J 
5.75
+4.74%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 9.64bn
FY2016FY2025
Net income
BRL 81.7m
FY2016FY2025
Free cash flow
BRL 1.07bn
FY2016FY2025
Shareholders' equity
BRL 1.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 9.64bn | BRL 9.06bn | BRL 7.57bn | BRL 6.02bn | BRL 4.30bn | BRL 2.83bn | BRL 9.69bn | BRL 8.08bn | BRL 7.26bn | BRL 6.74bn |
| Operating income | BRL 1.14bn | BRL 1.37bn | BRL 1.20bn | BRL 768.8m | BRL 523.9m | BRL 203.9m | BRL 284.0m | BRL 970.8m | BRL 704.5m | BRL 498.8m |
| Net income | BRL 81.7m | BRL 207.3m | BRL 351.8m | BRL 194.2m | BRL 270.8m | BRL 180.6m | BRL 225.9m | BRL 131.3m | −BRL 2.7m | −BRL 183.2m |
| Diluted earnings per share | 0.29 | 0.73 | 1.24 | 0.68 | 0.95 | 0.65 | 1.07 | 0.64 | -0.01 | -1.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 12.13bn | BRL 12.48bn | BRL 11.89bn | BRL 8.24bn | BRL 7.12bn | BRL 4.84bn | BRL 20.27bn | BRL 15.87bn | BRL 11.50bn | BRL 8.87bn |
| Cash and short-term investments | BRL 1.48bn | BRL 2.03bn | BRL 1.85bn | BRL 873.2m | BRL 954.4m | BRL 638.4m | BRL 5.77bn | — | — | — |
| Total liabilities | BRL 10.81bn | BRL 10.71bn | BRL 10.23bn | BRL 6.83bn | BRL 5.80bn | BRL 3.77bn | BRL 17.89bn | BRL 14.63bn | BRL 10.31bn | BRL 8.26bn |
| Debt | BRL 7.26bn | BRL 8.11bn | BRL 7.45bn | BRL 4.77bn | BRL 3.95bn | BRL 2.53bn | BRL 14.51bn | BRL 12.00bn | BRL 8.27bn | BRL 6.30bn |
| Shareholders' equity | BRL 1.32bn | BRL 1.77bn | BRL 1.66bn | BRL 1.41bn | BRL 1.32bn | BRL 1.06bn | BRL 1.35bn | BRL 753.1m | BRL 686.8m | BRL 609.0m |
| Shares outstanding | 284m | 285m | 285m | 285m | 285m | 278m | 210m | 205m | 202m | 175m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.21bn | −BRL 296.0m | −BRL 1.21bn | BRL 711.1m | −BRL 264.4m | −BRL 1.33bn | −BRL 2.00bn | −BRL 2.39bn | −BRL 1.87bn | BRL 2.49bn |
| Capital spending | −BRL 143.2m | −BRL 107.9m | −BRL 87.9m | −BRL 89.1m | −BRL 185.8m | −BRL 114.8m | −BRL 201.8m | −BRL 148.8m | −BRL 23.4m | −BRL 1.80bn |
| Free cash flow | BRL 1.07bn | −BRL 403.9m | −BRL 1.30bn | BRL 622.0m | −BRL 450.2m | −BRL 1.45bn | −BRL 2.20bn | −BRL 2.54bn | −BRL 1.90bn | BRL 689.0m |
| Dividends paid | −BRL 106.5m | — | −BRL 134.8m | −BRL 99.9m | −BRL 32.9m | −BRL 55.4m | −BRL 55.4m | −BRL 55.4m | −BRL 11.5m | −BRL 208.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.50bn | BRL 2.37bn | BRL 2.45bn | BRL 2.48bn | BRL 2.38bn | BRL 2.32bn | BRL 2.49bn | BRL 2.35bn |
| Operating income | BRL 278.5m | BRL 75.9m | BRL 274.6m | BRL 300.6m | BRL 287.7m | — | BRL 266.4m | — |
| Net income | BRL 12.0m | −BRL 144.9m | BRL 10.3m | BRL 18.1m | BRL 21.4m | BRL 31.9m | BRL 22.7m | BRL 43.8m |
| Diluted earnings per share | 0.04 | -0.51 | 0.04 | 0.06 | 0.08 | 0.11 | 0.08 | 0.15 |
| Cash from operations | BRL 250.0m | BRL 496.0m | BRL 440.0m | BRL 207.0m | BRL 463.0m | BRL 98.0m | BRL 225.0m | −BRL 521.0m |
| Capital spending | — | −BRL 11.0m | −BRL 49.0m | −BRL 34.0m | −BRL 41.0m | −BRL 18.0m | −BRL 17.0m | −BRL 90.0m |
| Free cash flow | — | BRL 485.0m | BRL 391.0m | BRL 173.0m | BRL 422.0m | BRL 80.0m | BRL 208.0m | −BRL 611.0m |
| Total assets | BRL 12.05bn | BRL 12.02bn | BRL 12.13bn | BRL 12.46bn | BRL 12.23bn | BRL 12.58bn | BRL 12.48bn | BRL 12.79bn |
| Cash and short-term investments | — | BRL 1.44bn | BRL 1.48bn | BRL 1.69bn | BRL 1.39bn | BRL 1.75bn | BRL 1.89bn | BRL 2.31bn |
| Debt | BRL 5.79bn | BRL 7.07bn | BRL 7.26bn | BRL 8.14bn | BRL 8.02bn | BRL 6.66bn | BRL 6.44bn | BRL 6.84bn |
| Shareholders' equity | BRL 1.18bn | BRL 1.17bn | BRL 1.32bn | BRL 1.84bn | BRL 1.82bn | BRL 1.79bn | BRL 1.76bn | BRL 1.86bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.0% | 15.1% | 15.9% | 12.9% | 12.2% | 7.0% |
| Net margin | 0.8% | 2.3% | 4.6% | 3.2% | 6.3% | 6.4% |
| Return on equity | 6.2% | 11.7% | 21.1% | 13.7% | 20.5% | 17.0% |
| Return on assets | 0.7% | 1.7% | 3.0% | 2.4% | 3.8% | 3.7% |
| Free cash flow yield | 77.7% | -10.8% | -64.7% | 46.0% | -4.5% | -71.5% |
| Revenue growth | 6.5% | 19.6% | 25.8% | 40.2% | 52.0% | -70.8% |
| Earnings growth | -60.6% | -41.1% | 81.2% | -28.3% | 49.9% | -20.1% |
| Current ratio | 1.33x | 1.54x | 1.68x | 1.37x | 2.19x | 2.01x |
| Debt to equity | 5.48x | 4.23x | 4.20x | 3.09x | 2.65x | 1.93x |
| Equity ratio | 10.9% | 14.2% | 14.0% | 17.1% | 18.6% | 22.0% |
| Interest coverage | 1.00x | 1.24x | 1.46x | 1.27x | 1.37x | 0.91x |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.0% | 0.1% | -2.3% | -32.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.0% | 27.8% | 4.9% |
| Operating income | 14.1% | 41.1% | 6.9% |
| Net income | -25.1% | -14.7% | 5.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 13.4% | 13.9% | 13.2% | 10.7% |
| Net margin | 1.5% | 2.6% | 3.3% | 1.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 10.6 | 3.7 | 5.0 | 4.0 | 4.0 | 8.3 |
| Price to sales | 0.1 | 0.1 | 0.2 | 0.1 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 30 Dec 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Paid in the year | 1.912 | 0.421 | 0.317 | 0.327 | 0.238 | 0.055 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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