5.24
+0.96%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 11.52bn
FY2016FY2025
Net income
BRL 885.9m
FY2016FY2025
Free cash flow
−BRL 4.16bn
FY2016FY2025
Shareholders' equity
BRL 4.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 11.52bn | BRL 9.87bn | BRL 8.85bn | BRL 6.06bn | BRL 4.65bn | BRL 4.00bn | BRL 3.95bn | BRL 3.17bn | BRL 3.20bn | BRL 2.83bn |
| Gross profit | BRL 4.46bn | BRL 3.91bn | BRL 3.25bn | BRL 1.93bn | BRL 1.84bn | BRL 1.64bn | BRL 1.50bn | BRL 1.39bn | BRL 1.56bn | BRL 1.28bn |
| Operating income | BRL 4.07bn | BRL 3.53bn | BRL 2.95bn | BRL 1.35bn | BRL 1.16bn | BRL 898.5m | BRL 673.5m | BRL 1.17bn | BRL 1.15bn | BRL 774.5m |
| Net income | BRL 885.9m | BRL 904.1m | BRL 569.6m | BRL 245.7m | BRL 372.0m | −BRL 418.0m | −BRL 185.3m | BRL 374.5m | BRL 392.5m | −BRL 964.6m |
| Diluted earnings per share | 1.27 | 1.30 | 0.82 | 0.35 | 0.53 | -0.74 | -0.33 | 0.66 | 0.69 | -1.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 37.10bn | BRL 29.30bn | BRL 25.96bn | BRL 18.11bn | BRL 16.39bn | BRL 11.09bn | BRL 11.54bn | BRL 10.02bn | BRL 7.82bn | BRL 6.60bn |
| Cash and short-term investments | BRL 4.78bn | BRL 3.87bn | BRL 4.42bn | BRL 1.50bn | BRL 2.24bn | BRL 1.46bn | BRL 2.02bn | BRL 2.71bn | BRL 1.67bn | BRL 651.3m |
| Total liabilities | BRL 32.73bn | BRL 25.61bn | BRL 22.97bn | BRL 15.59bn | BRL 14.06bn | BRL 11.04bn | BRL 11.09bn | BRL 9.38bn | BRL 7.06bn | BRL 6.03bn |
| Debt | BRL 26.66bn | BRL 20.28bn | BRL 18.15bn | BRL 11.65bn | BRL 9.99bn | BRL 8.50bn | BRL 8.68bn | BRL 7.52bn | BRL 6.00bn | BRL 4.93bn |
| Shareholders' equity | BRL 4.10bn | BRL 3.43bn | BRL 2.74bn | BRL 2.30bn | BRL 2.12bn | BRL 56.2m | BRL 455.4m | BRL 640.3m | BRL 658.6m | BRL 500.0m |
| Shares outstanding | 696m | 696m | 696m | 696m | 696m | 565m | 565m | 569m | 570m | 570m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 2.72bn | BRL 3.94bn | BRL 3.55bn | BRL 1.89bn | BRL 1.87bn | BRL 1.47bn | BRL 1.40bn | BRL 1.34bn | BRL 1.29bn | BRL 1.11bn |
| Capital spending | −BRL 6.88bn | −BRL 3.68bn | −BRL 4.83bn | −BRL 2.69bn | −BRL 2.35bn | −BRL 1.10bn | −BRL 1.01bn | −BRL 739.7m | −BRL 596.1m | −BRL 497.6m |
| Free cash flow | −BRL 4.16bn | BRL 254.7m | −BRL 1.28bn | −BRL 799.8m | −BRL 479.3m | BRL 368.2m | BRL 391.8m | BRL 604.1m | BRL 689.7m | BRL 607.8m |
| Dividends paid | −BRL 214.7m | −BRL 135.3m | −BRL 58.4m | −BRL 5.3m | −BRL 5.3m | −BRL 5.3m | −BRL 592.9m | −BRL 401.8m | −BRL 235.0m | −BRL 146.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.96bn | BRL 2.56bn | BRL 3.38bn | BRL 2.99bn | BRL 2.72bn | BRL 2.43bn | BRL 2.80bn | BRL 2.54bn |
| Gross profit | BRL 1.08bn | BRL 881.7m | BRL 1.16bn | BRL 1.20bn | BRL 1.09bn | BRL 1.01bn | BRL 1.00bn | BRL 1.02bn |
| Operating income | BRL 954.0m | BRL 793.9m | BRL 1.04bn | BRL 1.21bn | BRL 864.8m | BRL 915.9m | BRL 958.8m | BRL 928.2m |
| Net income | BRL 21.0m | −BRL 10.1m | BRL 105.3m | BRL 430.0m | BRL 203.9m | BRL 146.7m | BRL 142.1m | BRL 262.5m |
| Diluted earnings per share | 0.03 | -0.01 | 0.15 | 0.62 | 0.29 | 0.21 | 0.20 | 0.38 |
| Cash from operations | BRL 1.41bn | BRL 431.0m | BRL 1.12bn | BRL 1.39bn | BRL 988.0m | BRL 928.0m | BRL 1.15bn | BRL 1.04bn |
| Capital spending | −BRL 1.38bn | −BRL 44.0m | −BRL 6.69bn | −BRL 1.28bn | −BRL 964.0m | −BRL 3.05bn | −BRL 1.10bn | −BRL 1.13bn |
| Free cash flow | BRL 34.0m | BRL 387.0m | −BRL 5.57bn | BRL 107.0m | BRL 24.0m | −BRL 2.12bn | BRL 50.0m | −BRL 83.0m |
| Total assets | BRL 39.59bn | BRL 37.54bn | BRL 37.10bn | BRL 35.12bn | BRL 32.69bn | BRL 32.44bn | BRL 29.30bn | BRL 28.77bn |
| Cash and short-term investments | BRL 5.13bn | BRL 4.61bn | BRL 4.78bn | BRL 4.12bn | BRL 2.98bn | BRL 3.89bn | BRL 3.87bn | BRL 4.72bn |
| Debt | BRL 29.00bn | BRL 27.21bn | BRL 26.82bn | BRL 25.06bn | BRL 23.17bn | BRL 23.27bn | BRL 20.28bn | BRL 20.17bn |
| Shareholders' equity | BRL 4.11bn | BRL 4.09bn | BRL 4.10bn | BRL 4.21bn | BRL 3.78bn | BRL 3.57bn | BRL 3.43bn | BRL 3.50bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 38.7% | 39.6% | 36.8% | 31.8% | 39.6% | 41.1% |
| Operating margin | 35.3% | 34.0% | 28.9% | 22.3% | 25.0% | 14.1% |
| Net margin | 7.7% | 9.2% | 6.4% | 4.1% | 8.0% | -10.5% |
| Return on equity | 21.6% | 26.4% | 20.8% | 10.7% | 17.5% | -744.0% |
| Return on assets | 2.4% | 3.1% | 2.2% | 1.4% | 2.3% | -3.8% |
| Free cash flow yield | 93.5% | 74.2% | 81.7% | 44.6% | 41.2% | 30.9% |
| Revenue growth | 16.7% | 11.6% | 45.9% | 30.3% | 16.3% | 1.2% |
| Earnings growth | -2.0% | 58.7% | 131.8% | -34.0% | -189.0% | 125.6% |
| Current ratio | 1.52x | 0.67x | 0.98x | 0.63x | 0.64x | 0.69x |
| Debt to equity | 6.47x | 5.88x | 6.59x | 5.01x | 4.71x | 150.97x |
| Equity ratio | 11.1% | 11.7% | 10.5% | 12.7% | 12.9% | 0.5% |
| Interest coverage | 1.94x | 2.25x | 2.00x | 1.61x | 2.28x | 1.29x |
| Buybacks as a share of market value | -0.1% | 0.0% | 0.0% | -0.0% | -23.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.9% | 23.6% | 14.8% |
| Operating income | 44.5% | 35.3% | 15.7% |
| Net income | 53.3% | — | 23.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.1% | 37.3% | 37.9% | 39.4% |
| Operating margin | 35.5% | 32.8% | 31.1% | 30.6% |
| Net margin | 8.4% | 7.2% | 5.7% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 3.5 | 1.4 | 4.8 | 5.3 | 5.7 | -7.5 | -20.7 | 6.0 | 7.5 | -2.0 |
| Price to sales | 0.3 | 0.1 | 0.3 | 0.2 | 0.5 | 0.8 | 1.0 | 0.7 | 0.9 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 13 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.302 | 0.309 | 0.194 | 0.084 | 0.008 | 0.436 | 0.422 | 0.186 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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