Nexa Resources S.A. (NEXA) Stock Price & How to Invest

Nexa Resources S.A. is an integrated zinc business incorporated in Luxembourg, headquartered operationally in Brazil and Peru, and reporting in US dollars under IFRS. It runs five mines: Cerro Lindo, El Porvenir and Atacocha in Peru (the latter two forming the Cerro Pasco Complex) plus Vazante and Aripuanã in Brazil. Cerro Lindo and Vazante both sit among the world's thirty largest zinc-producing mines. It also owns three smelters, Cajamarquilla in Lima (the only operating zinc smelter in Peru and the fifth largest globally by volume), plus Três Marias and Juiz de Fora in Minas Gerais, which are the only units of their kind in Latin America excluding Mexico. Zinc accounted for ~46.9% of mined metal production in 2025 on a zinc-equivalent basis, with copper, lead, silver and a little gold produced as by-products that get credited against cash cost. The two segments are structurally different businesses: mining sells concentrate and earns the metal price, while smelting buys concentrate and earns a conversion spread, and in the second quarter of 2026 Nexa's own mines supplied ~54% of smelter feed.

The investment picture in August 2026 is a commodity cycle catching an operational recovery at the same time. Second-quarter 2026 net revenues were ~$908 million (up ~28% year over year), net income ~$98 million against ~$13 million a year earlier, and Adjusted EBITDA ~$286 million (up ~78%) at a ~31.5% margin, ~8.8 percentage points wider than the prior-year quarter. LME zinc averaged ~$3,466 per tonne in the quarter, up ~31% year over year, and silver averaged ~$73.1 per ounce, up ~117%, which is why the mining segment's cash cost net of by-products ran at ~negative $0.35 per pound in the first half. Net leverage fell to ~1.40x from ~2.28x a year earlier on ~$1,476 million of net debt against ~$1,055 million of trailing Adjusted EBITDA. The stock closed at ~$15.40 on August 21, 2026 for a market value near ~$2.04 billion, against a 52-week range of ~$4.70 to ~$16.89, after zinc hit a four-year high near ~$3,823 per tonne. That works out to roughly ~7.4x trailing earnings, ~0.6x sales and ~3.3x enterprise value to trailing Adjusted EBITDA, multiples that reflect both the commodity's cyclicality and the fact that ~64.68% of the company is not for sale to the public market.

The dominant risk is that essentially all of the 2026 improvement traces to metal prices Nexa does not set: a reversion in zinc toward the ~$2,850 per tonne assumption that underlies its own cost guidance, or in silver from ~$73 per ounce, would compress a business whose smelting segment still earned only a ~11.4% Adjusted EBITDA margin in the quarter. Operational fragility is not theoretical either, since two fires occurred in a single quarter (Cajamarquilla's casting house in May, costing roughly ~7,000 tonnes of second-quarter refined zinc, and the Três Marias roasting-area cooling towers on May 19), and the Cajamarquilla root-cause and insurance loss adjustment were still open. Jurisdiction and permitting add a second layer: the Cerro Pasco Integration Project's estimated capex rose from ~$138 million to ~$180 million with the tailings pumping system slipping to ~1Q27 and shaft repowering deferred to ~2031, while the El Porvenir and Atacocha environmental study modifications remain under SENACE evaluation in Peru with approval expected in ~1Q27, and Brazilian real appreciation inflates US-dollar-reported costs at the Brazilian operations. On governance, VSA holds ~64.68% of a company incorporated in Luxembourg and listed only in New York, which leaves the ~35.32% public float (~46.8 million shares) with limited practical influence and no US-style proxy machinery, since Nexa reports as a foreign private issuer on Form 20-F and 6-K rather than 10-Q. Finally, the shares at ~$15.40 sit modestly above the ~$14.88 average target of the ~8 analysts covering the name, and any resolution of the Boliden discussions could reprice the stock in either direction independently of how the mines perform.

8 analysts publish price targets on NEXA, averaging $14.88 against a $15.40 price as of August 2026, or -3.4%. The published targets run from $13.50 to $16.00, a narrow spread, and the ratings split 0 buy, 7 hold, 1 sell. Over the last six months there have been 8 raises and 3 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 NEXA 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 Nexa Resources 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. Zinc and silver prices are doing most of the work. LME zinc averaged ~$3,466 per tonne (~$1.57 per pound) in the second quarter of 2026, up ~31% year over year, and ~$3,351 per tonne across the first half, up ~22%. The most optimistic published target, $16.00, assumes this works close to its best case.

The case against. The dominant risk is that essentially all of the 2026 improvement traces to metal prices Nexa does not set: a reversion in zinc toward the ~$2,850 per tonne assumption that underlies its own cost guidance, or in silver from ~$73 per ounce, would compress a business whose smelting segment still earned only a ~11.4% Adjusted EBITDA margin in the quarter. The most pessimistic target, $13.50, is roughly what NEXA is worth if this bites instead.

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

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

• Revenue (TTM): ~$3.46 billion trailing twelve months, up ~24% versus ~$3.00 billion in fiscal 2025 and ~$2.77 billion in 2024; second-quarter 2026 net revenues ~$908 million (up ~28% year over year), first-half ~$1,796 million (up ~34%)
• Earnings: Trailing net income ~$278 million and trailing EPS ~$2.10 against ~$133 million and ~$1.00 for full-year 2025; second-quarter net income ~$98 million (~$0.52 per share) versus ~$13 million (~$0.01) a year earlier, with adjusted EPS ~$0.64
• Segment profitability: Second-quarter Adjusted EBITDA ~$286 million (up ~78%) at a ~31.5% margin: mining ~$220 million (up ~63%, ~41.9% margin) and smelting ~$66 million (up ~162%, ~11.4% margin); trailing twelve-month Adjusted EBITDA ~$1,055 million versus ~$665 million a year earlier
• Cash generation and capital spending: Operating cash flow before working capital ~$286 million in the quarter, offset by a ~$365 million first-half working-capital and other outflow that left first-half free cash flow at ~negative $136 million; 2026 capex guidance reaffirmed at ~$381 million with ~$160 million spent in the first half, plus ~$86 million guided for exploration and project evaluation
• Balance sheet: Gross debt ~$1,750 million and net debt ~$1,476 million for leverage of ~1.40x (from ~2.28x a year earlier); ~$387 million cash and investments plus a ~$320 million undrawn revolver for ~$707 million of liquidity, average debt maturity ~7.0 years at ~6.22%, only ~8% (~$133 million) maturing through end-2027; rated BBB- by S&P, on CreditWatch negative since July 3, 2026 on the potential change of control
• Market pricing: ~$15.40 per share on August 21, 2026 for a market value near ~$2.04 billion across ~132.44 million shares, a 52-week range of ~$4.70 to ~$16.89; roughly ~7.4x trailing earnings, ~0.6x trailing sales and ~3.3x enterprise value to trailing Adjusted EBITDA; ~8 covering analysts carry an average target near ~$14.88, slightly below the market price

Figures are approximate, stamped to August 2026, and drawn from the second-quarter 2026 earnings release filed on Form 6-K on August 5, 2026, the fiscal 2025 Form 20-F, and market data as of the August 21, 2026 close, so live data is worth checking before acting on any of them. Nexa reports in US dollars under IFRS, so no currency translation is needed to read the headline numbers, though Brazilian real movements still flow through the Brazilian cost base. Two mechanical points shape the multiples above: the trailing earnings figure benefits from metal prices well above the company's own guidance assumptions (~$2,850 per tonne zinc, ~$42.0 per ounce silver), and only ~46.8 million of the ~132.44 million shares trade publicly, so the market capitalization is set by a float worth roughly ~$720 million.

Other names that sit close to NEXA: 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 NEXA 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 NEXA sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NEXA 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.

Nexa in August 2026 is an operationally repaired, rapidly deleveraging zinc producer riding a four-year-high metal price, wrapped in an unresolved question about who owns the controlling stake and what the ~35% minority gets out of it.

Whether NEXA 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 NEXA a buy or a sell?, and where the stock could go from here in the NEXA stock forecast.

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