L 
20.65
+2.23%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 460.3m
FY2016FY2025
Net income
BRL 354.6m
FY2016FY2025
Free cash flow
−BRL 302.6m
FY2016FY2025
Shareholders' equity
BRL 3.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 460.3m | BRL 219.7m | BRL 220.2m | BRL 217.2m | BRL 149.4m | BRL 141.5m | BRL 119.0m | BRL 104.8m | BRL 99.5m | BRL 96.8m |
| Gross profit | BRL 446.7m | BRL 214.4m | BRL 216.3m | BRL 214.2m | BRL 147.2m | BRL 139.8m | BRL 116.9m | BRL 103.7m | BRL 99.5m | BRL 96.8m |
| Research and development | — | — | BRL 1 | BRL 1 | BRL 2 | BRL 1 | BRL 1 | BRL 0 | — | — |
| Operating income | BRL 43.0m | BRL 316.5m | BRL 344.0m | BRL 298.0m | BRL 164.7m | BRL 128.3m | BRL 89.6m | BRL 83.4m | BRL 71.9m | BRL 54.5m |
| Net income | BRL 354.6m | BRL 343.4m | BRL 192.2m | BRL 386.1m | BRL 369.0m | BRL 140.0m | BRL 90.2m | BRL 43.5m | BRL 37.4m | BRL 35.6m |
| Diluted earnings per share | 4.08 | 3.95 | 1.93 | 3.84 | 3.63 | 1.37 | 1.02 | 0.63 | 0.54 | 0.80 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 6.83bn | BRL 6.77bn | BRL 6.25bn | BRL 6.15bn | BRL 5.16bn | BRL 4.21bn | BRL 3.99bn | BRL 3.22bn | BRL 3.07bn | BRL 2.88bn |
| Cash and short-term investments | BRL 227.7m | BRL 523.6m | BRL 524.2m | BRL 504.3m | BRL 693.5m | BRL 741.6m | BRL 811.0m | BRL 152.5m | BRL 212.4m | BRL 131.2m |
| Total liabilities | BRL 3.20bn | BRL 3.17bn | BRL 2.52bn | BRL 2.49bn | BRL 1.82bn | BRL 1.13bn | BRL 1.03bn | BRL 1.06bn | BRL 1.05bn | BRL 1.11bn |
| Debt | BRL 2.37bn | BRL 2.25bn | BRL 2.02bn | BRL 1.88bn | BRL 1.27bn | BRL 805.0m | BRL 894.1m | BRL 940.3m | BRL 930.0m | BRL 989.1m |
| Shareholders' equity | BRL 3.61bn | BRL 3.59bn | BRL 3.73bn | BRL 3.58bn | BRL 3.31bn | BRL 3.06bn | BRL 2.94bn | BRL 2.15bn | BRL 2.02bn | BRL 1.78bn |
| Shares outstanding | 87m | 87m | 100m | 101m | 102m | 102m | 88m | 69m | 69m | 45m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −BRL 302.6m | BRL 68.4m | BRL 157.2m | BRL 128.8m | BRL 124.9m | BRL 224.2m | BRL 86.4m | BRL 76.7m | BRL 82.6m | BRL 71.9m |
| Capital spending | — | — | −BRL 706.4m | −BRL 354.2m | −BRL 637.7m | −BRL 333.3m | −BRL 538.0m | — | — | — |
| Free cash flow | −BRL 302.6m | BRL 68.4m | −BRL 549.2m | −BRL 225.5m | −BRL 512.8m | −BRL 109.0m | −BRL 451.6m | BRL 76.7m | BRL 82.6m | BRL 71.9m |
| Dividends paid | −BRL 346.1m | −BRL 220.0m | −BRL 91.7m | −BRL 87.6m | −BRL 33.2m | −BRL 21.4m | −BRL 10.3m | −BRL 3.6m | −BRL 8.5m | −BRL 1.6m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 97.0% | 97.6% | 98.2% | 98.6% | 98.5% | 98.8% | — | — |
| Operating margin | 150.9% | 256.0% | 163.7% | 250.8% | 312.3% | 187.6% | — | — |
| Net margin | 77.0% | 156.3% | 87.3% | 177.7% | 247.0% | 98.9% | — | — |
| Return on equity | 9.8% | 9.6% | 5.2% | 10.8% | 11.1% | 4.6% | — | — |
| Return on assets | 5.2% | 5.1% | 3.1% | 6.3% | 7.2% | 3.3% | — | — |
| Free cash flow yield | — | — | 39.2% | 21.7% | 33.9% | 24.6% | 32.0% | — |
| Revenue growth | 109.5% | -0.2% | 1.3% | 45.4% | 5.5% | 18.9% | — | — |
| Earnings growth | 3.3% | 78.7% | -50.2% | 4.6% | 163.6% | 55.2% | — | — |
| Current ratio | 2.32x | 1.45x | 1.77x | 1.35x | 1.52x | 2.37x | — | — |
| Debt to equity | 0.62x | 0.58x | 0.51x | 0.50x | 0.38x | 0.26x | — | — |
| Equity ratio | 52.8% | 52.9% | 59.6% | 58.3% | 64.2% | 72.6% | — | — |
| Interest coverage | 2.58x | 3.39x | 2.05x | 3.70x | 9.75x | 8.74x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 12.7% | 0.9% | 1.1% | 0.6% | -16.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.4% | 26.6% | 17.4% |
| Operating income | -47.6% | -19.6% | -5.5% |
| Net income | -2.8% | 20.4% | 35.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 97.2% | 97.7% | 97.9% | 98.3% |
| Operating margin | 52.9% | 89.6% | 91.9% | 86.9% |
| Net margin | 102.6% | 114.2% | 126.8% | 104.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.5 | 4.6 | 11.8 | 4.2 | 7.0 | 25.0 | 31.7 | 28.7 |
| Price to sales | 5.0 | 7.1 | 10.3 | 7.5 | 17.2 | 24.7 | 24.0 | 11.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 12 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.224 | 3.964 | 2.415 | 0.918 | 0.867 | 0.325 | 0.212 | 0.14 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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