Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP SBS

UtilitiesWater & Related UtilitiesBrazil

Last close 4.54 USD on Nov 1, 2026, −4.1% year to date

Quant rating

Quant rating B Rank 27 of 89 in Utilities

Growth A 10 of 89
Valuation B 21 of 89
Quality A 4 of 89
Revisions D 76 of 89
Momentum D 65 of 89

Wall Street consensus Strong Buy (1.50)Average target 6.65 USD +46.5%

Historical valuation

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

Key data

Market cap: 16.1B
Enterprise value: 22.6B
52-week range: 4.45 – 7.16
3-year range: 2.32 – 7.16
Dividend yield: 3.03%
Beta (5 years): 0.78
Shares outstanding: 3,534M
Next earnings: Nov 5, 2026

About the company

Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP is a water and sewage service provider. The Company provides water and sewage services to a range of residential, commercial, industrial and governmental customers in over 375 municipalities in the state of Sao Paulo, including the city of Sao Paulo. The Company's segments include Water and Sewage. The Company's activities comprise water supply, sanitary sewage services, urban rainwater management and drainage services, urban cleaning services, solid waste management services and related activities, including the planning, operation, maintenance and commercialization of energy, and the commercialization of services, products, benefits and rights that directly or indirectly arise from its assets, operations and activities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,955	5,851	5,270	4,172	3,499	–
Revenue growth	18.9%	11.0%	26.3%	19.2%	2.1%	15.2%
EPS (basic, normalized)	0.46	0.47	0.20	0.17	0.14	–
EPS growth	−1.6%	134.6%	20.1%	21.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	22.2%	26.5%	13.8%	14.2%	11.8%	17.7%
ROE	21.3%	28.7%	12.3%	11.9%	9.7%	16.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,379
Current ratio	1.47x
Long-term debt (mil)	8,984
Net debt (mil)	6,630
Total equity (mil)	8,779
Net debt / equity	0.76x
Net debt / EBITDA	2.39x

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	6,955	+18.9%	3.2x	2,773	+15.0%	8.1x	0.46	−1.6%	9.8x
2026	5,624	−19.1%	4.0x	2,803	+1.1%	8.1x	0.32	−31.5%	14.3x
2027	7,329	+30.3%	3.1x	3,761	+34.2%	6.0x	0.41	+27.8%	11.2x
2028	7,863	+7.3%	2.9x	4,410	+17.3%	5.1x	0.46	+14.1%	9.8x

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	5,624	0.0%	−1.8%	−2.5%	0.32	−11.9%	−8.7%	−10.9%
2027	7,329	+0.2%	−1.5%	−2.8%	0.41	−1.3%	−20.3%	−26.6%
2028	7,863	+0.4%	−1.2%	−2.3%	0.46	−4.2%	−20.8%	−27.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,552	6,749	14,997	7,839	8,426	8,965	9,425	11,276	9,965	10,209
Sales mean (mil)	5,126	5,500	6,614	6,456	8,991	8,998	9,538	9,533	10,936	11,251
Surprise	+27.8%	+22.7%	+126.7%	+21.4%	−6.3%	−0.4%	−1.2%	+18.3%	−8.9%	−9.3%
EPS reported	0.23	0.34	1.73	0.41	0.42	0.61	0.61	0.86	0.50	0.41
EPS mean	0.23	0.28	0.31	0.44	0.43	0.42	0.37	0.56	0.43	0.42
Surprise	+1.6%	+20.5%	+454.3%	−7.1%	−1.4%	+42.5%	+64.6%	+53.3%	+15.7%	−2.4%

Peer comparison Water & Related Utilities

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
SBS Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP	16.1B	2.39x	22.2%	1.91x	14.3x	11.2x	8.1x	6.0x
AWK American Water Works Company, Inc.	28.7B	5.85x	21.6%	2.41x	23.7x	21.9x	14.6x	12.8x
WTRG Essential Utilities Inc	12.4B	6.35x	24.9%	1.76x	19.5x	18.3x	14.5x	13.2x
UU United Utilities Group PLC	15.2B	–	22.4%	4.67x	15.0x	14.6x	13.0x	12.0x
SVT Severn Trent PLC	13.4B	–	13.1%	5.41x	16.6x	13.2x	12.9x	11.0x
GGDVY Guangdong Investment Ltd	6.7B	–	–	–	–	–	–	–
Mean		4.86x	20.9%	3.23x	17.8x	15.8x	12.6x	11.0x
Median		5.85x	22.2%	2.41x	16.6x	14.6x	13.0x	12.0x

Technical analysis

1M−11.7%
3M−17.8%
1Y−2.3%
3Y+112.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,955	5,851	5,270	4,172	3,499	3,427
Cost of revenue	4,397	2,701	3,327	2,730	2,312	2,167
Gross profit	2,558	3,150	1,944	1,442	1,188	1,259
Selling, general & administrative expenses	297	568	605	534	421	388
Research & development	–	–	–	–	–	–
Depreciation/amortization	26.4	32.3	42.7	36.3	30.6	29.8
Interest expense (income), operating	−8.8	−5.7	−6.7	−4.6	−4.0	−2.7
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	−57.1	45.4	−5.8	−1.6	3.9	−20.7
Operating income	2,300	2,511	1,308	879	736	865
Net interest income (expense)	−325	−142	−54.0	19.5	−39.3	−467
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	161	−161	−274	−89.9	−127	−143
Net income before taxes	2,137	2,208	980	808	569	255
Provision for taxes	592	658	254	218	155	67.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,545	1,551	726	590	414	187
Extraordinary items	–	–	–	–	–	–
Net income	1,545	1,551	726	590	414	187
EBIT, normalized	2,310	2,506	1,303	876	737	865
EBITDA, normalized	2,713	2,939	1,878	1,340	1,141	1,258
Basic EPS, normalized	0.46	0.47	0.20	0.17	0.14	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,259	871	673	671	566	733
Receivables	1,124	827	902	677	576	480
Total inventory	4.0	1.8	17.7	23.5	20.4	20.2
Prepaid expenses	–	–	–	–	–	–
Other current assets	1.7	17.0	11.3	7.1	5.1	6.9
Total current assets	3,388	1,717	1,604	1,378	1,167	1,240
Property, plant & equipment	172	98.4	107	73.0	60.6	60.6
Goodwill	–	–	–	–	–	–
Intangibles	9,219	7,247	9,071	7,439	6,553	6,624
Long-term investments	4,002	3,009	33.4	21.0	14.3	12.2
Note receivable	2,222	1,012	1,805	1,878	1,720	1,733
Other long-term assets	22.3	22.9	47.8	33.9	29.1	36.9
Total assets	19,026	13,106	12,669	10,823	9,544	9,708
Liabilities
Accounts payable	438	124	94.3	81.8	42.7	50.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	632	814	513	363	240	179
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	930	507	539	425	329	584
Other current liabilities	1,022	492	586	390	303	322
Total current liabilities	3,022	1,938	1,733	1,259	914	1,136
Long-term debt	6,399	3,581	3,487	3,162	2,853	2,739
Minority interest	–	–	–	–	–	–
Other liabilities	1,862	1,609	1,295	1,230	1,301	1,444
Total liabilities	11,284	7,128	6,515	5,652	5,069	5,319
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,873	2,428	3,091	2,838	2,693	2,888
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,934	3,504	3,032	2,300	1,775	1,578
Treasury stock	−86.8	–	–	–	–	–
Other equity	21.6	45.4	30.2	33.6	8.3	−77.2
Total equity	7,742	5,978	6,153	5,171	4,476	4,389
Total liabilities & shareholders' equity	19,026	13,106	12,669	10,823	9,544	9,708

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,137	2,208	980	808	569	255
Depreciation, depletion & amortization	403	433	575	464	405	392
Deferred taxes	−2.9	21.2	0.9	0.1	1.8	1.1
Non-cash items	−42.5	−664	716	421	371	711
Changes in working capital	−968	−800	−1,271	−943	−643	−401
Cash from operations	1,527	1,199	1,000	751	703	959
Investing activities
Capital expenditures	−53.3	−1,300	−853	−686	−673	−643
Other investing cash flows	−2,814	−315	−158	141	195	−660
Cash from investing	−2,867	−1,615	−1,011	−545	−478	−1,303
Financing activities
Financing cash flow items	−160	−45.4	−156	−115	−126	−137
Cash dividends paid	−432	−150	−170	−114	−45.6	−171
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,477	749	124	240	4.7	295
Cash from financing	1,885	553	−202	11.4	−167	−12.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	544	137	−212	217	57.7	−358
Free cash flow	1,473	−101	148	65.0	29.9	315

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 1, 2026 after market close.