C 
5.33
+5.96%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 18.03bn
FY2016FY2025
Net income
BRL 1.65bn
FY2016FY2025
Free cash flow
−BRL 470.6m
FY2016FY2025
Shareholders' equity
BRL 6.68bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 18.03bn | BRL 16.50bn | BRL 18.88bn | BRL 13.27bn | BRL 19.04bn | BRL 13.79bn | BRL 11.46bn | BRL 7.23bn | BRL 5.50bn | BRL 5.42bn |
| Gross profit | BRL 8.17bn | BRL 8.47bn | BRL 9.04bn | BRL 6.19bn | BRL 11.03bn | BRL 8.31bn | BRL 7.09bn | BRL 3.71bn | BRL 2.57bn | BRL 2.37bn |
| Research and development | BRL 27.7m | BRL 12.5m | BRL 11.2m | BRL 17.1m | BRL 32.3m | BRL 8.7m | BRL 2.6m | — | — | — |
| Operating income | BRL 4.99bn | BRL 5.91bn | BRL 6.57bn | BRL 4.70bn | BRL 9.41bn | BRL 6.54bn | BRL 5.25bn | BRL 2.03bn | BRL 1.40bn | BRL 1.28bn |
| Net income | BRL 1.65bn | BRL 4.53bn | BRL 3.57bn | BRL 2.95bn | BRL 6.37bn | BRL 4.03bn | BRL 3.66bn | BRL 1.06bn | BRL 877.0m | BRL 662.8m |
| Diluted earnings per share | 0.30 | 0.83 | 0.65 | 0.54 | 1.15 | 0.72 | 0.66 | 195.55 | 161.50 | 0.59 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 33.55bn | BRL 36.39bn | BRL 29.69bn | BRL 25.05bn | BRL 26.99bn | BRL 19.62bn | BRL 15.88bn | BRL 15.14bn | BRL 16.29bn | BRL 14.93bn |
| Cash and short-term investments | BRL 8.89bn | BRL 15.20bn | BRL 9.81bn | BRL 6.74bn | BRL 10.93bn | BRL 2.97bn | BRL 464.2m | BRL 1.45bn | BRL 2.76bn | BRL 1.44bn |
| Total liabilities | BRL 26.79bn | BRL 26.12bn | BRL 18.99bn | BRL 13.66bn | BRL 12.99bn | BRL 9.02bn | BRL 6.52bn | BRL 4.80bn | BRL 6.40bn | BRL 5.68bn |
| Debt | BRL 9.32bn | BRL 10.25bn | BRL 8.30bn | BRL 8.53bn | BRL 4.86bn | BRL 1.41bn | BRL 1.57bn | BRL 2.78bn | BRL 3.22bn | BRL 3.22bn |
| Shareholders' equity | BRL 6.68bn | BRL 10.27bn | BRL 10.70bn | BRL 11.39bn | BRL 14.00bn | BRL 10.60bn | BRL 9.36bn | BRL 10.33bn | BRL 9.89bn | BRL 9.25bn |
| Shares outstanding | 5,432m | 5,432m | 5,485m | 5,485m | 5,555m | 5,591m | 5,591m | 5m | 5m | 1,117m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.89bn | BRL 11.76bn | BRL 8.25bn | −BRL 584.6m | BRL 9.04bn | BRL 5.83bn | BRL 5.83bn | BRL 1.68bn | BRL 1.75bn | BRL 617.6m |
| Capital spending | −BRL 2.36bn | −BRL 1.76bn | −BRL 1.44bn | −BRL 1.19bn | −BRL 1.34bn | −BRL 641.9m | −BRL 613.7m | −BRL 494.4m | −BRL 341.1m | −BRL 250.4m |
| Free cash flow | −BRL 470.6m | BRL 9.99bn | BRL 6.80bn | −BRL 1.78bn | BRL 7.71bn | BRL 5.19bn | BRL 5.21bn | BRL 1.19bn | BRL 1.41bn | BRL 367.2m |
| Dividends paid | −BRL 2.28bn | −BRL 3.56bn | −BRL 3.85bn | −BRL 4.28bn | −BRL 3.20bn | −BRL 2.38bn | −BRL 4.37bn | −BRL 1.89bn | −BRL 1.89bn | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 3.61bn | BRL 3.70bn | BRL 4.93bn | BRL 5.15bn | BRL 4.04bn | BRL 3.91bn | BRL 4.83bn | BRL 3.97bn |
| Gross profit | BRL 1.51bn | BRL 1.67bn | BRL 2.34bn | BRL 2.50bn | BRL 1.66bn | BRL 1.67bn | BRL 2.70bn | BRL 1.90bn |
| Operating income | BRL 690.8m | BRL 976.9m | BRL 1.05bn | BRL 1.62bn | BRL 892.1m | BRL 1.07bn | BRL 2.23bn | BRL 816.2m |
| Net income | BRL 219.6m | BRL 222.4m | BRL 1.19bn | BRL 696.5m | BRL 115.9m | −BRL 357.3m | BRL 2.02bn | BRL 446.3m |
| Diluted earnings per share | 0.04 | 0.04 | 0.22 | 0.13 | 0.02 | -0.07 | 0.37 | 0.08 |
| Cash from operations | BRL 119.0m | BRL 71.0m | BRL 650.0m | BRL 1.16bn | BRL 791.0m | −BRL 710.0m | BRL 3.98bn | BRL 3.56bn |
| Capital spending | −BRL 651.0m | −BRL 430.0m | −BRL 885.0m | −BRL 602.0m | −BRL 499.0m | −BRL 377.0m | −BRL 658.0m | −BRL 475.0m |
| Free cash flow | −BRL 532.0m | −BRL 359.0m | −BRL 235.0m | BRL 560.0m | BRL 292.0m | −BRL 1.09bn | BRL 3.33bn | BRL 3.09bn |
| Total assets | BRL 33.87bn | BRL 34.30bn | BRL 33.55bn | BRL 36.31bn | BRL 35.99bn | BRL 35.32bn | BRL 36.39bn | BRL 34.46bn |
| Cash and short-term investments | BRL 7.94bn | BRL 8.86bn | BRL 8.89bn | BRL 13.60bn | BRL 14.37bn | BRL 14.30bn | BRL 15.20bn | BRL 14.49bn |
| Debt | BRL 1.63bn | BRL 9.17bn | BRL 9.32bn | BRL 9.36bn | BRL 9.39bn | BRL 9.95bn | BRL 10.25bn | BRL 8.86bn |
| Shareholders' equity | BRL 7.34bn | BRL 7.08bn | BRL 6.68bn | BRL 10.10bn | BRL 9.24bn | BRL 10.23bn | BRL 10.27bn | BRL 8.95bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 45.3% | 51.4% | 47.9% | 46.6% | 57.9% | 60.3% |
| Operating margin | 27.7% | 35.8% | 34.8% | 35.4% | 49.4% | 47.4% |
| Net margin | 9.2% | 27.4% | 18.9% | 22.2% | 33.5% | 29.2% |
| Return on equity | 24.7% | 44.1% | 33.4% | 25.9% | 45.5% | 38.0% |
| Return on assets | 4.9% | 12.4% | 12.0% | 11.8% | 23.6% | 20.5% |
| Free cash flow yield | 14.6% | 46.3% | 32.8% | 2.1% | 34.7% | 21.5% |
| Revenue growth | 9.3% | -12.6% | 42.3% | -30.3% | 38.1% | 20.4% |
| Earnings growth | -63.6% | 26.9% | 21.0% | -53.7% | 58.1% | 10.0% |
| Current ratio | 1.20x | 2.36x | 2.14x | 2.07x | 1.96x | 1.43x |
| Debt to equity | 1.38x | 0.99x | 0.77x | 0.74x | 0.34x | 0.13x |
| Equity ratio | 19.9% | 28.2% | 36.0% | 45.5% | 51.9% | 54.0% |
| Interest coverage | 7.77x | 4.86x | 7.57x | 10.71x | 36.33x | 21.50x |
| R&D as a share of sales | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% |
| Buybacks as a share of market value | 0.0% | 1.0% | -0.0% | 1.3% | 0.6% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.7% | 5.5% | 57.2% |
| Operating income | 2.0% | -5.3% | 9.2% |
| Net income | -17.6% | -16.4% | -2.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.2% | 47.8% | 51.5% | 51.9% |
| Operating margin | 31.6% | 33.2% | 38.3% | 38.8% |
| Net margin | 17.9% | 19.0% | 23.2% | 24.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 18.2 | 6.2 | 12.0 | 7.6 | 5.9 |
| Price to sales | 1.7 | 1.7 | 2.3 | 1.7 | 2.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 17 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.141 | 0.484 | 0.778 | 0.777 | 0.921 | 0.468 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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