4.49
+1.81%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 43.92bn
FY2016FY2025
Net income
−BRL 1.96bn
FY2016FY2025
Free cash flow
−BRL 6.77bn
FY2016FY2025
Shareholders' equity
BRL 12.87bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 43.92bn | BRL 43.69bn | BRL 45.44bn | BRL 44.36bn | BRL 47.91bn | BRL 30.06bn | BRL 25.44bn | BRL 22.97bn | BRL 18.52bn | BRL 17.15bn |
| Gross profit | BRL 11.87bn | BRL 11.70bn | BRL 11.30bn | BRL 13.31bn | BRL 22.07bn | BRL 10.94bn | BRL 8.04bn | BRL 6.86bn | BRL 4.93bn | BRL 4.51bn |
| Research and development | BRL 82.9m | BRL 57.1m | BRL 58.3m | BRL 58.9m | BRL 77.4m | BRL 27.8m | BRL 1.7m | BRL 36.4m | BRL 36.9m | BRL 33.4m |
| Operating income | BRL 4.65bn | BRL 3.99bn | BRL 5.19bn | BRL 8.86bn | BRL 18.46bn | BRL 7.65bn | BRL 3.54bn | BRL 4.69bn | BRL 2.33bn | BRL 2.09bn |
| Net income | −BRL 1.96bn | −BRL 2.59bn | −BRL 318.2m | BRL 1.55bn | BRL 12.26bn | BRL 3.79bn | BRL 1.79bn | BRL 5.20bn | BRL 10.3m | −BRL 934.7m |
| Diluted earnings per share | -1.48 | -1.95 | -0.24 | 1.17 | 9.14 | 2.75 | 1.30 | 3.77 | 0.01 | -0.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 100.52bn | BRL 103.91bn | BRL 91.53bn | BRL 85.35bn | BRL 79.38bn | BRL 63.00bn | BRL 50.87bn | BRL 47.33bn | BRL 45.21bn | BRL 44.15bn |
| Cash and short-term investments | BRL 15.06bn | BRL 24.22bn | BRL 17.59bn | BRL 13.46bn | BRL 19.30bn | BRL 13.75bn | BRL 3.73bn | BRL 3.14bn | BRL 4.15bn | BRL 5.63bn |
| Total liabilities | BRL 84.80bn | BRL 88.45bn | BRL 71.84bn | BRL 63.54bn | BRL 56.00bn | BRL 51.75bn | BRL 39.51bn | BRL 37.31bn | BRL 36.92bn | BRL 36.77bn |
| Debt | BRL 53.16bn | BRL 57.75bn | BRL 45.59bn | BRL 41.61bn | BRL 33.12bn | BRL 35.80bn | BRL 28.44bn | BRL 28.83bn | BRL 29.51bn | BRL 30.44bn |
| Shareholders' equity | BRL 12.87bn | BRL 12.27bn | BRL 17.50bn | BRL 19.49bn | BRL 20.31bn | BRL 9.91bn | BRL 10.17bn | BRL 8.70bn | BRL 7.03bn | BRL 7.38bn |
| Shares outstanding | 1,326m | 1,326m | 1,326m | 1,327m | 1,342m | 1,380m | 1,380m | 1,380m | 1,357m | 1,357m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −BRL 954.1m | BRL 8.65bn | BRL 7.29bn | BRL 2.04bn | BRL 16.43bn | BRL 9.58bn | BRL 4.87bn | BRL 2.21bn | BRL 571.9m | BRL 275.9m |
| Capital spending | −BRL 5.82bn | −BRL 5.49bn | −BRL 4.41bn | −BRL 5.38bn | −BRL 2.86bn | −BRL 1.68bn | −BRL 2.22bn | −BRL 1.32bn | −BRL 1.06bn | −BRL 1.63bn |
| Free cash flow | −BRL 6.77bn | BRL 3.16bn | BRL 2.88bn | −BRL 3.33bn | BRL 13.57bn | BRL 7.89bn | BRL 2.66bn | BRL 888.8m | −BRL 488.3m | −BRL 1.36bn |
| Dividends paid | −BRL 681.6m | −BRL 2.54bn | −BRL 3.98bn | −BRL 3.76bn | −BRL 3.29bn | −BRL 309.4m | −BRL 1.92bn | −BRL 502.0m | −BRL 53,000 | −BRL 53,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 10.41bn | BRL 10.41bn | BRL 11.58bn | BRL 11.79bn | BRL 10.69bn | BRL 10.91bn | BRL 12.03bn | BRL 11.07bn |
| Gross profit | BRL 2.41bn | BRL 2.41bn | BRL 3.60bn | BRL 3.41bn | BRL 2.73bn | BRL 2.53bn | BRL 3.78bn | BRL 2.73bn |
| Operating income | BRL 803.8m | BRL 803.8m | BRL 973.2m | BRL 280.6m | BRL 1.48bn | BRL 887.6m | BRL 1.28bn | BRL 781.5m |
| Net income | −BRL 604.0m | −BRL 604.0m | −BRL 1.10bn | −BRL 137.1m | −BRL 130.4m | −BRL 731.6m | −BRL 633.0m | −BRL 840.3m |
| Diluted earnings per share | -0.46 | -0.46 | -0.83 | -0.10 | -0.10 | -0.55 | -0.48 | -0.63 |
| Cash from operations | −BRL 761.0m | −BRL 761.0m | BRL 21.0m | BRL 392.0m | −BRL 245.0m | −BRL 1.15bn | BRL 3.55bn | BRL 3.46bn |
| Capital spending | −BRL 1.10bn | −BRL 1.10bn | −BRL 2.06bn | −BRL 1.44bn | −BRL 1.33bn | −BRL 1.13bn | −BRL 2.06bn | −BRL 1.31bn |
| Free cash flow | −BRL 1.86bn | −BRL 1.86bn | −BRL 2.04bn | −BRL 1.04bn | −BRL 1.58bn | −BRL 2.28bn | BRL 1.49bn | BRL 2.16bn |
| Total assets | BRL 97.91bn | BRL 97.91bn | BRL 100.52bn | BRL 18.93bn | BRL 101.07bn | BRL 99.76bn | BRL 103.91bn | BRL 96.88bn |
| Cash and short-term investments | BRL 13.28bn | BRL 13.28bn | BRL 15.06bn | BRL 3.28bn | BRL 19.16bn | BRL 20.75bn | BRL 24.22bn | BRL 19.48bn |
| Debt | BRL 9.17bn | BRL 50.53bn | BRL 53.16bn | BRL 45.86bn | BRL 52.64bn | BRL 54.12bn | BRL 57.10bn | BRL 51.69bn |
| Shareholders' equity | BRL 12.69bn | BRL 12.69bn | BRL 12.87bn | BRL 2.66bn | BRL 14.69bn | BRL 13.08bn | BRL 12.27bn | BRL 13.42bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 27.0% | 26.1% | 24.9% | 30.0% | 46.1% | 36.4% |
| Operating margin | 10.6% | 9.5% | 11.5% | 16.7% | 43.8% | 24.1% |
| Net margin | -4.5% | -5.9% | -0.7% | 3.5% | 25.6% | 12.6% |
| Return on equity | -15.6% | -21.1% | -1.8% | 8.0% | 60.3% | 38.3% |
| Return on assets | -2.0% | -2.5% | -0.3% | 1.8% | 15.4% | 6.0% |
| Free cash flow yield | 58.8% | 167.7% | 138.7% | 87.9% | 226.1% | 128.3% |
| Revenue growth | 2.5% | -3.9% | 2.4% | -7.4% | 59.4% | 18.2% |
| Earnings growth | -22.7% | 714.5% | -120.5% | -87.3% | 223.1% | 112.1% |
| Current ratio | 1.08x | 1.58x | 1.32x | 1.36x | 1.43x | 1.59x |
| Debt to equity | 4.15x | 4.65x | 2.57x | 2.11x | 1.61x | 3.57x |
| Equity ratio | 12.8% | 11.8% | 19.1% | 22.8% | 25.6% | 15.7% |
| Interest coverage | 1.02x | 0.90x | 1.09x | 2.26x | 8.11x | 3.03x |
| 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% | 0.0% | 0.1% | 1.1% | 2.8% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.3% | 7.9% | 11.1% |
| Operating income | -19.3% | -9.5% | 13.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.9% | 27.2% | 31.8% | 30.7% |
| Operating margin | 9.9% | 12.8% | 19.1% | 17.7% |
| Net margin | -5.2% | -1.9% | 5.0% | 5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.0 | -4.5 | -81.9 | 12.4 | 2.7 | 11.6 | 10.9 | 2.4 | — | -15.8 |
| Price to sales | 0.3 | 0.3 | 0.6 | 0.4 | 0.7 | 1.5 | 0.8 | 0.5 | 0.6 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 Nov 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.267 | 1.96 | 2.389 | 2.112 | 0.009 | 0.95 | 0.405 | 0.292 |
- 2-for-1 split · 26 Mar 2010
- 3-for-1 split · 23 Jan 2008
- 4-for-1 split · 31 May 2004
- 4-for-1 split · 30 May 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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