A 
26.46
+5.63%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 2.86bn
FY2016FY2025
Net income
BRL 834.2m
FY2016FY2025
Free cash flow
BRL 1.00bn
FY2016FY2025
Shareholders' equity
BRL 13.15bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.86bn | BRL 2.74bn | BRL 2.71bn | BRL 1.11bn | BRL 937.7m | BRL 797.6m | BRL 743.2m | BRL 508.4m | BRL 354.9m | BRL 342.3m |
| Operating income | BRL 1.37bn | BRL 1.59bn | BRL 5.41bn | BRL 469.6m | BRL 490.1m | BRL 259.6m | BRL 277.2m | BRL 560.3m | BRL 382.4m | BRL 386.4m |
| Net income | BRL 834.2m | BRL 698.5m | BRL 3.39bn | BRL 155.9m | BRL 274.9m | BRL 169.1m | BRL 22.0m | BRL 114.0m | BRL 138.4m | BRL 96.3m |
| Diluted earnings per share | 1.64 | 1.38 | 6.06 | 0.51 | 1.04 | 0.64 | 0.09 | 0.81 | 1.81 | 1.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 26.01bn | BRL 27.29bn | BRL 27.66bn | BRL 12.29bn | BRL 11.11bn | BRL 10.89bn | BRL 10.91bn | BRL 4.74bn | BRL 5.33bn | BRL 4.99bn |
| Cash and short-term investments | BRL 2.43bn | BRL 3.37bn | BRL 2.13bn | BRL 2.56bn | BRL 1.25bn | BRL 1.38bn | BRL 1.20bn | BRL 572.5m | BRL 448.4m | BRL 256.0m |
| Total liabilities | BRL 12.11bn | BRL 13.15bn | BRL 12.55bn | BRL 4.41bn | BRL 3.30bn | BRL 3.27bn | BRL 3.39bn | BRL 2.14bn | BRL 1.71bn | BRL 1.53bn |
| Debt | BRL 6.10bn | BRL 6.82bn | BRL 5.87bn | BRL 3.09bn | BRL 2.07bn | BRL 2.01bn | BRL 2.18bn | BRL 765.2m | BRL 974.4m | BRL 814.4m |
| Shareholders' equity | BRL 13.15bn | BRL 13.36bn | BRL 14.00bn | BRL 6.81bn | BRL 6.75bn | BRL 6.54bn | BRL 6.44bn | BRL 2.55bn | BRL 2.59bn | BRL 2.48bn |
| Shares outstanding | 507m | 507m | 559m | 303m | 265m | 265m | 242m | 141m | 76m | 76m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.03bn | BRL 1.68bn | BRL 1.44bn | BRL 929.7m | BRL 600.2m | BRL 303.9m | BRL 502.9m | BRL 374.9m | BRL 170.9m | BRL 162.7m |
| Capital spending | −BRL 26.3m | −BRL 137.1m | −BRL 108.6m | −BRL 95.2m | −BRL 68.2m | −BRL 29.3m | −BRL 13.8m | −BRL 13.8m | −BRL 2.3m | −BRL 1.3m |
| Free cash flow | BRL 1.00bn | BRL 1.54bn | BRL 1.33bn | BRL 834.5m | BRL 532.0m | BRL 274.6m | BRL 489.1m | BRL 361.0m | BRL 168.7m | BRL 161.5m |
| Dividends paid | −BRL 708.0m | −BRL 761.8m | −BRL 292.9m | −BRL 102.0m | −BRL 60.0m | — | −BRL 85.6m | −BRL 23.6m | −BRL 34.8m | −BRL 34.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 721.0m | BRL 663.7m | BRL 833.1m | BRL 678.3m | BRL 697.9m | BRL 649.8m | BRL 796.5m | BRL 657.4m |
| Operating income | BRL 310.3m | BRL 384.6m | BRL 360.3m | BRL 341.9m | BRL 345.6m | BRL 447.7m | BRL 374.8m | BRL 297.6m |
| Net income | BRL 308.1m | BRL 248.3m | BRL 252.2m | BRL 125.9m | BRL 201.4m | BRL 254.7m | BRL 168.6m | BRL 112.8m |
| Diluted earnings per share | 0.63 | 0.51 | 0.50 | 0.25 | 0.40 | 0.50 | 0.33 | 0.22 |
| Cash from operations | BRL 445.0m | BRL 420.0m | −BRL 155.0m | BRL 352.0m | BRL 491.0m | BRL 341.0m | BRL 437.0m | BRL 392.0m |
| Capital spending | −BRL 33.0m | −BRL 23.0m | −BRL 56.0m | −BRL 27.0m | −BRL 22.0m | −BRL 33.0m | −BRL 46.0m | −BRL 33.0m |
| Free cash flow | BRL 412.0m | BRL 397.0m | −BRL 211.0m | BRL 325.0m | BRL 469.0m | BRL 308.0m | BRL 391.0m | BRL 359.0m |
| Total assets | BRL 25.71bn | BRL 24.86bn | BRL 26.01bn | BRL 26.34bn | BRL 26.43bn | BRL 26.59bn | BRL 27.29bn | BRL 29.62bn |
| Cash and short-term investments | BRL 3.20bn | BRL 2.16bn | BRL 2.43bn | BRL 2.91bn | BRL 2.97bn | BRL 3.08bn | BRL 3.37bn | BRL 5.84bn |
| Debt | BRL 6.90bn | BRL 5.84bn | BRL 6.10bn | BRL 6.10bn | BRL 6.14bn | BRL 6.30bn | BRL 6.82bn | BRL 8.90bn |
| Shareholders' equity | BRL 12.85bn | BRL 12.96bn | BRL 13.15bn | BRL 13.42bn | BRL 13.45bn | BRL 13.43bn | BRL 13.36bn | BRL 13.94bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 47.9% | 58.2% | 199.6% | 42.3% | 52.3% | 44.1% |
| Net margin | 29.2% | 25.5% | 124.9% | 14.0% | 29.3% | 21.2% |
| Return on equity | 6.3% | 5.2% | 24.2% | 2.3% | 4.1% | 2.6% |
| Return on assets | 3.2% | 2.6% | 12.2% | 1.3% | 2.5% | 1.6% |
| Free cash flow yield | 7.2% | 12.5% | 9.6% | 11.8% | 8.8% | 4.4% |
| Revenue growth | 4.4% | 1.0% | 144.1% | 18.5% | 17.6% | 7.3% |
| Earnings growth | 19.4% | -79.4% | 2072.9% | -43.3% | 62.6% | 667.6% |
| Current ratio | 8.95x | 1.89x | 1.79x | 3.22x | 2.44x | 4.37x |
| Debt to equity | 0.45x | 0.50x | 0.41x | 0.45x | 0.30x | 0.31x |
| Equity ratio | 50.6% | 49.0% | 50.6% | 55.4% | 60.7% | 60.1% |
| Interest coverage | 1.43x | 2.20x | 7.15x | 1.53x | 2.52x | 4.38x |
| Buybacks as a share of market value | -0.1% | 9.4% | -84.5% | -14.4% | -0.1% | -9.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 37.0% | 29.1% | 24.1% |
| Operating income | 42.9% | 39.5% | 15.1% |
| Net income | 74.9% | 37.6% | 24.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 53.0% | 93.9% | 86.0% | 85.9% |
| Net margin | 27.4% | 53.9% | 49.5% | 44.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.3 | 13.1 | 4.4 | 33.1 | 20.9 | 45.7 | — | 31.9 | 14.0 | 13.7 |
| Price to sales | 5.0 | 3.4 | 5.5 | 4.6 | 6.1 | 9.7 | 16.3 | 7.2 | 5.5 | 3.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 23 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.044 | 1.988 | 1.15 | 0.26 | 0.384 | 0.226 | 0.455 | 0.455 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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