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CIA CAT. DE ÁGUAS E SANEAMENTO - CASAN

CASN3 — CIA CAT. DE ÁGUAS E SANEAMENTO - CASAN

CNPJ 82.508.433/0001-17 · listed classes: CASN3, CASN4 · CVM code 16861

Atuar como instituição integrante do sistema de saneamento básico e de saúde do Estado de Santa Catarina através dos serviços de captação, tratamento e distribuição de água e tratamento de esgoto.As filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Saneamento, Serv. Água e Gás

Básicolisting segment
1971founded
Florianópolis · SCheadquarters
Estatalcontrol
Itau Unibanco S/Ashare registrar
Russell Bedford Gm Auditores Independentes S/Sauditor
casan.com.brinvestor site
R$ 0.0 mavg. daily traded value (27 sessions)

Verdict

Net margin 17.9%; ROIC 10.4%; debt 2.7x EBITDA; 2025 data, no relevant restatement.

Confidence flag: Incomplete or flagged snapshot

Data for fiscal year 2025, received by the CVM on 2026-05-26; 3 of the 5 core figures published; last restatement recorded in 2024.

Does the company make money?

Is it sound or indebted?

Is the share expensive or cheap relative to the sector and its own history?

Descriptive: number, numeric band and comparison with the sector, the company's own history and the whole universe. Not investment advice. JSON · how the verdict works

Follow CASN3: get an e-mail when profit turns into loss, debt or margin change band, or the statements are restated. That is all, and you can cancel in one click. See every event already recorded for CASN3.

Quote

R$ 10.45close of 2023-04-28 · B3 (COTAHIST), updated nightly — the price the API, the MCP and the dump serve
15-minute delayed quote, shown by TradingView — display only: it never enters our API, MCP or dump

Return by window

1 month3 months1 year2 years5 years10 years
Price-18.4%-18.4%-30.4%-31.2%+30.6%+153.6%
With dividends reinvested-18.4%-18.4%-30.2%-30.9%+31.7%+157.2%
Real, net of inflation (IPCA to 04/2023)-21.5%-21.5%-38.7%-44.2%-3.1%+42.6%
R$ 1,000 would be worthR$ 816R$ 816R$ 698R$ 691R$ 1,317R$ 2,572

Closing prices from the base up to 2023-04-28. The starting price is adjusted by the corporate actions checked against the price (the small mark says how many); a jump they do not explain leaves the window blank. Reinvestment buys more shares at the close of the ex-date, with no tax or cost; only the main ticker class. The real line divides the reinvested return by the IPCA accumulated in the window (Banco Central series 433, monthly, edge months pro rata by days); the latest month is only published around the 10th of the following month.

Valuation

Today

R$ 9.9 bnmarket value
close of 2023-04-28 × sharesprice × shares outstanding
R$ 12.2 bnenterprise value
+ net debt 2025market value + net debt
R$ 2.74BVPS 2025
book value per shareshareholders' equity ÷ shares
23.7P/E 12m
to 2T26today's market value ÷ net income of the last 12 months (built by identity from the quarterly filings)
3.40P/B 2T26
latest quarterly balancetoday's market value ÷ equity to controlling shareholders at quarter end
19.0%net margin 12m
to 2T26net income ÷ net revenue, both over the last 12 months
20.4P/FCO 2025
FCO R$ 485 mmarket value ÷ operating cash flow
949.7 mshares outstandinglatest public count, treasury excluded

Snapshot: today's close over the latest public share count. Cards marked 12m use the last four quarterly filings; the others use the 2025 annual filing. The multiples below are point-in-time: priced on the day the filing became public.

At the filing date (point-in-time)

107.9P/E 2022
price of 2023-04-28 · sector 13.8 · 10 cos. · 11th of 11price ÷ earnings per share for the year
5.3P/B 2022
price of 2023-04-28 · sector 1.9 · 9 cos. · 10th of 10price ÷ book value per share
32.7EV/EBITDA 2022
price of 2023-04-28 · sector 8.0 · 9 cos. · 10th of 10enterprise value on the filing date ÷ EBITDA for the year (other sites use trailing 12 months and today's price)
-4.5%FCF yield 2022
price of 2023-04-28 · sector 4.0% · 9 cos. · 8th of 10(operating cash flow + capex) ÷ market value
15.9%ROE 2025
sector 11.0% · 29 cos. · 11th of 30net income to controlling ÷ average equity
10.4%ROIC 2025
sector 14.0% · 32 cos. · 27th of 33EBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included — /metodologia/roic
P/E, P/B and EV/EBITDA use the price of 2023-04-28 (R$ 10.45), the first one after the 2022 filing became public on 2023-03-28 — point-in-time, not the 31 December price. 2 caveats

By theme, fiscal year 2025

Valuation

P/Receita todaymarket value ÷ net revenue for the year4.58×
EV/Receita todayenterprise value ÷ net revenue5.63×
P/EBITDA todaymarket value ÷ EBITDA11.80×
P/EBIT todaymarket value ÷ EBIT15.13×
EV/EBIT todayenterprise value ÷ EBIT18.61×
Earning yield todaynet income ÷ market value (the inverse of P/E)3.9%

Debt and liquidity

Dívida líquida/PLnet debt ÷ shareholders' equity0.88×
Dívida bruta/PLshort- and long-term borrowings ÷ equity1.09×
Dívida líquida/EBITDAnet debt ÷ EBITDA for the year2.71×
PL/Ativosequity ÷ total assets0.42×
Passivos/Ativos(total assets − equity) ÷ total assets0.58×
Liquidez correntecurrent assets ÷ current liabilities1.20×

Efficiency

Margem brutagross profit ÷ net revenue51.8%
Margem EBITDAEBITDA ÷ net revenue38.8%
Margem EBITEBIT ÷ net revenue30.2%
Margem líquidanet income ÷ net revenue17.9%

Profitability

ROEnet income to controlling ÷ average equity15.9%
ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included10.4%
ROAnet income ÷ total assets6.6%
Giro do ativonet revenue ÷ total assets0.35×

Growth

Receita, 1 anorevenue this year ÷ previous year − 111.2%
Receita, CAGR 5 anoscompound annual growth of revenue over 5 years13.6%
EBITDA, CAGR 5 anoscompound annual growth of EBITDA over 5 years (positive at both ends only)17.2%

Standardized accounts and published indicators of the fiscal year; items marked today divide today's market value or enterprise value by an account of that year.

Indicators, year by year

Four indicators as charts and the full table below. A hollow point carries a caveat; a gap is a year without the figure — we never draw a line across a hole. In the table, the arrow opens the path from the figure down to the line in the regulator's file; a cell with ! carries a caveat; a dashed dash is a suppressed figure — hover to see why. Nothing is hidden.

Fact checklist 4 of 9

Nine objective checks with the threshold written in each line and the figure behind it. Descriptive, not a recommendation; the thresholds are ours and are declared.

ROE15.9%! 2025
2010: -1.1% — lucro_total_sem_minoritarios;pl_final_sem_media2011: 0.7% — lucro_total_sem_minoritarios2012: 1.7% — lucro_total_sem_minoritarios2013: 3.4% — lucro_total_sem_minoritarios2014: 6.0% — lucro_total_sem_minoritarios2015: 0.9% — lucro_total_sem_minoritarios2016: 2.2% — lucro_total_sem_minoritarios2017: -2.2% — lucro_total_sem_minoritarios2018: -9.3% — lucro_total_sem_minoritarios2019: 9.6% — lucro_total_sem_minoritarios2020: 8.7% — lucro_total_sem_minoritarios2021: 9.0% — lucro_total_sem_minoritarios2022: 5.2% — lucro_total_sem_minoritarios2023: 2.6% — lucro_total_sem_minoritarios2024: 11.4% — lucro_total_sem_minoritarios2025: 15.9% — lucro_total_sem_minoritarios
20102025
ROIC10.4% 2025
2010: -0.7% — aliq_fallback_34;capital_final_sem_media2011: 2.5%2012: 3.5% — aliq_travada_02013: 4.4%2014: 7.4%2015: 6.0%2016: 6.1%2017: 1.0% — aliq_fallback_342018: -1.9% — aliq_fallback_342019: 7.7%2020: 7.3%2021: 6.5%2022: 4.8%2023: 4.7%2024: 9.9%2025: 10.4%
20102025
Net margin17.9% 2025
2010: -2.3%2011: 1.5%2012: 3.5%2013: 6.3%2014: 10.0%2015: 1.4%2016: 3.1%2017: -2.8%2018: -11.0%2019: 10.6%2020: 9.8%2021: 11.1%2022: 6.5%2023: 3.1%2024: 12.5%2025: 17.9%
20102025

Full table

indicator2010201120122013201420152016201720182019202020212022202320242025sector
ROE ⟶-1.1%!0.7%!1.7%!3.4%!6.0%!0.9%!2.2%!-2.2%!-9.3%!9.6%!8.7%!9.0%!5.2%!2.6%!11.4%!15.9%!11.0%
ROIC ⟶-0.7%!2.5%3.5%!4.4%7.4%6.0%6.1%1.0%!-1.9%!7.7%7.3%6.5%4.8%4.7%9.9%10.4%14.0%
ROA ⟶-0.7%!0.4%0.9%1.8%3.2%0.4%1.0%-0.9%-3.6%3.5%3.1%3.5%2.2%1.1%4.6%6.6%4.5%
Gross margin ⟶67.1%66.0%62.3%62.1%62.0%51.4%55.0%55.9%55.8%55.1%50.8%49.6%44.4%41.8%50.2%51.8%29.3%
EBIT margin ⟶-2.5%7.0%8.4%15.7%26.7%13.4%17.6%3.5%-6.2%24.1%24.2%22.9%16.8%15.8%28.4%30.2%20.8%
Net margin ⟶-2.3%1.5%3.5%6.3%10.0%1.4%3.1%-2.8%-11.0%10.6%9.8%11.1%6.5%3.1%12.5%17.9%9.7%
Revenue growth (1y) ⟶—10.2%13.2%8.1%12.8%7.0%15.1%11.3%6.3%3.5%1.7%6.5%15.8%15.9%19.4%11.2%8.5%
Revenue growth (5y CAGR) ⟶—————10.3%11.2%10.8%10.5%8.6%7.5%5.8%6.7%8.5%11.7%13.6%8.9%
Net debt/EBITDA ⟶6.69x2.45x1.71x1.20x1.28x3.42x4.34x8.44x56.61x3.02x3.53x3.43x4.59x3.94x2.69x2.71x2.84x
Current ratio ⟶1.73x1.23x1.07x1.34x1.75x1.72x1.58x1.37x0.87x1.32x0.87x1.08x0.76x1.25x1.10x1.20x1.32x

In reais, year by year

The three statements behind the ratios — income statement, balance sheet and cash flow — in the standardized lines, consolidated as filed (or parent-only when that is what the company files). EBITDA and net debt follow the published methodology; gross debt, cash and investments and free cash flow are sums the line names spell out.

line20102011201220132014201520162017201820192020202120222023202420252T26TTM
Income statement
Net revenue (R$ bn)0.50.50.60.70.70.80.91.01.11.11.11.21.41.62.02.20.62.2
Cost of goods and services (R$ bn)-0.2-0.2-0.2-0.3-0.3-0.4-0.4-0.4-0.5-0.5-0.6-0.6-0.8-1.0-1.0-1.0-0.3-1.1
Gross profit (R$ bn)0.30.40.40.40.50.40.50.60.60.60.60.60.60.71.01.10.31.1
EBITDA (R$ m)277611917428117619511419365380387353441735841——
Depreciation and amortization (R$ m)39386771826933788694103109117182181185——
EBIT (operating result) (R$ m)-12385210319910616135-67271277279236259554656182654
Pre-tax profit (R$ m)-39920671311137-36-19618117020413977339533162575
Income taxes (R$ m)28-12-26-56-0-9876-61-58-69-47-26-96-146-50-156
Net income (R$ m)-1182142751128-28-1191201131359251243387111419
Net income (controlling) (R$ m)-1182142751128-28-1191201131359251243387111419
Balance sheet
Total assets (R$ bn)1.72.32.22.32.42.72.93.23.33.63.83.94.35.05.66.26.26.2
Current assets (R$ bn)0.20.30.30.30.40.40.40.50.40.50.50.50.50.91.11.10.80.8
Current liabilities (R$ m)103220241259207230257392479404571447704734954924884884
Gross debt (short + long term) (R$ bn)0.20.30.20.30.50.80.91.21.21.31.51.41.72.22.42.82.62.6
Cash and investments (R$ m)30723512113015794201881961339552456452558136136
Net debt (R$ bn)0.20.20.20.20.40.60.81.01.11.11.31.31.61.72.02.3——
Shareholders' equity (R$ bn)1.01.31.21.21.31.31.31.31.21.31.31.71.92.02.32.62.92.9
Cash flow
Operating cash flow (R$ m)353021341576448-32150562841757384278335485——
Capital expenditures (R$ m)-83-73-105-115-199-304-240-248-238-245-225-238-533-462-602-746——
Free cash flow (FCO + capex) (R$ m)-482283043-135-257-272-98-18239-50-165-449-184-267-261——

The two right-hand columns come from the quarterly filing (ITR): the latest quarter alone and the last 12 months (TTM) built by the same identity as the TTM P/E. EBITDA and net debt have no quarterly series here.

The current year, quarter by quarter

As the company filed it in its interim report. The fourth quarter does not exist on its own in that filing — the closed year comes in the annual one, and we do not derive a Q4, so that a figure we computed never sits beside the figures the company reported. Filed on is the date the report became public, and the price is taken from it.

quarterrevenue (R$ m)profit (R$ m)net marginP/E TTMP/Bfiled on
2024T1!463.042.69.2%——2024-05-15
2024T2!466.358.512.6%——2024-08-14
2024T3!496.673.114.7%——2024-11-07
2025T1!574.2131.722.9%——2025-05-12
2025T2!530.775.914.3%——2025-08-14
2025T3!520.5109.421.0%——2025-11-14
2026T1!564.9127.722.6%——2026-05-12
2026T2!574.5111.519.4%——2026-08-11

Full series, every quarter: GET /empresas/CASN3/trimestres

Dividends

Next: 2026-12-17 payment · dividend or interest on equity (the filing does not say) R$ 0.0030 filing to the regulator on 2026-04-28

The latest dividend by CASN3 was a dividend of R$ 0.0030 per share (record date 2026-04-28, payment 2026-09-23). In the last 12 months: 2 payments adding up to R$ 0.0318 per share. Average yield of the last 5 full years: 0.2%.

typerecord dateex-datepaymentper share
dividend2026-04-28—2026-09-23R$ 0.0030
JCP2025-12-22—2026-09-23R$ 0.0289
JCP2025-09-25——R$ 0.0430
dividend2025-04-22——R$ 0.0048
JCP2024-12-12——R$ 0.0430
dividend2024-04-29——R$ 0.0111
dividend2023-04-28——R$ 0.0220
dividend2022-04-272022-08-22—R$ 0.0349
dividend2021-04-262021-08-05—R$ 0.0372
dividend2020-06-182020-07-31—R$ 0.0413
dividend2017-04-262017-08-16—R$ 0.0114
dividend2016-04-152016-05-11—R$ 0.0032
dividend2015-04-152016-05-11—R$ 0.0224
dividend2014-04-302016-05-11—R$ 0.0142
dividend2013-03-182013-04-17—R$ 0.0077
dividend2012-03-192012-05-22—R$ 0.0032
dividend2010-04-292010-08-02—R$ 0.0113
dividend2009-04-292010-03-10—R$ 0.0067
dividend2008-04-252010-03-10—R$ 0.0022

Ex-date is the first trading session after the record date, from our own price history. Payment date comes from the exchange file; CVM marks a date taken from the filing to the regulator. Only the main ticker class.

Record dates in the last 5 years, by month: JanFebMarApr5MayJunJulAugSep1OctNovDec2

Per year

yearper sharepaymentsyield
2026R$ 0.00301—
2025R$ 0.07663—
2024R$ 0.05412—
2023R$ 0.022010.2%
2022R$ 0.034910.3%
2021R$ 0.037210.2%
2020R$ 0.041310.3%
2017R$ 0.011410.1%
2016R$ 0.003210.0%
2015R$ 0.02241—

Yield per year = the year's dividends over the close of its last session; the current year is partial.

Shareholders and free float

0.01%free float
115,378 sharesshares outstanding held by the market, as filed in the FRE
250shareholders
107 individuals · 18 companies · 125 institutionalcount at the last shareholders meeting, from the FRE
Estado de Santa Catarinacontrolling shareholder
as declared in the FREshareholders the company marks as controlling
80% ONtag along (minimum)
Básicominimum guaranteed by the listing segment or by law; the bylaws may grant more
shareholdertype% ON% PN% total
Estado de Santa Catarina ctrlPJ90.42%90.56%90.49%
Centrais Eletricas do Estado de Santa CatarinaPJ9.56%9.43%9.50%
Others (market)———0.01%
Treasury shares———0.00%

Direct holdings from the reference form (FRE) filed on 2026-09-08, version 9. The chain of control (who owns the holding) is not reproduced here. Names of individuals appear as in the public filing.

Filings and notices

filedcategorysubjectdocument
2026-09-11Aviso aos Acionistas · Outros avisosDividendos/Juros sobre Capital Próprioopen
2026-09-04Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open
2026-09-01Dados Econômico-Financeiros · Relatório de Agência de RatingAção de Rating Moodysopen
2026-08-26Documentos de Oferta de Distribuição Pública · Anúncio de Encerramento de Distribuição PúblicaANÚNCIO DE ENCERRAMENTO DA OFERTA DE DISTRIBUIÇÃO, DA 3ª (TERCEIRA) EMISSÃO DE NOTAS COMERCIAIS ESCRITURAISopen
2026-08-25Documentos de Oferta de Distribuição Pública · Anúncio de Início de Distribuição PúblicaANÚNCIO DE INÍCIO DA OFERTA PÚBLICA DE DISTRIBUIÇÃO DA 3ª (TERCEIRA) EMISSÃO DE NOTAS COMERCIAISopen
2026-08-24Termo de Emissão de Nota ComercialTermo de Emissão Nota Comercialopen
2026-08-19Documentos de Oferta de Distribuição Pública · Anúncio de Início de Distribuição PúblicaAVISO AO MERCADO DA OFERTA PÚBLICA DE DISTRIBUIÇÃO DA 3ª (TERCEIRA) EMISSÃO DE NOTAS COMERCIAIS, COM GARANTIA REAL, EM SÉRIE ÚNICA, DE DISTRIBUIÇÃO PÚBLICA, SOB O RITO DE REGISTRO open
2026-08-19Reunião da Administração · Conselho de AdministraçãoRerratificação da Ata da 497ª Reunião do Conselho de Administração da Companhia, realizada no dia 11 de agosto de 2026open
2026-08-14Reunião da Administração · Conselho de AdministraçãoItem 1.1. Revisão do Plano de Negócios 2026||Item 1.2. Doação de Imóvel ao Município de Presidente Nereu||Item 1.3. Procedimento Licitatório Município de Timbó/SCopen
2026-08-14Reunião da Administração · Conselho FiscalApreciação das Demonstrações Financeiras do 2º ITR 2026||Auditoria Externa - Russel Bedford GM||Eleição do Presidente do Conselho Fiscal||Manifestação do Conselho Fiscal sobre as Dopen

The last filings this company sent to the CVM outside its financial statements, newest first, from the regulator's own IPE index. The subject line is the company's own free text. We do not summarise or classify these documents — read the original.

Piotroski F-Score 7/9 (2025) — what each criterion means.

Restated filings for this company

The regulator overwrites the old version; we keep both. Figures in R$ millions: first filing on the left, restatement on the right.

fiscal yearaccountfirst filingrestated
2010BPA 1 (individual)1,721.82,393.2
2010BPP 2 (individual)1,721.82,393.2
2010DMPL 5.03 (individual)1,009.91,532.2
2010BPP 2.03 (individual)1,003.71,513.0
2010DMPL 5.07 (individual)1,003.71,513.0
2014DRE 3.02 (individual)-283.0-334.8
2014DRE 3.03 (individual)461.7409.9
2022DMPL 5.03 (individual)1,672.01,642.1

Every restatement of this company, year by year

This company appears in

Compare

Side by side, with each figure's caveat and how often each company restated its filings.

CASN3 × AXIA3 · CASN3 × CPLE3 · CASN3 × SBSP3 · CASN3 × EQTL3 · CASN3 × CPFE3 · CASN3 × EGIE3

compare with the sector: SBSP3 × CSMG3 × ORVR3

Other companies in Utilities

46 more with a page, same CVM sector — a classification of the regulator's, not ours.

Take this into your code

Everything on this page is also JSON: GET /empresas/CASN3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).

Price coverage: 27 sessions, 2010-03-10 → 2023-04-28 · methodology · how we verify

Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.

Numbers on this page are live. Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 07:18 UTC. If this does not match /saude, you are reading a cached copy.