B 
14.95
-3.80%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 11.62bn
FY2017FY2025
Net income
BRL 1.41bn
FY2017FY2025
Free cash flow
BRL 290.1m
FY2017FY2025
Shareholders' equity
BRL 11.77bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 11.62bn | BRL 8.73bn | BRL 5.62bn | BRL 1.72bn | BRL 727.8m | BRL 204.3m | BRL 32.4m | BRL 33.7m | BRL 34.8m |
| Operating income | BRL 1.66bn | BRL 1.79bn | BRL 1.29bn | BRL 394.4m | BRL 233.9m | −BRL 235.3m | −BRL 65.2m | BRL 3.1m | −BRL 19.3m |
| Net income | BRL 1.41bn | −BRL 909.7m | BRL 405.2m | BRL 149.6m | −BRL 905,000 | −BRL 259.2m | −BRL 32.0m | −BRL 11.8m | −BRL 52.7m |
| Diluted earnings per share | 3.04 | -2.72 | 1.72 | 0.73 | -0.01 | -15.71 | -0.30 | -0.11 | -0.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 42.71bn | BRL 44.46bn | BRL 20.12bn | BRL 7.97bn | BRL 5.45bn | BRL 2.11bn | BRL 396.4m | BRL 425.8m | BRL 453.3m |
| Cash and short-term investments | BRL 5.64bn | BRL 5.65bn | BRL 1.91bn | BRL 831.8m | BRL 2.51bn | BRL 705.5m | BRL 63.6m | BRL 82.8m | BRL 119.7m |
| Total liabilities | BRL 30.93bn | BRL 33.94bn | BRL 14.55bn | BRL 3.63bn | BRL 1.28bn | BRL 1.03bn | BRL 159.7m | BRL 169.9m | BRL 221.1m |
| Debt | BRL 20.69bn | BRL 23.46bn | BRL 9.31bn | BRL 1.10bn | BRL 73.9m | BRL 634.1m | BRL 1.6m | — | — |
| Shareholders' equity | BRL 11.77bn | BRL 10.52bn | BRL 5.49bn | BRL 4.28bn | BRL 4.11bn | BRL 1.08bn | BRL 236.8m | BRL 255.9m | BRL 232.2m |
| Shares outstanding | 465m | 335m | 236m | 204m | 149m | 17m | 105m | 105m | 105m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 3.16bn | BRL 1.85bn | BRL 1.01bn | BRL 90.3m | BRL 62.8m | BRL 55.5m | −BRL 6.4m | BRL 15.8m | −BRL 20.8m |
| Capital spending | −BRL 2.87bn | −BRL 803.6m | −BRL 5.34bn | −BRL 1.55bn | −BRL 366.7m | −BRL 880.6m | −BRL 8.7m | −BRL 33.7m | −BRL 8.6m |
| Free cash flow | BRL 290.1m | BRL 1.05bn | −BRL 4.34bn | −BRL 1.46bn | −BRL 303.9m | −BRL 825.1m | −BRL 15.1m | −BRL 18.0m | −BRL 29.4m |
| Dividends paid | — | −BRL 94.5m | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 3.60bn | BRL 3.14bn | BRL 2.55bn | BRL 3.06bn | BRL 3.14bn | BRL 2.87bn | BRL 1.95bn | BRL 2.19bn |
| Operating income | BRL 992.9m | BRL 1.02bn | −BRL 310.1m | BRL 535.1m | BRL 897.3m | BRL 619.8m | −BRL 461.6m | BRL 1.23bn |
| Net income | BRL 871.1m | −BRL 349.7m | −BRL 587.7m | BRL 120.7m | BRL 1.05bn | BRL 829.2m | −BRL 1.03bn | BRL 718.7m |
| Diluted earnings per share | 1.86 | -0.75 | -1.27 | 0.26 | 2.26 | 1.78 | -3.07 | 2.15 |
| Cash from operations | BRL 334.0m | BRL 266.0m | BRL 1.07bn | BRL 833.0m | BRL 1.35bn | BRL 808.0m | BRL 653.0m | BRL 128.0m |
| Capital spending | −BRL 638.0m | −BRL 516.0m | −BRL 555.0m | −BRL 758.0m | −BRL 1.13bn | −BRL 869.0m | −BRL 1.03bn | −BRL 150.0m |
| Free cash flow | −BRL 304.0m | −BRL 250.0m | BRL 514.0m | BRL 75.0m | BRL 216.0m | −BRL 61.0m | −BRL 373.0m | −BRL 22.0m |
| Total assets | BRL 41.66bn | BRL 42.61bn | BRL 42.71bn | BRL 42.14bn | BRL 43.45bn | BRL 43.18bn | BRL 44.46bn | BRL 36.07bn |
| Cash and short-term investments | BRL 4.66bn | BRL 5.26bn | BRL 5.64bn | BRL 5.47bn | BRL 4.59bn | BRL 4.37bn | BRL 5.65bn | BRL 6.30bn |
| Debt | BRL 922.5m | BRL 16.02bn | BRL 20.87bn | BRL 19.62bn | BRL 20.77bn | BRL 21.82bn | BRL 23.48bn | BRL 17.01bn |
| Shareholders' equity | BRL 12.28bn | BRL 11.41bn | BRL 11.77bn | BRL 12.40bn | BRL 12.25bn | BRL 11.15bn | BRL 10.52bn | BRL 11.25bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 14.3% | 10.4% | 22.9% | 34.3% | 21.4% | -117.4% |
| Net margin | 12.1% | -10.4% | 7.2% | 8.7% | -0.1% | -126.9% |
| Return on equity | 12.0% | -8.6% | 7.4% | 3.5% | -0.0% | -24.1% |
| Return on assets | 3.3% | -2.0% | 2.0% | 1.9% | -0.0% | -12.3% |
| Free cash flow yield | 65.3% | 39.9% | 135.5% | — | — | — |
| Revenue growth | 33.2% | 55.3% | 226.3% | 136.7% | 256.3% | — |
| Earnings growth | -255.1% | -324.5% | 170.9% | -16627.0% | -99.7% | — |
| Current ratio | 1.42x | 1.69x | 1.19x | 1.76x | 4.79x | 6.74x |
| Debt to equity | 1.41x | 1.84x | 1.70x | 0.25x | 0.01x | 0.59x |
| Equity ratio | 27.6% | 23.7% | 27.3% | 53.7% | 75.3% | 51.1% |
| Interest coverage | 0.65x | 0.41x | 1.85x | 0.73x | 0.78x | -3.87x |
| Buybacks as a share of market value | -38.9% | -41.9% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 89.0% | 124.4% | — |
| Operating income | 61.6% | — | — |
| Net income | 111.3% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 5.5 | -8.7 | 15.3 | 51.6 | -5530.4 | -2.4 |
| Price to sales | 0.7 | 0.9 | 1.1 | 4.5 | 6.9 | 3.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 May 2024.
| FY2024 | |
|---|---|
| Paid in the year | 0.385 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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