L 
22.90
-2.55%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 3.08bn
FY2016FY2025
Net income
BRL 93.6m
FY2016FY2025
Free cash flow
BRL 234.6m
FY2016FY2025
Shareholders' equity
BRL 1.09bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 3.08bn | BRL 2.80bn | BRL 2.34bn | BRL 2.07bn | BRL 1.40bn | BRL 1.13bn | BRL 1.05bn | BRL 977.4m | BRL 872.2m | BRL 794.0m |
| Operating income | BRL 539.4m | BRL 318.9m | BRL 265.6m | BRL 305.9m | BRL 236.4m | BRL 131.0m | BRL 135.7m | BRL 131.1m | −BRL 447.3m | BRL 174.7m |
| Net income | BRL 93.6m | BRL 53.6m | BRL 60.1m | BRL 406.7m | BRL 97.5m | BRL 13.0m | BRL 11.1m | BRL 6.0m | −BRL 606.9m | BRL 94.1m |
| Diluted earnings per share | 0.88 | 0.51 | 0.57 | 3.84 | 0.93 | 0.12 | 0.11 | 0.16 | -23.91 | 4.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 3.89bn | BRL 3.81bn | BRL 3.62bn | BRL 3.45bn | BRL 2.44bn | BRL 2.21bn | BRL 1.91bn | BRL 1.14bn | BRL 1.16bn | BRL 1.86bn |
| Cash and short-term investments | BRL 307.4m | BRL 297.2m | BRL 562.6m | BRL 582.6m | BRL 606.5m | BRL 709.7m | BRL 663.5m | BRL 23.3m | BRL 65.2m | BRL 61.4m |
| Total liabilities | BRL 2.80bn | BRL 2.84bn | BRL 2.68bn | BRL 2.57bn | BRL 1.98bn | BRL 1.85bn | BRL 1.60bn | BRL 1.50bn | BRL 1.55bn | BRL 1.67bn |
| Debt | BRL 2.04bn | BRL 1.96bn | BRL 1.87bn | BRL 1.76bn | BRL 1.71bn | BRL 1.58bn | BRL 1.35bn | BRL 1.26bn | BRL 1.27bn | BRL 1.33bn |
| Shareholders' equity | BRL 1.09bn | BRL 968.7m | BRL 939.0m | BRL 875.5m | BRL 455.2m | BRL 353.8m | BRL 316.9m | −BRL 354.7m | −BRL 393.3m | BRL 189.9m |
| Shares outstanding | 106m | 106m | 106m | 106m | 105m | 104m | 103m | 37m | 25m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 303.9m | BRL 1.06bn | BRL 505.6m | BRL 568.0m | BRL 416.1m | BRL 240.5m | BRL 299.6m | BRL 99.7m | BRL 237.7m | BRL 185.0m |
| Capital spending | −BRL 69.3m | −BRL 309.5m | −BRL 286.5m | −BRL 190.8m | −BRL 343.0m | −BRL 96.2m | −BRL 157.2m | −BRL 46.2m | −BRL 92.9m | −BRL 39.1m |
| Free cash flow | BRL 234.6m | BRL 747.9m | BRL 219.1m | BRL 377.2m | BRL 73.1m | BRL 144.4m | BRL 142.4m | BRL 53.4m | BRL 144.7m | BRL 145.9m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −BRL 155,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 777.1m | BRL 680.1m | BRL 863.8m | BRL 794.4m | BRL 739.2m | BRL 683.8m | BRL 784.9m | BRL 707.3m |
| Operating income | BRL 4.0m | −BRL 3.2m | BRL 134.8m | BRL 61.3m | BRL 87.5m | BRL 95.1m | BRL 116.7m | BRL 71.2m |
| Net income | BRL 133.2m | −BRL 37.9m | BRL 22.8m | BRL 19.2m | BRL 25.1m | BRL 26.5m | BRL 50.9m | −BRL 13.1m |
| Diluted earnings per share | 1.26 | -0.36 | 0.21 | 0.18 | 0.24 | 0.25 | 0.48 | -0.12 |
| Cash from operations | BRL 22.0m | BRL 59.0m | BRL 70.0m | −BRL 215.0m | BRL 212.0m | BRL 344.0m | BRL 281.0m | BRL 344.0m |
| Capital spending | −BRL 37.0m | −BRL 27.0m | −BRL 52.0m | −BRL 101.0m | −BRL 9.0m | −BRL 10.0m | −BRL 13.0m | −BRL 28.0m |
| Free cash flow | −BRL 15.0m | BRL 32.0m | BRL 18.0m | −BRL 316.0m | BRL 203.0m | BRL 334.0m | BRL 268.0m | BRL 316.0m |
| Total assets | BRL 3.83bn | BRL 3.81bn | BRL 3.89bn | BRL 3.99bn | BRL 3.96bn | BRL 3.94bn | BRL 3.81bn | BRL 3.74bn |
| Cash and short-term investments | BRL 290.6m | BRL 239.0m | BRL 307.4m | BRL 269.3m | BRL 295.6m | BRL 335.0m | BRL 297.2m | BRL 349.7m |
| Debt | BRL 377.2m | BRL 1.74bn | BRL 2.15bn | BRL 2.14bn | BRL 2.04bn | BRL 2.05bn | BRL 1.96bn | BRL 1.95bn |
| Shareholders' equity | BRL 1.21bn | BRL 1.05bn | BRL 1.09bn | BRL 1.07bn | BRL 1.05bn | BRL 1.01bn | BRL 968.7m | BRL 935.4m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 17.5% | 12.2% | 14.8% | 21.6% | 16.9% | 7.6% |
| Net margin | 3.0% | 1.9% | 2.6% | 19.7% | 7.0% | 1.1% |
| Return on equity | 8.6% | 5.5% | 6.4% | 46.5% | 21.4% | 3.7% |
| Return on assets | 2.4% | 1.4% | 1.7% | 11.8% | 4.0% | 0.6% |
| Free cash flow yield | 11.3% | 41.6% | 24.1% | 23.1% | 23.4% | 10.4% |
| Revenue growth | 10.2% | 19.5% | 13.1% | 48.0% | 24.1% | 7.0% |
| Earnings growth | 74.6% | -10.8% | -85.2% | 317.2% | 652.8% | 16.4% |
| Current ratio | 1.44x | 1.12x | 1.58x | 1.57x | 1.97x | 2.54x |
| Debt to equity | 1.66x | 1.84x | 1.79x | 1.80x | 3.37x | 4.04x |
| Equity ratio | 28.0% | 25.4% | 25.9% | 25.4% | 18.7% | 16.0% |
| Interest coverage | 1.83x | 1.41x | 1.56x | 2.25x | 1.55x | 0.73x |
| Buybacks as a share of market value | 0.0% | -0.2% | 0.0% | -1.2% | -0.3% | -1.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.2% | 22.3% | 13.2% |
| Operating income | 20.8% | 32.7% | 23.4% |
| Net income | -38.7% | 48.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 14.6% | 13.9% | 14.0% | 10.7% |
| Net margin | 2.5% | 6.0% | 5.7% | -0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 38.3 | 41.0 | 67.8 | 9.1 | 25.3 | 130.3 | 193.4 | 47.5 | -0.1 | 0.5 |
| Price to sales | 1.2 | 0.8 | 1.7 | 1.8 | 1.8 | 1.5 | 2.0 | 0.3 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Mar 2009.
| FY2009 | FY2008 | |
|---|---|---|
| Paid in the year | 1.156 | 0.337 |
- 5-to-1 reverse split · 2 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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