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Nexa Resources SA
(NYSE:NEXA)
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Rating:67Neutral
Price Target:
$15.50
▼(-2.02% Downside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by improved financial performance (strong TTM profitability rebound) but tempered by leverage and mixed cash-flow consistency. Technicals are supportive with price above key moving averages and positive MACD. Valuation is a positive factor due to the low P/E, while earnings-call takeaways are constructive on guidance and deleveraging but include near-term free-cash-flow weakness and ongoing smelter margin/permitting risks.
Positive Factors
Profitability and operating recovery
The sharp revenue and EBITDA rebound indicates stronger operating execution, higher mining output and improved by-product contributions. Sustained recovery across mining and smelting can strengthen earnings power and internal funding capacity over the next several quarters.
Negative Factors
Elevated leverage and limited financial flexibility
Although leverage has improved, debt remains high for a cyclical metals producer with historically uneven profitability. Limited debt coverage reduces flexibility to absorb weaker metal prices, operating interruptions or permitting delays without constraining investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and operating recovery
The sharp revenue and EBITDA rebound indicates stronger operating execution, higher mining output and improved by-product contributions. Sustained recovery across mining and smelting can strengthen earnings power and internal funding capacity over the next several quarters.
Read all positive factors
Nexa Resources SA (NEXA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.02B
Dividend Yield0.87%
Average Volume (3M)668.23K
Price to Earnings (P/E)7.3
Beta (1Y)1.12
Revenue Growth23.37%
EPS GrowthN/A
CountryUS
Employees5,913
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)2.09
Shares Outstanding132,438,610
10 Day Avg. Volume517,477
30 Day Avg. Volume668,231
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.17
Price to Sales (P/S)0.39
P/FCF Ratio22.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$14.67Price Target Upside-7.29% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.75
Revenue Forecast (FY)$3.62B
Nexa Resources SA Business Overview & Revenue Model
Company Description
Nexa Resources S.A., together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces metallic zinc, zamac, gold, sulfuric acid and zinc oxide, as we...
How the Company Makes Money
Nexa primarily makes money by producing and selling metals from its mining and processing operations. The main revenue stream is the sale of zinc and copper products (including concentrates and/or refined/base metal products, depending on the asse...
Nexa Resources SA Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operating and financial momentum: strong year‑over‑year EBITDA growth (+126%), significant byproduct and silver tailwinds, improved leverage (net leverage 1.59x), record production at Aripuana and Cerro Pasco Phase 1 progressing on schedule. These positives are tempered by near‑term headwinds: Q1 negative free cash flow from seasonality and tax payments, Peruvian operational disruptions that pressured sequential volumes, and structural smelter margin compression due to very low treatment charges. Management reiterated guidance, liquidity and deleveraging priorities and expects normalization of Peruvian output and continued operational improvements across smelters.Positive Updates
Strong Profitability and EBITDA Growth
Adjusted EBITDA more than doubled year‑over‑year to $283 million (up ~126% YoY) with a margin of ~31.8%, driven by higher metal prices, stronger byproduct credits and improved operational execution.
Negative Updates
Peruvian Operational Disruptions
Heavy rainfall at Cerro Lindo, an illegal community blockade at Atacocha and a shaft constraint at El Porvenir led to sequential Peruvian production interruptions; these issues compressed mining sales volumes QoQ and required short‑term operational fixes.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Profitability and EBITDA Growth
Adjusted EBITDA more than doubled year‑over‑year to $283 million (up ~126% YoY) with a margin of ~31.8%, driven by higher metal prices, stronger byproduct credits and improved operational execution.
Read all positive updates
Company Guidance
Guidance highlights: management reaffirmed 2026 CapEx of $381M (Q1 spend $72M, ~19% of guidance) and exploration/project evaluation at $86M (Q1 $16M), with Cerro Pasco Phase 1 FY spend guided at $31M (Q1 $8M), construction targeted to be completed in Q3 2026, full project finalization in Q4 2026 and pumping to start in 2Q‑2027 (MEIA approvals for El Porvenir and Atacocha expected 1Q‑2027). They expect the Q1 free cash flow shortfall (-$126M) to unwind seasonally and deliver strong FCF for 2026 after a -$283M working‑capital drag (operating cash flow before WC $308M; interest & taxes $81M), and reiterated a commitment to keep net leverage below 1.7x in 2026 (current 1.59x; LTM adjusted EBITDA $929M) with a longer‑term aspiration toward ~1.0x. Operational/cost guidance: mining cash cost net of byproducts was negative $0.76/lb (below guidance), cost per ROM $57/t; smelting cash cost net $1.40/lb (slightly above guidance) and conversion cost $0.34/lb (in line); annual benchmark TCs settled at $85/t. Near‑term operating and financial metrics tied to guidance include Q1 net revenues $888M (+42% YoY), adjusted EBITDA $283M (31.8% margin), net income $118M ($0.67/share); mining revenues $460M and adjusted EBITDA $231M (50% margin) with zinc production 79,000t (+18% YoY) and Aripuana at 13,000t (4th filter commissioning in Q2, full capacity in H2‑2026); smelting zinc metal/oxide sales 147,000t, revenues $609M and adjusted EBITDA $51M (8%); liquidity $716M including $320M undrawn RCF; average debt maturity 7.2 years and average cost of debt 6.27%.Nexa Resources SA Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
54
Neutral
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.44B | 2.99B | 2.77B | 2.57B | 3.03B | 2.62B |
| Gross Profit | 828.90M | 535.01M | 538.07M | 298.88M | 640.05M | 633.09M |
| EBITDA | 1.20B | 963.18M | 608.51M | 205.43M | 672.15M | 697.68M |
| Net Income | 277.61M | 132.63M | -205.03M | -291.97M | 49.70M | 114.33M |
Balance Sheet | ||||||
| Total Assets | 5.38B | 5.27B | 4.64B | 4.84B | 4.89B | 4.90B |
| Cash, Cash Equivalents and Short-Term Investments | 386.81M | 521.56M | 640.23M | 468.32M | 515.89M | 763.02M |
| Total Debt | 1.86B | 1.83B | 1.86B | 1.73B | 1.67B | 1.72B |
| Total Liabilities | 3.87B | 3.99B | 3.58B | 3.38B | 3.18B | 3.26B |
| Stockholders Equity | 1.20B | 1.00B | 813.93M | 1.20B | 1.44B | 1.39B |
Cash Flow | ||||||
| Free Cash Flow | 173.22M | 51.97M | 90.71M | -57.04M | -120.43M | 7.78M |
| Operating Cash Flow | 565.70M | 403.84M | 349.72M | 256.20M | 266.63M | 492.99M |
| Investing Cash Flow | -385.04M | -320.88M | -237.61M | -270.35M | -378.93M | -469.27M |
| Financing Cash Flow | -225.87M | -200.35M | 61.94M | -34.64M | -149.23M | -344.13M |
Nexa Resources SA Technical Analysis
Positive
15.82
Price Trends
13.49
Positive
13.72
Positive
11.76
Positive
Market Momentum
0.50
Negative
63.99
Neutral
90.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NEXA, the sentiment is Positive. The current price of 15.82 is above the 20-day moving average (MA) of 14.10, above the 50-day MA of 13.49, and above the 200-day MA of 11.76, indicating a bullish trend. The MACD of 0.50 indicates Negative momentum. The RSI at 63.99 is Neutral, neither overbought nor oversold. The STOCH value of 90.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NEXA.
Nexa Resources SA Risk Analysis
Nexa Resources SA disclosed 49 risk factors in its most recent earnings report. Nexa Resources SA reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nexa Resources SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.02B | 7.28 | 25.68% | 0.79% | 23.37% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $1.03B | 55.84 | 7.13% | ― | 5.46% | ― | |
45 Neutral | $618.74M | -5.92 | -21.43% | ― | ― | -265.11% | |
42 Neutral | $756.79M | -18.78 | -5.64% | 1.73% | -8.54% | 61.49% | |
42 Neutral | $763.31M | -42.04 | -12.37% | ― | 35.89% | -1309.41% |
* Basic Materials Sector Average
NEXA
Nexa Resources SA
15.58
10.87
230.72%
CMP
Compass Minerals International
24.65
5.59
29.33%
GSM
Ferroglobe
4.07
-0.12
-2.86%
UAMY
United States Antimony
5.06
0.47
10.24%
NB
NioCorp Developments
4.33
-0.30
-6.48%
CRML
Critical Metals Corp
7.99
1.48
22.73%
Nexa Resources SA Corporate Events
Nexa Resources Delivers Strong Q2 2026 Earnings as Operations Rebound
Aug 5, 2026
Nexa Resources reported second-quarter 2026 results on August 5, highlighting an operational turnaround driven by higher mining output and improved by-product contributions. Net revenues rose to US$908 million, up 2% quarter-on-quarter and 28% yea...
Nexa Resources Files Q2 2026 CEO and CFO Certification with SEC
Aug 5, 2026
Nexa Resources S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission for August 2026, formally submitting interim CEO and CFO certifications related to its second-quarter 2026 financial disclosures. The filing, dated August 5, 202...
Nexa Resources Posts Strong Earnings Surge in First Half of 2026
Aug 5, 2026
As a foreign private issuer, Nexa filed a Form 6-K with the U.S. Securities and Exchange Commission for August 2026, furnishing unaudited condensed consolidated interim financial statements for the three- and six-month periods ended June 30, 2026....
Nexa Resources Expands 2026 Drilling After Strong First-Half Exploration Results
Jul 28, 2026
On July 28, 2026, Nexa Resources reported its drilling and assay results for the first half of 2026, highlighting a total of 123,455 meters drilled, of which 24,339 meters were exploration and 99,116 meters were infill. Brownfield programs at the ...
Nexa Resources Confirms Talks Linked to Boliden’s Interest in Potential Transaction
Jul 2, 2026
On July 2, 2026, Luxembourg-based Nexa Resources confirmed it is aware of ongoing negotiations between its significant shareholder Votorantim S.A. and Swedish miner Boliden AB regarding Votorantim’s interest in Nexa. The company said it expe...
Nexa Resources Investors Approve Capital Increase but Reject Limits on Pre-Emptive Rights at June 2026 Meetings
Jun 26, 2026
Nexa Resources S.A. reported the results of its Annual and Extraordinary General Meetings of shareholders held on June 25, 2026, in Luxembourg, where investors approved the 2025 annual accounts and consolidated financial statements, a share premiu...
Nexa Resources Shareholders Back Governance Resolutions and Approve US$17.5 Million Capital Return
Jun 25, 2026
On June 25, 2026, Nexa Resources S.A. held its Annual and Extraordinary General Meetings in Luxembourg, where 93,445,211 shares were represented, accounting for 70.56% of outstanding voting rights. Shareholders approved all Annual General Meeting ...
Nexa Resources Gradually Restarts Peru’s Cajamarquilla Smelter After May Incident
May 29, 2026
On May 29, 2026, Nexa Resources reported that operations at its Cajamarquilla zinc smelter in Peru are gradually resuming after an incident that occurred on May 13, 2026. Electrolysis lines are fully operational and one casting line is already pro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.