A 
3.11
+0.97%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 1.89bn
FY2018FY2025
Net income
BRL 67.1m
FY2018FY2025
Free cash flow
BRL 451.4m
FY2018FY2025
Shareholders' equity
BRL 1.28bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.89bn | BRL 1.77bn | BRL 1.36bn | BRL 951.8m | BRL 389.8m | BRL 111.3m | BRL 61.4m | BRL 42.7m |
| Gross profit | BRL 935.1m | BRL 714.6m | BRL 626.8m | BRL 447.6m | BRL 187.9m | BRL 50.3m | BRL 26.9m | BRL 16.9m |
| Operating income | BRL 742.8m | BRL 526.6m | BRL 455.1m | BRL 320.3m | BRL 152.9m | BRL 39.8m | BRL 22.6m | BRL 14.5m |
| Net income | BRL 67.1m | BRL 170.2m | BRL 163.3m | BRL 148.6m | BRL 58.1m | BRL 17.5m | BRL 9.2m | BRL 6.3m |
| Diluted earnings per share | 0.19 | 0.49 | 0.47 | 0.43 | 0.17 | 0.08 | 0.03 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 5.34bn | BRL 4.64bn | BRL 3.98bn | BRL 3.73bn | BRL 3.28bn | BRL 430.0m | BRL 116.4m | BRL 75.3m |
| Cash and short-term investments | BRL 1.15bn | BRL 641.5m | BRL 729.6m | BRL 938.4m | BRL 1.67bn | BRL 84.8m | BRL 6.8m | BRL 2.5m |
| Total liabilities | BRL 4.01bn | BRL 3.33bn | BRL 2.75bn | BRL 2.57bn | BRL 2.17bn | BRL 345.0m | BRL 93.3m | BRL 58.7m |
| Debt | BRL 2.98bn | BRL 2.48bn | BRL 2.14bn | BRL 2.14bn | BRL 1.91bn | BRL 302.8m | BRL 72.8m | BRL 48.8m |
| Shareholders' equity | BRL 1.28bn | BRL 1.26bn | BRL 1.23bn | BRL 1.16bn | BRL 1.11bn | BRL 85.1m | BRL 23.1m | BRL 16.6m |
| Shares outstanding | 346m | 346m | 345m | 347m | 346m | 233m | 346m | 346m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 451.4m | BRL 38.1m | BRL 126.2m | −BRL 693.6m | −BRL 592.6m | −BRL 75.1m | BRL 22.3m | BRL 9.9m |
| Capital spending | −BRL 7,000 | −BRL 868,000 | −BRL 8.9m | −BRL 4.9m | −BRL 1.1m | −BRL 410,000 | −BRL 2.8m | −BRL 110,000 |
| Free cash flow | BRL 451.4m | BRL 37.3m | BRL 117.2m | −BRL 698.5m | −BRL 593.7m | −BRL 75.5m | BRL 19.4m | BRL 9.8m |
| Dividends paid | −BRL 29.1m | −BRL 106.8m | −BRL 100.0m | −BRL 99.5m | −BRL 49.2m | −BRL 21.4m | −BRL 2.2m | −BRL 819,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 545.8m | BRL 451.1m | BRL 501.8m | BRL 494.6m | BRL 451.5m | BRL 439.9m | BRL 473.5m | BRL 497.0m |
| Gross profit | BRL 298.2m | BRL 211.1m | BRL 259.2m | BRL 195.7m | BRL 147.6m | BRL 150.8m | BRL 165.7m | BRL 204.8m |
| Operating income | BRL 257.6m | BRL 166.6m | BRL 220.9m | BRL 156.9m | BRL 82.1m | BRL 92.4m | BRL 130.8m | BRL 153.6m |
| Net income | BRL 4.9m | −BRL 3.3m | BRL 22.6m | BRL 37.8m | −BRL 6.5m | BRL 13.2m | BRL 9.8m | BRL 56.9m |
| Diluted earnings per share | 0.01 | -0.01 | 0.07 | 0.11 | -0.02 | 0.04 | 0.03 | 0.16 |
| Cash from operations | −BRL 89.0m | BRL 48.0m | BRL 91.0m | BRL 24.0m | BRL 91.0m | BRL 244.0m | −BRL 37.0m | BRL 106.0m |
| Capital spending | −BRL 89.0m | — | −BRL 91.0m | −BRL 24.0m | −BRL 91.0m | −BRL 244.0m | −BRL 229.0m | −BRL 38.0m |
| Free cash flow | −BRL 178.0m | — | BRL 0 | BRL 0 | BRL 0 | BRL 0 | −BRL 266.0m | BRL 68.0m |
| Total assets | BRL 5.94bn | BRL 5.63bn | BRL 5.34bn | BRL 4.63bn | BRL 4.59bn | BRL 4.58bn | BRL 4.64bn | BRL 5.10bn |
| Cash and short-term investments | BRL 900.6m | BRL 1.03bn | BRL 1.15bn | BRL 625.2m | BRL 623.3m | BRL 721.6m | BRL 641.5m | BRL 1.12bn |
| Debt | BRL 242.5m | BRL 3.07bn | BRL 2.99bn | BRL 2.50bn | BRL 2.53bn | BRL 2.47bn | BRL 2.48bn | BRL 2.89bn |
| Shareholders' equity | BRL 1.37bn | BRL 1.28bn | BRL 1.28bn | BRL 1.27bn | BRL 1.23bn | BRL 1.26bn | BRL 1.26bn | BRL 1.24bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 49.5% | 40.5% | 46.1% | 47.0% | 48.2% | 45.2% |
| Operating margin | 39.4% | 35.7% | 40.3% | 46.0% | 39.2% | 36.6% |
| Net margin | 3.6% | 9.6% | 12.0% | 15.6% | 14.9% | 15.8% |
| Return on equity | 5.2% | 13.5% | 13.3% | 12.8% | 5.2% | 20.6% |
| Return on assets | 1.3% | 3.7% | 4.1% | 4.0% | 1.8% | 4.1% |
| Free cash flow yield | 43.9% | 3.8% | 13.2% | -66.8% | -57.6% | -10.8% |
| Revenue growth | 6.9% | 29.8% | 43.0% | 144.2% | 250.2% | 81.3% |
| Earnings growth | -60.6% | 4.2% | 9.9% | 155.9% | 231.2% | 91.3% |
| Current ratio | 2.56x | 2.13x | 1.59x | 3.28x | 6.09x | 1.36x |
| Debt to equity | 2.24x | 1.91x | 1.67x | 1.79x | 1.69x | 3.41x |
| Equity ratio | 24.0% | 27.1% | 30.9% | 31.1% | 33.9% | 19.8% |
| Interest coverage | 1.69x | 1.54x | 1.58x | 1.63x | 2.34x | 2.51x |
| Buybacks as a share of market value | -0.1% | -0.4% | 0.6% | -0.3% | -48.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.9% | 63.8% | — |
| Operating income | 32.4% | 79.5% | — |
| Net income | -23.3% | 30.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 45.2% | 45.7% | 45.8% | — |
| Operating margin | 34.7% | 34.3% | 34.6% | — |
| Net margin | 6.5% | 9.2% | 9.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 11.1 | 4.9 | 17.3 | 13.2 | 75.1 |
| Price to sales | 0.7 | 0.8 | 2.8 | 3.0 | 13.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 9 Jan 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Paid in the year | 0.618 | 0.318 | 0.237 | 0.407 | 0.067 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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