Gerdau S.A. (GGB) Stock Price & How to Invest

Gerdau S.A. is Brazil's largest steel producer and one of the biggest long-steel and special-steel makers in the Americas. It operates through three main segments: Brazil, North America (the United States, Canada, and Mexico), and South America (Argentina, Peru, and Uruguay), and it relies heavily on electric-arc mini-mills that recycle scrap into rebar, wire rod, merchant bars, and special steels used in construction, autos, and industry. The company also runs a Gerdau Next division targeting businesses adjacent to steel, and produces some iron ore and flat steel for its own use in Brazil.

As an ADR, GGB gives US investors exposure to a cyclical, commodity-linked business whose earnings move with steel prices, construction and industrial demand, scrap and energy costs, and the Brazilian real. In 2025, strong North American demand and higher shipments offset weakness in Brazil, where record steel imports pressured margins. The stock is generally viewed as a value-oriented, dividend-paying way to play the steel cycle, with results that can be lumpy from quarter to quarter depending on regional conditions and pricing.

The first half of 2026 showed recovery. Second-quarter revenue was about R$17.9 billion and net income about R$1.45 billion, up from roughly R$1.0 billion in the first quarter and a loss in the fourth quarter of 2025. Adjusted EBITDA reached about R$3.4 billion, its best quarter since the third quarter of 2023, with North American EBITDA up about 15% sequentially while Brazil improved only slightly. Net debt was a modest 0.69 times EBITDA.

Steel is deeply cyclical, so revenue and profit can fall sharply when construction and industrial demand slow or when steel prices decline. Brazilian operations face intense competition from imports (which hit record volumes in 2025) and from domestic rivals, compressing margins. As a Brazilian ADR, GGB carries currency risk from the real, plus Brazilian political, tax, and regulatory exposure that can affect reported dollar results. Scrap, energy, and iron-ore input costs are volatile, and heavy capital spending can weigh on free cash flow in soft years. Trade policy and tariffs in North America can cut both ways for demand and pricing. Results have also trailed expectations: EPS missed consensus in each of the last four reported quarters (R$0.74 vs R$0.80 in Q2 2026), and BofA downgraded the stock to Neutral from Buy in August 2026. North American freight costs rose about 8.5% quarter over quarter in Q2 on fuel inflation, which management expects to persist.

5 analysts publish price targets on GGB, averaging $5.80 against a $5.02 price as of October 2026, or +15.5%. The published targets run from $5.07 to $6.47, a narrow spread, and the ratings split 3 buy, 2 hold, 0 sell. Over the last six months there have been 4 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full GGB forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Gerdau S.A.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. North America strength. Gerdau's North American segment delivered rising shipments and a meaningful EBITDA increase in 2025, benefiting from steady construction and industrial demand and healthy mill utilization. The most optimistic published target, $6.47, assumes this works close to its best case.

The case against. Steel is deeply cyclical, so revenue and profit can fall sharply when construction and industrial demand slow or when steel prices decline. The most pessimistic target, $5.07, is roughly what GGB is worth if this bites instead.

Read the full bull and bear case on GGB, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. Gerdau S.A. (GGB) has had 2 share splits in the last 10 years:

• 105:100 on March 22, 2023, so every share held became 1.05 shares.
• 6:5 on April 18, 2024, so every share held became 1.2 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of GGB the day before the 6:5 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Gerdau S.A.'s investor relations page or your broker.

• Revenue (TTM): ~R$69.5 billion; Q2 2026 ~R$17.9 billion, up ~2% YoY
• Net income (TTM): ~R$2.2 billion; Q2 2026 ~R$1.45 billion
• Adjusted EBITDA (Q2 2026): ~R$3.4 billion, best since Q3 2023
• Margins (TTM): ~13% gross, ~13% operating, ~3% net
• Market cap: ~$10 billion (ADR ~$5.09 on Oct 16, 2026)
• P/E ratio: ~23 trailing, ~8 forward
• Dividend yield: ~3.6% (~$0.18 per ADR, trailing)
• Net debt / EBITDA: ~0.69x at mid-2026

Gerdau's trailing P/E near 23 is inflated by the fourth-quarter 2025 loss; on forward estimates it drops to about 8, a cyclical-value multiple that assumes analysts' expected recovery in 2026 earnings holds. The shares trade just under book value. Third-quarter results are due October 26, 2026, with consensus EPS near R$1.00 on about R$18.6 billion of revenue. Reported figures move with steel prices and the real, so trailing metrics can shift quickly across quarters.

Other names that sit close to GGB: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get GGB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so GGB sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where GGB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

GGB offers ADR exposure to a large, established Americas steel producer whose fortunes swing with construction demand, steel prices, and currency, so it tends to behave as a cyclical value name rather than a steady grower. In 2026 the cycle has turned in its favor: second-quarter adjusted EBITDA of about R$3.4 billion was the best since 2023, led by North America, though Brazil remains weighed down by imports and EPS has come in below estimates for four straight quarters.

Whether GGB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is GGB a buy or a sell?, and where the stock could go from here in the GGB stock forecast.

For income investors, whether GGB pays a dividend and how the payout looks is covered in does GGB pay a dividend? And to weigh GGB against a peer, read the full side-by-side comparisons: GGB vs NUE and GGB vs STLD.