	−2.0%	28.1%	28.6%	10.4%
EPS (basic, normalized)	0.17	0.18	0.09	0.16	–	–
EPS growth	−1.8%	106.2%	−46.1%	–	–	–
Gross margin	27.3%	1.9%	31.2%	38.1%	37.8%	27.3%
Net margin	8.1%	−20.8%	14.9%	23.4%	18.3%	8.8%
ROE	23.1%	−44.9%	25.5%	58.3%	63.2%	25.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,831
Current ratio	1.87x
Long-term debt (mil)	6,496
Net debt (mil)	6,603
Total equity (mil)	1,910
Net debt / equity	3.46x
Net debt / EBITDA	4.70x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,779	+18.8%	2.7x	1,404	+13.2%	7.3x	0.17	−1.8%	35.4x
2026	4,254	+12.6%	2.4x	1,521	+8.4%	6.7x	0.36	+103.3%	17.4x
2027	4,377	+2.9%	2.3x	1,511	−0.7%	6.8x	0.27	−25.1%	23.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,254	+3.7%	+3.8%	−1.5%	0.36	−6.3%	+14.2%	−47.2%
2027	4,377	+2.8%	+4.4%	−1.2%	0.27	−11.7%	−3.0%	−59.3%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Paper & Forest Products

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KLBAY Klabin SA	4.0B	4.70x	8.1%	2.09x	17.4x	23.3x	6.7x	6.8x
CMPC Empresas CMPC S.A.	2.4B	5.08x	2.7%	0.23x	23.7x	12.9x	6.6x	5.9x
SUZB3 Suzano SA	11.7B	3.39x	26.8%	1.24x	7.0x	9.0x	6.0x	5.3x
CFP Canfor Corporation	1.2B	−164.05x	−14.9%	0.70x	−13.1x	−87.7x	10.0x	6.4x
SEM SEMAPA Sociedade de Investimento e Gestao SGPS SA	1.8B	1.34x	3.2%	0.67x	2.6x	10.6x	5.3x	4.6x
ALSS Altri, SGPS, S.A.	984M	5.21x	3.0%	2.37x	14.5x	10.6x	10.0x	7.3x
Mean		−24.05x	4.8%	1.22x	8.7x	−3.6x	7.4x	6.0x
Median		4.05x	3.1%	0.97x	10.7x	10.6x	6.7x	6.2x

Technical analysis

1M−11.7%
3M−13.0%
1Y−6.9%
3Y−12.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Klabin SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,779	3,180	3,715	3,790	2,959	2,301
Cost of revenue	2,747	3,119	2,556	2,346	1,840	1,518
Gross profit	1,032	61.1	1,158	1,444	1,119	782
Selling, general & administrative expenses	537	429	513	549	379	335
Research & development	–	–	–	–	–	–
Depreciation/amortization	17.4	11.0	10.8	9.7	3.9	10.4
Interest expense (income), operating	0.1	−4.1	−3.0	−8.2	−4.6	−6.4
Unusual expense (income)	−352	−169	−268	−385	−237	−167
Other operating expenses	11.2	25.0	28.9	12.9	−11.5	−8.3
Operating income	818	−231	876	1,266	989	619
Net interest income (expense)	−245	−257	−51.9	14.9	−151	−1,302
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−139	−104	−37.8	−32.2	−44.3	−51.1
Net income before taxes	434	−591	786	1,248	793	−734
Provision for taxes	128	36.1	199	361	182	−274
Minority interest	0	−35.0	−31.5	−43.1	−69.1	−18.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	306	−662	555	844	542	−479
Extraordinary items	–	–	–	–	–	–
Net income	306	−662	555	844	542	−479
EBIT, normalized	511	−392	626	875	748	447
EBITDA, normalized	1,422	249	1,312	1,475	1,232	906
Basic EPS, normalized	0.17	0.18	0.09	0.16	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Klabin SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,989	1,219	2,208	1,230	1,512	1,262
Receivables	572	463	573	602	576	507
Total inventory	673	521	549	462	360	266
Prepaid expenses	–	–	–	–	–	–
Other current assets	62.7	34.2	63.4	71.8	46.1	42.0
Total current assets	3,296	2,237	3,394	2,365	2,494	2,077
Property, plant & equipment	7,952	7,064	7,516	6,409	4,694	4,296
Goodwill	7.6	6.9	8.9	–	–	–
Intangibles	84.7	62.4	61.1	53.9	25.6	14.5
Long-term investments	17.7	22.5	57.4	54.7	49.1	51.7
Note receivable	82.2	71.3	156	70.0	126	148
Other long-term assets	209	149	232	47.3	165	204
Total assets	11,648	9,614	11,425	9,001	7,554	6,791
Liabilities
Accounts payable	756	476	536	556	450	386
Payable/accrued	–	–	–	–	–	–
Accrued expenses	154	142	158	190	132	106
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	369	344	383	411	363	165
Other current liabilities	322	198	179	65.9	55.2	39.0
Total current liabilities	1,601	1,160	1,256	1,222	1,000	696
Long-term debt	6,653	6,384	6,472	5,102	5,095	5,063
Minority interest	1,190	321	443	380	242	111
Other liabilities	765	672	867	488	186	188
Total liabilities	10,208	8,537	9,037	7,192	6,523	6,057
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,255	983	922	847	803	862
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	509	687	1,113	789	230	−262
Treasury stock	−18.6	−20.0	−28.0	−29.4	−30.3	−34.2
Other equity	−306	−573	380	202	27.3	168
Total equity	1,440	1,077	2,388	1,808	1,030	734
Total liabilities & shareholders' equity	11,648	9,614	11,425	9,001	7,554	6,791

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Klabin SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	434	367	786	887	611	−459
Depreciation, depletion & amortization	911	642	686	600	484	459
Deferred taxes	–	–	0	250	92.5	−360
Non-cash items	−22.2	173	117	−212	13.2	1,127
Changes in working capital	−156	20.0	−23.9	68.2	−322	348
Cash from operations	1,168	1,202	1,565	1,593	878	1,115
Investing activities
Capital expenditures	−517	−574	−899	−1,537	−696	−921
Other investing cash flows	173	−818	14.8	46.9	36.2	−54.6
Cash from investing	−344	−1,393	−884	−1,490	−660	−976
Financing activities
Financing cash flow items	166	−382	−393	−223	−182	−53.8
Cash dividends paid	−175	−253	−280	−314	−72.2	−42.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−177	241	997	108	251	−645
Cash from financing	−185	−394	324	−429	−3.4	−742
Foreign exchange effects	−23.6	128	–	–	–	–
Net change in cash	615	−457	1,005	−326	215	−603
Free cash flow	651	628	666	56.0	182	194

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.