L
3.34
+5.70%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 1.49bn
FY2016FY2025
Net income
−BRL 225.4m
FY2016FY2025
Free cash flow
BRL 224.8m
FY2016FY2025
Shareholders' equity
BRL 2.47bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.49bn | BRL 1.37bn | BRL 1.29bn | BRL 1.14bn | BRL 800.2m | BRL 488.2m | BRL 385.7m | BRL 315.0m | BRL 293.2m | BRL 275.8m |
| Gross profit | BRL 719.1m | BRL 655.0m | BRL 597.9m | BRL 511.2m | BRL 364.5m | BRL 205.3m | BRL 161.3m | BRL 140.5m | BRL 128.7m | BRL 114.8m |
| Research and development | — | BRL 38.0m | BRL 26.7m | BRL 11.9m | BRL 11.1m | BRL 7.7m | BRL 6.9m | — | BRL 4.9m | BRL 4.5m |
| Operating income | BRL 157.2m | BRL 89.1m | BRL 16.9m | BRL 66.7m | BRL 18.1m | BRL 43.7m | BRL 50.6m | BRL 37.3m | BRL 30.4m | BRL 16.2m |
| Net income | −BRL 225.4m | BRL 42.2m | −BRL 73.7m | BRL 28.3m | −BRL 15.7m | BRL 19.7m | BRL 18.1m | BRL 10.9m | BRL 10.1m | −BRL 5.0m |
| Diluted earnings per share | -0.41 | 0.08 | -0.13 | 0.05 | -0.03 | 0.04 | 0.05 | 0.03 | 0.03 | -0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 3.64bn | BRL 4.01bn | BRL 4.60bn | BRL 4.73bn | BRL 4.59bn | BRL 1.45bn | BRL 514.0m | BRL 276.3m | BRL 241.5m | BRL 236.7m |
| Cash and short-term investments | BRL 464.7m | BRL 447.4m | BRL 1.19bn | BRL 1.45bn | BRL 1.58bn | BRL 404.6m | BRL 25.3m | BRL 17.8m | BRL 37.7m | BRL 31.0m |
| Total liabilities | BRL 1.17bn | BRL 1.26bn | BRL 1.72bn | BRL 1.75bn | BRL 1.65bn | BRL 778.4m | BRL 425.7m | BRL 215.2m | BRL 190.9m | BRL 195.3m |
| Debt | BRL 75.5m | BRL 74.4m | BRL 77.4m | BRL 77.3m | BRL 105.9m | BRL 154.1m | BRL 186.7m | BRL 82.5m | BRL 68.1m | BRL 85.9m |
| Shareholders' equity | BRL 2.47bn | BRL 2.75bn | BRL 2.88bn | BRL 2.98bn | BRL 2.94bn | BRL 674.0m | BRL 88.3m | BRL 61.1m | BRL 50.9m | BRL 41.6m |
| Shares outstanding | 550m | 558m | 590m | 593m | 588m | 458m | 383m | 385m | 373m | 373m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 347.7m | BRL 146.0m | BRL 272.1m | BRL 212.9m | BRL 151.8m | BRL 68.2m | BRL 82.8m | BRL 58.6m | BRL 75.1m | BRL 59.7m |
| Capital spending | −BRL 122.9m | −BRL 113.0m | −BRL 100.9m | −BRL 100.6m | −BRL 84.4m | −BRL 50.4m | −BRL 47.7m | −BRL 41.6m | −BRL 35.2m | −BRL 34.6m |
| Free cash flow | BRL 224.8m | BRL 33.1m | BRL 171.2m | BRL 112.3m | BRL 67.4m | BRL 17.8m | BRL 35.2m | BRL 17.0m | BRL 39.9m | BRL 25.0m |
| Dividends paid | −BRL 28.6m | −BRL 40.0m | −BRL 30.8m | — | −BRL 32.4m | −BRL 16.0m | −BRL 8.5m | −BRL 7.9m | −BRL 2.9m | −BRL 2.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 375.2m | BRL 362.8m | BRL 381.5m | BRL 387.4m | BRL 370.8m | BRL 348.9m | BRL 364.1m | BRL 349.3m |
| Gross profit | BRL 165.2m | BRL 175.5m | BRL 197.0m | BRL 182.4m | BRL 177.2m | BRL 162.5m | BRL 168.0m | BRL 174.5m |
| Operating income | BRL 43.6m | BRL 53.8m | BRL 58.5m | −BRL 384.9m | BRL 37.4m | BRL 33.0m | BRL 32.2m | BRL 35.9m |
| Net income | BRL 34.3m | BRL 21.5m | BRL 31.8m | −BRL 287.8m | BRL 15.8m | BRL 14.8m | −BRL 17.5m | BRL 16.9m |
| Diluted earnings per share | 0.06 | 0.04 | 0.06 | -0.52 | 0.03 | 0.03 | -0.03 | 0.03 |
| Cash from operations | BRL 90.0m | BRL 105.0m | BRL 99.0m | BRL 102.0m | BRL 132.0m | BRL 12.0m | BRL 70.0m | BRL 38.0m |
| Capital spending | −BRL 7.0m | −BRL 24.0m | −BRL 6.0m | −BRL 32.0m | −BRL 29.0m | −BRL 25.0m | −BRL 34.0m | −BRL 28.0m |
| Free cash flow | BRL 83.0m | BRL 81.0m | BRL 93.0m | BRL 70.0m | BRL 103.0m | −BRL 13.0m | BRL 36.0m | BRL 10.0m |
| Total assets | BRL 3.54bn | BRL 3.52bn | BRL 3.64bn | BRL 3.60bn | BRL 3.83bn | BRL 4.00bn | BRL 4.01bn | BRL 3.99bn |
| Cash and short-term investments | BRL 404.6m | BRL 373.8m | BRL 464.7m | BRL 309.3m | BRL 277.3m | BRL 399.3m | BRL 447.4m | BRL 460.3m |
| Debt | BRL 19.4m | BRL 18.8m | BRL 94.2m | BRL 97.6m | BRL 99.7m | BRL 94.6m | BRL 74.4m | BRL 70.7m |
| Shareholders' equity | BRL 2.38bn | BRL 2.34bn | BRL 2.47bn | BRL 2.44bn | BRL 2.75bn | BRL 2.74bn | BRL 2.75bn | BRL 2.80bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 48.3% | 47.8% | 46.3% | 45.0% | 45.6% | 42.1% | — |
| Operating margin | 10.6% | 6.5% | -6.7% | 5.9% | 2.6% | 14.1% | — |
| Net margin | -15.1% | 3.1% | -5.7% | 2.5% | -2.0% | 4.0% | — |
| Return on equity | -9.1% | 1.5% | -2.6% | 1.0% | -0.5% | 2.9% | — |
| Return on assets | -6.2% | 1.1% | -1.6% | 0.6% | -0.3% | 1.4% | — |
| Free cash flow yield | 25.1% | 13.6% | 18.6% | 15.5% | 11.8% | 7.6% | — |
| Revenue growth | 8.6% | 6.0% | 13.9% | 41.9% | 63.9% | 26.6% | — |
| Earnings growth | -634.3% | -157.2% | -360.8% | -279.5% | -179.8% | 9.2% | — |
| Current ratio | 1.26x | 1.18x | 1.35x | 1.97x | 3.12x | 1.79x | — |
| Debt to equity | 0.01x | 0.01x | 0.00x | 0.00x | 0.01x | 0.13x | — |
| Equity ratio | 67.8% | 68.5% | 62.6% | 62.9% | 64.0% | 46.4% | — |
| Interest coverage | 7.70x | 13.81x | -14.60x | 10.06x | 2.55x | 1.43x | — |
| R&D as a share of sales | — | 2.8% | 2.1% | 1.0% | 1.4% | 1.6% | 1.8% |
| Buybacks as a share of market value | 1.4% | 5.3% | 0.6% | -0.9% | -28.4% | -19.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.4% | 25.0% | 18.7% |
| Operating income | 33.1% | 29.1% | 19.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.1% | 47.0% | 46.4% | 45.7% |
| Operating margin | 8.6% | 6.2% | 6.0% | 6.8% |
| Net margin | -6.4% | -4.3% | -3.4% | -2.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -10.4 | 43.9 | -48.0 | 147.3 | -491.4 | 466.8 |
| Price to sales | 1.6 | 1.4 | 2.7 | 3.7 | 9.7 | 18.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 10 Feb 2026.
| FY2025 | FY2024 | FY2023 | FY2020 | |
|---|---|---|---|---|
| Paid in the year | 0.307 | 0.072 | 0.052 | 0.032 |
- 4-for-1 split · 1 Feb 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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